Thu 21 Aug 2008
Tonight @ 8pm!
The long awaited I.O.U.S.A. Screening Get Together.
AMC Clifton Commons 16
405 Route 3 East
Clifton, NJ 07014
We’re going to be meeting up at the Shannon Rose (in the same complex, across from the Target) at 7:00pm.
Tickets can be purchased online, click here.
From Newsday:
Gannett cuts 120 jobs at its 6 NJ newspapers
Gannett Co. Inc. has eliminated 120 full- and part-time jobs at its six daily newspapers in New Jersey, the company said.
The cuts are part of a national reduction of 1,000 jobs, including 600 layoffs, across Gannett’s newspaper operations around the nation. Gannett is the latest of several newspaper companies that announced staff reductions in recent months.
Gannett, like the other media companies, blamed deteriorating business conditions for the cuts.
From Bloomberg:
Bank Bond Risk at 5-Week High on Report of Failed Lehman Sale
The cost of protecting bank debt from default rose to a five-week high in Europe after a report Lehman Brothers Holdings Inc. failed to sell as much as 50 percent of its shares to South Korean and Chinese investors.
…
Korea Development Bank and China’s Citic Securities Co. walked away after deciding that Lehman was demanding too high a price, the Financial Times said, citing people familiar with the Asian lenders. Lehman had its third-quarter earnings estimate cut by Citigroup Inc. analyst Prashant Bhatia yesterday who predicted the New York-based securities firm will make a further $2.9 billion of writedowns on credit assets.
“Lehman is likely to have to write down more assets and will probably need to raise capital or sell assets before they report earnings next month,” said Jim Reid, head of fundamental credit strategy at Deutsche Bank AG in London.
From Newsday:
Knowing limits of housing data is key
For buyers and sellers alike, the cornucopia of housing and mortgage reports released regularly from the industry groups can be overwhelming.
Experts caution that such data should only be used as a guide when deciding whether the time is right to buy, sell or refinance.
“It has a powerful impact, on the supply side and the demand side,” Robert Campbell, a Hofstra University real estate finance professor, said of the reports. “A lot of people have withdrawn properties from the market.”
Housing and mortgage reports are barometers of the market, but may not necessarily portray a complete picture. For example, one report may have higher numbers while another might not cover certain sales.
From the WSJ:
FDIC Faces Balancing Act in Replenishing Its Coffers
By DAMIAN PALETTA
August 21, 2008
WASHINGTON — As financial institutions continue to fail, the Federal Deposit Insurance Corp. is under pressure to decide how to replenish the fund that insures consumer deposits.
The fund is stocked mostly by fees levied on U.S. banks. If the FDIC raises the fees, that would siphon more money from already cash-strapped financial institutions. It could also deplete funds that banks would otherwise use to make loans.
But if the FDIC moves too cautiously, the fund could run dry at a crucial time. That could hurt public confidence in the banking system and force the government to use taxpayer dollars to restock the fund.
…
The agency could split the difference by raising premiums faster than most banks would like but slow enough so that the rebuilding of the fund takes years, not months.
The FDIC is likely to unveil its intentions in October.
The fund’s $52.8 billion at the end of the first quarter was considered low by historical standards, covering 1.19% of all insured deposits.
…
Two bank failures in the second quarter are estimated to have cost the fund $216 million, and the four bank failures so far in the third quarter could have cost another $9 billion. The failure of IndyMac Bank in July may have wiped out more than 10% of the fund.
Such losses could easily push the fund below a 1.15% level, triggering a requirement that the FDIC come up with an action plan within 90 days to bolster the fund.
Many IndyMac borrowers may switch to fixed-rate mortgages.
http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20080821/BUSINESS/808210349/-1/newsfront2
Possible tax hike concerns Wash. Twp. residents. “The new lawn ornament is going to be a for-sale sign,” said resident Bobby Tulino about the proposed rate increase, which would boost property taxes by about $231 for an average house assessed at $130,000.
http://www.courierpostonline.com/apps/pbcs.dll/article?AID=/20080821/NEWS01/808210376/-1/newsfront2
NJ Debt Load Triples
http://www.nj.com/news/index.ssf/2008/08/njs_debt_grows_22_billion_amid.html
I know everyone like to blame Whitman, but I lived here during that time and although the Pension payment plan is much maligned, lets think back about it. Essentially she allowed towns to reduce or stop making payments because, at that time, the pension fund was doing very well. In addition, she cut my state income tax by 33%.
Now since her administration, the debt load, in 10 years, essentially triples!! And it is not due to the pension item.
the looting of the NJ taxpayers pockets just continues.
Corzine,, he’s only going with the flow.
the whole bunch of pols…,,, it was said the other day. NJ is so far gone,,, it’s over.
(4) Grim
I read the WSJ article and was drawn to the fact that banks now pay 5 cents insurance on every $100 of insured deposits… Struggling banks pay as much as 43 cents to insure $100. in deposits.
There was a proposal that these rates need to be raised to replenish the coffers.
“To slam an 8, 10 or 15-cent premium, that’s going to cripple a lot of banks,” said Camden Fine, chief executive officer of the Independent Community Bankers of America, a trade group.”
“Some analysts expect the FDIC to move agressively despite such complaints.”
Isn’t that how insurance works? If you “get into a wreck” they raise your premiums. If you have a pitiful “driving” record - your premiums go up. If you have a tendency to have houses “burn down” around you - it is going to cost you.
Well for heaven’s sake. The banks have a horrible driving record, burned down houses and wrecked cars. Their premiums SHOULD go up.
“State bond documents show that the bulk of the new debt run up last year was attributable to the state’s $8.6 billion school construction program and transportation projects.
”
yup, clearly Whitman’s fault
Cindy (9)-
Yeah. But the people who run banks are big pals with the people holding elective office. And, lots of money goes from the banks to those officeholders’ campaigns. And, their kids go to school together.
Consequences are for the little people.
This whole mess is going to end worse than any of us can imagine.
and of course, corzine, picks up a gig
with OB.
Clot -I still feel like if they raised the Fed rate, we would be headed in the right direction.
House prices will continue to decline making the monthly payment do-able for those who can borrow even at a higher rate. And folks would again have an incentive to save.
They could meet in the middle somewhere and raise the FDIC premiums slowly, but they need to be raised. Banks are like a flood, earthquake and tornado zone.
“Banks are like a flood, earthquake and tornado zone.” My point was supposed to be that if you live in that neighborhood - you pay a higher insurance premium. And banking is a disaster zone.
Cindy, the one thing you can count on is that those in charge these days will, invariably, do the wrong thing. Expediency trumps principle, time and time again.
Look all the way to the top. Col. Klink himself will skulk away- under cover of darkness- in January. A big payday awaits him somewhere.
A buddy of mine who went to Harvard used to always say, “f@ck up, move up”. Maybe that should replace “e pluribus unum”.
Well, the banks got us here. They need to “pony up” some bucks. My hopes rest on the statement “Some analysts expect the FDIC to move agressively despite complaints.”
Has anyone heard rumors about Paulson’s replacement?
“Col. Klink himself will skulk away- under cover of darkness- in January. A big payday awaits him somewhere.”
You mean he’s getting another payday in addition to when he was able to sell all his Goldman stock tax free when he took the Treasury job.
Failing forward. It’s the American way.
Who’s in for IOUSA? Stu and I will be there.
Paulson replacement ,,,,A BK, judge and trustee
Paulson replacement:
http://www.nytimes.com/imagepages/2006/01/17/business/18adco_ready.html
(22) Thanks Clot - There really is nothing like a good laugh before a long day at work….
Clot your selection is definately more aesthetically pleasing and more human.
#12 - This whole mess is going to end worse than any of us can imagine.
I don’t know, I’ve got a pretty active imagination. Having said that I think I’m going to apply for a gun permit when I move back to NJ this fall. I don’t need a pistol, just shotgun/rifle. Not that I think I’ll need it, just that imagination workin’.
#18 - Has anyone heard rumors about Paulson’s replacement?
Goldman has been pretty busy lately, can they spare anybody?
“This whole mess is going to end worse than any of us can imagine.”
Clot,
I’m willing to bet you’re right.
The depths of the bust will be directly proportional to the delusional excesses that preceded it. Sorry, it will overshoot on the downside. Makets have been working like this for thousands of years. Nothing different with this calamity.
By the way, what a beautiful day.
Clot [22],
D*mnit!! You beat me to the punch.
I take it that the movie screening room won’t be empty….shucks :(
S&P on Banks and the Rough Road Ahead
How bad could the financial-sector crisis ultimately get, and when will the industry see the first signs of recovery? S&P Ratings experts weigh in.
http://www.businessweek.com/investor/content/aug2008/pi20080820_538549.htm?campaign_id=rss_null
“In addition, the problems are spreading to Alt-A MBS. Together, these issues could produce further losses that should be material, but less than the amount taken so far. Regional banks that hold MBS in their available-for-sale portfolios may have to take impairment charges if prices don’t recover. This doesn’t include what we think will happen with the loan books.
The earliest signs of consumer stress have been in the home equity and first-mortgage arena, but it is spreading to other aspects of consumer lending. Auto loans are a smaller sector for financial institutions, but have some mild amounts of stress. Credit cards are a larger sector, particularly for the four banks that are heavily concentrated in that area, and we’ve seen loan losses start to climb steeply.”
31.
The way you put that had me thinking of “Lady Madonna” by the Beatles
“I take it that the movie screening room won’t be empty….shucks :(”
Chi,
I hear they will be handing out gold bars. Hope they have better luck locating them than I did.
Seeking Alpha:
The Merits of Staying in Cash
http://seekingalpha.com/article/91966-the-merits-of-staying-in-cash
“Over the next two years, we are going to see increased foreclosure activity, especially in 2009/2010, as the Option ARM loans begin to default. The housing market has little to no chance of recovering until mid-2010 or later. More likely, we are looking at 2012 for a true recovery. Even then, it is not likely that we will ever see the go-go days of the housing bubble again. So, the housing ATM, which fueled a lot of America’s extravagant spending spree, over the past 8 years, has closed down permanently. In addition, at some point, soon, interest rates will have to be raised, or the U.S. dollar will utterly collapse. Since the powers-that-be don’t want that to happen, rates will go up fast. This will push the nation into severe recession.
The bottom line…we are unlikely to see any recovery for many years. The actions of the Federal Reserve and Congress have put off the day of reckoning, but it will come, and because they have both expended money they don’t really have, that reckoning will be that much more severe than if they had allowed it to come naturally.”
There is even a paragraph or two that will please the gold bugs in there.
Stu [34],
Sell, junk/risk
Buy, caution/frugality
#18 cindy That will depend on who becomes President;too early to say at this point IMO.
OIL!
http://www.latimes.com/business/la-fi-oil21-2008aug21,0,3654822.story?track=rss
Oil speculators held great sway over prices, data suggest
At one point in July, a Swiss trading firm is believed to have held 11% of futures contracts on the New York Mercantile Exchange for profit rather than for lining up fuel supplies.
By David Cho, The Washington Post
August 21, 2008
WASHINGTON — Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses.
But when the Commodity Futures Trading Commission examined Vitol’s books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising was the massive size of Vitol’s portfolio — at one point in July, the firm held 11% of all the oil contracts on the regulated New York Mercantile Exchange.
The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators.
29 Chifi - At least you will be able to enjoy you popcorn and beverage ; )
can i ask what’s the deal with Seeking Alpha? I have seem some tremendous links on here from SA … others have seemed like complete and utter garbage.
How much stock do you guys put in seeking alpha?
What is the plan? Everyone meet at the Shannon Rose and walk over?
#34 Stu: No recovery in housing until prices finish declining. The decliens have started to accelrate in our area, but we are not there yet.
Once we reach bottom, prices will remain flat for years.
BC Bob:
I didn’t pull the trigger when gold dropped under $800, and I see today it is in the $830s. My rational for staying out of gold is that I really don’t expect there to be a worldwide depression. I do expect there to be a major recession though, hence I’m shorting particular sectors through inverse ETFs and have a few defensive long positions and a load of bonds funds that seem to be keeping up with inflation (5-7% return). I’m not a conspiracy believer, but I do think that W is trying to hide the economic damage until the election in November. I think January earnings reports (post Xmas season) will be the tell tale sign of whether we are anywhere near a bottom. I have noticed that for the past two earnings seasons, companies are meeting their lowered expectations and continue to lower their future expectations. It’s kind of a silly game actually. They report how they beat .eps estimates by 7% as their year over year results show significant drops in revenue, earnings and profit margin.
Yesterday, I cashed another hefty 14% gain trading around my core short position. The long term position is flat from where I originally purchased it over a year ago, but I’ll take that as a significant win. I am not greedy. I do expect commercial real estate to crack in a major way over the coming year or two and I look forward to cashing in on it. I have the patience of a saint!
Disclaimer: I learned everything I need to know about investing as a stock boy in a warehouse.
Lostinny…translated from German
From http://www.depechemode.de:
Every day there are new rumours about the upcoming Depeche Mode tour for 2009. Depechemode.de usually bring you up-to-date, accurate info, and this time is no different. You can start looking forward to 2009 - Depeche Mode will be playing in Germany again!
In a phone interview with concert promoter Marek Lieberberg earlier today, it was confirmed that the plans for the 2009 trek are being made as we speak. Mr. Lieberberg was kind enough to reveal some of the details of the current plans, which include a tour start in Israel in May.
For Germany the plan is to have 6 to 8 concerts during the month of June - all in stadiums. No indoor shows are scheduled at this time, and the shows will not be festivals. Ticket sales will start in October.
Seeking Alpha allows almost anyone to contribute their thoughts. The positive is that there is no bias towards a bull or a bear. The negative is that BI can be a contributing writer. One should immediately check the bio of the article author prior to giving much weight to his/hers findings.
“Disclaimer: I learned everything I need to know about investing as a stock boy in a warehouse.”
Stu,
That said, it is obvious that you know much more than the MBA, quant, whiz kids and their models. They had zero clue how to determine the credit worthiness of a CDO.
Laughing [37],
It’s a zero sum game. By the way, aren’t all hedgers speculators?
(45) Stu - agreed - I like reading James Quinn so I referenced “The Great Consumer Crash of 2009.” He is on staff at Wharton - not faculty…senior director of strategic planning. Just a good writer I think.
Research analyst at Ladenburg Thalmann is calling for the govt. to dismantle FRE & FNM;
“The only rational action” to be taken relative to Fannie and Freddie ‘is to get rid of them,” Bove wrote in the note.
Analyst also said both agencies are too bid even if they were healthy.
Who’s in for IOUSA? Stu and I will be there.
I bought my ticket, so I will probably be there.
However, I put in an offer on a house about 2 weeks ago. Their agent came back and said they got 4 offers and we were tied with someone else for the highest (the house was underpriced, so it attracted multiple offers). They gave us the old “come back with your best and final offer”. We refused to budge. After all, my agent told them, we are 20% DP buyers with no contingencies and 800+ FICO’s. You are going to have to leave a little money on the table to get a good quality buyer like that in this market. They took the slightly higher offer anyway.
Fast forward 2 weeks later. The deal falls through on financing. So, we are rebidding. Still refuse to budge, so we’ll see what happens.
Renting [50],
Come back with a lower bid.
I second the motion for going back w/ a lower bid. Remember you have the ace in the hole (financing). Hope it’s a really good deal even underpriced.
Come back with a lower bid.
I’d love to, it would serve them right. But we actually really like the place and it really would be a good deal at our bid price. However, I’m going to tell them that they need to hit our bid or were pulling it if they relist. I don’t want our bid to be their ‘free put option” if they can’t do better.
Play hardball. Tell them you are ready to move and you have your eyes on several houses, their house is near the top of the list. If they don’t take your offer, you will move on.
Are you ready to walk?
# 50
As prices are dropping, the house is worth less today than last week. I would be inclined, were it I who was sitting at the negotiating table, to make a somewhat lower offer — inasmuch as you were the highest of the offers last time, fully qualified, and time has passed. If you lose the house, so be it, later there will be a better one at a lower cost.
Stu, about your comment ” I have the patience of a saint!” I would add, “modest” to the list too :)
Are you ready to walk?
Yes.
We did it once already; we didn’t budge when their realtor gave the “best and final offer” ultimatum.
We are going to tell them that. Like I said, I don’t want our bid to be their “price to beat”. I’m not going to be their free put option.
# 49
I said something like this the other day, half wondering if I was wrong. They are supposed to be private entities. So, if they need to sink, let them, and lets replace them with 5-10 smaller entities that can compete with each other to — GASP — male sound loans that — GASP — make money; what a concept, bankers reducing risk and making money from operations, not government handouts.
Come back with a lower bid.
I agree shave $5K of your Bid and tell them that if they don’t accept and come back to you you’ll shave off $10K next time.
Then wish them luck.
Shoe$49
Stop making sense.
grim
You may have to give a username and email to get the data.
http://www.ft.com/cms/s/0/4fda2cc8-525a-11dd-9ba7-000077b07658,dwp_uuid=a40e33b6-483c-11dd-a851-000077b07658.html
Click on Chart View tab. It puts the Northern Ireland RE market in context with the rest of Europe. The only word I can use to describe it is “Rocket”
is there any way to tell when the expected closing date is for a house that has already gone under contract?
# 60
Indeed! In the end “It is only business; nothing personal.”
#51 BC Bob,
Bingo.
In June friend of mine bid on a house in Marlboro for about 25% off the peak. The house has been on the market for about 8 months, the owner rejected it and was pretty rude. My friend said he is going to bid on the same house Jan 2 and knock his bid down to 30% off peak prices. He said next summer he’ll put in even lower bids on similar because he wants to get tomorrow’s prices today.
He doesn’t care if prices go down 40%-50% off peak since he’s looking to get a fairer, affordable price, not time the bottom on a house he wants to live in for 15 years or more. He thinks 25 to 30% off peak for a turn key house would be reasonable for his situation, anything lower would be a joy for him.
When we bought our current main house, what drove us to distraction was that we saw the encounter as a business deal: the seller had a product we wanted, it had some deficiencies but, overall, we were willing to purchase the product — even with its deficiencies — at or below a given price; however, to the seller, it was an emotional interaction — Don’t you understand, my children learned to walk in THAT room, yadda, yadda.
When there is a severe-enough difference between the emotional stated of the buyer and the seller, someone is likely to get screw-ed. If the buyer is emotionally sold on HAT ONE house, they have lost much of their ability to negotiate from a position of strength. If the seller cannot dispassionately view the home, the curent market condition, and the offers made on the home, then they are likely to raise the blood pressure of potential buyers and to lose opportunities to sell the home — perhaps leaving $ on the table in the process.
Time is currently on the side of buyers, so why rush for the wrong price?
Just so everyone knows…I have no secret life..No, wait a minute - this IS MY secret life…Work calls - have a great one.
Clot,
as tosh said,
I thing some of use can imagine quit clearly how bad things can get. if you are really pessimistic follow SAS’s advise and look at Argentina around 2000.
Someone please correct me if this is way off base, but i wonder if the FED isnt raising rates because that will accelerate deflation. Deflation whether it ends being short term of long term is occurring. you cannot argue otherwise as the money supply has been shrinking for months (M2,M3). Bergabe’s #1 fear is deflation. This puts him in a n interesting quandary. he can raise rates and risk accelerating deflation, or he can keep rates in the basement to try and counter deflation, while risking a flight from the dollar among other effects.
the following is from wikipedia:
(emphasis mine)
In more recent economic thinking, deflation is related to risk, where the risk adjusted return of assets drops to negative, investors and buyers will hoard currency rather than invest it, even in the most solid of securities. This can produce the theoretical condition, much debated as to its practical possibility, of a liquidity trap. A central bank cannot, normally, charge negative interest for money, and even charging zero interest often produces less stimulative effect than slightly higher rates of interest. In a closed economy, this is because charging zero interest also means having zero return on government securities, or even negative return on short maturities. In an open economy it creates a carry trade and devalues the currency producing higher prices for imports without necessarily stimulating exports to a like degree.
In monetarist theory deflation is related to a sustained reduction in the velocity of money or number of transactions. This is attributed to a dramatic contraction of the money supply, perhaps in response to a falling exchange rate, or to adhere to a gold standard or other external monetary base requirement.
sustained reduction in the velocity of money or number of transactions
This is happening now as the banks and corporations are hoarding the money that is coming off of bergabe’s printing press. We have wealth destruction occurring at the same time in the form of loan defaults and write down.
Any so called inflation being seen is price inflation, not monetary/currency inflation. For currency inflation take a look at Zimbabwe.
Bergabe’s actions make more sense when looked at from the perspective of deflation.
[10]
Heck, why stop at Whitman! Let’s blame it on George Bush. From what I read, he is at fault for everything from the current credit crunch to the unexpected rain storm I got caught in on Tuesday.
Danke ChiFi!
64- Nom.
I think the storm can be blamed on Dick Cheney.
Hey look!
Even New Zealand wants to be like bergabe
The New Zealand financial system is fundamentally sound and continues to function well despite recent financial stresses, the Reserve Bank’s head of prudential supervision Toby Fiennes said today.
But despite this Fiennes said - purely as a precautionary measure - the central bank had set up a facility where it could accept Residential Mortgage-Backed Securities from financial institutions as collateral for cash.
“This facility, like those used by other central banks, has been designed in case the global credit markets deteriorate further and make cash difficult to access. But the likelihood of this being needed remains extremely low,” he said.
http://www.stuff.co.nz/4664003a13.html
# 66
Might just be part of tinkle-down economics.
Part V is now available:
http://dealbreaker.com/2008/08/i_wish_my_managing_directors_w.php
Manhattan investment sales at a two-year low
Manhattan had 86 investment sales during the second quarter of 2008, falling 51.1 percent from last year’s second quarter and reaching its lowest level in two years, according to a second quarter report by PropertyShark.com that examines multifamily homes.
http://njrereport.com/index.php/2008/08/21/iousa-screening-tonite/#comment-211530
is there an official stat for the velocity of money, maintained by the FED or others? i havent been able to find one.
RE101
This is not very American. Don’t those Japanese know that they were supposed to roll over and take their beating.
http://www.nbcolympics.com/softball/news/newsid=243344.html?_source=rss&cid=
We should demand the match to be replayed.
For those with subscription access, there is a 2 minute video…
WSJ
CHEAPSKATE
By NEAL TEMPLIN
The Commuter Ferry Is Nice. I Take the Train
August 21, 2008; Page D3
Each day, thousands of people commuting into downtown Manhattan from the Hoboken, N.J., train terminal are confronted with a stark choice.
Get on a ferryboat that skims across the Hudson River toward the skyscrapers of New York. Cost: $5 each way.
Each day thousands of people coming from New Jersey are confronted with a choice as they head to downtown New York: Take the PATH train or the ferry? WSJ’s Neal Templin heads to the streets to hear from commuters.
Get on a cramped train that takes a more-circuitous underground route before depositing its riders in a huge scrum of people at the World Trade Center site. Cost: $1.75.
Well, I’ve been one of those commuters for the past few weeks, and regular readers of this column will have little difficulty guessing my choice. I take the train to save money. (If you buy tickets in bulk, the train costs only $1.30 a ride, while even a monthly pass on the ferry averages out to about $4 a ride.)
Given the name of the column, you might think I always go for the cheaper option in life. But it simply isn’t so. I don’t care if I drive a new car. I don’t care if I wear fancy clothes. And I don’t care if I live in a big house (though my wife sure wouldn’t mind).
But I do care where I live. I like older neighborhoods with big trees. And I hate long commutes.
In Dallas, the city where I spent the past four years, we lived in such a neighborhood just five miles from the Journal’s bureau downtown. And our house cost more as a result. Now we’re buying a house in New Jersey, and we’ve been looking in older neighborhoods near train stations with relatively short commutes to Manhattan. We’re going to pay for that privilege up here as well.
All of us are confronted with these beauty-and-the-beast choices in life. We have to pick which things are important to us and which ones are not. If you’re like me, you’re not consistent in where you splurge and where you scrimp.
I wolf down lots of fruit, and it frosts me to pay a lot for it. So wherever I live, I try to find a store or street vendor that sells it cheaply. In Dallas, I shopped at a supermarket catering to a working-class clientele. You could sometimes get produce there for half what it costs at a mainstream supermarket.
When it came to hardware, on the other hand, I patronized a local store in Dallas when I could have saved money by driving a few miles to Home Depot or Lowe’s. The local store kept its prices only a little higher than the national chains, and its workers were remarkably helpful.
Most of my New Jersey-residing colleagues at the Journal pay for the more pleasant and usually faster ride on the ferry. During a previous stint living in New Jersey, I had the same choice and took the ferry for much of time. But ferry prices roughly have doubled since then, while train fares have only edged up slightly.
Now it’s not even a close call for me. I took the ferry the other day for the first time since I returned. I took it to schmooze with my ferry-riding boss, which for me made it allowable (especially when my boss paid for my trip in an inexplicable gesture of generosity).
It was nice. There were several of us from the Journal sitting on the top deck in the sun. The whole thing had a slightly festive feel to it.
The next morning, I was back in the train. I have a certain affection for this mini subway system operated by the Port Authority of New York and New Jersey. The train gets you there reliably and without a lot of fuss. And it is dirt cheap. But you wouldn’t call riding it fun.
Next year, the Journal will move its headquarters from downtown to midtown, so I’ll be taking a commuter train to Penn Station instead of to Hoboken. There I’ll be faced with a different dilemma: Walk a mile in the streets of New York to our office or take the subway at $2 a ride.
I’ll be walking.
Ninjas in Clifton! Grim, stay safe:
Police Arrest NJ ‘Shinobi Warrior’ Drug Vigilantes
Pair Of Ninjas Armed With Throwing Knives, Chinese Stars, Swords, Arrows & Nunchucks
Personal Vendetta Against Drug Dealers, Users
CLIFTON, N.J. (CBS) ― Police in New Jersey have busted a pair of vigilantes who fancied themselves as modern day “Ninja Warriors” in the war on drugs.
The two modern day Ninjas, calling themselves Shinobi Warriors, were officially put out of business.
Police in Clifton say 19-year-old Jesse Trojaniak and 20-year-old Tadieusz Tertkiewicz were sitting in a car on Route 46 all dressed in black.
The men were wearing tactical vests and armed with knives in sheaths at their waists along with Ninja throwing knives, Chinese throwing stars, four-pointed tacks, swords, bows and arrows and nunchucks, said Detective Capt. Robert Rowan.
The two men told police they were modern day Ninjas on their way to deliver warning letters to known drug dealers and drug users to stop their impure activities.
forgot link
http://wcbstv.com/local/jesse.trojaniak.tadieusz.2.800003.html
Cindy Says:
August 21st, 2008 at 9:10 am
He is on staff at Wharton - not faculty…senior director of strategic planning. Just a good writer I think.
Cindy: BITE YOUR TONGUE >:(
# 63,
Ket,
Were we in control of our own economic future, I would understand attention to deflation. But, with our economic system essentially dependent “on the kindness of strangers,” any flight away from the dollar could be crippling to both the economy and our national standing. We get away with an awful lot because of that standing and, like virginity, once our unique standing is lost, it is not going to come back.
Tales from the recession front part II.After my Tuesday night Met game, which was crowded with spenders last night took the wife out to dinner. So headed out to Island Park to go to Paddy McGees on the water, on the drive drove by Outback at 7pm and there was like 60 people out front waiting for seats, then onward past a fancy steak place called Jimmy Haye’s, OMG there was like 20 cars on the valet line and all was in the 70-100K range. The I arrive for my dinner, at 5 dollar a gallon boat gas whole families were arriving by boat as the place has slips and sitting down to a $300 family dinner on a Wed. night. This recession is getting long in the tooth and people are spending. Heck the guy who does invsilalign near me which is $5,200 has tons of patents driving in. OK I am clueless where the money is coming from but it it coming. Tonight I am going to a work thing, they rented the entire top of an office building and are doing a beach party with tiki hut and a few tons of sand, live band, dinner etc for a few 100 people, that said this is a crazy recession. I used to buy used tires and eat at mcdonalds with a coupon last recession, this recession cutting back is buying a 2009 34K CTS instead of a 52K 5 series.
Scary!!!
http://dealbreaker.com/2008/08/the_new_owners.php
Deflation = sucks to be carrying debt.
that’s why Greenie and Bergabe want inflation. Makes our debt easier to pay off. Deflation jokes on them but the pain is on us.
#78 HEHEHE
Is that a PRC flag? Next year there will be 2 of them and 1 US flag. 2010 the ratio falls to 3 to 0.
Yes, and the big one in the middle will mark the end.
Is that a real pic, or Photoshopped one?
HeHeHe:
That is an incredibly savvy Photoshop job.
I think it is the future.
shore 77
That is exactly my point.
Rock>Bergabe<Hard Place
i would guess that he feels our international lenders are more flexible and forgiving as their fate is at least somewhat tied to ours due to te huge debt we hold (i.e when i owe you $5 it my problem; when i owe you $5 trillion its your problem).
Deflation doesnt care who or what you are and has no stake in any particular outcome. It is a cold inhuman economic force.
bernanke is terrified of deflation and is willing to go out on very thin ice without creditors in order to avoid it. bernanke’s choice is to risk falling through the ice or to go back to shore where the deflationary wolves wait.
I am but a layman in this field, however i wonder if bernanke was really handed a situation he could even do anything about? was it to far gone already by the time greespan left?
Thanks for the iPod advice everyone. I got one on Amazon for a decent price, and no sales tax!
A while back someone posted a link to a site which provided recent home transaction data - I can’t for the life of me remember where I bookmarked it (or if I bookmarked it at all). The main real estate data sites (NJ.com, THNT’s Data Universe) are a few months behind and the site I’m looking for had recent transactions. Could someone please re-post the link? I promise not to lose it this time. Thanks!
bernanke is terrified of deflation and is willing to go out on very thin ice with our creditors in order to avoid it
# 85
It p!$$es me off that real economic discussions are not taking place on the front page of every paper, at the top of the electronic news broadcasts, and as part of the presidential election process. We are worried about weeds in the front flower beds and there are rags smoking in the heat of the sun on the back porch next to the gas cans.
i really think the mass media is reading this blog.
Is college still worth the price?
http://money.cnn.com/2008/08/20/pf/college/college_price.moneymag/index.htm?postversion=2008082107
we had this discussion a few weeks ago. this is not the first time I’ve seen a discussion here become a story for a major media outlet the next month. Coincidence or?
#88 Shore guy,
Much easier to focus on family values and other nonsense. The world is realizing we are becoming a paper tiger.
I think one of our major problems is that this country had tons of Europe’s religious fanatics among its founders, and then the reinforcements tended to be peasants driven off their land by war or famine. Hence the faith discussions and our constant dumbing down and ignoring important issues.
bairen,
they could at least give grim and others a By Line!
GDX up $2 (5.8%) from yesterday. clot, did u short it?
kettle1 - I object to being in that Bergabe sandwich!
re: FDIC
my understanding is that the fund is required to maintain between 1.15 and 1.50% of all insured deposits. So if they are now at 1.19%, they are going to have to raise money one way or another.
The fees banks pay to the FDIC are based on their soundness rating. Banks with higher scores pay less in fees. Most of the big banks pay low fees. The problem with this system is that the ratings are largely based on numbers that banks supply on their capital position which of course are based on the banks internal models re: the value of assets. In other words, banks with overly optimistic models are free riding on the insurance scheme.
If the system is going to be fixed, according to what I’ve read, there needs to be comprehensive reform re: risk management at banks and accounting treatment of illiquid assets. Otherwise, in a sense, you are allowing the biggest and most sophisticated players in the scheme to pick their premiums.
“I think one of our major problems is that this country had tons of Europe’s religious fanatics among its founders”
BINGO! The fanatics of the fanatical, and it still plays today.
93 hard,
my sincerest apologies Hard Place. it was just an unfortunate coincidence that the description coincided with your name. ;)
Anyone ever encounter a situation like this?: we presented a good offer (at or slightly above recent comps/just below listing, solid dp/financing) for a great house(nice neighborhood, but next to nothing is selling right now, especially not at this price point). When presented, there were no other offers pending (and we were the only ones who had seen the house as far as we know). The next day, seller’s agent says that the sellers have decided to go with another, higher offer, but they are not interested in a bidding war so they aren’t looking for a higher offer from us. No other explanation given. Our agent was mystified. Is this some sort of psychological-realtor trick to persuade us to up our bid? Interested to hear your thoughts. Thanks.
Thanks!
RentinginNJ– I don’t think you should to lower your bid if you really wants the house. You were prepared to pay this price a short time ago knowing that the RE market was bad. Best of luck
#95 HEHEHE
Yeah. I couldn’t believe it when I went to Charlotte a few times. Seems like most small business owners put the name of their chuch, how many years they’d attended, rank if they were a Deacon or something, on their business cards and flyers. my sister saw the same thing in Texas.
I’m sure Clot and kettle1 could cover that in more detail.
95 HEHE,
as evidence, may i suggest the %$%^$ stupid debate over whether the women’s volley ball “uniform” was sexist because it exposed to much skin? I got dumber just listening to the debate on the radio :(
Skeptic.
The FDIC will have to be bailed out by the treasury by Q3 09. Now that will be a serious bailout!
bairen 99
consider how many pizza parlors NJ has, what 2 or per block on average? Now replace 99.9% of those pizza parlors with churches. enough said.
#101 kettle1
Yeah. Limits where in the US I want to live. Looks like the North East or North West for us. Might wind up doing life in NJ.
AP
Leading economic indicators fell sharply in July
Thursday August 21, 10:49 am ET
By Ellen Simon, AP Business Writer
July’s leading indicators fell sharply as building permits, stocks dropped, unemployment rose
NEW YORK (AP) — A private business group’s measure of the economy’s health showed the largest drop in one year as stocks fell, new building permits declined and unemployment rose.
The New York-based Conference Board’s said Thursday its monthly forecast of future economic activity fell 0.7 percent in July, far more than the consensus estimate of a 0.2 percent decline by Wall Street economists surveyed by Thomson/IFR.
ADVERTISEMENT
The last time the index showed a drop this great was last August, when it fell by 1 percent.
Revised June data showed no change to the index, which has slipped 0.9 percent for the six months ending in July.
The decline was the steepest in the index this year. The largest drag on the index was the decline in building permits, followed in order by stock prices, rising unemployment claims, a tightened money supply and falling manufacturers’ orders for consumer goods.
Interest rate spreads, consumer expectations and manufacturers’ orders for capital goods all contributed to the index.
Stocks, which were down before the index’s release, cut some of their losses. The Dow Jones industrial average was down 52.35 at 11,365.08. The Standard & Poor’s 500 was down 4.45 at 1,270.09, and the Nasdaq Composite was down 18.64 at 2,370.44.
Nobody complained about our religious founding fathers when this country was racing to the top, but now we are blaming their beliefs on the decline? We can’t have it both ways guys.
FDIC is all about instilling confidence in depositors. But all you have to do is look at the recently promised backstop of Fannie and Freddie to realize that the mere promise of a backstop in times of true stress is not enough. If people sense that it is not real, they will test it. If we get a couple of major bank failures in succession, the FDIC will be tested in a major way. Right now based on the size of their fund, they do not seem prepared.
#97 tom: Walk away. bargains are on the way.
104 - NJLifer
The view that the US was founded as a Christian Nation is one of the biggest propaganda successes of the right.
Please read Article XI from the Treaty of Tripoli drafted by George Washington and signed by John Adams in 1797.
http://www.earlyamerica.com/review/summer97/secular.html
“As the Government of the United States of America is not in any sense founded on the Christian religion; as it has in itself no character of enmity against the laws, religion, or tranquillity, of Musselmen; and as the said States never have entered into any war or act of hostility against any Mehomitan nation, it is declared by the parties that no pretext arising from religious opinions shall ever produce an interruption of the harmony existing between the two countries.”
In fact the last person I want to lead a country is a person driven/guided by “faith” (irrespective of the religion in question).
“Faith” is belief in something without evidence.
Like “backed by the full FAITH and credit of the American government”?
#109 hehehe
You beat me to it.
Tom (97),
That is odd. Is the listing new AND do they have ano open house planned this weekend? If it’s a “trick” you’ll find out soon enough as your agent will probably receive a call by Monday.
Or it could be on the up and up. I’ve known some people who accept a bid and feel that they should stick with it because they want to be true to their word.
Market is wisening up and the fed can’t do anything about it. Gold is on stereoids. What took soo long?
#98 tom,
Sounds like a trick to me. Can your agent see if the house is now under contract?
What are the odds of a bidding war for a house above comps in this market?
ricky-nu (58),
is there any way to tell when the expected closing date is for a house that has already gone under contract?
I know NJMLS (not in public view) will have an estimated closing date, but it’s never updated if the date moves in or out.
110 - HEHE
ROFL! - Amen to that!
NJLifer 104
Nobody complained about our religious founding fathers when this country was racing to the top, but now we are blaming their beliefs on the decline? We can’t have it both ways guys.
We are not blaming anyones beliefs on our decline. Mindless dogma and a culture of glitz and ignorance is responsible. The point being made was, i believe, that the US is more likely to have religious extremes given that a significant portion of the initial inhabitants of the country were highly religious and conservative (i.e not liking change) people.
thoughtful spirituality is not a threat or impediment to any aspect of society nor is any aspect of society a threat to thoughtful spirituality. Bureaucratic organized religion used as a power structure is a bad thing.
Besides most of the founding fathers were diests. There are not a lot of diests around today as far as i know, at least not as an organized sect.
diesm is significantly and fundamentally different from the dominant strains of religion practiced in the US today
Deism is the theistic belief that a supreme god exists and created the physical universe, but shall not intervene in its normal operation.
“Walk away.”
3b,
http://uk.youtube.com/watch?v=vRnRcIZ2IX4
make [113],
You had to toss out all the short term specs first. Those damn specs, eliminate them!
#117 kettle1
Amen.
Thanks for the responses: the listing is pretty new (no open houses), so they may be holding out. It is not under contract as of yet (it’s been two days). We are holding steady and waiting. If they come back, fine. If not, there will be something better at a lower price soon enough.
correction to 117
Diesm is apparently alive and well in the form of Unitarianism.
Hmm guess i should know that since i was married by a unitarian priest ;)
barien,
Ramen might be a little more appropriate for the kettle family. may his noodly appendage touch you.
http://tinyurl.com/3xzffn
#122 kettle1
Beauty. Do they have one of those for rice as well?
Oil up $6 on credit turbulence and dollar weakness.
bi where are you?
2-1, Lehman
3-1, Wachovia
4-1, Wamu
5-1, AIG
Anybobdy else making odds?
Disclaimer- Fannie/Freddie are toast. Common will be wiped out.
Only 4-1 on Wamu?
Bc,
The rats are leaving the ship
http://dealbreaker.com/2008/08/lehman_sheds_two_top_executive.php
BC BOB -
Could be another possibility of a shotgun wedding w/ Lehman ala Bear Stearns? Who could be the suitor?
BC Bob Says:
August 21st, 2008 at 11:34 am
2-1, Lehman
3-1, Wachovia
4-1, Wamu
5-1, AIG
Anybobdy else making odds?
Disclaimer- Fannie/Freddie are toast. Common will be wiped out.
Bost: putting AIG on that list is idiocy….
#129 chifi
Why do you say that? I think AIG execs have no clue what their exposure is and how bad their losses will be.
I think we need to add C to that list.
I’ll give them 8 - 1
#125 BC Bob,
I think Wachovia is more like 3 - 2.
Once those option arms in California reset things will get interesting for them. Since I don’t have an account with them or own a residence I mean interesting in a scientific way, like watching 2 different ant armies slugging it out on an island in a mall parking lot.
The list looks solid to me, although I would remove AIG as well.
C definitely belongs there but can we add a dash L next to it for ‘first time on lasix?’
ChiFi, the mothership will provide a brand new engine as opposed to the dealer’s offer of a factory re-certified engine. Your advice is appreciated. Gator’s brother is satisfied so we need not mention googling that E. Proper guy.
The dealer also claims that there was a miscommunication and that there is “no such thing as a factory rebuilt engine”. Whatever. Brother Gator will allow the dealer to go into CYA mode as long as he gets what he is owed.
The Mothership has spoken.
Victorian, I was merely replying to someone saying that our founding fathers were religious fanatics. My point is that whether they were or weren’t (who the heck knows), they did a pretty darn good job, and should in no way, shape or form be blamed for the mess we’ve made in the last 50 years.
“Bost: putting AIG on that list is idiocy….”
Chi,
4-1?
the difference between the founding fathers and the politicians of today is that the founding fathers were real risk takers who actually believed in something vs today’s politicians are just weaselly career beaurocrats. It’s like the difference between the founder of a startup and a middle manager at Ford
BC Bob,
What about MBIA and the other mtg insurers? I’d think many of them are toast.
Of course they deserve to fail. They took on added risk as house prices went up and lending standards dropped, yet failed to reprice their rates.
Maybe Begabe will open a new window for the mtg insurers too. Or we can nationalize them as a warmup for Freddie and Fannie. Like the exhibition football going on now.
of course, I am also more of a weasel than a risk taker.
Sorry guys, recession is nearing end, nothing to see here, just keep on moving along.
“Sorry guys, recession is nearing end,”
John,
Koo-Koo juice at the beach?
#139 John: There you go with humor again.
Taxpayer Revolts Are Brewing
Massachusetts Gov. Deval Patrick, a Democrat, has been “very clear” in his opposition to repeal of the state income tax, says Rebecca Deusser, a spokeswoman. “A cut of this magnitude would severely reduce the ability of the Commonwealth to provide the services that citizens and taxpayers have come to expect from their state government,” she says.
My Take: It appears citizens in many states are fed up paying exorbitant salaries to public workers with benefits that far exceed the private sector. It’s about time.
http://globaleconomicanalysis.blogspot.com/2008/08/taxpayer-revolts-are-brewing.html
Have you guys seen this Tmobile spoof on RE agents? Made me chuckle a little.
http://www.youtube.com/watch?v=O2_InqWiLPg
yesterday i was saying GDX to $40+ in 2 weeks. not it seems it takes only 2 days.
bi,
Now you are a nugget digger?
Taxpayer Revolts
We need a good tar & feathering. Who should we go after first? How about Carla and Corzine in a joint deal?
“bi,
Now you are a nugget digger?”
Only when he has a bad cold.
This is getting weirder.
Here’s a bubble blog for Portland, OR I check out occassionally. It bears a striking resemblance to Grim’s. Even this article looks a lot like something Grim does.
http://portlandhousing.blogspot.com/2008/08/portland-rmls-market-action-report-july.html
Wonder who else is lurking? It’s pretty obvious Bergabe and col kling are not. Although recently Greenspin may have discovered it.
# 105 “our religious founding fathers ”
Our religious founding fathers? Are you serious? True enough the Mass Bay and Rhode Island were founded by true believers, as was Maryland (a Catholic refuge, named for Mary), but by the time of the revolution the people who populated the Continental Congress were mainly agnostics, and most of the rest of the “believers” were diests, not theists.
The theism so prevelant in today’s society has no relationship to the role of religion in American life pre-Reconstruction.
“The theism so prevelant in today’s society has no relationship to the role of religion in American life pre-Reconstruction.”
That’s not what MY rabbi said. :P
“Here’s a bubble blog for Portland, OR I check out occassionally. It bears a striking resemblance to Grim’s. Even this article looks a lot like something Grim does.”
Yeah, but they only average about 40 comments per week.
Anyone having issues posting this afternoon?
he is living $1 a month but soon will sleep in lincoln bedroom.
http://www.chinadaily.com.cn/world/2008-08/21/content_6957452.htm
American finance - Still bleeding
Aug 21st 2008 | NEW YORK From The Economist print edition
Fannie, Freddie and Lehman ensure August is anything but quiet
Ajay Rajadhyaksha of Barclays Capital estimates that Freddie’s balance-sheet has a negative value of at least $20 billion when marked at market prices; Fannie is $3 billion in the red.
They are caught in a trap: the greater the risk of nationalisation, the harder it will be for the two institutions to persuade investors to provide an estimated $15 billion of new capital that each one needs if nationalisation is not to happen.
If a government recapitalisation does prove necessary, the treasury is likely to take one of two routes: a preferred-stock investment that allows the agencies to raise more capital of their own, or nationalisation through a common-equity injection that leaves current owners with nothing, and thus offers the taxpayer a better deal. Jeffrey Lacker, head of the Richmond Federal Reserve, this week threw his weight behind the second option. Nationalisation would probably also lead to the removal of both institutions’ managements, and undermine the cosy ties the agencies have long had with Congress.
AIG 5 year corp/ 5 year treas spreads. Those idiotic traders!
http://3.bp.blogspot.com/_nSTO-vZpSgc/SKKgG1RPx8I/AAAAAAAADGw/4Dm6QOEbwpo/s1600-h/aig-spreads.png
Chart, courtesy of Mish.
153 bi,
Why do you spend all of your time looking at farces posing as media outlets?
The chinadaily makes faux news pulitzer worthy.
The charter that Lord Baltimore received from King Charles I of England specified a name for the new colony. It was to be called Maryland to honor King Charles’ wife Queen Henrietta Maria (Queen Mary).
157
And was meant to be a Catholic colony.
I don’t know anything about that, but it was definitely different then a Catholic Refugee named Mary.
The country near the head of Chesapeake Bay was first explored by Captain John Smith. It afterwards formed part of the grant that was made by Charles I. to Sir George Calvert, by title Lord Baltimore, a Roman Catholic nobleman. Inspired by the same feeling that had moved the Puritans, he sought to establish a refuge in America for men of his religious faith, who were persecuted in England. With this purpose he planted, in 1621, a Catholic colony in Newfoundland. But the unfavorable soil and climate, and annoyances from the hostile French, soon ended his hopes in that quarter. He next visited Virginia, but found there a religious intolerance hostile to his purposes. The territory finally granted him extended from the upper Chesapeake to the fortieth degree, the latitude of Philadelphia.
The charter given to Lord Baltimore, unlike any previously granted, secured to the emigrants equality in religious rights and civil freedom, and an independent share in the legislation of the province. The colony was formed in 1634 by two hundred emigrants, mostly Roman Catholics, who entered the Potomac and purchased of the Indians a village on the St. Mary’s River, about ten miles from its junction with the Potomac. The policy of paying the Indians for their land, and their subsequent equitable treatment, inaugurated peaceful relations, though these did not remain long undisturbed. The treaty of Calvert with the Indians, though less dramatic, resembled in principle the celebrated one made many years afterwards by William Penn
So yeah, he founded a Catholic colony to escape religious persecution. The charter granted religious and civil freedom for emigrants.
And on some other RE blogs historical RE discussion means the 1990s.
News from outside US,
Indian property - Lights on, nobody home
Part of the problem is that when the market was strong, developers piled into the most expensive properties where the biggest profits were to be made. One upmarket enclave in Gurgaon, which boasts a nine-hole golf course and a “cigar lounge,” has sold fewer than half the houses built in the first phase of development, even though it is now more than a year since they went on sale. HSBC reports that sales in the luxury segment have fallen by up to 70% in Gurgaon.
I experienced Indian bubble first hand. I have visited my home country every year for last 4 years. The prices went crazy. I was about to buy a condo in 2005 for price of Rs 3700 sqft, unfortunately I did not. By 2008, the prices were upto Rs 12,000 to 15,000. That’s gain of almost 300% in 3 years. It seems the tides have turned now.
156#, it was first reported by british paper, which will make you feel better?
msm always overlook this kind of stuff such as jone edwards case.
http://www.amazon.com/tag/politics/forum?_encoding=UTF8&cdForum=Fx1S3QSZRUL93V8&cdThread=TxBL9VZIUBC5RZ
My point being, most of the coloniew were not established for religious reasons. They were established in order to create wealth via agiculture and mercantile interests. Religion had nothing to do with it.
I’m not sure what your getting at Shore.
I’m a scientist/engineer so I’m a stickler for details. Just pointed out that you were incorrect on who MD was named after. I also pointed to the charter granting religious freedom which conspicuously doesn’t mention that is only applies to Catholics.
noted then
BC Bob Says:
August 21st, 2008 at 1:37 pm
AIG 5 year corp/ 5 year treas spreads. Those idiotic traders!
http://3.bp.blogspot.com/_nSTO-vZpSgc/SKKgG1RPx8I/AAAAAAAADGw/4Dm6QOEbwpo/s1600-h/aig-spreads.png
Chart, courtesy of Mish.
Bost: I don’t want to cop out here, but I have to be careful due to my job. Not for you, but for anyone else who reads this opinion. This information is not a solicitation to buy or sell securities, and you cannot rely on this opinion to make investment decisions. You must perform you own qualified due diligence, or else retain an investment advisor with sufficient expertise to evaluation this circumstance. There are many risks involved here including the loss of up to the majority of your principal invested.
OK - as opposed to the other institutions, AIG’s main cash flow generation model has not been damaged. What has happened is that a bunch of CT based bozos seriously f–ed up. Those guys can be canned, and the company can sell a whole host of businesses to raise capital if need be. AIG is a highly diversified business. The others are the list have the indignity of making mistakes in key revenue generating businesses, not being large and/or diversified, and further, potentially have a forward-looking busted business model.
I appreciate your reservations, but the blow-out in spreads cannot be viewed in a vacuum. You must review all like financials and also all high-junk/low investment-grade credits. A flight to quality is different than an idiosyncratic run on a single or group of credits…..
You don’t have to agree with me, as long as you agree that my opinion is justified.
BI,
You are undeniably one of the world’s biggest morons. Can you come up with a single issue that really matters instead of guilt by the loosest of associations?
I heard today that M doesn’t even know how many homes he has nor where they are located. That is much scarier than the fact that O might not have a relationship with a half brother.
I don’t even talk with my father anymore for he abandoned me at 6 months old. Go ahead and assassinate my character you buffoon.
Charles’ wife was also named for Mary. In the eyes of the group who first came ashore (If I recall correctly, the first person to step on the land was a priest), they were naming the place for Christ’s mom, not the queen. The Maryland statehouse has a good exhibit on the founding of Maryland, for anyone who finds themselves in the area.
My typing stinks…I can’t stand it… :(
# 169 “That is much scarier than the fact that O might not have a relationship with a half brother”
I know pleanty of people who would be far beter off not having any relationship with their(full??) brother(s).
Absence of a relationship can be a very good thing.
“I know pleanty of people who would be far beter off not having any relationship with their(full??) brother(s).”
Jeb perhaps?
Interesting take Shore Guy, I will have to visit the MD statehouse as I pass by it on my way home.
This is what wikipedia says, I would follow up on the references provided though:
http://en.wikipedia.org/wiki/Maryland
George Calvert died in April 1632, but a charter for “Maryland Colony” (in Latin, “Terra Maria”) was granted to his son, Cæcilius Calvert, 2nd Lord Baltimore, on June 20, 1632. The new colony was named in honor of Henrietta Maria, Queen Consort of Charles I.[27] The specific name given in the charter was phrased “Terra Mariae, anglice, Maryland”. The English name was preferred over the Latin due in part to the undesired association of “Mariae” with the Spanish Jesuit Juan de Mariana.[28][29] Leonard, Cecilius’ younger brother, was put in charge of the expedition because Cecilius did not want to go.
# 174
It is well worth putting up with the poor parking around the Statehouse to see the exhibit.
Reuters (Not the Chinadaily nor the Post nor any other of BI’s faux news sources):
U.S. Mint suspends red-hot Eagle gold coins: dealers
http://biz.yahoo.com/rb/080821/gold_eagle_shortage.html
“LeShay said that there was a big spike in demand for gold and silver coins and ingots following a recent tumble of precious metals prices.”
bairen (100)-
Guys down South who do that are douchebags.
Those are also the ones who will rob you blind.
No end to what someone can do when he thinks Jesus has handed him a free pass on a lifetime of sin.
Barck Osbama is a lot like Sean Penn or George Clooney. If you give him a script, he can deliver it pretty well. But if he tries to talk without a script that has been written for him by others, he quickly reveals that he is poorly-informed if not downright ignorant. Today he delivered another classic, by claiming that if only we would all properly inflate our tires, we could save as much gasoline as “all the oil that they’re talking about getting off drilling.”
http://www.powerlineblog.com/archives2/2008/07/021122.php
173
Indeed. That relationship has cost Jeb any chance of ever being president. It must be galling to see your drunken, drug abusing, stupid, no talent brother achieve something that you wanted and then to have him mess-up so badly that you can never have it even though you are smart, talented, and competent.
God MUST have a sense of humor.
FYI NJ Monthly’s High School rankings are out, not they really mean that much ;)
http://njmonthly.com/articles/towns_and_schools/highschoolrankings/top-new-jersey-high-schools-by-rank.html
#164 bi,
No.
143- SG
I have a friend who is looking to buy a condo in Mumbai (in Malad), not an affluent suburb by any means. There is currently a tenant staying over there and he was happy that the tenant will help him cover his mortgage costs.
I asked him - what percentage? — 50% !!!
You can rent a home over there for half of what you would be paying in mortgage costs (after putting 20% down). Insane!!
bi:
can we stop already?
BC (145)-
Talk about longs with no conviction…
# 177
What amazes me is just how un-Christian the people who hold themselves out to be uber-Christians really behave. I also “love” the churches who say “God wants you to be rich, and the poor are poor because God is punishing them.” I guess camels and needle eyes are out of fashion.
Has anyone heard Oh Bama!’s speeches lately? When he first gained public notice, he seemed like someone who was charismatic and had a plan. Now he is beginning to sound like a typical politician with no real plan other than to get elected. What does Oh Bama! stand for anyway? Change? What change? Change on positions on off shore drilling, guns, what else? In a matter of only a few days…come on.
M gets a head in the polls for the first time in 9 months and the election is called. You Republican’s have about as much patience as BI does with his investment calls.
Oil to $40, but first we must bounce back to $150, right?
#186
I don’t like either one of them. O. M, and GW actually make me miss Bill Clinton.
186#, that is right. he changes his political positions more often than i change my stock positions.
Looking at the NJ Monthly high school rankings, there appears to be an inverse relationship with the performance of the school’s football team vs. academics.
Who could’ve guess it?
btw: I am not a Republican, only pointing out that Oh Bama! isn’t as impressive as he used to seem.
McCain is not a real Republican by the way…
#190 Stu,
championships last a lifetime, your education can become obsolete in a few years.
/ off some sarcasm
BI,
No one changed more positions than the former moderate maverick (M) when he went from opposing everything GWB stood for to supporting 99.9% of his decisions since he lost the primary against him. Want some facts such as your propaganda about offshore oil drilling?
FactCheck.org
You’ll even see Mr. O’s lies there as well. Unfortunately, you’ll find that Mr. M lies more than he tells the truth.
But that site is non-partisan… you wouldn’t dare want to read it. Stick with the enquirer and chinadaily. These match the reading level of you and the rest of your parties intellect.
# 190
As a product of one of those football powers (and have the arthritic fingers and knees to go along with the “glory” of a state championship, yippee), I believe you are right.
In the interest of academics and reducing costs, it may be time to look at eliminating most interscholastic sports and focus on intramurals.
# 191
I feel better now.
best schools test wise are asian/jewish not good for basketball/football.
Heck, cut football and your school might just crack the top 100 academically.
Stu,
Don’t you know, when M changes positions, it is a sign of intellectual growth.
When O changes positions, it is a sign of weakness.
When Billy C changed positions, it was just because Monica’s knees were getting sore.
#193 In the interest of academics and reducing costs, it may be time to look at eliminating most interscholastic sports and focus on intramurals.
It will never, ever, happen.
All politicians lie
Shore (193)-
I’m with you. My son is a very good soccer player, and I’m pretty sure he will not play on the school team at any level, as he does not want to. His club team is better.
The other kids on his club team are from various school districts around central NJ, and I’ve heard them- and their parents- voice the same opinions.
Same goes for hockey in NJ, too.
I say get rid of all these sports…or have the parents fund them 100%.
Oh Bama! changes positions a few days later…what is that about?
As I said before, I am not a Republican, but not a NYU crowd “Democrat”
I was in my Senior year at University of Maryland when the basketball team won the NCAA championship.
Our rankings in the engineering department went from 18th to 16th out of public universities. Unheard of to jump more then one ranking per year, that year we got two.
Somehow your basketball team makes your professors world renown.
# 197
Yea, but the championship rings for academic achievements blow compared to sports rings.
(Said as I look down at a college bowl ring on my finger , lol. Lets just say I have grown in my outlook since then)
#196 Stu,
local taxes would probably drop over a million a year too if the footbal program was eliminated and the costs given back to the tax payers.
#188 Agreed.
And at the end of the day, as much as many perople despise Hill, they may be quite sorry once O, or M wins.
Watch it John.
My high school (East Brunswick) had plenty of Jews who could ball including myself. Our kicker (Jew) even has three Super Bowl rings.
See when you are Jewish, your smart enough to know to that kickers are pretty much a no-contact position. I’m not much of a practicing Jew as I was starting center for the #1 ranked QB in the country. I am not too proud to say that I was also president of our marching band. And everything they say about band camp is true!!!
(191)-
Stupid is forever.
#187 Stu: Speaking of $150 oil, Goldman still stands by its prediction that oil will end the year at $149 a barrel.
#207 Clot,
Fortunately it doesn’t prevent you from becoming prezident
3b: I agree. I think she would have been a better candidate
Was there anything more symbolic that the US Relay team dropping the baton in the first round?
Stu (206)-
Your HS also has Heather O’Reilly, who just won a gold today (women’s soccer).
She played club for E Brunswick FC.
I back GS’s $149 oil call implicitly!
# 200
Inded. As far as I am concerned (and after surviving some sadistic and just downright dangerous coaches) all of the lessons kids are supposed to be learnt via interscholastic contests can be achieved via intramurals — without the cost and distructive aspects of interscholastics.
Private clubs and travel teams will fill any void, and will not padd the salaries (And, thus, retirement costs) of school employees.
# 212
The women won without Wambach? Cool!
Clot,
EB used to be both an academic and athletic powerhouse. The good academics attracted a lot of Asian families and many of the sports programs have suffered, except for tennis.
Kearny used to be the only soccer team in the state that could beat us. I’m not surprised that 3 of the guys I watched play for Kearny eventually anchored our national team.
Pole vaulting should be banned too.
I tried that. Kept missing the mats and landing on my head. My coach made me go back to running track. He wa afraid a few more hits and I could wind up a Mets fan.
Shore (215)-
The game was an absolute war. US scored in first extra time to win 1-0.
# 206
Stu,
I was a center and a Def End. Center is a bit odd, with not being able to wear a cup and having guys press their hands against your, unprotected zone.
Wasn’t there an article this morning that said 81% of all futures trading was speculation with positions of oil going up?
I wonder how long that charade can last?
Another embarrassing sporting event. Somehow we had a good basketball team (Keith Motezesky was the star) and made it to the TOC. We lost in the semis to Camden. We didn’t just lose though. They looked like the Harlem Globetrotters to our biddy ball team. They were doing dunks and ally oops. I think the game was played at the RAC (our backyard).
All I remember was the Camden locals chanting This is our town…Camdentown! Couldn’t really figure out what it meant, but it was funny at the time.
LI has the best jewish QB in Jay Fieldler, nuff said.
# 206
Josh Miller?
I wonder if there is a connection between buying RE in NJ and masochism?
God help this republic. This is what our election process has come down to:
John McCain
McCain Spokesman’s Retort: Obama Lives in “a Frickin’ Mansion”
By Michael D. Shear
SEDONA, Ariz. — A spokesman for Sen. John McCain vowed to retaliate against today’s story about how many houses the GOP candidate owns with a renewed focus on Sen. Barack Obama’s ties to a Chicago developer and charges that Obama is an elitist.
“We’re delighted to have a real estate debate with Barack Obama,” said spokesman Brian Rogers, adding that the press should focus on Obama’s house. “It’s a frickin’ mansion. He doesn’t tell people that. You have a mansion you bought in a shady deal with a convicted felon.”
The felon reference was to Tony Rezko, a former Obama friend and financial backer who was convicted on fraud and bribery charges this year. Rogers vowed to intensify efforts to link Obama to Rezko in the coming days.
“That’s fair game now,” he said. “You are going to see more of that now that this issue has been joined. You’ll see more of the Rezko matter from us.”
The McCain campaign was in full damage-control mode as the housing story took off today. Rogers tried to play down the story, saying that reports of the many McCain houses were overstated.
“The reality is they have some investment properties and stuff. It’s not as if he lives in ten houses. That’s just not the case,” Rogers said. “The reality is they have four that actually could be considered houses they could use.”
Those four include an apartment in Arlington, a ranch in Sedona, and two condos, in California and Phoenix, he said. The others include “some investment properties and things like that.”
He also added: “This is a guy who lived in one house for five and a half years — in prison,” referring to the prisoner of war camp that McCain was in during the Vietnam War.
Rogers called the house story “by far the most personal attack” of the campaign, and said “it comes from a candidate who said he was against this kind of thing.”
He predicted that the story would not “stick” with the American people.
“In terms of who’s an elitist, I think people have made a judgment that John McCain is not an arugula-eating, pointy headed professor-type based on his life story.”
http://voices.washingtonpost.com/the-trail/2008/08/21/mccain_spokesmans_retort_obama.html
Since I eat arugula from time to time, am I now obliged to vote for O even though I prefer M?
I love this stupid soccer dad stuff. What is he Pele? Soccer is like what illegals play on their day off cause they can’t afford AC in their illegal 5 family homes. Soccer Dads are blue collar bozos for the most part. I love my town, the town team is cheap and they hook you in, but the coaches who volunteer have “traveling teams” that they pull all the good players out of the town team making town team stink so good players pay through the noise for the traveling team. Sounds to me like a glory hole/circle JO set up for young boys and creepy coaches, a recipe for disaster. But the pumped up beer belly comb over dads relive their youth as they watch their boys kick a little white ball around while they squander their childs college money on soccer in hopes of a scholership.
“I’m pretty sure he will not play on the school team at any level, as he does not want to.His club team is better”
# 230,
Building Drainage and Monitoring Systems, I think.
System Monitoring, that is
OMFG?
John (234)-
You’re out of your depth on this one.
Go back to watching throwball.
240,
That is too funny.
John (233)-
Your so-called “creepy coaches” are the ones in the schools.
#241 clot: I heartily agree!!!
Josh Miller is correct. A really outstanding guy actually and very humble and likeable. Brian Forte was the cockiest person I ever met to date. I’m glad he went nowhere in Miami and sucked at RU. He used to zing the ball with such great power that his receivers couldn’t handle it. We lost a couple of games because he would show off his power to the detriment of our team.
In the greatest game in my short football history, we were down by 1 point with under a minute to go after we scored a touchdown against our old nemesis JP Stevens (used to be one of Old Bridge’s 2 high schools). Well before the touchdown play, Forte told everyone that after we scored we would sneak a 2 point conversion in by getting everyone to act like we were bringing the extra point team on the field. To make it work, no on was allowed to leave the field and a wideout had to get the plan to our coach so he wouldn’t let anyone on to the field. Well it worked like a charm. We all acted like we were hustling to the sidelines to bring on the special teams and then 5 seconds later lined up in formation ASAP. I snapped the ball off to our running back and we won by 1. The crowds on both sides were stunned and quite frankly, I can’t believe we were able to get all of us in position and set to make it work. In the playoffs that year, we lost to Cherokee (whoever that was?).
Hardest game ever was against Elizabeth. They destroyed me! I thought about hanging up the shoulder pads after that scrimmage.
And I wore a cup Shore Guy. I was lucky to avoid a lot of ball rubbing by Forte as he liked the shotgun a lot. I did too as we were less likely to fumble when a huge noseguard would lunge on the snap.
NJ club soccer coaches undergo a yearly background check…that includes a credit check.
yuck! Mrs. Shore and I seem to be rather square.
Grim 244 football heroics is in moderation.
246,
Which Shiller points out is true, by the way.
lol deleted already lol
Well, time to go look at a lake house in NY. Later, all.
Wow 4 posts deleted. All bow to the mighty and powerful Grim.
Can you delete all the posts issued from BI?
I’m getting a blister on my delete finger
grim Says:
August 21st, 2008 at 3:03 pm
“I’m getting a blister on my delete finger
”
Is that why “tonite” is misspelled?
No, just habit.
from financial times
Lehman Brothers, the beleaguered US investment bank, held secret talks to sell up to 50 per cent of its shares to South Korean or Chinese parties in the first week of August but failed to reach agreement with either. The South Koreans and Chinese walked away after concluding that Lehman was asking too high a price, said New York-based people familiar with the potential buyers. Lehman declined to comment.
http://www.ft.com/cms/s/0/586ed412-6ee6-11dd-a80a-0000779fd18c.html
http://www.leasetrader.com/2007_BMW_M6_Coupe_136841.xhtml
Talk about a bargain. This is a very very special vehicle. It’s a BATMOBILE. I guarantee you that you will burn many calories and a lot of sweat will come out just by going for a ride.
What’s ur opinion on this? A guy who is invited to his company party gets invited to his wifes company party on the same night and chooses his wife’s party. I know his wife has a better job but is it just me or does that just send a signal to his current boss that if there is a lay-off he is first in line.
I actually did the soccer thing for a year. I went to the games and my wife did the practices. I did make one or two practices and the coach was very cool. But there was a coach on another team who lives in my town and he volunteers to coach and his kids are too old to play, it is just plain downright creepy for a full grown man to be coaching other kids for free and he got so excited about the kids games. My neighbor is a soccer coach and he went to part time at work cause he volunteers to coach two teams, his kids are on the town and the traveling team and he plays in the adult league, sometimes he takes a bunch of boys out to McDonalds after the Game. To me that is a little Michael Jackonish!!! Sooner or latter he will be beating it.
#249
John,
If that’s true then she would be first in line to get laid off if she skips her party. And, if she has the better gig, isn’t it better if she keeps her job?
grim: what’s the deal…just show up?
What’s ur opinion on this? A guy who is invited to his company party gets invited to his wifes company party on the same night and chooses his wife’s party. I know his wife has a better job but is it just me or does that just send a signal to his current boss that if there is a lay-off he is first in line.
Wife is the real boss. No choice.
Lets meet up at Shannon Rose between 7 and 8
Any thoughts on M support of the draft.
http://www.vetvoice.com/showDiary.do?diaryId=1795
That will be a deal breaker for a lot of people.
#249 Strawman
Your company throws a lousy party?
I’ve been trying to make it to a gtg but it has been slow going.
http://news.yahoo.com/nphotos/Tropical-Storms-and-Hurricanes/ss/events/sc/091905hurricanes/s:/ap/20080821/ap_on_re_us/tropical_weather_fay;_ylt=AkYbDr4KbnUsTgDsR.ZjMG9H2ocA#photoViewer=/080821/480/af0a330ef8614d3fa15cd2fa671c1128
#249 - I’d rather go to the wife’s party. Do you really want to spend any more time with the people from your office?
I see these idiots for 9+ hours a day, I know they have no conversation skills beyond sports and stupid office politics.
Link doesn’t work, boo.
Its a picture of two people using a sheet as a sail to rollerblade down a street.
149: Maryland NOT named for Mary, Virgin, the; named for the wife (queen consort) of Charles I, Henrietta Marie. (Not sure how that persistent myth got started.)
228: Lemme guess, John, you couldn’t make the traveling team when you were a kid, right?
#249
If the husband’s company is so poorly managed that not attending a party is a criteria for being laid off first, he should look for another job.
Inflation?
Maker of Snickers and M&Ms is raising prices
http://news.yahoo.com/s/ap/20080821/ap_on_bi_ge/candy_price_increases
#254 It will be a deal breaker for me. Not that I care much for either candidate.
261
Just in time for Halloween.
Beyond Fannie, Freddie: Three More Problem Children?
http://www.minyanville.com/articles/wm-LEH-RF-wamu-fannie-freddie/index/a/18620
HEHEHE Says:
August 21st, 2008 at 3:43 pm
Inflation?
HEHE
monetary inflation? No
M%M inflation? perhaps
Congratulations everyone! We did it!
Our area is #1 for the first time we wrangled the top spot away from those west coast plastic people!
Too bad it’s in housing unaffordability.
:(
Data came out a couple of days ago but I just made some charts and put up some info on how Bergen County prices were increasing faster than the nation too.
Lost: Here is some old DM-stuff, since we have to wait for any real new news….
http://www.youtube.com/watch?v=Jv6rl-33lTc
We throw amazing parties, we rented a rooftop water front spot on top of an office building with a band, dinner and an open bar.
This happened around 3 times when the two companies conflict it is always the wifes place that gets choosen. Plus in the last three years the wife was invited to five company events and said no five times. I don’t mind him going but I think the wife sends a bad signal by not making at least one token appearance. Plus if no one knows who she is it is hard to care about her problems, maybe her company is tough on the spouse thing, I’ll never know.
My old boss once told me when your boss or an important client invites you out saying no is like telling your future mother-in-law at your first time over for Thanksgiving that she is not a good cook. Heck my wife went on a 8 hour round trip car ride 7 months pregant to be at a company party and I got big time kudos and everyone always asked about her.
My bother at his old company kept an excel file where everyone had the same bonus at the start of the year. Everytime he had an employee stiff him like this he subtract the days pay from the bounus and everytime an employee did something right he gave them a day back.
Little things like you need someone to volunteer to do take your daughter to work day or go out to dinner with you when you take a boring client out, or run the Chase Challenge when the EVPs said we need a team and your dept has no one count a lot bonus time, work is nice but if you don’t do your work you should be fired, sometimes it does not count as much as going to bat for yoru boss. Anything that keeps your boss from getting chewed out by his boss counts a lot.
See you all at the Rose a bit later.
Hey everyone, have fun at the GTG tonight. Would like to see reviews in comments tomorrow.
BTW, regarding the school rankings, what’s the story with Newark Science. Was a little surprised a Newark school did that well.
I agree, that is the point. Bottom line when two spouses work there comes a time when the schedule conflicts and one of the companies are going to get ticked off. The company the spouse does not pick gets a clear signal they are not important. Kinda like if you are casually dating two girls in Jan and Early Feb and come Feb 14 you have to pick one for valenine’s day. Sends a heck of a message to the one sitting home.
I lived in the Bronx when I was little, if there were any nancy boys in $100 dollar sneakers kicking a soccer ball around we would have stole their sneakers and their lunch money.
#249
John,
If that’s true then she would be first in line to get laid off if she skips her party. And, if she has the better gig, isn’t it better if she keeps her job?
I think a lot of guys are worried about their wives going to the company party alone, getting drunk and dealing with the those guys she works with that are after her.
It doesn’t make financial sense though, if as John says it can lead to a lay off.
If you don’t go to your party, you could lose your whole salary. If you’re wife screws around, the most you can lose is half.
:)
I’ve got an extra ticket if anyone needs/wants it, gratis. Let me know, first response gets it.
John (271)-
“I lived in the Bronx when I was little, if there were any nancy boys in $100 dollar sneakers kicking a soccer ball around we would have stole their sneakers and their lunch money.”
John, those kids would’ve nutmegged you with the ball, done a studs-up into your shins, stomped you while you were down then run away well before the cops came to pick up the pieces of your sorry white monty ass.
$100 is cheap for a pair of really good boots, too.
267 Chifi
That was awesome thanks! I think I’m going to put it on my myspace.
#271 John,
they didn’t have sneakerswhen you were a kid. And noe backthen had $100
John showed up for travel team tryouts in a pair of Chuck Taylors.
[188] barien
Do you mean the early ran-as-a-mod,emerged-as-a-lib Bill Clinton, or the post-CWA, emasculated, triangulating “era of big gov is over” Bill Clinton?
Or the “I did not have sex with that woman” Bill Clinton?
“LI has the best jewish QB in Jay Fieldler, nuff said.”
HMMM, I thought LI had the best Demolition Derby Driver; Billy Joel?
#281 Nom,
All of the above.
I would have denied it too, unless I was bragging to my friends about how drunk I got.
I won’t be there tonight as I was in the area last night and it’s a long drive. I look forward to the commentary tomorrow though.
I’m not coming, as I don’t think we’ve taken on nearly as much debt as we could. I think the only solution to debt is more debt.
[sarcasm off]
OK Clot you got me. I’m not going tonight because I’d rather run up my credit cards.
NYC and police agree to a deal. What happened to NY being in a crisis. How is there money for raises?
http://www.silive.com/news/index.ssf/2008/08/city_cop_union_agree_to_new_co.html
“I’m not coming, as I don’t think we’ve taken on nearly as much debt as we could. I think the only solution to debt is more debt.”
Clot,
Good point. There is a bull markey coming, new supply.
Actually I had to shimmy up a telephone pole in the bronx to get a pair of chucks otherwise it was “Big A’s” Alexanders knock off of the Chuck T’s.
We never had a ball in the Bronx, went to the court and joined a game, if you had a ball you would get mugged for it first day so it was a waste of money to buy it or even steal it. I jacked a bike once and had it for an hour before I got jacked, mmmmm those child hood memories.
Next week I am getting a 2009 Employee Priced CTS to replace my t-boned sable. The t-boning happing the same week the car I wanted is on sale is a beautiful thing and I am stimlating the economy.
Grim - do you still have the ticket? If so I’m in.
“Next week I am getting a 2009 Employee Priced CTS”
a new car? next step is weekly trip to Whole Foods for arugula
wow. Cramer actually tells it like it is…
“JIM CRAMER GOES OFF ON EVERYBODY!”
http://www.youtube.com/watch?v=SptB3STL5rs&eurl=http://www.infowars.com/?p=4091
JIM CRAMER GOES OFF ON EVERYBODY!
http://www.youtube.com/watch?v=SptB3STL5rs&eurl=http://www.infowars.com/?p=4091
skep (291)-
He just ordered the Chess Channel.
Next week, he’s taking a wine & cheese class.
jmac,
All yours
#292 clot: I just read on CNN Money an Economist at Univ MI, talking about a turn around in employment next year, 900K new jobs, with the turn around possibly being led by housing and autos. Talk about delusional.
3b (294)-
I want some of what he’s smoking. Maybe the housing jobs he references are whole-neighborhood demolitions in places like Cleveland, Buffalo, Detroit, etc. Probably will also be lots of opportunities in board-up/winterization jobs everywhere.
I guess everyone went to the movie.
Obama raps McCain for ignorance of his own houses
By MATT APUZZO, Associated Press Writer
“I think — I’ll have my staff get to you,” McCain told Politico when asked Wednesday how many houses he owns. “It’s condominiums where — I’ll have them get to you.”
Later, the McCain campaign told Politico that McCain and his wife, Cindy, have at least four in three states — Arizona, California and Virginia. Newsweek recently estimated the two owned at least seven properties.
Last week McCain cracked that being rich in the U.S. meant earning at least $5 million a year. With most Americans feeling the pinch of a worsening economy, the remarks allow Democrats to suggest that McCain cannot relate to ordinary voters.
It’s also another example of how McCain, nearly 72, can be fuzzy and forgetful on some facts.”
IOUSA Theme Song;
http://www.youtube.com/watch?v=EbRyfr8iEJc
Best segment;
http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php
Great movie. I don’t think the people really care about the fact that we have a deficit of 8.7 trillion dollars. They don’t want to take the time to think what it means to have such a great deficit. Its absolutely scary.
Good movie. Needs to be seen with the 45 minute panel discussion that follows.
Purports to be apolitical, but I discern a slightly leftward bias. Regardless of presenting seemingly objective facts, it argued that we were moving toward the right direction in the Clinton years and the Bush Administration has destroyed us. That may in fact be true, but it is not that simple an explanation.
Anyway, if the intent of the film is to have a call to action by an electorate and to cast aside partisanship, they have failed due to their own inappropriate need to cast a finger of blame. Silly really and if the source is pandering, then they truly stink.
unmod?
# 299 “8.7 trillion dollars”
This is a pre-Freddie and pre-Fannie number?
Shore (302) 9.6 trillion and that, is pre Fred/Fan. I sat in the theatre after the panel discussion and pondered the unfunded New Jersey pension liability. Good grief.
Chi (300) Left leaning, to be sure. At best, it might call attention to the problem. I am doubtful anything will come of the effort.
John: Face it, you’re all losers for going to a party with “people from work” and for being concerned about how it looks or not. I make good bank and I suck up to no one.
Thanks for your blog :)