From the Financial Times:
As the US housing slump deepened over the past three years, Manhattan’s real estate market seemed immune. Instead of crumbling with the rest of the nation, prices continued to rocket. Sales surged and new condominiums found multiple bidders. For a long while, Manhattan property was in an orbit all of its own.
But there are growing signs that this last bastion may be giving way. New York City, the seemingly indestructible foundation of the nation’s luxury property market, has this year begun to shown signs of strain. In the second quarter, traditionally the hottest property season, sales slumped 38 per cent to a five-year low, according to the Corcoran Group, the city’s largest residential real estate group.
“Two years ago, you could throw up some brick, put in a kitchen and a bath, put a price on it, and you’d have a bidding war,” says Pamela Liebman, Corcoran’s chief executive. “That’s not the case any more. Buyers now feel that a property they want today could cost less tomorrow.”
…
According to Miller Samuel, a New York residential real estate appraisal company, some 6,869 apartments were for sale in Manhattan in the second quarter. That is 11 per cent more than the first quarter – and a full 31 per cent more than the second quarter of last year.While some of the rise results from new developments coming on line, much of the latest increase has to do with existing co-operative properties sitting around for months on end. Co-op inventory, which mostly consists of resales, rose at a quicker pace than condo stock did in the second quarter.
In another disturbing sign, homes are staying on the market for longer. Miller Samuel reports that, from April through June, properties were listed for an average of 135 days – nearly three weeks longer than in the same period last year. “We may go through a cycle now where product will sit on the market,” Ms Liebman says. “There’s little room for error in a market like this.”
…
But as yet there is no sign of let-up and the grim mood in Manhattan has spread throughout the region. Consider the softness recently seen in the Hamptons, the Long Island beach retreat whose fate is closely tied to the fortunes of Wall Street. According to data compiled by Suffolk Research Service, the market saw both price declines and slower sales in the second quarter than in the same period last year.The price drops were even steeper for these beach homes, whose median price fell 11 per cent to $735,000, from $825,000 last year. What is more, volume took a hit for the fourth straight year. Only 576 homes sold in the second quarter, a 29 per cent drop from last year.
All bubbles are local.
It takes time for the locals to realize that their local real estate market has problems too.
I’ll say this just once. I love my house.
It is my refuge….my retreat….my dojo.
(Sound of canned tuna being opened…..)
Yummy ramen!
From the NY Times:
Fed Official Says Institutions Must Be Allowed to Fail
The president of the Federal Reserve Bank of Kansas City, Thomas M. Hoenig, said on Monday that for economies to work best, institutions must be allowed to fail.
Economies must “find a balance between financial stability and a stable price environment and in doing so must be able to allow individual institutions to fail,” Mr. Hoenig said in a speech in Buenos Aires.
Changes in financial markets combined with the subprime mortgage crisis have “raised anew questions about the role of central banks in maintaining financial stability,” he said.
The subprime mortgage collapse has taken a toll on banks and other financial companies, which have reported $514 billion of writedowns since the start of 2007. The Fed rescued Bear Stearns from bankruptcy in March, facilitating the firm’s merger with JPMorgan Chase by lending against $29 billion of Bear securities.
“Financial crises will occur despite our best efforts to prevent them,” Mr. Hoenig said in prepared remarks at an event held by Argentina’s central bank. The too-big-to-fail issue, he said, “will only grow in importance as the consolidation of the financial industry grows in both size and scope in future decades.”
Tom 1 Real estate is toast in my area & yet many cling to their 06 prices not that they sell. The downward pressure from REOs some selling, killing any chance of appraisals coming in to get loans on other properties.
It takes time is right as Re is an illiquid asset prices move slowly in the downward trend just like they should have to the up side. Not like 03 to 06 insanity. Most in my area (Sellers) know the party is over but are still hoping to land a sucker. That pool is slowly diminishing as these a holes can’t get a mortgage. I have the time so I’ll wait them out.
From the WSJ:
Lehman’s Sticky Situation
Real-Estate Assets
Pose Problems Even
In Possible Spinoff
By PETER EAVIS
September 2, 2008; Page C10
At the Wall Street firm Lehman Brothers Holdings, something’s gotta give. Having tried shopping its troubled real-estate holdings, it knows what the market thinks they are really worth. Placing market values on those assets could create big write-downs for its third quarter, which closed at the end of August.
That leaves the firm in a Catch-22. Its fate depends on freeing itself from those large uncertain positions, which leave it vulnerable to further losses. But offloading them could in itself crystallize a big loss.
Lehman can’t wriggle out of that dilemma. But it can try to structure a transaction that softens the blow. That may be why Lehman is considering a spinoff of troubled real-estate assets into a separate company.
That may be why Lehman is considering a spinoff of troubled real-estate assets into a separate company.
And then let it fail like a house of cards.
Wonder how they expect to pull that one off.
May work once then no one else will get away with it.
fail= fall
i’m looking forward to Bi’s political posts today.
i’m looking forward to Bi’s political posts today.
Me too ;)
Back.
See that asking prices are still sticky.
Would love to hear from Clot about what is happening in sales in his area.
Here is some political stuff for you guys.
Don’t know if all true but there are links to verify. It is pro M but if the #s are trus you can make up your own mind based on them.
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
SIMPLE MATH:
 CAPITAL GAINS TAX
MCCAIN 0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
OBAMA 28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.)
DIVIDEND TAX
MCCAIN 15% (no change)
OBAMA 39.6% – (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that ‘Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.’)
INCOME TAX
MCCAIN
(no changes) Single making 30K – tax $4,500
Single making 50K – tax $12,500
Single making 75K – tax $18,750
Married making 60K- tax $9,000
Married making 75K – tax $18,750
Married making 125K – tax $31,250
OBAMA (reversion to pre-Bush tax cuts) Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K – tax $23,250
Married making 60K – tax $16,800
Married making 75K – tax $21,000
Married making 125K – tax $38,750
Under Obama, your taxes could almost double!
INHERITANCE TAX
MCCAIN – 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.
NEW TAXES PROPOSED BY OBAMA
New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes (as if gas weren’t high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least….New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
2008 PRESIDENTIAL CANDIDATE COMPARISON TALKING POINTS
=0 A ISSUE JOHN McCAIN BARAK OBAMA
Favors new drilling offshore US Yes No
Will appoint judges who interpret the law not make it Yes No
Served in the US Armed Forces Yes No
Amount of time served in the US Senate 22 YEARS 173 DAYS
Will institute a socialized national health care plan No Yes
Supports abortion throughout the pregnancy No Yes
Would pull troops out of Iraq immediately No Yes
Supports gun ownership rights Yes No
Supports homosexual marriage No Yes
Proposed programs will mean a huge tax increase No Yes
Voted a gainst making English the official language No Yes
Voted to give Social Security benefits to illegals No Yes
CAPITAL GAINS TAX
MCCAIN 0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
OBAMA 28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.)
DIVIDEND TAX
MCCAIN 15% (no change)
OBAMA 39.6% – (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that ‘Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.’)
INCOME TAX
MCCAIN
(no changes) Single making 30K – tax $4,500
Single making 50K – tax $12,500
Single making 75K – tax $18,750
Married making 60K- tax $9,000
Married making 75K – tax $18,750
Married making 125K – tax $31,250
OBAMA (reversion to pre-Bush tax cuts) Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K – tax $23,250
Married making 60K – tax $16,800
Married making 75K – tax $21,000
Married making 125K – tax $38,750
Under Obama, your taxes could almost double!
INHERITANCE TAX
MCCAIN – 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.
NEW TAXES PROPOSED BY OBAMA
New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes (as if gas weren’t high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least….New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
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——————————————————————————–
It’s only a deal if it’s where you want to go. Find your travel deal here.
——————————————————————————–
Here is some political stuff to feed on.
Pro Mc for sure but the #s would seem to hold.
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
SIMPLE MATH:
 CAPITAL GAINS TAX
MCCAIN 0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
OBAMA 28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.)
DIVIDEND TAX
MCCAIN 15% (no change)
OBAMA 39.6% – (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that ‘Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.’)
INCOME TAX
MCCAIN
(no changes) Single making 30K – tax $4,500
Single making 50K – tax $12,500
Single making 75K – tax $18,750
Married making 60K- tax $9,000
Married making 75K – tax $18,750
Married making 125K – tax $31,250
OBAMA (reversion to pre-Bush tax cuts) Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K – tax $23,250
Married making 60K – tax $16,800
Married making 75K – tax $21,000
Married making 125K – tax $38,750
Under Obama, your taxes could almost double!
INHERITANCE TAX
MCCAIN – 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.
NEW TAXES PROPOSED BY OBAMA
New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes (as if gas weren’t high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least….New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
2008 PRESIDENTIAL CANDIDATE COMPARISON TALKING POINTS
=0 A ISSUE JOHN McCAIN BARAK OBAMA
Favors new drilling offshore US Yes No
Will appoint judges who interpret the law not make it Yes No
Served in the US Armed Forces Yes No
Amount of time served in the US Senate 22 YEARS 173 DAYS
Will institute a socialized national health care plan No Yes
Supports abortion throughout the pregnancy No Yes
Would pull troops out of Iraq immediately No Yes
Supports gun ownership rights Yes No
Supports homosexual marriage No Yes
Proposed programs will mean a huge tax increase No Yes
Voted a gainst making English the official language No Yes
Voted to give Social Security benefits to illegals No Yes
CAPITAL GAINS TAX
MCCAIN 0% on home sales up to $500,000 per home (couples). McCain does not propose any change in existing home sales income tax.
OBAMA 28% on profit from ALL home sales. (How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.)
DIVIDEND TAX
MCCAIN 15% (no change)
OBAMA 39.6% – (How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama becomes president. The experts predict that ‘Higher tax rates on dividends and capital gains would crash the stock market, yet do absolutely nothing to cut the deficit.’)
INCOME TAX
MCCAIN
(no changes) Single making 30K – tax $4,500
Single making 50K – tax $12,500
Single making 75K – tax $18,750
Married making 60K- tax $9,000
Married making 75K – tax $18,750
Married making 125K – tax $31,250
OBAMA (reversion to pre-Bush tax cuts) Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K – tax $23,250
Married making 60K – tax $16,800
Married making 75K – tax $21,000
Married making 125K – tax $38,750
Under Obama, your taxes could almost double!
INHERITANCE TAX
MCCAIN – 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Many families have lost businesses, farms, ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will only lose them to these taxes.
NEW TAXES PROPOSED BY OBAMA
New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes (as if gas weren’t high enough already) New taxes on natural resources consumption (heating gas, water, electricity) New taxes on retirement accounts, and last but not least….New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
   Â
Â
——————————————————————————–
It’s only a deal if it’s where you want to go. Find your travel deal here.
——————————————————————————–
To many links, in mod Grim, no sweat. You know I don’t get in to this politico stuff much just like to share the #s. A lot of # guys on board would love to see their take.
Grim kill one doubled up on rather long post sorry bud.
soosh (10)-
The only houses that sell in my area are the ones where the owners come in and undercut the competition by 10% or more. With rare exception, I don’t even take listings unless the owner is willing to do this from Day 1.
Example: I just listed and sold a 2 BR, 2.1 BA Hovnanian garden home for 245ish in less than three weeks. In the same development, there are 5-6 homes of the same model, asking anywhere from 265K-300K. All they do is sit and rot. The same model, around the corner from mine, sold for 242.5K and went pretty fast, though. Clearly, buyers will take a serious look when you price correctly. If you don’t, nobody comes at all. If the house isn’t under contract in under a month, I think chances are pretty good it could take 6-12 months for it to sell…and sell at far under where it could’ve sold, had it been priced right from the beginning.
Soosh- thought of you Saturday while watching Celtic/Rangers. Celtic took a bad beating @ Celtic Park.
soosh- glad to see you are back, missed your posts.
There was an interview with the VPILF earlier today that wasn’t reported in the MSM. Most likely because it only exists in my head to amuse me :)
Palin was asked if she thought the revlations regarding her unwed teenage daughter’s pregnancy would take the steam out of her arguments for abstinence only sexual education classes. The mother of 5 who gave birth to her first child 8 months after eloping with her husband replied.
“I tell ya, I still can’t answer that question until someone answers, for me, what is it exactly that an abstinant person does every day?”
I have to agree with the right wingers on this one. If we don’t give teenagers options for safe sex, they will avoid having sex for fear of the consequences. The fight against their new, raging hormones will be won if they don’t have the tools that will give them false hope that they can avoid teenage pregnancy and STD’s.
I think that kind of thinking should be extended to other areas as well. We spend a lot of money on body armor and armored vehicles for our troops yet they still go ahead and get themseves hurt and killed. If we just told them “Don’t get hurt” instead of giving them the false sense of protection they have from armor, I think we would save a lot of money and see casualty rates drop dramatically.
We’re half way there as the facilities and resources we have for treating our wounded heroes are woefully inadequate. Unfortunately many don’t know this until it’s too late so they don’t take the necessary precautions.
I will now take off my angry bitter hat off and enjoy the beautiful day we’re having.
“Manhattan shows first cracks”
I have read this kind of story 50 times already. Show me a decent 1 bedroom in Manhattan for less than 800K. By reading this blog you would think you can get a apartment for free like in the 80s. But you can’t.
The Gator has pronounced herself qualified to be VP based on recent GOP standards, and appreciates your support.
#13 Clot.
Did the Old Firm game ease the pain of the shooing my Gooners gave you.
My HOV garden home was offered at the same price as the smallest one-floor condo in the same development.
That’s how you generate sales activity!
I doubt that the cheap renovations flippers did even served a purpose. More of a waste of time. In the spring of 2004 I saw a few flippers buy houses that took them to the spring of 2005 to get their renovations done. On paper it was quite a $ figure, in reality homes went up 20% in that insane one year period. If the flipper, just did a quick cleaning and paint job they could have rented it our for the year for 30K and then got 20% more. The year long headache of gutting most likely was a fiasco when you count in time, energy and money. A rising market masks all types of stupid mistakes.
Here is a nice 2 bedroom foreclosure in NYC for you to ponder.
http://www.maltzauctions.com/real_estate_detail.php?ID=386556
Frank Says:
September 2nd, 2008 at 8:31 am
“Manhattan shows first cracks”
I have read this kind of story 50 times already. Show me a decent 1 bedroom in Manhattan for less than 800K. By reading this blog you would think you can get a apartment for free like in the 80s. But you can’t.
PGC (18)-
No. Just a horrible, awful beat down. They even got a shot of the Magpies’ owner in the stands, chugging a beer after the 2nd goal.
The first thing I thought was that he might be drinking because he doesn’t really have any money left and his marquee sponsor is a failed, nationalized bank.
I can’t believe people are saying the Gooners have problems. They looked unbelievable.
Clot – Thanks. Guess I’ll still be on the sidelines for a while, although may attempt some bottomfeeding this winter. Thought of you too as I passed through Manchester a couple of times.
afe – Thanks, although I don’t know how much I have to bring to the table these days. Spread a bit thin with everything I have on my plate and quite honestly, the bubble is now commonly recognized (wasn’t back in the day) and there doesn’t seem to be much to say.
Gator – I’ll vote for you!!!!
#19 clot: where would that 2 bed room have sold in 05/06?
I saw liberal media and some active members on this board got so excited about palin’s revealing during the weekend. You are taking baits exactly from karl rove’s playbook. RNC knows you guys love this kind of Hollywood stuff and will spread it to every joe and jills. Palin is a new star and needs popularity and you guys have been doing a great service for her but unfortunately did not get paid from mc’s new money ($10M over the weekend after her pick). Now back to reality, if their base doesn’t have problem with cheney’s gay daughter and W’s DWI, why they will problem now? If people at the middle to left, which are mc’s target by picking palin, don’t have problem with redneck bill taking about “I don’t have X relationship with that woman” in front of TV, why do they have problem with this woman?
soosh- you are right, there is no more need for drum beating. But I miss your poignant style of responding to some of the less savory folks on here and your manifest girl-power! :)
BI:
You are so typical. #1, M lied when he said he knew about the teenage pregnancy prior to choosing Palin as his veep. #2, Whenever a republican F’s up, they always claim it’s not a problem since all of America is dysfunctional. These are great role models for us to follow. We have already witnessed the results of a maverick who chose to go it alone for the past 8 years. Twice the debt and now we are stuck in a quagmire in a country that didn’t attack us. Mission accomplished…right?
bi Says:
September 2nd, 2008 at 8:53 am
If people at the middle to left, which are mc’s target by picking palin, don’t have problem with redneck bill taking about “I don’t have X relationship with that woman” in front of TV, why do they have problem with this woman?
bi: Because if this race comes down to a matter of who do you want staring down al-Qaida and Putin, a dispassionate scholar or a whimsical “maverick”, willing to roll the dice in an effort to pander, with a golf ball cut out of his head? I think the answer is clear.
#28 chgoginance: Not to belabor the political discussion here. But as soem one who is not happy with either choice, this decesion by McCain is an absolute disaster. Not to mention insulting to women and to Americans in general;perhaps we need to eb insulted.
I think people like me who do not like either candidate, now have only 2 choices, vote for Obama or stay home on election day. I cannot now even consider voting for McCain just on principal.
3b (24)-
A touch over 300K.
I look forward to some more of BI’s lies and deceit.
“If people at the middle to left, which are mc’s target by picking palin, don’t have problem with redneck bill taking about “I don’t have X relationship with that woman” in front of TV, why do they have problem with this woman?”
Bi, it’s because he wasn’t going around trying to enact policies that would prevent guys from playing pecker lollipop games with chubby chicks.
While Palin on the other hand can’t successfully teach abstinence to her own family, but wants to teach it to yours.
I hate politics. This election has sunk to the level of Disney Channel and Us magazine.
If I need a 24/7 dose of trailer park mamas and preggo teen brides, I can go back to NC. At least I can watch the show there with a proper plate of BBQ and a cold beer.
Drat! Moderated @ #32, for some unknown indiscretion.
How the housing crash hurts your retirement
You can now see that real estate isn’t a sure bet. But that’s just one lesson of this market.
bursting of the housing bubble provides three valuable lessons for retirement planning.
* Don’t go ga-ga over go-go investments
* Gains are no substitute for saving
* Too much debt can compound a crisis
Today’s housing collapse will likely rank among the biggest debacles in modern American economic history. You can’t escape it. But it will be an even bigger shame if you don’t learn from it.
I will be laughing my butt off when M decides that Palin was a bad choice and replaces her. All the meanwhile, all the conservatives here will be eating major crow after gushing over how wonderful of a veep pick she was.
But don’t worry, I’m already prepared for your statements describing how M can admit to his mistakes and how willing he is to embrace change.
I only hope Palin’s grand daughter was not fathered by M himself.
NJGator,
I have decided to also throw my hat into the ring. I was PTA president in 2004 my experience prior to that was nil. I was not an officer but a mere member and class mother. I, during my term which went as follows 2004 President 2005+2006 Vice President and 2007 President once again. When I took over out of the blue, I changed our policy of using a fund raiser consultant, we then were able to squeeze great give-aways from fundraising companies vying for our business, those give-aways were then raffled off to earn even more money. The year before I came into office we ran all programs on an $11,000 budget after the end of my first term we had raised $30,000 and were able to send the whole school on class trips, and have kept that budget and trips upto and including my past term we kept our promise to our students.
I also eliminted waste, by finding a t-shirt company to print shirts for our field day at half the price of the company they were using for years. This one executive decision saved us over $1600.00. I eliminated token gifts to teachers at each holiday that would be thrown out and instead give them a once a year breakfast, saving almost half of what was spent prior. I prefer to give them nothing but….pressure is high on that one. I could just go on and on, but Gator let me say you have competition!
KL
Obama’s mama got knocked up at 18 by a muslim from africa which is why he can’t throw stones at Palin, otherwise he would be spanking her harder than a rented mule.
If you are from the tristate area and make over 250K a year your choices are vote for the old man and the hockey mom and see your taxes stay the same or vote for the young man and old man and kiss 25K of your income goodbye for the next eight years. 25K times 8 is 200K. Obama would have to cleaning my house and mowing my lawn for the next year before I send hime a check for 200K.
KL – You may very well be overqualified. Aren’t you in Bergen County too? On the front lines of the NY-NJ cold war?
“On the front lines of the NY-NJ cold war”
Nah, the NY-NJ cold war was ended by a crossing guard when she held up her white glove and proclaimed, “Mayor Dinkins, tear down this tollboth!”
History Channel say’s December 20, 2012 is “Game Over”, which also confirms Obama is in.
Gold bugs and oil longs…It may be in your best interest to ignore the stock market today.
Bet against the bubble – how to head off a subprime crisis
Robert Shiller’s got an argument that will make some peoples’ heads explode in his new book The Subprime Solution – we need more speculation in the housing market.
He starts from the point that while there was most certainly fraud, stupidity, larceny and greed involved in what happened they were not the cause. No, rather we had one of those madness of crowds moments when the populace was swept up in the grips of a mania. House prices would continue to rise, continue without risk. Very much a repeat of numerous earlier examples, the South Sea Bubble, Dutch tulip mania, internet stocks in the 90s, the Mississippi land boom in France, economic history is littered with examples. The frauds fed off this, but they needed that mania to exist first – they didn’t cause it.
Imagine, though, what would have happened if there had been such a liquid futures market. The bears would have been able to put their money down and influence the price of said futures. The general hysteria that prices could only ever rise would have been confronted with an interesting new piece of data: not everyone agreed. Would this have meant that some poor sap wouldn’t have bought a shoebox in Las Vegas for a million or two? No, but it would have meant that financiers would have been extremely hesitant to lend him the money to do so on an interest-only adjustable rate mortgage that depended upon ever rising prices to repay. That is, the simple point that some (many?) thought it was indeed a bubble and were prepared to put their money where their opinions were would have pricked the bubble that much earlier.
38#, stu, agreed. with oil down ove $10 from friday and gold under $800, what you need is abstinence.
KL – My ‘experience’ has mainly been on the organizational side. While a student at the University of Florida, I helped run a political campaign attempting to dismantle the Greek run student government. So I am a true “reformer”, you see. Sure the party was called “Armageddon”, but we did have the coolest campaign graphics (think Corel Draw clip art circa 1994) and slogans around like this one: “Armageddon: Pro Gay, Pro Gun, Pro Greek. Vote Armageddon, we support hazing.” But hey, secessionism is very much in vogue these days.
I am also a working mom. A Future hockey mom (Lil Gator is only 3 after all). Big SEC sports and drinking fan. Possess 100% authentic female anatomy and am semi-literate on some of the issues of the day. I have recently passed the pre-employment check of a major financial services company.
I am not a great hunting shot yet, but based on the skills of the current VP, this should not be an issue to my election.
Will The Washington Post Ever Discover the Housing Bubble?
During the years of the housing boom, the most frequently cited authority on the housing market in The Washington Post was David Lereah, the chief economist of the National Association of Realtors (NAR) and the author of the 2006 best seller, Why the Real Estate Boom Will Not Bust and How You Can Profit From It. It seems that the Post is still partial to those who argue that everything is just fine in the housing market.
Last week it published an op-ed column claiming that the widely cited Case-Shiller index, which shows that nominal house prices are already down by more than 16.2 percent from their bubble peaks, is overstating the true rate of price decline across the nation. The column notes that a different index shows that house prices have fallen by more than 4 percent in just four states (California and Florida are two of the ill-fated four).
If I were being picky, I would point out that a completely independent index, the NAR’s existing home sales series, also shows a double-digit price decline from its 2006 peak, but that is beside the point. As the bubble grew to ever more dangerous levels in the years from 2002 to 2006, The Washington Post almost completely excluded from its pages the voices of those raising the alarm. Now, even as the bursting bubble is leading to record rates of foreclosure, the destruction of trillions of dollars of housing wealth, and the worst financial crisis since the Great Depression, the Post can still find room on its op-ed pages for the “everything is just fine crowd.”
Cost-Cutting in New York, but a Boom in India
GURGAON, India — On the top floor of a seven-story building in this dusty aspiring metropolis, Copal Partners churns out equity, fixed income and trading research for big name analysts and banks. It is a long way from the well-cooled corridors of Wall Street, and quarters are tight; business is up about 40 percent this year alone.
Wall Street’s losses are fast becoming India’s gain. After outsourcing much of their back-office work to India, banks are now exporting data-intensive jobs from higher up the food chain to cities that cost less than New York, London and Hong Kong, either at their own offices or to third parties.
Cost-cutting in New York and London has already been brutal thus far this year, and there is more to come in the next few months. New York City financial firms expect to hand out some $18 billion less in pay and benefits this year than 2007, the largest one-year drop ever. Over all, United States banks will cut 200,000 employees by 2009, the banking consultancy Celent said in April.
During my last India visit to Mumbai, the hot ticket item was FSI jobs.
“Here is a nice 2 bedroom foreclosure in NYC for you to ponder.”
This will go for $1.5M-$2M or 1M Euro. Where’s the gloom and doom?
Sarah Palin: Earmark Queen
http://www.msnbc.msn.com/id/26504638/
Anyone ever use two agents, one for the selling process and one for the buying process?
We are getting ready to sell our townhome and buy a house. What we want is coming down to our price in our area, and the little one is filling up our place fast.
A friend of my wife’s family is a realtor, and comes highly reccomended by a few other friends. From what I understand she’s great at finding what you need at the price you want. She works for a small local agency, with no real internet presence. I’m concerned about her ability to be able to make our place seen, but I’d like to use her on the buy side.
I’ve spoken to a couple of others, with bigger companies that I was considering using on the sell side.
What are my potential hassles or drawbacks? Timing? Two upset agents instead of one?
#45 frank: Your absolute and total denial is astounding. Are you like this in all facets of your life?
McCain’s Sexist VP Pick
The GOP seems to think women will eagerly vote for any ticket that includes a member of their gender. That’s Republican tokenism and pandering at its worst.
Palin’s addition to the ticket takes Republican faux-feminism to a whole new level. As Adam Serwer pointed out on TAPPED, this is in fact a condescending move by the GOP. It plays to the assumption that disaffected Hillary Clinton supporters did not care about her politics — only her gender. In picking Palin, Republicans are lending credence to the sexist assumption that women voters are too stupid to investigate or care about the issues, and merely want to vote for someone who looks like them. As Serwer noted, it’s akin to choosing Alan Keyes in an attempt to compete with Obama for votes from black Americans.
OT: Corzine
In the last few weeks, he’s been on tv from Wyoming, Bill Mahr Show, and MSNBC (the only ones I’m aware of).
Lots of appearances.
Who’s manning this state?
Palin lawyers up. This is going to get fun:
In one of the stories yesterday about Palin’s hiring of a lawyer — which we now find out she’s having the state of Alaska pay for — I noted that her new counsel, Thomas Van Flein, asked the lead investigator in the case to turn over all witness statements and documents produced so far in the probe. That struck me not as a good-faith request but rather an effort to get into a fight over process and thus gum up the investigation until after the election.
And sure enough, today’s Anchorage Daily News provides plenty of evidence that that is what’s happening in spades. Though to this point Palin has said she would cooperate fully with the investigation, Van Flein is now challenging the standing of the entire inquiry. He claims that any investigation should be handled not by the legislature but by the state Personnel Board which, conveniently, is made up of the governor’s appointees.
Van Flein is also charging that the state senator charged with overseeing the investigation is on a partisan witch-hunt. “Our concern is that Hollis French turns into Ken Starr and uses public money to pursue a political vendetta rather than truly pursue an honest inquiry into an alleged ethics issue,” Van Flein told the ADN. To which French rather persuasively responded that the charge of partisanship rang at least a little hollow since the investigation was instigated and authorized by a committee dominated by Republicans (though it’s only fair to note that Palin is not beloved by all Republicans in the state).
And finally that deposition that the investigator is trying to arrange with Gov. Palin? Seems she may be too busy running for vice president to make time for that. From the ADN …
Branchflower [the lead investigator] hasn’t been able to set up an interview with Palin. French said the state will fly Branchflower to wherever Palin is on the campaign trail if needed.
“Clearly the governor’s new political role will make it more challenging for her to make time for this investigation,” French wrote. But Palin needs to be interviewed sometime in September, he said.
Van Flein said the investigation is “bad timing” in the middle of a presidential campaign. He said he couldn’t guarantee her availability this month.
If witnesses aren’t available, French wrote, he’ll ask the Senate Judiciary Committee, which he chairs, to issue subpoenas.
Buckle up.
http://talkingpointsmemo.com/archives/212342.php
http://www.adn.com/front/story/513137.html
Grim – 49 in moderation.
Clot: Re #13: A house came back on the market in the development where we want to buy and at least from the web site, it looks to be everything we are looking for except price. At first we thought it will never be on the market a year from now when we plan to buy but given that its priced at 359k (original list was 389k) when similar are listing for 325k and one comp we saw sold for 308k so who knows, it may still be available.
Leaving fro two weeks in Sicily tomorrow and have already made plas at a local hospital to have my blood replaced with Nero D’Avola. Hope nothing crashes or goes belly up while I’m gone.
BUCKS COUNTY COMP KILLER – Newtown
(for sale at 2004 price)
2004 purchase price, per zillow: 495k
http://www.zillow.com/homedetails/12-Tall-Oaks-Ln/9057578_zpid
2008 sale price, per realtor.com: 499k
http://www.realtor.com/search/listingdetail.aspx?zp=18940&mnp=30&mxp=31&bd=5&typ=1&sid=cfb31e9b346442508a2b4a1d4546d828&lid=1100302488&lsn=4&srcnt=12#Detail
Grim, 51 (bucks county comp killer!) in mod
Based on what?
Frank, remember two weeks ago how you claimed places were selling in your neighborhood for 10% above asking?
Yeah, we’re still waiting for the name of that neighborhood. Matter of fact, you never back anything up with a link.
44 Frank, I guess if the word ‘foreclsoure’ in a listing doesn’t spell gloom and doom, then I guess nothing will get through your rose-colored glasses.
From Economist.com,
American banks – When sorrows come
EVERY episode in the credit crunch has had its dramatic flourish. There were the defenestrations at Citigroup and Merrill Lynch late last year; then, in March, the Bear Stearns fiasco; the humbling of UBS; and now Fannie Mae and Freddie Mac, a tale of hubris that might impress Shakespeare himself. What next?
Institutional Risk Analytics, which monitors the health of banks, expects more than 100 lenders—most, but by no means all, tiddlers—to fold over the next year alone. Alarmingly, the ratio of loan-loss provisions to duff credit is at its lowest level in 15 years.
How much will be needed? Possibly far more than the FDIC is letting on, reckons Joseph Mason of Louisiana State University. Extrapolating from the savings and loan crisis of the early 1990s, and allowing for the growth in bank assets, he puts the possible cost at $143 billion.
FYI, A Photo Safari of Wasilla, AK. This is the “city” that Sarah Palin was a member of the city council and later Mayor and where she gained her the lion’s share of her highly valued political experience.
Grim – #48 in Mod
Hey Frankie Check It Out Big Boy:
Unthinkable Happens: Manhattan Apartment Prices Fall
‘This Clearly Indicates That the Market Is Not What It Was’
http://www.nysun.com/business/unthinkable-happens-manhattan-apartment-prices/84900/
Over the weekend, Mrs. Shore and I went looking at occasional-use places in NJ and NY. Although the properties differed greatly (some waterfront with about 2/3 acre lots and some had 5 acres or more overlooking or fronting freshwater lakes, and a range in between) and the prices were within the range we are prepared to pay, we kept coming up against something that sticks in our craw: taxes ran more than 1,000/month for all of them.
Now we have no issue with paying taxes to receive police protection and other necessary and beneficial services (including aid to hospitals and other such things folks often overlook until they need them) the whole tax situation has gone out of control. I suspect this issue will be a longterm drag on RE prices — retarding any recovery.
The governor up in NY recently called the legislature back intgo session to tackle the budget situation. After cutting something like 3% from the budget (most of which, it seems, will be passed onto local governments, which will need to pick up the tab, so there is no real net reduction is government costs) declared “victory,” patted ecah other on the back, and went home to spend anothr day.
New York is drowning in debt and it is only getting deeper in debt. NJ seems to be in the same boat. When government goes so far into the red, it is all but impossible to “grow out of the debt.” Unless government at all levels seriously reasseses how much it spends, and on what, the various government enteties will only sink deeper into debt.
The bottom line to all this is that property taxes will go up. With this as a likely outcome, anyone looking to purchase RE has to keep a wary eye on the tax component of the total monthly expense to buy RE.
Does anyone have any data on property tax burden as a percentage of PTI for residential mortgages in NJ?
Clot, Grim, and the other RE pubahs here, have you seen any folks demure from purchases because of taxes?
Grim, 55 in moderation
While politics is on people’s minds I thought I’d throw this thought out that I’ve been having.
It seems to me that both political party machines have been gaining too much power and disrupting the individual responsibilities elected officials have to their constituents in my opinion. Something needs to change to shake things up.
A third party candidate winning the top seat in government or even a few more seats in congress would be a good way to achieve this. Unfortunately, the way things are today, this would be very unlikely.
I more reasonable goal would be to have a split party ticket for president. I was reminded of this when I read how Biden had recommended that Kerry tap M for the VP spot in 2004. I thought that would have been a good way to go. Pre-2000 M seemed like a good candidate to me. Someone that was interested in cutting government spending, was able to reach out across the isle and didn’t pander to the evangelical leaders. Other than the Keating five scandal he seemed like a decent choice to really do what he thought was best for our country and not what his party thought was best.
By 2004 I was still had hopes that the spanking M got from the republicans didn’t change him and that if he ran with Kerry it would give me hope that the old M was still out there. Now he seems to have gone completely to the dark side and I don’t see him as someone that could fullfil this goal. Even if Palin needs to be replaced and he taps Lieberman, it wouldn’t quite be the same.
It looks like O might be the next president and if things go well and after 8 years Biden runs for pres, if another donkey worshiper could step up to be what I felt Mc used to be, a Biden/McNew ticket might be just what we need to get some real change in this country.
My prediction though is that whoever is elected is going to have to fight very hard to win a second term. I think a lot of the problems caused by previous administrations will become more evident next year and blamed on whoever is currently is in office.
They’re going to have to come up with some real magic to make things really better in 4 years. The problem is, in most cases, things have to get worse before they can get better. So to get things going fast will ruffle a lot of feathers and possibly cause enough friction to keep the parties from working together.
I’ve lost hope for M, I feel like he sold his soul to win the nomination. O wouldn’t have been my first choice but the way he’s been running his campaign gives me some hope. He doesn’t seem to be attacking repubs in general, just bush and mccain’s policies. Hopefully it’s because he wants to do what he said and be able to cross party lines to get things done. So he’s not trying to alienate them.
There are some bright people on both sides serving in our government. If we could get them to work on the issues we’re having today and forget about the stale ideologies both parties have been pushing for decades we can really get some things done.
What I hope to see in my lifetime is elected officials from both parties being able to endorse congressional canditates for re-election based on their commitment and performance, after their respective parties have decided not to support them. I think that would be the first hint that we’re approaching the type of positive change we need.
finally, mr. O got more executive experience. by the way, did he mention she is the current governor.
“My understanding is that Gov. Palin’s town, Wassilla, has I think 50 employees. We’ve got 2500 in this campaign. I think their budget is maybe 12 million dollars a year – we have a budget of about three times that just for the month,” Obsama responded.
BI,
What to place a gentlemen’s bet on where oil is by June 09????
My bet is $150+. You can only ignore the low fuel light on your cars dash for so long before you run out. oil fundamentals are being ignored in the market in place of rainbows and puppy dogs. I am a patient guy and realize there will be significant swings in the short, but there is only 1 way to go in the long term (1+ years).
If you think i am wrong i challenge you to present solid data that says otherwise.
The lower prices are at least in part due to election year politics exerting influence.
Well.. specifically that ny apt isn’t a foreclosure, it’s a bankruptcy auction. Nice thing about those, all liens against the property generally detach as they are addressed at the bankruptcy proceedings.
The 50% deposit is a bit steeper than the 20% you need for foreclosures in NJ.
69,
Yea. So what? Has O-bam-a ever had to live in the mean streets of Wasilla? Sure he faces the hazards of the Southside but, did O ever run the risk of facing down a Kodiak bear while walking home from the local moose processing plant?
Also, it is vety easy to get things done wit 2,500 employees. Try paving a single interesction with just 50. Clearly, SP gets things done with less.
70#, kettle, sorry i cannot see what will happen with oil 1 year from now and i don’t have any fundamental knowledge of that industry. i am purely speculating that it will go down to 80 to 100 level by year end before taking any direction.
Forget about Manhattan. As I said before, prices will always be high because its just too close to Manhattan.
Anyone ever lived or currently live in Springfield? Are there any parts of town that are higher end where one can walk to a NYC bus that isn’t standing room only? I know that those who live at “the Top” tend to drive to the Summit train station and I also know you can park at the pool and take a jitney to the Short Hills (I think) train station but if I don’t want to have to drive at all, are there any walking opportunities to NYC transportation that work well? Streets/cross streets please.
Well, I guess if Obama wants to compare his running a campaign for about a year to running the state of Alaska for two years, he is entitled to his warped opinion. He’s falling into the trap of comparing himself to someone with little experience as compared to comparing and contrasting vs. McCain.
Question for the board, up to what age does it not matter for your kids to live in a standard town compared to a nice one (say Lyndhurst/Clifton vs. Westfield/Millburn)
“What to place a gentlemen’s bet on where oil is by June 09????
My bet is $150+.”
Damnit BI. Based on your latest prognostication, my black box returned a $76/barrel price estimate. So that is where my money is.
#74. I think you want to live near Mountain ave or be able to park near it. Also, there is a park and ride on Morris Ave behind a Chinese restaurant if I recall. Another option is taking the #70 bus on Morris Ave. to Millburn train station but the buses don’t run as often when you get out late at night
The Credit Crisis Revisited, Part 1
It’s All About the Spreads
http://www.minyanville.com/articles/MER-jpm-Credit-mortgage-housing-banks/index/a/18753
hughesrep,
I am currently in a situation such as the one you are questioning about. I am on the buy side. Their unit must first be sold and I recommended another agent for the sale
(not reffered/reffered=bloodmoney)Thereby taking the most pressure off myself (-:
I suggest you tell the selling agent you have a friend in the business you would like to give your buy to, but that he/she came highly reccommended as a selling agent in that area. The buying agent should realize he’s got it easier.
KL
Gator,
Sounds like we are both overqualified, but I want to time my backing out of the race in such a way as to steal the thunder from Mrs. Palin when she does the same.
KL
#74 The NJ Transit bus #114 rides along Mountain Avenue in Springfield up to Morris Avenue and then along Morris Ave through Union to Union Center. Then it goes on Rt 22 to NYC Midtown Port Authority. My friend takes the bus every day to NYC for her job. It is great. Better than the train. They run a number of buses during rush hour (no standing) and you can get in and out of NYC in an hour or less sometimes.
#74 I think the monthly bus pass is about $160 (or or less) through something called Wageworks.
[19] Gator,
You can be my running mate. Based on what I have read, I am better qualified than Ob to be president, even though I have never held elective office. I also know more about computers, taxes and the economy than McC apparently.
Since I govern center-right (which is to say, just to the left of Kettle and Reinvestor), you will provide a welcome counterweight to attract the center-left and the pro-female VP vote.
Mikeinwaiting finally posted to something I had surmised, which was that Ob would repeal the cap gain exclusion for primary residences. I had long suspected he would do that as it will bring down housing costs long term and hit only the folks that won’t vote for him anyway. It is also my tripwire to see if the Dems intend to engage in wider class warfare.
Will have to examine to see if Ob also wants to prevent Roth conversions after 2009. Starting in 2010, you can convert a traditional IRA to Roth without limits or penalties. Sounds like Ob is looking at that, which would really fry my onions since I have been loading up my IRA with nonexcludible deposits for the past three years, hoping to convert a sizeable chunk to Roth.
I’d really like to stop but this is just too entertaining. NYPost has quotes from palin’s baby daddy’s myspace page. Best one:
He also claims to be “in a relationship,” but states, “I don’t want kids.”
NJGator @ 8:31 am:
Just apply DNC standards and you’re qualified to be President!
[47] Gator
“Possess 100% authentic female anatomy”
More info than we needed, and probably more than Stu wanted us to have.
Glad that you are pro-gun though. Can’t have a gun grabber on my ticket.
My initial thought on Palins’ nomination was, that it was a repeat of Harriet Miers nominiation for the Supreme Court. While Miers was nomiated as a result of loyalty to W, it was obvious that she was to far out of her depth. In this case Palin is swimming in the water, we’ll see what will happen when the water starts to get really choppy.
I personally think it was a mistake on M’s part, but I balance that against the journalist who called it, “a political Hail Mary play. M is so far behind in real terms with very little momentum, he has to go deep to get back in the game.
STu,
careful,
$150+ oil was my prediction, not Bi’s. I dont know how kettle data fits into your black box. Bi declined to predict that far out. he guessed 80-100 by dec. That means you should be betting on 130/140 oil if i understand the BI Black BOX (BBB) correctly
Stu @ 8:59 am:
US Senators who voted yes “to authorize the use of United States Armed Forces against Iraq”:
John Edwards
Hillary Clinton
Joe Biden
John Kerry
Harry Reid
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=107&vote=00237&session=2#position
Tom,
So the 100,000$ is a 50% deposit and they think the house will auction for around 200,000$?
NJ requires 20% down at the auction?
I am seeing 10-15 of these type of auctions come up in the county I live in every week and it looks like they are requiring a 10% deposit on the property in Maryland. I always wonder if they are worth looking into.
The femmes in my household are all ranting about the female VP pick by M.
The story of the week was that if he dies in office (a likely occurance to them) then she would be the first female pres.
I can tell you it has an attractive ring to it for them.
#73 bi: Goldman Sachs still stands by it’s call of oil at $150 a barell by year end.
#86 I believe she will be quietly asked to resign from the ticket.
82 Nom – In the spirit of full disclosure, I must confess that just like Ms. P. I am a former beauty queen (Wayne Wooten Memorial Sundial Queen, it’s a long story) and in that capacity I did once attend a Student Government banquet dressed in a VS lycra laceup slip and fishnets, while escorted by a pro-gun libertarian who did moonlight as a crossdresser (but not that evening). There may have been pictures, but I was too drunk to remember for certain.
Nicholas,
From how I understood the auction that was posted, you need to show up with $100,000 just to be allowed to bid. You’ll need 50% deposit when the auction closes.
NJ requires you to pay 20% of the bid at the end of a foreclosure auction in certified check or cash. The rest is due in 30 days.
I’m not sure where you’re from but in Bergen County foreclosures have been going for up to 50% below judgment and peak prices. Whether that’s a good deal or not depends on the specific property, what your plans for the property are and where you think the market in that area is headed.
I generally only make public comments on specific properties post auction. But I will say that in general, my opinion is that if you’re interested in a property, the best thing to do these days is to try and negotiate an aggressive short sale before it even gets to auction. The banks have show that they are holding weak cards and are willing to make deals. That’s based on what I’ve been seeing here in Bergen County. Your market may be different and like I said you have to make decisions on a property by property basis.
#92 – Probably. I’d have some respect for the GOP if they stuck with her despite the ferfluffle involving her daughter.
My heart goes out the the kid though. 17 and pregnant is usually difficult enough. 17 and pregnant with everyone in the world looking on I’d imagine somewhere in the “absolutely worst case” catergory.
afe – 28 –
Wow, Thanks. Very kind of you to say.
Clotpoll Says:
“If I need a 24/7 dose of trailer park mamas and preggo teen brides, I can go back to NC. At least I can watch the show there with a proper plate of BBQ and a cold beer.”
Ahhh…Clot…
You’re out of touch…There are no “plates”. They eat all their off of a *STICK*.
http://www.youtube.com/watch?v=l-5Lr2IhB_o
#93 – I did once attend a Student Government banquet dressed in a VS lycra laceup slip and fishnets, while escorted by a pro-gun libertarian who did moonlight as a crossdresser
Pics pls.
Also pro-gun libertarian is a bit of a redundancy, like; pro-pot libertarian & sc*mbag lawyer.
Qwerty…Tell me something I don’t know. The Dem senators are spineless, although I doubt they would have taken us to war if W didn’t sponsor the effort. That’s all I’m saying.
# 93
Do you know Paula McCahon?
#99 – #1 Google response…
11#, 12#, mike, interesting stuff. i urge all active memmbers on this board putting your cynical comments aside and look at this stuff seriously.
Thanks Tom,
That does clear it up for me. I live in Maryland and it appears that they require a 10% deposit at the close of the auction and it is usually listed as a $$ amount.
I then question “is it 10% of the unpaid mortgage price or 10% of the appraisal price?”
I see what you are saying about contacting the bank and trying to negotiate a short sale before the auction closes. In reality I think that these auction sales are comming so fast that there really is no way for them to get anywhere near market price.
When I open the paper and see three pages of trustee sales, auctions, and forclosures for Anne Arundel County, MD (Fifth Richest County in US?). I begin to think that it might be worth showing up to these auction sales and making a horribly underpriced bid just to catch someone off-guard.
Can they have unspecified reserve requirements if they don’t like the lowest bidder?
Dutch intel: US to strike Iran in coming weeks
http://www.jpost.com/servlet/Satellite?cid=1220186494776&pagename=JPost%2FJPArticle%2FShowFull
99 Shore – Yes. She was my successor. My friends used to call her Little Paula Prozac.
The 3rd page of the Minyanville article was a good one.
The Coming Bank Credit Crunch
Banks in the US are going to need to roll over almost $800 billion dollars in medium-term debt in the next 16 months. Banks borrowed heavily in 2006, a lot of it in 2-3 year floating-rate notes, and now they must refinance those notes.
Say a bank borrowed at LIBOR plus 50bps. In today’s environment, many banks are not going to be able to borrow at such low rates.
Remember the 2 Ohio banks mentioned earlier? These regional banks will have to pay spreads of 7-9%, based on the price of their debt today. If you have to pay 12% to borrow money when prime is at 5% and you’re lending at 6-8%, you clearly cannot make a profit. That means they will have to sell assets or raise very expensive equity capital.
There are a lot of small and regional banks that are in trouble. The FDIC has a list of 117. Out of (I think) 8500 banks, that doesn’t sound bad. But remember: IndyMac, which failed a few months ago, was not on that list. Banks can get into trouble rather quickly if they cannot raise capital, sell assets, or borrow money due to perceived distress.
The problem is that these banks will have less money to lend and will be calling loans from otherwise good customers, which of course makes the economic situation even worse. It is a vicious cycle.
Even many mainstream economists are now suggesting we will be in a recession by the 4th quarter, if we are not in one now. (The 2nd quarter revised GDP was 3.3%. This is an anomaly, and is highly unlikely to be repeated.) The recovery, when it comes, will be tepid until credit spreads signal an end to the credit crisis. It is going to be Muddle Through for 2009. This is NOT going to be good for the stock market. When will it be safe to get back into the water? Pay attention to credit spreads.
One other thing to watch. When the Fed feels it’s no longer necessary to offer “temporary” Term Auction Facilities (loans) to commercial and investment banks, that will be a significant event.
Notice that these were to be temporary. These auctions will last well into 2009 and maybe longer.
# 95
Just wait. What do think the odds are that the, self-described “F***ing Redneck” boyfriend has either video tape or photos of the young, ummm, cough, lady, well, young woman.
The only thing that might save her is that she is under 18.
bi Says:
“11#, 12#, mike, interesting stuff. i urge all active memmbers on this board putting your cynical comments aside and look at this stuff seriously.”
Seriously? I couldn’t help but notice that the tax rates listed don’t go above 125K. Typical republican deceit. I dare you to list the tax rates proposed for filers who make more than $125K. Only an ignoramus would look at that heavily manipulated cr*p to take something worthwhile from it. Looks like typically fear tactics and you just swallowed the worm.
# 103
In the coming weeks? Humm, the election is 10 weeks away? If I were a betting man, I would estimate the Friday or Saturday after election day, if O-bam-a wins, that is.
#92 3b
I don’t think resignation is an option. The party machine is in full grind and it would be like turning an oil tanker. But if she did resign, then who would M replace her with. Apparently Romney and the other front runners are steaming. They are probably looking to 2012 to run on a rebuilding ticket. I think Rudi is probably the only one left who would accept the nod.
# 109
Is Quale still alive? Cant say he is unqualified; he can fog a mirror and did the job for 4 years.
Rudi Johnson? I heard he is looking for a job and would add some much needed color to the ticket.
I suggest Lawrence Taylor. He is used to the NY media and can take biden in a debate, in, well, anything physical.
Nicholas,
The percentage you need to put down at the auction is generally based on the winning bid. So if the winning bid is $500k and you need to put down 10% that’s 50k. Doesn’t matter what the judgment or assessed value is. At least from the jurisdictions I’m familiar with.
Your county’s website seems to be down so I couldn’t do a quick search for info. One thing I did find that was interesting is that there does not seem to be a standard redemption period. The courts decide the redemption period on a case by case basis. That seems pretty interesting. Other than that I can’t really comment as there are different laws in different places. You’ll need to look up what they are.
I recommend you read a good book on buying foreclosures before doing anything. Not the books they sell on late night tv infomercials.
I wouldn’t recommend going in to make a really lowball bid on a property without doing research. It may turn out you didn’t get what you thought you did. You may have been bidding on a second mortgage and then have to face foreclosure yourself when the first mortgage or other superior lein comes to collect. This isn’t the type of thing you want to get involved in without taking the time to understand what’s going on.
#27 bi Says:
September 2nd, 2008 at 8:53 am
I saw liberal media and some active members on this board got so excited about palin’s revealing during the weekend.
If you believe the media is “liberal” then you are truly ignorant. We have a corporate media in search of profits. That is it’s only agenda. Period. If the media really was liberal, then Gore would be president right now.
78 rhymingrealtor
Thanks for the feedback.
#112 It would be hard, but not to do it, IMO, means McCain will loose.
I think alot of people will just stay home this election.
imagine what the reinstatement of the capital gains tax on sales of primary residences would do to home values. 25% plumment overnight?
plummet, that is
119#, now i finally figured it out why so many obsama fans here.
>imagine what the reinstatement of the capital gains tax on sales of primary residences would do to home values. 25% plumment overnight?
I found a killer in Bowie Maryland searching some Countrywide forclosure site.
Bought in 2006 for 800,000$ is now on the market for 514,000$
http://www.streamfx.com/CW/frameset.asp?str=12802%20PITTMANS%20PROMISE%20DRIVE&ci=BOWIE&st=MD&zip=20720&pr=$522,900.00&cpr=$522,900.00&site=Trulia&dt=8-11-2008&myPage=REO-Maryland
That means 300,000 in instant equity right?
Clot,
Sorry for you loss. This has to be the fastest I’ve seen in a long time.
http://news.bbc.co.uk/sport2/hi/football/teams/n/newcastle_united/7593683.stm
I can’t see restoring capital gains on primary homes having much of an effect on home prices at this point. We’re already squeezing the speculative juice out of the RE market. Only idiots are buying a primary home at this point thinking that they’ll flip it in 24 months, make a boodle of cash and and keep it tax-free with the capital gains exemption.
The old exemption was too strict (once in your lifetime), but the current one is too generous and contributed to the bubble. There’s got to be some middle ground.
“That means 300,000 in instant equity right?”
Nicholas,
You’re joking right?
skeptic, you wouldn’t see a 25% decline overnight. Fact is, houses that must to be sold right away have sold for much less than that. The listing prices you see are people who bought and refuse to believe that their house has lost the value that it already has. As long as they can keep making payments on that house, they’ll keep their price tag at that level. Slowly but surely, they run out of money, and have no choice. Sell for less or let the bank come take it. Then you’ll see the decline. In fact, if you reinstated capital gains, I wouldn’t be surprised to see all these yahoos jack up the listing price of their house 20% because they feel entitled to make money off it.
the ability to profit in the short term has basically evaporated w/r/t RE. but the RE industry has maintained that owning RE is smart in the long term. well, if the cap gains tax is reinstated, it will add one more argument against owning– even in the long run. also, it would further distort the correction as well due to the lock in effect. all in all, it seems to me such a policy would drag out the RE depression and ultimately exacerbate it on the downside.
Actually if Obama is in office and the higher tax rates are in effect RE becomes a better investment tax wise for people who make over 250K. It becomes a lesser investment for the 70K a year cops and firefighters flipping houses and pocketing gains. Long term RE has and never will be a good investment. A plain old stock fund beats the dickens out of RE longterm.
skep-tic Says:
September 2nd, 2008 at 1:39 pm
the ability to profit in the short term has basically evaporated w/r/t RE. but the RE industry has maintained that owning RE is smart in the long term. well, if the cap gains tax is reinstated, it will add one more argument against owning– even in the long run. also, it would further distort the correction as well due to the lock in effect. all in all, it seems to me such a policy would drag out the RE depression and ultimately exacerbate it on the downside.
oh, I don’t disagree that over the long haul, the cap gains would have the effect of driving down prices. But overnight, it wouldn’t do a thing. I wouldn’t even change things over a month or two. If you looked last summer, people were listing their houses for well above the 2005 price, even though homes were starting to sell below them. These people were looking to sell for a profit and if you suddenly told them that they got to give up 15% of their profit to Uncle Same, they would say to themselves that they need to sell it for more. There’s no way to convince them their house is not worth what they think it is. The only way people will realize it is when they can no longer make the payments and are forced to sell. Zillow released a study showing that the majority of Americans actually thought their house went up in value this year. Unfortunately, there’s not a stock chart that they could stare at to bring them back to reality. In 2000, people freaked out as they watched their shares of AOL and Yahoo plummet in real time.
Would not be much of an RE auction if you did not have 100K in your pocket. Heck when I go to the car auction and you buy a 30K car you need 30K. 10% on a 300K house is only 30K. That is chump change for the players on this board, pretty much the coin between your pocket lint at the end of the day. Heck you guys drive Bentleys to pick up your rent checks, you guys are good looking plays with money to burn, let me kick back and us a $20 to light my cuban as I celebrate our successes.
Wow stock market is now down. Have we completely decoupled from oil prices? Oil is down $8 per barrel and the economic reports were pretty neutral. So much for my earlier gold and oil comments I suppose.
Regarding the impact of Palin: Why would anyone draw conclusions in advance of her first national public speech and the results of several polls taken from various sources? I would say that very few people on this board have the necessary perspective to make any authoritarian comments. Basically, it is impact of every sixth or seventh person in the States of Ohio, Florida, Colorado, Virginia, maybe Missouri? Further, these are the people on the fence.
john 129…
you drive your own car???? I send the hired help to pickup the rent checks. I am to busy making money and seducing super models with my decadent life style to pickup a rent check from some poor plebeian slob. Oh, and you light you cirags with $20′s? You are doing it wrong, call me when you light em up with 10K treasury notes.
http://www.msnbc.msn.com/id/26501863/?GT1=43001
With time running out — and as Mr. McCain discarded two safer choices, Gov. Tim Pawlenty of Minnesota and former Gov. Mitt Romney of Massachusetts, as too predictable — he turned to Ms. Palin. He had his first face-to-face interview with her on Thursday and offered her the job moments later.
“They didn’t seriously consider her until four or five days from the time she was picked, before she was asked, maybe the Thursday or Friday before,” said a Republican close to the campaign. “This was really kind of rushed at the end, because John didn’t get what he wanted. He wanted to do Joe or Ridge.”
“Regarding the impact of Palin: Why would anyone draw conclusions in advance of her first national public speech”
It is true we do not have the correct perspective to properly judge how the rest of the country will perceive her. Especially when considering how the whole country perceived the current retard in chief in 1999.
Fed minutes announced; Dallas & KC wanted a 25bps hike.
Stu just found 11 & 12 put them out there seem to be solid if you check links. Nom found something to get his in a bunch. Info is good stu even if you don’t like it. Vote for who you want folks, I’m sure most would like a 3rd choice (me included) but this is the hand we got dealt.
AS Nicholas posted women in his house are happy with M’s choice. I think that we will find that most women will be also. Are resident female group are cut from a different cloth than the masses. This is certainly a compliment ladies but you are in the minority.
I’m sure that M will stick with Palin he is that type of guy. Whether you think that is good or bad is your call. It is going to be a tight race not that voting in NJ matters goes Dem every time.
Have to say I am with Nom on this one, going M. Like O but not his taxes & rather have M dealing with Putin & the rest of the bad guys. What ever Bush did he did M is not Bush. I’m sure he will think twice before putting are boys in harms way considering his past. Not to say he will not act if confronted he knows freedom isn’t free. It gets payed for in blood unfortunately. Sometimes mistakenly but this makes the sacrifice even greater by those who do not question there duty when told to go.
Meet a young man the other day 101 st I believe heading to Afghan. Small kid skinny as a rail 2nd tour 19 or so. It was both humbling & one of the proudest moments in my life. Needless to say his money was no good at my place. I can’t even get some of the kids who work for me to do much work (same age)this kid will be getting shot at soon in a fox hole or behind a rock in the mountains freezing. Makes you think.
Ok off soap box you really had to be there & talk to him.
I only drive my own high end English or Italian cars. I sit in the back when driven in large German or American cars. The last time I drove a Japanese car was back in my impoverished days. I do think a telethon would be appropriate for those poor old blokes forced to gasp, drive Japanese.
I have a Katrina survivior drive my 2009 Caddie DTS once in awhile when I am particularly patriotic and I am quite proud, even prouder by the fact the back seat is big enough to fit both my hot secretaries so I don’t have to pick favorites.
133#, this is exactly lib’s problem. they always feel they are entitled to win because they think the other party is idiot. this was what in gore’s mind in 1999 and in kerry’s mind in 2003. they all think it is so easy to defeat that so-called idiot. guess what? if bush is allowed to run for 3rd term, he will win again (of course the race should start 2 years ago because he does not care much about poll in his last 4 years).
now, you have the most arrogant two in the tickets. their arrogance can only be matched by the active memmbers on this board.
liberal media and liberal big mouths start to laugh at her experience as a small town mayor. this is exactly what repulican wants. as said in my first post today, their playbook is to put her as “one of us” to most voters in battleground states.
unless there is really serious stuff about her coming up in next few days, current revelation about her is really helping republican ticket big time. good job libs!
He had his first face-to-face interview with her on Thursday and offered her the job moments later.
http://www.msnbc.msn.com/id/26501863/?GT1=43001
This does not bode well for Republicans.
I tell you, one guy who impressed me in my grass root lobbying days was, Jack Kemp. What a gentlemen, with great clarity.
Well see who is right in November I guess. In the meantime, I’ll continue making a mint shorting the cr*p out of our wonderful markets.
Uh Oh!!!!
Isn’t this the pole you confidently linked to just 16 days ago Bi?
“# bi Says:
August 15th, 2008 at 1:54 pm
gallup election poll: 44% v.s. 44%. it seems people start to figure out mr.o is not ready for prime time.
http://www.gallup.com/poll/election2008.aspx”
http://www.gallup.com/poll/109960/Gallup-Daily-Obama-Hits-50-First-Time.aspx
BI:
http://www.gallup.com/poll/109960/Gallup-Daily-Obama-Hits-50-First-Time.aspx
Gallup poll? Sound familiar?
Sg 138 Like Kemp to, class act.
Yeah,
The 300k in equity was a joke.
bi Says:
September 2nd, 2008 at 2:26 pm
now, you have the most arrogant two in the tickets. their arrogance can only be matched by the active memmbers on this board.
bi: Your first comment is baseless and unsubstantiated. As for the second one, %uck you.
142#, chifi, your brother is called keith?
http://www.huffingtonpost.com/2008/08/27/keith-olbermann-caught-sa_n_121983.html
Mike – one problem I have with posts 11/12 is the analysis section – which is basically “what is in it for me, Mr. Middle Class taxpayer” as opposed to any analysis of what would be better for the COUNTRY as a whole. Much like the ability to profit handsomely from house sales encouraged a housing bubble which benefited older sellers handsomely but hurt young buyers and the economy in general. Or lowering taxes at war time has led to a massive deficit and the essential ownership of much of the US by China.
“What’s in it for ME” is pretty typical of election year politics and voting.
What about “What’s better for the United States of America in the long term”?
The cr@p will continue until we encourage the second mindset instead of the first.
142#, chifi, by the way, you need to learn abstinence from tom for your impulse just as stu need it for his stocks
Uh Oh!!!!
Isn’t this the pole you confidently linked to just 16 days ago Bi?
“# bi Says:
August 15th, 2008 at 1:54 pm
gallup election poll: 44% v.s. 44%. it seems people start to figure out mr.o is not ready for prime time.”
Uh Oh!!!!
Isn’t this the pole you confidently linked to just 16 days ago Bi?
“# bi Says:
August 15th, 2008 at 1:54 pm
gallup election poll: 44% v.s. 44%. it seems people start to figure out mr.o is not ready for prime time.
http://tinyurl.com/5aumha
What do you say now?
We’re waiting Bi. This pole does include yesterday by the way.
LOL:
Sarah Palin Is So “Desperate”
146#, stu, don’t get too excited. this is a typical after-convention bounce. it will surprise you two weeks from now.
I thought they didn’t get a bounce (according to you as well)? I think it’s the Palin pounce. You’d be surprised by how many good parents out there were floored by the pregnant high schooler announcement. It just hits home too hard for most. A terrible reflection on M and his lack of research and pandering. All IMO of course. It will be fun watching her squirm going forward.
The Credit Crisis Revisited, Part 2
http://www.minyanville.com/articles/jpm-Credit-fre-fnm-ms-mortgage/index/a/18766
I would just like to say that candidates’ families should not be part of the debate. I’m sure everyone who has children can appreciate this. Mr. O was very classy and correct in emphasizing this, and people should lay off his wife (and M’s) as well.
Don’t know much about Sarah Palin to make a statement on her politics although she appears to be socially VERY conservative in the extreme which I wouldn’t vote for.
Big negatives for kids names such as “Track” “Trig” and “Bristol”, “Willow” and “Piper” while less offensive are a bit on the line. Lot in common with Graydon and Ellery I would think. Nice looking kids though, I’ll give them that. Second Nom on feeling sorry for the daughter having her private life dragged out for all to see though.
As for McCain, not sure what his thinking was in picking her EXCEPT for her sex, which is more than a little patronizing. Pity, Cindy came across as better than expected in her Newsweek article which scored points. Gratuitous “any-old-woman as VP” choice drops those points and a few more.
skeptic,
While i generally agree that families should be off limits, we are talking about someone who promotes abstinence only yet cannot get the lesson across to her own daughter.
Skeptic -
If a candidate’s position (teaching teens abstinence only) is in direct conflict with the reality of his or her own life (having an unmarried, underage teenage pregnant daughter), then yes, the candidate’s family should be in play then.
I feel very bad for Palin and her family, and worse that this incredibly important election is getting dumbed down by the minute.
But come on – don’t tell me how my kid should behave if you can’t even control you own.
some interesting charts showing project home price declines.
The article is for Californian, but the premise applies to NJ as well. They suggest the ultimate bottom is 99-01 levels
http://globaleconomicanalysis.blogspot.com/2008/09/when-will-southern-california-home.html
Inquiring minds are wondering about California home prices. My friend “BC” pinged me recently with the following thoughts:
Were the Kuznets Cycle to confirm to past patterns, real median CA house prices will not again return to the ’04-’06 levels for another 15-20 yrs., if then given the longer-term demographic profile, normalized lending standards, and likely slower real GDP growth trend (2% vs. 3-3.5%).
Seen another way, nominal SoCal median house prices will not bottom until prices return to the ’99-’01 levels, implying another 20-30% avg. decline in prices hereafter; but even then nominal prices will likely not rise more than inflation for many years thereafter.
By the early to mid-’10s, CA mortgagees will have made no money in real terms on their real estate purchases for ~15-30 yrs. (worse when counting home-equity loans).
I have a list of stocks I track, 30-40, only one that is positive right now is Lockheed Martin. What’s going on?
still looking,
hope the family in NOLA made it through OK< fortunately Gustav dropped to 2 a 2 before hitting. :)
Please correct me if i am wrong, but isnt moving into cash a hedge against either deflation or currency collapse ( i.e holding a currency other then they collapsing one)
HSBC says super-rich clients moving into cash
Many of the world’s wealthiest people have moved their money out of stocks and bonds and into cash, the head of HSBC’s Swiss private banking unit said on Monday.
“The first half of 2008 has seen a notable change in client expectations and investment choices,” said Peter Braunwalder, chief executive of HSBC Private Bank (Suisse), the British-based bank’s main affiliate catering to the ultra-rich.
“Faced with inflation worries, volatile asset prices and sudden changes in exchange rates, a majority of investors have reduced their transaction volumes in equities, bonds, and structured products,” he told a news briefing in Geneva.
And Kettle – And if these people can’t make it work in their own home, why do they think it makes for good public policy?
I agree that, in general, the families should be off limits. But let’s not kid ourselves that if this had been Chelsea Clinton or the one of the Obama girls that Limbaugh, Drudge the NY Post and Fox News would not be on this 24/7.
I feel bad for the girl. And I don’t think very highly of her parents for putting her in the position where she’ll now be a public spectacle.
Grim – 159 in moderation
You’d be surprised by how many good parents out there were floored by the pregnant high schooler announcement.
I don’t know if it’s that. Politically she’s out of her element. Wanting Alaska to secede, thinking the founding fathers wrote the Pledge of Allegiance, leading public prayers for the completion of a pipeline…it’s a long list.
The biggest gainer on her nomination? The Spears family suddenly doesn’t look so nutty.
good news for edwards fans on this board. he is coming to new york to talk about morals in politics next week.
http://njrereport.com/index.php/2008/09/02/%e2%80%9cthis-is-happening-across-the-five-boroughs-across-the-us%e2%80%9d/#comment-213899
sorry bad link. here it is:
http://news.yahoo.com/s/ap/20080830/ap_on_el_pr/edwards_affair
#11/12
There are a lies lies and statistics. Here is my read of the numbers.
Capital gains on homes. There should be an exemption limit or the gain is linked to inflation. It should rise with the value of the house. If you make over 200K on the sale of a property, get ready to pony up. The current exemption after 2yrs on a primary residence is a fair start. The second home tax in the last housing bill, will hurt some, but overall it should be welcomed.
Dividends. Get rid of this. If anything it will show how fund managers performance is actually well under the index tracking funds.
Taxes
Both sides lie. Here they say O will raise taxes as he will not roll over W’s tax cuts. W should not have cut in the first place. The impact to the higher rates would be interesting to see.
Inheritance Tax.
Two words “Estate Planning” if you don’t do it then you heirs deserve to lose the farm. If the farm is in a trust, the trust passes and most of the value is exempt (all disclaimers).
New Taxes
GHWB “Read my lips” again both sides lie. Each tax proposed should live and die on its merits.
#40 – John
re: “If you are from the tristate area and make over 250K a year your choices are vote for the old man and the hockey mom and see your taxes stay the same or vote for the young man and old man and kiss 25K of your income goodbye for the next eight years. 25K times 8 is 200K.”
Inflation due to out of control borrowing and off budget spending is going to take allot more away from the 250k + crowd than higher taxes.
Either way we are all screwed – Choose higher taxes or inflation, what kind of choice is that?
What’s this? Anyone heare about this?
http://sify.com/news/fullstory.php?id=14750293
US Presidential Election 2008
Sarah Palin’s nude pic sends web into meltdown
Monday, 01 September , 2008, 14:56
London: A snap said to be showing White House hopeful Sarah Palin, 44, nude has raised a frenzy on the Internet, say reports.
The picture emerged hours after Sarah was named as Republican John McCain’s running-mate, and has been used by hundreds of websites and blogs.
What’s this? Anyone heare about this?
http://sify.com/news/fullstory.php?id=14750293
US Presidential Election 2008
Sarah Palin’s nude pic sends web into meltdown
Monday, 01 September , 2008, 14:56
London: A snap said to be showing White House hopeful Sarah Palin, 44, nude has raised a frenzy on the Internet, say reports.
The picture emerged hours after Sarah was named as Republican John Mc-Ca-in’s running-mate, and has been used by hundreds of websites and blogs.
“I have a list of stocks I track, 30-40, only one that is positive right now is Lockheed Martin. What’s going on?”
Hmmmm.
Banks are over leveraged.
Housing ATM is out of cash.
Credit crunch is reducing the ability of companies and hoemowners to borrow money.
Inflation is crazy high.
GDP growth is all from exports due to weak dollar.
Unemployment is climbing.
Alt-A and prime defaults haven’t hit yet.
Election is very undecided.
Energy costs are still very high.
Consumer discretionary spending is dropping.
Credit card defaults are increasing.
War wages on in Iraq and Afghanistan.
Federal deficits are through the roof and many states are nearing bankruptcy.
Wages are declining.
Automakers/Airlines/IBs/GSEs all want bailouts.
Fed lending rate is 3.25% below where it was a year ago.
DJIA is down >2,000 where it was a year ago.
FED Short-Term Lending window is open to everyone and their mother and for much longer than originally expected.
Gold is still around $800 and oil is at $108.
Enough?
I do not think it is appropriate to hold P’s daughter out as an example of why P’s political philosophy is flawed. First, the daughter may have different views from her mother. It is not fair to view the daughter simply as an extension of the mother. Second, the entire family may share the same point of view, only the daughter may have simply screwed up. Everyone makes mistakes, especially teenagers, and this does not imply a failure of parenting in my book. Kids from good homes screw up all the time. I think if you want to talk about what should be taught in schools, there are plenty of ways to do this without pouncing on a young girl who is going through something very difficult
Stu,
And your point would be?
:)
And Kettle – And if these people can’t make it work in their own home, why do they think it makes for good public policy?
I agree that, in general, the families should be off limits. But let’s not kid ourselves that if this had been ChelC C or the one of the O girls that Limbaugh, Drudge the NY Post and Fox News would not be on this 24/7.
I feel bad for the girl. And I don’t think very highly of her parents for putting her in the position where she’ll now be a public spectacle.
Shore – not sure I would trust anything which claims “News of the World” as it’s source.
Lioosh 144 They are going after the middle I agree. Yes people will vote in their own interest rather than country. O would be better for me on taxes & such don’t have Noms bucks or income. But I hate taxes, you get what you work for & some don’t have as much as others because of hard work or dumb luck. Not the govs job to equalize.
I will admit the deck seems stacked against the working man. But O is not going to change that so I try to vote for less taxes & less gov. I want less gov. not more
help, that is the answer. Used to be my
party stood for that. We really need a 3rd party. You think O is the answer I’m sorry I don’t.
169 gator,
I am confused…. arent we saying the same thing?
#165 – shore – It’s already on snopes, apparently the photos are fakes of Julie Louis-Dreyfuss.
Snopes towards the bottom.
#167 – Agreed skeptic.
Batter up!!!
Will $7 billion debt plunge Korean won into crisis?
A seemingly insignificant event — the maturing of $7 billion worth of foreign holdings of South Korean bonds this month — is threatening to plunge the north Asian country into a full-blown currency crisis. The amount itself is tiny, under 3 percent of South Korea’s $247 billion in currency reserves.
But the government debt is maturing at a crucial time. The won is already extremely weak, there is growing speculation that the Korean authorities have dropped their defence of the currency and simmering rumours that the government holds huge amounts of worthless U.S. agency debt.
Bi, this is why I get my news from abroad.
This one’s for you.
The joke that should have sunk McCain
http://www.guardian.co.uk/lifeandstyle/2008/sep/02/women.johnmccain
I find it interesting that it was the boy who did not use protection or pull out that caused the pregancy. Funny how the media makes it the girl’s fault. Plenty of times me and my friends had a close call when we were playing with fire, but dude come wrap that sucker up or send it somewhere else.
lookout below Says:
September 2nd, 2008 at 3:18 pm
Skeptic -
If a candidate’s position (teaching teens abstinence only) is in direct conflict with the reality of his or her own life (having an unmarried, underage teenage pregnant daughter), then yes, the candidate’s family should be in play then.
I feel very bad for Palin and her family, and worse that this incredibly important election is getting dumbed down by the minute.
But come on – don’t tell me how my kid should behave if you can’t even control you own.
“Frank, remember two weeks ago how you claimed places were selling in your neighborhood for 10% above asking? ”
I have never said 10% above asking, I said 10% above 2005 prices. Get your facts right.
Bi, this is the reason I get my news from abroad.
This ones for you.
The joke that should have sunk M
http://tinyurl.com/6mgjkb
Its unfortunate for the daughter, but when you actively support a fatally flawed religious based policy (abstinence only) then the failure of you and your family members to successfully follow it is relevant. What would have happened to the daughter if mom and dad aggressively taught and supported safe sex? Statistically ( yes lies damn lies and stats) she probably would not be pregnant
167- skep
- I think the point is the “holier than thou”, “family values” spiel coming forth from these very folks has kinda taken beating right now, isnt it?
I really do not care as to what you do in your personal life, but do not make this part of your political manifesto – if you do, be prepared to take the heat for it.
176- Frank -
MLS, please?
My Gator hit it on the nose. If my mom was asked to be VP knowing that I was 3 months away from birthing a child in my home economics class, well I would hope that she wouldn’t be willing to springboard my issue into the nation’s top story, possibly surpassing the impact of Gustav. SP’s selfishness in this case can not be ignored.
Just wait until you hear her speak. I swear she sounds like a cheerleader. Give me an A…
All I can say about the Palin baby is the father sure looks like a winner.
#181 Stu,
Don’t forget her hubby runs a fishng boat. Acording to the necons cronieism, that easily qualifies him to be Sec of the Nayy.
Someone ought to check the baby’s fathers birth certificate. He looks way older than a high schooler. In some ways I respect his decision though. By f’in Sara’s daughter, he also f’ed her mom. So I suppose Sara becomes a MIDF?
#177 frank: I have never said 10% above asking, I said 10% above 2005 prices. Get your facts right.
And yet you can offer no proof of this. You have a truly wonderful imagination.
Come on…Let’s be Frank here.
Where’s my blindfold and earplugs?
Frank lives in Bangalore.
People who say they are in favor of keeping families/children out of the campaign except in this example are not very convincing. You either have standards or don’t. Mr. O does, to his credit.
O makes me proud to be an American.
also, if you want to look for reasons why better people do not run for office, this is probably the biggest one out there.
184#, stu, you really need abstinence now.
pelin is a good pick in the sense that it clearly tells us who are extreme libs and who are moderate libs on this board.
#180,
http://www.realtor.com/realestate/matawan-nj-07747-1101825787/
It seems a 94,000 annual income in New Jersey for a family of 4 is insufficient to buy into this market. Real estate agents would look at us like we were trash when we said we wanted to stay within 3 time our annual income so we stopped looking. We will rent until we can retire and leave New Jersey. (We cannot move now.)
It seems a middle class life requires a $200,000 annual income in New Jersey i.e. living in a good school district and saving for retirement and education. I do not need a mansion Mc or otherwise.
where is the community organizer? its time to show his expertise
http://apnews.myway.com/article/20080902/D92UPD280.html
#193 frank: A listing on realtor.com is your proof?
Let me spell it out for you my child. Provide proof of a sales price of a house that sold in 2005, and then provide proof of a similar house that sold for 10% above that 2005 sales prices today.
stews:
“The Mccane campaign released voter registration documents Tuesday dating to 1990 in which Palin lists herself as a Republican. Campaign spokesman Brian Rogers said Palin has been a registered Republican since 1982, and has never been a member of the Alaskan Independence Party.”
http://www.newsmax.com/insidecover/cvn_palin_politics/2008/09/02/127041.html
#193
how far are you from retirement? why not move someplace where money goes farther?
is everyone aware that banks need only hold $16 in reserve for every $1000 (face value) they hold in conforming MBS? what a disaster
1880#, skep-tic, you have to be skeptic on whether o is playing game of white cop and black cop
“A listing on realtor.com is your proof?”
I bought a house down the block for 400K in 2005. I don’t have access to MLS to get the details.
bi– I actually think both O and M are decent people who just have very diff’t political philosophies. I think Mr. O is serious when he says families should be off limits. Unfortunately, supporters of both candidates, particularly on the extreme ends of the parties, are a bit less scrupulous.
“Manhattan shows first cracks”
Anyone with a lowball list for Manhattan?
We are unable to move because my husband couldn’t find another job and at this point we are tired of “waiting.”
say it aint so!!!
The Princeton Packet reports from New Jersey. “Mercer County’s more affluent communities, including Princeton and West Windsor, have experienced an increase in foreclosure notices during the past year, according to an analysis by The Packet. Both towns have seen a tripling of initial notifications of foreclosure proceedings, year over year. In Lawrence Township, such notices have nearly doubled.”
“While the actual numbers are still small compared to those recorded in Trenton, Hamilton and elsewhere, the trend suggests that Mercer County’s wealthier enclaves are not immune from the long term effects of the housing crisis and slowing economy.” “‘I’m not surprised,’ said U.S. Rep. Rush Holt, whose 12th Congressional District includes Princeton and West Windsor. ‘People just a few years ago who were well off are feeling nervous,’ in some of his district’s wealthy towns, Mr. Holt said.”
200K, ain’t doing it. When you are in a good school district it comes with kids parties, getting invited to kids parties, clothes, family parties, crazy school expenses, gifts for teachers, lawn service, home improvements, decent cars, meaning less than 10 years old etc. 200K puts you in a 1995 Taurus and mcdonalds on your aniversery if you are buying av averaged priced blue ribbon school district house with 10% down.
Renter Says:
September 2nd, 2008 at 4:21 pm
It seems a 94,000 annual income in New Jersey for a family of 4 is insufficient to buy into this market. Real estate agents would look at us like we were trash when we said we wanted to stay within 3 time our annual income so we stopped looking. We will rent until we can retire and leave New Jersey. (We cannot move now.)
It seems a middle class life requires a $200,000 annual income in New Jersey i.e. living in a good school district and saving for retirement and education. I do not need a mansion Mc or otherwise.
#204,
How many homes got foreclosed? 2?
The media loves negative stories.
#201 frank: But you said that houses are SELLING for 10% over 2005 asking prices, but all you have provided is a listing where the ASKING price appears to be 10% over 2005.
So you statement that houses are selling for 10% over 2005 SOLD prices is in a word incorrect.
That sounds like a good salary, until you realize 2008 grads with marketable degrees are staring at 55K, A 22 year old girl fresh out of school moves in with her college boyfriend also fresh out of school are starting at day one with a 110K annual salary and no kids to support.
Renter Says:
September 2nd, 2008 at 4:21 pm
It seems a 94,000 annual income in New Jersey for a family of 4 is insufficient to buy into this market. Real estate agents would look at us like we were trash when we said we wanted to stay within 3 time our annual income so we stopped looking. We will rent until we can retire and leave New Jersey. (We cannot move now.)
Vic,
I had posted yesterday regarding this holier than thou attitude, it was in mod till late
What I find to be true about the right wing whether they be politicians or friends, is their ability to change their mind ( a mind closed prior) when it pertains to them personally or a member of their family. They are only liberals with themselves. McCain changed his tune on stem cell research when he watched his close friend suffer terribly with Parkinsons. It falls in with their religious beliefs, they love to flaunt, they are not perfect, just forgiven. I get that all the time from one friend in particular when pointing out the inconsistincies in how they state others should live their lives and how they actually live theirs. To me the difference between a liberal and a conservative is a liberal has the ability to accept anothers flaws without actually having them, a conservative can only accept flaws that they actually have. Simplistic version
KL
#206 frank:But the media was the biggest cheerleader when prices were going up, and now that they are not, you wish to blame them.
So if I understand this correctly when the news is good, the media is doing it’s job, but when the news is bad, the media loves negative stories?
oops I reposted a post that was in mod last night – I am in mod again.
KL
random thought: does anyone know what the “TPS” stood for in the “TPS Report” of “Office Space” fame? One possibility is that is stood for “Trust Preferred Securities” (TPS).
TPS may be issued by a special purpose entity (SPE) of a bank holding company (BHC) to a subsidiary bank and used as up to 25% of such bank’s Tier 1 assets for calculating required capital ratios. The only asset of the SPE is generally a deeply subordinated note of the BHC that is senior only to the BHC equity. Amounts of TPS issued to the bank sub in excess of 25% may be counted as Tier 2 capital.
while this is somewhat frightening that a substantial portion of the so-called capital of banks may be in substance subordinated debt of deeply in the red BHCs, the more important point was that “Office Space” was really a covert and subversive examination of our banking regulatory scheme.
And they are ready to settle down at 22 by buying a house in burbs, pay 20%+ for down payment, and not buy the new shiny BMW.
John Says:
September 2nd, 2008 at 4:50 pm
That sounds like a good salary, until you realize 2008 grads with marketable degrees are staring at 55K, A 22 year old girl fresh out of school moves in with her college boyfriend also fresh out of school are starting at day one with a 110K annual salary and no kids to support.
Italics off.
Duh,
Is that why everyone one says M & O?? Those names throw you into moderation?
KL
#3b,
By reading this blog you would think you can buy a home for 50% off 2005 prices. Clearly it’s not the case. I can provide many examples where homes sold for more than 2005 prices.
Nope because they know housing is a money pit losing investment that only a fool buys. Case in point at lunch this summer when we were having a staff lunch my 20 year old intern said no one buys houses anymore all they ever do is lose money. Since she graduated HS that is all she has seen of real estate. Back in the 1991 to 1998 period kids out of school rented for many years as only idiots bought houses. They had seen many of their friends marry young in 1987 to 1990 and buy a house right away anchored to a starter, underwarter and no matter what they did they were still in a hole. The people who partied and rented and waited till 1995-1999 to buy a house ended up better off. A house is not an investment right now, you have to keep your powder dry until it is an investment.
SG Says:
September 2nd, 2008 at 4:54 pm
And they are ready to settle down at 22 by buying a house in burbs, pay 20%+ for down payment, and not buy the new shiny BMW.
I don’t see a large price decline in NJ. It even seems that certain areas like Princeton are untouched.
I certainly do not wish to buy a home for an investment. I simply wish I could have an anchor for myself and my kids…a neighborhood.
Federal deficits are through the roof and many states are nearing bankruptcy.
Last I read the FED needs us to pony up $130K per person (man, women & child) to correct the deficit. I have created an account for my myself, wife, children & grandchildren to cover this. But, Mccain would never be gutsy enough to require it, so vote Obama, and let’s correct the deficit. It’s the single most destabilizing problem in our economy. Once we get the deficit paid off, “O” can implement many new great society social programs, aka Camelot II.
rhymingrealtor Says:
September 2nd, 2008 at 4:52 pm
What I find to be true about the right wing whether they be politicians or friends, is their ability to change their mind ( a mind closed prior) when it pertains to them personally or a member of their family. They are only liberals with themselves.
KL
Karen: Sounds like most of the televangelists and mega-church preachers.
bi: I’ve mostly ignored you. However, you are way out of bounds and stagger around here like a drunk. Also, you should appreciate that I am center. Mostly likely center-left by emotion, but my economic training beats my emotions into some semblance of logic and responsibility. As a result it pulls me right to center. I think for the most part, the bulk of the things I say here are center-right, because at heart, this blog deals with markets and economics. The fact that you toss the provocative Olberman moniker at me (who I identify as the replacement in the Dan Patrick-Bob Ley civil war) implies to me that you are clueless and a jacka55 to boot. Thank you for opening my eyes to what everyone here has seemed to know for months.
Stu: Yeah if I was the hockey kid, it would seem to the best career move for him. He is probably set up for lifetime employment now. If not in Alaska, then by Michael Moore depending on how things break here….
One of the most balanced things I’ve read in the last 5 days.
WSJ
Palin’s Family Life Moves to Center Stage —
And With It, Debate
By STEPHANIE SIMON
September 2, 2008; Page A4
In her two years as governor of Alaska, and especially in the four months since her son was born with Down syndrome, Sarah Palin has been portrayed as the very model of a working mother: She answers her BlackBerry while pumping breast milk for her infant; keeps a playpen by her desk; and manages a state while cooking caribou hot dogs for her family.
But some people, looking at that tableau, wonder whether it is possible to perform that juggling act on the highest wire of all, a heartbeat away from the presidency.
Those questions came into higher relief on Monday as Gov. Palin, just days after she was introduced as the Republican vice-presidential pick, disclosed that her 17-year-old daughter, Bristol, is about five months pregnant. She said Bristol plans to keep the baby and marry the father.
The announcement set off a new wave of chatter — and heightened both the doubts of doubters, and the admiration of admirers.
It was liberals who found themselves questioning whether Gov. Palin can adequately care for her growing family while running for the vice presidency or, if it came to that, running the country. And it was conservatives who found themselves championing the feminist view that women can do it all — and denouncing skeptics as sexist.
Barbara Licthman, a retired social worker in Sarasota, Fla., said her liberal friends keep questioning whether it is appropriate or wise for the mother of a special-needs infant to take on such a demanding job. Ms. Licthman, 69, has similar concerns — and wonders why the family-values conservatives aren’t chiming in.
“This is where I see the hypocrisy, “Ms. Licthman said. “When you’re campaigning for vice president, you’re on 24/7. Who’s watching the baby? And what kind of nurturing is going on in that 17-year-old’s life if she’s pregnant?” Her voice rose in frustration. “But you can’t talk about it, because it’s politically incorrect,” she said.
Ina Roy-Faderman, 44, a hospital ethicist in San Francisco, says she, too, has been criticized for raising questions about Ms. Palin’s choices. “That’s the first thing people jump on,” she said. “‘What’s wrong with you? Aren’t you a feminist?’” Ms. Roy-Faderman chose to work part-time when her son was born two years ago, and she says she would never question a mother’s right to work. But it is a matter of balance, she said, “and when you have five children, one with special needs, the balance cannot be in favor of a high-stress, overtime job.”
But Michelle Lamar, who writes about work-family balance from Kansas City, Kan., says that women must be free to find their own balance: It is a struggle for every woman she knows — but still, she isn’t willing to question Ms. Palin’s ability to serve both family and country. “That’s what kept women barefoot and pregnant for so long,” said Ms. Lamar, 45, an undecided voter.
As for Gov. Palin’s pregnant daughter, Ms. Lamar — the mother of two girls — says it’s best not to judge. “It’s there but for the grace of God,” she said.
That is the tack that many conservatives have taken in continuing to hail Gov. Palin as a role model and a champion of their values. To them, the news of Bristol’s pregnancy was one more welcome confirmation that Gov. Palin doesn’t simply talk pro-life values; she lives them. Gov. Palin chose to carry her son Trig, born in April, after finding out he has Down syndrome.
“This is the evangelical daily double,” said David Brody, a commentator with the Christian Broadcasting Network. “It’s actually a plus because it puts the life issue front and center.”
Jessica Echard, a young Republican from Virginia, said the news made Gov. Palin, “more real” — and, thus, more appealing. The governor had previously come off as a sort of Superwoman, but “this shows her life isn’t perfect,” said Ms. Echard, 27.
Similar reaction came from high-profile leaders on the religious right, including radio psychologist James Dobson, founder of the Focus on the Family ministry. Mr. Dobson routinely advises mothers to stay home full-time with their young children. But he has enthusiastically welcomed Gov. Palin’s candidacy and hailed her response to her daughter’s pregnancy. “The media are already trying to spin this as evidence Gov. Palin is a ‘hypocrite,’ but all it really means is that she and her family are human,” Mr. Dobson said.
Bristol Palin’s pregnancy could raise some public-policy debates as well as kitchen-table conversations.
Gov. Palin has said she doesn’t oppose contraceptive use but believes schools should teach only abstinence and not give explicit information about birth control. The Bush administration has heavily promoted this approach, but at least 14 states have rejected it as ineffective.
Sen. Barack Obama, the Democratic presidential nominee, didn’t mention sex education in his acceptance speech but did declare that the nation must do more to cut down the number of unwanted pregnancies.
At a Labor Day barbecue in Michigan, Sen. Obama said Bristol Palin’s pregnancy shouldn’t be used as a political issue. He urged the media and the public to drop the subject. “I hope that anybody who is supporting me,” Sen. Obama said, “understands that is off limits.”
grim I assume unmod
225 Frank -
“I can provide many examples where homes sold for more than 2005 prices.”
Please feel free to broaden our horizons.
Anyone else would wait this long to get their daughter married if she was pregnant?
#225 frank:I can provide many examples where homes sold for more than 2005 prices.
Than why haven’t you? If you do, I will be the first to apologize.
But as it stands all you have provided is a listing with an asking price higher than what you paid for your house in 2005. Stop being dense.
Hey Chifi,
I wouldn’t worry if anyone calls you Olberman, or Olberman-like. I know there are many people who do not like him and his views. I have no opinion on that, inasmuch as I do not see his show or other broadcasts very often. Nevertheless, I have appeared on his show a couple of times and I have always been treated well. I for one would rather be disliked for my views instead of because of my behavior. Olberman’s behavior, and that of his staff, at least to me, has always been first rate.
Thanks to danzud and pattimak re: Springfield bus commute options.
For the first time in two years, when I inquired about a new property for sale, my Realtor responded with “…its overpriced for this market.” Wow.
victorian Says:
Please feel free to broaden our horizons.
I provided my evidence, how about provide examples of systematic collapse of house prices in NJ as indicated on this blog.
How about you show me a condo in Hoboken for 2004 prices, I am ready and willing to buy it today?
These were posted yesterday. looks like a few sold recently for maybe 10% or more than their 2005 values, if you sort of calculate what they were worth in 05 based on the two sale prices.
2504949
57 Hoffmans Crossing Rd
Lebanon Twp
SLD $520,000 3/1/2002
OLP $829,000 6/24/2007
SLD $767,000 8/6/2008
DOM 277
2475137
210 Old Turnpike Rd
Lebanon Twp
SLD $575,000 3/25/2004
OLP $675,000 1/14/2008
SLD $650,000 8/5/2008
DOM 173
2520174
8 Hoffman Rd
Clinton Twp
SLD $209,000 8/29/2003
OLP$298,500 5/21/2008
SLD $290,500 7/30/2008
DOM 43
2504611
51 Haytown Rd
Clinton Twp
SLD $218,000 2/19/1985
OLP $849,000 4/3/2008
SLD $800,000 7/23/2008
DOM 1
2493621
1 Summer Lane
Tewksbury Twp
SLD $600,000 1/23/2004
OLP $799,900 2/28/2008
SLD $772,000 6/20/2008
DOM 75
2497458
29 Country Oaks Drive
Clinton Twp
SLD $860,000 5/10/2004
OLP $1,269,000 3/12/2008
SLD $999,999 6/19/2008
DOM 45
2484033
12 Apple Lane
Tewksbury Twp
SLD $862,500 10/22/2004
OLP $1,099,000 2/1/2008
SLD $999,000 6/13/2008
DOM 84
2498254
601 Lindabury
Tewksbury Twp
SLD $599,000 3/17/2005
OLP $675,000 3/13/2008
SLD $675,000 6/3/2008
DOM 8
2494420
40 Red Mill Rd
Lebanon Twp
SLD $277,500 5/15/1997
OLP $479,000 3/3/2008
SLD $510,000 5/2/2008
Sold above asking price
DOM 15
2443440
108 Petticoat Lane
Clinton Twp
SLD $282,000 3/2/2000
OLP $679,000 9/11/2007
SLD $630,000 4/18/2008
DOM 155
19 Twin Oaks Lane
Clinton Twp
SLD $435,000 1/5/2003
OLP $575,000 7/31/2007
SLD $525,000 4/15/2008
DOM 218
2474975
11 Country Woods Drive
Lebanon Twp
SLD $505,400 2/11/2002
OLP $709,945 4/8/2008
SLD $655,000 4/8/2008
DOM 48
2473531
3 Hollow Brook Rd
Tewksbury Twp
SLD $305,000 4/24/2002
OLP $369,000 1/9/2008
SLD $370,000 3/14/2008
Sold above asking price
DOM 18
2365392
157 Raritan River Rd
Lebanon Twp
SLD $149,900 12/18/1992
OLP $379,900 1/17/2007
SLD $391,000 9/14/2007
Sold above asking price
DOM 31
2388347
127 Raritan River Rd
Lebanon Twp
SLD $115,000 10/28/1992
OLP $575,000 3/21/2007
SLD $580,000 7/16/2007
Sold above asking price
Now BOM at $599,000
DOM 48
calling all my blogger friends..
I need you help. A buddy of mine in South Dakota called the poacher tips line to call in an illegal mountain lion poacher…. and the damn local news paper, Rapid City Journal, IDs the anon callers name & residence.. WTF?
so, if you could send some emails out in protest I would appreciate it.
here is the article:
“Piedmont man charged with illegal lion kill”
http://www.rapidcityjournal.com/articles/2008/09/02/news/top/doc48bdd7df88d64598209097.txt
here are the email address to cut & paste into your header:
kevin.woster@rapidcityjournal.com,
brad.slater@rapidcityjournal.com,
mikel.lefort@rapidcityjournal.com,
troy.kilpatrick@rapidcityjournal.com,
kim.fowler@rapidcityjournal.com,
mark.gibbens@rapidcityjournal.com,
vickie.jorgenson@rapidcityjournal.com
thanks blokes! I’m a little hot under the collar right now about this situation.
SAS
[95] Gator,
Now that was really too much info. Course, now I absolutely have to check you out (Stu, you can check out Mrs. Nom).
Closing day and still no house.
Closing got bumped by a day because the bank funding the mortgage tried to pull a fast one and moved its YSP into the HUD-1 as an origination fee. They also increased some other fees since their GFE, so Mrs. Nom and I had our mouthpiece open up on them. Last word was that the bank and broker left with tails between legs and will correct the docs.
Told my mouthpiece to tell the broker that I would send him a bottle of Tums—an inside joke between the broker and me, signaling how much agita I was about to give him if he didn’t play nice.
So we are supposed to close tomorrow; stay tuned.
On the plus side, sellers did all the work we asked and them some. They even left a box of italian bakery cookies (fellow paisans), a nice note, and a gift for the little deplume.
1 more email address
melody.reich@lee.net
[238]
Personally, I would be highly insulted if someone compared me to Olbermann. It’s bad enough that I look like him.
At least I’m prettier than O’Reilly.
Good laugh from 2007.
“Lehman Brothers put out a note Wednesday saying that the effect of subprime worries on the rest of the mortgage-backed-securities sector is overblown. Others are taking a similar view.”
http://www.marketwatch.com/news/story/fund-managers-prospects-mortgage-backed-securities/story.aspx?guid={7B54B829-F4CC-4757-90D4-FD278C0B1F16}
[184] bi,
if gator is as hot as her posts suggest, I am not wishing abstinence on Stu. That would be cruel and unusual punishment.
BTW, Stu, these posts are a compliment. Enjoy them.
PGC (124)-
King Kev doesn’t deserve this mess. The owner’s broke, the Dubai investors are lurking, Shearer is lurking and all the middle managers Ashley’s brought in got a few good players, but no great players.
Keegan didn’t come back to finish mid-table. He nearly took a team consisting of Shearer and a bunch of nobodies and won the BPL in ’96, and as a player and coach, he has been about winning, trying to win, preparing to win and just plain winning. He threw down the gauntlet to everyone in Newcastle over the Summer when he flat out proclaimed they weren’t a top-4 side. He was absolutely right.
The sad thing is, the day will come when the Geordies won’t pack the park to watch the rubbish football being foisted upon them. They are cursed in that they are a side good enough not to be relegated but not good enough to win the BPL. The fans will turn away, especially if Ashley keeps running it into the ground or sells on the cheap to the Dubai group.
John (139)-
This is the kind of material we want to see from you.
bi (154)-
“this is a typical after-convention bounce.”
The only “bounce” evident around these parts is the fact that at a formative age, you seem to have bounced your head against something very, very hard.
Stu (155)-
Me? I’d like to know if she ever “squirmed” in a biker bar at some point in her past. I’d lay good odds this has happened. Everything else in her Lohan/Spears/Disney/trasho blanco/trailer park CV screams go-go dancer at age 25.
BTW, I still really like her.
“It will be fun watching her squirm going forward…”
skep (157)-
Bullshit. It’s entertainment, and all is fair. And just like game shows and reality shows, these candidates actually lap up this morbid, gawking attention. I have no doubt that Bristol thinks she is some kind of rock star.
Somebody please post some quality Palin swimsuit photos!
lookout (160)-
“I feel very bad for Palin and her family, and worse that this incredibly important election is getting dumbed down by the minute.”
An election is- in and of itself- a dumbing down process. At the zenith of stupidity, you pull the lever.
RE: 11
I think post 11 is bogus
http://www.factcheck.org/askfactcheck/would_obama_tax_my_profits_if_i.html
Nom – Does that mean that my collegiate antics have not gotten me thrown off the ticket?
Good luck with the closing tomorrow!
vodka (182)-
It will be something like a failed rollover of a relatively small issue, in a place like S Korea, that will start the gears of doom in motion.
bi (200)-
Screw you. I’m an anarchist.
Renter (227)-
Why the hell are you even looking in Princeton?
Renter (228)-
If you think a neighborhood is an anchor for anything, you have a lot to learn. Most neighborhoods in NJ are a stage upon which people who don’t really know each other spend vast sums of borrowed money in order to impress those same people that they don’t know very well.
How about you and your family being its own anchor?
Mike Morgan, today on Lennar:
“My clients know how I feel about Lennar. If any builder is going to surprise us, it will be Lennar. Stuart Miller is so well connected and so smooth, that he can truly sell ice to Eskimos, and retain an option on any water that melts off. He did it again. Today, Mike Corkery, of the Wall Street Journal, reported on Lennar’s latest win. If you do read Corkery’s article, remember . . . he does not report ALL the details, but just the ones that he selects. And even then, he has a way of putting together words and sentences, leaving out the real meat.
This time Lennar suckered in none other than Ross Perot via his Hillwood Development Company. No one can put homebuilder and land deals together like Stuart Miller and Lennar. No one. Once again, Lennar has managed to put together a deal that reduced their exposure and provides them with a back end.
So when my clients ask me why we are not shorting Lennar, this is a perfect example. Nothing surprises me with Lennar, other than the absolute stupidity of the folks that rope into these ridiculous land deals. Three cheers for Lennar. As for Ross Perot??? He’s just another sucker Lennar managed to dump on. He’s in good company with Morgan Stanley and CALPERs.”
This just gets better and better…
‘a high school hockey player for Wasilla High School, is not listed on the team roster for 2008-2009, and his mother wouldn’t say if he graduated. She said simply he’s no longer a student and any further information would have to come from him.’
#240 frank: Where is the evidence? How moronic are you?
So much for the Dubai money looking to buy Newcastle. They just took down Man City…and signed Robinho as the cherry on top:
http://soccernet.espn.go.com/news/story?id=568789&sec=england&cc=5901
[254] Gator,
Far from it. I think such antics build character. Fortunately, all records of my antics have been sealed.
BTW, howze the west coast tour going? I was just updating my snapfish room and came across pics from my trip to SF. My favorite wine/vineyard was Cliff Lede (yum). If you were still there, I’d have you ship me a case. I still have a bottle of Cliff Lede cab that I hope will last until after a certain event tentatively scheduled for late April.
Thx for the well wishes. Still hope to host the Brigadoon Fall GTG.
Nom – Unfortunately we have returned to civilization as of Sunday AM. Remind us before the next trip. Have a great night!
Euro down below 144 against dollar. Consumer spending down, GDP down also. Europe toast, welcome to the party boys.
Having a tuff time finding any green arrows in the foreign markets. Korea, Japan that’s about it.
By the way first! I do my reading very early. Will post some stuff on NY real estate when Grim starts the day.
I lived in a great walkable neighborhood in Cleveland Heights, OH with side walks etc. Princeton is the closest to that. I understand now that a 3 bedroom 1950′s ranch cost half a million dollars and that is beyond our means. I accept that.
We had a great neighborhood in Ohio with friends etc. I haven’t experienced that sense of community since we moved here. Why so cynical clotpoli?