Developers' Secret Underground Land Grab, & 5 More Things to Know Today

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Mortgage Rates (In this Wednesday, Sept. 26, 2012,  photo a
AP

Here's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.

• That lovely, brand-new home you bought in the fresh development, on a nice half-acre plot? Well, you may not realize it, but you might have only purchased the top of that land. Builders and developers are increasingly (and quietly) keeping the mineral and extraction rights for the land under the houses they sell. And homeowners are only finding out when the drillers and miners arrive in the neighborhood.

• No movement yet on the government shutdown, but CNN reports that House republicans are finally beginning to consider letting the nation avoid a catastrophic debt default by raising the debt ceiling. A little bit. Temporarily. Maybe four to six weeks worth -- just enough to give the nation some breathing room while they go back to negotiating for more deficit reduction and the repeal of Obamacare.

• Here's yet another way the power traders on Wall Street are faking out the rest of us: Only 3.2% of the orders placed in the stock market in the second quarter of 2013 were actually completed. The rest were cancelled a split second after they were placed. Why? High-frequency traders using amped-up computer programs flood the market with orders to manipulate prices, and then profit from the results.

• Boeing may have the battery issues on its 787 Dreamliner sorted, but the bumpy ride isn't over yet. In the past two days, Japan Airlines has reported electronic glitches on two Dreamliners, including one that caused the toilets to fail.

• A full-time McDonald's worker with 10 years behind the counter who has never gotten a raise confronted the president of McDonald's during a speech he was making in Chicago, telling him she couldn't afford shoes for her kids on the $8.25 an hour wage he was paying her. Hoping this story has a heartwarming, "Undercover Boss"-style ending? Sorry: She got arrested. And her hours were cut.

• And finally, our friends at CNBC ask us to remember that during this government shutdown, we the people aren't the only ones feeling the pinch. Government-employed goats have been furloughed from their jobs, too. We kid you not.


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30 Comments

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silkdragonette

Does that mean you can sue THEM if a sinkhole opens up?

October 11 2013 at 9:16 AM Report abuse rate up rate down Reply
alfredschrader

I'm a redneck. I own the oil, the water, the dirt. All of it. Rednecks shoot first and ask questions later.

October 11 2013 at 7:10 AM Report abuse rate up rate down Reply
junglecruiser

Jeeze folks, calm down. You DO own the land under your house all the way down to the center of the earth. What you don't own are the mineral rights, but if you want to tunnel to hell, no one can stop you.

October 10 2013 at 11:41 PM Report abuse -1 rate up rate down Reply
wurkinman1

Well that may be in a development...but most older homes I do believe that the homeowner owns,whats in the property line..all the way to heaven, and all the way down to hell

October 10 2013 at 11:01 PM Report abuse rate up rate down Reply
Thomas

No one owns their property, don't pay your property taxes for three years. And you'll see whom owns it.

October 10 2013 at 9:54 PM Report abuse +3 rate up rate down Reply
1 reply to Thomas's comment
drdave901

I agree. One would think that land ownership, like gun ownership would be guaranteed by the constitution. Too many do not understand this basic fact, that no one owns their property in the United States.

October 10 2013 at 10:22 PM Report abuse +1 rate up rate down Reply
pdbliz

CNN,,,WHAT THE HELL DO YOU THINK PEOPLE ARE STUPID...
THE DEMOCRATES CAN OPEN UP THIS COUNTRY ANYTIME...
OBAMA HAS THE FINAL SAY SO.... DEMOCRATES ARE AS EQUAL AS REPUBLICANS...
BUT,,TODAYS YOUTH,,,YOU CNN,,ABC,,CBS ,,MSNBS CONTROL THERE MINDS.!!!!

October 10 2013 at 5:52 PM Report abuse -6 rate up rate down Reply
2 replies to pdbliz's comment
drdave901

the gop is only asking that congress and Obama go on obamacare, yet the media will not tell people the truth.

October 10 2013 at 10:22 PM Report abuse -3 rate up rate down Reply
clwgeorgetownlaw

Work on your spelling bagger. Yet another clueless red-state p-o-s

October 11 2013 at 8:34 AM Report abuse rate up rate down Reply
mike shaffer

Anyone starts digging under my house out comes the AR15

October 10 2013 at 5:26 PM Report abuse +4 rate up rate down Reply
3 replies to mike shaffer's comment
ccm989

Realtors should legally disclose if the land under your house is owned by someone else. Full disclosure or sue the realtor. If you want to check the land/mineral rights yourself, its VERY COMPLICATED -- http://www.mineralhub.com/2010/04/how-can-i-locate-who-owns-the-mineral-rights-under-my-land/

October 10 2013 at 4:19 PM Report abuse +4 rate up rate down Reply
juststeve35

I love the dishonesty of those who create a cause/effect relationship between NOT raising the Debt Ceiling and default.

As if not adding another credit card to my personal finances means I won't pay the bills on other credit cards!

A cap on the Debt Ceiling, an idea championed by Barrack Obama in 2006, simply means we have to cut back our spending to pay our bills.

You know...

Like the REST of the planet does.

October 10 2013 at 3:52 PM Report abuse -1 rate up rate down Reply
2 replies to juststeve35's comment
Norina

First of all, Steve, the proper analogy is that if you don't pay your credit bill--poof, no more credit. You can't just call the banks and say, "I've spent too much, so I'm not paying." Which is what is going on now.

The bill that is coming due are expenses that the Congress had ALREADY agreed to. If they want to reduce expenses, then fine, negotiate the budget next time, when it's a relevant time to do so.

Second, Obama was refering to running up the debt on foreign wars back in 2006. And he was correct, we are now stuck with trillions of debt from Iraq and Afghanistan. 10 trillion of debt when Bush left.

October 10 2013 at 8:25 PM Report abuse +1 rate up rate down Reply
1 reply to Norina's comment
vendelavee

At the time Bush Jr left office, two thirds of the national debt had been accumulated under the 3 previous Republican Presidents.

Under Reagan the debt increased 188%, under Bush Sr 55%, under Bush Jr 89%

Link: http://www.skymachines.com/US-National-Debt-Per-Capita-Percent-of-GDP-and-by-Presidental-Term.htm

In a Meet The Press interview in 2003 on YouTube Dick Cheney stated that 25% of the debt was from tax cuts.

Link: http://www.youtube.com/watch?v=RgSKIgf_kKI

October 11 2013 at 8:44 AM Report abuse rate up rate down
rick

Sorry, but you are wrong. Failure to raise the debt ceiling is a refusal to pay back previously appropriated funds which were allocated in a prior budget.

October 11 2013 at 12:11 AM Report abuse -1 rate up rate down Reply
joematej

Seems like we could use the goats back and get rid of the jackasses.

October 10 2013 at 3:33 PM Report abuse +7 rate up rate down Reply