From the Press of Atlantic City:
Ocean County doubles rate of foreclosure
Cars line the curb and Halloween decorations still hang in the front yards of the houses on Reel Avenue, a short street in the Ocean Acres section of the township.
Two houses are set apart from the others by their emptiness, by the uncollected leaves covering their lawns and by an open, overstuffed mailbox. The two homes, which sit across from each other, are in foreclosure.
“It’s really a sad situation, but a lot of times it gives other people the opportunity to purchase a home,” said Jean Ball, a real estate agent with Remax who is listing the home at 148 Reel Ave.
Sad, but not unique. New Jersey’s rate of foreclosures jumped 75 percent this October compared with last year, according to the Research firm RealtyTrac. According to the California-based real estate Web site, New Jersey had the eighth-highest foreclosure rate in the nation.
In Ocean County, foreclosures this year have more than doubled since 2006. On average, about 30 people per day are losing their homes, said Beatrice M. Nitche, chief clerk to Ocean County Clerk Carl Block.
“In the past, in a month, we used to get four, five or six foreclosures a day. Now we’re getting about 30 a day and 700 a month,” Nitche said. “People are just really extending themselves.”
“People are just really extending themselves.”
Shouldn’t that read…” People HAVE just really OVER extendED themselves”
True. People have over extended themselves with mortgage debt, credit card debt, student loans, car leases, and so on.
Hobroken,
This is incorrect. Linear growth implies a 2nd derivative that equals zero. Moreover, this assumes that the function is polynomial. Is a polynomial a good model for the economy?
I was a little loose with the mathematical description. However, if the 2nd derivative is 0 then the rate of growth is the same each year. A constant growth rate generates exponential growth. for non exponential growth you need an “average” of a YOY decreasing growth rate, 5.0, 4.9, 4.8,….
polynomials and polynomial approximations are used from the literature i have read. however they are only optimal under certain conditions. My understanding is that orthogonal polynomials can be more effective at solving various time series then standard polynomials.
Note, i am not a quant so i am in no way authoritative or this matter.
looking for some info on first time home buyer mortgage rate incentives…heard about some proposals, wondering if there was any more info out there!
Hobroken
a 2nd derivative of 0 implies a steady state system (not static) the rate of change is constant, regardless of if that rate is positive or negative.
A first derivative implies a static system.
of course this interpretation is based on a polynomial model and would have to be adjusted for any other description such as an exponential (n^x)
From the NY Times:
Downturn Drags More Consumers Into Bankruptcy
The economy’s deep troubles are pushing a growing number of already struggling consumers into bankruptcy, often with far more debt than those who filed in previous downturns.
Plummeting home values, dwindling incomes and the near disappearance of credit have proved a potent mixture. While all the usual reasons that distressed borrowers seek bankruptcy — job loss, medical bills, divorce — play significant roles, new economic forces are changing the calculus of who can ride out the tough times and who cannot.
The number of personal bankruptcy filings jumped nearly 8 percent in October from September, after marching steadily upward for the last two years, said Mike Bickford, president of Automated Access to Court Electronic Records, a bankruptcy data and management company.
Filings totaled 108,595, surpassing 100,000 for the first time since a law that made it more difficult — and often twice as expensive — to file for bankruptcy took effect in 2005. That translated to an average of 4,936 bankruptcies filed each business day last month, up nearly 34 percent from October 2007.
From CNBC:
Unemployment Rate Will Peak at 7.5%: NABE
The U.S. economy is in recession and will contract at a faster pace in the fourth quarter, extending the decline into early 2009 as high unemployment crimps consumer spending, a survey showed.
The National Association of Business Economists’ poll of 50 professional forecasters released Monday found that real gross domestic product was expected to fall 2.6 percent in the fourth quarter and slump 1.3 percent in the first three months of 2009.
Preliminary government estimates showed GDP contracted 0.3 percent in the third quarter. The results of the survey, which was conducted between Oct. 28 and Nov. 7 indicated growing pessimism among forecasters.
“Business economists became decidedly more negative on the economic outlook for the next several quarters as a result of the intensification of credit market stresses and evidence of
spillover to the real economy,” said NABE President Chris Varvares.
From CNBC:
Citigroup to Cut As Many As 50,000 Jobs in Overhaul
Citigroup CEO Vikram Pandit plans to make a dramatic statement Monday morning about major cut backs in the struggling firm’s workforce aimed at calming market fears that the troubled financial services giant isn’t taking the steps necessary to address its many ills, which include a bloated cost structured that has sent shares of its stock reeling, people close to the company said.
These people say the number of job cuts announced at the meeting may rise as high as 50,000 in order to bring the company’s work force to approximately 300,000 worldwide. These people say these cuts will occur a relatively short period of time, such as over the next five or six months.
“The object here is for people to take notice,” said one person close to the company. “The exact number is still a moving target but it will be dramatic.”
From MarketWatch:
Lowe’s cuts forecast as profit drops
Lowe’s Cos. on Monday cuts its annual earnings forecast for the year after reporting a 24% drop in fiscal third-quarter profit, hurt by consumers paring back on discretionary and big-ticket spending in the face of an uncertain economic outlook.
CyclePro
Fundamental and Technical Market Analysis
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CyclePro U.S. Stock Market Outlook
http://www.geocities.com/WallStreet/Exchange/9807/Charts/SP500/Outlook.htm
“There are times when being wrong about something can be a good thing. My CyclePro Outlook for the $700B bailout costing much more than the Fed said it would cost was unfortunately spot on and not a good thing at all. Although I tried to be conservative by suggesting the final cost may end up being 5x more than $700B – about $4T – my logical discussion comparing prior government bailouts/interventions showed that 16x was a possibility. Already, the US Fed is on the hook for $5T and we have got so much further to go before we can say this mission is over”
Gold diggers: There is an interesting section where gold could go to 10K/oz.
Does my haughtiness offend you?
Don’t you take it awful hard
‘Cause I laugh like I’ve got gold mines
Diggin’ in my own backyard.
-Maya Angelou
“Citigroup to Cut As Many As 50,000 Jobs in Overhaul”
[8],
Approx a year ago, I stated that Citi would have a minimum g 50-60K cuts before the dust settles. Pret called me delusional. Where is that guy? By the way, he may be right, it seems like I was too conserative.
People complain about neighboring abandoned houses in disrepair. I know if a house near me was in that condition I would be mowing the lawn and collecting the leaves myself.
“Gold diggers: There is an interesting section where gold could go to 10K/oz.”
Stu [10],
I’m only looking for $2,500-$3,000, 2012-2013.
BC,
Will Vic be a part of the 50k?
From the AP:
Japan slides into recession, 1st time since 2001
Japan’s economy slid into a recession for the first time since 2001, the government said Monday, as companies sharply cut back on spending in the third quarter amid the unfolding global financial crisis.
Government officials and economists warned that the world’s second-largest economy could contract further in coming months.
Japan’s economy shrank at an annual pace of 0.4 percent in the July-September period after a declining an annualized 3.7 percent in the second quarter. That means Japan, along with the 15-nation euro-zone, is now technically in a recession, defined as two straight quarters of contraction.
Looks like the number may be closer to 60k.
From MarketWatch:
Citi sees headcount down 20% in near term from peak levels
Citi was for loser employees anyhow. Back in 03.04,05, and 06 they gave junky bonuses comapared to the still good IBs. Good place for people who rode the little bus and were enrolled in TESL classes to work. Their last good day was March 10, 2000 and it has been all downhill ever since.
“Tax hike might dip by 6 percent in Cherry Hill.”
So instead of raising property taxes 22 percent, they’ll give you back 6 percent of your money and only raise taxes 17 percent. Of course that’s assuming aid from the state (which they know will be cut; they have deficit problems too) remains intact. Is this reporting or a press release?
http://www.courierpostonline.com/article/20081117/NEWS01/811170343
grim (15)-
Vic is employed for life at C.
He’s told them if he gets canned, he takes his black box with him.
Nope, no Ridgewood houses for under $300,000 yet…but you can get one for under 400k
2840547
“Will Vic be a part of the 50k?”
JB,
Don’t know if he’ll be one of that group. However, the music has been turned off in his office. His days are numbered.
From MarketWatch:
U.S. Nov. empire state index falls to record low -24.6
From MarketWatch:
Retailer Target’s third-quarter profit falls nearly 24%
GENERAL MTRS ACCEP CPSMARTNBE 7.00000% 06/15/2022 CALL
Price (Ask) 19.900
Yield to Worst (Ask) 36.657%
100K bond for 20K, matures in 22 which is in 14 years, if they make it that is 98,000 in interest plus 100K face on bond for a total of 198K, if they go under you are out 20k. I wish I knew what the senate was doing today.
Wow!
Target down 24%
Abercrombie down 47%
These are astonishing numbers.
The consumer is dead!
Who will work the slurpee machine if Vic loses his job?
BC Bob Says:
November 17th, 2008 at 8:38 am
“Will Vic be a part of the 50k?”
JB,
Don’t know if he’ll be one of that group. However, the music has been turned off in his office. His days are numbered.
i alway see hope in the midst of pessimism. today could be a turning point of stock markets. i see huge rebound this week until Thanksgiving. all disclaimers apply.
From Bloomberg:
New York Manufacturing Index Fell to Record Low in November
Manufacturing in New York contracted in November at the fastest pace on record as orders and sales plunged.
The Federal Reserve Bank of New York’s general economic index fell to minus 25.4, the lowest since records began in 2001, from minus 24.6 percent in October, the bank said today. Readings below zero for the Empire State index signal manufacturing activity is shrinking.
Factories are trimming production as banks restrict lending, worsening the economic slump that may be the longest in decades. A slide in overseas demand is also slowing American exports, which were helping manufacturers cushion the slide in U.S. sales.
“Prospects for manufacturers are getting worse,” Ellen Zentner, a senior U.S. economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report. “Companies that were counting on export orders will not be able to do that in coming months.”
Economists forecast the Empire State index would fall to minus 26, according to the median of 46 estimates in a Bloomberg News survey. Projections ranged from minus 35 to minus 20.
#28 bi:today could be a turning point of stock markets. i see huge rebound this week until Thanksgiving. all disclaimers apply.
Why???
we are a country of overfed people with houses where too much stuff has become such a problem that they produce TV reality shows about it and entire industries to solve.
Am I the only one taking some pleasure in watching the days of the weekend hauls at the public traufts (malls)come to a screeching halt?
It is always darkest before the dawn. I agree with Bi for once. Once there is so much bad news priced in and people have become numb to new bad news that means all we need is one piece of good news to get a rally going. GM bail out and another 50bps please.
bi:today could be a turning point of stock markets. i see huge rebound this week until Thanksgiving. all disclaimers apply.
thanks bi.
“Citigroup to Cut As Many As 50,000 Jobs in Overhaul”
This is only half of their new hires since 2005. They need to cut 150,000 to get the stock price up to $12.
#32 John:that means all we need is one piece of good news to get a rally going.
Well every time we get the one peice of ggod news, the market does rally. than the bad news continues to come out, and the rally fizzles.
You were foaming at the mouth at one potnt screaming for the Fed to cut, and they cut, and the market rallied for a short time.
But the news continues to worsen, and the market resumes its decline.
Ref 31: Not taking pleasure in it but welcoming it as an opportunity to return to sanity.
I honestly think that Bi’s market calls are based on nothing more than “what goes up must come down,” and vice versa.
Fundamentals are completely ignored.
“Manhattan Inventory Passes 9,000.”
It’s an L shaped curve.
http://www.urbandigs.com/2008/11/manhattan_inventory_passes_900.html
37#, stu, fundamentals have been overly reflected in the current share price. most of recent declines are caused by fear. it was same for $150 oil in the summer.
I own all stocks in my 401k and all bonds in my taxable accounts. We are in the midst of a really good corp and muni bond rally since mid october and full year we are having a great treasury rally. Rate cuts are great. The average 50 year old should be 50% stocks 50% bonds so at least it helps half their portfolio. It is a done deal we are getting another 50bps and the days of ING paying 4.25% on one year cds will be gone be early December.
3b Says:
November 17th, 2008 at 9:09 am
#32 John:that means all we need is one piece of good news to get a rally going.
Well every time we get the one peice of ggod news, the market does rally. than the bad news continues to come out, and the rally fizzles.
You were foaming at the mouth at one potnt screaming for the Fed to cut, and they cut, and the market rallied for a short time.
But the news continues to worsen, and the market resumes its decline.
BBC reporting the Citi cut is 75k jobs.
http://news.bbc.co.uk/2/hi/business/7733575.stm
Barb (31):
Went to the Livingston mall on Sunday morning to pick up an electric leaf blower from Sears. At noon, I was able to park in the first spot nearest to one of the mall entrances. The mall was EMPTY!
Although, I too take pleasure in the “I told you so” mentality. I worry that our savings, which are barely adequate enough to get us through next year, are probably 50 times larger than that of most of our peers. What the hell are they gonna do? The gubmint already threw 5 trillion into the shredder. Who is going to pay for future destitute? The top 1 percent does not even want to pay a 3% increase in their wage earnings, even though this is typically a tiny portion of their overall income as they make almost all of their dough from return on investments (not to mention their tax shelter schemes). Bi, Frank and John can all wish for a big swing upwards in the short term. All I see is the continued fulfilling of hedge fund redemption requests right up until the middle of December. After that, it will be horrible Xmas retail reports as unemployment continues its uphill climb. Until I see something else positive besides sub $2.00 gas at the pumps, I’m firmly entrenched in the ‘we have a long way to go’ camp.
#40 John:Rate cuts are great.
It appears to me rate cuts have been ineffective to say the least.
It was never a question of rates being too high, or too low, or even just right for that matter.
The fed cuts again, and than what?
More bottom calling?
Saw a guy driving to work today in an Caddilac Escalade with a flat tire and a broken windshield and it looked like it hadn’t been washed in months. When I see his truck stripped of all parts with an Orange Tag on the door handle on the shoulder of the Cross Bronx Expressway I will know it is bottom.
#42 Stu: Agreed. It is amazing to me, that after all that has happend, and the amount of time it took us to get to this point, that there are so many out there, that just expect it all to be cleaned up over night.
I saw soemthing over the weekend where the CEO of JC Penny said the government has to get the consumer back in the game!! What an amazingly stupid statement IMO.
Bi,
“37#, stu, fundamentals have been overly reflected in the current share price. ”
100% completely disagree. Earnings have already fallen off a cliff and every damn company (except for Walmart) including the Costco’s have significantly lowered the future earnings projections. I know the market is typically six to nine months ahead of reality, but my reality predicts that 9-15 months from now the economy is gonna be near depression levels. People are already raiding their 401Ks for survival and do not realize that their home values are still going to drop 20% or more from here.
John, be careful of those bonds. There is a very good chance that lots of the municipalities and corporate entities that are promising these great yields might not be solvent enough to pay ’em. Communities and businesses across the country are going to ask the feds for help and the feds won’t have the ability to help them. When you see recently terminated local government workers protesting with picket signs in the mall in DC, then I might be optimistic. Until then, things are going to get significantly worse.
“The fed cuts again, and than what?”
3b,
Another sucker rally to sell. Too many equal/greater, opposite forces to overcome.
Stu, 3b
That has also been my concern.
That 700 billion should have been put aside for aide programs to keep people fed and sheltered.
I am all for competition but at some point you have tot ake care of your own citizens. Large numbers of destitute are i no ones interest.
I may not be in john or Bi’s tax bracket , but would rather pay more tax then “let the people eat cake’
unfortunately the tax question is not so simple since all this bailout garbage is tied into it. Cut the bank bailout packages, the Big 3 bailout and use that to retrain people and rebuild american industry.
Nom,
Got the email about december. your dates are off….., (see e-mail reply)
Actually ING lowered rates this weekend, six is 3.00%, nine is 3.25% and one year is 4.00%. Goodbye 4.25% cds.
“BBC reporting the Citi cut is 75k jobs.”
Luckily none of these is in Manhattan.
Every suckers rally will be beat down like wack-a-mole as all of the hedge funds must take the opportunity to fulfill redemption requests. The wealthy are scared and rightfully so. Oil is at 50 a barrel because it was so damned hedged. It still probably is and the demand destruction ain’t helping its price.
In Montclair, the Luna Stage, Presby Iris gardens and now Paws (our no-kill animal shelter) are going under as benefactors have stopped giving. All three groups are looking to the local government for support from our local government and for the most part, haven’t received any. The wealthy in Montclair are pretty well to do. I’m talking the Strahan’s, the Colbert’s, the Yogi’s etc. When they stop giving to the arts and social causes, there is definitely panic among them. What scares me is that the Dow is approaching the 7,000s again and this time there is no panic in the air. When the panic kicks up again and if there is a ‘black’ market day, we could easily breach 6,500 on the DJIA and there is literally nothing that our broke government can do to stop it now that they have wasted all of their ammo.
Kettle, the little people don’t want want to be part of the bail out. Last week was talking to a family who was low on cash but still have some funds, it was all sitting in a one percent savings account, tried to get them to move to at least a one year on line cd, and some high rated muni funds. Too risky they said. I then told them inflation is 3% and you are in 1% taxable, you are going to lose it all anyhow eventually. They refused to move their funds. People are complaining that banks and insurance companies are getting bailed out, yet refuse to buy their 20% bonds, heck I could not get this lady last week to buy a 4.25% CD which is over 400% higher than her 1% savings account. They are thowing money out the window. Main Street is frozen in fear with investing their money yet the outback lot is jammed with families in SUVs every saturday night, they say one thing and do another.
RE 52, don’t worry Yips on Beaver street will always give cats a good home in some chicken dish.
Alexis better watch herself, she gonna get her hiney spanked……She’s on FOX Business this morning asking “why should she spend money at the mall in November, when she can give a Gift Certificate redeemable in January when prices are 50% – 75% off”
All signs are pointing to a retailer’s bloodbath this season.
John,
Looks like all of those people packing the Outback Steakhouse must be only drinking water…
http://www.osirestaurantpartners.com/PDFs/form8-ksupplementalinfo.pdf
From DealBreaker:
Layoffs Watch ’08: UBS
The Swiss bank is said to be showing about thirty percent of IB the door, with cuts beginning last Friday.
John,
The little people won’t buy those CDs since they don’t trust the big people. The little people are getting their wages frozen as they watch a gallon of milk double. Meanwhile, the big people knowingly collected record bonuses the last three years straight off of the broken backs of these little people. The IBs couldn’t have made all of that phony baloney money without the subprime borrowers putting their livelihood on the line for them. And what is Paulson and crew doing? Providing bonus money to the companies who pissed all over their compatriots. If you were in the position of the little guy, would you want to risk what little you have left to get 4% in a Citibank or ING CD? Its really like asking a slave to invest their masters plantation (if they were actually paid).
Yay…another S&L.
Lincoln National applies to become savings and loan holding company (LNC) 14.70 -0.55 : Co announces that it has applied with the Office of Thrift Supervision to become a savings and loan holding company concurrent with reaching an agreement to acquire Newton County Loan & Savings, FSB, a federally regulated savings bank. Subject to customary terms and conditions, the acquisition of Newton County Loan & Savings, FSB, is expected to close following receipt of approval from the Office of Thrift Supervision. The company also filed an application with the U.S. Treasury to participate in the TARP Capital Purchase Program.
In other news: Target has decided to stop its share repurchase program. That doesn’t sound too bearish.
Is there anyone here who can shoot me listings of GSMLS?
from 41 -(DL)
“Certainly [the job cuts] will fall particularly heavily on London and New York,” Citigroup chairman Win Bischoff said at a business forum in Dubai.
Saw a friend that works at EY over the weekend. Over drinks he told me they are doing hush hush cuts on the magnitude of about 20% to their budgets. He’s having to decide if he wants to keep the lights on or let some people go.
20% looks like the magic number for cuts for some of these big firms.
#18
John, you hit the nail on the head. My last day at Citi was that exact week in March, 2000. After a crap raise and bonus in 2000 I spotted the writing on the wall and hoofed it the hell out of there. It has been down hill ever since. I can’t even begin to imagine the last 8 years of misery my former Solomon colleagues have endured at Citi.
Scary stuff, Can some Eco majors justify this article’s hypothesis? I am at lack of knowledge.
Worse Than the Great Depression?
KPMG is cleaning house and Bearing Point got delisted today, consulting is dead man walking.
Even worse for big banks the few people I know who are above water on the mortgage and in good shape have told me they are considering just thowing their bonus money towards their mortgage rather than risking it in the market. Just what banks need the people withe good credit paying off early their mortgages while the people with bad credit don’t even pay principal. If that keeps up that will be one ugly loan portfolio.
58#, stu, strickly on CD v.s. money market fund. i don’t see any risker by moving to 4% CDs from money market fund. both are FDIC insured.
why should she spend money at the mall in November, when she can give a Gift Certificate redeemable in January when prices are 50% – 75% off
I wouldn’t want to take the risk of owning a gift card after the holidays. I already told my wife that if she gets any gift cards, she should spend them immediately.
Renting [68],
I told my wife to nix the gift cards, give cash. She asked me if good faith/promise was any safer than a gift card?
Bi,
Problem with CDs is that your money is locked in for the time period chosen. Personally, I would rather have my money available for the next shorting opportunity coming off of the next bear market rally and lose the extra 2%. If I was planning on leaving my cash on the sidelines until the market bottoms, then I would consider a 6-month to 1-year CD.
You and I both know there is little difference between the two investment options. The blue collar worker thinks that 9-11 was a conspiracy, or at least the plane that hit the Pentagon was. He/she also does not understand the concept of FDIC insurance, which may be an advantage. Personally, I don’t trust the FDIC insurance. The reserves are too damn small. Eventually, we can’t keep making money out of thin air without hyperinflation rearing its ugly head.
More than 279,500 U.S. homes received at least one foreclosure-related notice in October, an increase of 5 percent over September, according to RealtyTrac Inc. One in every 452 housing units received a foreclosure filing, such as a default notice, auction sale notice or bank repossession.
More than 84,000 properties were repossessed in October, RealtyTrac said.
For many homeowners loan modification is a great option. If they have any income this is a start to modify loan and get mortgage payments affordable.
There are many reason homeowners cannot afford to pay their monthly payments. Interest adjustment, lower income or not income at all.
Whatever your case is, contact us and we help you to find solution.
Buy Broker Dealer CDs you can sell them everyday, lock in a one year CD at 4% and when rates fall you can sell for a profit, also FDIC insurance.
People complain about neighboring abandoned houses in disrepair. I know if a house near me was in that condition I would be mowing the lawn and collecting the leaves myself.
It is ok when it is one or two homes that are in dissrepair but the overwhelming number of forclosures taps out your ability to be compassionate.
Neighbor house was forclosed on and the tenants evicted. They had used a black magic marker to write epitephs all over the walls, appliances, and generally crap all over the house.
End unit is now listed for 205,000 when the townhome next to us was listed at 375,000$ in 2005. My best guess is that the end unit will sell for 180,000$.
UBS said last week Raoul Weil, head of wealth management and a board member, would step aside after US authorities charged him with conspiring to help rich Americans avoid paying taxes.
http://www.ft.com/cms/s/0/fcc6adbe-b4a0-11dd-b780-0000779fd18c.html?nclick_check=1
When are they gonna nail vice-chairman Forclosure Phil Gramm?
[531]BCBob, previous thread
“Anybody over 31 will be attending the GTG at the geriatrics ward.”
F@c& you! They serve single malt in our geriatric GTG, not soy milk!
I wouldn’t want to take the risk of owning a gift card after the holidays. I already told my wife that if she gets any gift cards, she should spend them immediately.
I was listening to a NPR piece and the question was asked about what happens to your gift card when a company goes bankrupt. The answer was fairly simple, “what do you think a judge will do first? Pay a creditor that has a multiyear history with the company or a creditor that has a 3 month history with a company? The obvious choice that has been proven out in the courts is that gift card holders (creditors) are given zero.”
Her advice was not to buy gift cards. My wife and I just sat there stunned when we heard that.
From MarketWatch:
Putnam Investments: 35 staff positions eliminated
Putnam Investments: 12 portfolio managers to leave
Putnam Investments to restructure equity investment unit
SAN FRANCISCO (MarketWatch) — The Securities and Exchange Commission has charged Dallas Mavericks owner Mark Cuban with insider trading, The Wall Street Journal reported Monday on its Web site. The charges relate to trading in shares of Mamma.com, according to the Journal
NOM [75],
LOL.
Nom,
I’m pretty sure BC Bob was including himself in the senior GTG.
Anyone want to buy my Hermans Gift card that I still have?
Even worse on gift cards is that when the company declares chap 11 and does not completely go out of business, the store is still open but the gift card is worthless.
Syb [80],
You got that right. Maybe we can teach some of the 28-31 bracket how to drink properly?
75 – Hey, hey what’s wrong with soy milk?
Stu and I are both firmly in the grown-up contingent.
Since I fall within that bracket, I take that as a challenge…
For angry creditors, the Devils are in the details
by Maura McDermott/The Star-Ledger
Sunday November 16, 2008, 4:19 PM
More than a year after the Prudential Center opened in downtown Newark, the Devils and their landlord aren’t the only ones haggling over unpaid bills.
City officials say they’re still waiting for the hockey team to pay for sewer installation and small businesses displaced by the arena, along with contractors and sub-contractors who say they are also awaiting checks for services rendered.
Councilman Augusto Amador said the city should take action if the Devils refuse to pay an outstanding utility bill. The Devils owe the city $41,625 for installation of sewer lines, according to the Newark Housing Authority, which owns the arena.
“If they continue not to pay, I’m sure we’ll consider … shutting off the water, just like any normal business entity in the city,” said Amador, a commissioner for the authority. “Enough is enough.”
http://www.nj.com/news/index.ssf/2008/11/for_angry_creditors_the_devils.html
Let the record show that I will NOT drink soy milk. Stuff reminds me too much of Kaopectate without the teal color.
This seems unbelieveable to me, perhaps a false flag?
http://news.yahoo.com/s/ap/20081117/ap_on_re_af/ml_piracy;_ylt=AvHvmUKHcreDx1u_i32n_wEUewgF
syb,
hows the new job?
[80] Syb,
I was being funny. Besides, BC knows that my serious FU is really directed at his alma mater.
[86] Stu
right on. Real Men drink whole milk from cows!
Lactose-free? We don’t need no stinkin’ lactose-free!!!
Sean,
doubt it…
think gulf of tonkin or operation northwoods
[81] John
Trade ya for my Hilltop Steak House GC.
[77] Grim
Good. I hate Putnam and its parent company.
NOM [89],
We stuck it to the Seminoles, in Tallahasse, on Sat night.
BC 94 – And all of Gainesville sends you a big thank you! I’m hoping the Gators trip to Joke Campbell stadium is uneventful. The big date is Bama on 12/6.
“SAN FRANCISCO (MarketWatch) — The Securities and Exchange Commission has charged Dallas Mavericks owner Mark Cuban with insider trading”
John,
I wasn’t aware that Mark Cuban worked at Goldman?
“The big date is Bama on 12/6.”
Gator,
Then on to the Big 12 winner, for all the marbles.
Yarr..
Hat tip to CR
In bad economy, boat owners abandon their vessels
From Southern California to Maine, the foundering economy, high fuel prices and poor fishing have driven boat owners to abandon perhaps thousands of vessels on the waterfront, where they are beginning to break up and sink, leaking oil and other pollutants.
Boats have long been a barometer of consumer confidence, disposable income and the overall state of the economy. Now, marina and harbor officials are reporting a sudden increase in the past year in the number of deserted pleasure boats and working vessels.
[94] BC
Another proud day in Boston College history.
bi (28)-
You should have a disclaimer tattooed to your forehead.
“i alway see hope in the midst of pessimism. today could be a turning point of stock markets. i see huge rebound this week until Thanksgiving. all disclaimers apply.”
John (32)-
Great. Now you go all Dickens on us:
“GM bail out and another 50bps please.”
When can we expect the bodily secretions and BSD anecdotes to begin again? It’s as though you’ve become one of the castrati in the Vienna Boys’ Choir.
Hey bi- should I take the Lions on Thanksgiving Day?
JB,
Have you heard anything regarding the results of the BB auction?
http://www.maxspann.com/?gclid=CObilpne_JYCFQpxHgod2TvLXw
DL (41)-
Cut through the fat, right into the bone.
C is so predictable. I gave ’em till April. I think that may have been too generous. They might barf it up in Jan or Feb.
grim
what does maritime law say about taking over abandoned ships? The SS Grim? The SS NJREREPORT…..
BC (47)-
I’m getting damn impatient waiting for the pump phase of the next pump-and-dump cycle to begin.
And gambling on sports is not nearly as interesting as shooting against our favorite dead men walking…
BC (69)-
One rule for my loved ones this Xmas:
I’ll only be accepting ducats and Krugs.
From the Star Ledger:
N.Y.C. officials look at bringing back a commuter tax
A tax on New York City commuters may be getting another life.
Mayor Michael Bloomberg’s budget director told a City Council finance hearing today that he and the mayor are eager to lobby again for the tax in Albany, particularly in tough economic times for both the state and city.
Republican state lawmakers recently said they oppose any attempt to revive the tax, but a newly Democratic-controlled state Senate might mean the proposal gets another chance in January.
Commuters who live outside New York City had the tax on their city earnings for 33 years. It generated as much as $360 million a year for the city before it was eliminated in 1999.
97 BC – Trying not to look too far ahead :) Next week is pretty safe (Citadel), but I am sure Free Shoes University would love to play spoiler this year.
Congrats again on the win for BC. I always root for anyone who plays against FSU.
Pizza Orders Come into Domino’s Via Television
TiVo Inc. and restaurant chain Domino’s Pizza, Inc. have teamed up to give broadband connected TiVo subscribers the ability to order pizza for delivery or pick-up, and track delivery timing on TV.
What I really want to know is how the Somali pirates expect to fence a supertanker.
NJ October WARN Notices
Not sure if this was posted already but it does not hurt to repeat it:
GE HEALTHCARE SOMERSET 11/30/2008 40
DELUXE MANUFACTURING THOROFARE 11/07/2008 250
HONEYWELL INT. BLACKWOOD 01/05/2009 12
HONEYWELL SCANNING W. DEPTFORD 01/05/2009 4
BUILDERS FIRST SOURCE STATEWIDE 12/15/2008 120
GENESIS LOGISTICS BURLINGTON 01/00/1900 106
LINENS’ AND THINGS SWEDESBORO 12/15/2008 127
LINENS’ AND THINGS CLIFTON 12/15/2008 519
FOOTSTAR MAHWAH 12/31/2008 206
SURVIVOR TECHNOLOGIES HILLSIDE 10/27/2008 287
BARCLAYS CAPITAL STATEWIDE 12/26/2008 710
BARCLAYS CAPITAL WHIPPANY 12/26/2008 100
As a protest to the commuter tax, angry NJ commuters should blockade the exits of the Holland and Lincoln Tunnels into Jersey during the morning rush and the exits into the city during the evening rush.
The oil? Not a problem.
Or are they going to keep it, perhaps to facilitate in-float fueling?
“What I really want to know is how the Somali pirates expect to fence a supertanker.”
I’m simply wondering how they expect to obtain a ransom when oil drops to $40/barrel. The tanker owner might just say F it.
John Says:
November 17th, 2008 at 9:51 am
RE 52, don’t worry Yips on Beaver street will always give cats a good home in some chicken dish.
JJ: My first experience with Yips was in the early 1980’s when my brother had a summer job on Battery Place and the mailroom guys ordered in the stuff……MEOW!
Old style Wall Street mail room….I was maybe 15 years old and I practically peed my pants…..
grim,
oil tankers….
offer to sell it back to them for slightly less then what it would cost for insurance to pay out a claim?
or you could just go all “water world” and turn it into a a floating somali pirate city
108 Grim – we’ll have to see what happens with that. The old tax was only .45% of wages. Last time Bloomberg talked about resurrecting it, he was asking for 2.7% – a six fold increase.
I still think it will be tough for the city to get it – even from a Democratic Senate. It doesn’t benefit anyone except the city (which won’t play well Upstate or for the suburban commuters who will have to pay it). Only way I could see the suburban legistators getting behind it is if the state cuts aid to the city if it’s enacted and then sends those dollars to the burbs.
chi 116
My (now dead) aunt lived in Clark. As per my uncle one day she picked up the newspaper and read that her favorite chinese food joint was shut down by board of health when they found dead cat carcasses skinned and hanging in the fridge.
He told us she became physically sick and started vomiting in the sink….
yuck.
I don’t order any food I can’t readily identify.
And… beware …most places that are serving you “veal” many time is PORK. the other white meat.
A long time ago some 20/20 or 60 Minutes did an expose on it. Tested meats [in lab, genetically] and proved that nearly 80% of the places selling “veal” were selling pork.
not to worry….”it all tastes like chicken.”
sl
Soon to come tax wars and then trade wars, perhaps we can get some of those unused speed boats in the marinas around here, and with a few rusty bazzokas you could hijack some saudi tankers as they enter lower NY’s port, and then hold em in Bayonne for ransom.
“SAN FRANCISCO (MarketWatch) — The Securities and Exchange Commission has charged Dallas Mavericks owner Mark Cuban with insider trading”
it took Cox and the SEC 4 yrs to handle this simple case. POTHETIC.
Why does thi sman still have a job.
BC,
I remember last year when Wachovia hired GS to look at their books and advise them what to do with their decaying loan portfolio. I said it them after GS sees the slim eon their books WB is deadman walking.
Note to COX,
Check out everyone who shorted WB since then and you’ll find a ton of criminals.
Maybe Mark Cuban should have used his insider information and sold the Mavericks right after they lost the NBA finals a few years back. That would have been legal.
And… beware …most places that are serving you “veal” many time is PORK. the other white meat.
That’s nonsense. Source?
““What I really want to know is how the Somali pirates expect to fence a supertanker.”
I’m simply wondering how they expect to obtain a ransom when oil drops to $40/barrel. The tanker owner might just say F it.”
Somali Pirates seize oil tanks. US Pirates purchase futures contracts. I’m sure that those pirates could find someone in Africa who’s willing to purchase all those barrels.
Sean,
Piracy sounds like a good “Plan B” for some of those front office IBers.
Saudis? Heck no, go for the Circle Line instead!
i just laughed really, really hard at this.
i fully expect 7500 on the dow by thursday.
These guys are joining the terminator. Hank check your e-mail.
Illinois’ backlog of unpaid bills has hit a record $4 billion, and Comptroller Dan Hynes said Thursday the situation is “potentially catastrophic” if allowed to continue.
In a letter to Gov. Rod Blagojevich and state legislative leaders, Hynes said the backlog will hit $5 billion in March, and it will take his office 20 weeks to pay bills once they hit his office. Often, state agencies hold on to bills for days or weeks before handing them over to the comptroller for payment.
Already, Hynes said, his office has had to expedite payments to two vendors who threatened to cut off services to the state unless they were paid. One provides food service to a state prison, and the other supplies gasoline to state police cars.
bi, please dont let this happen to you.
frank, you should read it to.
http://www.foxnews.com/story/0,2933,453125,00.html
Well put, Stu. I couldn’t help but laugh when i saw that the GS CEO is giving up his 2008 bonus. His 2007 bonus was 70 MILLION DOLLARS.
he could give up a bonus for the next five years and it still would be laughable.
what a joke
http://www.jewishsf.com/content/2-0-/module/displaystory/story_id/13128/edition_id/254/format/html/displaystory.html
Tipped off by a former kitchen worker at the popular Bella Mia restaurant in downtown San Jose, local newspaper reporters conducted their own undercover operation, sending samples of veal dishes to a lab for analysis.
The verdict: pork.
“It’s obviously a terrible shame,” said Rabbi David Teitelbaum, executive director of the Board of Rabbis of Northern California and former spiritual leader of Temple Beth Jacob in Redwood City. “We would call it a shanda and a harpa. For those who have been fooled, it’s very sad.”
Nevertheless, “if Jews have eaten pork unknowingly, they are excused,” he said, chuckling. “There are different categories of sin, and this certainly falls in the ‘unwitting’ category.”
Co-owner Bill Carlson, 52, said he “had no idea that my chef was substituting pork for veal.” He bought the restaurant with his wife, Julie, in 1985 and hired Gary Kjolhaug as a chef 10 years ago.
“I’m sort of an absentee owner,” he said. “I put my executive chef in charge. Gary is a very good-hearted person, but a bit misguided in his drive to please the customers.”
Reporters from Bay Area television, radio stations and newspapers descended upon the restaurant after the San Jose Mercury News broke the story Feb. 23. That afternoon, TV news cameras were lined up outside Conservative Congregation Beth David in nearby Saratoga as reporters sought the reactions of rabbis.
this is only one. I am looking for the other reports/tests that were done… it was on the a news program maybe 3-4 yrs ago or so. I will post it when I find it.
sl
#128 yikes: What can you say, that woman as an idiot, plain and simple.
yet more…
http://www.houstonpress.com/2004-01-22/news/the-cow-says-oink/
I dropped my editor off at the Houston Press office and headed home, where I placed the mailing bag in my freezer alongside all the other sealed and coded envelopes. I had been collecting veal samples from Houston restaurants for almost a year. Finally, it was time for the verdict.
I put the envelopes in a box and sent the package to the University of Texas at Austin’s Biochemistry Center. There, department chairman Dr. Barrie Kitto supervised tests to determine the species of the meats.
A few days later he delivered the preliminary results: Two out of ten veal samples tested positive for pork.
sl
yikes,
“bi, please dont let this happen to you.
frank, you should read it to.”
it’s amazing that they managed to keep the game going for so long. There are some real dumb people out there with a lot of money. I swear, I should change my career path from chemistry to organized crime.
Thanks Yikes.
I’m not that far removed from my blue collar days and could be returning before you know it. I should start posting some of the moronic drivel I hear regularly from the break room when I buy a soda from the vending machine.
# BC Bob Says:
November 17th, 2008 at 11:03 am
Renting [68],
I told my wife to nix the gift cards, give cash. She asked me if good faith/promise was any safer than a gift card?
this makes me feel good that i just used a gift card at macy’s to grab two nice cashmere sweaters. the gift card was from our wedding like 18 months ago
“Well put, Stu. I couldn’t help but laugh when i saw that the GS CEO is giving up his 2008 bonus. His 2007 bonus was 70 MILLION DOLLARS.
he could give up a bonus for the next five years and it still would be laughable.
what a joke”
I remember reading some Bear Stearns execs were giving up their 2007 Christmas Bonuses. How noble.
[121]
He obviously didn’t have any insider info when he traded for Jason kidd.
I’m more disgusted by the complete abuse of the TARP. I’m waiting for Circuit City to install an ATM and then claim some TARP dollars.
SL,
I was in court to fight a traffic ticket about a year ago in new brunswick. While waiting to go see the prosecutor i was looking at a pamphlet of recent court rulings that was laying out. One of them was the city V some restaurant. The verdict was that “non-food” animals shall not be used in the preparation of food for public sale…..
it was some Chinese restaurant, or it looked like it by the defendants name….
not a joke
Clearly, you didnt see the end of SD/Pitt yesterday. The BS call by the refs on the lateral resulted in something insane like a $32 million swing. I was on the plus side … a friend wasn’t as lucky.
Stu,
So if i install an atm in my drive way the treasury will give me a few billion? i even have some old sneakers as collateral
According to Yahoo Finance, daily briefing:
“Reuters reports that a Democratic leadership aide said the U.S. Senate is unlikely to pass a broad economic stimulus this year.”
Still expect a market rally up to Thanksgiving Bi and John?
Stu (139) –
I just hope that he doesnt get hand on the rest of the $700B. Knowing Paulson, he will try his utmost to manufacture another crisis so that his friends can make some more millions.
yikes (141)-
I rarely venture near the NFL. I prefer sports in which the balls are round.
OT: Here’s the latest NJ State Police Initiative (Radio Station 101.5 FM confirmed this info).
Starting today, New Jersey will launch a 30-day speeding ticket frenzy.
The state estimates that 9 million dollars will be generated in speeding tickets.
One million dollars will go to pay state troopers over-time.
There will be 50 state troopers on duty at all times patrolling the 9 main intersections and highways as follows:
I-295 North and South,
I-95 Jersey Turnpike North and South
I-80 East and West
I-287 North and South
I-78 East and West
I-195 East and West
I-280 East and West
Route 130 – North and South
Garden State Parkway – North and South
5 MPH above the limit can justify a ticket and every state trooper is supposed to pull a car over and write a ticket every 10 to 20 minutes.
Gator would gladly make the sacrifice of giving up her Christmas Bonus. Last year it was an umbrella. I wonder what cutbacks will do to it this year.
Toughest thing of all last year, was to explain to an idealistic, young new hire that the umbrella really was his Christmas bonus. I felt like I was telling him that Santa wasn’t actually real.
I don’t want a broad stimulus package, that is bad for everyone. Giving checks in the hood so they can buy nikes and plazmas doesn’t help. I want rate cuts and GM/Ford Bailed out and some type of tax rebates to incourage people to buy american.
From MarketWatch:
Freddie Mac projects slower recovery for housing
Freddie Mac said Monday it had raised its projections for mortgage rates and lowered its forecast for a rebound in home building and sales. The mortgage finance giant that’s now owned by the U.S. government said it sees rates on 30-year fixed-rate mortgages holding at 6.2% for the next five quarters. In its October outlook, it had forecast rates would hold at 5.9% for four quarters and then rise to 6% at the end of next year. It anticipates total home sales will keep falling until stabilizing in the second quarter of next year, with declines worse than previous projections. Housing starts will also slide until they pick up to an 850,000 annual rate in the third quarter of 2009. That’s also less than previously forecast. U.S. mortgage growth will cool to 0.5% in the third quarter and then contract by 1% in the fourth quarter, it forecast.
BTW paulson has done a good job so far. LIBOR and TED is down and SOV, NCC, CIT, AIG, Fannie and Freddie are still functioning.
Kettle,
So far, so good. Still getting used to their acronyms and business processes. Sometimes it’s like learing a new language, but luckily the main themes and regulatory aspects are the same.
Hopefully we remain somewhat insulated from the downturn, although I can’t see how any business can escape without some effect.
I haven’t seen a holiday bonus since the year we threw a big dot com launch bash … and the market collapsed.
Speeding ticket frenzy my butt.
http://www.snopes.com/politics/traffic/speeding.asp
153 Stu – NJ 101.5 is the radio equivalent of Faux News.
Yep, that speeding ticket frenzy hoax has been making the rounds for years now. Funniest of all is the fact that my friends will forward it and then claim to notice more troopers on the road, to prove its accuracy.
[140]
Kettle,
Many years ago, 2 separate chinese restaurants in Mass. were busted for serving (1) pidgeon, and (2) cats.
[154] Stu,
Whether in a coordinated ‘frenzy’ or not, enforcement is going up in order to help balance the budgets. Some areas in NJ are recently famous for it.
Look for local enforcement rather than state police. In fact, if you see local cops on an interstate, they are there for one reason and one reason only.
BTW, 5 miles over is bogus. NJ is so target-rich, especially now that gas prices are back down, that 5 miles over won’t get you noticed. My father is a retired cop and he said that police never paid attention to 5 miles over the limit, unless it was in a low-speed area.
Nom 156 – Yes, Enforcement is going up so much that Glen Ridge cops are now stopping people in Verona:
http://www.baristanet.com/2008/11/glen_ridge_cop_bloomfield_teac.php#comments
[114] stu,
Thought about a similar tactic: get a couple of dump trucks full of gravel (or manure). They block the road early some morning (say, 6 am) and dump their load, then leave. Takes hours to clear away the mess.
I proposed this to keep cars from the ‘hood from cutting through a neighborhood back in Mass. No one took up on it though
[157] gator,
There are some towns in Morris County that were always known for enforcement, and according to some reports, they are routinely patroling the interstates in thier towns.
This is legit, BTW. Lots of people dispute it but they are wrong.
John,
I respectively disagree.
“BTW paulson has done a good job so far. LIBOR and TED is down and SOV, NCC, CIT, AIG, Fannie and Freddie are still functioning.”
On September 16, 2008 US taxpayers paid $85B (as a loan!) for 80% of the common stock. On 9/8/08 AIG stock closed at $22.46, on 9/15/08 it was $4.76, on 9/16/08 after the bailout was announced the stock dropped to as low as $1.25 intra-day and closed at $3.75. Friday it closed at $2.08.
So exactly how much did US taxpayers pay for our AIG stock? As of friday, there were just under 2.7B shares outstanding, 80% of that is 2.15B shares. $85B/2.15B = $39.53 per share. As of friday’s close, US txpayers have lost 95% of their initial investment in AIG. For as bad as that is, that’s not all. Upping the bailout total to $149B means our effective cost per share is now $69.30, yet the market price is only $2.08.
Hat tip to CyclePro.
If keeping bankrupt companies alive that would have no chance in a million years to support themselves by taxing my children and their grandchildren equals success… then Paulson is doing a splendid job. Then again, Pavlov’s dogs could probably be trained to provide that same level of expertise.
Nom,
Agreed. I’ve passed troopers in 65 MPH areas of 287 routinely at 75 +/- 5 mph many many times without consequence. 80+ is where you’ll get nailed on 287. I must note that this is during rush hour. I have a suspicion that if you are a lone wolf 80mph might get you pulled over.
As for the 5 mph limit; I don’t go more than 5 miles over on Madison Ave/Main st from Morristown to Rt 24. They (Madison,Chatham cops) will pull you over for anything more than that. And if your skin is too dark, you can count on multiple squad cars.
From Marketwatch:
Nomura laying off ex-Lehman employees: report
J.P. Morgan plans thousands of job cuts: report
Since, most people don’t pay taxes most people don’t have a beef. If AIG went under with all its CDS holdings it would have bankrupted tons of banks. If you make under 100K you most likely use more services than you pay for so none of your money went to AIG>
Stu Says:
November 17th, 2008 at 2:05 pm
John,
I respectively disagree.
Nom, Syb.,
Have had one speeding ticket in 21 years of driving, when I was 17 and stupid, although I never drive the limit unless I’m just plain tired and shouldn’t be driving in the first place.
These are the rules I follow:
Never drive more than 14mph over the limit on freeways, 9mph on county roads, and 4mph on local streets.
Never ever be the fastest person on the road, regardless of the exceptions listed above.
Never drive in the left lane except to pass.
Anything over 14mph can result in a reckless driving ticket. This is an extra 2-4 points and a certain insurance surcharge. 0-14 over is a max of 2 points and they police usually don’t think it is worth their time in court.
ket, 140.
non.food.animals. blech.
I’m just grateful it’s non food animals
think of all the other possible food items they could be putting in there… and BTW, that eggroll filling? well, my it’s awful crunchy today…. I sure hope those are peanuts in there….all ground up.
then again, my kid eats hot dogs…
sl
[164]
Words to live by, Stu. Especially no. 2.
and here is a funny aside from all my days driving to/from DC. No one in Maryland speeds in the left lane. It took me months to figure out why. It’s because the MD state troopers (famous for busting speeders) always run speed traps from the median.
So I did all my speeding in the right lane.
From the NY Times:
Losing Is Tough; Selling May Be Tougher
An exiting army of Republican foot soldiers is faced with the prospect of selling its Washington-area homes in the worst housing bust since the Great Depression.
Many Republican-appointed officials in Washington are nested in northern Virginia, which has traditionally attracted more Republicans than suburban Maryland. And for those who arrived near the height of the housing bubble, particularly those who came after George W. Bush was re-elected in 2004, what a time to buy in northern Virginia it was.
Like Miami and Las Vegas, northern Virginia was frantically built up during the housing bubble. Prices of single-family homes and condos skyrocketed. When I first lived in the area a couple of years ago, I remember hearing the curious term “Fairfaxed.” It referred to Fairfax County, Va., an overbuilt Washington suburb. Despite Fairfax’s perpetual gridlock, builders continued to plant residential high-rises around the county and beyond in anticipation that housing prices would climb ever higher. Residents in nearby Loudoun County lamented that their greatest fears were being realized: They were, after at least a decade of warnings, finally being “Fairfaxed.”
Fast-forward to today. Also like Miami and Las Vegas, northern Virginia’s housing market has cratered. The average housing price in the greater northern Virginia area in September declined 32.11 percent from the previous year, according to the Northern Virginia Association of Realtors.
And this is the market that many Republican officials, turning over the executive branch to an Obama administration, will have to sell in.
I can’t remember the last time I had chinese-food take out. I just can’t stomach it. These posts today simply act to reinforce that feeling, and the melamine contamination stories don’t help either.
think of all the other possible food items they could be putting in there… and BTW, that eggroll filling? well, my it’s awful crunchy today…. I sure hope those are peanuts in there….all ground up.
Contrary to opinion, melamine and lead are not bad for you.
Mmm, melamine!
This message brought to you by the Chinese food importers association.
Anyone else get a kick out of the high-fructose corn syrup ads coming out of the corn refiners association?
John,
“Since, most people don’t pay taxes most people don’t have a beef.”
Let’s just say that I use less services than I pay for. The reason most people don’t have a beef is because they don’t have a clue as to what AIG does. See the average Joe makes way under 100K per year and doesn’t really need a bank. To them, a bank is a place to direct deposit ones paycheck and spend it for the next two weeks. Without the bank, they can lose 2% at the local check cashing storefront to cash their check. CDOs and MBSes mean nothing to them. AIG could fall and they could care less. If the banks failed, they would simply go to the check cashing place. Many of them don’t own a home so they don’t need to the bank for a mortgage nor do they have a car loan on their 8-year old Ford Focus. So as to it not costing them anything, you are damn right. It absolutely shouldn’t!
The greed and ignorance of the top 2% of the wealth holders in this country is astonishing. The only silver lining that will come from the current debacle is that supply side economics will finally be buried. See when the markets crash and consumption dries up, then the wealthy suffer much more than the poor saps. They’ve been making all of their money off of these check to checkers. How are they going to make money now that no one is buying the true cr*p that their firms and factories are producing. The poor guy has such a little distance to fall. He can ride the bus once again. What will the rich guy do? Jump out of a window I hope!
167 Grim – Karma is a b*tch.
former FDA inspector on NPR this morning…
he was speaking about the melamine tainte dmilk powder and how it might have beenshipped to the US. Apparently chinese milk powder is used heavily in processed foods.
he said its impossible to tell if a given food is contaminated as the majority of these foods are made here in the US and the manufacturers dont have to label where the ingredients come from. If the buy from a whole sale vendor, then the manufacturer might not even know the country of origin of raw materials.
Can we ban chinese food imports yet, or require 100% inspection?
The chinese said something along the lines of “it wouldnt be a problem if the American press didnt report on it”
Kettle,
Good luck with that one. I’m sure you know this already, but the traceability on chinese imported raw-materials is absolutely awful. The burden to prevent impurity or contamination related issues lies with the end-user or end-manufacturer, driving up the cost.
I think we’d be shocked if we actually dug deep into the raw materials supply chain for all of the products we use/consume, or if we performed analytical testing on everything we eat or drink.
John –
RE: 40% of Americans do not pay taxes.
“The actual figure of “taxable units” who don’t pay the standard income tax — a taxable unit being a couple filing jointly or a person filing — is somewhere around 38 percent. Even that number is grossly exaggerated, because it excludes what people pay through the payroll tax.
That tax, in total, amounts to 15.3 percent of earned income up to a gross income ceiling that this year is $102,000. Above the ceiling amount, a taxpayer pays only 2.9 percent. (Employers technically contribute half the 15.3 percent, but economists classify the entire amount as a tax burden on the worker because it is a tax on their labor. If you’re self-employed, you have to pay that entire 15.3 percent yourself.)
Because of that income ceiling, high-income workers end up paying the tax only on a relatively small part of their income, while poor and many middle-income households pay it on everything they earn, so the payroll tax is to some degree a surtax on the poor and middle-class worker.”
http://www.ajc.com/blogs/content/shared-blogs/ajc/bookman/entries/2008/10/07/the_half_of_americans_pay_no_i.html
Thanks Victorian.
I didn’t need a report to tell me that is the case. I simply look at the tax returns of our elected officials and see that they pay an average income tax rate usually between 10 and 20% on their millions of yearly income. Meanwhile, us suckers pay 20-30% and a much larger share of our medical, legal and other expenses since we don’t have the privilege of being able to afford the write-offs and tax shelters that are obtainable through expert (but too costly) financial advice.
New post!
“He obviously didn’t have any insider info when he traded for Jason kidd.”
Maybe he was hoping for a bear market rally with that trade.
Re: Cat in Chinese Food–like beefed-up speeding enforcement, it’s an urban legend: http://www.snopes.com/horrors/food/chinese.asp
re 175 that is a payroll tax.
Not quite a jumper, but close enough and I give him extra points for offing himself on the floor of the exchange.
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN1750781020081117?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=22&sp=true
FYI Suicide rates are up.
Re speeding:
If you are on the upper level of the GW Bridge coming back into NJ, you’ll always see a Fort Lee car to the right opposite the area of Tolls.
They usually will follow and not turn on the lights until you are out 2-3 miles.
As a Fort Lee resident, it’s well known that Ft. Lee has too many cops. Their excuse is because of the GWB traffic, which is true -traffic can get ugly during rush hours. But the rest of the time they have nothing to do and they are very well pay 90-110K for routine patrolman. So their always looking for a way to shake down the drivers.
# Clotpoll Says:
November 17th, 2008 at 1:36 pm
yikes (141)-
I rarely venture near the NFL. I prefer sports in which the balls are round.
Soccer fan here, too. i’ll be in LA for the MLS cup this weekend. Should be a good time.
What beautiful imagery and good look.go on.
LONDON, Nov 17, 2008 /PRNewswire via COMTEX/ — Gensets companies are making a number of strategic alterations as market dynamics begin to shift. Greater focus is being placed on developing regions, where the bulk of new opportunities will
In this Nov. 9, 2008 file photo, Dallas Mavericks owner Mark Cuban yells at referees during the second half of their NBA basketball game against the Los Angeles Clippers, in Los Angeles. Federal regulators have charged Dallas
BOSTON — Putnam Investments said Monday it will cut 47 jobs, or nearly 2 percent of the work force, and merge six of the company’s stock mutual funds into larger funds as part of a broad restructuring under its new chief
BOSTON — Putnam Investments said Monday it will cut 47 jobs, or nearly 2 percent of the work force, and merge six of the company’s stock mutual funds into larger funds as part of a broad restructuring under its new chief