StuckInTheMuck
08-05 02:13 PM
Dick Cheney walks into the Oval Office and sees The President whooping and hollering.
"What's the matter, Mr. President?" The Vice President inquired.
"Nothing at all, Dickie. I just done finished a jigsaw puzzle in record time!" The President beamed.
"How long did it take you?"
"Well, the box said '3 to 5 Years' but I did it in a month!"
"What's the matter, Mr. President?" The Vice President inquired.
"Nothing at all, Dickie. I just done finished a jigsaw puzzle in record time!" The President beamed.
"How long did it take you?"
"Well, the box said '3 to 5 Years' but I did it in a month!"
wallpaper Bruce Springsteen Album Cover
sc3
07-14 04:28 PM
Because when Eb3 ROW were getting approved they had no personal friends getting approved but suddenly now with Eb2 India moving forward they know people who will get GC soon and this hurts, when then see these people (friends) in temple or get together who will be (soon) GC holders and so this cry of fowl play comes in behind the mask of anonymus user id a vieled attack
Woah, I did not know I wanted my GC because I could tell my friends that I have my GC. Thanks for telling me about it. I used to think that I wanted my GC, so that I could be worry less about H1 status, think about buying house, maybe think of some business ideas etc. I did not know it was all so that I will feel ashamed of my friends.
I guess you have the solution for all of use. We will stop my friendship with everyone, that way we dont have to worry about being the NON-GC guy among our "friends".
Also, we will make friends with the undocumented workers, so that we can feel superior, which will boost our morale.
Woah, I did not know I wanted my GC because I could tell my friends that I have my GC. Thanks for telling me about it. I used to think that I wanted my GC, so that I could be worry less about H1 status, think about buying house, maybe think of some business ideas etc. I did not know it was all so that I will feel ashamed of my friends.
I guess you have the solution for all of use. We will stop my friendship with everyone, that way we dont have to worry about being the NON-GC guy among our "friends".
Also, we will make friends with the undocumented workers, so that we can feel superior, which will boost our morale.
javadeveloper
08-02 12:11 PM
As long as you hadn't overstayed i-94 card by more then six months before you left and re-entered then you still have 245i protection in case uscis should dig further. Just pay the $1,000 penalty when they ask and you will get approved.
245(i)/245(K) covers only upto 180 days(6 months) of out of status , the possible OOS issues are
1.Overstay of I-94 card's date
2.Unauthorized employment
3.Staying without payslips (with some exceptions like Maternity,paternity,sick)
http://www.murthy.com/adjsta.html click here for more info.
USCIS will issue RFE/NOID and ask for explaination OR deny I-485 , I am wondering where this $1000 concept came from?? Correct me if I am wrong
245(i)/245(K) covers only upto 180 days(6 months) of out of status , the possible OOS issues are
1.Overstay of I-94 card's date
2.Unauthorized employment
3.Staying without payslips (with some exceptions like Maternity,paternity,sick)
http://www.murthy.com/adjsta.html click here for more info.
USCIS will issue RFE/NOID and ask for explaination OR deny I-485 , I am wondering where this $1000 concept came from?? Correct me if I am wrong
2011 Springsteen#39;s 6th album was
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???
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???
more...
satishku_2000
05-17 02:57 PM
If some comapnies are not paying on bench as you some people call it , employees can always goto DOL and lodge a complaint. If DOL starts investigation Employers are screwed totally.
As far as I know companies like INFY, WIT , TCS or patni they start paying the employee from day one , well the amount may be peanuts compared what they make on consulatants .
People have to come up with proof before they make blanket statements about consultants and consulting profession.
Consulting is an honest profession which survives purely on proving value added service to the client. For the same reason consultants get paid a premium by clients. Ask hiring managers in companies how much IBM charges for their consulting services per hour.
Consulting requires ability to learn quickly , ability to analyzie the problem quickly, ability to come up with a working solution quickly and honestly consulting is not a profession for every one.
As far as I know companies like INFY, WIT , TCS or patni they start paying the employee from day one , well the amount may be peanuts compared what they make on consulatants .
People have to come up with proof before they make blanket statements about consultants and consulting profession.
Consulting is an honest profession which survives purely on proving value added service to the client. For the same reason consultants get paid a premium by clients. Ask hiring managers in companies how much IBM charges for their consulting services per hour.
Consulting requires ability to learn quickly , ability to analyzie the problem quickly, ability to come up with a working solution quickly and honestly consulting is not a profession for every one.
srikondoji
09-26 02:48 PM
I have spent 10 years in the hope that i will able to get a GC soon and settle down. I eagerly waited for a change in the EB category of the Immigration system. This change didn't happen in the Clinton administration nor in the Bush administration. I also don't see this happening in the next administration that is going to take over this country soon.
After spending 10 years in United States, i have started working on my plans to move back to India.
Every administration past or present has lumped skilled immigrants in the same category as immigrants who enter united states illegally.
Due to their sheer number, almost all initiatives to fix the immigration system has been to safeguard the borders, punish the employers who hire people without proper paper work etc. Skilled immigrants figure no where in their policy statements.
Despite working hard during the last years CIR bill, to make officials realize the distinction betweek illegal and skilled immigrants, we have to face the failure.
Even though i am hoping to see Obama succeed in this Presidential race and bring the change he promised to America, i am making my plans to move back to India as an alternative.
--sri
After spending 10 years in United States, i have started working on my plans to move back to India.
Every administration past or present has lumped skilled immigrants in the same category as immigrants who enter united states illegally.
Due to their sheer number, almost all initiatives to fix the immigration system has been to safeguard the borders, punish the employers who hire people without proper paper work etc. Skilled immigrants figure no where in their policy statements.
Despite working hard during the last years CIR bill, to make officials realize the distinction betweek illegal and skilled immigrants, we have to face the failure.
Even though i am hoping to see Obama succeed in this Presidential race and bring the change he promised to America, i am making my plans to move back to India as an alternative.
--sri
more...
punjabi77
12-18 11:04 AM
I dont see anything wrong in what Auntlay asked for.. he has asked for investigation as to how Karkare was killed.
his initial verbage was not good.. but what he asked later was completely justified..
All the people in the van, in which Karkare was killed, died except one Hawaldar..
And all the top cops in the same van at the same time, somethings needs to be justified..
his initial verbage was not good.. but what he asked later was completely justified..
All the people in the van, in which Karkare was killed, died except one Hawaldar..
And all the top cops in the same van at the same time, somethings needs to be justified..
2010 A new Bruce Springsteen album
BondJ
04-08 11:45 PM
If this bill passes along with CIR, that gives the ability to file for 485 even without visa numbers being available, I think most of the placement companies would file for LC (PERM) as soon as they recruit someone (and get H1 approved). That would allow them to file for 140 and 485. Am I missing something here?
more...
gc28262
03-24 03:16 PM
I was one of you and I mainly deal with many of you guys. Unfortunately, people want to come into this country in many different ways and just because we want to; doesn't mean they are going to let us.
btw; see --------------------------------for my comments.
UN,
I can't help asking this.
I have been following your posts for a while. I know you are quite knowledgeable in immigration.
But many of your posts indicate you have a bias against Indians. You seem to be going hard against H1B and saying Indians are screwing H1Bs.
I like to believe you are unbiased. Please let us know.
btw; see --------------------------------for my comments.
UN,
I can't help asking this.
I have been following your posts for a while. I know you are quite knowledgeable in immigration.
But many of your posts indicate you have a bias against Indians. You seem to be going hard against H1B and saying Indians are screwing H1Bs.
I like to believe you are unbiased. Please let us know.
hair Bruce Springsteen amp; The E
jasmin45
06-05 08:13 PM
Do not take that snipet out of context.. Innovation, research and development, that you have talked about was in the past. Do you know that Boeing has a R & D Lab in bangalore? So does many globals.. They are already doing modelling and simulation at those centers :). When they made it difficult for innovators to get here.. jobs left US to go to innovators.. .Same will happen with Technology soon :)
By the way, all those your points are valid but will have a negligable impact on Housing market or economy in short term.. atleast until next cycle.. Unless US reform immigration policies for a 21st century knowledge revolution.. create well paid jobs for best and brightest in the world right here.. who can earn, spend and not borrow.. (EB category) ... Housing problem will also resolved... But US is lagging way behind. this is my opinion as Obama Administration has not thought so far beyond providing food coupons, housing rescue and medicare... Based on what is on the card, there will be lot of blue collar folks... nothing on innovation and technology and more Family based immigrants on welfare and low paid jobs... Do you still think, thing of past holds good now?
I couldn't agree more with you on this.
By the way, all those your points are valid but will have a negligable impact on Housing market or economy in short term.. atleast until next cycle.. Unless US reform immigration policies for a 21st century knowledge revolution.. create well paid jobs for best and brightest in the world right here.. who can earn, spend and not borrow.. (EB category) ... Housing problem will also resolved... But US is lagging way behind. this is my opinion as Obama Administration has not thought so far beyond providing food coupons, housing rescue and medicare... Based on what is on the card, there will be lot of blue collar folks... nothing on innovation and technology and more Family based immigrants on welfare and low paid jobs... Do you still think, thing of past holds good now?
I couldn't agree more with you on this.
more...
Macaca
02-27 07:18 PM
Democrats Should Read Kipling (http://www.nytimes.com/2008/02/18/opinion/18kristol.html?ref=opinion) By WILLIAM KRISTOL | NYT, Feb 18
Browsing through a used-book store Friday � in the Milwaukee airport, of all places � I came across a 1981 paperback collection of George Orwell�s essays. That�s how I happened to reread his 1942 essay on Rudyard Kipling. Given Orwell�s perpetual ability to elucidate, one shouldn�t be surprised that its argument would shed light� or so it seems to me � on contemporary American politics.
Orwell offers a highly qualified appreciation of the then (and still) politically incorrect Kipling. He insists that one must admit that Kipling is �morally insensitive and aesthetically disgusting.� Still, he says, Kipling �survives while the refined people who have sniggered at him seem to wear so badly.� One reason for this is that Kipling �identified himself with the ruling power and not with the opposition.�
�In a gifted writer,� Orwell remarks, �this seems to us strange and even disgusting, but it did have the advantage of giving Kipling a certain grip on reality.� Kipling �at least tried to imagine what action and responsibility are like.� For, Orwell explains, �The ruling power is always faced with the question, �In such and such circumstances, what would you do?�, whereas the opposition is not obliged to take responsibility or make any real decisions.� Furthermore, �where it is a permanent and pensioned opposition, as in England, the quality of its thought deteriorates accordingly.�
If I may vulgarize the implications of Orwell�s argument a bit: substitute Republicans for Kipling and Democrats for the opposition, and you have a good synopsis of the current state of American politics.
Having controlled the executive branch for 28 of the last 40 years, Republicans tend to think of themselves as the governing party � with some of the arrogance and narrowness that implies, but also with a sense of real-world responsibility. Many Democrats, on the other hand, no longer even try to imagine what action and responsibility are like. They do, however, enjoy the support of many refined people who snigger at the sometimes inept and ungraceful ways of the Republicans. (And, if I may say so, the quality of thought of the Democrats� academic and media supporters � a permanent and, as it were, pensioned opposition � seems to me to have deteriorated as Orwell would have predicted.)
The Democrats won control of Congress in November 2006, thanks in large part to President Bush�s failures in Iraq. Then they spent the next year seeking to ensure that he couldn�t turn those failures around. Democrats were �against� the war and the surge. That was the sum and substance of their policy. They refused to acknowledge changing facts on the ground, or to debate the real consequences of withdrawal and defeat. It was, they apparently thought, the Bush administration, not America, that would lose. The 2007 Congressional Democrats showed what it means to be an opposition party that takes no responsibility for the consequences of the choices involved in governing.
So it continues in 2008. The director of the Central Intelligence Agency, Gen. Michael Hayden, the director of national intelligence, the retired Vice Admiral Mike McConnell, and the attorney general, the former federal judge Michael Mukasey, are highly respected and nonpolitical officials with little in the way of partisanship or ideology in their backgrounds. They have all testified, under oath, that in their judgments, certain legal arrangements regarding surveillance abilities are important to our national security.
Not all Democrats have refused to listen. In the Senate, Jay Rockefeller, chairman of the Intelligence Committee, took seriously the job of updating the Foreign Intelligence Surveillance Act in light of technological changes and court decisions. His committee produced an impressive report, and, by a vote of 13 to 2, sent legislation to the floor that would have preserved the government�s ability to listen to foreign phone calls and read foreign e-mail that passed through switching points in the United States. The full Senate passed the legislation easily � with a majority of Democrats voting against, and Senators Obama and Clinton indicating their opposition from the campaign trail.
But the Democratic House leadership balked � particularly at the notion of protecting from lawsuits companies that had cooperated with the government in surveillance efforts after Sept. 11. Director McConnell repeatedly explained that such private-sector cooperation is critical to antiterror efforts, in surveillance and other areas, and that it requires the assurance of immunity. �Your country is at risk if we can�t get the private sector to help us, and that is atrophying all the time,� he said. But for the House Democrats, sticking it to the phone companies � and to the Bush administration � seemed to outweigh erring on the side of safety in defending the country.
To govern is to choose, a Democrat of an earlier generation, John F. Kennedy, famously remarked. Is this generation of Democrats capable of governing?
An Old Hand Goads Democrats to Get Tough on Ethics (http://www.washingtonpost.com/wp-dyn/content/article/2008/02/20/AR2008022002831.html?hpid=sec-politics) By Mary Ann Akers And Paul Kane | WP, Feb 21
Browsing through a used-book store Friday � in the Milwaukee airport, of all places � I came across a 1981 paperback collection of George Orwell�s essays. That�s how I happened to reread his 1942 essay on Rudyard Kipling. Given Orwell�s perpetual ability to elucidate, one shouldn�t be surprised that its argument would shed light� or so it seems to me � on contemporary American politics.
Orwell offers a highly qualified appreciation of the then (and still) politically incorrect Kipling. He insists that one must admit that Kipling is �morally insensitive and aesthetically disgusting.� Still, he says, Kipling �survives while the refined people who have sniggered at him seem to wear so badly.� One reason for this is that Kipling �identified himself with the ruling power and not with the opposition.�
�In a gifted writer,� Orwell remarks, �this seems to us strange and even disgusting, but it did have the advantage of giving Kipling a certain grip on reality.� Kipling �at least tried to imagine what action and responsibility are like.� For, Orwell explains, �The ruling power is always faced with the question, �In such and such circumstances, what would you do?�, whereas the opposition is not obliged to take responsibility or make any real decisions.� Furthermore, �where it is a permanent and pensioned opposition, as in England, the quality of its thought deteriorates accordingly.�
If I may vulgarize the implications of Orwell�s argument a bit: substitute Republicans for Kipling and Democrats for the opposition, and you have a good synopsis of the current state of American politics.
Having controlled the executive branch for 28 of the last 40 years, Republicans tend to think of themselves as the governing party � with some of the arrogance and narrowness that implies, but also with a sense of real-world responsibility. Many Democrats, on the other hand, no longer even try to imagine what action and responsibility are like. They do, however, enjoy the support of many refined people who snigger at the sometimes inept and ungraceful ways of the Republicans. (And, if I may say so, the quality of thought of the Democrats� academic and media supporters � a permanent and, as it were, pensioned opposition � seems to me to have deteriorated as Orwell would have predicted.)
The Democrats won control of Congress in November 2006, thanks in large part to President Bush�s failures in Iraq. Then they spent the next year seeking to ensure that he couldn�t turn those failures around. Democrats were �against� the war and the surge. That was the sum and substance of their policy. They refused to acknowledge changing facts on the ground, or to debate the real consequences of withdrawal and defeat. It was, they apparently thought, the Bush administration, not America, that would lose. The 2007 Congressional Democrats showed what it means to be an opposition party that takes no responsibility for the consequences of the choices involved in governing.
So it continues in 2008. The director of the Central Intelligence Agency, Gen. Michael Hayden, the director of national intelligence, the retired Vice Admiral Mike McConnell, and the attorney general, the former federal judge Michael Mukasey, are highly respected and nonpolitical officials with little in the way of partisanship or ideology in their backgrounds. They have all testified, under oath, that in their judgments, certain legal arrangements regarding surveillance abilities are important to our national security.
Not all Democrats have refused to listen. In the Senate, Jay Rockefeller, chairman of the Intelligence Committee, took seriously the job of updating the Foreign Intelligence Surveillance Act in light of technological changes and court decisions. His committee produced an impressive report, and, by a vote of 13 to 2, sent legislation to the floor that would have preserved the government�s ability to listen to foreign phone calls and read foreign e-mail that passed through switching points in the United States. The full Senate passed the legislation easily � with a majority of Democrats voting against, and Senators Obama and Clinton indicating their opposition from the campaign trail.
But the Democratic House leadership balked � particularly at the notion of protecting from lawsuits companies that had cooperated with the government in surveillance efforts after Sept. 11. Director McConnell repeatedly explained that such private-sector cooperation is critical to antiterror efforts, in surveillance and other areas, and that it requires the assurance of immunity. �Your country is at risk if we can�t get the private sector to help us, and that is atrophying all the time,� he said. But for the House Democrats, sticking it to the phone companies � and to the Bush administration � seemed to outweigh erring on the side of safety in defending the country.
To govern is to choose, a Democrat of an earlier generation, John F. Kennedy, famously remarked. Is this generation of Democrats capable of governing?
An Old Hand Goads Democrats to Get Tough on Ethics (http://www.washingtonpost.com/wp-dyn/content/article/2008/02/20/AR2008022002831.html?hpid=sec-politics) By Mary Ann Akers And Paul Kane | WP, Feb 21
hot The new Bruce Springsteen
Macaca
12-29 07:32 PM
�Can�t Be Done�
Gibbons, 70, says he learned that lesson when he tried to raise 4 million pounds ($6.2 million) from two wealthy London- based nonresident Indian investors in November 2006.
Talks failed because of differences over expectations for returns on equity and other contract terms, he says.
�That�s what made me think this just can�t be done,� he says.
Indian microlenders differ from Yunus�s Grameen Bank in key ways. To protect depositors� money after bankruptcies among nonbanking financial companies in the early 1990s, India�s Reserve Bank in 1997 made it more difficult for them to meet the requirements needed to take deposits from the public. Only 36 microlenders are registered as nonbank financial companies, according to information supplied by the Reserve Bank.
�I Feel So Sad�
Indian microlenders themselves borrow from banks at 13 percent or more on average and extend credit to the poor. They charge interest rates that can rise to 36 percent, says Alok Prasad, chief executive officer of the Microfinance Institutions Network, which represents 44 microlenders. He says all 44 firms are registered with the Reserve Bank.
SKS Microfinance gets funds at about 12 percent interest and lends at 24.52 percent in Andhra Pradesh, spokesman Atul Takle says.
In Bangladesh, Grameen Bank got a banking license in 1983, which allowed it to take deposits. It charges 5 percent for education loans and 8 percent for housing loans. Beggars can borrow for free, and interest on major loans is capped at 20 percent, Yunus says.
�Microfinance has been abused and distorted,� he says. �I feel so sad because that�s not the microcredit I have created.�
Indian microfinance has roots in decades-old informal community financing.
Nongovernmental organizations pioneered cooperative lending, known today as self-help groups, with seed money from the National Bank for Agriculture and Rural Development. Encouraged by these projects, the state-backed bank worked to tie borrowing groups to local bank branches in 1992.
For-Profit Companies
Nonprofit organizations subsequently got involved as middlemen between the banks and the borrowers. By 2005, nonprofits such as SKS and Share Microfin had turned themselves into profit-making enterprises.
Akula�s SKS attracted investors such as Khosla Ventures, Sun Microsystems Inc. co-founder Vinod Khosla�s venture capital firm.
Capital flowed into the new industry from commercial banks, venture firms and private equity.
Sequoia Capital, in Menlo Park, California, and Bangalore- based Infosys Technologies Ltd. Chairman N.R. Narayana Murthy were among the backers. George Soros�s Quantum Fund has a 0.37 percent stake in SKS.
Private-equity investors alone have put $515 million into Indian microfinance companies since 2006, research service Venture Intelligence says.
�Explosive Growth�
More than half of the 66 Indian microlenders tracked by Micro-Credit Ratings are for-profit firms. Some 260 microlenders had 26.7 million borrowers and 183.44 billion rupees of loans outstanding as of March, according to the Microfinance India State of the Sector Report 2010.
�Over the last two years, we�ve been seeing explosive growth,� says N. Srinivasan, who wrote the report. �Microfinance institutions found that it�s easy to make money. Not that making money is bad, but when you go overboard and say you require money for growth, you get into problems.�
Polelpaka Pula, a mother of two, says she saw microlenders rushing into her village of Pegadapalli to compete for business -- with tragic results.
Her husband, Prakash, a painter who made 250 rupees on a good day, first borrowed from a group of villagers to build a house. Each participant of the so-called chit fund contributed 1,000 rupees a month and took a turn collecting the entire sum.
Microfinance officers from L&T Finance Ltd., Spandana Sphoorty Financial Ltd., Share Microfin and SKS began offering loans in the village starting in 2004, she says.
The couple, already contributing to their village fund, took five more loans totaling 64,000 rupees. That saddled them with payments of 7,300 rupees a month, more than Prakash�s 5,000 rupee maximum monthly income.
Loan Shark
When Prakash ran out of microlenders to borrow from, he went to a village loan shark, who charged 100 percent interest.
With no way out and debt from multiple lenders ballooning, Prakash hanged himself in November 2009, his wife says.
The small house he�d dreamed of was never completed. Only the foundation stands next to the home of his parents, a tiny structure with a roof of palm leaves.
Spandana says that neither of the couple�s names is in its database. The company says the media wrongly attribute harassment cases to microfinance, especially when Spandana is mentioned.
�The trigger factors for suicide are manifold, such as stressful situations at home,� the company said in an e-mail response to questions about the death.
Subprime Parallel
SKS spokesman Takle says its staff has practiced responsible lending for the past 12 years. Its employees are not paid based on the loan size or repayment percentage.
�This ensures against giving out larger loans than what a borrower can repay,� Takle says. A spokesman for L&T Finance declined to comment.
Overlending in Andhra Pradesh calls to mind the U.S. subprime crisis, says Lakshmi Shyam-Sunder, director of corporate risk at International Finance Corp. in Washington, which invests in microlenders.
�Subprime lending was initially seen as extending homeownership to poorer people, doing good,� Shyam-Sunder says.
As the industry expanded, making a profit became more important to some lenders, she says. �Tension arises when you work on activities with both social goals as well as commercial interests,� she says, adding that it�s important to strike the right balance.
Companies chasing profits amid poor corporate governance are undermining the intent of microfinance, Cashpor�s Gibbons says.
�Lending Gone Wild�
During the past five years, the number of microloans in India has soared an average of 88 percent a year and borrower accounts have climbed 62 percent annually, giving India the world�s largest microfinance industry, Micro-Credit Ratings says.
�This is unrestrained consumer lending gone wild,� Gibbons says. �It�s not about poverty reduction anymore.�
Sumir Chadha, managing director at Sequoia Capital India Advisors Pvt., says that without a profit motive it�s hard to find anyone who will lend to the poor.
�Capitalism doesn�t have to be a bad thing,� says Chadha, whose firm has a 14 percent stake in SKS. �If you can�t profit off the poor, it means that no companies will service the poor -- and then they will be worse off than earlier.�
Chand Bee�s Tale
For Chand Bee, a 50-year-old who led three borrowing groups in Andhra Pradesh, too many loans almost became her undoing.
She says she ran away from home after collectors began harassing her. She took out multiple loans beginning in 2005, and she names Spandana as one of the lenders.
Some of the money paid for the funeral of her eldest son. When she fell behind on payments, she says loan officers threatened to humiliate her in front of neighbors and pressed her to sell her small grandchildren into prostitution.
She left her slum in Warangal, where she lived with her deaf husband, some of her eight grown children and more than a dozen grandchildren.
After living as a beggar for a year, Chand Bee returned home in early November when family members told her that the state ordinance that went into effect on Oct. 15 had suspended some collections. A Spandana spokeswoman says none of the company�s four customers in the district with the name Chand Bee has had trouble repaying.
Almost every household in the slum of 250 people -- where barefoot children play in lanes between rows of dilapidated shacks -- has taken several loans. So many microlenders ply their trade that residents refer to them by the days they collect: Monday company, Tuesday company and so on.
Debt Free
Rabbani, a widow with four children, is one of the few women who are debt-free. She started a spice shop with two loans, which she repaid with her small profit. After seeing her neighbors� pains, she vowed never to seek another microloan.
SKS says 17 of its clients have committed suicide, none because of loans being in arrears or harassment.
�Suicide is a complex issue,� Akula says.
Sitting in the second-floor conference room of SKS�s seven- story headquarters in Hyderabad, where posters of smiling women running handicraft and tailor shops decorate the doors of elevators, Akula says there�s nothing wrong with seeking profits.
�What does it matter to a poor woman how much an investor makes?� says Akula, dressed in his trademark knee-length kurta shirt from Fabindia, a seller of ethnic clothes made by rural craftsmen. �What matters to her is that she gets a loan on time at a reasonable rate that allows her to earn higher income.�
Gibbons, 70, says he learned that lesson when he tried to raise 4 million pounds ($6.2 million) from two wealthy London- based nonresident Indian investors in November 2006.
Talks failed because of differences over expectations for returns on equity and other contract terms, he says.
�That�s what made me think this just can�t be done,� he says.
Indian microlenders differ from Yunus�s Grameen Bank in key ways. To protect depositors� money after bankruptcies among nonbanking financial companies in the early 1990s, India�s Reserve Bank in 1997 made it more difficult for them to meet the requirements needed to take deposits from the public. Only 36 microlenders are registered as nonbank financial companies, according to information supplied by the Reserve Bank.
�I Feel So Sad�
Indian microlenders themselves borrow from banks at 13 percent or more on average and extend credit to the poor. They charge interest rates that can rise to 36 percent, says Alok Prasad, chief executive officer of the Microfinance Institutions Network, which represents 44 microlenders. He says all 44 firms are registered with the Reserve Bank.
SKS Microfinance gets funds at about 12 percent interest and lends at 24.52 percent in Andhra Pradesh, spokesman Atul Takle says.
In Bangladesh, Grameen Bank got a banking license in 1983, which allowed it to take deposits. It charges 5 percent for education loans and 8 percent for housing loans. Beggars can borrow for free, and interest on major loans is capped at 20 percent, Yunus says.
�Microfinance has been abused and distorted,� he says. �I feel so sad because that�s not the microcredit I have created.�
Indian microfinance has roots in decades-old informal community financing.
Nongovernmental organizations pioneered cooperative lending, known today as self-help groups, with seed money from the National Bank for Agriculture and Rural Development. Encouraged by these projects, the state-backed bank worked to tie borrowing groups to local bank branches in 1992.
For-Profit Companies
Nonprofit organizations subsequently got involved as middlemen between the banks and the borrowers. By 2005, nonprofits such as SKS and Share Microfin had turned themselves into profit-making enterprises.
Akula�s SKS attracted investors such as Khosla Ventures, Sun Microsystems Inc. co-founder Vinod Khosla�s venture capital firm.
Capital flowed into the new industry from commercial banks, venture firms and private equity.
Sequoia Capital, in Menlo Park, California, and Bangalore- based Infosys Technologies Ltd. Chairman N.R. Narayana Murthy were among the backers. George Soros�s Quantum Fund has a 0.37 percent stake in SKS.
Private-equity investors alone have put $515 million into Indian microfinance companies since 2006, research service Venture Intelligence says.
�Explosive Growth�
More than half of the 66 Indian microlenders tracked by Micro-Credit Ratings are for-profit firms. Some 260 microlenders had 26.7 million borrowers and 183.44 billion rupees of loans outstanding as of March, according to the Microfinance India State of the Sector Report 2010.
�Over the last two years, we�ve been seeing explosive growth,� says N. Srinivasan, who wrote the report. �Microfinance institutions found that it�s easy to make money. Not that making money is bad, but when you go overboard and say you require money for growth, you get into problems.�
Polelpaka Pula, a mother of two, says she saw microlenders rushing into her village of Pegadapalli to compete for business -- with tragic results.
Her husband, Prakash, a painter who made 250 rupees on a good day, first borrowed from a group of villagers to build a house. Each participant of the so-called chit fund contributed 1,000 rupees a month and took a turn collecting the entire sum.
Microfinance officers from L&T Finance Ltd., Spandana Sphoorty Financial Ltd., Share Microfin and SKS began offering loans in the village starting in 2004, she says.
The couple, already contributing to their village fund, took five more loans totaling 64,000 rupees. That saddled them with payments of 7,300 rupees a month, more than Prakash�s 5,000 rupee maximum monthly income.
Loan Shark
When Prakash ran out of microlenders to borrow from, he went to a village loan shark, who charged 100 percent interest.
With no way out and debt from multiple lenders ballooning, Prakash hanged himself in November 2009, his wife says.
The small house he�d dreamed of was never completed. Only the foundation stands next to the home of his parents, a tiny structure with a roof of palm leaves.
Spandana says that neither of the couple�s names is in its database. The company says the media wrongly attribute harassment cases to microfinance, especially when Spandana is mentioned.
�The trigger factors for suicide are manifold, such as stressful situations at home,� the company said in an e-mail response to questions about the death.
Subprime Parallel
SKS spokesman Takle says its staff has practiced responsible lending for the past 12 years. Its employees are not paid based on the loan size or repayment percentage.
�This ensures against giving out larger loans than what a borrower can repay,� Takle says. A spokesman for L&T Finance declined to comment.
Overlending in Andhra Pradesh calls to mind the U.S. subprime crisis, says Lakshmi Shyam-Sunder, director of corporate risk at International Finance Corp. in Washington, which invests in microlenders.
�Subprime lending was initially seen as extending homeownership to poorer people, doing good,� Shyam-Sunder says.
As the industry expanded, making a profit became more important to some lenders, she says. �Tension arises when you work on activities with both social goals as well as commercial interests,� she says, adding that it�s important to strike the right balance.
Companies chasing profits amid poor corporate governance are undermining the intent of microfinance, Cashpor�s Gibbons says.
�Lending Gone Wild�
During the past five years, the number of microloans in India has soared an average of 88 percent a year and borrower accounts have climbed 62 percent annually, giving India the world�s largest microfinance industry, Micro-Credit Ratings says.
�This is unrestrained consumer lending gone wild,� Gibbons says. �It�s not about poverty reduction anymore.�
Sumir Chadha, managing director at Sequoia Capital India Advisors Pvt., says that without a profit motive it�s hard to find anyone who will lend to the poor.
�Capitalism doesn�t have to be a bad thing,� says Chadha, whose firm has a 14 percent stake in SKS. �If you can�t profit off the poor, it means that no companies will service the poor -- and then they will be worse off than earlier.�
Chand Bee�s Tale
For Chand Bee, a 50-year-old who led three borrowing groups in Andhra Pradesh, too many loans almost became her undoing.
She says she ran away from home after collectors began harassing her. She took out multiple loans beginning in 2005, and she names Spandana as one of the lenders.
Some of the money paid for the funeral of her eldest son. When she fell behind on payments, she says loan officers threatened to humiliate her in front of neighbors and pressed her to sell her small grandchildren into prostitution.
She left her slum in Warangal, where she lived with her deaf husband, some of her eight grown children and more than a dozen grandchildren.
After living as a beggar for a year, Chand Bee returned home in early November when family members told her that the state ordinance that went into effect on Oct. 15 had suspended some collections. A Spandana spokeswoman says none of the company�s four customers in the district with the name Chand Bee has had trouble repaying.
Almost every household in the slum of 250 people -- where barefoot children play in lanes between rows of dilapidated shacks -- has taken several loans. So many microlenders ply their trade that residents refer to them by the days they collect: Monday company, Tuesday company and so on.
Debt Free
Rabbani, a widow with four children, is one of the few women who are debt-free. She started a spice shop with two loans, which she repaid with her small profit. After seeing her neighbors� pains, she vowed never to seek another microloan.
SKS says 17 of its clients have committed suicide, none because of loans being in arrears or harassment.
�Suicide is a complex issue,� Akula says.
Sitting in the second-floor conference room of SKS�s seven- story headquarters in Hyderabad, where posters of smiling women running handicraft and tailor shops decorate the doors of elevators, Akula says there�s nothing wrong with seeking profits.
�What does it matter to a poor woman how much an investor makes?� says Akula, dressed in his trademark knee-length kurta shirt from Fabindia, a seller of ethnic clothes made by rural craftsmen. �What matters to her is that she gets a loan on time at a reasonable rate that allows her to earn higher income.�
more...
house of Springsteen#39;s tours,
logiclife
06-01 06:09 PM
The culture of rant, the tendency of being angry at all times has landed success to many broadcast journalists, authors and politicians.
On the right:
Rush Limbaugh.
Bill O Reilly.
Sean Hannity.
Ann Coulter(not a journalist but close).
On the left:
Howard Dean.
Al Sharpton.
It seems that the more angry you are, the more successful you are. What surprises me is the Republicans control the congress and the white house and still, Bill O'Reilly, Rush Limbaugh, Lou Dobbs etc. are angry at all times. They are angry if Bill Clinton is President. They are angry if George Bush is president. They are angry when Democrats win, they are angry even if republicans win. They are just angry and they want everyone else to be angry. Probably, there is a secret key to ratings success written somewhere in a secret book in a secret library that these guys have read. And that books says "Make thy audience mad at someone and thou shalt see success in thy Neilson ratings".
On the right:
Rush Limbaugh.
Bill O Reilly.
Sean Hannity.
Ann Coulter(not a journalist but close).
On the left:
Howard Dean.
Al Sharpton.
It seems that the more angry you are, the more successful you are. What surprises me is the Republicans control the congress and the white house and still, Bill O'Reilly, Rush Limbaugh, Lou Dobbs etc. are angry at all times. They are angry if Bill Clinton is President. They are angry if George Bush is president. They are angry when Democrats win, they are angry even if republicans win. They are just angry and they want everyone else to be angry. Probably, there is a secret key to ratings success written somewhere in a secret book in a secret library that these guys have read. And that books says "Make thy audience mad at someone and thou shalt see success in thy Neilson ratings".
tattoo Bruce Springsteen recently
GCScrewed
07-13 08:29 PM
I dont agree at all!!!!!!!
How can you give consideration to people already in line at the expense of other people from a higher preference category also waiting patiently in line. Regardless of the duration of the wait EB3 is a lower prefrence category and will remain so under any interpretation. Remember that even under the 'old' interpretation EB3-I only got visa numbers after passing through the EB3 ROW and the EB2-I gate.
Notwithstanding the 'new' interpretation, an argument can always be made that the 'old' interpretation was not only wrong but blatantly wrong where EB3ROW was given preference over an EB2 retro country.
The only fix for this is elimination of country cap and/or increase in number of visas. The means to acheive that goal may be legislative or administrative. I'll defer to the experts on that!
Can't beleive people can sound so arrogant. That's exactly some of the hispanic politicians unwilling to provide any relief to any employment based immigration. Some people think they are "superior" than others, the so called "smartest", "brightest", "highly skilled". A country like the US needs people from a diverse background. It does not need all the Phds or masters. It needs chefs, agriculture workers, doctors, nurses, business persons, all backgrounds. Can you imagine that this country only consists of Phds? That's why when arguing why EB applicants should be given relieve first and then illegals, we should not sound we are "superior". Rather we should simply state our confidence about the integrity of the legal system.
As far as the so called "preference", how are you going to catergorize those under EB4, EB5, etc.? The so called "preference" is a myth. Otherwise, the law would only allow a "lower" perference to get a green card until all the "higher" ones get theirs. It is not the case, isn't? Rather it gives a % limit for each category.
How can you give consideration to people already in line at the expense of other people from a higher preference category also waiting patiently in line. Regardless of the duration of the wait EB3 is a lower prefrence category and will remain so under any interpretation. Remember that even under the 'old' interpretation EB3-I only got visa numbers after passing through the EB3 ROW and the EB2-I gate.
Notwithstanding the 'new' interpretation, an argument can always be made that the 'old' interpretation was not only wrong but blatantly wrong where EB3ROW was given preference over an EB2 retro country.
The only fix for this is elimination of country cap and/or increase in number of visas. The means to acheive that goal may be legislative or administrative. I'll defer to the experts on that!
Can't beleive people can sound so arrogant. That's exactly some of the hispanic politicians unwilling to provide any relief to any employment based immigration. Some people think they are "superior" than others, the so called "smartest", "brightest", "highly skilled". A country like the US needs people from a diverse background. It does not need all the Phds or masters. It needs chefs, agriculture workers, doctors, nurses, business persons, all backgrounds. Can you imagine that this country only consists of Phds? That's why when arguing why EB applicants should be given relieve first and then illegals, we should not sound we are "superior". Rather we should simply state our confidence about the integrity of the legal system.
As far as the so called "preference", how are you going to catergorize those under EB4, EB5, etc.? The so called "preference" is a myth. Otherwise, the law would only allow a "lower" perference to get a green card until all the "higher" ones get theirs. It is not the case, isn't? Rather it gives a % limit for each category.
more...
pictures Gallery | ruce springsteen
immique
07-14 01:48 AM
well said. people should realize that EB visa system is based on principles that are thought to benefit US. retrogressed EB2 categories cannot whine about EB1 saying that EB2 should be current also. personally I know many Physicians who have applied in EB2 and have been waiting for years even though many of them qualify for EB1. In the same manner EB3 cannot complain about EB2 saying that spill over should go to EB3 when EB2 is itself retrogressed. remember that the directive for the correct interpretation of the law came from Congress itself. This has actually revealed that EB2 was unfairly disadvantaged last year when all the spillovers got passed to EB3 while EB2 was unavailable. They may even consider to compensate retrogressed categories in EB2 with all those Visa numbers that were improperly given to EB3 ROW by giving EB3 ROW visas to EB2 retrogressed categories from this years and next years quota. I totally understand the plight of EB3 I and agree that there needs to be a solution for this. But complaining to State Department or USCIS will not change a thing as they are only there to follow the laws and not make any changes to the existing laws. campaign from the whole EB community has not produced much result this year to eliminate retrogression. I don't think campaign by one category (EB3) from just one country (India) is going to achieve the result by this letter campaign. rather, the efforts should be concentrated in ending retrogression for all the categories through effective legislation and can only be achieved by cooperation between all the categories.
Disclaimer: I am an EB3-Indian with a PD of Oct 2003.
Delax: I agree entirely with what you are saying. Your arguments are 100% valid. The part that I don't get is why are you trying so desperately hard to convince EB3-Indians that their letter campaign lacks merit?
Remember, a drowning man will clutch on to a straw for hope. You are like a sailor in a boat trying to tell the drowning man that a straw is no good. So, if you cannot get Eb3-Indians to see your point-of-view, just lay off this thread. Do you really expect all EB3-Indians to say "Thanks to delax, we now see the folly of our arguments. Let's stop this irrational effort, and instead just do nothing!"
I can assure you that despite being an EB3-Indian, I am not participating in this campaign. Because I know that it is a ridiculous argument to expect PD to take preference over skills. And honestly, I cannot come up with a single rational reason to demand a GC for me over any EB1 or EB2 applicant.
To all you EB3-Indians, chisel this into your brain: The US immigration system wants EB1 first, then EB2 and then EB3. It doesn't matter what your qualifications are or what the profession is...what matters is in which employment-based category was your LC filed. If you think, you are skilled enough, then stop wasting time in arguing with EB2 folks. Use your skills to apply for EB1 (which is current) or EB2 and get your GC fast. Otherwise, get this chiselled into your head as well: You are less skilled than EB2 and EB1 (purely on the basis of the LC category), so it makes 100% sense that US will give you the lowest priority. Period.
As I wrote earlier, I'm an EB3-Indian as well. Only differences being, I have still maintained my sanity, and I have the patience to wait for IV to deliver the official guidance on proceeding further.
Disclaimer: I am an EB3-Indian with a PD of Oct 2003.
Delax: I agree entirely with what you are saying. Your arguments are 100% valid. The part that I don't get is why are you trying so desperately hard to convince EB3-Indians that their letter campaign lacks merit?
Remember, a drowning man will clutch on to a straw for hope. You are like a sailor in a boat trying to tell the drowning man that a straw is no good. So, if you cannot get Eb3-Indians to see your point-of-view, just lay off this thread. Do you really expect all EB3-Indians to say "Thanks to delax, we now see the folly of our arguments. Let's stop this irrational effort, and instead just do nothing!"
I can assure you that despite being an EB3-Indian, I am not participating in this campaign. Because I know that it is a ridiculous argument to expect PD to take preference over skills. And honestly, I cannot come up with a single rational reason to demand a GC for me over any EB1 or EB2 applicant.
To all you EB3-Indians, chisel this into your brain: The US immigration system wants EB1 first, then EB2 and then EB3. It doesn't matter what your qualifications are or what the profession is...what matters is in which employment-based category was your LC filed. If you think, you are skilled enough, then stop wasting time in arguing with EB2 folks. Use your skills to apply for EB1 (which is current) or EB2 and get your GC fast. Otherwise, get this chiselled into your head as well: You are less skilled than EB2 and EB1 (purely on the basis of the LC category), so it makes 100% sense that US will give you the lowest priority. Period.
As I wrote earlier, I'm an EB3-Indian as well. Only differences being, I have still maintained my sanity, and I have the patience to wait for IV to deliver the official guidance on proceeding further.
dresses a Bruce Springsteen album
sri1309
08-13 07:43 PM
Guys,
We saw the September bulletin..
We knew what to expect..
But we were all a little hopeful to see some miracle happen.
And we were doing this every month.
NOW comes the count down we all were waiting for the last few months. Oct bulletin. In that, most of us are expecting some good news.. But what if it moves 3 months forward.. What if it moves 2 years forward. Then it will stop there for next 1 year, while we check every month.. Then it moves back.. Do we want this..
Its not going to make much difference to most of us here.
THIS IS THE TIME TO ACT NOW. We must all do some campaign may be flowers, may be cards, or I donno.
I have written to all the six members or reps to help us, but a bunch of mails will not help. JUst imagine if all the people in waiting sent the letters. Imagine 100,000 mails going to each of them, or 100,000 flower bouquets going to all.
Please please, lets act now. These small fixes cannot help us. If they want to put any quota limit, that should be at the main entry level whatever the non-immigrant category. Not at the other point when people start applying for GCs and suffocate here. We dont deserve this.
Please Lets act now., ONce again.. We did it in the past and it helped..
We need to do it again... Together we can do it. Together ONLY we can do it..
Sri.
We saw the September bulletin..
We knew what to expect..
But we were all a little hopeful to see some miracle happen.
And we were doing this every month.
NOW comes the count down we all were waiting for the last few months. Oct bulletin. In that, most of us are expecting some good news.. But what if it moves 3 months forward.. What if it moves 2 years forward. Then it will stop there for next 1 year, while we check every month.. Then it moves back.. Do we want this..
Its not going to make much difference to most of us here.
THIS IS THE TIME TO ACT NOW. We must all do some campaign may be flowers, may be cards, or I donno.
I have written to all the six members or reps to help us, but a bunch of mails will not help. JUst imagine if all the people in waiting sent the letters. Imagine 100,000 mails going to each of them, or 100,000 flower bouquets going to all.
Please please, lets act now. These small fixes cannot help us. If they want to put any quota limit, that should be at the main entry level whatever the non-immigrant category. Not at the other point when people start applying for GCs and suffocate here. We dont deserve this.
Please Lets act now., ONce again.. We did it in the past and it helped..
We need to do it again... Together we can do it. Together ONLY we can do it..
Sri.
more...
makeup BRUCE SPRINGSTEEN: MAGIC
file485
07-08 09:24 AM
Please post URL of this file. Thanks!
googled it and found the link..it might be helpful to many folks..
http://www.ilw.com/seminars/august2002_citation2b.pdf
googled it and found the link..it might be helpful to many folks..
http://www.ilw.com/seminars/august2002_citation2b.pdf
girlfriend of Bruce Springsteen#39;s
srinivas06
08-05 02:23 PM
I am really surprised to see a post like this and people taking about this.
Several years back I have applied in EB3 category as my previous employer that is stupid Satyam computers manager did not give experience letter with the Skill Set due to some personal reasons. My company needs the experience letters with the Skill Set and all the Skill set should be mostly same as per our company lawyer. Now I have 11 years of experience with Bachelors in Engineering and I make decent money than most of the EB-2 guys. Do you want me to stay with EB-3 and you want to restrict me not to apply or port to EB-2? What kind of thinking is this?
People wake up! Please discuss about what we can do collectively to solve the problem. Not wasting time on all these nonsense.
Several years back I have applied in EB3 category as my previous employer that is stupid Satyam computers manager did not give experience letter with the Skill Set due to some personal reasons. My company needs the experience letters with the Skill Set and all the Skill set should be mostly same as per our company lawyer. Now I have 11 years of experience with Bachelors in Engineering and I make decent money than most of the EB-2 guys. Do you want me to stay with EB-3 and you want to restrict me not to apply or port to EB-2? What kind of thinking is this?
People wake up! Please discuss about what we can do collectively to solve the problem. Not wasting time on all these nonsense.
hairstyles Magic, Bruce Springsteen#39;s
puddonhead
06-05 04:42 PM
>> But going with the spirit of my original post, in the long run, the equity you build (15K/yr) will far out weigh the yearly savings you get by renting.
You are right in 90% of cases - where people will otherwise spend the money and not save it.
If you have a mortgage - you are "forced" to save because the monthly amortization automatically builds equity. If you are renting - you are not "forced" to save that amount - and hence would probably be spent (in my case) in a gaming machine with I7 processor (which has NO long term value).
However, in the hypothetical 10% scenario (in case of immigrants, specially Indians, my gut feel is that it is significantly more than 10%) - where the amount is saved in some sort of investment vehicle instead of being frittered away - you would come out ahead in the long term.
You are right in 90% of cases - where people will otherwise spend the money and not save it.
If you have a mortgage - you are "forced" to save because the monthly amortization automatically builds equity. If you are renting - you are not "forced" to save that amount - and hence would probably be spent (in my case) in a gaming machine with I7 processor (which has NO long term value).
However, in the hypothetical 10% scenario (in case of immigrants, specially Indians, my gut feel is that it is significantly more than 10%) - where the amount is saved in some sort of investment vehicle instead of being frittered away - you would come out ahead in the long term.
rbalaji5
07-13 02:03 PM
But the same 100-0 logic can be applied between EB1 and Eb2-India. How does EB1 of 2008 get it immediately but EB2-I waits more than 4 years (speaking for myself here) -clearly preference is at play here. if that makes sense then a 100-0 ratio for EB2/EB3 also makes sense
Honestly nothing makes sense - I am only trying to derive a rationale for the spill over logic used by DOS/USCIS.
What you said is correct.?.
EB2 has more experience / advance degree compared to EB3. EB1 has more advanced than EB2.
Can you give preference to 12th Standard guy instead of Engineering guy.
I agree with Pappu
Each employment based categories are for different levels.
Wakeup EB2s..
Honestly nothing makes sense - I am only trying to derive a rationale for the spill over logic used by DOS/USCIS.
What you said is correct.?.
EB2 has more experience / advance degree compared to EB3. EB1 has more advanced than EB2.
Can you give preference to 12th Standard guy instead of Engineering guy.
I agree with Pappu
Each employment based categories are for different levels.
Wakeup EB2s..
mbawa2574
03-25 11:12 PM
Ok, so everytime I see a rent vs buy discussion I see apartment living compared with living in a house. This may not apply to a lot of other places but here's how it goes in SF Bay Area:
Rental
Apartment: Decent sized 2 Bed/2 Bath --- $1600 pm
House : Decent sized 3 bed/2.5 bath --- $2000 pm
Mortgage:
House : Decent sized 3 bed/2.5 bath --- $3500 pm
So, is additional 1500 pm worth the money? Why not rent a house? What's the point of trying to get into a sliding market when even Greenspan can't say where the bottom is?
I am in a decent sized apartment right now and if I have to upgrade its a rental house. Buying in a sliding real estate market doesn't make sense to me.
Dude you are missing on the tax savings part of the game. U need to take it into account. Specially if you are making 100k + . Buying a house will save you big on taxes for first couple of years since interest is tax deductible. For couple of years interest is the major part of your payment.
Also people suggesting that this is not a great time to buy, then what would be ?There are bargains in the market. A Good investor never buys a property when prices touch the roof. U wanna buy right on the bottom. Also risk factors depends on markets and geography where u are looking. NY metro,CA (San Fran & LA), New England area are the best places to buy as job markets are diversified and markets have potential to sustain ups and downs. Property prices have tanked just 10 points and have already corrected pretty much in good neighborhoods and there is inventory sitting on the market with great deals . U cannot compare apples with oranges. Hence Detroit,Ohio etc have no comparison to these progressive markets I mentioned earlier. Also governments don't cut new lots at the same rate in these states as compared to other US markets keeping the prices more or less stable.
On NJ- I have not seen a single Native born American liking the state. It is considered most corrupt state in the union but still pretty much rich people live in NJ including our friend Lou Dobbs :-) He curses NJ almost once in a month on his show and lives in a 300 acre farm house in the same state. So I will rather ignore the comments posted about NJ in earlier post.
Rental
Apartment: Decent sized 2 Bed/2 Bath --- $1600 pm
House : Decent sized 3 bed/2.5 bath --- $2000 pm
Mortgage:
House : Decent sized 3 bed/2.5 bath --- $3500 pm
So, is additional 1500 pm worth the money? Why not rent a house? What's the point of trying to get into a sliding market when even Greenspan can't say where the bottom is?
I am in a decent sized apartment right now and if I have to upgrade its a rental house. Buying in a sliding real estate market doesn't make sense to me.
Dude you are missing on the tax savings part of the game. U need to take it into account. Specially if you are making 100k + . Buying a house will save you big on taxes for first couple of years since interest is tax deductible. For couple of years interest is the major part of your payment.
Also people suggesting that this is not a great time to buy, then what would be ?There are bargains in the market. A Good investor never buys a property when prices touch the roof. U wanna buy right on the bottom. Also risk factors depends on markets and geography where u are looking. NY metro,CA (San Fran & LA), New England area are the best places to buy as job markets are diversified and markets have potential to sustain ups and downs. Property prices have tanked just 10 points and have already corrected pretty much in good neighborhoods and there is inventory sitting on the market with great deals . U cannot compare apples with oranges. Hence Detroit,Ohio etc have no comparison to these progressive markets I mentioned earlier. Also governments don't cut new lots at the same rate in these states as compared to other US markets keeping the prices more or less stable.
On NJ- I have not seen a single Native born American liking the state. It is considered most corrupt state in the union but still pretty much rich people live in NJ including our friend Lou Dobbs :-) He curses NJ almost once in a month on his show and lives in a 300 acre farm house in the same state. So I will rather ignore the comments posted about NJ in earlier post.
