Response from a Banker:
You ungrateful louts!
We bankers worked hard to give the great unwashed masses one helluva “going into bankruptcy” party that lasted for almost four years! We gave a bunch of worthless lumpens an opportunity to live in a house well beyond their means. Now that we have to separate them from the houses and herd them back into the flea infested tenements appropriate to their life’s station, some bottom feeding lawyers have the gall to suggest we don’t have a “legal” right to foreclose. Well I’ll be gob-smacked if that’s not enough to make a grown man cry. As GWB responded when asked about what the Constitution might have to say he retorted, “It’s just a goddamed piece of paper.” We bankers know what we know. And we know these houses belong to our RMBS whether we did everything according to your outmoded rules or not. They belong to us. Get used to it. It’s hard enough to have to explain to some turbaned oil sheik why the 10 million dollars of the RMBS he bought are now worth half that let alone trying to explain why we might not even own the houses that backed the loans. But we want to be fair. So we paid a little overtime plus incentives for a bunch of our backoffice people in India to review the files. By golly they didn’t find a single problem except for one fellow who found over half his cases were problematic. The only good thing about that was we only had to pay him half what the others got. And then we fired him since it was obvious he was a trouble maker.
We bankers are geniuses when we bother to think about it. We managed to turn an $80,000 rathole in the ghetto of Pittsburgh, CA (and that’s 90% of it) into a $280,000 palace in just three years and then sold it to a poor Hispanic cook working at a retirement home. He makes $45,000 a year and his wife works at McDonald’s making $20,000. You should have seen the happy looks on their three kids’ faces at the housewarming. We got them into a great negam loan that only cost $650 a month for the first three years. Sure, it ballooned to $1400 but it looked like that house would be worth nearly a million by then. At least that’s what the Iranian real estate salesman said. And he was their best friend so they certainly thought he was giving an honest opinion. How could he have guessed it would auction for $55,000 three years later? Life is uncertain. And now they’re back in a two bedroom apartment with cots and a sleeper in the living room. I like to think this experience has whetted their appetite for a better condition of living now that they’ve had a first hand experience at “living the dream.” Unfortunately, the refinance mortgage they took out two years in for a half percent better rate didn’t have the “jingle keys” provision so they’re paying back the $250,000 they owe the bank week by week. But you know what? They made a deal with us and they signed the papers. We didn’t have a gun to their head. A deal’s a deal. You gotta respect the law in these matters. That’s very important for you to understand. We expect you to stand by your commitments and read the fine print.
You need to understand that we’re just middle men who go out and put deals together for our “clients.” Our clients are primarily the Sovereign Wealth Funds all sitting on piles of cash accumulating from the obscene profits being made on oil. That money has to go somewhere and it’s our job to create investment opportunities that at least appear to have a better rate of return than T-Bills. We’re just working schmucks like anyone else. Maybe paid a little better – but we earn every dollar! It’s hard working with fools on both sides of the deal. Our tongues are bloody nearly every day.
You all have the gall to want to “rein in” the investment professionals at Goldman Sachs and J.P. Morgan. Do you realize what would happen if you had your way? If our great investment bank’s operations were curtailed, the clients would just go elsewhere to find someone willing to put together a great money making deal like, for instance, buying a 75 year lease on Chicago’s parking meter operation. Suppose that deal hadn’t gone through. An hour’s parking would have remained at two bits instead of a buck. By jacking the rates, extending the hours and making the meters operate seven days a week instead of five we are doing our part in reducing traffic conjestion. And what thanks do we get? None. Shows you just how sincere these “green” people are. All they can do is belly ache about the loss of street fairs because the new meter owners demand fair compensation for the lost revenue. It’s obvious these “street fairs” are losing propositions or they’d make enough money to pay the franchise with money left over. We’re promoting social efficiency by eliminating these economically sterile activities. We have stores if the lumpenfolk want to buy things. In fact we have more “store per person” than any other country in the world – nearly 25 square feet of it. We need to generate sales in those stores so the renters can pay back the CMBS holders. Street fairs are diverting dollars to sales that do not benefit our clients and, therefore, do not benefit our country.
My suggestion is that you folks get back out there and start spending again because, face it, that’s the only task you’re really fit to perform. You are the Great American Consumer and it should make your chest swell with pride. Your consumption is a vital part of the wonderful world wealth making machine. China makes stuff and you consume it and digest it and drop it out your backsides. We have tried to keep you supplied with enough dollars so that you can do your job. But now you have reneged on your obligations. You have failed to heed your wonderful V.P. Dick Cheney’s advice to hold hands and buy an SUV. There is a price to be paid for your stubborn refusal to spend beyond your means. You are now “little people.”
So stop whining about your government catering to the banks. We fund your government. You bitch and moan at the thought of any tax increase so your government has to come to us, hat in hand, every year for a couple trillion dollars in loans. You think a government in that kind of financial condition is in any position to tell us how to run our business? Just keep in mind that the Fed is an independent organization. In fact it can’t even be audited. I advise you entertain a certain meekness when dealing with the organization that owns your government and that your uncharitable understanding of the situation puts the cart before the horse.
The foreclosure mess just will not go away. Neither will incomplete if not misleading explanations for the crisis, or partial if not ineffective policy proposals. More than 10 million families will lose their homes to foreclosure before the housing market "clears" according to Credit Suisse. Meanwhile, as with the subprime and predatory lending bubbles that led directly to the present crisis, fingers are pointed in several directions as all parties to the debate try to shift blame to their favorite individual and institutional targets. Lost in this discussion is how continuing racial segregation has fueled these developments.
The guilty parties in the foreclosure crisis are many: greedy homeowners, unscrupulous investors, lax underwriters, asleep-at-the-wheel regulators, sloppy mortgage servicers, and more. No doubt all share in the blame. But all these actors played their roles in a context of ongoing racial segregation that greatly facilitated the fraud, deceit, and exploitation that occurred at each stage of the lending process. Research by a variety of organizations ranging from the Federal Reserve to the Center for Community Change reveals that subprime loans were concentrated in, and specifically targeted to, low-income, minority neighborhoods. As a result, foreclosures have fallen heaviest on the most disadvantaged segments of society.
To illustrate, when subprime lending peaked in 2006, just 18% of white borrowers received subprime loans compared to 54% of African Americans. An unfortunate irony, as the Wall Street Journal reported in 2007, is that over 60% of subprime borrowers had credit scores that qualified them for prime loans, underscoring the discriminatory nature of the marketing. Moreover, as reported by the Mortgage Bankers Association, subprime loans are approximately three times more likely to enter into default than conventional loans. As a result, between 2007 and 2009 approximately 8% of homes owned by black or Hispanic families went into foreclosure compared to 4.5% for whites. According a study by the Center for Responsible Lending, these disparities persisted even after taking household incomes into account.
Discriminatory lending patterns do not happen by chance. As the National Community Reinvestment Coalition has reported, in recent years racial minorities and minority communities were deliberately targeted by predatory lenders for subprime lending. The more segregated a metropolitan area is, of course, the easier it is to find exploitable clients. Segregation creates natural pockets of financially unsophisticated, historically underserved, poor minority homeowners who are ripe for exploitation.
It is no surprise to learn, therefore, that a recent study published in the American Sociological Review found that the level of black-white segregation was the single strongest predictor of the number and rate of foreclosures across U.S. metropolitan areas -- more powerful than the overall level of subprime lending, the degree of overbuilding, the extent of home price inflation, the relative creditworthiness of borrowers, the degree of coverage under the Community Reinvestment Act, or the extent of local government regulation.
More than forty years after the passage of the Fair Housing Act, two thirds of all black urbanites continue to live under conditions of high segregation and nearly half live in metropolitan areas where the degree of racial isolation is so intense it conforms to the criteria for hypersegregation. If we had somehow been able to eliminate segregation between blacks and whites in the years since 1968, the average metropolitan area would have experienced a foreclosure rate 80% lower than that actually observed during 2006-2008. Segregation is the reason for the unusual severity of the foreclosure crisis in the United States.
Given the powerful role played by racial segregation causing the current crisis, policy proposals to enact a national moratorium on foreclosures, modify the terms of outstanding loans, make bankruptcy restructuring easier, or undertake other financial reforms largely miss the point. Although such steps might provide short-term relief for some homeowners, speculative housing bubbles will likely recur along racially unequal lines as long as hypersegregation persists as a basic feature of metropolitan America. It is long past time to address the nation's segregated living patterns directly, and several policy initiatives to do so are now on the table.
The Housing Fairness Act (HR 476) would substantially increase the funding of fair housing organizations for nationwide paired testing (where matched pairs of white and non-white auditors approach housing providers to determine if they are treated equally). Such testing would yield much stronger enforcement of fair housing laws.
The Community Reinvestment Modernization Act (HR 1749) would extend the Community Reinvestment Act (a federal ban on redlining) to virtually all mortgage lenders and explicitly require them to be responsive to the credit needs of minority communities. Currently the CRA only applies to depository institutions (which today originate less than half of all mortgage loans). Moreover, the law currently focuses on service to low-income communities without a specific racial or ethnic mandate. Extending the CRA to all mortgage lending would help curb the predatory lending that drove much of the current crisis.
Finally, the U.S. Department of Housing and Urban Development has announced plans to issue a regulation to "affirmatively further fair housing" clarifying the statutory obligation that all recipients of federal housing and community development funds have to use those dollars in a manner that identifies and eliminates discriminatory barriers to equal housing opportunity. The agency should do so sooner rather than later.
Changing the behavior of financial institutions, regulators, and consumers is an important policy objective. Unless the segregated context in which they operate is also altered, however, speculative financial bubbles will persist and their uneven effects will continue to fall on vulnerable communities of color who have long paid the high costs of hypersegregation in the United States, America's own brand of Apartheid.
Douglas S. Massey is the Henry G. Bryant Professor of Sociology and Public Affairs at Princeton University. Gregory D. Squires is Professor of Sociology and Public Policy and Public Administration at George Washington University.
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I frequent many SEO and Web Marketing forums on a daily basis and every so often there is a debate about the SEO industry and ethics. After being involved in a number of these debates, it has become really obvious that the main problems are the facts that no two SEO companies are alike and there is no unified methodology. It's very hard to make statements about the industry as a whole because it's debatable what exactly 'SEO' is. Mix in the fact that most SEO companies keep their methodology and campaign strategies secret and we have a situation where every company is totally different with very different results.
Fact 1 : There is no unified SEO methodology. SEO is actually defined by wikipedia as a process of improving traffic from SERPs to a site. Of course, HOW they do that is the real question and causes the debates.
Fact 2 : The effectiveness of an SEO campaign depends on the site structure, site content, keywords, methodology used, and how popular the site is. A site cannot just rank for any random keyword. SEO is also not voodoo. It is logic, problem solving, and Web marketing mixed together. If your site provides no value to users, it probably won't rank.
Fact 3 : Some 'SEOs' do search engine optimization and some do search engine manipulation. Of course, it is all marketed as SEO. Unethical optimization provides results at any cost and is always short term (usually ends in a banned domain name). Ethical optimization opens up the site to the search engines and provides long term benefits.
Fact 4 : Most SEO companies get paid whether or not your site gets any rankings. Unfortunately, this is the case with the industry. Most SEO companies implement A, B, and C and move on to the next client. Hopefully, the site ranks. If it doesn't, they always have more clients.
Fact 5 : Most SEO companies use both ethical and unethical inbound linking strategies.To maximize profits, it is very common for SEO companies to buy bulk links from India, links on spam/scraper web sites, or sell large directory submission packages. It is also common for SEO companies to place huge amounts of the contract into inbound linking to make up for the poor quality of the site optimization.
I don't think it is fair to characterize the industry as a whole without figuring out what is wrong with it and how SEO companies can overcome it. So how exactly do we determine what is good and bad about the industry? I have now been involved with the Web for over 10 years and, specifically, with the SEO industry for almost 4 years and I've seen the inner workings of major SEO companies and worked with clients who had been burned by their previous SEO campaigns. Combined with numerous Web postings and forum debates talking about the same basic problems, I've compiled a list of the most common issues.
Problem 1: Responsibility for Results
It's no secret that the vast majority of SEO companies take no responsibility for results. It is a fact that no SEO company can guarantee results (and if they do, they are lying to you). It is also a fact that the client is taking a risk by spending money with an SEO company that basically says 'We'll do what we can'. SEO companies simply guarantee they'll do the work to 'optimize' the site, but without full disclosure of their methodology, what exactly is the client paying for? No other industry sells a product with no guarantees and no specific list of work that will be completed. Of course, SEO work is basically the sales of information and keeping the specifics of a methodology is important, but the combination of secrecy and no responsibility for results really makes SEO campaigns risky. So, how can an SEO company reduce the risk for the client and provide the best grade of service?
Answer 1: Incentive Based Pricing
The only real way to reduce the financial risk of the client is to share the risk. Through incentive-based pricing, the SEO company can charge a certain percentage of the total contract (say 70%) to cover their intellectual property and time while placing the rest of the contract price (remaining 30%) in incentives for success. Of course, incentives and their percentage of the contract would be totally relative depending on the campaign. This first step into sharing in the risk provides both reassurance to the client that the company believes in its methodology and places some of the financial burden of the campaign on the SEO company. At the moment, however, very few SEO companies are willing to share in the risk and charge the same price whether the client gets top rankings or no rankings at all (or possibly even lower rankings).
Problem 2: Unethical Optimization
Unfortunately, unethical (or blackhat) optimization is still very prominent on the Web. It's also unfortunate that 'SEO' has been mistakenly confused with 'Blackhat SEO'. This is still the biggest problem for SEO companies. Saying that all SEO companies deal in blackhat optimization is like saying everyone who emails is a spammer. Blackhat optimization is not optimization at all...it is search engine manipulation. Because there is so much money tied to top rankings, there will always be a market for unethical SEO and search engine spam. Until companies realize what is ethical and unethical and stop supporting those blackhat SEO companies, they will continue to thrive. This makes the industry as a whole look bad and does not reflect the ethics of good SEO companies. Blackhat provides fast, short term results, but is never a good option in the long run.
Answer 2: Ethical Optimization
There is no quick and easy solution to blackhat optimization's stain on the SEO industry. I would suggest that all marketing departments research optimization techniques and educate themselves on what techniques are unethical. No SEO company is going to say they do unethical optimization. It's also not a good idea to immediately trust a company or product based simply on their rankings. Unethical optimization DOES provide rankings...just not for the long run.
It would also be helpful if the major search engines would be more open and accessible to SEO companies. Currently, the major search engines and SEO companies do not deal with each other and have formed a sort of love-hate relationship. Because of this, many ethical SEOs have slowly moved into dark territory. Ethical optimization seeks to make sites more easily accessible to the engines and help to improve the engine's search results. The problem is that the search engines mainly clump all SEO companies together the same way as uninformed users do: search engine manipulation. This is just not the case. Search engines do not want to reveal what they consider unethical because it would basically be providing a list of holes in their algorithms that blackhat SEOs would be able to manipulate further, but a defined list of 'what not to do' would provide a definitive list for businesses looking for an SEO company.
Basic Rules of Ethical Optimization
Any campaign that does not abide by the following rules is dealing in unethical optimization techniques and should be avoided.
1.) What the user sees and what the search engine sees should be exactly the same. Do not hide anything.
2.) Your keywords (and the resulting optimization) should exactly reflect the content of the page.Keywords should always reflect what your site is about.
3.) Do not build out pages exclusively for search engines. The site should always cater to both audiences (users and search engines). Catering to only users is why optimization is necessary. Catering only to search engines is optimization gone too far into blackhat.
4.) Do not participate in manipulative inbound linking schemes like link farms, bulk links, triangle linking, or any other unethical manipulation of your Google PageRank or link authority. Inbound links should be relevant to the content of your site and you should always know who is linking to you and where your links come from.
Problem 3: Assembly Line / Software SEO
With the growth of the SEO industry has also come the automation of SEO. The absolute first thing any prospective SEO client should know is that all effective SEO campaigns are custom. There is no checklist of items that will work exactly the same on every site. If the SEO company claims there is, then they are not doing full optimization and the campaign is minimal. A good optimization campaign optimizes the site architecture, text content, and code of the site. Assembly line SEO does not take into consideration the unique needs/design of the site and may even deal in blackhat optimization. SEO software especially should be looked at closely. There are really only two things SEO software could do that would work for any site: doorway pages (showing engines one thing and users a different thing; which is unethical) or a system of pages build exclusively for search engines (often called info or information pages and linked in an out of the way part of the page). Doorway pages are 100% unethical and info pages are deep in the gray area. Neither of those two methods address the architecture of the site, proper keyword analysis, or effective text content. The following links are examples of automated SEO software freely available on the Web. All links contain 'nofollow' to prevent the sites from getting inbound link credit from our site. These sites are NOT recommended by TreeHouse SEM.
http://doorwaypagemaker.com/ - Doorway page system; UNETHICAL
http://www.doorway-wizard.com/ - Doorway page system; UNETHICAL
Answer 3: Custom Campaign and Assessment
'SEO Software' may be cheap and affordable, but you get what you pay for. Any campaign that is going to slap on additional pages are simply sell you links is NOT an effective SEO campaign. Any SEO effort that simply has you add a few 'optimized' pages to your site is not going to be optimal. If you wanted to convert a street car into a race car, you don't simply add racing strips to it. Don't think that dumping a few pages on your site targeted to some random keywords is the same as a real SEO campaign.
If your SEO company will not sit down and talk about the layout, architecture, and aim of your site, then it is not providing a top-end service. Remember that the vast majority of 'SEO software' either is for building doorway/landing pages or simply providing you with data about your site (data that is already free to everyone on the Web). Good SEO campaigns take into account both the user and the search engines...not one or the other. An SEO company should have a commanding understanding of user experience and search engine optimization and use these in combination to create a campaign that will provide the best ROI. The end goal should always be leads/sales. Bringing in piles of non-targeted traffic often leads to extremely high turn over rates and very low lead conversion.
Conclusion
Do your research. Find out what you want from an optimization campaign and then ask the right questions. Make sure that the sales representative you talk to knows what they are selling. If they do not, they are definitely not the person to get information from. A lot of SEO companies use hard sale tactics and the reps are less than knowledgeable about what they are selling. Ask the following questions and see what they have to say.
1.) How do you assess keywords? If an SEO company simply optimizes for whatever keywords are sent to them by the client, the SEO campaign starts off on very shaky ground. Keyword analysis should be performed that takes into account the number of searches in all the major search engines and the relative competition for those terms. The site should also be compared to the keywords to see if they support each other.
2.) Do you plan on building out pages specifically to house keywords? Landing pages and doorway pages are not effective long term SEO options. SEO companies like them because they do not have to touch the rest of the site and it's very easy to simply add band aids instead of performing surgery.
3.) Will my SEO campaign also help improve the user experience of the site? Proper architecture and usability goes hand in hand with SEO and helps increase ROI. You should want to bring in new traffic and convert it.
4.) Does my revenue model affect my keyword selection and the optimization as a whole? Any SEO company that does not optimize based on the target audience is NOT providing the most effective campaign. An ecommerce site marketing to comparative shoppers will want to optimize heavily for product names and model numbers. An online magazine wanting to bring in recurring traffic will want to optimize for article topics and specific themes. Local companies will want to optimize for geo-targeted keywords.
5.) I want to optimize my site, but do not want to change any of the existing content or layout...how would you go about this? Any SEO company that says they will simply add on landing pages or hide text is selling blackhat. This goes back to the earlier analogy. You are really saying that you have a car that you want to modify to be very fast, but do not want to modify the engine and the mechanic simply adds racking stripes and charges you full price.
Thank you for reading TreeHouse SEM articles. If you would like to know more about any of these topics, feel free to contact us. About the Author: Steve comes from a rich Web background where he has worked on the design, development, and marketing aspects of hundreds of Web sites. Formerly from Mississippi where he attended Ole Miss, Steve moved to San Diego to pursue further challenges in the Web marketing arena. To compete in the rapidly growing marketplace of SEM, Treehouse immediately set itself apart by placing Chief Technology Officer DeVries at the helm, who is one of the most coveted experts in the industry today. DeVries was previously a lead technical consultant at a competing local firm, achieving top rankings for major clients such as Entrepreneur, Vegas.com, Viacom, Workopolis, and Ziff Davis Media. DeVries' experience has brought him much industry attention and placed him in high demand as a speaker at industry events by those looking to pick his brain. Article Source: |  |
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Denver Broncos <b>News</b>: Horse Tracks - 11/15/10 - Mile High Report
Your Daily Cup of Orange and Blue Coffee .. Horse Tracks!
Arrowheadlines: Chiefs <b>News</b> 11/15 - Arrowhead Pride
Well, that happened. Who invited the 2009 Chiefs to yesterday's game? As you can imagine, there are a lot of recaps and opinions on the game (and a missing handshake). Here's today's Kansas City Chiefs news.
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