Don't Quit Your Day Job - Enlightened Discussion

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Canadian Real Estate: A Rapidly Inflating Bubble Posted: 18 Jun 2013 09:43 PM PDT I love Canada. I say that without a hint of sarcasm.  I speak for a majority of Americans here – jokes about hockey, curling, and freezing temperatures aside, we really do want Canada to succeed. Your neighbors to the south (The United States) recently went through some incredibly hard times in our real estate market – our real estate crash was quite difficult, and even today, in an environment of increasing home values, our prices are still 25% below the peak seven years back. That’s why we read our friend Nelson’s (of Financial Uproar fame) post on the coming Canadian real estate crash and became increasingly nervous. This Time It’s Different (The Canadian Real Estate Edition!) Dow 40,000 anyone? The phrase “this time it’s different” was finally converted to book title form in 2009, when wrote the eponymous book about bubbles over the previous 8 centuries. (Yes, that Reinhart and Rogoff!).  They, of course, didn’t coin the phrase – but the fact that it’s now immortalized in a book title doesn’t change the common thread running through every single example – the exhortation to buy now (or be priced out!).  Anyone who tried to dismiss asset prices running away from fundamentals would be told “this time is different – the game has changed” or “the fundamentals don’t matter”. Well, Canadians may think that “this time is different”, but, speaking from the perspective of someone alive during 2005 in the United States (and a person deeply obsessed with teasing important data out of large data-sets!) allow me to state: Canada, your current real estate statistics are even worse than the US at the 2006 peak. Seriously – you’ll get a kick out of this September 2005 report on housing and the mortgage markets by the Mortgage Bankers Association. Now read this list of Canadian articles.  (Or trust me: the summary: “this time it’s different!”). Growing Signs of Mania in Real Estate Purchases Yes, we get it – the plural of anecdotes is not ‘data’.  When you accidentally come across a lot of people behaving in a similar manner, there is usually some selection bias at hand. Still, a large number of our Canadian blogger friends have recently purchased real estate – condos, town homes, and single family homes.  We imagine that the personal finance-sphere tends to be more conservative financially than the rest of Canada… so, at risk of losing all credibility in the anecdote/data wars – we feel that conservative personal finance types diving headfirst into a rapidly appreciating market doesn’t bode well for the market in general. ‘Mania’ though?  Again, I’m not Canadian (that’s a lie – I have distant roots in Newfoundland!).  All I can do is show you Canadian real estate stacked up against United States real estate of recent vintage.  Here’s that mania I was talking about (both indices have been normalized to January 2000 = 100, so ’200′ means ‘doubled in price’).  Pay attention to the yellow line – that’s the maximum 2000-relative level American real estate hit. Sources: Case-Shiller Seasonally Adjusted 20 City Composite from St. Louis Fed, Teranet 11 City Composite from Teranet and National Bank of Canada For the record, the American high water mark was set in May 2006, at 205.4577 (105% increase from Jan 2000).  As of March, Canada is at 225.6550. The Most Important Chart You’ll View Today – Consumer Debt vs. GDP in Canada and the United States Yes, I get the knock on the United States – we stretched too far with our debt loads, and we bought way more house than we could afford.  I mean, we should have seen it coming… right? For the record, we agree 100% with that assessment – and the United States has de-leveraged quite a bit since the bubble burst 7 years ago.  So, Canada – you’re right.  The United States was stretched too far, and we did have it coming. So, can that teach us anything about Canada?  Well, not as simply as you would expect, unfortunately.  Using a combination of Statistics Canada data and US Data we pulled from FRED, we were able to synthesize some very interesting data on consumer debt as a percentage of GDP.  (If there was an easier way, please let your friend PK know!). Since it took us 35 minutes to put it together, we’ve packaged it here to make your own number crunching more efficient: consumer_debt_to_gdp_us_canada Sources: The US data is pretty straight forward, grab it from the New York Federal Reserve.  GDP can be found on FRED.  To make the Canada data, get GDP from Stats Canada, and get household debt to GDP.  For consumer mortgage debt, get that from this Statistics Canada table. Again, note that I have plotted the US high water marks, in dark grey and black.  Note that Canada has blown through the worst excesses of the United States.  Finally… note how quickly the de-leveraging occurred to bring US debt ratios back to 2003/2004 levels. Here are the highlights: US High Water Household Debt to GDP: 89.99% US High Water Household Mortgage Debt to GDP: 65.74% Q4 2012 Canada Household Debt to GDP: 94.49% Q4 2012 Canada Household Mortgage Debt to GDP: 66.93% I agree the US was over-leveraged.  But look at those numbers – Canada has now surpassed the peak leverage ratios of the United States. The Song Remains the Same Been reading Don’t Quit Your Day Job for a while?  You probably know we’re not the biggest fans of John Maynard Keynes.  Still, the man is quotable! “Markets can remain irrational a lot longer than you and I can remain solvent.” – JMK Smart quote, but what does it mean?  Look at the quote by a far more famous man – Jesus, in Matthew 24:36 (hey, How I Met Your Mother did it!): “But of that day and hour knows no man, no, not the angels of heaven, but my Father only.” When will the bubble pop?  No one can give you an exact date, and the straw that breaks the Canadian camel’s back can only be found in retrospect.  No one can tell you how quickly it will deflate either – soft landing?  Flat for years?  Quick rebound? If I knew, well… yes, I wouldn’t tell you about it.  Still, this looks very frothy to me (as does Bay Area Real Estate, as does the US Stock Market, but both not as bad as Canadian Real Estate).  If you are exposed to Canadian real estate in any capacity, please read our friend Nelson’s article. And please be careful.  This time isn’t different.

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Don't Quit Your Day Job - Enlightened Discussion

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Don’t Look Now – Rapidly Changing Mortgage and Predicted Inflation Rates! Posted: 16 Jun 2013 11:07 PM PDT Have you been paying attention to the mortgage market lately? That’s one of the reasons why we’re around… to keep track of these things!  We’ve been watching the recent mortgage rate spike with a bit of curiosity (and our fingers crossed) as we’re planning on taking advantage of a refinance on our primary home.  Looking at the charts, we wished we had pulled the trigger in May… Anyway, as 30 year mortgages are the most popular, let’s go to the charts: Bloomberg Chart of Bankrate 30 Year Mortgage Rate Index (Click to enlarge) A Game Changer In the beginning of May, 30 year mortgages were going for around 3.5%.  The last 45 days have seen a climb of around .5 percentage points. And why?  A rumor, actually – specifically, a rumor that the Federal Reserve will take their foot (feet?) off the accelerator(s).  Federal Reserve chairman Ben Bernanke has suggested that the Fed might slow down on their monthly purchases of $85 billion in mortgage backed securities and treasury bonds.  What you see is the results of the market anticipating that move… Meanwhile, In Inflation Expectations… Mortgage rates aren’t the only things which have increased over half a percentage point in a short time – a parallel move has been made by real rates on treasury inflation protected securities.  On 1/2/2013, we had -1.36% real yields… and they’ve now moved to -.78%.  You can get a quick gauge on market inflation expectations by subtracting real yields from interpolated treasury yields.  For your convenience (and because you wouldn’t like me any more if I didn’t do this work!) I graphed the 5, 7, 10, 20, and 30 year inflation expectations based on that formula.  These are annual rates… so 5 years would mean ‘for every year, this percent inflation’ (CPI, since TIPS pay based on CPI). Here’s the numerical breakdown: DATE 5 YR 7 YR 10 YR 20 YR 30 YR 06/14/13 1.82 1.93 2.05 2.07 2.14 Of note?  We’re back to the normal scheme, with the next 30 years expected to have the most inflation, and the shorter time spans falling in line.  Note that in the chart you can see the 20 year passing the 30 year at one point – the market expected more inflation on average over the next 20 years than the next 30. What’s Next? We’ve stated many times on this site we’ve felt inflation will be tame in the near future.  That second chart?  That’s the market agreeing with us. However, since we’re still sans-refinance, we’ll be keeping a close eye on both mortgage rates and expected inflation rates.  A very close eye. Where do you think the market is headed?  And inflation?

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Don't Quit Your Day Job - Enlightened Discussion

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The DQYDJ Weekender 6/15/2013 Posted: 15 Jun 2013 02:48 PM PDT Ahh, another weekend in the Bay Area – this one with lots of open homes in my own neighborhood.  Boring?  I know – but, hey, spying on the improvements my neighbors make is fun. Speaking of spying, let’s talk informally for a bit about the NSA’s recently revealed spying programs… and of a compliant press corps tripping over each other and carrying various forms of lubrication to grease the slippery slope! Let’s knock down a few ridiculous arguments for the Pro-Everyone Surveillance Crowd… because it’s fun(ny) to do so! Edward Snowden (The Most Recent Leaker) is a Narcissistic Traitor! Probably – but it makes absolutely no difference now that this material is public.  None, whatsoever. Ad hominem attacks don’t refute an argument, we should frown on “shooting the messenger”, and I don’t discredit my TV when I hear something I don’t like.  Yes, his leak was illegal – but play the board as it lies people!  (Can you fit more analogies into that paragraph?) This Is an Example of an Embarrassing Millennial Generation’s Narcissism and Anti-Democratic Inclinations!!! (You might think I’m making that one up… See here, here, and even here.) Just what we need – more generational civil war!  My advice to non-Millennials – careful, someone has to pay off all this debt (and, you know, keep Social Security going). Ed Snowden Is Lying If he’s lying, why do people care so much?  Why the rush to discredit the information? Also, believe it or not – there have been quite a few whistle-blowers on this since 9/11.  Some of them have even validated his claims since the leaks.  (And the others are not in their 20s – the only recent ‘leaker’ in his twenties is, of course, Bradley Manning.  Manning’s case was way different – he dumped documents without any analysis.) Move Along, Nothing To See Here – We’ve Already Known About the NSA Spying on Us For Years! Consider this invented scenario:  You’ve heard rumors that your spouse is cheating on you from a number of people… it’s been trickling out for the last decade.  2005.  2006.  In 2008, your spouse stops hanging out with the friend you’re suspicious about – and makes a new friend.  You see another rumor in 2012 about the new friend.  Then, in 2013, someone comes to you with absolute proof. Why are you mad?  I mean, you’ve heard rumors since 2005! But It’s All Legal! A computer never forgets! (Eww, SCSI?) You know, this one is true… but it’s still a dodge.  I can do no better than the Daily Show here in telling you why that doesn’t matter – the fact that it is legal is probably a problem.  Secondary to that?  The rulings that made it illegal are determined in court decisions which are classified.  And the author of the law making it legal doesn’t even agree with the interpretation. I’m sure you can think of tons of laws and practices which were eventually determined to be either immoral or overly broad. But It’s Just Metadata! The definition of metadata has obviously expanded over time, but even metadata as we understand it (data about data) doesn’t mean it isn’t scary.  If metadata wasn’t useful… why collect it? Note that a recent study showed that when you include geographic information in caller data (say, the tower a cell phone is connected to?), two data points are enough to identify 50% of anonymous users, while a few more could identify a whopping 95% of users. So, where do you draw the line?  “Oh, it’s just duration, receiver, caller and location data – not the conversation.”  “Oh, it’s just that information and the audio – they can’t see my body language!”  “Oh, it’s just that information and video, they can’t read my intentions and inner thoughts!”.  Where do you draw the line?  Do you agree with Joe Biden? But It Helped Catch People! I could add a “(Trust Us)” to that line – only two of the cases in which it supposedly helped were released publicly.  Those two are in doubt (one example)… mostly because other programs have taken credit for foiling the plots. Let’s say that maybe the other cases of the dozens of foiled plots were successful.  Let’s make some questions for Bastiat then – would no other program have prevented the plots?  Any form of human intelligence?  Is a nationwide dragnet the only way to stop plots?  If we didn’t collect metadata and digital data from everyone would these plots have been successful?  If this surveillance is credited for the successes, how do we judge the failures? They’re Just Storing Data, They Aren’t Reading or Listening Unless Necessary Let’s say that the 51% foreign test is accurate. In that case, fine – I can’t refute you assuming everything goes perfectly well.  Still, it would be hilarious to see someone make a legal argument after downloading, say, a leaked album that it’s okay for them to possess it because they hadn’t listened to it yet! But We Voted For It! (Part I – Public Support for Laws) Yes, the Patriot Act passed in October 2001.  That doesn’t mean that the public is pro-surveillance laws.  Consider recent examples – the SOPA/PIPA bills, bills which had wide bipartisan support, CISPA (which would make voluntary sharing between government and large companies legal), and the defunding of the Total Information Awareness program. As noted in that Wikipedia article, a lot of the programs today seem to be offshoots of TIA.  Seriously, does the fact that no one knows about the programs somehow prove we think they are necessary? There’s No Records of Complaints or Abuse!  (And/or) The Programs Haven’t Been Abused! I mean, other than this. The real rebuttal?  That’s not because we can guarantee they haven’t been abused.  Remember, if you read my article yesterday, laws were changed because people on the inside had issues.  A member of the FISC even resigned supposedly because of abuse. And even people who have tried to bring legal cases can’t get a result.  Because there was no abuse?  No – because they can’t prove standing since the programs are secret!  When standing might be proved, it’s even possible for the Government to invoke state secrets to prevent trials from going forward. Yes, state secrets are necessary.  But there is a balance – secrets should only be secret if they harm safety, not if they would be embarrassing if public.  And remember – just because cases get thrown out of court doesn’t prove there has been no abuse. But We Voted For It! (Part II – We Voted for Representatives and They Know Everything About the Program!) That’s not fully accurate – example one, of course, is the firestorm currently going on post-leak.  Now that Congress is learning more, we get curious quotes coming out of our representatives – “This is just the tip of the iceberg“, or “The public deserves a clear explanation” for example (the information in the briefs is classified). And I wouldn’t yet dismiss the possibility that Congress is being kept in the dark, too. We Can Trust The Government to Always Use This Information In Our Best Interest! This one is pretty funny when it comes from media organs who are opposed to, say, the IRS collecting too much information, or databases of gun owners.  (You know, because those are slippery slopes which might lead to tyranny!) Considering the internet cries “Godwin’s Law!” at any reference to Nazi data collection, such as pre-Nazi Germany’s collection of religious information in their censuses (censi?) and many argue the internment of Japanese, German, and Italian citizens during World War II was too long ago to be relevant (someone tell this guy), let’s cite just 2 recent examples (in the lives of many of you readers) where data collection was considered a bit much: COINTELPRO ( 1908(?) – 1971 ) (Read the Church Committee’s entry in Wikipedia – “Too many people have been spied upon by too many Government agencies and too much information has been collected.”) Domestic Surveillance Overreach (2001-2006) (Glenn Fine’s report on the spying on domestic groups and individuals – if you weren’t alive for this, please ask your parents for permission to read DQYDJ!) And here’s (again) one directly related to the NSA! NSA listened to deployed troops’  sexual conversations.  (2003-2007) This Data and These Abilities Will Only Be Used To Fight Terrorism! If we’ve gotten to this argument, I must’ve won most of the arguments! Email snooping sans- warrant: David Petraeus Bank Secrecy Act (meant to catch laundering, foreign terrorism funding, and other financial crime): Eliot Spitzer Mission creep is a thing, people.  While the victims of mission creep generally never get any sympathy, do we want a society where our anti-terrorism programs and financial crime stopping laws are used to root out sexual crimes… or even sexual improprieties like in the case of Petraeus?  What about when we start using data to catch drug users?  (Not dealers – users).  How about anyone who has ever downloaded an MP3?  People who don’t pay all their sales taxes?  People who do electrical work without a permit?  People who use No. 2 heating oil in their diesel cars?  Stores that tear tags off pillows?  People who rescue injured birds, nurse them back to health, and release them days later? Well- You Knocked Down All The Other Arguments!  Therefore I Believe People Who Care About Privacy Have Something To Hide/Are “Anti-Antiterror”/Are Unrealistic/Support Crime/Are Unpatriotic! Right, because every time a politician names a law the title of the bill is the only intention, right?  (Warning: Canada!) Ben Franklin comes up a lot in these arguments – “They who can give up essential liberty to purchase a little temporary safety, deserve neither liberty nor safety” – I’m sure you’ve heard his quotes.  Yes, he was making a political point about a proposed law in Pennsylvania.  Still, he had the idea right – society is a trade-off.  Any time we try to guarantee 100% safety, our autonomy and privacy suffers as a result.  See President Obama, or Vice President Joe Biden (both pre-Executive Branch) for a contemporary argument. I take the President at his word – you can’t have 100% safety and 100% privacy.  However, do we as a society truly want to push the lever to 100% safety? Car accidents are the leading cause of death amongst young people.  Ban cars? Alcohol is a major cause of accidental death.  Ban alcohol? Setting those examples aside, let’s move down the slippery slope a bit (we start from least to most possible in 2013, if not probable): Would you support a GPS tracking implant on every newborn in America?  If you don’t, are you Pro-Kidnapper? Would you support cameras in every bedroom to stop domestic violence?  If you don’t are you Pro-Domestic Violence? Would you support a thought reading device to figure out every person who commited a crime in the past?  If not, are you Pro-Crime? Would you support a device worn by every American which allowed constant surveillance and could stop a person in his or her tracks if about to commit a crime?  If not, are you sacrificing too much safety for liberty? And, why not?  Well – we did write an article on privacy not from the perspective of criminal acts.  Even if you try to scarecrow me and say the only reason for privacy is if you did something wrong (you know, if you believe humans don’t have any shame or something!), do you want to live in a world where every single time a law is broken it results in an arrest/conviction? Of course not.  We’re human – we make mistakes.  Newsflash… the Government is also human!  It’s made up of our peers.  Humans make mistakes; we pass dumb laws, we overstep our authority, we hide our mistakes, we even evolve over time!  We even do things which are perfectly acceptable at the time which won’t be acceptable when we are older.  Just as I’m not perfect – you aren’t perfect, companies aren’t perfect, and Governments aren’t perfect.  That’s why entrusting too much authority in one institution (or person) is a bad idea.  Democracy just means that we fail and evolve together.  When was the last time you saw 100% agreement on an issue? And after that passionate ‘essay’, here are the arguments I agree with: We Need to Have a Frank Discussion About Surveillance in America.  In a way, I’m glad it’s happening now – remember that the influence of terrorism in the world is on the decline.  Some of that, as people will quickly point, out is because of the very programs which are now in the public eye.  I would mostly agree with those people - some of the vast new intelligence capabilities are absolutely worth having… like, say, some information sharing between agencies. As the French showed infamously in World War II, warfare is never about fighting the last war.  There is evil in the world -  no one doubts this (how can there be good if there is nothing to compare it against?).  America is not the primary source of world tyranny… and anyone who doubts that is troubled.  What’s at stake here is a domestic surveillance program that may never be rolled back and will always continue unhindered with little Congressional oversight.  A program that never forgets information.  A program which, ex post facto, might reveal not only illegal information… but also embarrassing or sensitive (or POLITICAL) information.  A program which falsely flags information out of context.  A program which falsely flags some information as dangerous because of bugs or human choice.  A program which we can never slow down or roll back. And, that’s just the thing – taken in the context of today, I trust the current administration to generally do the right thing.  I trusted the Bush Administration to do the right thing.  I was rewarded… a few politically motivated things aside.  The vast majority of things done by our presidents is not in the service of politics… I believe our current politicians do want to keep us safe. Of course, we trusted Nixon too.  Can you guarantee that the increase in Executive power will always be wielded by a trustworthy politician? Links We Liked! Our friend Nelson drops (most) of the sexual innuendos and lays down the depressing math on the Canadian housing market. So, as rumored, Vladimir Putin actually did steal Robert Kraft’s Super Bowl ring back in 2005.  Wow, haha.  Tradecraft! Visit our friend (and podcast boss) Joe’s new website – Stacking Benjamins!  Also, welcome him to a permanent spot on our rotating blogroll. Also, welcome our friend MSB, the Makin’ Sense Babe – also a member of our podcast.  I know you want to listen – go here. Want to get your email logged indefinitely?  Here’s a supposed list of flagged words which will single you out for surveillance!  Since blogs like pageviews, here’s my effort to get at least one more: “Steve Case put out a press-release after buying gold bullion and forced a network of supercomputers to wire-transfer the $ to e-cash”! Our friend Len Penzo runs the math on phone insurance for 3 iPhones – and doesn’t like what he sees.  When we used our Samsung, a software glitch bricked it, and we were given a refurb as a package deal with insurance.  We used that insurance 2 more times.  What does that mean?  Nothing – just that I gambled and won with phone insurance – once.  I don’t have any on my Evo 4G, and it’s getting pretty old! Freakonomics has the math on health premiums for motorcycle riders when a state drops mandatory helmet laws.  Mentioned?  Some of the weird consequences of dropping helmet laws. Control Your Cash had a post with homework(!) and math on a house selling and meeting the fabled 100x rule.  We’d buy one of those in the Bay area – but $1.2 million houses renting for $5,000 doesn’t do it for us! Late Edit: We had wanted to include one of the pieces written by our friend Derek Khanna this week – we particularly liked his editorial at National Review on NSA spying. Suba at Wealth Informatics had an epic post, which makes all former references to the word ‘epic’ on this blog look overwrought.  Here’s over 60 ways to make $100 this weekend. Links to Us! Carnival of Wealth Carnival of Financial Independence Carnival of Personal Finance Barbara Friedberg Personal Finance Stacking Benjamins Life and My Finances The Free Financial Advisor

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Don't Quit Your Day Job - Enlightened Discussion

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The Government, The Internet, and The Surveillance State – Graphed Posted: 14 Jun 2013 01:15 AM PDT It was less than a month ago when I weighed in on the need for privacy, in the wake of the IRS scandal.  In light of the recent revelation of indiscriminate data collection by the NSA – on both foreigners and Americans – I’ll be visiting the topic again.  However, for a change of pace, here’s a survey piece pulling in 6 different statistics on transparency and surveillance in America today. Number of People With Security Clearances I found data going back through 2009.  All numbers include Government employees, contractors and others with clearances.Sources: http://www.dni.gov/files/documents/2012%20Report%20on%20Security%20Clearance%20Determinations%20Final.pdf http://www.fas.org/sgp/othergov/intel/clear-2011.pdf http://www.fas.org/sgp/othergov/intel/clearance.pdf   Number of Classification Authorities The number of people who are entrusted to make the determination on how a document should be classified – generally, Confidential, Secret, and Top Secret (well, and Unclassified) – has fallen starkly. Source: http://www.archives.gov/isoo/reports/2011-annual-report.pdf   Derivative Classified Activity Generally, derivative classified activity occurs when classified information is repackaged in some other form, or is reference in some way.  When classified information is referenced, a new classified document is created… at the same level as the highest piece of classified information referenced.  The spike can be somewhat blamed on a change in methodology, but the numbers have increased wildly regardless of the method used to count (it’s a survey method in later years). Source: http://www.archives.gov/isoo/reports/2011-annual-report.pdf   Declassifying Information Even with the explosion of new secrets, especially under the current administration, the amount of voluntary declassification has dropped wildly. Source: http://www.archives.gov/isoo/reports/2011-annual-report.pdf   United States Foreign Intelligence Surveillance Court Applications The Government applies to the Foreign Intelligence Surveillance Court for warrants for physical and/or electronic surveillance.  The federal government is the only party to this court – the government presents before a single judge of the court.  The hearings are closed to the public, and none of the proceedings are released (occasionally proceedings are released with confidential information redacted). There are currently 11 judges on the court, and 16 have left the FISC since 2002, when these statistics begin.  Those 27 judges have issued only 9 denials and 495 modifications total – on 19,726 applications in that time(!).  Because the disparity is so large, ‘Modified’, ‘Denied’, and ‘Withdrawn by the Government’ are on the secondary (right) axis. The recently leaked information about the Government indiscriminately collecting phone metadata from millions of Verizon customers was due to a decision by the FISC. Source: http://assets.nationaljournal.com/img/FISA%20Reports%202002-2012.pdf   National Security Letters As opposed to warrants from the Foreign Intelligence Surveillance Court, National Security Letters are demands letters which seek information from a party related to national security.  NSLs come with a gag order, preventing recipients from even going public with information that they received the letter – even if the recipient doesn’t mention any other details.  Laws were changed in 2006 and 2008 allowing appeal and attempting to limit their rapid increase in popularity by changing how they could be applied. ‘People’ and ‘Businesses’ are the number targeted by the letters. Source: http://assets.nationaljournal.com/img/FISA%20Reports%202002-2012.pdf   Conclusion It’s hard to rectify the claim that this administration would be the most transparent in history with the hard data on the matter.  More and more people are generating more and more classified documents, while the Foreign Intelligence Surveillance Court approves 99.84% of surveillance requests.  Although National Security Letters have cooled off a bit since their reform in 2008, the last three years of data were also the three years in which the most people were targeted. The major question, of course, is how to roll back the security apparatus in the waning years of a global war on terror.  The secondary question?  Why are we now watching an increasingly secretive government in an age when private life is anything but.  Governments must have secrets, yes, but the government must keep secrets for reasons of safety… not because making information public would be embarrassing. As famous sociologist Max Weber wrote in Wirtschaft und Gesellschaft (translated): Every bureaucracy strives to increase the superiority of its position by keeping its knowledge and intentions secret. Bureaucratic administration always seeks to evade the light of the public as best it can, because in so doing it shields its knowledge and conduct from criticism. No comments on this one – but feel free to share it publicly and widely!

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Opening an account at EverBank

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