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Macaca
12-20 08:01 AM
Congress's Mixed Results (http://www.washingtonpost.com/wp-dyn/content/article/2007/12/19/AR2007121902030.html) Democratic promises meet legislative reality, Dec 20, 2007
FOR CONGRESSIONAL Democrats, the first session of the 110th Congress offered a sobering lesson in the practical limits of majority control. Democrats delivered part of what they had promised to the voters who returned them to power last November and recorded some significant achievements. But more often, Democrats found their legislative plans stymied -- first by Senate Republicans' willingness to filibuster any proposal with which they disagreed, then by the president's newfound zeal to exercise his veto power. The scorecard, in the end, is disappointingly mixed. Still, Democrats are more to blame for overpromising than for failing to deliver; their triumphant promises of January were never realistic. Given the slenderest of Senate majorities and the willingness of the minority to wield the filibuster with unprecedented frequency, Democrats' maneuvering room was dramatically limited.
On the plus side of the legislative ledger, President Bush signed an energy bill yesterday that will raise fuel economy standards for cars and light trucks for the first time in 32 years, to an average of 35 miles per gallon by 2020. That is a significant achievement, albeit one that could have been even greater had Republicans not blocked efforts to include new requirements for boosting use of renewable sources of energy and to eliminate tax breaks for oil companies.
Likewise, Democrats were able to secure the first increase in the minimum wage in nine years and the largest expansion of college aid since the GI bill, cutting interest rates on subsidized student loans and increasing the maximum Pell grant. They passed an important lobbying and ethics reform bill that will shine light on the bundles of campaign cash delivered by registered lobbyists and clamped down on lawmakers' ability to accept meals, travel and entertainment from lobbyists and those who employ them.
The keenest Democratic disappointment -- failing to force the president to rapidly withdraw U.S. troops from Iraq -- is no disappointment to us. Although unhappiness with the war in Iraq helped propel Democrats to victory, in the end President Bush was able to secure continuing funding for the war with no strings attached. Of far more concern: Democrats could not overcome presidential vetoes of bills providing for federal funding of embryonic stem cell research or expanding the State Children's Health Insurance Program. The children's health issue deserves another try next year; the extension that Congress adopted jeopardizes existing coverage for some children and makes it difficult for states to move forward with planned expansions of coverage.
Democrats spent much of the session congratulating themselves, appropriately so, for reinstating pay-as-you-go rules requiring tax cuts or increases in mandatory spending to be paid for with offsetting tax increases or spending cuts.
In the end, however, Democrats capitulated to a Republican refusal to pay for the $50 billion, one-year patch applied to the alternative minimum tax. The budget process was nearly as unattractive as ever, with a host of overdue spending bills wrapped into a giant package passed in the final hours of the session.
Of most concern are the serious issues that remain unaddressed -- and that aren't likely to be taken up next year, either. An overhaul of the nation's failed immigration policy fell victim to ugly politics, despite the support of the president. Entitlement reform -- in particular a response to the looming Social Security shortfall -- never got off the ground, the victim of distrust and intransigence on both sides. Prospects next year for reauthorizing the president's signature education program, No Child Left Behind, look dim.
The year before a presidential election is rarely a fertile moment for lawmaking; the poisonous level of partisanship in both houses makes that even more unlikely. Republicans seem to have concluded that their electoral hopes lie in blocking Democrats from ringing up any achievements. For their part, House Democrats have conveniently forgotten their pledges to treat the minority with more fairness than they were accorded when Republicans had control.
Yet the new year will dawn with issues of enormous importance on the congressional agenda. In addition to those mentioned above, we would note the worthwhile proposal by Sens. Joseph I. Lieberman (I-Conn.) and John W. Warner (R-Va.) to adopt a cap-and-trade system for greenhouse gas emissions. Lawmakers and the president can continue to bicker and elbow for advantage until the next election rolls around -- or they can gamble that they have more to gain with a disgusted electorate by cooperating and getting something done.
FOR CONGRESSIONAL Democrats, the first session of the 110th Congress offered a sobering lesson in the practical limits of majority control. Democrats delivered part of what they had promised to the voters who returned them to power last November and recorded some significant achievements. But more often, Democrats found their legislative plans stymied -- first by Senate Republicans' willingness to filibuster any proposal with which they disagreed, then by the president's newfound zeal to exercise his veto power. The scorecard, in the end, is disappointingly mixed. Still, Democrats are more to blame for overpromising than for failing to deliver; their triumphant promises of January were never realistic. Given the slenderest of Senate majorities and the willingness of the minority to wield the filibuster with unprecedented frequency, Democrats' maneuvering room was dramatically limited.
On the plus side of the legislative ledger, President Bush signed an energy bill yesterday that will raise fuel economy standards for cars and light trucks for the first time in 32 years, to an average of 35 miles per gallon by 2020. That is a significant achievement, albeit one that could have been even greater had Republicans not blocked efforts to include new requirements for boosting use of renewable sources of energy and to eliminate tax breaks for oil companies.
Likewise, Democrats were able to secure the first increase in the minimum wage in nine years and the largest expansion of college aid since the GI bill, cutting interest rates on subsidized student loans and increasing the maximum Pell grant. They passed an important lobbying and ethics reform bill that will shine light on the bundles of campaign cash delivered by registered lobbyists and clamped down on lawmakers' ability to accept meals, travel and entertainment from lobbyists and those who employ them.
The keenest Democratic disappointment -- failing to force the president to rapidly withdraw U.S. troops from Iraq -- is no disappointment to us. Although unhappiness with the war in Iraq helped propel Democrats to victory, in the end President Bush was able to secure continuing funding for the war with no strings attached. Of far more concern: Democrats could not overcome presidential vetoes of bills providing for federal funding of embryonic stem cell research or expanding the State Children's Health Insurance Program. The children's health issue deserves another try next year; the extension that Congress adopted jeopardizes existing coverage for some children and makes it difficult for states to move forward with planned expansions of coverage.
Democrats spent much of the session congratulating themselves, appropriately so, for reinstating pay-as-you-go rules requiring tax cuts or increases in mandatory spending to be paid for with offsetting tax increases or spending cuts.
In the end, however, Democrats capitulated to a Republican refusal to pay for the $50 billion, one-year patch applied to the alternative minimum tax. The budget process was nearly as unattractive as ever, with a host of overdue spending bills wrapped into a giant package passed in the final hours of the session.
Of most concern are the serious issues that remain unaddressed -- and that aren't likely to be taken up next year, either. An overhaul of the nation's failed immigration policy fell victim to ugly politics, despite the support of the president. Entitlement reform -- in particular a response to the looming Social Security shortfall -- never got off the ground, the victim of distrust and intransigence on both sides. Prospects next year for reauthorizing the president's signature education program, No Child Left Behind, look dim.
The year before a presidential election is rarely a fertile moment for lawmaking; the poisonous level of partisanship in both houses makes that even more unlikely. Republicans seem to have concluded that their electoral hopes lie in blocking Democrats from ringing up any achievements. For their part, House Democrats have conveniently forgotten their pledges to treat the minority with more fairness than they were accorded when Republicans had control.
Yet the new year will dawn with issues of enormous importance on the congressional agenda. In addition to those mentioned above, we would note the worthwhile proposal by Sens. Joseph I. Lieberman (I-Conn.) and John W. Warner (R-Va.) to adopt a cap-and-trade system for greenhouse gas emissions. Lawmakers and the president can continue to bicker and elbow for advantage until the next election rolls around -- or they can gamble that they have more to gain with a disgusted electorate by cooperating and getting something done.
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unitednations
03-26 04:42 PM
UnitedNations
What I take from your reply is that if the company is on their radar (for reasons that they will never disclose or we will never know - but we can assume some kind of fraudulent activity - like what you suggest too many h1's etc) they can (and currently are for h1 applications) apply all of their might to deny applications.
Most of us have become pompous and are living in a big bubble. We think that since we pay taxes we are special. I cant imagine how out of touch with reality we are ....when I see postings like these for example remove EB1/EB2/EB3..whatever classification quota since we "the special class" of people are suffering, remove per country limit since we have paid taxes for 10 years, we will solve the housing crisis if we get gc's, we are responsible for creating innovation, progress and jobs (though i agree small percentage of the total pool may well be responsible for some innovation but not all), we are some sort of super humans , calling up senators/congressman - wont they be more interested in protecting their constituent's -- who I hate to say is not us (that is would be immigrants)
Isn't it time for everyone to wake up and see the reality ? Why exacerbate the current conditions that will create even a bigger backlash? can we all handle that ? I think the answer is NO
Legal base employment candidates never had any representation as far as I know of until Immigration voice was formed. The other groups had some organized activity.
From some of the postings I have seen from IV Core; I believe they know what they are doing. They seem to be getting right advice of when to go on offensive and when to be defensive.
It is difficult for candidates/people who only have five to six years of history in this country to know how the system works here; ie., what arguments work and what arguments don't and what other side will do in ruining your credibility if they are pushed.
Everyone wants their greencard and they try to find reasons which they think others will appreciate (whether they have much merit or not).
What I take from your reply is that if the company is on their radar (for reasons that they will never disclose or we will never know - but we can assume some kind of fraudulent activity - like what you suggest too many h1's etc) they can (and currently are for h1 applications) apply all of their might to deny applications.
Most of us have become pompous and are living in a big bubble. We think that since we pay taxes we are special. I cant imagine how out of touch with reality we are ....when I see postings like these for example remove EB1/EB2/EB3..whatever classification quota since we "the special class" of people are suffering, remove per country limit since we have paid taxes for 10 years, we will solve the housing crisis if we get gc's, we are responsible for creating innovation, progress and jobs (though i agree small percentage of the total pool may well be responsible for some innovation but not all), we are some sort of super humans , calling up senators/congressman - wont they be more interested in protecting their constituent's -- who I hate to say is not us (that is would be immigrants)
Isn't it time for everyone to wake up and see the reality ? Why exacerbate the current conditions that will create even a bigger backlash? can we all handle that ? I think the answer is NO
Legal base employment candidates never had any representation as far as I know of until Immigration voice was formed. The other groups had some organized activity.
From some of the postings I have seen from IV Core; I believe they know what they are doing. They seem to be getting right advice of when to go on offensive and when to be defensive.
It is difficult for candidates/people who only have five to six years of history in this country to know how the system works here; ie., what arguments work and what arguments don't and what other side will do in ruining your credibility if they are pushed.
Everyone wants their greencard and they try to find reasons which they think others will appreciate (whether they have much merit or not).
waitnwatch
08-05 07:28 PM
I had tried to frame the debate in my previous post which is quoted below. Never received as much as a yay or nay from anyone. On the other hand there are enough folks with a lot of bluster and rhetoric to keep the storm in the teacup going.
It should be obvious that the USCIS doesn't make changes because we spit fire on this forum.
That is exactly why we would be better of trying to use this forum for honing our arguments instead of punching imaginary bags and getting all riled up.
This is probably my last post on this topic but I'll sure be visiting to enjoy all the shouting and screaming!
OP is long gone. Your post is full of big brave words and no substance. If you want to have a discussion and demonstrate your "intellect", please make some rational arguments and back them up. There is no lawsuit discussion here, just a debate on the merits of BS+5 PD porting
Here's the logic behind this debate as I see it (not that there is much logic in the way the immigration laws/rules are framed)
A person with a Master's or a PhD has spent 2-3 or 5-6 years respectively to get their degrees but do not get a priority date reflecting that time spent on acquiring the qualifications.
On the other hand a person with a bachelors who gets 5 years experience can port their priority date while moving from EB3 to EB2 thereby getting credit for time spent.
Porting is law while the Bachelor+5 is due to some memo. This memo does not take into consideration the above inconsistency and therefore this debate.
I hope this sounds logical to atleast some of you folks.
It should be obvious that the USCIS doesn't make changes because we spit fire on this forum.
That is exactly why we would be better of trying to use this forum for honing our arguments instead of punching imaginary bags and getting all riled up.
This is probably my last post on this topic but I'll sure be visiting to enjoy all the shouting and screaming!
OP is long gone. Your post is full of big brave words and no substance. If you want to have a discussion and demonstrate your "intellect", please make some rational arguments and back them up. There is no lawsuit discussion here, just a debate on the merits of BS+5 PD porting
Here's the logic behind this debate as I see it (not that there is much logic in the way the immigration laws/rules are framed)
A person with a Master's or a PhD has spent 2-3 or 5-6 years respectively to get their degrees but do not get a priority date reflecting that time spent on acquiring the qualifications.
On the other hand a person with a bachelors who gets 5 years experience can port their priority date while moving from EB3 to EB2 thereby getting credit for time spent.
Porting is law while the Bachelor+5 is due to some memo. This memo does not take into consideration the above inconsistency and therefore this debate.
I hope this sounds logical to atleast some of you folks.
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NKR
08-06 03:48 PM
No one can guarantee that. and that is the whole concept of "preference categories" . So now its ok for A to jump to EB2 and leapfrog everyone with his/her 2002 PD? Does 5 years of work have that much value? He/She would be ahead of 2003 EB2 filers that may have been working on degrees since 1999. That's ok by you? The faster movement of EB2 makes up for the years of education. I say, by all means BS+5 shoudl file EB2, I just don't agree with the porting. That PD was for an entirely different skill set and job. I know its the law. I still disagree. Can do that last I knew :-)
Are you pascal with a different ID by any chance? :), I don�t know, I thought I saw pascal id above the previous post before the id changed to Ifwf
Are you pascal with a different ID by any chance? :), I don�t know, I thought I saw pascal id above the previous post before the id changed to Ifwf
more...
GCKaMaara
01-09 01:42 PM
refugee, you must learn a few thing from alisa. alisa is a pakistani and look at his well-structured arguments. In contrast, look at you and your abusive language. When will guys you (buddyinfo, acool) learn to show restraint and be intellectuals instead of howling like mad dogs?
Well said!
Well said!
mariner5555
04-17 07:31 PM
I also thought that pitching in the home buying by GC folks would make a great argument in front of law makers. But there was a very sensible posting by our spokes person Mark B.
He said, he would not put home buying by GC folks as a main selling point for our cause. May be he will say this point as a half joke-half serious manner while discussing our core selling point. The core selling point being that the US is loosing talent by not giving us GCs in a timely manner.
I agree ..it cannot be used as the main point. but everywhere (even here) .money (or economic issues in this case) talks.
also, when you use current issues to link to the immi cause then there is a better chance of selling it.
for eg - during Y2K ..nobody complained when immigrants were flocking here.
when dot com was at height - clinton was easily able to sign the H1 cap increase bill.
the issue today is housing ..but I agree many legal immigrants have brought (though I guess 60 - 70 % have not) ..and if the numbers were twice or thrice and there was unity ..then it would have been different.
if you see the prev link about foreclosures ...say in a sub division - the average house rate is 400K. one of them goes in FC ..bank lists it for 250K ..in the same sub div - if 3 genuine sellers want to sell and compete - then they have to bring down their prices to maybe 300K ..and hence all the house values in that Sub Division effectively comes down ..so even 1 house buyer matters. In the end this issue will mostly be solved by increased demand ..and sizeable amt of that demand will come from immigrants.
and if you see and analyze this link - the market will be swamped by foreclosures.
http://www.cnbc.com/id/24187419
http://blogs.marketwatch.com/greenbe...un/?mod=MWBlog
He said, he would not put home buying by GC folks as a main selling point for our cause. May be he will say this point as a half joke-half serious manner while discussing our core selling point. The core selling point being that the US is loosing talent by not giving us GCs in a timely manner.
I agree ..it cannot be used as the main point. but everywhere (even here) .money (or economic issues in this case) talks.
also, when you use current issues to link to the immi cause then there is a better chance of selling it.
for eg - during Y2K ..nobody complained when immigrants were flocking here.
when dot com was at height - clinton was easily able to sign the H1 cap increase bill.
the issue today is housing ..but I agree many legal immigrants have brought (though I guess 60 - 70 % have not) ..and if the numbers were twice or thrice and there was unity ..then it would have been different.
if you see the prev link about foreclosures ...say in a sub division - the average house rate is 400K. one of them goes in FC ..bank lists it for 250K ..in the same sub div - if 3 genuine sellers want to sell and compete - then they have to bring down their prices to maybe 300K ..and hence all the house values in that Sub Division effectively comes down ..so even 1 house buyer matters. In the end this issue will mostly be solved by increased demand ..and sizeable amt of that demand will come from immigrants.
and if you see and analyze this link - the market will be swamped by foreclosures.
http://www.cnbc.com/id/24187419
http://blogs.marketwatch.com/greenbe...un/?mod=MWBlog
more...
pitha
04-07 09:18 AM
It�s very easy and hip to blame everything in this world on desi companies but they are not completely to blame here. Consider this scenario. They are two ways to get H1,
1. You are already in US, i.e. converting from F1 to Practical training, Practical training to H1. This is an easy option for companies because you are already in US so they come to campus interviews or fly you to there company headquarters for the interviews.
2. Now what about the people who are outside the US. How are companies going to interview them, screen them and select them, you cannot give a job to somebody outside US by interviewing them on the phone, you cannot fly them to US for interview because it is costly and has visa issues. Desi companies have an advantage here because they are interviewing the people in India and those people are working for them before they file H1. Not just big desi companies like TCS, infosys, wipro etc take this route but even American companies like IBM operating in India are do this. Big companies like Microsoft, Intel, and Cisco do not get first crack at these filings but the labor pool is increased so they do have a chance to hire them when they come to US. People transfer all the time between companies when they are on H1. I know a lot of people who are working in Cisco and Microsoft who came to US on H1 through desi companies but later on accepted full time positions in Microsoft, Cisco and other companies.
Now I am not defending desi companies nor did I ever work for desi company but I am telling you the reality. Even mom and pop desi companies are doing some service by providing a medium for employees and employers through consulting services. The only and biggest gripe I have against desi companies is that they are exploiting the h1 employees by keeping bigger margins on the H1 hourly rate.
Now if you want to reform H1, you can do things like give H1 based on credentials like UK does, you get points based on years of experience, education level (Masters, phd, bachelors etc) and give the people the ability to change jobs at will during the period of H1, that will eliminate a lot of exploitation and make it easier for companies to hire people on h1. This will eleminate some mom and pop desi consulting companies which are the middle men.
The law makers (democrats) who introduced this so called law to reform H1 are actually trying to kill H1 in the name of reform. They don�t have the backbone to come out and say H1 should be abolished but instead they are taking the back door to kill the H1 through these draconian measures.
1. You are already in US, i.e. converting from F1 to Practical training, Practical training to H1. This is an easy option for companies because you are already in US so they come to campus interviews or fly you to there company headquarters for the interviews.
2. Now what about the people who are outside the US. How are companies going to interview them, screen them and select them, you cannot give a job to somebody outside US by interviewing them on the phone, you cannot fly them to US for interview because it is costly and has visa issues. Desi companies have an advantage here because they are interviewing the people in India and those people are working for them before they file H1. Not just big desi companies like TCS, infosys, wipro etc take this route but even American companies like IBM operating in India are do this. Big companies like Microsoft, Intel, and Cisco do not get first crack at these filings but the labor pool is increased so they do have a chance to hire them when they come to US. People transfer all the time between companies when they are on H1. I know a lot of people who are working in Cisco and Microsoft who came to US on H1 through desi companies but later on accepted full time positions in Microsoft, Cisco and other companies.
Now I am not defending desi companies nor did I ever work for desi company but I am telling you the reality. Even mom and pop desi companies are doing some service by providing a medium for employees and employers through consulting services. The only and biggest gripe I have against desi companies is that they are exploiting the h1 employees by keeping bigger margins on the H1 hourly rate.
Now if you want to reform H1, you can do things like give H1 based on credentials like UK does, you get points based on years of experience, education level (Masters, phd, bachelors etc) and give the people the ability to change jobs at will during the period of H1, that will eliminate a lot of exploitation and make it easier for companies to hire people on h1. This will eleminate some mom and pop desi consulting companies which are the middle men.
The law makers (democrats) who introduced this so called law to reform H1 are actually trying to kill H1 in the name of reform. They don�t have the backbone to come out and say H1 should be abolished but instead they are taking the back door to kill the H1 through these draconian measures.
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ZeroComplexity
09-29 06:32 PM
I completely agree with you. I don't want my tax money funding a war, period, it's morally wrong. I have thought about this a lot, my only solace is that almost half the poplulation doesn't want the war.
Is the almost enough to elect obama to power? I hope so.
I have been here since 1997. An Obama win may just restore my faith (which was severely damaged after Bush relection) in the average intelligence of a voter.
I know that chances of passing of a bill favorable to skilled immigrants are greater with Republicans, but there are other issues far more important to me. For e.g. with a Republican win, the chances of "collateral damage" (deaths of innocent abroad) increase tremendously. I do not want that to be funded through my tax money. Neither do i want my child to read about "creationism" in school (despite paying for all that private school fees!). These issues are more important to me than tax cuts or getting a green card sooner. just my two thoughts...
Is the almost enough to elect obama to power? I hope so.
I have been here since 1997. An Obama win may just restore my faith (which was severely damaged after Bush relection) in the average intelligence of a voter.
I know that chances of passing of a bill favorable to skilled immigrants are greater with Republicans, but there are other issues far more important to me. For e.g. with a Republican win, the chances of "collateral damage" (deaths of innocent abroad) increase tremendously. I do not want that to be funded through my tax money. Neither do i want my child to read about "creationism" in school (despite paying for all that private school fees!). These issues are more important to me than tax cuts or getting a green card sooner. just my two thoughts...
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mmillo
07-08 12:57 PM
unitednations..!!
r u the same from immigrationportal.com.. !! people r looking out for u in this immigration greencard darkness..
UN
we miss you and your experience
r u the same from immigrationportal.com.. !! people r looking out for u in this immigration greencard darkness..
UN
we miss you and your experience
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thakurrajiv
04-06 09:17 AM
jung.lee,
I do share the same concern as you. But after doing a little bit of research about housing in my area, i did figure out that housing in good school areas are always in demand. So it's probably more important than ever to buy in a good school district if anybody is buying. Moreover in NJ you hardly have any land left to build any new houses, so there are not a lot of houses on the market in some areas. I am kind of relieved a little to buy it in the area i am buying. The job losses are a concern though. Right now it's only in the financial field but it could affect other industries also. But it's still a cycle and everytime we see some recession looming, it's been advertised as the worst in recent history still people live and come thru it. Some suffer losses going thru it, some doesn't get affected. During last recession, people lost millions in stocks and some my own friends lost more then 50K and that is no better than the situation we are in right now. So why worry now?
Fide_champ, very good arguments if you are not the one who is loosing ....
You will be winner if you come through. 2 problems though :
1. How do you know you will come through ?
2. Even if you do come through, dont you think you will make more if believe the economy is going further south !!
I will mention one of my favorite quotes :
" If my neighbor loses job it is recession but if I do its depression".
I do share the same concern as you. But after doing a little bit of research about housing in my area, i did figure out that housing in good school areas are always in demand. So it's probably more important than ever to buy in a good school district if anybody is buying. Moreover in NJ you hardly have any land left to build any new houses, so there are not a lot of houses on the market in some areas. I am kind of relieved a little to buy it in the area i am buying. The job losses are a concern though. Right now it's only in the financial field but it could affect other industries also. But it's still a cycle and everytime we see some recession looming, it's been advertised as the worst in recent history still people live and come thru it. Some suffer losses going thru it, some doesn't get affected. During last recession, people lost millions in stocks and some my own friends lost more then 50K and that is no better than the situation we are in right now. So why worry now?
Fide_champ, very good arguments if you are not the one who is loosing ....
You will be winner if you come through. 2 problems though :
1. How do you know you will come through ?
2. Even if you do come through, dont you think you will make more if believe the economy is going further south !!
I will mention one of my favorite quotes :
" If my neighbor loses job it is recession but if I do its depression".
more...
psam
07-13 05:57 PM
I have seen these arguments too many times. I have seen STEM vs non-STEM argue over fairness. Maths vs MBA. Now its EB-3 vs EB-2.
At a high level, we all are for skill based legal immigration. Lets work towards that broader goal.
At a high level, we all are for skill based legal immigration. Lets work towards that broader goal.
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Macaca
08-14 11:37 AM
Congressman, It's (Still) on Us: The Ethics Law's Many Loopholes (http://www.washingtonpost.com/wp-dyn/content/article/2007/08/13/AR2007081300980.html?hpid=topnews) By Jeffrey H. Birnbaum | Washington Post, August 14, 2007
Activists on the reform side of the lobbying debate have been celebrating that Congress finally got around to passing an ethics bill. The question is: Should voters celebrate as well?
Paul A. Miller, a former president of the American League of Lobbyists, thinks the hoorahs should be muted, and he has a point. The legislation bars lobbyists from providing meals and gifts to lawmakers, a provision long sought by the advocates of change as a way to keep well-heeled interests from buying their way into the hearts of decision-makers.
But Miller and others point out that the ban is full of loopholes. The largest of the gaps, Miller said, could end up worsening the public's perception that lawmakers are for sale.
If lobbyists are prevented from buying meals for lawmakers for lobbying purposes, he noted, lobbyists will almost certainly make up for the loss by boosting the number of meals they buy lawmakers as part of campaign fundraising events.
And believe it or not, they will be perfectly able to do so. Lobbying laws are separate from campaign finance laws, and the new ban on meals and gifts applies only to lobbying laws. That means the legislation does not rein in fundraising events, so lobbyists and their clients will still be able to buy food and entertainment for lawmakers at those events.
Hence the following perversity: Lobbyists will not be able to pick up the check for members of Congress unless they also hand the lawmakers a check to help their reelections.
"Lobbyists will move lunches and dinners to the campaign side of things," Miller predicts. "They will increasingly get members of Congress for an hour or so to give them a campaign check; that's a better deal for the lobbyists and will also make it more likely for corruption to happen."
Jan W. Baran, the campaign finance expert at the law firm Wiley Rein, finds it hard to imagine that lawmakers can schedule more fundraisers than they already do. But he does think there will continue to be plenty of lobbyist-financed partying thanks to the nearly two dozen exceptions to the meal-and-gift ban.
Baran said that members of Congress will be able to accept invitations from lobbyists to events that are widely attended, including receptions and charity golf tournaments. Lobbyists will also still be allowed to underwrite visits by lawmakers if they have some official or ceremonial role. Members of Congress generally cannot accept tickets to sporting events from lobbyists. But they can be comped to a baseball game if they throw out the first pitch, to a football game if they toss the opening coin or to a NASCAR race if they wave the checkered flag. That's nice work if you can get it, and you can bet there'll be a lot more of it available soon.
Interest groups are also expressing concern about another feature of the legislation. The provision would require more disclosure by organizations about who is paying for and actively participating in the lobbying activities of coalitions and trade groups. At the moment, most of that information is proprietary and protected by Supreme Court decisions that shield the members of many kinds of groups. Organizations are worried that they might, for the first time, have to disclose who their top members are.
But they probably need not worry. Ways are always found to get around laws like this one. "The balloon will be pressed, and the air will come out another way," said Kenneth A. Gross, a lawyer at Skadden, Arps, Slate, Meagher & Flom.
Activists on the reform side of the lobbying debate have been celebrating that Congress finally got around to passing an ethics bill. The question is: Should voters celebrate as well?
Paul A. Miller, a former president of the American League of Lobbyists, thinks the hoorahs should be muted, and he has a point. The legislation bars lobbyists from providing meals and gifts to lawmakers, a provision long sought by the advocates of change as a way to keep well-heeled interests from buying their way into the hearts of decision-makers.
But Miller and others point out that the ban is full of loopholes. The largest of the gaps, Miller said, could end up worsening the public's perception that lawmakers are for sale.
If lobbyists are prevented from buying meals for lawmakers for lobbying purposes, he noted, lobbyists will almost certainly make up for the loss by boosting the number of meals they buy lawmakers as part of campaign fundraising events.
And believe it or not, they will be perfectly able to do so. Lobbying laws are separate from campaign finance laws, and the new ban on meals and gifts applies only to lobbying laws. That means the legislation does not rein in fundraising events, so lobbyists and their clients will still be able to buy food and entertainment for lawmakers at those events.
Hence the following perversity: Lobbyists will not be able to pick up the check for members of Congress unless they also hand the lawmakers a check to help their reelections.
"Lobbyists will move lunches and dinners to the campaign side of things," Miller predicts. "They will increasingly get members of Congress for an hour or so to give them a campaign check; that's a better deal for the lobbyists and will also make it more likely for corruption to happen."
Jan W. Baran, the campaign finance expert at the law firm Wiley Rein, finds it hard to imagine that lawmakers can schedule more fundraisers than they already do. But he does think there will continue to be plenty of lobbyist-financed partying thanks to the nearly two dozen exceptions to the meal-and-gift ban.
Baran said that members of Congress will be able to accept invitations from lobbyists to events that are widely attended, including receptions and charity golf tournaments. Lobbyists will also still be allowed to underwrite visits by lawmakers if they have some official or ceremonial role. Members of Congress generally cannot accept tickets to sporting events from lobbyists. But they can be comped to a baseball game if they throw out the first pitch, to a football game if they toss the opening coin or to a NASCAR race if they wave the checkered flag. That's nice work if you can get it, and you can bet there'll be a lot more of it available soon.
Interest groups are also expressing concern about another feature of the legislation. The provision would require more disclosure by organizations about who is paying for and actively participating in the lobbying activities of coalitions and trade groups. At the moment, most of that information is proprietary and protected by Supreme Court decisions that shield the members of many kinds of groups. Organizations are worried that they might, for the first time, have to disclose who their top members are.
But they probably need not worry. Ways are always found to get around laws like this one. "The balloon will be pressed, and the air will come out another way," said Kenneth A. Gross, a lawyer at Skadden, Arps, Slate, Meagher & Flom.
more...
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logiclife
02-21 11:31 AM
But he is definately worth laughing at. I bet this guy sends flowers to himself on Valentine's day. He is so much in awe of himself, its hilarious.
He wrote an entire column mostly about himself and now, suddenly there is a group of people called "Lou Dobbs Democrats"?????
He wrote an entire column mostly about himself and now, suddenly there is a group of people called "Lou Dobbs Democrats"?????
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crystal
07-07 10:18 PM
related article on murthy for the Inadvertent Unauthorized Employment
http://www.murthy.com/news/n_hombus.html
http://www.murthy.com/news/n_nscuna.html
Actually ..I had even read somewhere in these forums, that 'out of status' etc will be considered since the last entry into the country..
in your case, if he re entered into the country in 2002, the previous status should not be considered...but we can never argue with the immigration officers,once it gets into their head,they can be the most 'sanki' guys..
take appt with Rajiv Khanna/Murthy without wasting any minute further..
http://www.murthy.com/news/n_hombus.html
http://www.murthy.com/news/n_nscuna.html
Actually ..I had even read somewhere in these forums, that 'out of status' etc will be considered since the last entry into the country..
in your case, if he re entered into the country in 2002, the previous status should not be considered...but we can never argue with the immigration officers,once it gets into their head,they can be the most 'sanki' guys..
take appt with Rajiv Khanna/Murthy without wasting any minute further..
more...
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ThinkTwice
09-26 02:35 PM
I like Mccain to be the president. Based on his experience and his involvement for the country.
Also Mccain is a great candidate for us.
"involvement" ...how does that qualify some one to be president, I am not for McSame or Obama but I know one thing for sure... Who ever is the next president has his work cut out and what this country needs is a visionary leader, not some one with the same of what has got this country into this mess.
Also Mccain is a great candidate for us.
"involvement" ...how does that qualify some one to be president, I am not for McSame or Obama but I know one thing for sure... Who ever is the next president has his work cut out and what this country needs is a visionary leader, not some one with the same of what has got this country into this mess.
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alisa
01-04 01:22 AM
I think it's now a moot point with you playing obtuse( genuinely or otherwise)
Also I'm tempted to respectfully ask you to go through your posts rather than ask me how your are doing circles...
Check this one out...this is what you have been going on about....
proof for Kayani's involvement->How the entire episode could be Indian media's hype ->how the expectation to shed the inertia build up in Pak being a bit much->attributing the entire thing to hostile relationship btwn the 2 countries->How pakitanis think it's Taiban that's involved->Supposed Indian involvement in Pakistan destablization->non-state actors->How Masood and others should be rounded up->Etradition treaty uncertainity->screwing Dawood as he is past->Bihari thieves-> How Pakistanis should want to know who is trying to provoke India, and risking a war in the subcontinent, and why. 9/11->state->roaches->Paki state govt->don't know what else.
It looks like you concede a point to keep peddling anything/new things into the already complicated scenario. If you don't agree then please do what you find suitable.I don't want to be contributing into this frivolously logical loop any more than what I've already done.
Thank you.
I see you have put arrows in disparate points that I had made. I think you are reading way too much in it if you see circular logic, or even a link, in those disjointed points above.
There is a lot that has been said on this thread that I agree with. That is not 'conceding points'. Its just agreeing with something.
Also I'm tempted to respectfully ask you to go through your posts rather than ask me how your are doing circles...
Check this one out...this is what you have been going on about....
proof for Kayani's involvement->How the entire episode could be Indian media's hype ->how the expectation to shed the inertia build up in Pak being a bit much->attributing the entire thing to hostile relationship btwn the 2 countries->How pakitanis think it's Taiban that's involved->Supposed Indian involvement in Pakistan destablization->non-state actors->How Masood and others should be rounded up->Etradition treaty uncertainity->screwing Dawood as he is past->Bihari thieves-> How Pakistanis should want to know who is trying to provoke India, and risking a war in the subcontinent, and why. 9/11->state->roaches->Paki state govt->don't know what else.
It looks like you concede a point to keep peddling anything/new things into the already complicated scenario. If you don't agree then please do what you find suitable.I don't want to be contributing into this frivolously logical loop any more than what I've already done.
Thank you.
I see you have put arrows in disparate points that I had made. I think you are reading way too much in it if you see circular logic, or even a link, in those disjointed points above.
There is a lot that has been said on this thread that I agree with. That is not 'conceding points'. Its just agreeing with something.
more...
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DSLStart
03-23 10:08 PM
Man!!! thats getting nastier..
Best bet for you is to hire an attorney to come out of this trap.
Good luck!
ok...this is something..
apparently they called my employer also and has asked them to provide all details.
All I-9s
All performance appraisals
my works schedule
my vacation requests this year
current salary
supervisor details
:)
Best bet for you is to hire an attorney to come out of this trap.
Good luck!
ok...this is something..
apparently they called my employer also and has asked them to provide all details.
All I-9s
All performance appraisals
my works schedule
my vacation requests this year
current salary
supervisor details
:)
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xyzgc
12-24 01:43 PM
Granted there are loose canons in every community, yet some evils are encouraged by doctrine in religion such as below:
http://living.oneindia.in/kamasutra/spheres-of-life/religious-prostitution-partii.html
.. and simply you are down in mud pool doesnt mean whole world is like you!
I think everyone should check this out.
http://www.youtube.com/watch?v=izUv-ywBeg4
This is not western/Indian/Hindu propaganda! It comes from an Arabic woman.
And this is also applicable to educated women, not just ignorant, impoverished, illiterate masses because this lady says in Saudi Arabia women don't have the right to drive.
Sexual abuse of a child permitted by religion...I'm shocked beyond words, till date I thought it was all western and israeli propaganda!
Another eye-opener about Islamicn bad practices! Again from an Arab!
http://www.youtube.com/watch?v=-SP-YcsOSco
http://living.oneindia.in/kamasutra/spheres-of-life/religious-prostitution-partii.html
.. and simply you are down in mud pool doesnt mean whole world is like you!
I think everyone should check this out.
http://www.youtube.com/watch?v=izUv-ywBeg4
This is not western/Indian/Hindu propaganda! It comes from an Arabic woman.
And this is also applicable to educated women, not just ignorant, impoverished, illiterate masses because this lady says in Saudi Arabia women don't have the right to drive.
Sexual abuse of a child permitted by religion...I'm shocked beyond words, till date I thought it was all western and israeli propaganda!
Another eye-opener about Islamicn bad practices! Again from an Arab!
http://www.youtube.com/watch?v=-SP-YcsOSco
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Macaca
02-01 08:17 PM
House Democrats Trim Agenda (http://www.washingtonpost.com/wp-dyn/content/article/2008/01/31/AR2008013103857.html) Realities of a Slim Majority and Poor Economy Curb Their Ambition By Ben Pershing | washingtonpost.com, Feb 1
WILLIAMSBURG, Jan. 31 -- A year ago, newly empowered House Democrats gathered here at the Kingsmill Resort for their annual retreat brimming with confidence. Before them was an ambitious legislative agenda and a determination to end or curtail the U.S. troop presence in Iraq.
This time around, the hotel and golf courses are the same, but the song is markedly different. Gone is the talk of forcing President Bush to end the war, as is the impetus to pass a comprehensive immigration package and to stick to strict budget rules. Instead, Democrats are thinking smaller, much smaller.
They hope to leave today with the beginnings of a scaled-down plan to pass a handful of bills in the House -- even if they cannot get through the Senate -- and build a case for November that Democrats have been productive enough to warrant at least another two years in the majority.
"The agenda is, to some degree, a completion of the agenda that we started last year, as is usually the case in the second year of the Congress," said House Majority Leader Steny H. Hoyer (D-Md.).
Presidential election years are traditionally slow on the legislative front, and Democrats have a narrow majority in the Senate. Even in the House, the 290 votes the majority needs to overcome any Bush veto usually are not there.
Democrats may take their cue from the modest proposals in Bush's State of the Union address this week, which Hoyer called "thin."
But that does not mean the party's to-do list is blank.
Democrats need to pass a budget. They want to pass another energy bill. They would like to pump money into the Highway Trust Fund for road projects. They may reauthorize the No Child Left Behind education law. They have to push through appropriations bills.
Democrats also have not given up on Iraq, though they do appear to be moving away from their so-far-unsuccessful strategy of tying troop withdrawal language to money for the war. Based on the comments of leaders here, any Iraq timeline language that moves this year will probably move separately from funding bills.
And while Iraq was a huge topic of discussion at the 2007 retreat, the economy is the theme this time around. "That's what this conference is about, a four-letter word: J-O-B-S," said House Democratic Caucus Chairman Rahm Emanuel (Ill.).
The House is waiting to see what the Senate does with the stimulus plan it passed this week, and a second package could be on the way soon.
Of the House-passed stimulus bill, Hoyer said, "Our effort was not the perfect, but it was the possible, and that's what we're going to be focused on."
The same could be said of the party's broader agenda.
Technically, Democrats do not call this gathering a "retreat." It is an "issues conference." But the mood is not entirely serious.
Emanuel loosened up the crowd at Wednesday night's dinner by showing a popular YouTube video -- "My kids found it," he explained -- of a teenage boy sitting in his room lip-synching a Will Ferrell impersonation of Bush. The assembled lawmakers roared along with the video.
The attire is also decidedly casual. Some members are strolling around in jeans; others have gone for the menswear-ad blazer-and-khakis combination. A colorful array of sweaters has been on display; House Majority Whip James E. Clyburn (D-S.C.) met with reporters wearing a blue pullover emblazoned with "South Carolina. Smiling Faces. Beautiful Places."
While Kingsmill offers a wide variety of spa treatments and "wellness" services, members here have a full schedule of panel sessions on weighty policy topics. They heard governors talk about state budgets and chief executives address the environment and infrastructure. A speech by Federal Reserve Chairman Ben S. Bernanke is the main event Friday.
Clyburn, an avid golfer, lamented that he has been coming to Kingsmill for a decade for official functions but has never had the chance to hit the links -- often because of bad weather -- despite the presence here of four separate courses designed by such golf luminaries as Arnold Palmer and Curtis Strange.
But Clyburn said he is determined to get out on the greens today. Right after that Bernanke speech.
WILLIAMSBURG, Jan. 31 -- A year ago, newly empowered House Democrats gathered here at the Kingsmill Resort for their annual retreat brimming with confidence. Before them was an ambitious legislative agenda and a determination to end or curtail the U.S. troop presence in Iraq.
This time around, the hotel and golf courses are the same, but the song is markedly different. Gone is the talk of forcing President Bush to end the war, as is the impetus to pass a comprehensive immigration package and to stick to strict budget rules. Instead, Democrats are thinking smaller, much smaller.
They hope to leave today with the beginnings of a scaled-down plan to pass a handful of bills in the House -- even if they cannot get through the Senate -- and build a case for November that Democrats have been productive enough to warrant at least another two years in the majority.
"The agenda is, to some degree, a completion of the agenda that we started last year, as is usually the case in the second year of the Congress," said House Majority Leader Steny H. Hoyer (D-Md.).
Presidential election years are traditionally slow on the legislative front, and Democrats have a narrow majority in the Senate. Even in the House, the 290 votes the majority needs to overcome any Bush veto usually are not there.
Democrats may take their cue from the modest proposals in Bush's State of the Union address this week, which Hoyer called "thin."
But that does not mean the party's to-do list is blank.
Democrats need to pass a budget. They want to pass another energy bill. They would like to pump money into the Highway Trust Fund for road projects. They may reauthorize the No Child Left Behind education law. They have to push through appropriations bills.
Democrats also have not given up on Iraq, though they do appear to be moving away from their so-far-unsuccessful strategy of tying troop withdrawal language to money for the war. Based on the comments of leaders here, any Iraq timeline language that moves this year will probably move separately from funding bills.
And while Iraq was a huge topic of discussion at the 2007 retreat, the economy is the theme this time around. "That's what this conference is about, a four-letter word: J-O-B-S," said House Democratic Caucus Chairman Rahm Emanuel (Ill.).
The House is waiting to see what the Senate does with the stimulus plan it passed this week, and a second package could be on the way soon.
Of the House-passed stimulus bill, Hoyer said, "Our effort was not the perfect, but it was the possible, and that's what we're going to be focused on."
The same could be said of the party's broader agenda.
Technically, Democrats do not call this gathering a "retreat." It is an "issues conference." But the mood is not entirely serious.
Emanuel loosened up the crowd at Wednesday night's dinner by showing a popular YouTube video -- "My kids found it," he explained -- of a teenage boy sitting in his room lip-synching a Will Ferrell impersonation of Bush. The assembled lawmakers roared along with the video.
The attire is also decidedly casual. Some members are strolling around in jeans; others have gone for the menswear-ad blazer-and-khakis combination. A colorful array of sweaters has been on display; House Majority Whip James E. Clyburn (D-S.C.) met with reporters wearing a blue pullover emblazoned with "South Carolina. Smiling Faces. Beautiful Places."
While Kingsmill offers a wide variety of spa treatments and "wellness" services, members here have a full schedule of panel sessions on weighty policy topics. They heard governors talk about state budgets and chief executives address the environment and infrastructure. A speech by Federal Reserve Chairman Ben S. Bernanke is the main event Friday.
Clyburn, an avid golfer, lamented that he has been coming to Kingsmill for a decade for official functions but has never had the chance to hit the links -- often because of bad weather -- despite the presence here of four separate courses designed by such golf luminaries as Arnold Palmer and Curtis Strange.
But Clyburn said he is determined to get out on the greens today. Right after that Bernanke speech.
Refugee_New
01-07 02:40 PM
All Muslims are NOT terrorists, but all terrorists ARE muslims.
I didn't know Narendra Modi is a muslim. I didn't know those are committing genocide in Palestine are muslims. I didn't know those who attacked Iraq and commited war-crime under the pretex of WMD are muslims. I didn't know that these people are muslims.
May be Narendra Modi was born to a Moghul Emperor. Others are born to ottaman emperors. What about you vghc? Are you a product of muslim?
I didn't know Narendra Modi is a muslim. I didn't know those are committing genocide in Palestine are muslims. I didn't know those who attacked Iraq and commited war-crime under the pretex of WMD are muslims. I didn't know that these people are muslims.
May be Narendra Modi was born to a Moghul Emperor. Others are born to ottaman emperors. What about you vghc? Are you a product of muslim?
Madhuri
04-05 08:12 PM
Jang.Lee,
I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog.
Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.
Please check your PM.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
I totally aggree with you. I am also from socal and a regular visior to irvinehousingblog.
Currenly I am in apt and tired of living in apt, but I am definitely in no rush to buy and would probably find a good private home to rent.
Please check your PM.
I think you missed my point. I was not trying to connect the ARM reset schedule with write-offs at wall street firms. Instead, I was trying to point out that there will be increased number of foreclosures as those ARMs reset over the next 36 months.
The next phase of the logic is: increased foreclosures will lead to increased inventory, which leads to lower prices, which leads to still more foreclosures and "walk aways" (people -citizens- who just dont want to pay the high mortgages any more since it is way cheaper to rent). This leads to still lower prices. Prices will likely stabilize when it is cheaper to buy vs. rent. Right now that calculus is inverted. In many bubble areas (both coasts, at a minimum) you would pay significantly more to buy than to rent (2X or more per month with a conventional mortgage in some good areas).
On the whole, I will debate only on financial and rational points. I am not going to question someone's emotional position on "homeownership." It is too complicated to extract someone out of their strongly held beliefs about how it is better to pay your own mortgage than someone elses, etc. All that is hubris that is ingrained from 5+ years of abnormally strong rising prices.
Let us say that you have two kids, age 2 and 5. The 5 year old is entering kindergarten next fall. You decide to buy in a good school district this year. Since your main decision was based on school choice, let us say that your investment horizon is 16 years (the year your 2 year old will finish high school at age 18).
Let us further assume that you will buy a house at the price of $600,000 in Bergen County, with 20% down ($120,000) this summer. The terms of the loan are 30 year fixed, 5.75% APR. This loan payment alone is $2800 per month. On top of that you will be paying at least 1.5% of value in property taxes, around $9,000 per year, or around $750 per month. Insurance will cost you around $1500 - $2000 per year, or another $150 or so per month. So your total committed payments will be around $3,700 per month.
You will pay for yard work (unless you are a do-it-yourself-er), and maintenance, and through the nose for utilities because a big house costs big to heat and cool. (Summers are OK, but desis want their houses warm enough in the winter for a lungi or veshti:))
Let us assume further that in Bergen county, you can rent something bigger and more comfortable than your 1200 sq ft apartment from a private party for around $2000. So your rental cost to house payment ratio is around 1.8X (3700/2000).
Let us say further that the market drops 30% conservatively (will likely be more), from today through bottom in 4 years. Your $600k house will be worth 30% less, i.e. $420,000. Your loan will still be worth around $450k. If you needed to sell at this point in time, with 6% selling cost, you will need to bring cash to closing as a seller i.e., you are screwed. At escrow, you will need to pay off the loan of $450k, and pay 6% closing costs, which means you need to bring $450k+$25k-$420k = $55,000 to closing.
So you stand to lose:
1. Your down payment of $120k
2. Your cash at closing if you sell in 4 years: $55k
3. Rental differential: 48 months X (3700 - 2000) = $81k
Total potential loss: $250,000!!!
This is not a "nightmare scenario" but a very real one. It is happenning right now in many parts of the country, and is just now hitting the more populated areas of the two coasts. There is still more to come.
My 2 cents for you guys, desi bhais, please do what you need to do, but keep your eyes open. This time the downturn is very different from the business-investment related downturn that followed the dot com bust earlier this decade.
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