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Thursday, July 14, 2005

First Active has become the first financial institution to offer 100% mortgages in the Republic of Ireland. The bank previously offered 100% financing to professionals in finance and medicine, but is now to offer this product to anyone who can afford to meet the repayments.

The development is a huge boost for first time home buyers who have been struggling to get on the Irish property market in recent years due to the rapid increase in house prices. A typical first time buyer in Dublin with 92% financing would normally have to put down a deposit of €20,000-€30,000 in cash, but now have the option to produce no deposit.

First Active has said that 100% mortgages will be available across its entire range of mortgage products.

Note however that this is not necessarily an entirely positive development.

The United States and most of Europe have experienced a housing price bubble in recent years. A bubble occurs when buyers purchase a property not because its price is appropriate for its actual value but because they expect the price to significantly rise in the short term permitting resale with a profit.

In other words, the prices people pay for properties becomes divorced from the real value of the property; the purchase is speculative and depends purely upon the expectation that people will continue to buy properties in this way (e.g. without proper consideration of their real value).

The terrible weakness in this is that when the market corrects itself and prices fall to a level where properties are being priced at their actual realistic value, anyone holding a property loses a great deal of money, since the price they paid does not reflect the actual realistic value of the property.

This kind of shock to the housing market is extremely undesirable. Significant write downs in the value of property often significantly depress the economy as a whole.

Less than 100% mortgages force buyers to invest a significant amount of money in the act of purchasing their house, which tends to discourage purely speculative purchasing, thus helping to mediate house price bubbles.

With 100% financing, anyone who can meet repayments can speculatively purchase a property. This naturally encourages pricing bubbles.

Friday, June 26, 2015

Annabel Goldie, Scottish Conservative Party leader from 2005 to 2011, has announced she will stand down as an MSP at the next elections in 2016. Goldie, who has been an MSP for the West Scotland (previously West of Scotland) electoral region since the Scottish Parliament’s formation in 1999, said she intends to focus on her role in the House of Lords, where she has been a peer since 2013.File:Annabel Goldie.jpg

In a statement today, Goldie said leading the party was an “enormous honour” for her. She also said: “It has afforded me both satisfaction and pleasure to serve my constituents and to serve the parliament and I will look back with great happiness at my time as an MSP. I am grateful to friends and colleagues from all parties for their support. Sometimes we found common ground, sometimes we disagreed but never I hope with rancour nor disrespect. Politics is a rough trade but we have built a strong parliament in Scotland of which we can all be rightly proud.” She said because of Ruth Davidson, her successor as Scottish Conservative leader, the party is now “in fine fettle and stands a great chance of making real progress in the years ahead,” concluding by saying: “I look forward to continuing to work as part of that effort in the House of Lords in the years to come.”

Davidson responded to the news by calling Goldie an “unstoppable force”, adding: “She has been an inspiration to a whole generation of Scottish Conservatives, and she has been a tremendous mentor, support and friend to me. In Holyrood, she has fostered both affection and respect from all members – regardless of their political affiliation – and her retirement from the Scottish Parliament will leave an Annabel-sized hole which won’t ever quite be filled. She is unique.” Meanwhile, David Cameron, UK Conservative leader and UK Prime Minister, said: “Annabel is one of those rare breeds in Scottish politics, somebody known by her first name alone. When she was Scottish Conservative leader, I valued her sage advice. She has been a towering strength to our party in Scotland, a doughty debater in the TV studios and Scottish Parliament and has one of the sharpest wits around. I wish her a long and happy retirement after 17 years unstinting service at Holyrood – but look forward to seeing her on the red benches of the Lords for years to come.”

Goldie, the Scottish Conservatives’ first ever female leader, was elected unopposed. She took up the role in the aftermath of David McLetchie’s resignation from the role in an expenses usage controversy and subsequent resignation of Brian Monteith from his Conservative whip role in the Scottish Parliament for briefing the media against him. Meanwhile, as Scottish Conservatives won 18 seats in the Scottish Parliament in 1999 and 2003, the party had been less successful in UK general elections in Scotland; Conservatives went up from zero out of a possible 72 UK MPs in Scotland in 1997 to one in 2001. This led to Goldie remarking in her inaugural speech in 2005 that: “The wheels are back on the wagon – and I’m the nag hitched up to tow it.” She also said: “The party is still way ahead of where it was in 1997. And my first task is to take it forward to 2007.” However, under Goldie’s leadership, the number of seats the Scottish Conservatives won in the Scottish Parliament slightly decreased from 18 in 2003 to 17 in 2007 and to 15 in 2011. At the same time, the number of Conservative MPs stood at one out of a possible 59 after the 2010 UK general election.

In the aforementioned 2005 speech, she also said the party could be trusted with devolution in Scotland, adding: “making devolution work better means real devolution: not the lumbering and cripplingly expensive array of government departments, government advisers, consultants, quangos, quasi-quangos and agencies with all their expensive appendages, but devolving down to people and their communities, their right to make their own decisions about their lives, how for example they procure healthcare and how they educate their children.” Goldie would go on to sit on the advisory board for the Smith Commission, which was set up to examine which further political powers should be devolved to Scotland following the 2014 Scottish independence referendum. More recently, Goldie supported a reduction in the voting age for Scottish Parliament elections from 18 to 16 in a vote earlier this month, commenting: “I think it is an opportunity for them to continue their high level of engagement in topical affairs that we saw with the independence referendum.”

Goldie, a member of the Salvation Army’s West of Scotland Advisory Board and a Church of Scotland elder, is not the only Scottish Conservative MSP intending to stand down in 2016. Mary Scanlon, Gavin Brown, Alex Fergusson and Nanette Milne all reportedly intend to leave the Scottish Parliament next year.

Sunday, November 23, 2008

A Pembroke Pines, Florida teenager killed himself Wednesday, November 19, while broadcasting on the live video site Justin.tv. After making suicide threats and being encouraged by Justin.tv viewers and Bodybuilding.com forum members, Abraham K. Biggs, 19, committed suicide by taking an overdose of opiates and benzodiazepine, which had been prescribed for his bipolar disorder.

Biggs first began blogging about his planned suicide 12 hours before the actual event. He died after taking pills and lying on the bed in front of the webcam. After the broadcast, viewers who apparently thought it was a hoax posted messages such as “OMG”, “LOL”, and “hahahah”.

Hours later, after being alerted by viewers who had noticed that Biggs had stopped breathing, law enforcement and paramedics arrived, discovered his body, and covered the camera. The Broward County Medical Examiner’s Office has reportedly confirmed Biggs’ death.

According to Montana Miller of the Bowling Green State University, the circumstances of this case were not shocking: “If it’s not recorded or documented, then it doesn’t even seem worthwhile. For today’s generation it might seem, ‘What’s the point of doing it if everyone isn’t going to see it?'”

Biggs’ sister Rosalind was angry that neither the website nor its viewers reacted soon enough to save him. “They got hits, they got viewers, nothing happened for hours,” she said. She described him as “very happy” and “friendly and outgoing.” “On a normal day, you couldn’t really tell that he got as low as he did.” However, he did have relationship problems with his girlfriend, according to a friend.

Mental health professionals have warned about the possibility that other mentally troubled people would copy his actions. According to Dr. David Shaffer of Columbia University, “Any video showing it as heroic or romantic or glamorous could reduce the anxiety people might feel about suicide. It becomes a respectable behavior and lowers the threshold of suicide.” He and other psychiatrists recommend that potentially suicidal teens talk to others and “tell what’s going on.”

Sunday, March 31, 2013

The United States economy grew at a 0.4% annual rate in the last three months of 2012 according to statistics released on Thursday by the United States Department of Commerce (USDOC). The revised figures are better than 0.1% previously estimated.

Per the report, the increased estimate of economic growth is partly due to an increased estimate of plant and equipment investment, however a cut in defense and government spending led to a loss in output.

The increased estimate comes after a hike in taxes at the beginning of this year and $85 billion being withdrawn from government spending at the beginning of March. Economists are predicting the first quarter of 2013 (January–March) will have an annual growth rate about 2.5%.

A statement released by the USDOC said: “While non-residential fixed investment is higher than previously estimated, the revision to GDP has not changed the general picture of the economy”.

Sunday, February 11, 2007

The Virginia legislature’s House General Laws committee, a subcommittee of the House of Delegates, tabled a Senate-passed bill banning public smoking by not voting on it Thursday last week. By tabling the bill, the proposed legislation banning smoking in restaurants, bars and public establishments cannot move to the lower house of the General Assembly for a vote.

The move by the 6-member subcommittee leaves the House of Delegates two-weeks in the current legislative session to work out a compromise between the tabled SB 1161 Senate bill, and compromise proposals, that could form new indoor smoking laws in the state.

The dichotomy that exists between Virginia’s rural areas and its northern sections plays a part in the legislative proposal by delgate H. Morgan Griffith that would require public places that allow smoking to post signs at the entrance that say something as simple as, “Smoking allowed here”.

Smaller mom-and-pop businesses could be affected negatively by a state-wide ban sponsored by public health groups that advocate for a smoke free environment. “Think about your small bars, your local bars — places where everyone has been going for 20 years and everybody in the place smokes,” said co-owner of Henrico County’s Sharky’s Bar & Billiards in January.

“The subcommittee’s intent was to give SB 1161’s sponsor, Sen. Brandon Bell, R-Roanoke County, time to work out a compromise with Del. Morgan Griffith, R-Salem, who sponsored a different smoking bill approved by the subcommittee last month,” according to Mason Adams of Roanoke.com.

The Virginia Senate voted 23-16 on Monday last week to pass the smoking ban legislation, garnering two additional votes in favor of the measure than in the previous year.

Saturday, August 12, 2017

Yesterday, the state government of Victoria, Australia announced their decision to trial self-driving vehicles on two of the state’s major connecting motorways, the CityLink and Tullamarine Freeway. The trial is to use autonomous vehicles from automobile companies including BMW, Mercedes-Benz, Volvo, and Tesla. The two-year trial is to have three phases.

The cars are to drive alongside commuters, but in public testing a driver is always to be present, as Victorian law requires drivers always keep a hand on the steering wheel. However, in occasional closures of the Burnley Tunnel, with no other drivers to endanger, the cars are to be tested with nobody in the vehicle.

Lane assist, cruise control, and recognition of traffic signs are in the trial’s first phase, expected to complete before the end of the year. This includes monitoring how the driver-less cars respond to road conditions, including lane markings and electronic speed signs.

“Victoria is at the forefront of automated vehicle technology — we’re investing in this trial to explore ways that this technology can be used to reduce crashes and keep people safe on our roads”, said Luke Donnellan, the Victorian Minister for Roads and Road Safety. He noted, “Ninety per cent of the fault of accidents is human error […] so we know that if we can take out human error we will have less accidents”.

Tim Hansen, Victoria Police’s Acting Assistant Commissioner, said that police had founded a project team to investigate how self-driving vehicles would change policing on roads. “Can we intercept vehicles more safely to avoid pursuits and ramming?”, he asked.

The trial is a partnership between the state government, Victoria’s road management authority VicRoads, owner of the CityLink toll road Transurban, and insurance company RACV.

Sunday, October 7, 2007

Shona Bracken is running for the Communist Party in the Ontario provincial election in Toronto—Danforth. Wikinews interviewed her regarding her values, her experience, and her campaign.