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BubblesitterParticipant
jmrobbie,
I’ve pretty much converged on a couple area to settle down when I’m ready to buy a house again. I’ve been bubblesitting for 3 years after selling my last house.
For me, South Carlsbad seems to be in the short-list. Here’s the reasons Carlsbad bubbled up high on my list.
1. The city seems reasonably well run, in good financial shape. I do have some beefs against the planning commission on growth issues though.
2. Generally great schools, looks like a new Carlsbad high school being planned. My personal rule #1 is to ONLY buy in good school districts. I would even suggest buying only in good school districts even if you don’t have kids.
3. No need air conditioning, except for perhaps 2 weeks of year.
4. Attractions such as flower fields, Legoland, Beaches. Great for out-of-town visitors
5. Lower Wildfire risk (although not immune)than other areas of SD county
6. Downtown old-town Carlsbad seems to getting much nicer, more shops, restaurants, nightlife. Still some work to go.
7. New Alga Norte swim complex, plans look great for swimmers, although I hear they have scaled back and delayed the project.
8. The desalinization plant has a conditional approval. We’ll see if and when it gets built. If it does, Carlsbad and surrounding areas will have a reliable water source if there is a water crisis.
9. I’ve been doing the commute on the Coaster. It is great way to commute to work; reading the newspaper, clearing my emails out prior to work, watching the sunset on the way home, saving gas and hedging against gas price spikes, saving the environment, etc. etc. Lower overall stress level.The downside are..
1. Getting well built out, planning commission is probably too pro development. There is already a budding slow growth movement in Cbad. Recent good news for the slow-growthers…..looks like the proposed Walmart in NE Carlsbad is a no-go.
2. Marine layer in mornings…May Gray/June Gloom
3. Traffic on 5 during rush hour
4. Summer Beach congestion.A commute to to Camp P would be very easy for you.
I’m prepping to pull the trigger on a house purchase quickly this fall/next spring if I find the right house. I hope to be in good position to negotiate with no contingencies, large downpayment, etc. There is large stock of great housing in your $750K to $1M.
I suggest try renting in the area you may want to live for a while, scope out surrounding areas. But first do some research on the prospective landlord. Are they candidates for foreclosure? Are their taxes delinquent? Did they buy at the peak of the bubble in 2005? Check out rental listings on craiglist.
Anyhow, just some of my thoughts. Good Luck,
BubblesitterBubblesitterParticipantjmrobbie,
I’ve pretty much converged on a couple area to settle down when I’m ready to buy a house again. I’ve been bubblesitting for 3 years after selling my last house.
For me, South Carlsbad seems to be in the short-list. Here’s the reasons Carlsbad bubbled up high on my list.
1. The city seems reasonably well run, in good financial shape. I do have some beefs against the planning commission on growth issues though.
2. Generally great schools, looks like a new Carlsbad high school being planned. My personal rule #1 is to ONLY buy in good school districts. I would even suggest buying only in good school districts even if you don’t have kids.
3. No need air conditioning, except for perhaps 2 weeks of year.
4. Attractions such as flower fields, Legoland, Beaches. Great for out-of-town visitors
5. Lower Wildfire risk (although not immune)than other areas of SD county
6. Downtown old-town Carlsbad seems to getting much nicer, more shops, restaurants, nightlife. Still some work to go.
7. New Alga Norte swim complex, plans look great for swimmers, although I hear they have scaled back and delayed the project.
8. The desalinization plant has a conditional approval. We’ll see if and when it gets built. If it does, Carlsbad and surrounding areas will have a reliable water source if there is a water crisis.
9. I’ve been doing the commute on the Coaster. It is great way to commute to work; reading the newspaper, clearing my emails out prior to work, watching the sunset on the way home, saving gas and hedging against gas price spikes, saving the environment, etc. etc. Lower overall stress level.The downside are..
1. Getting well built out, planning commission is probably too pro development. There is already a budding slow growth movement in Cbad. Recent good news for the slow-growthers…..looks like the proposed Walmart in NE Carlsbad is a no-go.
2. Marine layer in mornings…May Gray/June Gloom
3. Traffic on 5 during rush hour
4. Summer Beach congestion.A commute to to Camp P would be very easy for you.
I’m prepping to pull the trigger on a house purchase quickly this fall/next spring if I find the right house. I hope to be in good position to negotiate with no contingencies, large downpayment, etc. There is large stock of great housing in your $750K to $1M.
I suggest try renting in the area you may want to live for a while, scope out surrounding areas. But first do some research on the prospective landlord. Are they candidates for foreclosure? Are their taxes delinquent? Did they buy at the peak of the bubble in 2005? Check out rental listings on craiglist.
Anyhow, just some of my thoughts. Good Luck,
BubblesitterBubblesitterParticipantjmrobbie,
I’ve pretty much converged on a couple area to settle down when I’m ready to buy a house again. I’ve been bubblesitting for 3 years after selling my last house.
For me, South Carlsbad seems to be in the short-list. Here’s the reasons Carlsbad bubbled up high on my list.
1. The city seems reasonably well run, in good financial shape. I do have some beefs against the planning commission on growth issues though.
2. Generally great schools, looks like a new Carlsbad high school being planned. My personal rule #1 is to ONLY buy in good school districts. I would even suggest buying only in good school districts even if you don’t have kids.
3. No need air conditioning, except for perhaps 2 weeks of year.
4. Attractions such as flower fields, Legoland, Beaches. Great for out-of-town visitors
5. Lower Wildfire risk (although not immune)than other areas of SD county
6. Downtown old-town Carlsbad seems to getting much nicer, more shops, restaurants, nightlife. Still some work to go.
7. New Alga Norte swim complex, plans look great for swimmers, although I hear they have scaled back and delayed the project.
8. The desalinization plant has a conditional approval. We’ll see if and when it gets built. If it does, Carlsbad and surrounding areas will have a reliable water source if there is a water crisis.
9. I’ve been doing the commute on the Coaster. It is great way to commute to work; reading the newspaper, clearing my emails out prior to work, watching the sunset on the way home, saving gas and hedging against gas price spikes, saving the environment, etc. etc. Lower overall stress level.The downside are..
1. Getting well built out, planning commission is probably too pro development. There is already a budding slow growth movement in Cbad. Recent good news for the slow-growthers…..looks like the proposed Walmart in NE Carlsbad is a no-go.
2. Marine layer in mornings…May Gray/June Gloom
3. Traffic on 5 during rush hour
4. Summer Beach congestion.A commute to to Camp P would be very easy for you.
I’m prepping to pull the trigger on a house purchase quickly this fall/next spring if I find the right house. I hope to be in good position to negotiate with no contingencies, large downpayment, etc. There is large stock of great housing in your $750K to $1M.
I suggest try renting in the area you may want to live for a while, scope out surrounding areas. But first do some research on the prospective landlord. Are they candidates for foreclosure? Are their taxes delinquent? Did they buy at the peak of the bubble in 2005? Check out rental listings on craiglist.
Anyhow, just some of my thoughts. Good Luck,
BubblesitterBubblesitterParticipantjmrobbie,
I’ve pretty much converged on a couple area to settle down when I’m ready to buy a house again. I’ve been bubblesitting for 3 years after selling my last house.
For me, South Carlsbad seems to be in the short-list. Here’s the reasons Carlsbad bubbled up high on my list.
1. The city seems reasonably well run, in good financial shape. I do have some beefs against the planning commission on growth issues though.
2. Generally great schools, looks like a new Carlsbad high school being planned. My personal rule #1 is to ONLY buy in good school districts. I would even suggest buying only in good school districts even if you don’t have kids.
3. No need air conditioning, except for perhaps 2 weeks of year.
4. Attractions such as flower fields, Legoland, Beaches. Great for out-of-town visitors
5. Lower Wildfire risk (although not immune)than other areas of SD county
6. Downtown old-town Carlsbad seems to getting much nicer, more shops, restaurants, nightlife. Still some work to go.
7. New Alga Norte swim complex, plans look great for swimmers, although I hear they have scaled back and delayed the project.
8. The desalinization plant has a conditional approval. We’ll see if and when it gets built. If it does, Carlsbad and surrounding areas will have a reliable water source if there is a water crisis.
9. I’ve been doing the commute on the Coaster. It is great way to commute to work; reading the newspaper, clearing my emails out prior to work, watching the sunset on the way home, saving gas and hedging against gas price spikes, saving the environment, etc. etc. Lower overall stress level.The downside are..
1. Getting well built out, planning commission is probably too pro development. There is already a budding slow growth movement in Cbad. Recent good news for the slow-growthers…..looks like the proposed Walmart in NE Carlsbad is a no-go.
2. Marine layer in mornings…May Gray/June Gloom
3. Traffic on 5 during rush hour
4. Summer Beach congestion.A commute to to Camp P would be very easy for you.
I’m prepping to pull the trigger on a house purchase quickly this fall/next spring if I find the right house. I hope to be in good position to negotiate with no contingencies, large downpayment, etc. There is large stock of great housing in your $750K to $1M.
I suggest try renting in the area you may want to live for a while, scope out surrounding areas. But first do some research on the prospective landlord. Are they candidates for foreclosure? Are their taxes delinquent? Did they buy at the peak of the bubble in 2005? Check out rental listings on craiglist.
Anyhow, just some of my thoughts. Good Luck,
BubblesitterBubblesitterParticipantHere’s an update on the proposed Walmart in Carlsbad…..Looks like a no go.
Perhaps the protesters and the signs did make a small difference?
CARLSBAD: Wal-Mart drops building plans
Company won’t put upscale store in Carlsbad
By BARBARA HENRY – Staff Writer | Tuesday, May 27, 2008 8:15 PM PDT ∞CARLSBAD —- The city was supposed to get the nicest Wal-Mart in the nation, a place with $100 bottles of wine. But it’s not going to happen.
Wal-Mart officials announced Tuesday afternoon that they have dropped their plans to build a small store at El Camino Real and College Boulevard. They’re planning to put the 17-acre site back on the market, they said.
John Mendez, spokesman for Wal-Mart’s Southern California region, said his company has decided to focus on building more of its supercenters —- giant discount stores that have full supermarkets as well as clothing and home goods. The proposal to build a small, upscale version of a Wal-Mart discount store doesn’t fit with that business model, he said.
There were other factors working against the Carlsbad proposal —- a recently troubled national economy, plus a less than enthusiastic welcome from city officials and neighboring property owners.
“In the long run, I think it’s a good thing,” Carlsbad Mayor Bud Lewis said Tuesday afternoon after meeting privately with Wal-Mart officials.
Lewis added that people who like to shop at the discount retailer already have plenty of local options because Wal-Mart has several stores in neighboring communities.
“We have said for a long time that those stores are good for other communities, but we didn’t want them,” Lewis said.
Carlsbad has long been North County’s least receptive spot for what are termed “big box” projects —- large, free-standing stores. The city has had its strict shopping-center zoning requirements in place since the early 1990s, when Price Club opened its huge warehouse-style structure on Palomar Airport Road. The construction of that store, which eventually became a Costco, divided the community and led to a requirement that large stores must be part of a shopping center complex rather than standing on their own.
That rule has essentially blocked any new giant stores from coming to town because there’s a shortage of appropriately zoned land for large shopping center complexes.
After word spread last fall that Wal-Mart had bought property in town, company leaders said they were envisioning a different sort of store for Carlsbad. One company official called it an “absolute paradigm shift,” saying it would look more like a high-end shopping center than a discount store.
City Planning Director Don Neu said city officials were surprised to hear Wal-Mart was dropping its plans, but said they had always known the project would be a difficult fit for the lot because of its zoning.
“I think from that perspective we felt it was going to be an uphill battle in terms of trying to make a Wal-Mart fit into that local shopping center zone,” he said.
The 17-acre site is zoned for something like the recently built Henry’s grocery store and other small shops at La Costa Avenue and Camino de los Coches, he said.
Though the company had met with the city’s planning department, no formal building plans were ever filed, Neu said, adding that he hopes whoever purchases the lot knows what they’re buying.
“Hopefully, whoever is looking at it will do some due diligence about what can be put on it,” he said.
Contact staff writer Barbara Henry at (760) 901-4072 or [email protected]. Comment at nctimes.com.
BubblesitterParticipantHere’s an update on the proposed Walmart in Carlsbad…..Looks like a no go.
Perhaps the protesters and the signs did make a small difference?
CARLSBAD: Wal-Mart drops building plans
Company won’t put upscale store in Carlsbad
By BARBARA HENRY – Staff Writer | Tuesday, May 27, 2008 8:15 PM PDT ∞CARLSBAD —- The city was supposed to get the nicest Wal-Mart in the nation, a place with $100 bottles of wine. But it’s not going to happen.
Wal-Mart officials announced Tuesday afternoon that they have dropped their plans to build a small store at El Camino Real and College Boulevard. They’re planning to put the 17-acre site back on the market, they said.
John Mendez, spokesman for Wal-Mart’s Southern California region, said his company has decided to focus on building more of its supercenters —- giant discount stores that have full supermarkets as well as clothing and home goods. The proposal to build a small, upscale version of a Wal-Mart discount store doesn’t fit with that business model, he said.
There were other factors working against the Carlsbad proposal —- a recently troubled national economy, plus a less than enthusiastic welcome from city officials and neighboring property owners.
“In the long run, I think it’s a good thing,” Carlsbad Mayor Bud Lewis said Tuesday afternoon after meeting privately with Wal-Mart officials.
Lewis added that people who like to shop at the discount retailer already have plenty of local options because Wal-Mart has several stores in neighboring communities.
“We have said for a long time that those stores are good for other communities, but we didn’t want them,” Lewis said.
Carlsbad has long been North County’s least receptive spot for what are termed “big box” projects —- large, free-standing stores. The city has had its strict shopping-center zoning requirements in place since the early 1990s, when Price Club opened its huge warehouse-style structure on Palomar Airport Road. The construction of that store, which eventually became a Costco, divided the community and led to a requirement that large stores must be part of a shopping center complex rather than standing on their own.
That rule has essentially blocked any new giant stores from coming to town because there’s a shortage of appropriately zoned land for large shopping center complexes.
After word spread last fall that Wal-Mart had bought property in town, company leaders said they were envisioning a different sort of store for Carlsbad. One company official called it an “absolute paradigm shift,” saying it would look more like a high-end shopping center than a discount store.
City Planning Director Don Neu said city officials were surprised to hear Wal-Mart was dropping its plans, but said they had always known the project would be a difficult fit for the lot because of its zoning.
“I think from that perspective we felt it was going to be an uphill battle in terms of trying to make a Wal-Mart fit into that local shopping center zone,” he said.
The 17-acre site is zoned for something like the recently built Henry’s grocery store and other small shops at La Costa Avenue and Camino de los Coches, he said.
Though the company had met with the city’s planning department, no formal building plans were ever filed, Neu said, adding that he hopes whoever purchases the lot knows what they’re buying.
“Hopefully, whoever is looking at it will do some due diligence about what can be put on it,” he said.
Contact staff writer Barbara Henry at (760) 901-4072 or [email protected]. Comment at nctimes.com.
BubblesitterParticipantHere’s an update on the proposed Walmart in Carlsbad…..Looks like a no go.
Perhaps the protesters and the signs did make a small difference?
CARLSBAD: Wal-Mart drops building plans
Company won’t put upscale store in Carlsbad
By BARBARA HENRY – Staff Writer | Tuesday, May 27, 2008 8:15 PM PDT ∞CARLSBAD —- The city was supposed to get the nicest Wal-Mart in the nation, a place with $100 bottles of wine. But it’s not going to happen.
Wal-Mart officials announced Tuesday afternoon that they have dropped their plans to build a small store at El Camino Real and College Boulevard. They’re planning to put the 17-acre site back on the market, they said.
John Mendez, spokesman for Wal-Mart’s Southern California region, said his company has decided to focus on building more of its supercenters —- giant discount stores that have full supermarkets as well as clothing and home goods. The proposal to build a small, upscale version of a Wal-Mart discount store doesn’t fit with that business model, he said.
There were other factors working against the Carlsbad proposal —- a recently troubled national economy, plus a less than enthusiastic welcome from city officials and neighboring property owners.
“In the long run, I think it’s a good thing,” Carlsbad Mayor Bud Lewis said Tuesday afternoon after meeting privately with Wal-Mart officials.
Lewis added that people who like to shop at the discount retailer already have plenty of local options because Wal-Mart has several stores in neighboring communities.
“We have said for a long time that those stores are good for other communities, but we didn’t want them,” Lewis said.
Carlsbad has long been North County’s least receptive spot for what are termed “big box” projects —- large, free-standing stores. The city has had its strict shopping-center zoning requirements in place since the early 1990s, when Price Club opened its huge warehouse-style structure on Palomar Airport Road. The construction of that store, which eventually became a Costco, divided the community and led to a requirement that large stores must be part of a shopping center complex rather than standing on their own.
That rule has essentially blocked any new giant stores from coming to town because there’s a shortage of appropriately zoned land for large shopping center complexes.
After word spread last fall that Wal-Mart had bought property in town, company leaders said they were envisioning a different sort of store for Carlsbad. One company official called it an “absolute paradigm shift,” saying it would look more like a high-end shopping center than a discount store.
City Planning Director Don Neu said city officials were surprised to hear Wal-Mart was dropping its plans, but said they had always known the project would be a difficult fit for the lot because of its zoning.
“I think from that perspective we felt it was going to be an uphill battle in terms of trying to make a Wal-Mart fit into that local shopping center zone,” he said.
The 17-acre site is zoned for something like the recently built Henry’s grocery store and other small shops at La Costa Avenue and Camino de los Coches, he said.
Though the company had met with the city’s planning department, no formal building plans were ever filed, Neu said, adding that he hopes whoever purchases the lot knows what they’re buying.
“Hopefully, whoever is looking at it will do some due diligence about what can be put on it,” he said.
Contact staff writer Barbara Henry at (760) 901-4072 or [email protected]. Comment at nctimes.com.
BubblesitterParticipantHere’s an update on the proposed Walmart in Carlsbad…..Looks like a no go.
Perhaps the protesters and the signs did make a small difference?
CARLSBAD: Wal-Mart drops building plans
Company won’t put upscale store in Carlsbad
By BARBARA HENRY – Staff Writer | Tuesday, May 27, 2008 8:15 PM PDT ∞CARLSBAD —- The city was supposed to get the nicest Wal-Mart in the nation, a place with $100 bottles of wine. But it’s not going to happen.
Wal-Mart officials announced Tuesday afternoon that they have dropped their plans to build a small store at El Camino Real and College Boulevard. They’re planning to put the 17-acre site back on the market, they said.
John Mendez, spokesman for Wal-Mart’s Southern California region, said his company has decided to focus on building more of its supercenters —- giant discount stores that have full supermarkets as well as clothing and home goods. The proposal to build a small, upscale version of a Wal-Mart discount store doesn’t fit with that business model, he said.
There were other factors working against the Carlsbad proposal —- a recently troubled national economy, plus a less than enthusiastic welcome from city officials and neighboring property owners.
“In the long run, I think it’s a good thing,” Carlsbad Mayor Bud Lewis said Tuesday afternoon after meeting privately with Wal-Mart officials.
Lewis added that people who like to shop at the discount retailer already have plenty of local options because Wal-Mart has several stores in neighboring communities.
“We have said for a long time that those stores are good for other communities, but we didn’t want them,” Lewis said.
Carlsbad has long been North County’s least receptive spot for what are termed “big box” projects —- large, free-standing stores. The city has had its strict shopping-center zoning requirements in place since the early 1990s, when Price Club opened its huge warehouse-style structure on Palomar Airport Road. The construction of that store, which eventually became a Costco, divided the community and led to a requirement that large stores must be part of a shopping center complex rather than standing on their own.
That rule has essentially blocked any new giant stores from coming to town because there’s a shortage of appropriately zoned land for large shopping center complexes.
After word spread last fall that Wal-Mart had bought property in town, company leaders said they were envisioning a different sort of store for Carlsbad. One company official called it an “absolute paradigm shift,” saying it would look more like a high-end shopping center than a discount store.
City Planning Director Don Neu said city officials were surprised to hear Wal-Mart was dropping its plans, but said they had always known the project would be a difficult fit for the lot because of its zoning.
“I think from that perspective we felt it was going to be an uphill battle in terms of trying to make a Wal-Mart fit into that local shopping center zone,” he said.
The 17-acre site is zoned for something like the recently built Henry’s grocery store and other small shops at La Costa Avenue and Camino de los Coches, he said.
Though the company had met with the city’s planning department, no formal building plans were ever filed, Neu said, adding that he hopes whoever purchases the lot knows what they’re buying.
“Hopefully, whoever is looking at it will do some due diligence about what can be put on it,” he said.
Contact staff writer Barbara Henry at (760) 901-4072 or [email protected]. Comment at nctimes.com.
BubblesitterParticipantHere’s an update on the proposed Walmart in Carlsbad…..Looks like a no go.
Perhaps the protesters and the signs did make a small difference?
CARLSBAD: Wal-Mart drops building plans
Company won’t put upscale store in Carlsbad
By BARBARA HENRY – Staff Writer | Tuesday, May 27, 2008 8:15 PM PDT ∞CARLSBAD —- The city was supposed to get the nicest Wal-Mart in the nation, a place with $100 bottles of wine. But it’s not going to happen.
Wal-Mart officials announced Tuesday afternoon that they have dropped their plans to build a small store at El Camino Real and College Boulevard. They’re planning to put the 17-acre site back on the market, they said.
John Mendez, spokesman for Wal-Mart’s Southern California region, said his company has decided to focus on building more of its supercenters —- giant discount stores that have full supermarkets as well as clothing and home goods. The proposal to build a small, upscale version of a Wal-Mart discount store doesn’t fit with that business model, he said.
There were other factors working against the Carlsbad proposal —- a recently troubled national economy, plus a less than enthusiastic welcome from city officials and neighboring property owners.
“In the long run, I think it’s a good thing,” Carlsbad Mayor Bud Lewis said Tuesday afternoon after meeting privately with Wal-Mart officials.
Lewis added that people who like to shop at the discount retailer already have plenty of local options because Wal-Mart has several stores in neighboring communities.
“We have said for a long time that those stores are good for other communities, but we didn’t want them,” Lewis said.
Carlsbad has long been North County’s least receptive spot for what are termed “big box” projects —- large, free-standing stores. The city has had its strict shopping-center zoning requirements in place since the early 1990s, when Price Club opened its huge warehouse-style structure on Palomar Airport Road. The construction of that store, which eventually became a Costco, divided the community and led to a requirement that large stores must be part of a shopping center complex rather than standing on their own.
That rule has essentially blocked any new giant stores from coming to town because there’s a shortage of appropriately zoned land for large shopping center complexes.
After word spread last fall that Wal-Mart had bought property in town, company leaders said they were envisioning a different sort of store for Carlsbad. One company official called it an “absolute paradigm shift,” saying it would look more like a high-end shopping center than a discount store.
City Planning Director Don Neu said city officials were surprised to hear Wal-Mart was dropping its plans, but said they had always known the project would be a difficult fit for the lot because of its zoning.
“I think from that perspective we felt it was going to be an uphill battle in terms of trying to make a Wal-Mart fit into that local shopping center zone,” he said.
The 17-acre site is zoned for something like the recently built Henry’s grocery store and other small shops at La Costa Avenue and Camino de los Coches, he said.
Though the company had met with the city’s planning department, no formal building plans were ever filed, Neu said, adding that he hopes whoever purchases the lot knows what they’re buying.
“Hopefully, whoever is looking at it will do some due diligence about what can be put on it,” he said.
Contact staff writer Barbara Henry at (760) 901-4072 or [email protected]. Comment at nctimes.com.
BubblesitterParticipantMBIA reported big losses last week, significantly worse than Analysts’ expectations. It is now only a matter of time that the ratings will be downgraded, resulting in additional big writedowns by the big banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=az2uYHRScTSM
Bubblesitter
BubblesitterParticipantMBIA reported big losses last week, significantly worse than Analysts’ expectations. It is now only a matter of time that the ratings will be downgraded, resulting in additional big writedowns by the big banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=az2uYHRScTSM
Bubblesitter
BubblesitterParticipantMBIA reported big losses last week, significantly worse than Analysts’ expectations. It is now only a matter of time that the ratings will be downgraded, resulting in additional big writedowns by the big banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=az2uYHRScTSM
Bubblesitter
BubblesitterParticipantMBIA reported big losses last week, significantly worse than Analysts’ expectations. It is now only a matter of time that the ratings will be downgraded, resulting in additional big writedowns by the big banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=az2uYHRScTSM
Bubblesitter
BubblesitterParticipantMBIA reported big losses last week, significantly worse than Analysts’ expectations. It is now only a matter of time that the ratings will be downgraded, resulting in additional big writedowns by the big banks.
http://www.bloomberg.com/apps/news?pid=20601087&sid=az2uYHRScTSM
Bubblesitter
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