April 11, 2014 archive

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Health and Fitness News

Welcome to the Health and Fitness News, a weekly diary which is cross-posted from The Stars Hollow Gazette. It is open for discussion about health related issues including diet, exercise, health and health care issues, as well as, tips on what you can do when there is a medical emergency. Also an opportunity to share and exchange your favorite healthy recipes.

Questions are encouraged and I will answer to the best of my ability. If I can’t, I will try to steer you in the right direction. Naturally, I cannot give individual medical advice for personal health issues. I can give you information about medical conditions and the current treatments available.

You can now find past Health and Fitness News diaries here and on the right hand side of the Front Page.

Turning Up the Heat on Fruit

Pears Poached in Red Wine and Cassis photo 01recipehealth-master675_zps4be2c295.jpg

Fruit compotes make great compromise desserts; they’re sweet, but not as sweet as sorbets, and like sorbets they don’t require flour, butter or pastry skills. [..]

Early spring is an in-between time for fruit. Stone fruits aren’t ready yet and it’s not really apple, pear or citrus season either, though all of those fall-winter fruits are still available.

~Martha Rose Shulman~

Prunes Poached in Red Wine

Reducing the soaking time in this French bistro classic saves flavor.

Bananas Poached in Vanilla-Scented Chardonnay

Don’t overcook the bananas in this easy dish, and you’ll be rewarded with a fragrant, delicious dessert.

Pears Poached in Red Wine and Cassis

A classic French dessert with liqueur that adds a deep berry essence.

Dried Fruit Compote With Fresh Apple and Pear

An alcohol-free compote with a variety of dried fruit and a bright flavor.

Blood-Orange, Ruby-Red Grapefruit and Pomegranate Compote

A refreshing dessert that keeps well for a few days.

Cartnoon

Wall Street’s Predatory Land Grab

Laura Gottesdiener is a a journalist and the author of A Dream Foreclosed: Black America and the Fight for a Place to Call Home, who lived and worked in the People’s Kitchen during the occupation of Zuccotti Park. Last Novemeber she wrote about how hedge funds and private equity firms were building a “rental empire” by  buying up foreclosed properties by the thousands, renting them back to working people, and bundling up those properties to sell to Wall Street. If this sounds familiar, it should. It the same scheme that brought down the housing market with subprime mortgages and has the potential to do it again.

   You can hardly turn on the television or open a newspaper without hearing about the nation’s impressive, much celebrated housing recovery. Home prices are rising! New construction has started! The crisis is over! Yet beneath the fanfare, a whole new get-rich-quick scheme is brewing.

   Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows in Chicago, Spanish revivals in Phoenix. In total, these deep-pocketed investors have bought more than 200,000 cheap, mostly foreclosed houses in cities hardest hit by the economic meltdown.

   Wall Street’s foreclosure crisis, which began in late 2007 and forced more than 10 million people from their homes, has created a paradoxical problem. Millions of evicted Americans need a safe place to live, even as millions of vacant, bank-owned houses are blighting neighborhoods and spurring a rise in crime. Lucky for us, Wall Street has devised a solution: It’s going to rent these foreclosed houses back to us. In the process, it’s devised a new form of securitization that could cause this whole plan to blow up — again. [..]

This inundation has some concerned that the private equity giant, perhaps in conjunction with other institutional investors, will exercise undue influence over regional markets, pushing up rental prices because of a lack of competition. The biggest concern among many ordinary Americans, however, should be that, not too many years from now, this whole rental empire and its hot new class of securities might fail, sending the economy into an all-too-familiar tailspin.

“You’re allowing Wall Street to control a significant sector of single-family housing,” said Michael Donley, a resident of Chicago who has been investigating Blackstone’s rapidly expanding presence in his neighborhood. “But is it sustainable?” he wondered. “It could all collapse in 2016, and you’ll be worse off than in 2008.”

In her current article she focuses on how this is now happening in New York City.

When Predatory Equity Hit the Big Apple

How Private Equity Came to New York’s Rental Market — and What That Tells Us About the Future

   Things are heating up inside Wall Street’s new rental empire.

   Over the last few years, giant private equity firms have bet big on the housing market, buying up more than 200,000 cheap homes across the country. Their plan is to rent the houses back to families — sometimes the very same people who were displaced during the foreclosure crisis — while waiting for the home values to rise. But it wouldn’t be Wall Street not to have a short-term trick up its sleeve, so the private equity firms are partnering with big banks to bundle the mortgages on these rental homes into a new financial product known as “rental-backed securities.” (Remember that toxic “mortgage-backed securities” are widely blamed for crashing the global economy in 2007-2008.)

   All this got me thinking: Have private equity firms gambled with rental housing somewhere else before? If so, what happened?

   It turns out that the real estate market in my New York City backyard has been a private equity playground for the last decade, and the result, unsurprisingly, has been a disaster for tenants and the market alike.

In the Bronx, Benjamin Warren fears that he and other residents could burn to death in a fire because management has blocked both sides of the passageways between buildings designed to offer ways out of the massive apartment complex. (Warren has called the city and management multiple times to complain, but the routes remain shut.) Nearby, Liza Ash found herself intimidated by nearly a dozen hired men when she and other residents of her building, which had heat or hot water only sporadically this past winter, attempted to organize a tenants’ meeting in the lobby. A little farther south, Khamoni Cooper and her neighbors receive a constant stream of fake eviction notices ordering them to vacate their apartments within five days, even though all of them have paid their rent.

These three tenants — and nearly 1,600 more families in 42 buildings — are living through one of the largest single foreclosures to hit New York City since the financial crisis began seven years ago. But here’s the twist. The owner of these buildings is far from a traditional landlord. It’s actually a conglomerate of private equity firms that bet it would be able to squeeze more money out of these buildings than it ultimately could — and ended up unable to pay back the $133 million mortgage.

The problem is that, when things go bust, the tenants, far more than these private equity owners, end up shouldering the costs.

Wall Street’s Land Grab: Firms Amass Rental Empire, Ousting Tenants & Threatening New Housing Crisis

The Blackstone Group, a private equity firm, is now the largest owner of single-family rental homes in the country. In one day alone, Blackstone bought up 1,400 houses in Atlanta. And as private equity firms gobble up huge swaths of the housing market, they are partnering with big banks to bundle the mortgages on these rental homes into a new financial product known as “rental-backed securities,” reminiscent of the “mortgage-backed securities” that helped cause the last financial crisis. Could this new private equity rental empire help spark the next housing crisis? We are joined by Laura Gottesdiener, author of “A Dream Foreclosed: Black America and the Fight for a Place to Call Home,” who calls this wave of purchases “a land grab.” Gottesdiener’s latest article focuses on New York City’s rental market, a case study in what critics call “predatory equity.” Large firms have used abusive tactics to oust tenants in a bid to hike up rents – and tenants have been resisting. We are also joined by Benjamin Warren, who, along with nearly 1,600 families in 42 buildings, is a victim of one of the largest single foreclosures in the city’s recent history.

The Breakfast Club: 4-11-2014

Welcome to The Breakfast Club! We’re a disorganized group of rebel lefties who hang out and chat if and when we’re not too hungover  we’ve been bailed out we’re not too exhausted from last night’s (CENSORED) the caffeine kicks in. Join us every weekday morning at 9am (ET) and weekend morning at 10:30am (ET) to talk about current news and our boring lives and to make fun of LaEscapee! If we are ever running late, it’s PhilJD’s fault.

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This Day in History

On This Day In History April 11

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

April 11 is the 101st day of the year (102nd in leap years) in the Gregorian calendar. There are 264 days remaining until the end of the year.

On this day in 1814, the Treaty of Fontainebleau ends the War of the Sixth Coalition against Napoleon Bonaparte, and forces him to abdicate unconditionally for the first time.

War of the Sixth Coalition

There was a lull in fighting over the winter of 1812-13 while both the Russians and the French rebuilt their forces; Napoleon was then able to field 350,000 troops. Heartened by France’s loss in Russia, Prussia joined with Austria, Sweden, Russia, Great Britain, Spain, and Portugal in a new coalition. Napoleon assumed command in Germany and inflicted a series of defeats on the Coalition culminating in the Battle of Dresden in August 1813. Despite these successes, the numbers continued to mount against Napoleon, and the French army was pinned down by a force twice its size and lost at the Battle of Leipzig. This was by far the largest battle of the Napoleonic Wars and cost more than 90,000 casualties in total.

Napoleon withdrew back into France, his army reduced to 70,000 soldiers and 40,000 stragglers, against more than three times as many Allied troops. The French were surrounded: British armies pressed from the south, and other Coalition forces positioned to attack from the German states. Napoleon won a series of victories in the Six Days Campaign, though these were not significant enough to turn the tide; Paris was captured by the Coalition in March 1814.

When Napoleon proposed the army march on the capital, his marshals decided to mutiny. On 4 April, led by Ney, they confronted Napoleon. Napoleon asserted the army would follow him, and Ney replied the army would follow its generals. Napoleon had no choice but to abdicate. He did so in favour of his son; however, the Allies refused to accept this, and Napoleon was forced to abdicate unconditionally on 11 April.

   The Allied Powers having declared that Emperor Napoleon was the sole obstacle to the restoration of peace in Europe, Emperor Napoleon, faithful to his oath, declares that he renounces, for himself and his heirs, the thrones of France and Italy, and that there is no personal sacrifice, even that of his life, which he is not ready to do in the interests of France.

   Done in the palace of Fontainebleau, 11 April 1814.

   -Act of abdication of Napoleon

In the Treaty of Fontainebleau, the victors exiled him to Elba, an island of 12,000 inhabitants in the Mediterranean, 20 km off the Tuscan coast. They gave him sovereignty over the island and allowed him to retain his title of emperor. Napoleon attempted suicide with a pill he had carried since a near-capture by Russians on the retreat from Moscow. Its potency had weakened with age, and he survived to be exiled while his wife and son took refuge in Austria. In the first few months on Elba he created a small navy and army, developed the iron mines, and issued decrees on modern agricultural methods.

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Today on The Stars Hollow Gazette

Photobucket Pictures, Images and Photos

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Write more and often.  This is an Open Thread.

The Stars Hollow Gazette