vdlrao
10-26 09:53 AM
I have observed the same thing.
wallpaper short best friends forever
reddog
03-12 11:02 AM
wow, you sanju, definitely have to chill out.
you are definitely borderline clinical.
and i aint attacking you, but your reply to the 'Clear two years of backlog' rings in my head when I see your name.
Yes you quickly rescinded the post(i would call it a rant), but after mr. pappu made a stern warning.
Here is another one
I decide to clean off the front patio. I start to the patio and notice mail on the desk that needs to be taken down to the Post Office. OK, I'm going to the Post Office . . .
BUT FIRST I'm going to go through the mail that was delivered. I lay the car keys down on desk. After discarding the junk mail, I notice the trash can is full. OK, I'll just put the bills on my desk . . .
BUT FIRST I'll take the trash out. But since I'm going to be near the mailbox, I'll address a few bills . . . Yes, Now where is the checkbook? Oops.. there's only one check left. Where did I put the extra checks? Oh, there is my empty coffee cup from last night on my desk. I'm going to look for those checks . . .
BUT FIRST I need to put the cup back in the kitchen. I start to head for the kitchen and look out at my balcony, notice the flowers need a drink of water because of the extreme heat. I put the cup on the counter and there's my extra pair of glasses on the kitchen counter.
What are they doing here? I'll just put them away . . .
BUT FIRST need to water those plants. I head for the door and . . .
Aaaagh!!! Someone left the TV remote on the wrong spot. Okay, I'll put the remote away and water the plants on my balcony . . .
BUT FIRST I need to find those checks.
END OF DAY: The patio has not been cleaned, bills still unpaid, cup still on the counter, checkbook still has only one check left, lost my car keys . . .
And, when I try to figure out how come nothing got done today, I'm baffled because . . .
I KNOW I WAS BUSY ALL DAY!
I realize this condition is serious . . .
I'd get help . . .
BUT FIRST . . . I think I'll start a new thread.
Fool its not me, its the AAADD I was recently diagnosed with.
.
you are definitely borderline clinical.
and i aint attacking you, but your reply to the 'Clear two years of backlog' rings in my head when I see your name.
Yes you quickly rescinded the post(i would call it a rant), but after mr. pappu made a stern warning.
Here is another one
I decide to clean off the front patio. I start to the patio and notice mail on the desk that needs to be taken down to the Post Office. OK, I'm going to the Post Office . . .
BUT FIRST I'm going to go through the mail that was delivered. I lay the car keys down on desk. After discarding the junk mail, I notice the trash can is full. OK, I'll just put the bills on my desk . . .
BUT FIRST I'll take the trash out. But since I'm going to be near the mailbox, I'll address a few bills . . . Yes, Now where is the checkbook? Oops.. there's only one check left. Where did I put the extra checks? Oh, there is my empty coffee cup from last night on my desk. I'm going to look for those checks . . .
BUT FIRST I need to put the cup back in the kitchen. I start to head for the kitchen and look out at my balcony, notice the flowers need a drink of water because of the extreme heat. I put the cup on the counter and there's my extra pair of glasses on the kitchen counter.
What are they doing here? I'll just put them away . . .
BUT FIRST need to water those plants. I head for the door and . . .
Aaaagh!!! Someone left the TV remote on the wrong spot. Okay, I'll put the remote away and water the plants on my balcony . . .
BUT FIRST I need to find those checks.
END OF DAY: The patio has not been cleaned, bills still unpaid, cup still on the counter, checkbook still has only one check left, lost my car keys . . .
And, when I try to figure out how come nothing got done today, I'm baffled because . . .
I KNOW I WAS BUSY ALL DAY!
I realize this condition is serious . . .
I'd get help . . .
BUT FIRST . . . I think I'll start a new thread.
Fool its not me, its the AAADD I was recently diagnosed with.
.
mrshah
09-19 12:25 PM
We sent our I 485 on July 4th.......got receipt of it yesterday. My husband is on H1 and I am on F1. Husband's receipt says "Adjustment as direct beneficiary of immigrant petetion" and mine says " Derivative adjustments"........
Also what does receipt notice means????
I don't know what "UNKNOWN" means. My wife is on her F1 (OPT). Same is the case with my friend. Both of our's says unknown.
TUnlimited: is your wife also on F1? I am about to call USCIS customer service on Monday.
Guys, please update if you know any more details about this.
Also what does receipt notice means????
I don't know what "UNKNOWN" means. My wife is on her F1 (OPT). Same is the case with my friend. Both of our's says unknown.
TUnlimited: is your wife also on F1? I am about to call USCIS customer service on Monday.
Guys, please update if you know any more details about this.
2011 short best friends forever quotes. Best Friends Forever - stock
raysaikat
10-10 05:58 PM
Thank you very much for all your support. If they are able to transfer his visa, then I am suspecting that they will do fraud with me. Can I inform USCIS about our domestic problem ? If they receive any application about visa transfer. How can I know that ? I don't want my visa used by them at all.After that they can do anything with me. Please help. Thanks!
There is nothing called "VISA transfer". All VISA petitions are "new". In some cases, if the person is already in US in legal status, then USCIS will provide I-94 with the VISA approval notice so that the person does not have to go out; otherwise s/he has to go out of US, get a VISA stamp (if s/he has no VISA stamp for that category) and return on that VISA.
At the time of his new VISA petition, if your dependent wants to claim the he is in H-4 status (so that USCIS gives him I-94), he has to submit copies of primary's (yours) I-797, VISA stamp, etc., with his own application to prove that the primary is in status. In your case, ask your employer to withdraw the H1-B application from USCIS once you leave US. This way your dependent will not be able to use your I-797 to prove his status. AFAIK, usually an employer does not do so since it is additional cost for them. Keep a copy of the letter/email you send to your employer requesting them to withdraw the H1-B petition, and the letter/email you send to your dependent informing him about your departure and that he will be out of status from that time (keep proof of delivery for any physical mail). That should protect you.
You may choose to tip off ICE (1-866-DHS-2-ICE) after your departure that your dependent has not left US, and is out of status. He will not start accruing "illegal presence" until 6 months, but he will be "out of status" from the day you quit your US position. I believe he cannot stay in US as "out of status" (i.e., if ICE wants, they will be able to deport him). In any case, you should take a decision to do such a thing only after considerable thought and keeping aside any anger from the decision process.
There is nothing called "VISA transfer". All VISA petitions are "new". In some cases, if the person is already in US in legal status, then USCIS will provide I-94 with the VISA approval notice so that the person does not have to go out; otherwise s/he has to go out of US, get a VISA stamp (if s/he has no VISA stamp for that category) and return on that VISA.
At the time of his new VISA petition, if your dependent wants to claim the he is in H-4 status (so that USCIS gives him I-94), he has to submit copies of primary's (yours) I-797, VISA stamp, etc., with his own application to prove that the primary is in status. In your case, ask your employer to withdraw the H1-B application from USCIS once you leave US. This way your dependent will not be able to use your I-797 to prove his status. AFAIK, usually an employer does not do so since it is additional cost for them. Keep a copy of the letter/email you send to your employer requesting them to withdraw the H1-B petition, and the letter/email you send to your dependent informing him about your departure and that he will be out of status from that time (keep proof of delivery for any physical mail). That should protect you.
You may choose to tip off ICE (1-866-DHS-2-ICE) after your departure that your dependent has not left US, and is out of status. He will not start accruing "illegal presence" until 6 months, but he will be "out of status" from the day you quit your US position. I believe he cannot stay in US as "out of status" (i.e., if ICE wants, they will be able to deport him). In any case, you should take a decision to do such a thing only after considerable thought and keeping aside any anger from the decision process.
more...
reddymjm
05-16 02:53 PM
Sent an email to 20 of my friends @ work to that and following up with them.
Some of my friends got the response saying that they are getting lot of calls and your name is added to MI phone list.
Some of my friends got the response saying that they are getting lot of calls and your name is added to MI phone list.
pradeep_s
12-19 11:41 PM
Hi,
I have my I-140 approved in EB2 category (applied in Feb 06), at present
in H1b (paperwork valid till Nov. 07). I would like to know
whether there are any problems in going to India and getting
my visa stamping done.
Are there any legal issues - like you cannot travel abroad while your I-140 is
approved and do not have AP and EAD ?? (I cannot apply for I-485 and also AP/EAD as
I have filed my I-140 petition in Feb 06; and the processing date for EB2 (India)
is Jan 03).
Any suggestions/comments/advice greatly appreciated.
pradeep
I have my I-140 approved in EB2 category (applied in Feb 06), at present
in H1b (paperwork valid till Nov. 07). I would like to know
whether there are any problems in going to India and getting
my visa stamping done.
Are there any legal issues - like you cannot travel abroad while your I-140 is
approved and do not have AP and EAD ?? (I cannot apply for I-485 and also AP/EAD as
I have filed my I-140 petition in Feb 06; and the processing date for EB2 (India)
is Jan 03).
Any suggestions/comments/advice greatly appreciated.
pradeep
more...
permfiling
02-01 09:52 PM
Hello there
I am student from Tri-valley university. On Jan 20th the college got shut down. I am working on CPT. I came to know about the shut down through my friends, with whom immigration officers met. Although no immigration officers contacted me by any means, my friends suggested me to look for another college and get enrolled as soon as within 30 days. While I tried to enroll in another college, I came to know that still the sevis is not yet released. Until the college releases our sevis, we are unable to enroll in any other college. We are elible to work only if we enroll into the college, get an I-20 and CPT. Now I am worried because until they release our sevis, the admissions in other colleges will meet deadline and what happens if they no more take admissions. Do you have any idea how long can it take for them to release our sevis ? Will it be safe for students like me hereafter to work fulltime on CPT ?
Thank you
Chaitanya
If you came to know that your school got shutdown from friends which indicates that you did not go physically to school. I myself was a student 10 yrs ago and I understand the hardships the student goes through but rules where rules always which are
1. Working on F1 without work authorization from school is deport able
2. Not maintaining grades also will result in loss of admission
It looks like your concern is to get a CPT to work rather then study. Until you are enrolled in school, you cannot work without proper authorization.
I am student from Tri-valley university. On Jan 20th the college got shut down. I am working on CPT. I came to know about the shut down through my friends, with whom immigration officers met. Although no immigration officers contacted me by any means, my friends suggested me to look for another college and get enrolled as soon as within 30 days. While I tried to enroll in another college, I came to know that still the sevis is not yet released. Until the college releases our sevis, we are unable to enroll in any other college. We are elible to work only if we enroll into the college, get an I-20 and CPT. Now I am worried because until they release our sevis, the admissions in other colleges will meet deadline and what happens if they no more take admissions. Do you have any idea how long can it take for them to release our sevis ? Will it be safe for students like me hereafter to work fulltime on CPT ?
Thank you
Chaitanya
If you came to know that your school got shutdown from friends which indicates that you did not go physically to school. I myself was a student 10 yrs ago and I understand the hardships the student goes through but rules where rules always which are
1. Working on F1 without work authorization from school is deport able
2. Not maintaining grades also will result in loss of admission
It looks like your concern is to get a CPT to work rather then study. Until you are enrolled in school, you cannot work without proper authorization.
2010 est friends forever quotes.
the_googly
08-22 02:14 PM
ND: Jun 26 08
Approved on Aug 19th 08
Don't worry.. they are catching up.
Approved on Aug 19th 08
Don't worry.. they are catching up.
more...
Anders �stberg
June 18th, 2005, 11:18 PM
On my monitor it looks too grey and washed out... I guess what this shows is there is a big difference in monitors, the printed product is perhaps what counts in the end. I've been thinking of replacing my monitors, they are getting old and I can't get them quite right according to the Eye One calibration software.
hair sorry quotes for a est friend
lostinbeta
10-03 02:00 PM
horrific....... um...... ok...... if you say so :P
Alright dude, I gotta go now. I can't spam anymore. My girlfriend awaits :)
Alright dude, I gotta go now. I can't spam anymore. My girlfriend awaits :)
more...
pd_recapturing
09-27 12:15 PM
My application reached NSC (as per FedEx tracking) on July 24.
My co-workers who filed to NSC thru' same lawyer all got receipts and FP notices. Many of them filed weeks after.
My checks have NOT been encashed yet. Neither I have received any updates on receipts or any kind of processing.
USCIS offers no help and told me to wait for 90 days. Lawyer has the same opinion. Last USCIS receipting update shows that all centers have processed upto July 29 applications.
My last name starts with 'z' and my co-workers are making fun of me that USCIS processes AOS applications alphabetically based on last name :o
what could be the reason??? This is killing me.
Hey, Do not worry !! this is one of the most inconsistant processes , I have seen since long time. Just sit back and relax, it will come through. In my case, I applied on 24th July and got the case # from USCIS by calling them but check are still not cashed.
My co-workers who filed to NSC thru' same lawyer all got receipts and FP notices. Many of them filed weeks after.
My checks have NOT been encashed yet. Neither I have received any updates on receipts or any kind of processing.
USCIS offers no help and told me to wait for 90 days. Lawyer has the same opinion. Last USCIS receipting update shows that all centers have processed upto July 29 applications.
My last name starts with 'z' and my co-workers are making fun of me that USCIS processes AOS applications alphabetically based on last name :o
what could be the reason??? This is killing me.
Hey, Do not worry !! this is one of the most inconsistant processes , I have seen since long time. Just sit back and relax, it will come through. In my case, I applied on 24th July and got the case # from USCIS by calling them but check are still not cashed.
hot est friends forever
bijualex29
07-20 04:45 PM
I asked this question several times, this is what the answer I got.
To get L-1 visa, you need to work for sister or parent company for a year outside USA. Here is the problem come.
I am on the Same boat, How care about GC. But I care about my wife's work authorisation, she has done her Ph.D and completed her 6 year H-4 too. Even if some one offers her H-1B she cannot take up, until there is a decoupling of H-1 and H-4
To get L-1 visa, you need to work for sister or parent company for a year outside USA. Here is the problem come.
I am on the Same boat, How care about GC. But I care about my wife's work authorisation, she has done her Ph.D and completed her 6 year H-4 too. Even if some one offers her H-1B she cannot take up, until there is a decoupling of H-1 and H-4
more...
house est friends forever quotes
digital2k
08-03 06:27 PM
*
tattoo short best friends forever
TEKNMEK
02-10 12:55 AM
Thanks everybody for your suggestions. Unfortunately canada is not a option. I have sent an email to Chennai consulate for emergency appointment request. Have to wait and see how it goes. Will update you all with any information I find out.
Thanks
Thanks
more...
pictures funny friends forever quotes
shishya
09-02 03:34 PM
Thanks for the confirmation that this is better confirmed and cleared out rather than face unnecessary delays. I have called them and re-requested an update of my address on phone -- NEED to wait another 45 days to receive a letter from USCIS, if not, apparently only then can I get an Infopass appointment. Lets see.
My Friend it does matters - Here is why - Although I changed my address online & got confirmation number every time I moved to different place - what happened was the RFE issued on my case was addressed to the place where I filed my application. Since then I moved to two different places and every time I moved I did update my address online promptly. Since RFE was posted to the old address as a result of the mail was fwd to all places where I lived in the past and finally delivered to my current address. Thanks to online status that I came to know RFE was issued on case with deadline. I received the RFE letter just about 3 days to respond. When we talked to CIS CSR about this the answer was that the IO who worked on my case got old address that was mentioned on my application itself and did not refer the address change made online. With help of my employer and attorney we were able to respond within the deadline date. I would call them and make sure the correct address and ask for confirmation letter from CIS. Hope this helps!
My Friend it does matters - Here is why - Although I changed my address online & got confirmation number every time I moved to different place - what happened was the RFE issued on my case was addressed to the place where I filed my application. Since then I moved to two different places and every time I moved I did update my address online promptly. Since RFE was posted to the old address as a result of the mail was fwd to all places where I lived in the past and finally delivered to my current address. Thanks to online status that I came to know RFE was issued on case with deadline. I received the RFE letter just about 3 days to respond. When we talked to CIS CSR about this the answer was that the IO who worked on my case got old address that was mentioned on my application itself and did not refer the address change made online. With help of my employer and attorney we were able to respond within the deadline date. I would call them and make sure the correct address and ask for confirmation letter from CIS. Hope this helps!
dresses short best friends forever quotes. est friend forever (bff),
gparr
April 3rd, 2005, 08:50 PM
Here's a link with steps for how to blend two images. You have to use a tripod and take them one after the other. Waiting until later would not have worked as the cloud formation would change. It's two exposures, one for the ground/dark part of the image and one for the sky. Try it by going out one evening and taking shots of a sunset and using one of the techniques in the link. One thing I learned at a Photoshop seminar I attended this week is not to merge the layers but under the Layers menu, choose Merge visible. Merging layers causes color loss/deterioration.
http://www.luminous-landscape.com/tutorials/digital-blending.shtml
Gary
http://www.luminous-landscape.com/tutorials/digital-blending.shtml
Gary
more...
makeup Best friends forever.
alkg
08-13 08:41 PM
see the paragraph in bold letters.................
Greenspan Sees Bottom
In Housing, Criticizes Bailout
August 14, 2008
WASHINGTON -- Alan Greenspan usually surrounds his opinions with caveats and convoluted clauses. But ask his view of the government's response to problems confronting mortgage giants Fannie Mae and Freddie Mac, and he offers one word: "Bad."
In a conversation this week, the former Federal Reserve chairman also said he expects that U.S. house prices, a key factor in the outlook for the economy and financial markets, will begin to stabilize in the first half of next year.
"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said in an interview. Tracing a jagged curve with his finger on a tabletop to underscore the difficulty in pinpointing the precise trough, he cautioned that even at a bottom, "prices could continue to drift lower through 2009 and beyond."
A long-time student of housing markets, Mr. Greenspan now works out of a well-windowed, oval-shaped office that is evidence of his fascination with the housing market. His desk, couch, coffee table and conference table are strewn with print-outs of spreadsheets and multicolored charts of housing starts, foreclosures and population trends siphoned from government and trade association sources.
An end to the decline in house prices, he explained, matters not only to American homeowners but is "a necessary condition for an end to the current global financial crisis" he said.
"Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world's mortgage-backed securities. We won't really know the market value of the asset side of the banking system's balance sheet -- and hence banks' capital -- until then."
At 82 years old, Mr. Greenspan remains sharp and his fascination with the workings of the economy undiminished. But his star no longer shines as brightly as it did when he retired from the Fed in January 2006.
Mr. Greenspan has been criticized for contributing to today's woes by keeping interest rates too low too long and by regulating too lightly. He has been aggressively defending his record -- in interviews, in op-ed pieces and in a new chapter in his recent book, included in the paperback version to be published next month. Mr. Greenspan attributes the rise in house prices to a historically unusual period in which world markets pushed interest rates down and even sophisticated investors misjudged the risks they were taking.
His views remain widely watched, however. Mr. Greenspan's housing forecast rests on two pillars of data. One is the supply of vacant, single-family homes for sale, both newly completed homes and existing homes owned by investors and lenders. He sees that "excess supply" -- roughly 800,000 units above normal -- diminishing soon. The other is a comparison of the current price of houses -- he prefers the quarterly S&P Case Shiller National Home Price Index because it includes both urban and rural areas -- with the government's estimate of what it costs to rent a single-family house. As other economists do, Mr. Greenspan essentially seeks to gauge when it is rational to own a house and when it is rational to sell the house, invest the money elsewhere and rent an identical house next door.
"It's the imbalance of supply and demand which causes prices to go down, but it's ultimately the valuation process of the use of the commodity...which tells you where the bottom is," Mr. Greenspan said, recalling his days trading copper a half century ago. "For example, the grain markets can have a huge excess of corn or wheat, but the price never goes to zero. It'll stabilize at some level of prices where people are willing to hold the excess inventory. We have little history, but the same thing is surely true in housing as well. We will get to the point where there will be willing holders of vacant single-family dwellings, and that will no longer act to depress the price level."
The collapse in home prices, of course, is a major threat to the stability of Fannie and Freddie. At the Fed, Mr. Greenspan warned for years that the two mortgage giants' business model threatened the nation's financial stability. He acknowledges that a government backstop for the shareholder-owned, government-sponsored enterprises, or GSEs, was unavoidable. Not only are they crucial to the ailing mortgage market now, but the Fed-financed takeover of investment bank Bear Stearns Cos. also made government backing of Fannie and Freddie debt "inevitable," he said. "There's no credible argument for bailing out Bear Stearns and not the GSEs."
His quarrel is with the approach the Bush administration sold to Congress. "They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted -- with necessary taxpayer support to make them financially viable -- as five or 10 individual privately held units," which the government would eventually auction off to private investors, he said.
Instead, Congress granted Treasury Secretary Henry Paulson temporary authority to use an unlimited amount of taxpayer money to lend to or invest in the companies. In response to the Greenspan critique, Mr. Paulson's spokeswoman, Michele Davis, said, "This legislation accomplished two important goals -- providing confidence in the immediate term as these institutions play a critical role in weathering the housing correction, and putting in place a new regulator with all the authorities necessary to address systemic risk posed by the GSEs."
But a similar critique has been raised by several other prominent observers. "If they are too big to fail, make them smaller," former Nixon Treasury Secretary George Shultz said. Some say the Paulson approach, even if the government never spends a nickel, entrenches current management and offers shareholders the upside if the government's reassurance allows the companies to weather the current storm. The Treasury hasn't said what conditions it would impose if it offers Fannie and Freddie taxpayer money.
Fear that financial markets would react poorly if the U.S. government nationalized the companies and assumed their approximately $5 trillion debt is unfounded, Mr. Greenspan said. "The law that stipulates that GSEs are not backed by the full faith and credit of the U.S. government is disbelieved. The market believes the government guarantee is there. Foreigners believe the guarantee is there. The only fiscal change is for someone to change the bookkeeping."
In the past, to be sure, Mr. Greenspan's crystal ball has been cloudy. He didn't foresee the sharp national decline in home prices. Recently released transcripts of Fed meetings do record him warning in November 2002: "It's hard to escape the conclusion that at some point our extraordinary housing boom...cannot continue indefinitely into the future."
Publicly, he was more reassuring. "While local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity," he said in October 2004. Eight months later, he said if home prices did decline, that "likely would not have substantial macroeconomic implications." And in a speech in October 2006, nine months after leaving the Fed, he told an audience that, though housing prices were likely to be lower than the year before, "I think the worst of this may well be over." Housing prices, by his preferred gauge, have fallen nearly 19% since then. He says he was referring not to prices but to the downward drag on economic growth from weakening housing construction.
Mr. Greenspan urges the government to avoid tax or other policies that increase the construction of new homes because that would delay the much-desired day when home prices find a bottom.
He did offer one suggestion: "The most effective initiative, though politically difficult, would be a major expansion in quotas for skilled immigrants," he said. The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
He estimates the number of new households in the U.S. currently is increasing at an annual rate of about 800,000, of whom about one third are immigrants. "Perhaps 150,000 of those are loosely classified as skilled," he said. "A double or tripling of this number would markedly accelerate the absorption of unsold housing inventory for sale -- and hence help stabilize prices."
http://online.wsj.com/article/SB121865515167837815.html?mod=hpp_us_whats_news
Greenspan Sees Bottom
In Housing, Criticizes Bailout
August 14, 2008
WASHINGTON -- Alan Greenspan usually surrounds his opinions with caveats and convoluted clauses. But ask his view of the government's response to problems confronting mortgage giants Fannie Mae and Freddie Mac, and he offers one word: "Bad."
In a conversation this week, the former Federal Reserve chairman also said he expects that U.S. house prices, a key factor in the outlook for the economy and financial markets, will begin to stabilize in the first half of next year.
"Home prices in the U.S. are likely to start to stabilize or touch bottom sometime in the first half of 2009," he said in an interview. Tracing a jagged curve with his finger on a tabletop to underscore the difficulty in pinpointing the precise trough, he cautioned that even at a bottom, "prices could continue to drift lower through 2009 and beyond."
A long-time student of housing markets, Mr. Greenspan now works out of a well-windowed, oval-shaped office that is evidence of his fascination with the housing market. His desk, couch, coffee table and conference table are strewn with print-outs of spreadsheets and multicolored charts of housing starts, foreclosures and population trends siphoned from government and trade association sources.
An end to the decline in house prices, he explained, matters not only to American homeowners but is "a necessary condition for an end to the current global financial crisis" he said.
"Stable home prices will clarify the level of equity in homes, the ultimate collateral support for much of the financial world's mortgage-backed securities. We won't really know the market value of the asset side of the banking system's balance sheet -- and hence banks' capital -- until then."
At 82 years old, Mr. Greenspan remains sharp and his fascination with the workings of the economy undiminished. But his star no longer shines as brightly as it did when he retired from the Fed in January 2006.
Mr. Greenspan has been criticized for contributing to today's woes by keeping interest rates too low too long and by regulating too lightly. He has been aggressively defending his record -- in interviews, in op-ed pieces and in a new chapter in his recent book, included in the paperback version to be published next month. Mr. Greenspan attributes the rise in house prices to a historically unusual period in which world markets pushed interest rates down and even sophisticated investors misjudged the risks they were taking.
His views remain widely watched, however. Mr. Greenspan's housing forecast rests on two pillars of data. One is the supply of vacant, single-family homes for sale, both newly completed homes and existing homes owned by investors and lenders. He sees that "excess supply" -- roughly 800,000 units above normal -- diminishing soon. The other is a comparison of the current price of houses -- he prefers the quarterly S&P Case Shiller National Home Price Index because it includes both urban and rural areas -- with the government's estimate of what it costs to rent a single-family house. As other economists do, Mr. Greenspan essentially seeks to gauge when it is rational to own a house and when it is rational to sell the house, invest the money elsewhere and rent an identical house next door.
"It's the imbalance of supply and demand which causes prices to go down, but it's ultimately the valuation process of the use of the commodity...which tells you where the bottom is," Mr. Greenspan said, recalling his days trading copper a half century ago. "For example, the grain markets can have a huge excess of corn or wheat, but the price never goes to zero. It'll stabilize at some level of prices where people are willing to hold the excess inventory. We have little history, but the same thing is surely true in housing as well. We will get to the point where there will be willing holders of vacant single-family dwellings, and that will no longer act to depress the price level."
The collapse in home prices, of course, is a major threat to the stability of Fannie and Freddie. At the Fed, Mr. Greenspan warned for years that the two mortgage giants' business model threatened the nation's financial stability. He acknowledges that a government backstop for the shareholder-owned, government-sponsored enterprises, or GSEs, was unavoidable. Not only are they crucial to the ailing mortgage market now, but the Fed-financed takeover of investment bank Bear Stearns Cos. also made government backing of Fannie and Freddie debt "inevitable," he said. "There's no credible argument for bailing out Bear Stearns and not the GSEs."
His quarrel is with the approach the Bush administration sold to Congress. "They should have wiped out the shareholders, nationalized the institutions with legislation that they are to be reconstituted -- with necessary taxpayer support to make them financially viable -- as five or 10 individual privately held units," which the government would eventually auction off to private investors, he said.
Instead, Congress granted Treasury Secretary Henry Paulson temporary authority to use an unlimited amount of taxpayer money to lend to or invest in the companies. In response to the Greenspan critique, Mr. Paulson's spokeswoman, Michele Davis, said, "This legislation accomplished two important goals -- providing confidence in the immediate term as these institutions play a critical role in weathering the housing correction, and putting in place a new regulator with all the authorities necessary to address systemic risk posed by the GSEs."
But a similar critique has been raised by several other prominent observers. "If they are too big to fail, make them smaller," former Nixon Treasury Secretary George Shultz said. Some say the Paulson approach, even if the government never spends a nickel, entrenches current management and offers shareholders the upside if the government's reassurance allows the companies to weather the current storm. The Treasury hasn't said what conditions it would impose if it offers Fannie and Freddie taxpayer money.
Fear that financial markets would react poorly if the U.S. government nationalized the companies and assumed their approximately $5 trillion debt is unfounded, Mr. Greenspan said. "The law that stipulates that GSEs are not backed by the full faith and credit of the U.S. government is disbelieved. The market believes the government guarantee is there. Foreigners believe the guarantee is there. The only fiscal change is for someone to change the bookkeeping."
In the past, to be sure, Mr. Greenspan's crystal ball has been cloudy. He didn't foresee the sharp national decline in home prices. Recently released transcripts of Fed meetings do record him warning in November 2002: "It's hard to escape the conclusion that at some point our extraordinary housing boom...cannot continue indefinitely into the future."
Publicly, he was more reassuring. "While local economies may experience significant speculative price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity," he said in October 2004. Eight months later, he said if home prices did decline, that "likely would not have substantial macroeconomic implications." And in a speech in October 2006, nine months after leaving the Fed, he told an audience that, though housing prices were likely to be lower than the year before, "I think the worst of this may well be over." Housing prices, by his preferred gauge, have fallen nearly 19% since then. He says he was referring not to prices but to the downward drag on economic growth from weakening housing construction.
Mr. Greenspan urges the government to avoid tax or other policies that increase the construction of new homes because that would delay the much-desired day when home prices find a bottom.
He did offer one suggestion: "The most effective initiative, though politically difficult, would be a major expansion in quotas for skilled immigrants," he said. The only sustainable way to increase demand for vacant houses is to spur the formation of new households. Admitting more skilled immigrants, who tend to earn enough to buy homes, would accomplish that while paying other dividends to the U.S. economy.
He estimates the number of new households in the U.S. currently is increasing at an annual rate of about 800,000, of whom about one third are immigrants. "Perhaps 150,000 of those are loosely classified as skilled," he said. "A double or tripling of this number would markedly accelerate the absorption of unsold housing inventory for sale -- and hence help stabilize prices."
http://online.wsj.com/article/SB121865515167837815.html?mod=hpp_us_whats_news
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andy garcia
01-17 06:53 AM
That is all I did a couple of years ago.
I took the passport of my wife and that was it.
I took the passport of my wife and that was it.
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bbct
05-02 10:56 AM
The IO will not issue an I-94 with the expiry date same as the new approval notice end date. You will be given an I-94 with the expiry date same as the visa expiry date on the passport. If you are using AP to enter, you will be given an expiry date of 1-year from the date of entry.
My wife travelled in July 2007 on H4 when my H1B was expiring on 09/30/2007. She showed the approval notice that was valid till 09/30/2010 and was still given the I-94 valid till 09/30/2007.
Should not be an issue. Dont forget to give the approval notice to the IO. Otherwise you will be given only till Aug 2009.
My wife travelled in July 2007 on H4 when my H1B was expiring on 09/30/2007. She showed the approval notice that was valid till 09/30/2010 and was still given the I-94 valid till 09/30/2007.
Should not be an issue. Dont forget to give the approval notice to the IO. Otherwise you will be given only till Aug 2009.
espoir
07-27 04:06 PM
The moment you use your EAD to get a part time job even you still are working fultime job, your H status is suspended. You can still work with your employer who filed your GC not in H status, but with EAD.
In other words, you can only be in one status at any time. You cannot have H status and work on EAD at same time.
What happen to a person with H1B and then EAD. Main job he continues with original employer who file GC and take a partime like working in a store. What will be the interpretation and Can he do that?
Senior pl give advice.
In other words, you can only be in one status at any time. You cannot have H status and work on EAD at same time.
What happen to a person with H1B and then EAD. Main job he continues with original employer who file GC and take a partime like working in a store. What will be the interpretation and Can he do that?
Senior pl give advice.
naturopathicpt
06-25 10:54 PM
Actually, it is my recruiter "who" made the contract and my employer uses that as a basis. I work here in Florida. I have no sign on bonuses whatsoever. It is only the immigration, recruitment, and exam fees that were included. Basically my employer paid my recruiter just to get me here.
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