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Author: Brian Brady (page 3 of 27)

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

August 17, 2016

Four Tips To Supercharge Your Real Estate Brokerage Business

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Most real estate agents want two things:  more money and more time off.  The challenge is that they are doing things that (a) are not dollar productive and (b) are time consuming.  Add in more regulatory burdens, market shifts, and industry participants which are staffed by people who are incompetent, lazy, and/or stupid and it makes an agent’s goals harder and harder to reach.

Don’t let this gloomy scenario bring you down.  Here are four action-oriented things, agents can do right away, which have built empires, created wealth, and sparked business revolutions.

1-  Own everything about your business.  You are responsible for EVERYTHING even if it’s “not your job”.  We live in a world where any question can be answered by a smart phone and still I hear agents get confused about where to find answers.  Your broker isn’t calling you back with an answer to that question?  Ask Siri the question and read a few of the thousands of answers offered, by other brokers, on Trulia, Google, and Zillow.  The lender seems stuck?  Call a well-rated lender and get another opinion.

Stop bitching about problems you can’t control and fix them anyway.

You are the captain of your ship.  If the crew screws up and the ship runs aground, the captain is fired.  Your client doesn’t care about the lender, your broker, your transaction coordinator or the seller/buyer.  They want action and they hired you to get it for them.  Own everything.

2- Surround yourself with congruent rather than competent people.  It’s not enough to have a great lender, proficient escrow officer, and proactive transaction coordinator.  You must have people working with you who are on board with your goals.  If your goals is to make more money and save more time, you need to focus on dollar productive activities so you want affiliates who have suggested solutions to problems when they call with problems.  A lender should call you and say “we ran into a problem but this is how I will fix it”.   The escrow officer should be thinking about chasing down your client for signatures rather than emailing you.  The TC Read more

August 25, 2014

Getting a San Diego Condo VA-Approved Adds Value To Service Members

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Debra Brady and I are experts at VA-financing.  One of the things we do very well is secure a VA condo complex approval for condominiums which aren’t agency approved.  Some comments from a recent YELP review:

I started the home buying process while still on deployment, and Brian graciously worked with me across 13 time zones to begin explaining the ins and outs of home buying.

This is actually kind of fun for me.  With technology, deployed service members can communicate with me well in advance of buying.  Many times, when deployed,  they have free time with little to do.  They use Gchat, Facebook Messenger, Skype, and email to communicate with me.  Sometimes it makes for some weird hours but I enjoy finally meeting them when they return to the States.

I googled VA home approval, and his was the first name to pop up.  Brian is an absolute master at working with the VA.

That’s what I love to hear–that we come up first on Google Search for this topic.

Brian took my wife and I out for cocktails to explain in person the different loan rates and explain the decision making process for each of them, and Debra worked like a fiend to make sure thinks were done WELL ahead of time.

This is how Debra and I work.  I spend most of my time “selling” real estate agents and educating clients and Debra gets the loan done.  When we’re clicking properly, I am “Mr. Outside” and she is “Mrs. Inside”.  Clients know that she is in the office, every day from 8AM until 230PM each day and available on the telephone.  This frees me up to: (a) find more business for us and (b) properly educate home buyers about the process.  We pride ourselves on “no surprises” during the loan process.

To any Servicemembers who are interested in using their VA loan option, look no further than Brian, he is THE expert who will get you into the place you want.

That’s what I hope to hear on every VA loan we close.  It doesn’t ALWAYS happen but, I’m proud to say, it does happen more Read more

December 30, 2013

Most Creative Loans We Funded in 2013

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

1- We funded a $900,000 Orange County purchase with just 6.5% down payment and no mortgage insurance

2- We funded an Orange County condo, with a VA loan, and got both the Master Association and Condo Association VA approved in 30 days

3- We funded a $600,000 San Diego County purchase, with just 5% down payment and a seller-carry back second mortgage and a conventional first mortgage.

4- We funded a 7-unit San Diego apartment property, $820,000 purchase price with just 10% down and a 20% seller-carry back second mortgage.

5- We funded an “underwater” property with loan values at 135% of the appraised value in Los Angeles County.

April 4, 2013

If the condominum is not VA-approved, how do I get a VA home loan offer accepted?

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Many veterans in California purchase properties which are classified as condominiums.  Some are large complexes, with professional HOA management, some are small complexes (under 6 units) with no monthly HOA fee and an informal cost-sharing agreement, and some are townhomes.  All share on thing in common–they are listed on the county records as a condominium.  This, the VA loan can not be funded until the condominium complex is approved.

The Southern California market has shifted, seemingly overnight from a buyer’s market to a seller’s market.  Many listing agents are presenting multiple offers to sellers.  Sadly, sellers leave some money on the table because the best offer is one using a VA home loan.  The sellers believe that the VA home loan can not be used because the condominium complex does not have a VA approval.

Buyer’s agents jobs then, are to present the VA offer with an eye towards minimizing the risk associated with it.

First, the buyer’s agent would do well to present documentation which demonstrates that the veteran is a strong buyer.  Some successful agents go so far to present my automated underwriting findings along with asset and income documentation (with the veteran’s permission, of course).  Demonstrating that the veteran has the credit, income, and asset requirements, to be approved for the loan amount, shows that the veteran is “bankable”.

Second, the buyer’s agent might address the three common concerns, sellers have with VA loans in the cover letter.  The cover letter should highlight that the veteran earned the no-down payment loan as compensation for his or her service to our country.  I sometimes call this “wrapping the offer in the flag” and the buyer’s agent should not be shy about doing it.  If the veteran served overseas, highlight it. If the veteran earned a distinctive award, highlight it.

The buyer’s agent should be clear about whether the seller is being asked to pay for the VA non-allowable costs and specify the dollar amount.  If the offer does not include seller-paid costs, the letter should state who is paying for those costs (usually the lender) and reference the section in the offer which states Read more

April 1, 2013

Can Bernanke Keep Mortgage Rates This Low Into 2015?

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

I’ve been a vocal critic of Ben Bernanke.  I thought his Quantitative Easing schemes would eventually create a bubble in the Treasury and mortgage-bond markets.  Bernanke has committed to keeping rates low for another 18-24 months.

I was wrong.  I violated the first rule of market prognostication (from the late Marty Zweig):  Don’t Fight the Fed

Let me give you some background.  Mortgage rates are driven by the secondary market (which is a fancy word for bond buyers on Wall Street).  I offered an abbreviated history of secondary mortgage marketing , six years ago, here on Bloodhound Blog.  Essentially it works like this:

  • Home buyer applies for a loan with a mortgage originator
  • Originator processes the loan for submission to a lender
  • Lender underwrites the loan to agency guidelines (FHA, FNMA, FHLMC, VA)
  • Lender funds the loan
  • Lender secures guaranty from agency
  • Lender retains servicing rights but assigns rights to principal and interest to an investment bank
  • Investment bank packages loans in a pool, carves up the pool into bonds, and sells them to individual investors

Two things are important in secondary marketing:  the agency guaranty and the ability to sell the bonds.  The agency guaranty offers a sense of security to the investors and the demand for the bonds must be there.  When I thought rates would rise, because of runaway inflation, I posited the the Federal Reserve Bank’s power was quickly deteriorating.  What I hadn’t anticipated was that central banks, all over the word, were in even worse shape.  The Fed might be ugly but she’s the prettiest gal at the dance.

Last month, I asked Alan Nevin, economist with the London Group, “What if the buyers run away?”  To which, he replied, “Where will they go?”.

This is not a pollyannish answer.  Where WILL investors go?  I offered these options:  Hong Kong, Australia,  and Canada

Then it hit me–the world wide capital market is huge and the options for capital investment are limited.  Imagine the global capital market as a 64-gallon trash can.  The Hong Kong, Australian, and Canadian bond markets are like a shot glass, a pint bottle, and a quart can.  Even if you tried to dump all that Read more

January 11, 2013

There is no real estate inventory problem in Oceanside, CA

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

How often had you heard real estate agents complain about “the inventory problem” this past year?  I used to think their complaints were farcical until these past 3-4 months.  I have about a dozen pre-approved buyers out looking for homes.  Interest rates are low and the foreclosures are getting snapped up as soon as they hit the market.  Not one of those dozen has been able to get an accepted offer since Labor Day, 2012.

Clearly, there must be an inventory problem. 

It’s time to change gears real estate agents.  A few years back, I suggested that buyers would be controlling the market and the listings side of the business should be de-emphasized.  All the properties being offered were short sales or foreclosures.  Paperwork-intensive transactions didn’t sound so appealing to me and I recommended that agents focus all their efforts on finding buyers and getting them into contracts.  Those who followed such advice didn’t get rich but earned a darned good living these past few years.

I had breakfast this morning with Mr. Oceanside, Don Reedy.  We discussed the local market and “the inventory problem” when it hit me; there is no shortage of homes.  In Oceanside alone, there are thousands of home owners, with equity, who can sell their properties to ready and willing home buyers.  This offers the ambitious real estate agent a great opportunity.  Too often, real estate agents (and loan originators) forget that we are paid to add value to transactions.  If we’re simply acting as gatekeepers, we are no different from everyone else.  We need to “create personal inventory”–find sellers for the buyers who want their homes.

Here is my ten- step plan for real estate agents, for a great 2013…with PLENTY of “personal” inventory:

  1. Attend your local caravan meeting each week.  Pay close attention to the agents who speak during the “buyers’ needs” segment.
    Call a dozen local agents weekly who work with buyers.  Find out where the inventory problem is.  At this point, you will see a glaring opportunity in your town/market area.  If you know that those agents have 2-3 buyers, for a certain price range, in a certain Read more
December 28, 2011

Slugging Away. One E-mail Address At A Time

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

I’m on a quest to find 75 San Diego real estate agents.  I need 75 agents, to give me permission, to e-mail them weekly.  I told you about my plan to secure those permissions and I thought I’d update you as I get results.

Bill Lyons agreed to do a joint marketing deal with me but I haven’t taken him up on that yet.  I’ve been scrambling around with year-end stuff, and I took a holiday trip to Arizona, but I’ll do something with Bill next year. For now, I’m focused on the SDAR Officers’ Installation and Dinner as a magnet.

I held a drawing at the Downtown San Diego caravan.  Thirty agents gave me their cards and Debbie Neuman won the tickets.  This works pretty well because while she is a quality agent, with established lending relationships, she’ll sit at my table that night.  This will be a good chance to get to know her and pitch ourselves as her “number two lender” (I’m not proud).    The challenge with the thirty “new” contacts has been securing permission to e-mail them..  I have spoken with ten agents thus far and only five agreed to receive my newsletter.  I do have a drawing scheduled at the La Jolla REBA, next week. and those folks know me better.  I guess if I have 25-30 permissions, by next Friday, I can celebrate the fact that I have achieved one-third of my goal.

That means I’m going to have to grit it out for the final fifty permissions.  I’m going to start the “open house plan” after the first of the year.  The plan is to visit open houses and drop off a “care basket”, filled with snacks.  Agents get hungry at open houses so this is what I’ll give them:

A couple of bottles of water, three bags of snacks, and a couple of oranges (or apples, or bananas).

I’ll assemble them in my newly delivered TANSTAAFL lunch bags.  I ordered these from 4imprint.com and 100 of them cost me less than $300.

I had my name, website, and phone number imprinted on them, along with the word TANSTAAFL.  The Read more

December 10, 2011

Who else wants some cheap and easy ways, to generate more purchase business from REALTORS?

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

I cleaned up my e-mail database this week and was pretty surprised.  The lion’s share of our business comes from real estate agents.  Many times, I don’t speak with nor hear from an agent for 5-6 months…then…WHAM—I get a loan call.  That call always seems to come within two weeks of one of my email newsletters.  I understand my numbers pretty well:

  • for every California agent, in my database, it results in .6 purchase loans/year
  • over 75% of that business comes from agents, in the database, who open at least 50% of my emails (that comprises just 20% of the total number)

Last year, I cleaned up the data base.  I whittled the number down to 70 agents.  15 of those agents accounted for 32 purchase loans and 55 agents accounted for 11 purchase loans.  If I want to close 72 purchase loans in 2012, I probably need 30 agents, who open at least 50% of my emails.  To add those extra 15 agents, I need to meet and add some 75 NEW agents to the database…pretty quickly.

I broke down the content offered, too:

  • the highest click-through ratio (55%) came from marketing ideas
  • mortgage tips (like how to get a VA offer accepted) generated a 35% click-through
  • mortgage rates reports were largely unread (10% click-through)

Agents want to hear how to get more business and then, how to do business properly.  Agents just don’t care about mortgage rates.  I’ll stop writing those onerous mortgage rates reports (nobody’s reading them and, because their time sensitive, they are more of a short-head).  I will start adding marketing ideas to my blog, then use those blog posts for my email newsletter content.

Here’s what I did last night:

  • I created a new list, of the serial readers, and named it the “top-gun file”.  I’ll add new agents there, check it every 90 days, and move the agents, who are not opening 50% of my emails, to the “general agents” list.
  • I pre-loaded weekly emails, for the “top-gun file”, out to April 15, 2012.  I want to insure consistency
  • The “general agents” file will get a bi-weekly marketing idea.  I pre-loaded that content, out to April Read more
November 30, 2011

Revestor.com is live now. Revestor.com searches current listings by cash flow and capitalization rate.

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

I received an email, from BHB Anaheim presenter Bill Lyons, that Revestor.com is live now and will be announced to the public tomorrow.  Bill knows that the Bloodhound way is to fly under the radar, sneak in the back door, and quietly win so I appreciate the chance to break the news.

Revestor.com is a new property search site.  It’s unique proposition is that it allows users to search by either capitalization rate or cash flow.  Revestor believes it will become a useful tool for both investors and primary residence home buyers.  Bill Lyons suggested that its unique ranking display, offers data to a home buyer, which is currently unavailable.  Incorporating the income potential of a property offers another valuation model for home buyers to consider.

I ran a search for an area with which I’m familiar; Oceanside, CA  zip code 92056.  I searched for properties listed from $150,000 to $250,000, by cash flow, and ten current listings were displayed.  The top two listings appealed to me:

3906 Marvin –  a 3BR 2BA, 1064 s.f. SFD with $902 of free cash flow, with an 80% LTV loan, listed at $169, 767

3132 Glenn –  a 4BR 2BA, 1302 s.f. SFD with $533 of free cash flow, with an 80% LTV loan, listed at 249,900

Revestor offers a “launch” blog post and I’ll insert Bill’s comments from there (italicized), as I offer my ideas  here.

Here is what I like about the site:  I like the map display of the listings and I love the fact that it ranks the listings by investment potential.  The financial data offered, on individual listings, is pretty comprehensive.  It drills down on expense data and allows the user to customize it.  The mortgage data is cool because it allows you to slide the down payment tool and see real-time figures.  The exit strategy information is unique but I’m unclear as to how they determine the potential resale value.

Bill offered:  While San Diego is just a starting point we are still very much a “work in progress“. The site is not perfect (especially for a perfectionist that is striving for simplicity). We launched Read more

November 22, 2011

Lower VA funding fees, as of November 18, 2011, attract year-end veteran buyers

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

N.B:  On the day before I published this, HR 674 passed, reverting the funding fee amounts to the “old” levels.  It was updated in VA Circular 26-11-19, published November 22, 2011.  The “new” lower funding fee schedule was in effect for three days, from Nov 18-21.  Sorry for the confusion.

Home buying became a bunch cheaper for eligible veterans.  On November 18, 2011, the VA lowered the amount it charges veteran borrowers, for the VA loan guaranty.  Rather than charge private mortgage insurance (PMI), like conventional loans do, or a combination of an upfront mortgage insurance premium (UFMIP) and a monthly insurance premium (MIP), like the FHA does, the VA relies on a one-time charge, which can be financed, called a funding fee.

The VA looks at a service member’s life cycle and tailors the funding fee to meet his/her expected abilities to finance a home.  For example, a first-time home buyer pays a funding fee of 1.4% of the loan amount, for a zero-down loan.  The VA expects that service member to have some equity for his/her second home purchase so, should the veteran choose to buy “no-money-down”, on a subsequent purchase, the VA funding fee is double, or 2.8% of the loan amount.

Veterans who put down 5% of the purchase price are only charged .75% of the loan amount.  Veterans who put down 10% of the purchase price are only charged .5% of the purchase price.  All refinance transactions, including the no-income qualification and no appraisal needed, refinance transaction, otherwise known as the VA Interest Rate Reduction Loan (IRRL), are charged .5% of the refinanced loan.

A full table, of the new VA funding fee amounts, can be found on Mortgage Rates Report.

November 14, 2011

Blessed Are The Implementers, For They Will Inherit the Moniker “Unchained”

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

I caught up on some much needed sleep yesterday, after the fifth BloodhoundBlog Unchained Conference, held in Anaheim, CA.  It is my hope that my partner Greg Swann celebrates his birthday, in relaxation and Splendor, before pondering the future of these conferences.  As the Godfather of the Unchained movement, Greg argued that the title of these conferences be “Unchained” rather than the “Unleashed” title I offered.  What Greg knew, and I understand now, is that Unchained suggests that the Bloodhound was never enslaved while unleashed suggests prior submission.

If you missed our show in Anaheim, you missed the proof in the pudding.  I’ll give you an overview:

Greg Swann led us off with a demonstration of his Chinese army; software which creates tens of thousands of unique webpages, with granular listing data.  Greg showed us how he can close the publishing gap, in less than an hour each week.  Greg continually invents new and exciting software, to stay one step ahead of the market competitors, who would try tho chain him.

Scott Schang came to Unchained 2008 on, how he has described it, “his final few bucks”.  He took the ideas offered there, implemented them here, and created a business which employs a half-dozen people.  He shared his online business plan, his accomplishments and mistakes, and how he overcame market changes to stay relevant in the consumers’ eyes.  From borrowed bus fare to accomplished entrepreneur, in 40 months, Scott has a database of willing home buyers, numbering in the five figures—Scott is Unchained.

Brian Summerfield, of the National Association of Realtors, came to take some body blows from the crew.  It was his motivation which impressed me; he transparently announced that he came to address us because he wants content for Realtor.org .  Mr. Summerfield invites constructive criticism of NAR on its forum.  Contact him if you have an opinion to offer.

Bill Lyons, a serial entrepreneur, shared his latest creation for consumers, Revestor.com .  Revestor.com offers investors an IDX search with rental data.  Home buyers can search listings by net cash flow or capitalization rate.  Revestor.com is expected to be released right before Thanksgiving.

Mark Madsen Read more

October 6, 2011

Who has “Cutting Edge Marketing” for Mortgage Origination?

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

The mortgage business is pretty cut-and-dry today.  Historically low interest rates, a whole lot less people in the industry, and five screwed-up banks are making it easy for originators to pick the “low-hanging fruit” today.  I’m not so naive to think that the Garden of Eden will be as lush as it is today.  I know we are going to have to return (once again) to the basic building blocks of business generation when rates rise (my guess for the inevitable rise is sometime after the New Year).

A lot of things have changed in the past two years, especially the way we find loans which can be funded.  Some of the ideas I think make sense include:

  1. an automatic CRM, like Top Of Mind manages for you
  2. video email marketing, like I have been exploring
  3. Continuing education for REALTORS, like Educate2Earn is doing
  4. Old-fashioned blogging for mortgages
  5. Even older-fashioned but proven systems, as offered by Loan Toolbox
  6. Some of the many ideas offered by Mortgage Marketing Animals

Are you doing something differently to get the telephone to ring?  Is there anything you might have heard, which allegedly works, which you would like to learn?

I’m interested in your feedback.

August 28, 2011

Why Build “The Pearl” in Solana Beach When Buying Existing Resale Housing Would Save Taxpayers Money?

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

My little slice of Heaven, Solana Beach, is developing  A $6 million, ten-unit, low-income housing complex:

The three-level building would have a 1,300 square-foot market on the ground floor, and 10 housing rental units above. The site is now a parking lot with 31 spots, used heavily for beach access and for the junior lifeguard program. A lot with some underground parking with 54 spots is proposed.

“The Pearl” will be a mixed-use development, with a small market and ten housing units which can house up to 44 people.  Ginger Hitzke is the Temecula-based developer.  Her work history includes various “public/private developments”, as a Vice President with the Affirmed Housing Group and now, as a lead developer with Community Collective.

Naturally, the coastal residents are up in arms about the affect on the neighborhood:

Residents packed the City Council chambers, many complaining that The Pearl would increase traffic, loitering, reduce property values, and wouldn’t mesh with the surrounding blufftop condominiums that line Sierra Avenue.

“The city just seems too desperate to fund the building of 10 units to complete the settlement of a bungled lawsuit regarding the loss of 13 low-income units,” said Mark Tiddens, an area resident.

The Condominium Organization of South Sierra Avenue will vote by Sept. 2 on whether to formally oppose the project. Story poles indicating the outline of the building are now in place at the site, a public parking lot near a beach access.

The morality of redistribution of wealth schemes, and the efficacy of Keynesian stimulii notwithstanding, wouldn’t it just be easier to buy ten listed homes for sale?   I searched for Solana Beach homes for sale, under $600,000, and found 24 active listings. To purchase existing listings meets the ideals of “integrating low-income residents” throughout the community, would be easier to manage, and can be accomplished quickly.

The City could make a public announcement that it intends to purchase ten homes for less than $550,000, offer a 4% co-brokerage fee, and suggest that it will give preference to short sales or foreclosure situations,  My guess is it would be flooded with offers to sell.

Solana Beach is stuck with the State’s Read more

August 8, 2011

Greco-Roman Rejection of Rotarian Socialism Is The Cure For What Ails the United States

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Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Europe has tried all sorts of Statist approaches to the PIIGS problems.  Today, Europeans are considering “liberalization”:

As the European financial crisis moves into its next phase, there’s a new word to learn: “liberalization,” and it’s likely to be even more unpopular than “austerity.”

Leaders in Europe are promising to “liberalize” their economies in an effort to grow those economies, but they face an enormous wall of vested interests that don’t want anything to change.

Greg Swann talked about cutting regulations a year ago.  My comment:

There are close to 400 licensed occupations. Compile a list of half of them, introduce legislation that outlaws states (and Feds) to regulate any of these professions.  Repeat each quarter. Within a year, you’ll only have 25 regulated industries. Within two years, the unemployment rate will drop to 6%, and there will be some 2 million new businesses created

Ohmygosh, cut the licensing regulations?  Does that mean that someone, who hasn’t taken a 400-hour licensing course, will be charging money for weaving hair in their living room?  The horror.  How will the public ever be protected from bad hair-weavererers?  Reputation management is already happening in the free market.  Read Greg’s response:

Check. There’s more that can be done, much of it to the benefit of very small businesses. Consider this: When you’re trying to decide if you should take a chance on a restaurant, who do you trust more, a city inspector who may be on the take or nine fiercely independent Yelpers? The dollar cost of preventing injuries that almost never happen is half of our economy — which is nothing compared to the opportunity costs and interest value of those lost opportunities. We’ve got a dinghy loaded up with admirals and we can’t figure out why it’s slowly sinking.

Who then would stand in the way of  “liberalization”?  Let’s go back to the CNBC article:

Leaders in Europe are promising to “liberalize” their economies in an effort to grow those economies, but they face an enormous wall of vested interests that don’t want anything to change.

Take the case of Simon Galina, a 38-year-old taxi driver in Rome. His profession is one Read more

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