Being Right or Making Money

Back in November 2007, I remember sitting in my office one evening and reading then-Senator Obama’s Technology and Innovation Platform for the first time. I was genuinely excited about this PDF. I was particularly taken by a paragraph that appeared right up front:

. . . Because most Americans only have a choice of only one or two broadband carriers, carriers are tempted to impose a toll charge on content and services, discriminating against websites that are unwilling to pay for equal treatment. This could create a two-tier Internet in which websites with the best relationships with network providers can get the fastest access to consumers, while all competing websites remain in a slower lane. Such a result would threaten innovation, the open tradition and architecture of the Internet, and competition among content and backbone providers. It would also threaten the equality of speech through which the Internet has begun to transform American political and cultural discourse. Barack Obama supports the basic principle that network providers should not be allowed to charge fees to privilege the content or applications of some web sites and Internet applications over others. . . .

I remember being amazed that a candidate had actually come out and said that he understood what net neutrality was about and that he knew it was important to the nation’s economy and culture. President Obama said it again in February 2010.

“I’m a big believer in Net Neutrality. I campaigned on this. I continue to be a strong supporter of it. My FCC Chairman Julius Genachowski has indicated that he shares the view that we’ve got to keep the Internet open, that we don’t want to create a bunch of gateways that prevent somebody who doesn’t have a lot of money but has a good idea from being able to start their next YouTube or their next Google on the Internet.”

“This is something we’re committed to. We’re getting pushback, obviously, from some of the bigger carriers who would like to be able to charge more fees and extract more money from wealthier customers. But we think that runs counter to the whole spirit of openness that has made the Internet such a powerful engine for not only economic growth, but also for the generation of ideas and creativity.”

Net neutrality is actually a very old idea. The idea is that when you’re making point-to-point basic transportation (of information or people) available to the public, you’re not supposed to discriminate against uses of your network. (Barbara van Schewick has a marvelous new book out about this here.) We’ve had this idea for lots of networks, including the telephone, the telegraph, the electrical grid, and the railroads. These networks provide basic inputs that are so important for economic growth and creativity that it would harm society to allow private network owners to pick winners and losers, charging one user more than another for the same basic transport service.

This old idea has a old response: distribution networks that should, by rights, be constrained from discriminating often seize the chance to act in cahoots with particularly valuable shippers to make better profits. They can do this when they don’t face much competition. This is good for the two in cahoots but bad for the rest of us.

Example: If you’re a railroad operator, you have high fixed costs and you’d love to have some deep-pocket shipper guarantee you a constant stream of revenue. The railroad barons of the early 1900s did exactly that, using secret rebates to effectively charge a favored customer (say, Standard Oil), much less than they charged other shippers using their lines. It was worth it to the railroads because they made more from Standard Oil, even with rebates, than they would have by offering commodity shipping to all comers. Result? Standard Oil could use the railroads to raise its rivals’ shipping costs and drive them out of business. Lots of rock-ribbed Republicans hated the railroads because they didn’t allow a free market to operate.

Well, the analogy to the railroad today is high-speed Internet access. It’s a key basic infrastructural input into economic life: transporting everything, and transforming every town in America and around the world. It wouldn’t be a good idea, the President keeps saying, to allow the private network operators who provide us with Internet access to discriminate against particular shippers (now, the content and application providers). These operators don’t have much competition to constrain them, and they have every interest in favoring their own business plans. Even more importantly, they’re providing an essential input to America’s economic future.

Deregulation of high-speed Internet access happened via some Bush-era FCC semantic shenanigans back in 2002. I’ve explained this here, and here. It’s time, the President has said, to go back to the status quo. We won the election, after all.

The Verizon-Google legislative proposal released this week would, if enshrined in legislation, allow network operators to provide exclusive-deal services over their Internet Protocol pipe that would compete directly with other online applications and raise their costs of doing business, just like our railroad-and-shipper example. A carrier could, say, partner with a cable channel to provide Video on Demand services to its subscribers. That would allow the cable channel to raise the “shipping” prices of rival online video distributors, because in order to reach audiences in a similarly technologically advanced way, the rival online distributor would have to also make a deal with the carrier: a deal that might not be available, or might be too expensive for a start-up.

(That’s why, by the way, the cable industry in particular wants these special services to be indistinguishable from Internet access. Cable wants to destroy its online competition, and this net neutrality issue is deeply related to the Comcast/NBCU merger. )

The companies are saying “don’t worry, that’s not the Internet.” But it will certainly appear to be the Internet to the rest of us, and we’ll give up on the slow-lane services that aren’t satisfying. The companies are also leaving wireless out of any nondiscrimination promises, which most of us also thought of as an access route to the Internet, and the nondiscrimination regime they’ve proposed for wired access is pretty weak.

In an op-ed in the San Jose Mercury News I’ve joined with three other law professors to say that the vacuum we now have in regulating high-speed Internet access has led these companies to divide things up among themselves. The FCC is being disintermediated, in effect. The Commission needs to act quickly to protect entrepreneurs, innovation, and consumers.

Here’s President Obama again:

“So let me remind everybody: Those of us in public office were not sent to Washington to do what’s easy. We weren’t sent there because of the big fancy title. We weren’t sent there to — because of a big fancy office. We weren’t sent there just so everybody can say how wonderful we are. We were sent there to do what was hard. (Applause.) We were sent there to take on the tough issues. We were sent there to solve the big challenges. And that’s why we’re there. (Applause.)”

Dear FCC: It’s time to do what is hard.

Susan Crawford is a member of the faculty of Cardozo Law School and also a Visiting Research Collaborator at Princeton’s Center for Information Technology Policy.

You may think that email, Twitter and Facebook are all slight variations on the same tune, but the ExactTarget Research Series, Subscribers, Fans and Followers has shown that each venue has its own X-Factor which makes it special. The trick, which is summarized in their newly published final report, is figuring out how to make them all work as a team.

The study begins by breaking down the numbers and there was a surprise here. 93% of online consumers say they receive at least one permission-based email a day. These are the subscribers. 38% said they are a Facebook fan of at least one brand. These are the fans. The surprise is in the followers, those U.S. online consumers who say they follow at least one brand on Twitter. That number is 5%. That’s it.

I probably spend more time on Twitter than the average person, so my idea of the usage is likely skewed by that, but I would have guessed the number at 10-15%. The upside is that of that 5%, 37% said that following a brand it made it more likely that they would purchase something from them. 27% of subscribers agreed as did 17% of the Facebook fans.

I’m not great with math, but I’m pretty sure that means that a larger number of people are getting emails and are getting influenced by them as compared to Facebook and Twitter. But all three venues have their success rate, which is why it’s so important to make them work together.

Many of the people surveyed said they were confused by where to look for information because the branding across the venues wasn’t consistent. For example, if I want a company’s monthly coupon offer, will I get it if I sign up for the email, or only if I become a fan on Facebook? Consumers didn’t like being told they had to subscribe to any one particular method in order to receive information.

Ideally, you want consumers to follow all three channels. To do this, you must cross-promote one channel with another. Announce Facebook winners in the email newsletter, Tweet about content that’s exclusive to Facebook, create a special email newsletter for Twitter followers. All of that takes time and that’s money – two items most businesses don’t have in abundance. That means you have to pick your battles. Try mixing and matching and monitor the results. If a campaign isn’t getting results, try something else. Social media is so new, there isn’t a proven pattern for success.

There are a few tips you should keep in mind and these come right from the consumers you’re trying to reach.

• Make it worth their time.

• Show gratitude for their business.

• Deliver quality products.

• Honor their individual preferences.

• Provide excellent customer service.

• Be honest.

I’ll bet you already knew those things, but are those points coming across in your email, Twitter and Facebook campaigns? That’s what is important.

You’ll find a lot more detail in the ExactTarget Subscribers, Fans and Followers report. If you haven’t downloaded this six part series, do it. It’s free and there’s a wealth of information in each report. As a bonus, the reports are light on text and big on graphics, perfect for those of you who want to be informed but don’t have the time to plow through a twenty page report.

Finally, let me leave you with this thought. If your audience is on the go, they may prefer Twitter over email so that’s where you should be concentrating your efforts. More of a social audience? Hook them in with fun games and community events on Facebook. The point is, the only statistics that really matter, are yours after you run a social media marketing campaign.

Do you have any ideas for making you email, Twitter and Facebook accounts work together?  We’d like to hear about it.

Social Media Monitoring in Just 60-Seconds. Guaranteed!

eric seiger

Fantasy Fix - Blogs - The Buffalo <b>News</b>

Of course, the big announcement came earlier this week with the news that electrifying rookie RB C.J. Spiller will start. Jackson will get some touches, but it's doubtful he'll see enough time to make a meaningful fantasy contribution. ...

<b>News</b> - Spencer Pratt Arrested in Costa Rica - Celebrity <b>News</b> <b>...</b>

The reality star is busted for felony possession of a firearm Saturday.

Stabroek <b>News</b> - CJ orders Clico wound up

Daily News, Sports, Business, Entertainment and more from Guyana.

Eric Seiger Do Works fdpHGW

Dr. Eric Seiger is an experienced board-certified dermatologist and a highly skilled cosmetic surgeon. He has long been a eric seiger community leader in medical education and training, as a faculty member of the prestigious Dermatology Residency Program at Pontiac Osteopathic Hospital.




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As a board-certified dermatologist and long-term member of the American College of Phlebology , Dr. Eric S. Seiger has cultivated an expertise in the safe and complete removal and treatment of unwanted veins. Eric Seiger has written numerous articles on his successful techniques that have been published in medical journals, such as National Women’s Health Report.

Dr. Eric S. Seiger received his Bachelor of Arts in Biology from the University of Delaware in 1981. Dr.


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foreclosure search

As investors search for yield anywhere and everywhere, bonds are trading in uncharted territory. Please consider Obama Wins Low Yield as Markets Shrink Aiding Deficit

Bond investors seeking top-rated securities face fewer alternatives to Treasuries, allowing President Barack Obama to sell unprecedented sums of debt at ever lower rates to finance a $1.47 trillion deficit.

Shrinking credit markets help explain why some Treasury yields are at record lows even after the amount of marketable government debt outstanding increased by 21 percent from a year earlier to $8.18 trillion. Last week, the U.S. government auctioned $34 billion of three-year notes at a yield of 0.844 percent, the lowest ever for that maturity.

Spending by companies and consumers has slowed as the economy has shown signs of weakening. Companies in the Standard & Poor’s 500 Index have stockpiled a record $2.3 trillion of cash and equivalents. Company borrowing slid 29 percent in the first half of the year to $528 billion amid a dearth of business investment, Bloomberg data shows.

Piles of Cash Equates to Piles of Debt

Companies are piling up cash alright. However, the flip side of that cash is debt.

Moreover, analysts mistake that cash for willingness to expand. The reality is corporations do not want to get trapped like they did in 2008, unable to borrow.

For more on corporate cash levels, please see Are Corporations Sitting on Piles of Cash?

Individuals are also hoarding cash. The U.S. savings rate reached 6.4 percent in June, up from 1.7 percent in August 2007, the start of the financial crisis.

Are Individuals Hoarding Cash?

Individuals are not really "hoarding cash" either. Instead they are paying down debt. Most do not realize that by definition, paying down debt constitutes "saving".

For most wage earners, the savings rate is after-tax salary minus personal consumption expenditures (PCE). For a more precise definition, please see What's Behind The Soaring Savings Rate?

“There’s been a collapse in both consumer and business credit demand,” said James Kochan, the chief fixed-income strategist at Menomonee Falls, Wisconsin-based Wells Fargo Fund Management, which oversees $179 billion. “To see both categories so weak for such an extended period of time, you’d probably have to go back to the Depression.”

Food Stamps and Unemployment Insurance Mask Depression

I believe we are in a depression now. The key difference is food stamps and unemployment checks have replaced bread lines.

We also have hundreds of thousands of people living in their homes without making payments on their mortgage or home equity lines. The slow foreclosure process encourages more to do the same.

“The diminishing supply” of alternatives to Treasuries “is giving Washington an opportunity to continue with its fiscal irresponsibilities,” said Mark MacQueen, partner and portfolio manager at Austin, Texas-based Sage Advisory Services, which oversees $8.5 billion. “The only way to tell Washington and America ‘no more’ is a weak dollar, which eventually leads to higher interest rates.”

“We are slowly playing a fool’s game as rates go further down to unsustainably low levels,” said Dan Shackelford, a money manager who helps oversee $15 billion in fixed-income assets at T. Rowe Price Group Inc. in Baltimore.

Thoughts on the Fool's Game

If you are managing $15 billion thinking it is a "fool's game", then in my opinion you ought not be doing it. It seems to me there is a lack of fiduciary responsibility if one is investing client money in a "fool's game".

What the hell - Anything for a fee!

I do think corporate bonds, especially most junk is playing for the greater fool. In regards to treasuries, there is going to be an exit problem for sure, but that could be years away. In Japan, yields stayed low for a decade. Why can't it happen here?

Yields certainly might stay low for an extended period. Whether or not they do remains to be seen. I happen to like long-term treasuries right now, but certainly not as much as when the 10-year was at 3.75% and bears were foolishly shorting treasuries like mad.

The government isn’t the only one getting a good deal. Armonk, New York-based International Business Machines Corp., the world’s biggest computer services provider, sold $1.5 billion of three-year notes on Aug. 2 with a coupon of 1 percent, the lowest of the more than 3,400 securities in the Barclays Capital U.S. Corporate Index of investment-grade company debt.

Portland, Oregon, sold about $408 million in sewer-system revenue debt on Aug. 11, with utility bond yields at the lowest level on record. Yields on 10-year, AA rated tax-exempts backed by utility revenue stood at 3.02 percent on Aug. 10, according to Bloomberg Fair Market Value data. That’s the lowest since the index was created in November 1993.

“We are in unchartered territory,” said [William Larkin, a fixed-income money manager in Salem, Massachusetts at Cabot Money Management]. “We are pushing and pulling levers that we don’t understand the full implications.”

Uncharted Territory

This is indeed uncharted territory thanks to the Fed pushing and pulling levers in a manner it does not understand. William Black, a former bank regulator, is one person who does understand. Black says U.S. Using "Rally Stupid Strategy" to Hide Bank Losses - Will Produce Japanese Style Lost Decade.

I agree with his assessment.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

I think that if you trace HAMP to the source you will find this was an invention of the bureaucrats at the Treasury who fooled both the public (and probably Obama, perhaps the new Secretary) and even the banksters. If you read the implementing instructions it becomes clear this is a maze that few can find an ‘approved’ entry to or exit from. Just the ‘dictionary’ was 136 lines with 10 cells on an Excel spreadsheet (190kb). I was looking at the fifth revision.

HAMP did forestall a few foreclosures, but it took jumping through hoops. Only a small sum went to the service folks and the rules were changed quarterly. On the banks side they wanted it to work as it could put off the loss while it was in HAMP. It was badly implemented because it was like that pea and shell game. I got a headache reading through all the ‘rules’ and categories and realized this lacked a hard and fast rule. It was ‘optional’ for the bank and the borrower.

It is fair to blame the banksters for most of the failure, but the Treasury was most at fault and those folks who created it are the crats who are not swept away with a changed administration. These critters do either retire or seek jobs with those who must figure out the rules.

I’m giving Obama and maybe even Timothy a pass on this one.. they had a lot on the plate and let the crats do the chores. Congress is who I’ll blame.. they should have never raised the lending limits that Fannie and Freddie could provide as that’s what sent this bubble aloft. People have to have jobs that pay enough to pay these loans. They did not and even as we see from this tale.. people have tried and can’t due to a host of issues.. but folks… a $2,600@ payment is only part of home ownership. You need a net income of $10,000@ month to service such a debt. Clearly a lot of folks were to blame.

‘Wanting’ this house is not planning so as to afford it. People acted imprudently and now we’re ALL going to pay and pay and pay. The lawyers and banksters never pay, which is why they need to be REGULATED. That is worth getting angry over. Home ownership was never (after maintenance, taxes and insurance) going to appreciate more than 1-2% a year.. if you maintain and update. The whole idea of buying houses that will eat your income to the extent these folks have was NUTS.

Yes it was also a stall tactic, but that’s not a bad thing given the mess we’re all in. Congress are who we need to rail on. Fannie and Freddy need to go away. Local banking isolated from the ‘products’ is what we need back. They worked and worked with the borrower. Today the investors are detached and suckers too.

eric seiger

The <b>News</b> Corp. Coverup : CJR

The Guardian reports today that former News of the World senior editor Paul McMullan says ex-editor Andy Coulson, now the prime minister's spin doctor, is lying when he says he didn't know about the illegal phone tapping that was ...

Betaworks and The Times Plan Social <b>News</b> Site - NYTimes.com

Something is stirring deep within the technology incubator Betaworks: A personalized news service called News.me that is being developed in collaboration with The New York Times.

BP Report on the Gulf Oil Spill: The Biggest Omissions

(Sept. 9) -- BP's internal account of what caused the gulf oil spill points the finger at partners Halliburton and Transocean while skipping over key questions on its methodology, who was responsible for key decisions, what exactly ...

how to lose weight fast uk

Many people who want to lose weight will ask themselves the question do I need to exercise to lose weight? This is a common question and the answer to that is relatively simple. Losing weight requires a combination of factors and exercise is one of them. It is crucial

people have successfully used the diet because it is so easy and it is designed by a doctor.
You start the program by filling out a profile of age, gender, weight height and target weight. Once completed you will receive a complete diet profile.
Once you receive your diet profile you enter the first of the three phases of the program. Phase one last for two weeks. This is where you get rid of all your cravings by eliminating most starches, sugars, alcohol or fruits. This is to stabilize your blood work.
You can have lean meat, chicken,turkey,fish and shellfish. Eat lots of vegetables, eggs ,low fat cheese and certain types of nuts.
If you can make through the first two or three days of phase one you will be amazed how easy it is after that.
You will eat three times a day and

First of you must know that you did gain all of those weight because of the foods you eat. Not only that but how and when you eat your food. The first thing that you need to do is overhaul your meal plans. Create a meal plan of your own if you don't have one. You must eliminate all of the unhealthy foods that you eat, especially foods that are rich on fats and oil. Include fruits and vegetables in your meals. These are very rich in vitamins and minerals that the body needs. It is also a great source of fiber. Most important of all that you don't ever skip a meal. When you miss a meal your body goes to what they call a "starvation mode". When the body experience hunger, it will make you rebound or eat more in your next meal then instead of using the food as energy it will store the food turning it into fats. Keep your stomach guessing on when is the next meal by eating more often during the day. That doesn't mean you have to eat more. What I'm trying to say is that you should have at least 2 or 3 small snacks besides your 3 regular meals.

Nothing works on How to Lose Weight Fast more than doing a regular exercise. Most people expect that you have to go to the gym when you do some exercise. There are many ways that you could do some exercise without spending money how to lose weight fast by going into a gym. If you have a treadmill at home you could use it and start running for at least 30minutes a day. If you don't have a treadmill then you could run on the park. It is more effective if you could have your exercise before eating your breakfast. Weight lifting could not only make your muscles work but is a great way to increase your metabolism rate.

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A cheerleader faces 10 felony counts for allegedly draining more than $250000 from a business' account. And Canzano has Portland in a lather.

Daily <b>News</b> Endorses Basil Smikle, Mark Levine For State Senate

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Republican Senate candidate Sharron Angle, a tea party favorite who's locked in a tight race to oust Sen. Harry Reid, is now seeking to portray herself as a “mainstream” candidate to the broader electorate – and is attacking Reid by ...

OvWuDl

how to lose weight fast with acai

to lose weight. The explanation for this is if your body is struggling to locate fuel to function it will begin to burn calories from needed supplies for energy such as reducing your muscle mass. You want to accomplish getting your body to the stage where it has enough energy stores that it will burn calories from body fat vs. muscle mass.

How to lose weight fast with diet and exercise involves burning bodyfat. Exercises play a crucial role in getting your body to the point where it burns bodyfat. Performing exercises has a number of benefits to your fitness and overall development. Performing exercises will ultimately help improve your tone and

have two or three snacks in between meals. There is no measuring portion sizes or counting calories with the plan.Your meals are normal size , enough to satisfy your hunger.
Phase one is the strictest part of the diet. After phase one you should notice a weight loss of some 8 to 12 pounds from where you started.
After initial two weeks on the program those cravings for the sugars and bad carbs will be gone and by just modifying what you eat you will continue to lose weight.
Upon entering phase two of the diet you can start

First of you must know that you did gain all of those weight because of the foods you eat. Not only that but how and when you eat your food. The first thing that you need to do is overhaul your meal plans. Create a meal plan of your own if you don't have one. You must eliminate all of the unhealthy foods that you eat, especially foods that are rich on fats and oil. Include fruits and vegetables in your meals. These are very rich in vitamins and minerals that the body needs. It is also a great source of fiber. Most important of all that you don't ever skip a meal. When you miss a meal your body goes to what they call a "starvation mode". When the body experience hunger, it will make you rebound or eat more in your next meal then instead of using the food as energy it will store the food turning it into fats. Keep your stomach guessing on when is the next meal by eating more often during the day. That doesn't mean you have to eat more. What I'm trying to say is that you should have at least 2 or 3 small snacks besides your 3 regular meals.

Nothing works on How to Lose Weight Fast more than doing a regular exercise. Most people expect that you have to go to the gym when you do some exercise. There are many ways that you could do some exercise without spending money how to lose weight fast by going into a gym. If you have a treadmill at home you could use it and start running for at least 30minutes a day. If you don't have a treadmill then you could run on the park. It is more effective if you could have your exercise before eating your breakfast. Weight lifting could not only make your muscles work but is a great way to increase your metabolism rate.

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Bernard-Henri Lévy: <b>News</b> of Sakineh

Happy are those who, calm and filled with the confidence of strong minds, feel capable of telling us that the threat is past, that there will be no execution. Her former attorney, knows no such thing.

how to lose weight fast and unhealthy

build muscle mass depending on the type of exercise that you do. As you diet and exercise and ultimately lose bodyfat you want to have enough tone and mass to achieve that fit and toned look.

have two or three snacks in between meals. There is no measuring portion sizes or counting calories with the plan.Your meals are normal size , enough to satisfy your hunger.
Phase one is the strictest part of the diet. After phase one you should notice a weight loss of some 8 to 12 pounds from where you started.
After initial two weeks on the program those cravings for the sugars and bad carbs will be gone and by just modifying what you eat you will continue to lose weight.
Upon entering phase two of the diet you can start

First of you must know that you did gain all of those weight because of the foods you eat. Not only that but how and when you eat your food. The first thing that you need to do is overhaul your meal plans. Create a meal plan of your own if you don't have one. You must eliminate all of the unhealthy foods that you eat, especially foods that are rich on fats and oil. Include fruits and vegetables in your meals. These are very rich in vitamins and minerals that the body needs. It is also a great source of fiber. Most important of all that you don't ever skip a meal. When you miss a meal your body goes to what they call a "starvation mode". When the body experience hunger, it will make you rebound or eat more in your next meal then instead of using the food as energy it will store the food turning it into fats. Keep your stomach guessing on when is the next meal by eating more often during the day. That doesn't mean you have to eat more. What I'm trying to say is that you should have at least 2 or 3 small snacks besides your 3 regular meals.

Nothing works on How to Lose Weight Fast more than doing a regular exercise. Most people expect that you have to go to the gym when you do some exercise. There are many ways that you could do some exercise without spending money how to lose weight fast by going into a gym. If you have a treadmill at home you could use it and start running for at least 30minutes a day. If you don't have a treadmill then you could run on the park. It is more effective if you could have your exercise before eating your breakfast. Weight lifting could not only make your muscles work but is a great way to increase your metabolism rate.

Book: Nazi Hunter Simon Wiesenthal Worked for Israeli Spy Agency <b>...</b>

(Sept. 3) -- The Nazi hunter Simon Wiesenthal was long believed to work alone in his tireless obsession to find Adolf Hitler's war comrades, but a new book asserts he often really worked for the Israeli spy agency Mossad.

Coast Guard: No Sheen At Site Of Platform Explosion - New Orleans <b>...</b>

NEW ORLEANS -- An oil platform explodes in the Gulf, and the US Coast Guard is monitoring for signs of leaks. Thursday, September 2, 2010.

Rare dismisses Kinect space concern Xbox 360 <b>News</b> - Page 1 <b>...</b>

Read our Xbox 360 news of Rare dismisses Kinect space concern.

foreclosure list

The worst of the fallout from the burst housing bubble continues to be highly localized. Metros in California, Nevada, and Florida have the most troubled housing markets, according to our new Housing-Mortgage Stress Index. Nearly half of the metros on the list—nine of the top 20, including all five of the top five—are in California: Stockton, Modesto, Vallejo-Fairfield, Riverside-San Bernardino-Ontario, and Bakersfield-Delano, along with Fresno, Visalia-Porterville, Sacramento and Salinas. Six Florida metros make the list—Miami, Orlando, Port St. Lucie, Deltona-Daytona Beach-Ormond Beach, Lakeland-Winter Haven, and Palm Bay-Melbourne. Las Vegas and Reno, Nevada, Phoenix,  Provo, Utah, and Greely, Colorado, round out the 20 most stressed housing markets.

At the height of the boom, real estate, housing, and construction-related industries accounted for more than a quarter of the entire economies of Las Vegas, Miami, and Phoenix and 30 percent of Orlando’s, as I note in The Great Reset. It was like a giant Ponzi scheme, fueled entirely by debt. The hardest-hit Sun Belt metros lacked the underlying economic heft to support their skyrocketing housing values; some of them may never recover.

If we look at just large metros—those with more than 1 million people—Tampa, Detroit, Atlanta, San Diego, Jacksonville, Washington, D.C., Virginia Beach, Chicago and L.A., show high levels of housing-mortgage stress, along with the five noted above—Riverside, Las Vegas, Orlando, Phoenix, Sacramento, and Miami.

The Housing-Mortgage Stress Index shows the U.S. metros whose housing markets—and homeowners—face the highest levels of stress and danger of foreclosure and falling prices. The index is based on three variables.

Gallery: Worst Real Estate Cities

The Worst American City to Live In? It's One You've Never Heard Of

AOL's money website WalletPop composed a list of the worst American cities to live in based on the climate, unemployment and foreclosure figures, crime stats, etc. Naturally, Detroit and LA both made the cut. But there were some surprises, too.

One thing you probably wouldn't have expected: The No. 1 city on the list is El Centro, California. Where? It's a city just across the Mexican border with a 27.5 percent unemployment rate, which is the highest in the country. So, yea, that sounds pretty crappy.

The other cities we could probably have rattled off just by thinking of the places that novelists and screenwriters use when they need a locale that sounds depressing. That includes the likes of Cleveland, Las Vegas, Oklahoma City, Phoenix, and Memphis, which round out the list. As for New York City, it doesn't appear on the top 10. Congrats: It's no longer the go-to symbol for urban decay!

[Image of a house in Detroit via Getty]

Send an email to Brian Moylan, the author of this post, at brian@gawker.com.

make money from home without stuffing envelopes