The Daily Parker

Via Calculated Risk, the story of Maricopa, Ariz., in which we find Greed, Envy, Sloth, Gluttony, and Pride, but surprisingly little Wrath (and only a brief cameo by Lust):

In the early 1990s, Maricopa was a small farming community with a population of about 600, mostly longtime farmers and Hispanic laborers, along with a few American Indians. Local businesses included a low-profile Nissan testing site and the state’s largest beef-cattle feed lots — industries that chose Maricopa because it was out of the way. But as Phoenix grew, far-thinking developers began buying up tracts of land in and around Maricopa. By 1996, one developer, Mike Ingram, had amassed with his business partners 18,000 acres — an area larger than the island of Manhattan — most of it purchased for $500 an acre or less.

The first subdivision was completed in 2003 and quickly sold out. The median price for a new home in the city was $147,000, about $80,000 less than a new home in Chandler. Other builders rushed to get in on Maricopa. ... Builders literally couldn’t put up houses fast enough, which drove up demand, which drove up prices and buzz. The median house price rose to $160,290 in 2004, then to $212,051 in 2005 and $281,798 in 2006. Subprime financing supercharged the town’s growth; according to First American CoreLogic, a housing-analysis firm based in Santa Ana, Calif., more than a third of buyers in Maricopa in 2004 and 2005 were subprime....

They happily left space in subdivisions for playgrounds and five new elementary schools, which they thought would help bring in the young families they were targeting, but they did not leave space for parks for older kids or for a high school. Each builder worked independently, so there were no paths connecting any of the subdivisions.

I called Daryl Fox in March, when I was back in New York. He told me his house was still on the market — now for $135,000 — and he still had not received a single offer. He said Weiss had told him that a foreclosed house on his block was on the market for $99,000. Meanwhile, the bank had informed him that unless he made payments, his house would go into foreclosure in May.

The story covers just about every reason why trying to get something for nothing, urban sprawl, borrowing beyond one's means, and people trying to make a quick buck make life very difficult for just about everyone.

That's MSNBC's headline on a story that shows how insane people are. Not the woman who let her kid ride the subway—no, I was riding the subway in Chicago alone at about that age during a far more dangerous era—but the people who think she committed some kind of child abuse:

"It's safe to go on the subway," [the boy's mother said in an interview]. "It's safe to be a kid. It's safe to ride your bike on the streets. We're like brainwashed because of all the stories we hear that it isn't safe. But those are the exceptions. That's why they make it to the news. This is like, 'Boy boils egg.' He did something that any 9-year-old could do."

Finally! Someone with a realistic appraisal of risk, and the balance between child safety and child growth.

Requiem et cetera. Who pried out his gun? Just wondering.

Krugman points out on his blog today that, in numbers of new jobs, Clinton's worst year was better than Bush's best.

MSNBC is reporting that Robert Mugabe, who has, as dictator, destroyed Zimbabwe's economy, may be stepping down:

Advisers of Zimbabwe's president and main opposition leader are discussing Robert Mugabe relinquishing power, The Associated Press has learned from someone close to the state electoral commission.

Meanwhile, a projection by the ruling party, ZANU-PF, indicates that opposition leader Morgan Tsvangirai will beat Mugabe, but be forced into a runoff vote in three weeks, Reuters reported.

About friggin' time.

Krugman's column today explains how Treasury's banking "reform" over the last week isn't, actually. And he concludes with a fear I've had for some time now:

If we don’t reform the system this time, the next crisis could well be even bigger. And I, for one, really don’t want to live through a replay of the 1930s.

It's a must-read.

Via Bruce Schneier, confirmation of your suspicions about automatic traffic cameras:

Faced with data showing that drivers pay attention to cameras at intersections — resulting in fewer ticketable violations and ever-shrinking revenue from fines — municipalities across the country are reconsidering red light cameras, which often work too well.

...

Citywide statistics obtained by NBC [Dallas] affiliate KXAS-TV found that red light cameras do reduce accidents. That is a good thing.

But they do it by reducing red light violations, by as much as 29 percent from month to month at particularly busy Dallas intersections. On the face of it, that, too, is a good thing — but not, necessarily, if you rely on traffic fines to make up a healthy chunk of your budget.

I don't even know where to begin. It's just sad, isn't it, that saving lives isn't the reason we enforce traffic regulations.

On this anniversary of our invasion of Iraq, do you feel safer?

Via Calculated Risk, Georgia's junior (Republican) senator has one of the dumbest proposals in history:

Isakson is pitching an idea to his colleagues in Congress: a $15,000 tax rebate check to anyone who agrees to buy a home. Congressional budget analysts project the program would cost $14 billion over the next few years. But Isakson said the rebate checks are well worth the hefty price tag. "If we can convince buyers to come back to the marketplace and buy these houses, then the houses aren't vacant. It's replaced by an owner-occupant, who is there making payments on a loan and helping all of the other houses around."

Where does one begin to explain to this guy what's wrong with the proposal?

I hope longtime blog reader AR, a resident of Georgia, will chime in and explain how this guy got elected.

Via Talking Points Memo, Reuters reports the reception Iran's president got in Baghdad this week:

Pomp and ceremony greeted Iranian President Mahmoud Ahmadinejad on his arrival in Iraq on Sunday, the fanfare a stark contrast to the rushed and secretive visits of his bitter rival U.S. President George W. Bush.

Ahmadinejad held hands with Iraqi President Jalal Talabani as they walked down a red carpet to the tune of their countries' national anthems, his visit the first by an Iranian president since the two neighbours fought a ruinous war in the 1980s.

His warm reception, in which he was hugged and kissed by Iraqi officials and presented with flowers by children, was Iraq's first full state welcome for any leader since the U.S.-led invasion to topple Saddam Hussein in 2003.

Weren't our troops supposed to be greeted this way? Funny how that didn't happen.