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  • bkarnik
    08-05 05:26 PM
    A lady tells her husband to go to the store to buy some cigarettes.He walks down to the store only to find it closed. So he goes into a nearby bar to use the vending machine.

    At the bar he sees a beautiful woman and starts talking to her.They have a couple of beers and one thing leads to another and they end up in her apartment. After they've had their fun, he realizes its 3AM and says, "Oh no, its so late, my wife's going to kill me. Have you got any talcum powder?" She gives him some talcum powder, which he proceeds to rub on his hands and then he goes home.

    His wife is waiting for him in the doorway and she is pretty angry.Where the hell have you been?". Well, honey, it's like this. I went to the store like you asked, but they were closed. So I Went to the bar to use the vending machine. I saw this great looking girl there and we had a few drinks and one thing led to another and I ended up in Bed with her.

    "Oh yeah? Let me see your hands!"

    She sees his hands are Covered with powder and says...
    "You God damn liar!!! You were playing pool again!!!"

    Moral of the story:

    Always tell your wife the truth. She won't believe you anyway. At least your conscience is clear





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  • sundarpn
    07-13 12:05 AM
    Just curious if this is being endorsed by IV?





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  • xyzgc
    01-09 06:58 PM
    Online Israel-Hamas war
    http://www.foxnews.com/story/0,2933,478626,00.html





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  • unitednations
    08-14 09:17 PM
    To United Nation

    I never went out of usa in 7 yrs.My first company did not pay me for the first 3 months because I did not get my ssn no for 3 months so I was not employed.After 3 yrs I joined the cliant company,so he got angry and did not pay me for 15 days but I have proof of time sheets.He threatned me like suing etc... but he did not do .Now I applied for AOS but I did not sent the W2 paper for that problem period .I have sent my last three years of W2 papers as per Lawyer's request .Will there be a problem for the un paid days.?


    I don't see much of a problem because it was less then 180 days.

    Although uscis sometimes asks for w2's in rfe's; lawyers shouldn't send them in proactively. If you are making too much in future base employment then it can be a problem. if you aren't making enough then it can cause status issues (the smart lawyers would use the w2's, tax returns, not to send them in but to see if there may be a problem in the future and try to remedy the situation now).

    I know at least 25 people in the last month and a half who had status issues with unpaid time and their h-1b visas had expired. All of them went to Canada; stayed one or two days and re-entered and used auto revalidation to reset the 180 day clock.

    I would tell them at high level what they needed to do but everyone is afraid of leaving the country and coming back in without a visa through canada; espeically when all their friends, relatives say not to do so. Depending on what language a person speaks; i would direct them to specific people who had done it so that they could get the most minute detail on how to do it; punjabi; telugu; hindi; gujarati, etc.



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  • sanju
    05-16 10:47 AM
    :p :p I like this most. Lets move on...

    It appears that some of us are mad at our employers and there can be several reasons –
     We think we are “high-skilled” and deserve more even though we are spending most of our time at work on IV forums
     We think our employer is taking advantage of our situation and if we had green cards we would have taken over the crown from Bill Gates and Warren Buffet
     And so on….

    For some of these reason, we are faulting everybody around us, our employer, companies not our employers, consulting companies/body shopper, other H-1B applicants, L-1 applicants, people who come on B-1, companies like TCS/INFY/SIFY etc. And there seem to be this idea that if a bill is passed to harm consulting companies or body shoppers or companies like TCS/INFY/SIFY, then somehow that is my gain because I am suffering because of these guys. Consistently, I have seen this argument on the forums, but somehow I am not convinced that these guys have to lose something before I could get what I want.

    IEEE-USA, Ron Hira et al has problems with us if educated/skilled/talented people come here on H-1/L-1. So that’s why they oppose any increase in H-1. These guys have a problem with us if we apply for green card and that is why they did not include a single provision in Durbin-Grassley bill to fix the green card backlogs. In fact they are making sure that people waiting for green card will have to somehow leave the country. These same guys at IEEE-USA have a problem if we choose to go back to wherever we came from and we decide not apply for green cards. In this scenario they say that we are promoting outsourcing because we are returning to the country we came from. And if we never ever chose to come here at all, these guys simple say that we are still taking their jobs because we are the people on the receiving end of the outsourcing. So either way you look at it, these guys are simply out there to screw us. The bad thing is they are organized and we are not. And the worst thing is we have guys like Senthil1 on this forum who thinks that by some how causing harm to consulting companies/body shopper/companies like tcs, infy etc we are making up for our delays in the green cards. And I just find this argument very very bizarre. No offense to anyone, but just wanted to clearly say that Durbin-Grassley bill is not designed or intended to help anybody on H-1/L-1/green card applicant, directly and indirectly. In fact, in the long term, I do not know who is getting the benefit from Durbin-Grassley bill other than the BPO companies in the other countries.





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  • smisachu
    01-04 02:10 PM
    So you should not have any problem if India kills a few of your cockroaches, right? In fact India will be doing a favour to you, since you are undble to kill the roaches in your house, India will do it for you..This has been my point all along in this thread. India should conduct surgical strikes and "clean" regions of Pakistan where these terrorists eminate from. Pakistan should in fact open its borders and aid Indian troops in cleaning up its mess.
    India is not interested in occupying Pakistan nor is it interested in destroying it. Stop being paranoid, we only want the roaches killed.

    And for your parallel of 9/11, 3K Americans were killed by 19 "Middle eastern" Muslims- not South Asians. The problem of terrorism ranges from Egypt in the west to Pakistan in the east. It does not bring India into play and the whole world is aware of this. India has been a victim of terrorism for the last 60 years.


    "What apology?
    I am not responsible for the actions of those people. Imagine if after 9/11, an American asked you to apologize for the actions of the 19 'Brown men' (I am assuming here that you are a south asian male) who killed 3000 Americans, how silly do you think that situation would be. If cockroaches from my house take a dump in your kitchen, don't ask me to apologize for that.[/QUOTE]"



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  • unitednations
    03-26 08:35 PM
    That whenever a company now applies for an H1 ( not that many companies are going to do in this climate) they have to put in as many locations/states as possible? By your suggestions if USCIS is deeming most h1b companies as 'Staffing' companies(and if it allows them to exist) then almost all H1 LCA should contain 4-5 states in which the H1B could work? How would prevailing wage calculation be done in that case? Or for that matter if each time an H1B candidate goes to work in a different location and the employer(staffing) company files 'Amend petition for location' does the prevailing wage factor come in to picture?

    your advise in this could help some people who are in consulting so that they can insist with their employers to file for 'amend' in case they are working elsewhere.

    - cheers
    kris


    First; it is very easy for me or anyone else to say "amend" and re-file the h-1b. It costs a lot of money to do so and USCIS can give rfe and deny any one of the amendments.

    If you look at the new i-129 petition instructions they have added a part of requesting an itinerary of definitive employment if you are an agent. You are supposed to give an itinerar of where you are going to work for the entire duration that you are requesting. You are supposed to give lca's for different locations for wherever you have the client letters.

    California service center is only approving h-1b's up until the end date of the purchse order you are submitting. If you have a purchase order for four months even if it says extension is possible; then are only approving it for four months.

    With regards to prevailing wage; On the h-1b petition you would always have to put the highest number of all the lca's that you are submitting.

    for example in the lca; if you are putting two locations; one is where your h-1b company is and second one is where your client locatin is where you are actually going to work; the lca won' be certified unless you put the offered wage to be the higher of the two.

    btw; I get too many PM's and I'd rather just post on the forums where I think people need some help or where I don't see people giving right or full picture advice.





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  • rimzhim
    04-08 11:17 PM
    Make no mistake about it, IEEE-USA is not for any meaningful reform. They say that they support green card reform but actually they don’t. Otherwise they would have included some green card provisions in this bill, at least 485 filing provision. They make it look like they support green card reform because they do not want themselves to be looked upon as anti-immigrants. But that is who they are.

    Just as an example: Ron Hira says that H1s drive down wages when they come and work here. If we go back, Ron Hira says H1s promote outsourcing. If we stay here, Ron Hira says we take jobs of people here. So no matter what we do, the bottom line is, IEEE-USA has a problem with people on H1. They have a problem with our existence, not just here, but anywhere. Why? Because they don't like competition from us. And here is another fact, guys lobbying for this bill are actually racist and they just warp their objective around the economic argument.
    Again, IEEE went out of its way to get extra H1Bs for US-educated students. That alone wipes out your arguments because these H1Bs are for foreigners and these people sure will increase competition for people born here. IEEE is not only for meaningful reform, they have the power to do what they want.



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  • unseenguy
    06-24 08:27 AM
    see my statement yesterday:

    Even if I offer current owners 20% less , the math does not make sense for me. Hence I am expecting 30% -35% correction from current expectations of the owners.





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  • sledge_hammer
    06-26 08:41 PM
    Home size may be smaller, but the land (plot) also got smaller...

    Thanks for the data. There is one more twist to the story though. The "median home" of 1940 is NOT the same as the median home of 2000. The home sizes have more than doubled in this period (dont have an official source right now - but look at Google Answers: Historic home sizes (http://answers.google.com/answers/threadview?id=110928) . A little digging should give us an official source if you want.).... So, if the median home prices have doubled post adjustment for inflaton - that really means that the prices have stayed flat adjusted for inflation.

    Statistics is a bitch :-D

    Edit: Errrr - the median prices actually quadrupled - and not merely doubled, while the home sizes increased by about 2.3 - 2.4 times. This means roughly 1.6 times actual appreciation - i.e. less than 1% of compounded interest (1% over 60 years = 1.82 times). Compare that to the safest vehicle out there - TIPS and tell me who would have been better off - the guy who bought his home in 1940 or the one who bought TIPS (assuming his net cash flow was zero - i.e. he earned the same as he spent for the house).



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  • NKR
    09-26 09:31 AM
    Chandu, you have brought up an interesting topic, but frankly speaking I do not expect anything to change, for a majority of us if at all anything changes it is going to be for the worse, sorry to sound pessimistic but looking at the unfair processing of cases in the last couple of months, I have lost faith in the system�





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  • santb1975
    06-08 12:37 AM
    but I don't see the price coming down anytime soon either. Whoever invested in gold about 5-6 years ago made good money. Commodities are definately a good buy in this economy but any investments these days comes only after building up a 8-12 month emergency fund. This thread is getting interesting.

    Thread gets more interesting...way of life..love the way it transformed from home buying good/bad to sound investment advice...here is my bit:

    With all the $$ spending by government, inflation is inevitable. FED can try to fight it by increasing interest rates, but that will open another box of worms. In a hurry now and will post a detailed discussion later about interest rates, fed and inflation..very interesting indeed

    my take is gold...solid investment in these times and a proven hedge against inflation

    goodluck guys..more later



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  • unitednations
    08-02 10:51 PM
    ouch. there is always uncertainty, all steps of this gc process :(

    thanks for the note. I only hope they 'go after' people if they suspect fraud or out of status or salary issues etc.

    We are just a widget/number to uscis adjudicator. All of these ability to pay denials were very scarce prior to 2004. However, in 2003 and 2004 a lot of the 245i labors got approved (gas stations, restaurants, etc.). USCIS started to see a lot of bogus companies filing for people. They decided to clarify in a memo how they were going to look at ability to pay. Now; ability to pay was used rarely, in those cases that didn't look genuine (if you go to AAO decisions you would have seen the type of companies that uscis usually went after). However, to combat the 245i labors they started to apply the memo to all companies. Just imagine that a company with $20 million revenue can get ability to pay denials; but a company with $15,000 in revenue can get approval.





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  • supreet
    06-07 04:52 PM
    I think it really is a matter of personal choice. A house is much more than a mere investment. For people like us it adds another layer of complications
    due to our status (or rather...lack of status).

    We are in Bay Area (San Jose Metro area) and were paying around $2000 in rent. We just bought a condo where our payments (mortgage + Taxes + HoA) are going
    to be around 2300. Hopefully we will be getting back around 400-500 in taxes and this makes it a good deal. However only 15 days after moving into our
    new house, I was laid off and now our biggest concern is if I am not able to get a job in next few weeks and if we have to go back we will be almost
    80k down the hole.



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  • NolaIndian32
    09-28 07:58 PM
    I agree 100% with the quote below; if Durbin gets his way, there will be no light at the end of the tunnel for the EB community.

    I have been in the US, legally for 14+ years. I have stayed within the law, regulations to get my green card, but still after 8 years in this antiquated and dysfunctional process, I am "in queue". Twice I have had to turn down promotions to executive level within my organization because of restrictions of "same to similar" regulation. Even my CEO is frustrated with this situation. If Durbin has his way, I can no longer afford to put my life on hold. I will be forced to sell my house and relocate to Canada.

    McCain supports immigration for legally employed immigrants. I pray that he wins the election this November.



    After 8 yrs of Bush, I sure am ready for Democrats to take over. America needs a change. But Sen. Obama's victory will surely spell doom and gloom for the EB community - of which I am one.

    I have been in the United States for 9 years - LEGALLY. I have bent over backwards to follow the letter of the law, irrespective of how convoluted it is. My kids are American Citizens. I pay taxes and contribute to the American economy. We even bought a house here in the hope that we can settle down in America. Me and my husband hold executive level positions in major multinationals. Here is the absolute kicker - I work in Satellite Telecommunications and my company supports the United States Government (DoD) and its contractors/ sub contractors in Iraq and Afghanistan!!

    We wanted Democrats to win...but guess what - the failed CIR 2007 woke us up to the fact that Sen. Durbin will never make it easy for us EB immigrants. His hostility towards this community forced us to secure the Canadian PR. We have a little bit more time to decide when we want to move there before our PR expires. If things don't take a turn for the better on the Immigration front, we will move to Canada. I just dread having to sell the house here though!!

    Till date, I only see Durbin driving immigration - and it is definitely against teh EB community. My question to Sen.Obama - what do you have to offer to us, the highly skilled immigrants? Would you rather we just liquidate all our assets (home, stocks, bonds, vehicles, etc) here in America and take it with us to another country that is more welcoming???





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  • gjoe
    08-06 07:50 AM
    We will support your lawsuit if you pay up for our support. I am onboard if the figure is 4 digit or above. I hope your lawsuit doesn't get backlogged in the court and USCIS holds up your GC application until your case is decided in the court.
    If you lose the case I will return your money with a 3% interest to compensate for inflation or defalation of the currency.



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  • Macaca
    12-29 08:01 PM
    Why we must reclaim religion from the right-wing (http://www.rediff.com/news/column/column-why-we-must-reclaim-religion-from-the-right-wing/20101229.htm) By Yoginder Sikand | Rediff

    Decades after the two States came into being, relations between India and Pakistan continue to be, to put it mildly, hostile. This owes largely to the vast, and continuously mounting, influence of the Hindu religious right-wing in India and its Muslim counterpart in Pakistan.

    Seemingly irreconcilable foes, the two speak the same language -- of unending hatred between Hindus and Muslims -- each seeking to define itself by building, stressing and constantly reinforcing boundaries between the two religiously-defined imagined communities.

    Much has been written on the ideology and politics of right-wing Hindu and Islamic movements and organisations in both India and Pakistan, by academics and journalists alike. Yet, almost no attention has been given to how individual Hindu and Muslim religious activists at the local level, as distinct from key ideologues and leaders at the national-level, imagine and articulate notions of the religious and national 'other'.

    Understanding this issue is crucial, for such activists exercise an enormous clout among their following.

    The Lahore-based Mashal Books, one of Pakistan's few progressive, left-leaning publishing houses, recently launched a unique experiment: Of recording and making publicly accessible speeches delivered by maulvis or Muslim clerics at mosque congregations across Pakistan's Punjab province, including some located in small towns and obscure villages.

    These speeches deal with a host of issues, ranging from women's status and scientific education, to jihad and anti-Indianism, all these linked to an amazingly diverse set of understandings of Islam.

    Hosted on the Mashal Books Web site MASHAL BOOKS (http://www.mashalbooks.org), these speeches reflect the worldviews of a large majority of Pakistani maulvis, representing a range of sectarian backgrounds, who now exercise a major influence on the country's politics and in shaping Pakistani public opinion and discourse.

    Of the dozens of speeches hosted on the Web site, only two are classified as relating particularly to India, but these may still be taken to be representative of how a great many Pakistani maulvis conceive of India and of relations between India and Pakistan. Predictably, in both speeches India is depicted in lurid colours, as an implacable foe of Pakistan, of Muslims, and of Islam.

    Not surprisingly, then, efforts to improve relations between India and Pakistan or to work towards rapprochement between Hindus and Muslims are vociferously denounced. The two maulvis appear to insist that Islam, as they understand it, itself requires that Pakistani Muslims must never cool off their anti-Hindu and anti-Indian zeal.

    The first of these two speeches, by the Deobandi Maulana Muhammad Hafeez of the Jamia Masjid Umar Farooq, Rawalpindi, refers to India only in passing. He presents Muslims the world over as besieged by a host of powerful non-Muslim enemies.

    It is almost as if their 'disbelief' (kufr) in Islam goads all non-Muslims, wherever they may be, to engage in a relentless conspiracy against Islam and its adherents, a war, like Samuel Huntington's infamous 'Clash of Civilisations', in which compromise and reconciliation are simply impossible because Islam and 'non-Islam' can, in this worldview, never comfortably coexist.

    It is also as if Muslims have a monopoly on virtue and non-Muslims on vice. 'Islam will rise,' Maulana Hafeez thunders, 'and America and India will fall,' conveniently forgetting (assuming he knew of the fact) that India probably has more Muslims than Pakistan and that if India falls, it will drag its tens of millions of Muslims along with it, too.

    The second speech is by a certain Maulana Mufti Saeed Ahmed of Jamia Masjid Mittranwali, Sialkot, who belongs to the Ahl-e Hadith sect, which closely resembles the Saudi Wahhabis.

    Pakistani Ahl-e Hadith groups, most notoriously the Lashkar-e Tayiba, have been heavily involved in fomenting violence across Pakistan, Kashmir and in India as well.

    Hatred for India and the Hindus seems to be an article of faith for many Pakistani Ahl-e Hadith, as Maulana Ahmed's speech clearly indicates.

    At the same time, it must also be recognised, as is evident from instances that the Maulana cites, that these deep-rooted anti-Indian and anti-Hindu sentiments are constantly fuelled by brutalities inflicted by non-Muslim powers, including the United States and fiercely anti-Muslim Hindu chauvinists in India, on Muslim peoples.

    These brutalities need not always be physical. They can also take the form of assaults on and insults to cherished Islamic beliefs, which inevitably provoke Muslim anger. The appeal of people like Maulana Ahmed lies in their practiced ability to use these instances of brutality directed against Muslims to craft a frighteningly Manichaean world, where all Muslims are pitted against all non-Muslims in a ceaseless war of cosmic proportions that shall carry on until Muslims, it is fervently believed, will finally triumph.

    Recounting a long list of anti-Muslim brutalities (but conveniently ignoring similar outrages committed by Muslims on others), Maulana Ahmed exhorts his listeners to unite and take revenge. 'O Muslims!,' he shrilly appeals, 'get up and take in hand your arrows, pick up your Kalashnikovs, train yourselves in explosives and bombs, organise yourselves into armies, prepare nuclear attacks and destroy every part of the body of the enemy.'

    His speech is peppered with fervent calls for what he terms as 'jihad' against both America and India, these being projected as inveterate foes of Islam and of all Muslims.

    He prays for America to 'be destroyed', and ecstatically celebrates the recent devastating terrorist assault on Mumbai by a self-styled Islamist group that left vast numbers of people dead, unapologetically hailing the dastardly act as a 'big slap on the cheek of the Hindus'.

    Not stopping at this, he calls for continuous terrorist violence against India, including, he advises, unleashing 'bloodbath to (sic) Indian and American diplomats in Kabul and Kandahar'. Only then, he argues, can Pakistan's rulers 'relieve the pressure' on them and being peace to their country.

    The 'enemy', as Maulana Ahmed constructs the notion, could be any and every non-Muslim, particularly Americans, Jews and Hindus or Indians. It is as if every non-Muslim is, by definition, irredeemably opposed to Islam and is necessarily engaged in a grand global conspiracy to wipe Islam from off the face of the earth. It is as if non-Muslims have no other preoccupation at all.

    All non-Muslims are thus tarred with the same brush, and no exceptions whatsoever are made. It is almost as if Maulana Ahmed desperately wants all non-Muslims to be fired by anti-Muslim and anti-Islamic vitriol, for that is his way to whip up the sentiments of his Muslim followers and fire their zeal and faith.

    It is as if further stoking such hatred is crucial to his ability to maintain a following and to claim to authoritatively speak for Islam and its adherents. 'The hatred among the people against the kafirs has reached a new height,' the Maulana exults.

    For the Maulana, fomenting hatred of non-Muslims is his chosen way of realising what has for centuries remained the elusive dream of Muslim unity. That this hatred, which he so passionately celebrates, inevitably further stokes the fires of Islamophobia and anti-Muslim prejudice, already so widespread among non-Muslims, appears of no concern to him at all. In fact, he seems to positively relish the frightening Huntingtonian thesis of the 'Clash of Civilisations'.

    Deobandi and Ahl-e Hadith outfits today enjoy tremendous clout in Pakistan, and they have been at the forefront of Islamist militancy that now threatens to drown the country in the throes of what promises to be an interminable civil war.

    As the speeches of these two Pakistani clerics, one a Deobandi and the other from the Ahl-e Hadith, so starkly indicate, inveterate hatred for India and the Hindus, indeed for non-Muslims in general, is integral to the ways in which vast numbers of Pakistani Muslim clerics understand religion, community, nationalism and the world.

    Such hatred is inevitably further fuelled by acts of brutality directed against Muslims by non-Muslims, including by the United States, India (particularly in Kashmir) and by militantly anti-Muslim Hindu chauvinist groups.

    Muslim and non-Muslim right-wing radicalism and militancy thus enjoy a mutually symbiotic relationship, opposing each other while, ironically, unable to live apart, needing each other even simply to define themselves.

    Religion is too powerful an instrument to be left in the hands of hate-driven clerics to manipulate as they please, most often for fuelling conflict between communities and states.

    As the frightening records of Hindutva chauvinists in India and the Pakistani clerics discussed in this article so strikingly illustrate, leaving religion to the right-wing to monopolise is a sure recipe for bloody and endless conflict.





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  • Macaca
    02-27 08:14 AM
    A Republican Purge on K? (http://www.washingtonpost.com/wp-dyn/content/article/2007/02/26/AR2007022601142_2.html)

    John Feehery has left the Motion Picture Association of America to start his own lobbying firm, the Feehery Group. Feehery, 43, joined the movie lobby with great fanfare in 2005 to help silence sotto voce attacks by congressional Republicans, then in the majority, on the group's chief executive, former congressman Dan Glickman (D-Kan.), and on left-leaning Hollywood. Feehery had been the spokesman for then-House Speaker J. Dennis Hastert (R-Ill.) and a veteran GOP leadership aide.

    But last month, the MPAA named Seth Oster, a Democrat, as executive vice president for communications, in effect taking part of Feehery's portfolio. My colleague at washingtonpost.com, Mary Ann Akers, reports that lobbyists worry that the move might presage a citywide purge of Republicans. But Feehery professes no bitterness. "It was a good time for me to start my own business," he said. "It gives me a greater range to do things I want to do." The MPAA will be one of his first clients, he added.





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  • CreatedToday
    01-07 07:11 PM
    ----------------------------------------------------------------------------
    From Forum Moderator
    ----------------------------------------------------------------------------

    We are forced to caution you that any use of profanity on the public forums, including when quoting others, will result in immediate ban from this forum without any further warning.

    Thank you for your understanding,

    Administrator2


    ----------------------------------------------------------------------------





    insbaby
    03-24 09:07 AM
    it is not just america losing - the person who has bought the house would lose his downpayment / equity too -not to speak of the mighty credit score - am I right ??


    True.

    Most of the answers in this thread point that you need to have a good life when you and your kids are young. Not for people who want to get money out of an investment.

    Also a reply suggests what you can do in worst case.

    Don't count how many days you are going to be in this country, but live every day for you and your family.

    I am sure you were not born in this country and brought up. Think about the enjoyment you had when you were young. Playing with 10 kids of your age everyday, running stairs up and down, cycling around the communities. Don't our kids deserve the same?

    They should not end up as "GC" victims.

    I just decided its my responsibility to give them a good living environment when they are young if I can. I dont' care about downpayment. If I was good enough to save the downpayment amount in 4 years, surely I can earn it back in 2 years somewhere in worst case scenario.

    Credit score? Sorry, I already built the score and bought the home, now I have many other things to worry about in life.





    hiralal
    06-19 10:10 PM
    here is a good prediction. for 5 years housing is going to be a lousy investment when you take inflation into account !!!
    to be honest, I would have bought a house this year because of tax credits ..but articles and predictions like this make me feel good. I guess those who are in similar situation can THANK USCIS for GC delays / visa wastage
    ---------------------
    A "distressingly slow" U.S. housing recovery, with inflation-adjusted home values expected to decline over the next five years, makes it unlikely that housing wealth will drive consumer spending in the next decade, a Reuters/University of Michigan survey found.

    Consumers are apt to maintain their renewed emphasis on savings and paring debt, Richard Curtin, director of the survey, said in a June home price update Friday.
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    "We expect prices to drop for another year and then stabilize before starting to rise with incomes," says Standard & Poor's Chief Economist David Wyss. Moody's Economy.com predicts the S&P/Case-Shiller U.S. National Home Price Index, maintained by data specialist Fiserv, will fall about 16% this year before regaining ground.
    Another risk is that potential buyers will stay out of the housing market, no longer trusting in home appreciation to do their saving for them. Writes David Rosenberg, the former Merrill Lynch economist who is now chief economist at Toronto-based asset management firm Gluskin Sheff & Associates: "Baby boomers are still in the discovery process on oversized real estate being more of a ball and chain than a viable retirement investment asset." Rosenberg also is concerned that an aging population won't need the kind of big houses erected during the boom. "The high end of the market will be in a bear phase," Rosenberg says in an interview.