REMINDER: All investment, economics, and finance related material now appears at the new IaconoResearch.com. For the time being at least, this has become a personal blog covering a variety of mostly unrelated topics.

It wasn’t until just a few months ago that I learned WalMart allows (perhaps encourages) overnight stays in their parking lots by RV owners and others traveling around the county. In the latest story in a series of reports from CNN/Money from the oil boom of town Williston, North Dakota, it seems that, due to the local housing shortage, some are taking up permanent residence there. Here’s a typical case:

Les Wilson
Home state: Florida

I’m from way down south and I’m up here in a blizzard part of North Dakota hunting for jobs with thousands of other people.

I’m 61 and still going strong — at least trying to, anyway. I only have a truck to sleep in, but I’m making out okay.

I’ve been overseas for the last four years working for the military, and I just got back from Afghanistan June 1. I spent a few months at home and I knew that jobs — good paying jobs — were available here in North Dakota in the oilfields. So I told my wife — I kissed her goodbye and said, `Honey, I gotta go find a good-paying job’. And here I am, and I’ve been here for the last month or so.

Good ol’ Walmart is being very hospitable about letting us stay in their parking lot.

Update: After spending three weeks looking for a job, Les in now getting paid $25 an hour (and lots of overtime) to haul water to the oil fields. He’s still sleeping in his truck, because the building his company uses to house all the truckers doesn’t have any extra room for him. But since it’s getting cold outside, he’s recently had to sleep inside the garage for a little more warmth. His wife, son and grandson are moving in with him in November — and he’s hoping to upgrade to a larger mobile home when they arrive.

The other individuals profiled are from Minnesota, Wisconsin, Michigan, and California. Apparently WalMart pays about double in Williston what they pay elsewhere because workers are in such high demand – that’s what a 3.5 percent unemployment rate will do (that’s for the state – it’s probably even lower in Williston).

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Hire Me!

As a follow up to yesterday’s glowing review of the Occupy Wall Street crowd comes an alternative view from somebody almost a thousand miles south of Zuccotti Park.

From the Rick McKee archive at the Augusta Chronicle.

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Two Related Data Points

The Occupy Wall Street crowd should probably look  more closely at the relationship between these two key data points – rising income inequality (via this item at the Economic Policy Institute) and who Americans blame for their economic woes (via this Gallup survey).

Yes, Occupy Washington would likely be a better approach as many are now suggesting. Also see Occupy DC and, one with real potential – Occupy K Street.

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Jim’s Excellent OWS Adventure

This story by Jim Quinn about his trip to New York City last weekend to visit the Occupy Wall Street protest was in the links section here the other day, but I just got around to reading it a short time ago. Filled with dozens of pictures like the one below, it’s well worth the time to read in order to get a different perspective of what the protest is all about.

The picture above caught my eye – the juxtaposition of an OWS protester’s cardboard boxes and a Brooks Brothers store along with a Vietnam veteran (who was yelling that this isn’t the country he fought for) and the omnipresent NYPD.

The Dramatic Increase in Student Loans

Boy, the latest statistics on student loans are pretty shocking. I’m glad I got through college back when tuition was relatively low and there were still good jobs waiting for you after graduation day. USA Today reports that borrowing for higher education occurred at a record pace last year and total outstanding debt reached an important new milestone.

The amount of student loans taken out last year crossed the $100 billion mark for the first time ever and total outstanding student loan debt will exceed $1 trillion for the first time this year.

Americans now owe more on student loans than on credit cards, reports the Federal Reserve Bank of New York.

Students are borrowing twice what they did a decade ago after adjusting for inflation, the College Board reports. Total outstanding debt has doubled in the past five years — a sharp contrast to consumers reducing what’s owed on home loans and credit cards.

Taxpayers and other lenders have little risk of losing money on the loans, unlike mortgages made during the real estate bubble. Congress has given the lenders, the government included, broad collection powers, far greater than those of mortgage or credit card lenders. The debt can’t be shed in bankruptcy.

The credit risk falls on young people who will start adult life deeper in debt, a burden that could place a drag on the economy in the future.

While this is surely part of “The New Road to Serfdom” here in the U.S. or, more simply, “wage slavery”, as noted in the article, it is true that the unemployment rate for those with college degrees is less than half of what it is for the rest of the population. For many marginal college prospects, this amounts to a high-stakes roll of the dice as to whether it makes sense to take on so much debt.

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I”ve yet to have a look at the GOP debate this evening that, according to the news headlines, focused a lot of attention on Herman Cain’s 9-9-9 tax plan and had Mitt Romney and Rick Perry squaring off against. It likely didn’t draw much attention to Ron Paul, something which, according to the chart below from Journalism.org he’s probably used to.

Earlier, Paul unveiled his economic plan that would reduce the budget deficit by $1 trillion – no, not over ten years, over one year! Paul’s “Restore America” plan includes tax cuts and a 10 percent reduction in the government workforce that would eliminate the Departments of Education, Commerce, Energy, Interior and Housing and Urban Development.

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