Wed 21 May 2008
“We’re no longer the economic locomotive of the Northeast.”
Categories: Economics , New Jersey Real EstateFrom the Press of Atlantic City:
Here’s a new economic indicator: The more jokes about economists, the worse the outlook.
James Hughes repeatedly lightened his speech Tuesday to the Mid-Atlantic Multifamily Conference & Expo, but those were the only bright spots in his dismal picture of the state’s future.Hughes, a leading New Jersey economist and dean of Rutgers University’s Bloustein School, at least had some good news for his apartments-industry hosts: With the homeownership rate falling, more people will need to rent their apartments.
With five straight months of private sector job losses already, the U.S. economy will only muster a long, shallow recovery stretching into 2009, he said.
The now-tightened mortgage market will continue to dampen the housing industry, and the real estate price decline will be “a multiyear phenomenon,” Hughes said.
…
New Jersey went through the last expansion without the employment growth typical of the good times, about 74,000 new jobs a year, he said.Instead, from 2004 through 2006, the state averaged just 23,000 new jobs per year. Last year, New Jersey added just 3,700 jobs and erased all of those in the first quarter of this year, Hughes said.
Through the 1980s and ’90s, the Garden State was the powerhouse of the Northeast, he said.
“We’re no longer the economic locomotive of the Northeast. We’ve slipped to the caboose,” he told the opening session of the N.J. Apartments Association’s conference, which runs through today at Trump Taj Mahal Casino Resort.
For the assembled apartment developers, owners and managers, at least, the state’s drop in home ownership - from 70 percent in 2005 to 68.3 last year and soon into the low 65s - is welcome news.
A fifth of the state’s population is foreign-born, which also contributes to demand for apartment rentals, he said.
And the potential for more multifamily housing is boosted by its good transit systems and nation-leading population density (higher even than in Japan and India), he said.
From NBC10 in Philly:
South Jersey Company Lays Off 1,000 Workers
Sky rocketing gas prices, the credit crunch and the slumping economy are not just affecting consumers. It’s also now put a longtime South Jersey company out of business.
Jevic Transportation is shutting down after nearly three decades in business and more than 1,000 people will lose their jobs.
After 27 years, Jevic Transportation, a freight moving company owned by a private equity firm, said it is a victim of the troubling economy and surging fuel prices
For the 1,000 local workers and 500 more nationally, it means they are out of a job when they need money the most.
From the Star Ledger:
Avaya laying off another 400 workers
Avaya, a New Jersey company that sells internet phone gear to businesses, is back in cost-cutting mode.
The company, which was acquired last year in an $8.2 billion deal by private equity groups Silver Lake Partners and TPG, notified about 400 employees this week they will be laid off, most of them by the end of this month, according to Deb Kline, a company spokeswoman.
The job cuts will be felt throughout the company’s global operations, but most likely will be centered around its headquarters in Basking Ridge, Kline said. Avaya employs about 18,000 people, with about 10 percent of its work force in New Jersey.
…
The latest round of layoffs comes on top of 600 job cuts through attrition, layoffs and retirements since the beginning of the year, Kline said.
The cuts are a reflection of the sagging economy and sluggishness in the telecom equipment industry, Kline said.
“Everybody is pulling back on discretionary spending,” she said.
From the APP:
Bad Rx for economy
If the reports of waste, fraud and mismanagement in New Jersey’s health care system, coupled with how the governor and Legislature blow through your tax money already makes you nauseous, get out the chum bucket for this one: The price tag for expansion of the state’s health program for low-income residents, which was pushed through the Senate Budget and Appropriations Committee Monday, would cost taxpayers an additional $68 million within three years.
Worse yet, nobody’s sure where the money would come from. Lawmakers pushing the idea said it will come from surplus funds already set aside for low-income families. The Corzine administration says that money has been spoken for.
The last thing New Jersey’s ailing economy needs is another program the state can’t afford and can’t properly administer or monitor for waste and fraud. Despite pledges from Republican leaders that they would reject any new spending initiatives in the 2008-09 state budget, GOP lawmakers joined the Democrats in unanimously backing the bill. The Republicans did say, however, that they may vote “no” on the Senate floor if the plan’s costs are not covered by existing funds. Whether the money is there or not, they should reject the bill and reach out to as many level-headed Democrats as they can find to join them in blocking it.
From the NY Post:
MORTGAGE GURU BITTEN BY LOANS
It turns out that not even the father of the mortgage-backed securities market is immune to the mother of all mortgage busts.
Lewis Ranieri’s Franklin Bank Corp., a Houston-based savings and loan of which he is chairman, is getting hammered by bad bets on home mortgages and commercial loans.
Making matters worse, yesterday Franklin Chief Executive Anthony Nocella was ousted after an internal audit uncovered accounting errors, the bank said.
The Securities and Exchange Commission also is investigating the thrift.
A former Salomon Brothers vice chairman who was famously highlighted in Michael Lewis’ 1989 book “Liar’s Poker,” the 61-year-old Ranieri was tapped as interim CEO of the embattled thrift, which is said to be fielding takeover offers from private-equity firms and other financial institutions.
Ranieri is widely seen as the man who helped package mortgages into bonds that now make up the multi-trillion dollar mortgage-backed securities market that is at the center of today’s credit crunch.
…
An audit by Franklin revealed a series of deficiencies, including improper writedowns of the value in foreclosed real estate and a failure to account for changes in loans that were designed to avoid foreclosures.
Soured mortgages and securities tainted by home-loan debt have upended financial institutions and cost hundreds of billions of dollars in losses.
The mess has also leveled once highflying lenders, including New Century Financial and Countrywide Financial.
For Ranieri, an inductee into the 1997 National Housing Hall of Fame, righting the ship at Franklin, or finding a willing buyer, may be a tall order - and is something even Ranieri seemed to recognize more than a year ago.
“This is the leading edge of the storm,” Ranieri said in an interview with Bloomberg News in February 2007. “If you think this is bad, imagine what it’s going to be like in the middle of the crisis.”
From the Courier Post:
Do-it-yourself home sellers need to stay flexible, patient
Savanna Forbes grabs a Swiffer mop to pick up a few stray dust bunnies before the open house she is holding in her Manhattan apartment. She has already printed out full-color fliers and tucked away dishes, books and personal items she considers unsightly.
It’s all part of her effort to take on the risky real estate business without the aid of a real estate agent. Forbes is selling For Sale By Owner — FSBO, in real-estate speak.
“This is not normal living,” she said, laughing. “It’s unnatural. I’m a tidy person, but not a paper is out of place.”
But despite all her efforts, Forbes is prepping a home for no one to see. Her open house gets no visitors.
I’m agree with this grim “It turns out that not even the father of the mortgage-backed securities market is immune to the mother of all mortgage busts.”
From the NJ Herald:
Pair offers foreclosure tours
With many housing markets still in a downward spiral, two Sussex County real estate professionals have put their own spin on the tradition al house tour.
Instead of driving by famous homes, they’re cruising past vacant ones. All in an effort to show what’s available locally, and they hope, improve the county’s housing market.
Fueled by apple juice and Mrs. Fields’ cookies, two potential buyers and a title agent recently walked around nine empty houses in Sussex County, ranging from a $250,000 bi-level in Byram to a Sparta mansion listed at $745,000.
The tourgoers swooned over the lakefront views, lovely curb appeal and serene outdoor decks, but they also saw signs of neglect. In one house, paint had been peeled off the front door and heating covers had disappeared.
…
Foreclosure filings in Sussex County rose by 44 percent from 2006 to 2007, and increased by 46 percent statewide. Total filings had hovered around the upper 400s and mid-500s from 1997 to 2005, before vaulting to 620 in 2006 and 892 in 2007, according to the state Administrative Office of the Courts.
The trend has continued during the first quarter of this year with 277 foreclosure filings during the first three months.
Often these abandoned houses deteriorate and show signs of disrepair, placing an unfortunate blight on the neighborhood.
“You have a whole block of wonderful houses, and then you have ‘that one,’ ” Deuel said.
From Reuters:
Impac Mortgage posts $2 bln loss in 2007 on credit woes
Impac Mortgage Holdings Inc, a struggling mortgage lender, said it lost $2.05 billion in 2007, largely because of mounting credit losses tied to higher delinquencies and defaults as the housing market slumped.
The loss totaled $27.10 per share, and compared with a loss of $75.3 million, or $1.18 per share, in 2006, Impac said late Tuesday.
From the WSJ:
Trouble Hid in the Hedges
Wall Street Loses On Bets Made As Safety Valves
By SUSANNE CRAIG
May 21, 2008; Page C16
Just as they were emerging from their bunkers after a dismal first quarter, some of the big Wall Street investment banks got ambushed. That could lead to another round of losses when the second quarter closes next week.
The bad news comes from the hedges the banks have used to offset losses in real estate and other securities. These hedges, where the brokers bet against indexes that track markets such as real-estate securities and leveraged loans, have helped limit losses over the past year.
The profits the firms made by betting against the indexes offset some of the declines in value for other investments.
But since the market bottomed in mid-March following the collapse of Bear Stearns Cos. (in the process of being acquired by J.P. Morgan Chase & Co.), some of these hedges came unglued. In some cases, indexes such as the CMBX, which tracks the market for commercial-mortgage-backed securities or loans, rallied as much as 50%, while the securities the banks were hedging rose much less, or in some cases fell in value.
The biggest loser by far appears to be Lehman Brothers Holdings Inc., where losses from both write-downs on assets and ineffective hedges will likely range from $1.5 billion to $2 billion, according to some analysts.
From the WSJ:
Why a Housing Bailout Won’t Help
May 21, 2008; Page A17
“We are working with borrowers to keep them in their homes, but a lot of them really don’t want to stay.”
So spoke the chairwoman of a Southern California home lender to the Los Angeles Times, inadvertently putting her finger on why trying to bail out the mortgages behind today’s uptick in the foreclosure rate may be self-defeating, and why many in Congress rightly have gotten cold feet.
…
Many of these homebuyers are underwater not just because they bought more house than their incomes could support, and not just because prices are falling. They were also betting on commute patterns and demographic expectations that are proving invalid.
These were bets on location, location, location – premised on the idea that people would be willing to live hours from anywhere for a chance to own a single-family home they could actually afford. No federally sponsored haircut can put these housing bets back in the money, or stop these houses from coming back on the market at distress prices.
…
Proponents say a bailout would benefit all homeowners, halting foreclosures and propping up prices. But it wouldn’t. Even by the generous reckoning of the Congressional Budget Office, only a small fraction of the soon-to-be-foreclosed would voluntarily take up the House plan or Monday’s proposed Senate version on its offer.
Of course that overlooks the possibility of a concerted effort by mortgage investors to get their worst customers into the government plan, which would pay 85 cents on the dollar for mortgages now selling for 50 cents or less. True, the House bill gamely seeks to exclude speculators and homeowners who lied about their incomes. But an ill-equipped FHA would be a sitting duck for lenders who tacitly permit nonpayers to remain in homes just long enough to pass the bag to government.
Remember, the estimated $400 billion in subprime mortgage losses are widely distributed among funds that are capable of swallowing them without folding. The bust once did seem to threaten the financial system, but only because uncertainty over who owned the losses poisoned investor confidence in asset markets and financial institutions generally.
The Fed seems to have fixed that problem. But the Fed can’t fix the housing correction, though the housing correction was never the end of the world.
Data may show the first national home-price decline since the 1940s, but housing markets are local, and virtually every local market has experienced housing booms and busts at some point. Plenty of homeowners have had the experience of being underwater on their mortgages (show of hands here) without walking away – because they didn’t take out more loan than they could afford to plant themselves in communities that now appear to have little future.
A real quandary for policy makers may soon be how to handle the subprime debris – the physical waste – of housing complexes far from town, unwanted by anybody with the wherewithal to maintain them. Here, a word on bubbles. Dropping a bundle to build a new fiber network as the Internet is taking off is not necessarily a bad idea. The decision by other people to do the same is what makes it a bad idea. That’s what happened in housing too – helped by cheap money from the Fed and a credit-manufacturing process that gave too many homebuyers a one-way bet on home prices.
From MarketWatch:
Crude breaks the $130 a barrel level
Crude-oil futures topped the $130-a-barrel mark for the first time on Wednesday ahead of a weekly report on energy inventories, continuing this month’s ascent on the back of supply worries and bullish commentaries. July light sweet crude recently traded up $1.40 to $130.38 a barrel.
Homes are biggest bargain since 2004
Falling prices opened up home buying for many more Americans.
NEW YORK (CNNMoney.com) — With prices crashing around the nation, home price affordability has improved dramatically in many U.S. cities.
As a result, 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500, according to the latest Housing Opportunity Index released Tuesday by Wells Fargo and the National Association of Home Builders (NAHB).
That’s up from 44% during the first three months of 2007 with home prices the most affordable they’ve been since the three month period that ended June 30, 2004.
The least affordable big city outside California was the New York metro area. There, nearly flat prices - $490,000 this year compared with $500,000 last, led to an increase in affordability to 12.5% this year. Still, that’s better than a year ago, when only 6% of homes sold were affordable. New York is the second least affordable area according to this survey.
(10)Grim
I totally agree with this WSJ article - right on. Good find!
From MarketWatch:
Mortgage applications fell 7.8% last week: MBA
Mortgage applications filed last week dropped a seasonally adjusted 7.8%, compared with the previous week, the Mortgage Bankers Association reported on Wednesday.
Compared with the same week in 2007, applications were down 9.4%, the MBA said.
Applications to refinance an existing mortgage decreased 8.7% last week, compared with the previous week. Home-purchase applications declined a seasonally adjusted 6.9% last week.
4 grim
Nice weather we’re having.
I would like to thank all the SUV owners on this blog for contributing to high oil prices. My oil investments have increased beyond my wildest dreams. Together you make a difference. Thanks!!!!
Uh oh, bugs in the black box, who coulda’ knew.
Always easier to blame an inanimate object for your failure.
Moody’s Begins Probe on Report Bug Caused Aaa Grades
Moody’s Investors Service said it’s conducting “a thorough review” after the Financial Times reported that a computer error was responsible for Aaa ratings being assigned to complex debt securities that slumped in value.
Banks obtained the highest grades in 2006 and 2007 for constant proportion debt obligations, funds sold in Europe that used borrowed money to speculate on an improvement in credit quality. The subprime crisis caused banks including UBS AG and ABN Amro Holding NV to unwind their CPDOs, triggering losses of as much as 90 percent for investors.
Some senior staff at Moody’s were aware in early 2007 that CPDOs rated Aaa the previous year should have been ranked as many as four levels lower, the FT reported today, citing internal Moody’s documents. The firm adjusted some assumptions to avoid having to assign lower grades, the paper said.
“If it is true, does that mean other products haven’t been rated correctly?” said Puneet Sharma, Barclays Capital’s head of investment-grade credit strategy in London. “Will they be downgraded? It could lead to turmoil.”
(17)
Sure, and the dog ate the lower grades so they never were assigned.
Early 2003 I was entertaining living in areas such as West Milford or Paterson. Glad I didn’t.
From The Record
Fort Lee development project for sale
Centuria, the 16-acre redevelopment project in downtown Fort Lee with a $1 billion price tag, is for sale, and Town & Country Developers at Fort Lee Inc. is looking to get out of the project after almost three years of little progress at the site.
…
“We’re in a very difficult financing environment as a result of the capital markets collapse,” Kaufman said. “(Town & Country) is being prudent by exploring all potential options.”
Andrew Merin, vice chairman of Cushman & Wakefield and head of the Capital Markets Group, said Town & Country is looking to part with the project. The Woodcliff Lake-based company spent $45 million to buy the site in 2003. It is unclear how much more Town & Country has spent on site work.
…
Three weeks ago, the borough council sent a notice of default to Town & Country, saying it owes more than $878,000 in taxes and other fees for the project. The company is “exploring its options” in regard to resolving this issue, Kaufman said.
…
Merin conceded that finding a buyer for Centuria won’t be easy. To make it more attractive, the 824 residential units that can be built on the site will most likely be apartments, and not condominiums, as envisioned originally by Town & Country. Monthly apartment rents in North Jersey are expected to rise 4 percent this year to an average of $1,500, and rents have risen a total of 14 percent since 2004, according to data from the real estate services firm Marcus & Millichap.
Much more at the link above, Rich
Grim I just finished reading that one and was about to post it, that is just classic.
The wrong ratings were assigned due to the lack of due dilligence, procedure, and quality assurance practices in their software development process. The “bug” was nothing more than evidence of these shortcomings. You don’t blame the “bug” for the problem, you put the blame on the process that resulted in the bug.
Unless, of course, a bug actually crawled into one of their systems, causing the problem.
I’m a skeptic, therefore I believe there was no bug at all. The “bug” was the set of unrealistic assumptions built into the model. GIGO has morphed into UAITWO (Unrealistic assumptions in, toxic waste out).
This is total bullshlt and there’s absolutely no doubt that housing terrorists and cheapskates are behind this. 3bonehead is the most likly culprit here to pull a stunt like this. It’s not enough for the evil ones to undermine housing prices, they want to live for free also:
http://www.reuters.com/article/newsOne/idUSN2849018120080519?pageNumber=1&virtualBrandChannel=0
As homes foreclose in U.S., squatters move in
…POSING AS TENANTS
New Jersey real-estate broker Bill Flagg is in a different type of legal tussle with occupants of a foreclosed home who refuse to leave in Plainfield, a city of 47,829 people.
“We know the people are squatters. But we have had the cops there. We had the electricity shut off and the cops wouldn’t put the people out. We have to go to court to get them out. They claim to be tenants,” Flagg said.
Such cases of squatters posing as tenants are on the rise, said Bill Collins, president of the New Jersey chapter of the National Association of Real Estate Brokers.
“These people claim that they have a lease but they can’t find it. And the property owner has been removed from the property or been foreclosed on, so they have no interest in confirming if this person is a valid tenant,” he said.
“So now you have squatters who are assuming that they are tenants and have rights to some degree to stay in the property until we can go through the court system to get them out.
“And they have caught wind that what most of these banks are doing is giving cash for keys, so cash for eviction — anywhere from $1,000 to $1,500. So here you have a squatter who goes into a property, takes up residence, tells you that he is a tenant, goes to court and says that he is a tenant.
Monthly apartment rents in North Jersey are expected to rise 4 percent this year…
Unless many others also choose to rent their investment condo, co-op or house due to the slow sales pace.
Frank (16) says:
” would like to thank all the SUV owners on this blog for contributing to high oil prices. My oil investments have increased beyond my wildest dreams. Together you make a difference. Thanks!!!!”
Did you sell yet? Cause if you didn’t, you haven’t made squat.
#24,
Bought and sold few times and seeing all the supersized SUVs in NJ I am buying more today.
From the FT:
Moody’s error gave top ratings to debt products
Moody’s awarded incorrect triple-A ratings to billions of dollars worth of a type of complex debt product due to a bug in its computer models, a Financial Times investigation has discovered.
Internal Moody’s documents seen by the FT show that some senior staff within the credit agency knew early in 2007 that products rated the previous year had received top-notch triple A ratings and that, after a computer coding error was corrected, their ratings should have been up to four notches lower.
…
On discovering the error early in 2007, Moody’s corrected the coding glitch and instituted methodology changes. One document seen by the FT says “the impact of our code issue after those improvements in the model is then reduced”. The products remained triple A until January this year when, amid general market declines, they were downgraded several notches.
…
“However, it would be inconsistent with Moody’s analytical standards and company policies to change methodologies in an effort to mask errors. The integrity of our ratings and rating methodologies is extremely important to us, and we take seriously the questions raised about European CPDOs. We are therefore conducting a thorough review of this matter.”
(17)
People to blame for the current crisis -
1] Rogue Soc Gen trader.
2] Lone IT guy at Moody’s.
3] Media.
4] Hedge funds that are short.
5] OPEC.
Someone at Moody’s sent me a copy of the code behind the CPDO ratings model, he tells me it is very similar to the one used for RMBS:
10 Print “Rating Security…”
20 Print “Security rated ‘AAA’”
30 Goto 10
#16 Frank
In 2001 NJ drivers were paying 99c per gallon. I seem to recall at statistic from that point that 25% of all vehicles on the roads were SUV’s. If that figure is correct it could be said that it has not dropped between then and now. In fact since then, SUV sales in general have slowed to a crawl. In 2004, Ford were giving big incentives to shift Explorers and Expiditions.
So you can’t really blame SUV’s. Why don’t you at some of the real reasons the gas prices are high. How about the war, the idiot in the White House, the GOP controled congress up to 2006 or even throw in Peak Oil. What about commodity speculation.
SUV’s are a symptom, not the cause.
PGC (the SUV and Prius owner)
Frank (24),
Are you as insecure as Bi?
Do you really think any cares, let alone believes what some anonymous poster has to say about the loss or gain of their personal investments?
The NJ Real Estate, Stroller, New & Classic Car, Personal Finance Horn Blowing and Politics Report
From the Press of AC:
Water shortage forces Bridgeton to stop issuing construction permits
This city’s water shortage has prompted officials here to stop granting new construction permits for at least 15 months while radium treatment plants are put into place.
City Council unanimously approved the resolution Tuesday night at its meeting with little public discussion. It takes effect June 1, the same day that water usage restrictions also become active.
Council President Bill Spence said Tuesday that the moratorium would have no impact on any development plans.
“The best part is that we jumped on it now,” he said. “It’s a preventative measure.”
The city’s water supply has been a subject of concern for at least 10 years, ever since high levels of radium - a naturally occurring radioactive element - were detected in the water being pumped from the city’s 15 wells in the Kirkwood-Cohansey aquifer.
You people are way too upiditty!.
From CNBC:
Mortgage Applications Near Lowest Level of 2008
Applications for U.S. home mortgages fell to its second-lowest level of the year last week as interest rates rose, an industry group said Wednesday.
Is it better to buy or rent?
Compare the costs of renting and buying equivalent homes.
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html?_r=3&ref=patrick.net&oref=slogin&oref=slogin&oref=slogin#
upiditty?
15-Year Bear Market
Now, Tice says the Standard & Poor’s 500 Index may tumble 40 percent during the next 12-24 months as the credit crisis undermines the economy, bankrupts households and companies and whacks profits. The drop would be worse than the 37 percent plunge in the index from 2000 through 2002.
http://www.bloomberg.com/apps/news?pid=20601109&sid=a8qiQmY7BEPc&refer=home
Nothing Over Here…Move Along
New York City’s securities sector is expected to lose 17,300 jobs from the last quarter of 2007 through the first half of next year, as the sector reels from the credit crunch, reports Financial News Online. The Mayor’s city budget office predicts that the financial services sector, which includes securities firms and retail businesses, will lose more than 33,300 jobs.
#8 - Pretty interesting article. FTFA;
“About one in seven loans on its books were at least 60 days delinquent as of year’s end, Impac said.”
So, about %14 are currently 60 days off. They don’t say if that’s increased since the year’s end, but I’m going to go out on a limb and say yes. I won’t guess by how much though.
IIRC, Impac was a pretty conservative Alt-A shop. So much for that conservatism.
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
“The least affordable big city outside California was the New York metro area.”
#22 rediaperwipe: No I am just going to buy your house cheap when you default on your mtg.
Everytime you fill that SUV, the World Bank is smiling down on you and your national govt is patting you on the back.
Because of you and everyone who fills there tanks are paying the national debt.
You fill up, oil companies get there cut, World Bank gets there cut, OPEC gets there cut, then whats left gets funneld back to buy US national debt.
SAS
No, you are not entitled to cheap gas.
If you don’t like it, there is a bicycle or drive less.
that simple.
SAS
#1 - This isn’t that surprising given the spiraling costs of diesel. Jevic wasn’t a huge player but they were big enough in NJ.
I suppose we’re now going to see a lot of the smaller players in transit going bust (akin to the airlines). There are a lot of truck drivers in NJ, be it long haul, city or owner-operators. It’s a job most anyone can do and pays well enough without requiring any real education. If we are at the beginning of a shakeout in trucking that sees large lay-offs we may have more problems than the Wall St. lay-offs.
toshiro_mifune,
that is why there is a push for the NAFTA superhighway and to let Mexican truck drivers in the country.
Imagine getting a trucker for not much more than what they get paid in Ca to pick the strawberries.
SAS
Lenders And Department Reach Short-Term Agreement
In a closed-door meeting yesterday afternoon, officials from the Department of Education met with leaders of the lending community to discuss ways to infuse additional liquidity into the student loan market. Media sources are reporting that attendees came to some short-term agreements with the promise of talks for a longer-term solution beginning next week. The Department’s decision to meet with these lenders comes after four of the largest student loan providers threatened to leave the program entirely.
They reached an agreement behind closed doors?????This sounds like a democracy!!!
“The biggest loser by far appears to be Lehman Brothers Holdings Inc., where losses from both write-downs on assets and ineffective hedges will likely range from $1.5 billion to $2 billion”
That CAN’T be true!! bi and S&P said there would be no more writedowns!
Why the noise about food and fuel expenses? Listen, we live in prestigous Northern NJ - it’s very competitive here and if one can’t afford it then they need to consider moving to another state. At least, that’s what a member of the NAR (chuckle… there’s that acronym again) told me.
I am fortunate to work 2 miles from where I live. Gas prices….not an issue.
#44 - Yeah, I knew about that. The fight over that has been going on for years now too.
#47 gary it’s very competitive here and if one can’t afford it then they need to consider moving to another state.
Perhaps that NAR may have to take his or her own advice, what with all the inventory rotting out there.
Buying a new Asian Hybrid car is just as bad as buying an American SUV. One you are sending money out of the county with the purchase and the other you are sending money out of the country to our enemies by buying large amounts of gas each week. You smug do right people should find the American car with the highest gas mileage that was build in a plant in America if you want to help.
It is much more cost effective to just keep the SUV and drive a lot less.
Plus those Hybrids only get good mileage when there is only one or two in the car. A Chevy Sububan gets 18 miles per gallon but holds nine people, since hybrid cars have a max capacity of 4 people you would need three hybrid cars to move 9 people so a Suburban with nine people is actually getting better milage.
SUVs minivans still make sense for large families who don’t drive many miles per year.
BTW I would love if the housing bill passed and to qualify you were banned from driving foreign cars for 5 years and cars that get under 25 miles per gallong. It would revitalize the whole Detroit housing market overnight and help solve our inport problem and cut oil use.
12 SG
“Homes are biggest bargain since 2004″
To put that in its proper perspective, the corollary would be:
“In 2004, homes were an even bigger bargain than they are now!”
I don’t mind waiting another 18 months.
Newsweek ranking of top 1300 US high schools.
This link should take you to the list of NJ schools.
http://www.newsweek.com/id/39380/?s=n.j.
Top NJ high school according to Newsweek:
McNair Academic, Jersey City, ranked 30th overall nationally
njpatient,
Don’t be a nar, go catch that falling knife.
ya, right and Trenton Central is #40
#51 - John
“Toyota directly employed around 34,675 people in the United States, invested USD $15.5 billion, produced 1.2 million vehicles using US and foreign auto parts, sold 2.54 million vehicles, and donated USD $340 million to nonprofits. [22] It has in total 10 plants, USD $2.9 billion per year payroll, purchased USD $28 billion in parts and supplies from 30 states. It created around 386,000 jobs in the United States as result of Toyota’s spending and demand from suppliers”
http://www.app.com/apps/pbcs.dll/article?AID=/20080521/NEWS/805210430&referrer=FRONTPAGECAROUSEL#pluckcomments
Here is one big reason why taxes are out of control:
KEANSBURG — Outgoing Superintendent of Schools Barbara A. Trzeszkowski will walk away with a combined severance and benefits package of $740,926 for her 40-year tenure in the school system, according to school documents.
Trzeszkowski, 60, of Middletown, officially retires June 30.
The amount due her is computed from her final salary and benefits contract, posted on the Board of Education’s Web site, http://www.keansburg.k12.nj.us.
Under the contract negotiated and approved by the board in 2003, her severance package is $556,290, to be paid annually in five equal installments beginning July 15.
The amount is calculated by the total years of service — 38 1/2 years — times $14,449.08, or one month of her final annual salary of $173,389.
Trzeszkowski will also be paid $170,137 for her 235.5 unused sick days. That will be paid out in three equal annual installments.
The board will also “buy back” Trzeszkowski’s 20 unused vacation days for $14,449, which will be paid out in one lump sum on July 15.
Also, based on the state teachers’ pension calculator, Trzeszkowski could receive a maximum pension of approximately $115,600 a year. The final amount would be determined by the type of benefits she chooses.
Neither Trzeszkowski nor school board President William Manos could be reached for comment. A former member, Gina Povalac, who served when Trzeszkowski’s contract was proposed and approved, said it includes an option to take all unused sick, vacation and personal time.
“Her (Trzeszkowski’s) contract stipulated accrued time time off, that she could bank her hours,” Povalac said.
Reining in payouts
Frank Belluscio, spokesman for the New Jersey School Boards Association, said he could not say how Trzeszkowski’s reported severance package stacks up against others around New Jersey, but noted that school systems are trying to rein in such large payouts.
“There is a more recent trend toward placing controls over payment for unused time,” Belluscio said. “These include capping the amount of unused leave that could be reimbursed upon separation and basing payment on the individual’s salary at the point at which the leave time was earned.”
Belluscio said the size of a superintendent’s final severance package is directly related to the employee’s contract provisions agreed to by the school board.
“Those provisions might address payment for unused vacation time,” Belluscio said. “And if you have someone who’s been there for a number of years who has accumulated a large amount of time and those provisions are part of the contract, then that could have a large impact.”
Keansburg resident Edwin H. Scheckler Jr. said Trzeszkowski’s hefty retirement package is a vivid example of a statewide problem in public schools.
“How can anyone be paid for so much unused sick time?” Scheckler asked. “This is, quote unquote, “an Abbott district,’ so the funding isn’t just coming from this community, it’s coming from the entire state.”
Moved up the ladder
Trzeszkowski, who joined the district in 1968 as a high school English teacher, was appointed school curriculum coordinator in 1991 and then acting superintendent in 1997. She became superintendent in 1998.
Her successor is Nicholas M. Eremita, signed to a three-year contract effective July 1.
Eremita, 56, of Brick, will receive a salary of $160,000 for the 2008-09 school year, according to his contract, which calls for him to receive 4 percent raises in both 2009-10 and 2010-11, for annual salaries of $166,400 and $173,056, respectively.
“New York is the second least affordable area according to this survey.”
And the first is?
I agree with John.
Hybrids are overrated and not a good purchase. Because parts are very exspensive, and if you ever have to replace anything, boom… there goes any of your so called “savings” in gas prices.
Drive less. Consolidate driving trips.
Carpool, mass transit, and bicycles are best way to go.
oh yeah, telling your chubby little chicken finger eating kid “no” once and awhile and stay away from Mad Cow McDonalds doesn’t hurt either.
Not my Johnny..
;)
SAS
In 2001 NJ drivers were paying 99c per gallon. I seem to recall at statistic from that point that 25% of all vehicles on the roads were SUV’s.
When i bought my explorer in 1998 (which i’m still driving) gas was .90 cents. Man that was awesome. “Fill’er up up buddy” “Sure, that’ll be $16 please”.
# 1237 River Dell
Mark #55-
It’s a topic that gets discussed, debated, kicked around here often. Thought I’d just throw some fodder out for debate.
I’m a neophyte on NJ high schools so. I add this to the other sources I look at for school rankings.
JM
#52 njpatienI don’t mind waiting another 18 months.
You won’t have to, another 12 months or less will do it.
21 grim
Wow - what a load of bee ess.
Maybe the bug was one of those invasive computer-destroying ant colonies someone (shore?) posted the other day?
“We’ve discovered that a flaw in our black box programming caused higher ratings to be given. Granted, we programmed in that flaw on purpose….”
#56 victorian: Not to mention thay make a far superior product.
51…John you cannot force people into buying an inferior product….Detroit is getting what they deserve in a free market.
Honda > Toyota > Nissan > Fiat > Yugo > GM
NEW YORK (Reuters) - As prices at gasoline pumps and grocery stores rise U.S. consumers say they are driving less but they can’t cut down on eating, a new poll found.
Nearly half of respondents to a Reuters/Zogby poll of likely voters in the presidential election later this year said they are driving less to compensate for record U.S. gasoline prices, which hit a record average of $3.80 per gallon on Tuesday according to travel club AAA.
But only about 8 percent of the 1076 respondents in the national poll said they were eating less generally to cope with rising food prices, the poll said.
“People have more control over gasoline. they are driving less and driving smarter,” pollster John Zogby said by telephone.
Private spending data supports the poll’s finding on gasoline demand. U.S. drivers pumped nearly 7 percent less gasoline for the week ending May 16 than they did the same week last year, Mastercard Advisors said this week.
Year-to-date, American consumers have bought 1.4 percent less gasoline than they did last year, said Mastercard Advisors, , a unit of MasterCard Inc, that estimates weekly demand based on sales in its payments system.
Zogby said respondents have been sensitive to the $4.00 per gallon gasoline mark in previous polls.
“People have been saying that once prices hit $4.00, they are going to adjust their lifestyles and cutting back driving is one way they are doing it,” he said.
To cope with rising food prices, people are changing their habits but still eating about the same amount. Nearly 15 percent of respondents said they are eating less expensive foods. About the same amount said they are using coupons to cut costs.
Nearly 33 percent said they are absorbing higher food costs without any changes to their lives, while only about 18 percent said they are absorbing high fuel costs.
One result of both higher gasoline and food costs may be a rise in the future to more big box retailers like WalMart Stores Inc, which could offer consumers cheaper prices that they would burn less fuel to get to.
“This may be bigger than just pricing, this may be a dramatic change in the way we consume over the longer period,” said Zogby.
Still, big retailers face their own troubles with the economy. WalMart gave a tepid outlook for May as the economic situation gets more difficult and consumers try to stretch their dollars by purchasing cheaper meat cuts or trading down to pasta.
One troubling sign of higher prices was that a small segment of consumers are dealing with rising costs by putting down the plastic.
More than 5 percent said they have taken on more personal debt to cope with higher energy costs, while a bit less than 5 percent said they are taking on debt to deal with higher food costs.
“Obviously it is of concern,” Zogby said. “Because if that continues it simply means people aren’t making enough to keep up.”
“but they can’t cut down on eating, a new poll found”
yeah, that is why we have an obesity epidemic in this country?
man…
buy hey, Obama will bring us “change”.
lol
and the moon is also made of cheese.
SAS
BklynHawk Says:
May 21st, 2008 at 9:20 am
Newsweek ranking of top 1300 US high schools.
With all the tax money these towns extort out of homeowners in the name of having top schools, I would think that we would have more than one school cracking into the top 100.
It’s all a scam. You don’t have to live in NJ to send your kids to a decent school
grim 28 - LOL, figures they coded it in BASIC. I was did that in 6th grade.
# 12 “As a result, 53.8% of all new and existing homes sold nationwide during the first three months of 2008 were affordable to families earning the median household income of $61,500,”
Oh, happy day. Clearly all is now well with the world. Did I just see a lion lay down with a lamb?
Bottom Line - BIG DEAL - 100% of profits goes overseas. Plus their tax set up shifts a significant amount of tax revenue overseas. Plus the 35K people they employ are at a lesser wage than GM used to pay. Tell a 50 year old ex GM line worker who now works for Toyota at 70 cents on a dollar who sold his house in Detoit for a 100K losss how great Toyota is. Didn’t their US CEO sexual harrass employees, aren’t they a racist and sexist company? Toyota created ZERO jobs. GM/Ford/Chrysler would be employing those workers anyhow. Some friends they are, you don’t see any Japanese on the front lines in Iraq yet they hid behind our milatary power and use the cost savings of not having a full army to exploit our economy. I have been to Japan several times and they are nice enough people but believe me they would sell handguns to 10 year olds to make a buck. That said buy a toyota if you want, I have no problem buying a shirt cheap made by slave labor but I am not dumb enough to defend my actions, it is wrong and I am doing it anyhow to save a buck.
Victorian Says:
May 21st, 2008 at 9:25 am
#51 - John
“Toyota directly employed around 34,675 people in the United States, invested USD $15.5 billion, produced 1.2 million vehicles using US and foreign auto parts, sold 2.54 million vehicles, and donated USD $340 million to nonprofits. [22] It has in total 10 plants, USD $2.9 billion per year payroll, purchased USD $28 billion in parts and supplies from 30 states. It created around 386,000 jobs in the United States as result of Toyota’s spending and demand from suppliers”
You want my cold, callous take on the food thing? We Americans are a bunch of whiny, fat f*cks anyway. We can afford to eat less and consume less, it won’t kill us. They are building yet another POS franchise restaurant (Olive Garden… ugh!) in the Wayne Town Center (Willowbrook).
# 21 “Unless, of course, a bug actually crawled into one of their systems, causing the problem.”
Where is Grace Hopper when you need her?
Toyota is an inferior product. My 1996 Camry when I got rid of it 3 years ago with 45K miles needed a timing belt, struts, and assorted nits and nats. My brother’s 1967 Firebird Convertible just for kicks he had it cooking at 100MPH last summer on the orignal engine and trannsmission. Toyotas are dispsoable cars. Love to see a Lexus last over 40 years with no major repairs ever. Also look up high mileage champ cars a volvo is closing in on three million miles and the runner ups include a chevy impala, a few checker cabs, a few mercedes and a ford pick-up. Where the heck is Toyota. Love to see a camry hit 2 million miles. The volvo did 2 million on the original engine nad tranny.
# 31 “Cohansey aquifer”
My recollection is that this is charged in morris and middlesex county and supplies water for most of Ocean, Atlantic, and maybe burlington county too, if I remember correctly. What are the odds that, if this is from a natural source of radium that the issue is limited to Bridgeton?
Their is no way anyone can defend the American Auto Industry. They still have not learned how to run a business.
From a Financial standpoint a diaster.
Take a look at the ad’s 0 0 0 only way they can move the crap
Another nail in the coffin.
Honda to sell new gas-electric hybrid next year
Honda will sell a new, improved and affordable gas-electric hybrid in the U.S., Japan and Europe starting in early 2009, underlining the Japanese automaker’s commitment to “green” technology, the company president said Wednesday.
…
In addition to the new hybrid, Honda will introduce several other hybrids: a Civic, a new sporty model based on the CR-Z and a Fit subcompact, sold as the Jazz in Europe, Fukui said.
“Hybrids have drawn attention for their image, but time has come to go to the next step,” he said, stressing that Honda was serious about selling hybrids in numbers.
#69 xunderwriter: Amen Sir, Amen.
# 39 Gary,
What was that?
A Fit-based Hybrid? Sounds like the next killer app. Rumors floating around have it priced at $16k.
“Homes are biggest bargain since 2004″
Homes were a bargain in 2004? What did I miss?
When i bought my explorer in 1998 (which i’m still driving) gas was .90 cents. Man that was awesome. “Fill’er up up buddy” “Sure, that’ll be $16 please”.
I bought my Dodge Ram 1500 with the 5.9L 360 in 1998. It got 8 MPG in 4 wheel drive and about 12 MPG in 2 wheel. Very fun to drive. I sold it to some poor schmuck in 2003 when gas was $1.50 per gallon. It cost $35 to fill the tank then, which I thought was outrageous. I was honest and told the kid buying it that it was bad on gas, but all he cared about was the Flowmaster exhaust and the upgraded sound system.
a new sporty model based on the CR-Z
http://automobiles.honda.com/cr-z/
CRX lovers everywhere rejoice.
# 73 “We can afford to eat less and consume less”
It is amazing if one compares body shapes today with 30 years ago. If anyone here remembers the Mary Tyler Moore show, you will likely remember Rhoda. She was the chunky woman who was always fighting her weight. Mrs. Shore reminds me that she was a size 6. By today’s standards she is thin.
Walk down a European street, and one can often pick out the Americans. How? Look for the overweight person.
I was in an airport the other day and during a delay I started keeping a tally of the people who walked by who were thin, those whe appeared to be within about 10-20 pounds of being in shape, and those who were obviously overweight. It was simply amazing; the vast majority of people were obese. And what is it with women who have big rolls around the middle wearing low rise jeans and crop shirts. Yuck!
Re: Newsweek HS article…
Division Ave in Levittown is on the list? Back in the 80s that was sone of the biggest loser high schools around - has it really changed that much? John what do you think of that?? Don’t you live on Long Island?
#81 - Hopefully we’ll see more of the city cars and sub-sub compacts in the US. VW has the Polo and Lupo. FIAT has the new 500. Nissan is already bringing the Cube and has access to the various Renault models.
What’s GM got? Why a new Camaro, Yay!
Actually, I think the Lupo is out of production but you get the idea; 74mpg diesels.
Countrywide CEO Mozilo’s “Disgusting” Email Reply: OOPS!
Posted By:Diana Olick
http://www.cnbc.com/id/24756622
Companies:Countrywide Financial Corp
The very idea of blogging this story makes my stomach churn, but there are some things I am simply morally required to do. So here goes.
You’ve done it, and I’ve done it, and now Countrywide Countrywide Financial CorpCFC
4.76 UNCH 0% NYSE
Quote | Chart | News | Profile
[CFC 4.76 --- UNCH (0%) ] CEO Angelo Mozilo has done it. He hit “reply” instead of “forward” on the computer. For most of us, the mistake usually results in a “DOH!” and perhaps and explanation and/or apology, but Mozilo’s is now resulting in an online slam-fest.
Why? Because Mozilo proved what so many were thinking, that he doesn’t have a whole lot of compassion for a whole lot of his customers, especially the ones in trouble.
According to the L.A. Times, one of those customers, Daniel Bailey Jr., wrote an email to Countrywide asking that the terms of his loan be modified. Like so many others, his adjustable rate loan reset, and now he can’t make the payments.
Countrywide has been publicly begging for troubled borrowers to contact them. In fact, I’ve sat through several press conferences at the Treasury Department (touting the Hope Now alliance), where some Countrywide rep says the biggest problem they have is that they can’t reach all the troubled borrowers in order to help them.
Okay, so Mr. Bailey sends the email, but he uses a form letter that you can get from a website called LoanSafe.org. He says he needed help with the wording. Anyway, the email goes out to about 20 Countrywide addresses, including Mozilo’s.
Mozilo, who has gotten tons and tons of these, writes, “This is unbelievable. Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.”
He meant to send it to someone else, but oops, that darned “reply” button. Mr. Bailey, of course outraged at the reply, then posts it on LoanSafe.org.
Scandal! Now the web is awash with all kinds of criticisms being hurled here and there (and not all of it against Mozilo). Countrywide ends up issuing a statement: “Countrywide and Mr. Mozilo regret any misunderstanding caused by his inadvertent response to an e-mail by Mr. Bailey. Countrywide is actively working to help borrowers, like Mr. Bailey, keep their homes.”
Now I get all kinds of news releases from Countrywide spammed at me ad nauseum. I didn’t get that one.
# 86 “toshiro_mifune Says:
May 21st, 2008 at 10:23 am
#81 - Hopefully we’ll see more of the city cars and sub-sub compacts in the US. VW has the Polo and Lupo.”
Where is the Yugo hybrid when we need it?
#87 - No c’mon, that can’t be true.
Re: 17 & 26
Love it!
Could this be the actual culprit?
http://leonmeijer.nl/images/leonmeijer_nl/WindowsLiveWriter/TestdrivendevelopmentUni.NETwhatsallthis_D86E/blackbox_1.jpg
#51 Straw
I love that sticker on the back of my american Ford that says made in Canada. It matches all those Crown Victorias driven by taxi drivers, state and Federal employees and don’t forget all those cops.
http://loanworkout.org/2008/05/20/a-real-countrywide-email-from-the-office-of-angelo-mozilo-email-below-calls-homeowner-disugusting/
The moz e-mail and fallout.
Some CW e-mail addresses for anyone who needs them:
advocacy@countrywide.com, customer_service@countrywide.com, pressroom@countrywide.com, david_bigelow@countrywide.com, angelo_mozilo@countrywide.com, lisa_riordan@countrywide.com, elizabeth_moyer@countrywide.com, sarah_perek@countrywide.com, chris_oltmann@countrywide.com, gabrielle_williams@countrywide.com, maheshika_ruwanpathirana@countrywide.com, adrienne_ely@countrywide.com, raquel_robinson@countrywide.com, linda_turner@countrywide.com, daniel_whitehead@countrywide.com, melissa_guerra@countrywide.com, mary_archer@countrywide.com, aline_ramirez@countrywide.com, kacie_miller@countrywide.com, patricia_mckenzie@countrywide.com
Shore #93,
How many of these people still have a job???!!!
The Mozilo story would be more impressive if the guy losing his house was named “George” instead of “Daniel.”
Since I abandoned carless city living and moved here I’ve wondered why so many people in Jersey drive minivans and SUVs.
Now that I’m a father of three small kids, I get it. You can’t get three car seats into a modest-sized car.
It would help somewhat if Jersey didn’t require a carseat for all children under 8 or under 80 pounds.
As for oil prices, think what China’s rebuilding will do. They’ve announced a huge plan to basically build Singapore over the next few months. This at the same time they’ve taken their hydro power plants off line for fear of quake damage and have run short of coal.
T. Boone Pickens may be conservative when he predicts $150 a barrel. I doubt it’s as speculative as people seem to think.
I would like to thank all the SUV owners on this blog for contributing to high oil prices. My oil investments have increased beyond my wildest dreams. Together you make a difference. Thanks!!!!
Thank Bergabe instead. And while you may have made some money your purchasing power is probably flat as inflation has wiped out your real gains.
Undestand this. No one gains with inflation. You can hedge agaist it and try to stay flat and preserve your wealth so that when and if we ever tame it and come back to sound currency then you can make serious chips.
until then, jump off the titanic and rowe yourself as far as away from this mess, after the storm come back in with and buy the one share of DOW with one ounce of gold or ten barrels of oil.
until then stay away from sharks.
57 shore
This is where the rubber hits the road:
“The amount is calculated by the total years of service — 38 1/2 years — times $14,449.08, or one month of her final annual salary of $173,389.”
That’s unusually generous. Extremely unusually generous.
Better fill up the truck today, g-d knows what premium will cost on Friday.
From MarketWatch:
U.S. gasoline supply down 800,000 brls: Energy Dept
U.S. crude supply down 5.4 mln brls last week: Energy Dept
62 3b
“You won’t have to, another 12 months or less will do it.”
May be the case. In any event, I’m signing an 18 month lease right now, which will take me through two more bonus cycles, following which I will take my NYC nest-egg and spend it far from NYC.
Slick reply Angelo! Must have typed that while on the tanning bed.
#101,
Orange is the new Black!
68 sas
Ya gotta admit, he’s a skinny guy.
I wonder if this will be captured in the CPI? I’m sure someone will argue that this isn’t inflationary, because ticket prices didn’t go up.
From Reuters:
American Airlines to slash capacity up to 12 percent
The world’s largest airline, owned by AMR Corp, also said it would charge $15 for passengers’ first checked bag starting in mid-June, an unprecedented move by a major U.S. airline as it tries to claw back more of its extra fuel costs.
#72 Strawman
I hope you don’t smoke as that post has so much straw it’s a tinderbox.
That 50yo is probably sitting on a package where GM bought out his contract. The union contracts and benefit packages are the root cause of Detroits issues. Its a bit like NJ.
84 Shore
“If anyone here remembers the Mary Tyler Moore show, you will likely remember Rhoda. She was the chunky woman who was always fighting her weight. Mrs. Shore reminds me that she was a size 6. By today’s standards she is thin.”
Have you swung by the Renaissance wing of the MMA recently?
“Better fill up the truck today, g-d knows what premium will cost on Friday.”
Ever closer to $40/barrel.
Why not add another $1 to fuel tax.
a) It’s going to get there anyway, so why not do it with a dollar tax hike.
b) use the money earned for something useful.
c) Create the fear in oil exporting countries that oil consumption will crash.
Just imagine if we had raised taxes on oil when it was $3/gallon of gas.
#100 njpatient: In the People’s Republic of NJ?
naah - farther than that.
108 duckvader
Agree.
And we should have done that 10 years ago.
Instead we have cranks and hacks running for office advocating the exact opposite.
What a bunch of nars!!
[96] lifelong,
another reason to keep the SUV is the reason they were so popular in the first place–the Jersey Driver.
Other drivers, particularly NJ drivers, were the best advertisement for SUVs. Detroit caught on and marketed them as Suburban Assault Vehicles, very subtly (sometimes not so), and it worked.
Even more telling, if you could look back at sales data, I would venture that SUV sales spiked in the period following the LA riots and Miami carjackings–you wanted a vehicle to protect your family and get you away from rioting, lawless minorities, even if you had to run over a few.
The anti-SUV crowd didn’t help their own cause by pointing out that you stood a better chance in an SUV if you were in an accident. My first reaction was ‘and this is bad, why?’
Not happy about it, but so long as I have a family and have to reside in the NJ/DE/PA area, which, IMHO, has the absolute worst drivers on the eastern seaboard, I will have a tank of a car and buy the gas for it. My other ride is a corolla but the Nomette isn’t allowed in it, lest some Range Rover driver in Summit (whose time is clearly more valuable) decides that only the little people have to stop for red lights.
Next time I see Anne Milgram, I am gonna lean on her to lean on the troopers to write more tickets. Think of what the state could do with all that extra money.
[84] Shore,
Those are called “muffin tops” I heard that term first while in attendance at an NYC univ. grad program and commented on all the undergrads who had no business wearing low rise jeans b/c they spilled out over the sides. Then someone told me about muffintops. I laughed for days.
57:
$170,137 for 235.5 unused sick days.
Unused sick days. Ugh, I think I may have to use one of mine right now…
Newsweek HS ranking are stupid, it takes AP exams taken divided by graduating class size. It Favors schools that have a lot of average kids as opposed to higher than average kids. I bet if you looked at the SAT scores, you would’nt send your kids there.
muffintops! BWAHAHHHAHAA!! That is great!
Jamey - unused sick days.
On top of that we paid for her healthcare to prevent her from getting sick.
Taxpayer: “Can I get some Astroglide, please!”
$131
no matter what the nj taxpayer says,,, the
looting just continues. is it any wonder that people are leaving nj.
if corzine could get away with it, he would sell the turnpike off along with the parkway.
how about we sell the naming rights of NJ.
Let’s see: how about Columbia or Mexico as a buyer.
# 106 Since Rubens died, the Europeans have figured out that thin is good. And, as far as that goes, it was only the folks at the top of society that could afford to be fat. Today, every level of income here can be fat. As a group, we have the fattest poor people I have ever seen anyplace in my travels.
# 113 “muffin tops”
I guess that sounds more socially acceptable than “disgusting rolls of adipose tissue.” Give it a “cute” name and one is on the road to social acceptance. “Love handles” anyone?
Yeesh.
But a democrat at the executive level and a democrat majority at the legislative level will fix all this mess, correct? Just asking.
# 117 “Astroglide,”
Isnt that the name of the amusement park on Coney Island?
My first car was a 1987 CRX, I hope the CRZ comes in a manual transmission….
# 104 When they start charging for access to the oxygen mask, a seat belt, or the life vest, then we have something to worry about.
I haven’t checked a bag on business travel since sometime in the 80s. I bought some fantastic luggage that allows me to fit 2 suits and whatnot into any overhard bin and not wreck the clothes. That and a good underseat bag and life is good. Less is more when traveling, anyway.
Shore Guy - Astroglide
Yeah it’s one hell of a ride, if you like to get McGreevied.
117:
Works in zero gravity?
126:
… Says the poster named, “hard place.”
125
yep - same here.
then again, I don’t fly unless strictly necessary, either.
#125 Shore Guy
What brand was that for overhead bin with suits. I’ve been having that problem with carry on …
Maybe UPS or Fedex could capitalize on those additional baggage charges?
All LI schools have gotten a lot better since no child left behind, they used that to increase funding. Second tier schools have Mandarian, Spanish, Art, Music, Fieldtrips, Sports, etc in the elementary schools. On LI if scores are good parents will pass sky high budgets so the school get better and taxes are going up and up.
reinvestor, #22
You said:
“So now you have squatters who are assuming that they are tenants and have rights to some degree to stay in the property until we can go through the court system to get them out.
Sounds kind of cool, actually - like the lower East Side in the 60’s.
I say - let’s form a squat in one of those $8 million McMansions in Avalon for the summer.
I’ll bring the tie-dye.
somebody asked for Veep thoughts yesterday.
Gee - what about Chuck Hagel?
http://www.huffingtonpost.com/2008/05/20/chuck-hagel-takes-on-mcca_n_102775.html
#132 scribe: I will bring the Hibachi.
#132 John: The question remains are these schools getting better, really, or are we adding just lots of bells and whistles as we do in NJ
SLD 498 EMERSON AVE $651,000 9/26/2005
2734076 (Withdrawn)
ACT 498 EMERSON AVE $729,000 8/20/2007
PCH 498 EMERSON AVE $699,000 12/4/2007
W-C 498 EMERSON AVE $699,000 1/11/2008
EXP 498 EMERSON AVE $699,000 2/21/2008
2802306 (Sold)
ACT 498 EMERSON AVE $649,000 1/17/2008
ACT* 498 EMERSON AVE $649,000 3/5/2008
U/C 498 EMERSON AVE $649,000 3/14/2008
SLD 498 EMERSON AVE $630,000 5/20/2008
UPDATES: KITCHEN APPLIANCES,UPGRADED ELECTRIC 2006,NEW HOT WATER HEATER, NEW HIGH END SECURITY SYSTEM
117-
Going back to last week when someone posted an article about fat people are actually less of a burden to the health care system because they keel over earlier, check out this lady’s picture on the Asbury Park Press site. She’s had a few too many school lunches over the years. We all won’t get stuck paying her pension for long… heart disease should get her early.
Again posting…
Does anyone have access to the Monmouth County MLS?
#96,
“Now that I’m a father of three small kids, I get it. You can’t get three car seats into a modest-sized car.”
gee I wonder how the rest of the planet does it? Only in this country you need huge vehicles to get around. The other 6 billion people can manage without them.
nj(118),
$132
Does anyone own a boat?
I am not sure if this has ever been discussed on this board or in the media, but I would assume that fuel for boats make up a solid percentage of total US summer fuel consumption. Since fuel at the Marina is already twice the price of standard fuel, do you think that the demand this summer will drop? I am assuming fuel at the marina is $6-8/gallon.
So a school official retires and the boards goes nuts over her ‘package’…meanwhile no one says a word about heads of ‘private’ corporations (taking millions in corporate welfare) doling out hundreds of millions to their CEO’s as they exit –
Take the Rich Off Welfare, Odonian Press, Zepezauer and Naiman.
191 pages; costs $9.00; available by calling 1-800-732-5786
A couple of the fine statistics covered are:
“If you cut 26 percent of the welfare now given to the rich you have instantly balanced the budget.”
“If you cut out weathfare, you could pay off the national debt in 11 years.”
#139 chicagofinance
I do.
It’s gotta be at least that. When we had a boat on Lake Hopatcong in 2002-2003; the fuel was $4.00 a gallon at most marinas. I’d assume it’s way up there now. Filling up that 40 gallon tank was no fun.
-R
Welfare recieved Employment
GM $110,600,000 -104,000
IBM 58,000,000 -100,000
AT&T 35,000,000 -1,077 * #
GE 25,400,000 -80,000
Amoco 23,600,000 -8,300 *
DuPont 15,200,000 -29,961
Motorola 15,100,000 +9,600 *
Citicorp 9,600,000 -15,700
Notwithstanding what my soon-to-be-former agent maintains, prices are dropping in Westfield.
Two houses I looked at (incl the house I bailed out on) have reduced–one by 10K (following a 4K drop earlier) and another by 26K, right after a 1st day open house. Both are still active. Another house I looked at recently is listed at 100K less than asking last year. Finally, one house I liked (but not at the asking price) in a very good area reduced by 49K right after an initial open house. It went under contract.
Richie,
I hear you sold a vehicle via eBay.
How was your experience? Do you think you received more return on your sale going this route?
[119] Mark,
That is why I am still a PA taxpayer. We estimate it saves us 10K per year.
Looking for some feedback on a scenaro for my co-worker. If you could buy a house in a school district you wanted (already moved tow kids 2 years ago, they don’t want to move again.) And….it did need work….but compare the following:
house cost 200,000 needs septic, testing of the well (not sure of the status)there may be an underground oil tank, at any rate needs a new furnace above the ground, kitchen and bath (but could get help that would not cost them what the open market would charge…no granite must normal,) maybe a couple of tree’s down. With down payment mortgage would be about 16001700. After 40,000 down they have 60,000 for repairs…would you take the dive?
Oil = $132
What’s really crazy is that the far out oil futures, although lightly traded are up to $137 and $138.50 (2015 and 2014).
Nom -
Westfield inventory increased quite a bit in my price range. It’s been a couple weeks since I looked.
I was looking in Westfield for a little, but recently ruled it out as a possibility due to the commute to NYC. Not really into switching trains.
143 Essex
That’s only because they pay me to keep my trap shut, whereas the pair of teachers that raised me don’t give me a dime.
name of the feather
“Notwithstanding what my soon-to-be-former agent maintains, prices are dropping in Westfield.”
My ex-agent recently sent me an email that said, in essence: “you were right about the bubble, I can see that now, but NOW is a great time to buy! Call me!”
I didn’t.
151 house
“there may be an underground oil tank”
I stopped reading at that point.
Gold at $926.
I’ll give it 20 days before we see a thousand.
remember the long term trend to oil is 10:1 which menas that Gold should be at $1,320.
Hence, unless you think that oil is coming down then Gold is a bargain at will hit $1,300 by year end.
Holler at Peter Schiff for some serious returns.
It would appear oil prices are out of control and the Demapublican Government, “Knows not what to do”. The current trajectory indicates it will simply keep rising, each week, until the Demapublicans institute a Draconian Measure, like outlawing all non government motor vehicles.
154 rock and a
“Not really into switching trains.”
You mean you don’t like aborting your morning nap after a mere 15 minutes, sprinting down the platform, down the escalator, over three tracks, up the escalator (d*mn, broken again!) and onto your next train only to find that it’s already packed full, and you’re going to have to stand between cars if you don’t want to wait for the next one, which s*cks because it’s 18 degrees out?
What the h*ll is wrong with you?
Richie,
I hear you sold a vehicle via eBay.
How was your experience? Do you think you received more return on your sale going this route?
I actually sold 5 cars buy using ebay as an advertising tool. None of the cars actually hit the reserve price in the auction, but the buyer saw the car on eBay and contacted me about it.. In the end, most sold for under my reserve and closer to the KBB person-to-person value. Many of the buyers were out-of-state. In 2 cases, they bought one-way tickets to pick up the cars and drove them home.
For the $40 eBay charges for a motor vehicle listing, it’s MUCH better exposure then you get from your local paper. The other good advertising tool, believe it or not, is Craigslist. I posted my 1999 Navigator on Craigslist and 20 minutes later got an offer that I accepted, that’s the quickest I ever sold a car!
Cars sold through eBay:
1991 Porsche 944S2 (buyer from TN)
2000 Jeep Cherokee (brother-in-laws, buyer from CT)
1999 Mercedes SLK230 (buyer from VA)
2000 Porsche 996 (buyer from DE)
2003 Porsche 996 C4S (buyer from MO)
So my advice is; try Craigslist first, it’s FREE. If you don’t get any hits in a week; spend the $40 to advertise it on eBay. Pictures are key, take lots of pictures and post as much information as you could to make the ad appealing. I received tons of low-balls on eBay, but that’s just part of the game.
-Richie
Is it my imagination or is every slice a pizza
more expensive, smaller, and thinner than it was not to long ago?
3b, #135
John will bring the beer, and tell stories around the campfire.
“Is it my imagination or is every slice a pizza
more expensive, smaller, and thinner than it was not to long ago?”
Its called Stealth inflation. No, its not you. Stealth inflation has been going on for sometime now.
Another reason why inflation numbers have to be taken with a grain of salt.
SAS
Richie,
THANKS!!!
I really appreciate the information and the time you spent in responding.
I owe you a drink at the next GTG.
Rich
njpat- train-switching
Also not into self-flagellation or auto-asphyxiation.
speaking of food.
spent the morning listeining to lectures by
Vandana Shiva called “the politics of food”
some of you blokes should check it out, you will hear a many true things that the powers that be are not telling you, because its in those powers best interest that you remain fat_&_stupid and drink Diet Coke with a Big MAc.
SAS
John will bring the beer, and tell stories around the campfire.
The same fiction he tells here?
161 Richie
Wow - you have far fewer Porsches than you used to have!
TJ,142
My pops was out on the boat two weekends ago and had to fill up at Dales in Bay Head. The guy said he was only the second customer all day and it was already 2:00. Looks like it will be a good summer for kayaking and sailing.
#163 scribe: And gary, do not forget gary whe will be reciting real estate poetry.
157 nj patient, lady down the street from this house had her tank taken out (total with a leak = $15,000)
Hedge Funds Headed for Same Fate as Day Traders – But Bigger
http://www.elliottwave.com/freeupdates/archives/2008/05/21/Hedge-Funds-Headed-for-Same-Fate-as-Day-Traders–But-Bigger.aspx
[124] Mine was a 1989 CRX HI. What a great car.
161 Richie
Wow - you have far fewer Porsches than you used to have!
I know… I started out in the ‘91 S2, loved the car. Upgraded to the 996 (which made a cameo appearance in the Soprano’s one episode), and then moved on to the C4S in 2003.. Sold the car last year as I didn’t drive it enough to justify the payments; so just sitting back waiting for the baby to grow up before I get another…
-Richie
http://www.dwellonwall.com/ crazy they are asking you to fill out rental applications at 95 wall street without telling you the rent.
Jam,
I think I remember you driving by, Whitesnake blaring out the windows, mullet flowing in the air…it’s like it was yesterday
[172] She was lucky. It can cost lots more. You can do a test, but I’m not so sure those tests are reliabale enough to bank on. Besides, the house has some other serious flaws - it needs a septic - the seller should pay for that and it should be done before closing - needs a furnace - is it working - did you check the CO levels? Just because a house is selling in your price range doesn’t make it a good deal. Those repairs cost plenty.
Nah, wasn’t me. I never listened to Whitesnake.
thanks jam
Re 168, actually I had a good story to tell today. Since Edward Kennedy is not feeling well I will tell you my Ed Kennedy story, once my dad drove Edward and his wife Joan along with another couple related to the Kennedy’s to the US Open which at the time was in Forest Hills, they were drinking up a storm. After the game they came out with a few swiped bottles of Champange and a couple of glass totally bombed out of their mind. Edward inisisted my Dad take him to this new place on Queens Blvd called Kentucky Fried Chicken which my dad never heard of. Kennedy says it is great and he will buy an extra bucket for my father to take home to his kids. So Dad gets a few buckets of chicken and heads out down Queens Blvd to the 59th street bridge. Well by the time he hit the Bridge Edward had a visit from his Uncle Ralph and starts throwing up in the Limo chicken and all kinds of crap. The doorman unloads the Kennedy’s from, the limo and my Dad wakes me and my brother up at around midnight that night to tell us good news and bad news. Well the good news was that was the best chicken I ever ate in my life the bad news was being out in the driveway cleaning up throwup. The damm limos back them had Crush Valor seats in the back and Crush Valor Jump Seats and thick rugs it took all day to get that nasty vomit out and then day two for the seats and rugs to dry. My dad was pissed he lost two days pay and swore to never drive a Kennedy the rest of his life. I see have two Champange glass in my china cabinet that Joan and Edward drank out of that night and this weekend I plan on giving Edward Kennedy a toast!
[181] You never said you cleaned the glasses.
“crazy they are asking you to fill out rental applications at 95 wall street without telling you the rent.”
That’s like ordering dinner at Alain Ducasse.
“lady down the street from this house had her tank taken out (total with a leak = $15,000)”
Total following later lawsuit: priceless.
My daughter’s elementary’s school graduated a CEO of a DOW 30 company who visits his alamatter every year to read to the students. I actually think that is more of a statistic than AP courses. Chaminade HS in Mineloa LI is not even on the list as they refused to participate. In realty they are number one in the tri state area. My Nephew goes there and my brother-in-law did the tour and when he went to the guidance counsleor he was told he had the easist job in the world. He had plaques on the wall from the 50 top colleges in the US. He said his job is to meet your child on day one and at the begining of senior year when your child walks into his office and is told to point to the school he wants to go to and he picks up the phone and calls the school to tell them that your child has decided to attend that school. They have tons of CEO allumni. Some student do 180 mile round trips to attend. You get in their your ticket to success is guaranteed. The only catch is it is an all boys catholic school and their is no equivalent school for girls.
3b Says:
May 21st, 2008 at 12:12 pm
#132 John: The question remains are these schools getting better, really, or are we adding just lots of bells and whistles as we do in NJ
How could anybody think John makes up his stories when he uses “Crush Valor?”
That is exactly what a kid would think his Dad was calling it.
A pretender would look the thing up first.
Richie (175),
Ya know, a classic car can fill the void between Porsches… I’m just saying.
Rich
Pat (186),
I usually skip those “stories” but I had to go back and read it.
“Crush Valor”… I can’t stop laughing.
You know, it’s making a come back. There’s plenty of pant up demand for this stuff.
[185] Go Crusaders! Bergen Catholic!
From MarketWatch
FED FORECAST OF INFLATION IN 2008 SOARS
Fed minutes signal lack of desire for more rate cuts
There was a lack of desire expressed at the Federal Reserve policy meeting for additional rate cuts in June or beyond, especially in light of the inflation outlook, according to an official summary of the meeting released Wednesday. Even more signs of weakness would not be a reason for addition cuts, the minutes said. “[S]everal members noted that it was unlikely to ease policy in response to information that the economy was slowing further,” according to the summary. Fed officials did vote to cut rates at quarter-point at the April 29-30 meeting, but that was viewed as a “close call.” FOMC members were clearly worried about the inflation outlook. Their forecast for headline inflation as measured by the personal consumption index jumped to a range of 3.1 to 3.4%, much higher than their previous forecast of a 2.1 to 2.4% rise. The risk of higher inflation was just about even with the risks of an economic downturn, members said. Fears of an economic meltdown from a credit crunch had lessened, members added.
so, what comes first?
Iran flooding the market with oil and sweeps the rug from the US & OPEC
or
an invasion into Iran?
thats a damn tough one.
SAS
From Bloomberg
Fed Officials Cut 2008 Growth Forecasts to Range of 0.3%-1.2%
Federal Reserve officials reduced their projections for economic growth this year by almost a full percentage point and raised their forecasts for inflation amid curtailed bank lending and a record rise in the prices for oil and other commodities.
Policy makers estimate U.S. gross domestic product will increase by 0.3 percent to 1.2 percent this year, compared to the 1.3 percent to 2 percent growth they predicted in January, according to Fed records released today. Consumer prices, minus food and energy costs, are projected to rise by 2.2 percent to 2.4 percent, up from a range of 2 percent to 2.2 percent in the last forecast.
…
Total inflation will run between 3.1 percent and 3.4 percent, the Fed said, compared with a January forecast of 2.1 percent to 2.4 percent. The fourth-quarter jobless rate will be between 5.5 percent and 5.7 percent, compared with 5.2 percent to 5.3 percent in the previous projections.
…
Traders expect the Fed to leave the main rate unchanged through October, then start raising it. The FOMC will next update its forecasts at a June 24-25 meeting.
# 130 Andiamo
I am very fond of the tri-fold suiter with wheels.
185 john
I didn’t realize we were talking about private/parochial schools.
From Bloomberg
`Most’ Fed Officials Saw April Rate Cut `Close Call’
Most Federal Reserve officials viewed the decision to cut the benchmark interest rate as “a close call” in April, judging risks between weaker growth and faster inflation had become more balanced, the central bank said.
“Most members viewed the decision to reduce interest rates at this meeting as a close call,” minutes of the April 29-30 Federal Open Market Committee meeting said. “Several members noted that it was unlikely to be appropriate to ease policy in response to information suggesting that the economy was slowing further or even contracting slightly in the near term.”
The minutes suggest policy makers will hold off on further reductions as record energy costs and rising public expectations for inflation threaten their mandate for stable prices. Questions about whether to lower the rate last month came even as officials lowered their 2008 growth outlook by almost 1 percentage point, today’s report showed.
More at the link above, Rich
186 Pat
I agree. If john’s a tall tale teller, he’s really really really good at it, and I’m not about to stop him.
I like the ones without the misogyny and bigotry better than those with, however.
CRUDE HITS NEW RECORD ABOVE $133
All is well…
# 134 “what about Chuck Hagel”
I think the world of Hagel. That said, given McCain’s lobbiest issue, his statements on Iraq that make it possible to paint him as a third bush term, he needs someone who has been very critical of Bush and whom the far right wing of the party hates. Chuck may do the trick, but an even better choice is Christie Whitman. With her whole “It’s my Party too” thing, she is despised by the far right, and since leaving the Administration, she has been very hard on Geo III. She has executive experience and experience in the Executive Branch in DC with EPA, eventhough se allowed the WH to eviscerate the agency.
Being a woman will also help, inasmuch as many Hillary voters do not wantto vote for Obama and may look to a McCain VP as a potential president, due th his age and health issues.
RE:185/189 No Equivalent school for girls?? What about IHA??
RE:185 Great Story John. Remember when having fast food was like the biggest treat ever??
197- Rich
Am surprised that the market did not rally on the news - signifies increased demand,no?
“Chaminade HS in Mineloa LI is not even on the list as they refused to participate. In realty they are number one in the tri state area.”
Just scanning through today, but this one made me laugh - I went to an all girls Catholic on LI, and all I can remember are the jokes made about Chaminade (ie, why doesn’t Chaminade have stairs? Because fairies can fly, etc.) And the stupid song that I can’t remember more of than this line - “Chaminade boys take bubble baths together…”
But it is a good school with good alumni. And I went to a few of their proms and numerous dances.
Although I have to say, I knew plenty of dumb kids who went there and went to less than impressive colleges. I don’t think it’s necessarily true that you go there and can get into any college you want. It’s good, but it’s not Phillips Exeter when it comes to that stuff, particularly because there’s a general prejudice against Catholic education in the more elite colleges.
Vic (201),
No, signifies low supply.
Where is Phillips Exeter? Is that he best catholic HS school?. Ok so Chaminade only wins best catholic school but does it beat the best Jewish Schools Great Neck or Jericho High Schools?
198 shore
except Christy may have trouble with her lying about post-9/11 air quality.
203 - Rich.
Had tongue firmly in cheek :) - what will all the senseless rallying on bad news going on the past few weeks.
“Where is Phillips Exeter?”
No one would ever accuse you of being elitist
I don’t think it’s necessarily true that you go there and…
Noooo…. are you intimating that John embellishes his “stories”?
I bet Chaminade boys wear Crush Valor.
206 victorian
“Had tongue firmly in cheek”
Kinda describes our relationship with Saudi Arabia…
re 193 Andiamo
Ditto. Myfavorite bag too.
Re 200 - times have changed!! My 20 year old intern was telling me the kids today are spoiled!! She had a birthday party at McDonalds when she was 5 and it was the BEST THING EVER, now her 5 year old cousins would not dream of going to or having a birthday party at McDonalds and they made fun of her when she said she had one their when she was 5.
I went to the Bronx Zoo with the cub scouts and their is a McDonalds nearby and the troop leader treated us to burgers. It was the first time I ever had it and it was heaven!! Like my intern, if I told my nieces and nephews they would laugh at me too.
Vic (206),
Oops, what with my BS detector screaming it drowns out my sarcasm detector.
The Wall Street boys seemed to ignore the oil price, but the lack of a possible rate cut took the wind out of their sails today!
#202 It is amazing to me how things have changed. When I wwnt to Catholic School as a kid, they were catholic, move to the suburbs,and they are called Catholic.
IMO anybody that pays 10k or more a year for Bergen Catholic, IHA or any other so called private/Catholic school if they have a decent public school alternative is foolish.
As far as the Catholiu ethos that does not exist any more, you should hear what comes out of the mouths of so called Catholic theologians from some of these Jesuit universities. Many of the graduates of these institutiosn end up teaching in the Catholic schools.
John, assuming you are not joking and really don’t know, P.E. is one of, if not the best, private boarding schools in the U.S.
And I don’t think Chaminade would beat out Jericho necessarily.
[204] John,
Phillips Exeter is in Exeter, NH, next to Portsmouth, NH.
Not to be confused with Phillips Andover in Andover, Mass., north of Boston.
BTW, both Phillips Academies are most assuredly NOT catholic schools. Perish the thought.
http://www.exeter.edu/
Never heard of it. I don’t think I would ever hire someone who went to boarding school anyhow. I mean if their parents could not stand them why would I want to be with them eight hours a day.
Funny years ago I took an interviewing class and was told if candidate salts his food before he ate it he either went to bording school or served time in prision. So I was to ask additional questions to determine which it was, not that their is much difference other then tuition.
I am a vincentian, I don’t like those damm Jesuits, too uppidity for me.
“I don’t think I would ever hire someone who went to boarding school anyhow. I mean if their parents could not stand them why would I want to be with them eight hours a day.”
cried laughing.
#217 Hohn: De la Salle Brothers/Irish Christian Brothers
upiditty?
uppidity?
So you moved on from making up stories to making up your own words too?
Chaminade is a great school no doubt. I was accepted there and was all set to go and then the reality of an all boys school finally sunk in the week before school started. I told my parents forget about it and saved them the $5k a year (at the time). I went to South Side (RVC) down the street and did not skip a beat. Best thing I ever did as there was no way I would have gotten into Notre Dame going to Chaminade as there was too much competition to go there. Like I have said before, there are many ways to get where you want to go and if you want to go to ND, going to Chaminade is not your best bet. Same thing with Jericho HS and Harvard or Yale. Convince the parents to move to Alabama for two years and you are in like Flynn.
# 205 Agreed. But when I look at the possibilities, she keeps looking awfully good. I supose he could look to Elizabeth Dole (but being 70 doesnt help her offset his age). Susan Collins would tick-off the right, but she lacks executive experience. Folks like Huckabee would be like tying an anchor on McCain.
I thought Flynn went to ND?
223 Bwahahahaha!
[154]Hardplace,
lot of lower cost inventory in NP, Summit, Chatham and Westfield recently. Sellers finally getting serious (maybe).
If you need midtown direct, there is a lot in NP as of late that might be in your price range. Don’t know what is still active and what is in review w/o getting MLS links from my agent. Would take NP over Chatham–spouse thinks that they are still resting on some “best town” laurels from some years back and prices reflect the supposed elan of Chatham.
FWIW, those ratings can be gamed–one year Haverhill, MA. made the list as one of the best small cities. Now, anyone that has been to Haverhill might disagree, and even the mayor did not understand why the town got named. Manchester, NH aggressively markets itself to Fortune, Newsweek, etc., and is consistently ranked high even though there isn’t much to commend it (used to work in “Manch Vegas — where the nightlife never starts”). So I place no faith in Chatham’s conferred status.
Hey Non Deplume!
Easy with the real estate chatter!
Let’s not “loose” focus.
#175 Richie.
I’m on the lookout for a nice 71 Tagra.
john,
gotta be from N.E., I guess. Most folks know of Phillips Andover—It is the quintessential uppercrust prep school (a few Bushes went there, among others) Exeter is a smaller version, somewhat less prestigious but still top shelf in N.E.
Rich,
you mean I can’t comment on “pant up demand”?
ND,
Ooohhh, if I could only remember ChiFi’s grammatically incorrect threat…
John,
Did u see this?
http://www.chaminade-hs.org/ourpages/auto/2007/6/12/36322021/College%20List%20of%20Seniors.pdf?rn=8152279
I dont think that school list is that great.
#231
I work with a few Chaminade grads and know a current student. The grads I know didn’t go to “uppiditty” (sorry, I had to) schools. I will let you know where the current student ends up.
It’s a great school I’m sure, but it doesn’t guarantee Ivy or the like.
This is impressive only a few from each state go to Merchant Marine. Funny St. John’s is not that hard to get into but they are trying to move way up on their US News and World reports Ranking and give a free scholership to A students with a high SAT from certain HS’s. I bet all those chanmiande guys got a free ride as you could party in public school and get in their.
United States Merchant
Marine Academy
Robert Anders
Kevin Grignoli
Patrick Hehir
John Lambertson
United States Naval Academy
Paul Hollwedel
Thomas Mansfield
Christopher Medford
There’s a few regular posters on this board to whom I think this auto for sale ad belongs to
Make sure to read 2nd half of seller description
http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=244089879&dealer_id=62558733&car_year=2002&num_records=25&model=M3&systime=&make2=&start_year=2001&engine=&keywordsrep=&keywordsrep=&keywordsfyc=&ke
Actually the last person I hired was from the projects on scholership to college who got straight A’s That girl knew how to work. She had on this great new very professional business suit and when she stood up to leave I saw the tag on it tucked in. We hired her and she got to keep the suit! I had a Harvard guy working for me a few years ago what a pain. He wanted me to do his proofing and typing as he said it was beneath a Harvard man to do secretarily work.
234 LOL
“If you’re interested in taking the first step to becoming a true Jedi Pimp email me at xxxxxxx@gmail.com. I’ll probably be working out so I’ll get back to you as soon as I finish my protein shake (and probably hooking up with a hot chick).”
http://www.sec.gov/news/press/2008/report030608.pdf
Lets all read this tonight and discuss in morning.
Steve Ballmer egged - pretty funny
http://www.youtube.com/watch?v=crhxKNkZy-Y
$134
from the performance of financial stocks in recent weeks, i will not be surprised to see one big financial institution goes under in next 2 months.
#240 bi: You mean a second big financial instiution;we have already had one go under.
this is going to be the worst conference call ever
John Says:
May 21st, 2008 at 9:56 am
Toyota is an inferior product….Toyotas are dispsoable cars. Love to see a Lexus last over 40 years with no major repairs ever. Also look up high mileage champ cars a volvo is closing in on three million miles and the runner ups include a chevy impala, a few checker cabs, a few mercedes and a ford pick-up. Where the heck is Toyota. Love to see a camry hit 2 million miles. The volvo did 2 million on the original engine nad tranny.
This is total bullshlt. I drive what I consider to be the best production vehicle EVER built; a Lexus LS 400. These cars are just broken in around 250,000 miles. People are routinely driving these cars to 500K miles. The first LS’s ever built (1990) are still on the road 18 years later. The great thing is that even with a 4.0 liter
V-8, I’m getting 19 mpg in the city and 23+ on the highway, so the car has power without being a gas hog. I’ve owned Mercedes and BMW and both of these were damn moneypits and totally unreliable. Mercedes is widely known to have reliability issues since the mid-nineties.
235 john
“He wanted me to do his proofing and typing as he said it was beneath a Harvard man to do secretarily work”
The proofing would definitely not have worked out well.
244 Bwahahahaha!
244….I thought that too….but I also think that John is John Updike….go figure.
njpatient Says:
May 21st, 2008 at 3:13 pm
““I don’t think I would ever hire someone who went to boarding school anyhow. I mean if their parents could not stand them why would I want to be with them eight hours a day.”
cried laughing.”
D@mn. You beat me to it. John is definitely on his game today.
Never heard of Phillips Exeter either. Shoot me.
Also heartily enjoyed “Uppiditty”. Sounds like a Sean John clothing line or song. A word I will definitely use again.
500K is a lot of miles? Anything under a million is peanuts. Actually expensive cars that rack up a lot of miles is mileading. I have a 450sk with around 160K miles that I rebuild engine and tranny etc for a few thousand around 150K. The car had a book of 9K so it was worth the 5K repair.
More impressive was a 1963 Dart I had that made it to 163K miles without a single visit to a mechanic. Prior owner did all repairs and kept receipts. Most expensive repair in history of car was $20. I junked it running like a top cause I bashed it up a few times and it needed around $500 bucks worth of body parts, new nose and new top. How many dollars does a Lexus cost to keep running. My damm 450sl is like $500 for a tune up and $60 for an oil change. Of course I do it myself with aftermarket parts. But that is a joke. Those Marathon Cabs that cabbies drove and fixed themselves used to cross a million miles all the time. That is impressive. Heck I had a cabbie drive me to LGA last year at 70 mph in a crown vic with 600K miles. That is plain crazy. Lexus is a mighty fine car but could it last a million miles? I guess we will find out. Plus the LS is like a 90K car, it should run well.
Love that Exeter website focus on the black guy with dreadlocks. Is he their “diversity’?
231 homebuyer
You’d better not be crackin’ on the Fashion Institute of Technology.
John,
Will you ever be able to make it to one of our get-togethers? I’m dying to meet you, and know that you’d keep us in hysterics all night long.
OMG - Who is handing out the drugs today? And why didn’t I get any?
I am going to crawl through the telephone and throttle someone
Bulls: Do not read this article (or at least keep the ammo far away)
“Drunken Sailors” and “Candy Bars”
From Bloomberg:
http://www.bloomberg.com/apps/news?pid=20601109&sid=a8qiQmY7BEPc&refer=home
John Says:
May 21st, 2008 at 5:42 pm
500K is a lot of miles? Anything under a million is peanuts. Actually expensive cars that rack up a lot of miles is mileading. I have a 450sk with around 160K miles that I rebuild engine and tranny etc for a few thousand around 150K. The car had a book of 9K so it was worth the 5K repair.
More impressive was a 1963 Dart I had that made it to 163K miles without a single visit to a mechanic. Prior owner did all repairs and kept receipts. Most expensive repair in history of car was $20. I junked it running like a top cause I bashed it up a few times and it needed around $500 bucks worth of body parts, new nose and new top. How many dollars does a Lexus cost to keep running. My damm 450sl is like $500 for a tune up and $60 for an oil change. Of course I do it myself with aftermarket parts. But that is a joke. Those Marathon Cabs that cabbies drove and fixed themselves used to cross a million miles all the time. That is impressive. Heck I had a cabbie drive me to LGA last year at 70 mph in a crown vic with 600K miles. That is plain crazy. Lexus is a mighty fine car but could it last a million miles? I guess we will find out. Plus the LS is like a 90K car, it should run well.
Actually, the LS has really not been that expensive to maintain for me. The key for these cars is keeping the maintenance current. The most expensive routine maintenance item for the LS is the change of the timing belt at 90k miles (about
$ 1600 if you have it done at the Lexus dealer and about half that price if you have it done by an independent or Toyota.) Of course, it something goes wrong, you’re going to dig deep, but hardly nothing ever goes wrong. You’re definitely not rebuilding transmissions or engines at 150K miles or anything remotely like that. The engine itself is damn near like the Mercedes diesel engines–very strong. Lexus has only been around for 18 years, so you’re not going to have that many million mile vehicles, but I have absolutely no doubt that these can run up that kind of mileage.
The LS 460 is big money for sure, but you really don’t have to go that far. I always buy my cars used because I don’t like paying for depreciation. You can pick up an LS for anywhere between $ 4K to 50K, depending upon year and condition. These cars are the best bargains in the used car universe as far as I’m concerned. The reliability ratings are quite solid and the ride is out of this world. As a matter of fact, it was the smooth ride that even got me looking at the LS to begin with; I had never been in a car that rides as smooth as the LS. It’s like sitting in your damn living room.
hi everyone,
first i would like to commend everyone here, especially Grim, for such a great informative website. my wife and i are looking to move back to bergen county, since our kids are at the age to enter school.
can someone help and give us the address and history of this property- mls # 2820293
thanks again
I am not sure I ever met a car I wanted to inhabit for 10 years……just sayin.
225.Nom Deplume Says:
May 21st, 2008 at 3:21 pm
[154]Hardplace,
lot of lower cost inventory in NP, Summit, Chatham and Westfield recently. Sellers finally getting serious (maybe).
If you need midtown direct, there is a lot in NP as of late that might be in your price range. Don’t know what is still active and what is in review w/o getting MLS links from my agent. Would take NP over Chatham–spouse thinks that they are still resting on some “best town” laurels from some years back and prices reflect the supposed elan of Chatham.
MLS#: 2511272 Price: $569,000 is a nice 5 bedroom split being offered at 2003 prices in New Providence. I know the house and it would be a good value at @545K.
[235] John,
” had a Harvard guy working for me a few years ago what a pain. He wanted me to do his proofing and typing as he said it was beneath a Harvard man to do secretarily work.”
I used to have summers from Harvard and Amherst, and I used to make them proofread documents, handle closing binders, and handle copy jobs.
I also made them clear their own copier jams (told them it was required knowledge since they could not get a secretary to do it at 2 a.m., and besides, I said, even the guy who graduated dead last from Bob’s School of Law and Toastmaking could clear a copier jam, so why can’t you?).
Then I reminded them that they worked for me (a lowbrow state univ. and night school hack).
Essex Says:
May 21st, 2008 at 6:39 pm
I am not sure I ever met a car I wanted to inhabit for 10 years……just sayin.
Car dealers hate people like me if that’s the case. I don’t feel like I got my damn money’s worth unless I’ve driving the same car for at least 8 years. The average person turns a perfectly good car over every three years or so. That ain’t my thing.
#255 rebailout:It’s like sitting in your damn living room.
So you drive an expensive car, but you want a bail out for your living room? Typical.
#260,
OMG,
I finally agree on something with re101.
[258] confused,
Tell me more about the 9/4/2 split in NP. Any intelligence I could use?
nom_deplume@justice.com
I just turned a very very good car in at 30k miles….yeah I know….but I got a very very very good car now. A keeper. *Sure
“OMG - Who is handing out the drugs today?”
The CIA, direct to your kids, and if they are caught using drugs… bam… right to the private prisons, who are owned by the private bankers.
http://www.csun.edu/coms/ben/news/cia/ven/60m.html
http://halife.com/business/financial_update05122.html
SAS
looks like I’m stuck in moderation ;)
SAS
Significant staff reductions at work today to prepare for quarter end reporting. This after many analysts cut loose last week.
Don’t disagree on New Providence. Seems like good bang for the buck and it’s right in the neighborhood of Chatham and Summit. I have been perusing through the listings in that area. Seems like better value and I’m sure the schools are not too different from these two towns.
Nom - Oh yeah, hands off my house.
Hey look - I found John’s dad’s limo that Ed and Joanie took a spin in….
http://buffalo.craigslist.org/car/641795085.html
I did it in a limo once….broad daylight….Church Street Station, Orlando…in it’s heyday….i married the chick.
OMG - Who is handing out the drugs today?”
The CIA, direct to your kids, and if they are caught using drugs… bam… right to the private prisons, who are owned by the private bankers.
http://www.csun.edu/coms/ben/news/cia/ven/60m.html
SAS
262: i know. i’m looking for airborn pigs, myself…
271 sas
Old news.
lostinny,
yes, I knew this back in the late 60s.
but, in light of Obama & Rev Wright, it has surfaced again.
even if old news… tell that to folks on the border towns and in the inner cities.
;)
SAS
or tell that to the wife of some dead cop who was just shot dead by a drug dealer on the corner.
but hey, like I’ve said before:
what do I know?
;)
SAS
off topic but since it was mentioned earlier: as long as you can feed your family cheaper at mcdonalds than from homemade low fat “healthy” foods (and that price is including the value of your time, and how exhausted you are at the end of the day from working 8 hours on your feet, and the value of having the kids run out some of their energy at the enclosed mcd playpark because it’s not safe for them to play in the street…) please don’t judge the fat poor people. thanks.
John (235)-
“He wanted me to do his proofing and typing as he said it was beneath a Harvard man to do secretarily work.”
John, it’s evident doing “secretarily” work may be above your pay grade.
My opinion - This is the week that the NY Metro area joins solidly into the downturn.
WSJ is story after story after story. Even Mcdonalds can’t afford to sell the $1 double cheeseburger anymore.
Until now, inflation (food fuel etc etc) and low consumer confidence were the subjective and sneak-up-on-you feelings in the NY area, but the hard numbers were “defying” this.
The breakdown looks like it is about to start:
Market cannot break 13000. If it goes below 12k agin, watch out for low 11’s.
Layoffs on Wall Street continue (as well as company after company)
The end of lower interest rates (and may rise)
NYC real estate is solidly soft in the lesser areas (and will spread)
Rentals softening
Stagflation being mentioned in the news…uh-oh
As far as the NYC RE market - Late 2008 / early 2009 will crack it - about on prediction by this blog.
Long time lurker here. Morris county school Delbarton routinely has 60% of seniors admitted to Ivy, ND, G’town, Nova, BC and HolyCross. Service Academies also. BC & Nova nothing to brag about academically but hard to get into. School rankings are bullshite. Big unrecognized factor is quality of students. Delbarton (population is ~480 including 7th & 8th grade)is expensive and very competitive. Students are all sons (all male) of business leaders, doctors, lawyers, engineers and scientists. Students pay for $300 Chemistry books, hardly need teachers at all. Doesn’t appear there is an anti catholic bias from Ivys.
I’m life long resident of NNJ, specically West Essex. Except for 8 yr term in Pennsyltukey (west mainline). I get a kick out of different perceptions of NNJ & Central Jersey areas. I hold long standing traditional opinions (right or wrong) of most NNJ towns.
My only interest in RE is for my son who will be looking for house in the near future.
243
LS400 - Fully agree
I drive a 92 Lexus LS400 with 180k. Love it.
Better than most new cars I drive. Biggest issues are some weak points such as bushings, check engine issues, etc.
Bavarian cars….the only way to fly.
#277
I don’t care if students have $1000 textbooks. Teacher quality makes a huge difference, especially in the sciences.
Funny how you lump in scientists and engineers with “business leaders, doctors, lawyers.” Most scientists I know don’t make much.
Another item; with many of these “prestigious” schools, the colleges the graduates attend are also influenced by connections and as always, $$$ talks.
When Congresswomen are defaulting on their mortgages, why should the little people like us keep paying?
“Earlier, Capitol Weekly reported that Richardson walked away from the mortgage on her $535,000 Sacramento home, letting the house slip into foreclosure and disrepair less than two years after she bought it with no money down.”
http://latimesblogs.latimes.com/laland/2008/05/report-californ.html
that just it fra nk no one is immune.
Party Hearty: I was R5 Paoli class of 1989-95.
I went to Baldwin H.S. and whenever we played Chiminade in lacrosse, we had to wear our “cups” on our a$$e$ to keep those fine, upstanding Chaminade boys at bay.
Good thing was we didn’t need to wear arm pads though because they hit like a bunch of phags.
John, I’ve been laughing all day because of you. Rough week, too.
Someday, maybe I’ll return the favor.
sas Says:
May 21st, 2008 at 8:36 pm
OMG - Who is handing out the drugs today?”
The CIA, direct to your kids, and if they are caught using drugs… bam… right to the private prisons, who are owned by the private bankers.
http://www.csun.edu/coms/ben/news/cia/ven/60m.html
SAS
A comment here on the drug industry. Here we have a multi-billion dollar industry that we’re told is impossible to stamp out mainly because we can’t “find” the main culprits. This is bullshlt. Our government tracks all sorts of economic activity and yet we’re to believe that the major players in the illegal drug industry don’t leave sufficient economic footprints that might lead back to them. That’s not even plausible by any stretch. Bottom line is that the major players in the industry can’t exist without someone looking the other way. Those looking the other way are fairly high up.
It’s unfortunate that the problems with illegal drugs are generally focused on addicts and those who represent the end link of the distribution chain. The punks on the corner are a problem, but they’re not responsible for the infrastructure set up to import and distribute illegal drugs nationwide. I’ve always said that someone like a Joe Kennedy(who made his money selling illegal liquor) is heavily involved in the illegal drug industry and will be cleaning up his act by becoming an ambassador and running one of his kids for president. Of course, that will happen after we succumb to pressure to legalize.
bubblewatcher Says:
May 21st, 2008 at 9:14 pm
243
LS400 - Fully agree
I drive a 92 Lexus LS400 with 180k. Love it.
Better than most new cars I drive. Biggest issues are some weak points such as bushings, check engine issues, etc.
Yep, those are common issues on the older LS’s, particularly the suspension issues. Like you say, an older LS is better and more reliable than most brand new cars. What sold me was the ride and the build quality. Before I drove one, I had no idea. Now that I’m used to driving one, I just don’t like to drive anything else and I won’t own anything else either. It’s just one hell of a car.
Syb (280)
Funny how you lump in scientists and engineers with “business leaders, doctors, lawyers.” Most scientists I know don’t make much.
True, most scientists top out in the low 6 figures for B.S. or M.S. level, maybe mid 6 figures for Ph.D level. Consider the overhead associated with a high-powered career though: the mandatory BMW, Armani suit, Rolex, expensive socializing costs, etc. all add up. Scientists are happy wearing Dockers and a JC Penny polo shirt, brown bagging lunch, and driving a 12 year old Accord into the ground. As a scientist you don’t need to dress to impress or drag your family to your boss’ kid’s Bar Mitzvah out in the Hamptons. You would be surprised how many doctors, lawyers, and IBers are flat broke. A scientfic or pharma career may not offer Wall Street $250k Pretbucks for all, but on such a path you can maximize your savings by earning decent pay without having to live large or put in crazy hours.
John 237
The the academic, backward-looking and typically European document you posted is a circular file candidate. Somebody needed to produce something.
Everybody knows now what went right, and what went wrong. The boxes were reprogrammed exactly a split second - as in calculus - after July. What is a March ‘08 report going to tell people that they don’t already know? The Ah-hah moment of risk mgmt. has passed. The parrot has ceased to be.
Basically, nobody, from the little people like me to the big Kahoonah, could answer the question, “Who the F is buying those sloppy seconds?”
Until the question is answered, the funds are toast and everybody gets fried.
Almost a year later- we should be in clean-up mode…the workpapers should be blue-pencilled. People with pencils and calculators should be packing up and going home.
John 237
The the academic, backward-looking and typically European document you posted is a circular file candidate. Somebody needed to produce something.
Everybody knows now what went right, and what went wrong. The boxes were reprogrammed exactly a split second - as in calculus - after July. What is a March ‘08 report going to tell people that they don’t already know? The Ah-hah moment of risk mgmt. has passed. The parrot has ceased to be.
Basically, nobody, from the little people like me to the big Kahoonah, could answer the question, “Who the F is buying those sloppy seconds?”
Until the question is answered, the funds are toast and everybody gets fried.
Almost a year later- we should be in clean-up mode…the workpapers should be blue-pencilled. People with pencils and calculators should be packing up and going home.
John 237
The the academic, backward-looking and typically European document you posted is a circular file candidate. Somebody needed to produce something.
Everybody knows now what went right, and what went wrong. The boxes were reprogrammed exactly a split second - as in calculus - after July. What is a March ‘08 report going to tell people that they don’t already know? The Ah-hah moment of risk mgmt. has passed. The parrot has ceased to be.
Basically, nobody, from the little people like me to the big Kahoonah, could answer the question, “Who the F is buying those sloppy seconds?”
Until the question is answered, the funds are toast and everybody gets fried.
Almost a year later- we should be in clean-up mode…the workpapers should be blue-pencilled. People with pencils and calculators should be packing up and going home.
A trifecta!
#228 Nom,
As an Exeter alum, I’d like to say that most Exonians would argue that Exeter is a better school than Andover. ‘Course, I’m sure Andover grads would argue the reverse! BTW, I come from a lower middle class background. Not all of us were uppercrust.
Ambrose. Would you like a Fresca?
“Funny how you lump in scientists and engineers with “business leaders, doctors, lawyers.” Most scientists I know don’t make much.”
As a scientist married to an engineer, I can assure you that our kids will be schooled in the appropriate life sciences. Physics will be covered with rockets, carts with engines will cover aerodynamics and thermodynamics. Real Chemistry will be taught. His mother can cover the math as she is scary smart in that subject.
Now where is my “Dangerous book for Boys”
[300] Ambrose,
Personally, I think both are fine schools, top tier in N.E., if not nationally. Andover seems to have a more prestigious lineup of alums, and because I grew up only a couple of towns away, I may have a bias where it is concerned. Of course, that meant I grew up resenting Andover and not Exeter.
And I do know that not everyone that goes prep comes from money. One of my classmates left our average, middle class h.s. to go to Andover and I don’t think her parents were made of bucks. She was smart and her parents motivated. Hopefully, she did something worthwhile with that head start.
Yep … quite true Nom Deplume.
Nom Deplume Says:
May 21st, 2008 at 7:07 pm
[258] confused,
Tell me more about the 9/4/2 split in NP. Any intelligence I could use?
I sold a house two doors away in 2003, by owner for $520K, (no commissions), with a sign in the dirt for two days. I know that house, it’s larger then mine was, located on Brookside Drive, walk to SaltBrook school, NP train, downtown and Lyons Park. Yards are private with SaltBrook behind them, no water problems. Owner is retiring, moving to NY where his daughter lives. There is another one priced at $599K, same house on Grant Ave with the train behind it.
RE:283 par Tee..I’m up here in NW BC and I must say some of our best and brightest students went on to Del Barton even tho Bosco and Bergen and St Joes are all a 15 minute ride from our house. One of my fav kids from the catholic grammar school my kids attended went to DB and he had a job at the local Mcd’s to help pay for it…good kid. Regis is another BIG draw coming out of our kids grammar schol and then it’s a hop,skip and a jump to Yale or Georgetown or even *gasp* TCNJ..