NJ Unemployment Skyrockets to 7.1%

From the New Jersey Department of Labor and Workforce Development:

New Jersey’s Estimated December Employment Fell by 15,200 Unemployment Rate Rose to 7.1 Percent

TRENTON, January 21, 2009 – The effects of the national recession are having an increasing impact on employment in the Garden State, according to the latest data. Employment in New Jersey was down substantially in December, lower by 15,200 jobs, and the state’s unemployment rate rose to 7.1 percent. Additionally, preliminary employment estimates for November were revised dramatically lower, indicating a loss of 19,600 jobs in November. (See note on Page 2.)

“The end of 2008 was marked by a deepening national recession and New Jersey certainly felt its effects,” said Labor Commissioner David J. Socolow. “Last month, New Jersey employers cut large numbers of jobs in such industries as professional and business services, retail trade, construction, and manufacturing, mirroring the national trend.”

The U.S. Bureau of Labor Statistics has instituted changes in estimation procedures which may not provide an accurate picture of New Jersey’s labor market during the last two months of 2008.

The state’s unemployment rate rose in December, up by 1.0 percentage points, to 7.1 percent from the November rate of 6.1 percent and is New Jersey’s highest unemployment rate in nearly 15 years (March 1994). New Jersey’s December rate remains below the United States rate, which increased by 0.5 percentage point to 7.2 percent last month, the highest national unemployment rate in 16 years. The comparable New Jersey jobless rate for the same month one year ago was 4.2 percent.

Job reductions in December 2008 were recorded in both the private (-14,600) and public sectors (-600) of New Jersey’s economy. Substantial private sector job losses in December occurred in the following supersectors: professional and business services (-5,000), trade, transportation and utilities (-4,500), construction (-3,000), manufacturing (-1,900), and education and health services (-1,900). The only sectors to record job gains were leisure and hospitality (+1,300) and other services (+900).

Over the month, the unadjusted workweek for manufacturing workers decreased by 0.1 hours to 41.3 hours, average hourly earnings rose by $0.07 to $18.19 and weekly earnings were up by $1.08 to $751.25. Compared with December of last year, the unadjusted workweek for manufacturing workers was down by 0.9 hours, average hourly earnings rose by $0.55 and weekly earnings were higher by $6.84.

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205 Responses to NJ Unemployment Skyrockets to 7.1%

  1. Nicholas says:

    The U.S. Bureau of Labor Statistics has instituted changes in estimation procedures which may not provide an accurate picture of New Jersey’s labor market during the last two months of 2008.

    Why would they make a change to the estimation procedures during one of the worst economic downturns? You are either trying to hide something or were inept in the first place in my opinion.

  2. kettle1 says:

    6 nick

    both?

  3. grim says:

    From the link above:
    Important Note: The United States Bureau of Labor Statistics (BLS) has mandated new procedures for determining monthly state employment estimates. Beginning with the final November 2008 estimates (a revision of the previously-released November 2008 preliminary data), BLS is requiring that states strictly adhere to a sample-based estimate. This procedure differs from BLS’ prior accepted practice in which state analysts combined local knowledge of economic activity with sample-based estimates. Before November 2008, the states’ “value-added” analyses allowed for the inclusion of information outside of the survey sample to develop a more complete employment estimate. New Jersey typically used unemployment insurance claims data, mass layoff statistics, reports of business openings, closures and layoffs, and other information gathered by the New Jersey Department of Labor and Workforce Development’s staff of local labor market analysts. This information was used to supplement the model output and generally led to better estimates. However, beginning with the November 2008 revisions, BLS has restricted states from including these “value added” factors in the generation of employment estimates. Due to the timing of the decision by BLS to implement these new procedures, the employment estimates for November 2008 and subsequent months are not comparable to the employment estimates from prior months.

  4. gary says:

    See, this is big f*cking problem. I would say that these people simply need a sitdown and sizeable lecture in easy to understand terms regarding their delusions of grandeur in hopes of hooking a bigger fool than themselves. But on 2nd thought, perhaps a good b*tch slapping is in order for these portly, inebriated dreamers:

    http://new.gsmls.com/publicsite/propsearch.do?method=moredetails&sysid=2572912

  5. comrade nom deplume says:

    At this rate, the universal preschool will be needed by the parents of the dual earners still working, whose taxes will pay for it.

    Why not just cut out the middleman and let them go to private day care?

    Oh, silly me! The middleman is government.

  6. grim says:

    Given the significant jump to 7.1% (which puts NJ in-line with the rest of the country), I’m not sure I would trust the “value-added” estimate.

  7. sas says:

    say blokes,

    is there a GTG on the horizon?
    locally, i usually only stick to manhattan, Bergen county, & Summit.

    i would like to have some people over my place,
    but Juanita says it “may be odd for some, perhaps meet at GTG, then next time invite a few people over”.

    thought i would throw that at some of you.

    in any case, carry on
    SAS

  8. grim says:

    From Bloomberg:

    Long Island, Queens Home Prices Drop on Wall Street Job Cuts

    Long Island and Queens, New York, home prices fell in the fourth quarter as Wall Street firms cut jobs and banks reduced lending.

    On Long Island, in areas excluding the Hamptons resort towns, the median home price fell 10 percent from a year earlier to $377,000, Prudential Douglas Elliman Real Estate and appraisers Miller Samuel Inc. said in a report today. In Queens, the median fell 11 percent to $400,001.

    “People are not putting their homes on the market unless they have to sell” on Long Island, said Jonathan Miller, president of Manhattan-based Miller Samuel.

    A year into the U.S. recession, home prices in bedroom communities that draw buyers who work in Manhattan are declining along with the rest of the nation. New York City faces as many as 243,000 job losses by the end of March, according to a forecast by the city’s Independent Budget Office.

    The median price of one-to-three family homes on Long Island fell 9.3 percent to $390,000. The median for condominiums fell 8.9 percent to $255,000 and luxury homes declined 13 percent to $940,000, the report said. The survey includes all of Nassau County and the western part of Suffolk County.

  9. kettle1 says:

    SAS

    Do i need the level IV or V body armor when i come over?

    joking ;) would be interested in seeing your photo albums if they are half as interesting as they sound

  10. ricky_nu says:

    Gary #7 –

    that house comes with $250k worth of gold hidden in the basement

  11. chicagofinance says:

    comrade nom deplume says:
    January 21, 2009 at 12:02 pm
    [169] lisoosh,Chifi went to an Ivy League school before UC. Correcting one’s grammar is a hallmark of an Ivy Leaguer. Deal with it as they or their parents spend a lot of money to be able to do that and we need the economic stimulus to continue.

    nom: WTF is this? BTW, out of a total of $60K in Cornell tuition in the 1980’s, my mom spent about $4K. For my brother’s Princeton tuition she paid maybe $2,500 across the four years.

    I grew up in a roach-infested rent-controlled apartment in Flushing Queens with the LIRR running behind my house. F- off!

  12. Nicholas says:

    Grim,

    Your opinion is that the state was intentionally playing down its unemployment numbers and the FED came in and smacked em around and made them report the true number?

    I have briefly studied statistical sampling methods and they are generally prone to unintentional bias that seems to skew the numbers. Are the statistical samplers going door to door to knock and ask people if they have lost their job? No, that wouldn’t be a good idea in some neighborhoods, lets just call them. Oh…you have lost your job and had your phone service cut off?

    As you can see statistical sampling has some severe problems. I would say that NJ was probably doing justice by the unemployment numbers by taking into account other data. If they are consistently under-reporting then thats an issue but if they have bonafide issues with statistical sampling then those flags should be raised.

    How about having two reports, an approved report and an adjusted report. I’m sure if they were already collecting the data then it wouldn’t carry any extra cost.

  13. chicagofinance says:

    REPOSTING

    chicagofinance says:
    January 21, 2009 at 12:04 pm
    lisoosh says:
    January 21, 2009 at 11:35 am
    Chi – OK, that was a bit strange.
    Need to focus on work now.

    lis: I was joking. I was railing against another poster several weeks ago, and you chastised me along the lines of “…well you are not in my head / I don’t need you to tell me what to think…”

  14. Nicholas says:

    Cry me a river Chicagofinance…

    When I asked my mother for money to go to college she opened her purse and said, “Is 20$ enough to get there?” She literally thought I needed gas money.

    I remember thinking “Oh Sh!t, this wasn’t according to plan”.

    I recieved 20$ total from my parents to go to college.

  15. John says:

    BTW going to Green Acres Mall this weekend to pick up a small fridge and Nidtendo stuff. Cool, on Monday the user in the movie theater there sabbed a customer cause he wanted to wait in the lobby for his ride, but I am a straight up G so no prob, but rolling in my GMC and not my BMW as this playa don’t wanna get jacked. Maybe I will stop by teh walmart there and do some pushing.

    Obama to unveil new rescue plan: Geithner
    Treasury nominee offers no estimate of cost, signals more money needed

  16. John says:

    Nicholas, my Mom charged me rent during college and did not pay for it. You got $20 bucks, stop bragging.

  17. Hard Place says:

    Wanted to test the rental market over the next 3-6 months. Thinking about moving out of my somewhat reasonable 2BR in Manhattan and look at a slightly larger or less expensive 2BR in Manhattan or 3BR in outer borough, given the better rent deals. Trying to stay away from apartment brokers and talk directly to the management companies. And you thought RE brokers were the scum of the earth… I need a hazmat suit to deal with NYC apt brokers.

  18. kettle1 says:

    a fun little proposal from another blog

    another interesting way to deal with internal bank pricing mechanisms would be to publish the prices banks are placing on their illiquid assets…and force them to honor these # as solid bids for one day after publish. that’s right, call their bluff with their own money.

  19. kettle1 says:

    Anyone see the grassly interview on CNBC. He will not rule out using TARP to buy common stock in banks

  20. comrade nom deplume says:

    [12] chifi

    Lighten up Francis.

  21. Nicholas says:

    John,

    I have 13 brothers and sisters. The hot water heater broke and they never fixed it because there was never any hot water anyway.

    Like the rest of my brothers and sisters, they all had to pay rent at 14 which incidentally was the age I left home to live with another family.

    I often would get to class and not have any books or supplies. I would flitch pens/pencils from the library when I would check out books and write on discarded pieces of paper from the computer lab.

    One particularly bad year I was into my 3rd week of classes and couldn’t buy any textbooks. I knew that the physics department had to keep a reserve copy of the book available. I went to the deans office and asked to look at the book, they said that they would locate it for me and to come back the next day. When I returned, I asked if I could “check it out” like it was a library book. They gave me a very strange look but eventually agreed. Turns out it was the professors copy of the book, his name was signed on the front and his notes were in the margin.

    Through all of these trials it just taught me to be able to identify resources and how to get people to rally behind you. Most of all I love contests where people try to “one-up” you about how bad they had it. I usually start out with the mild ones, like above, then move into the more serious ones.

  22. sas says:

    kettle,

    “would be interested in seeing your photo albums”

    haven’t forgotten bloke.

    SAS

  23. sean says:

    Lol, Seems the prosecutor and defense attorney did not like me too much. During the Q/A vetting this morning I told them my carjack victim story, and that I would use my powers of reasoning to judge the facts, nothing earth shattering so I thought, then the judge called me over for a sidebar. Told them that I would judge the case based upon facts and facts only and that my life’s experiences have nothing to do with today’s trial.

    Good defense attorney, he know he needs people who cannot reason well to be in that box, so he exercised his exception on me.

  24. PGC says:

    #8 Sas

    I’ve been waiting for the Bergen Co GTG for ages. Speaking of which, where has Rich disappeared to!

  25. kettle1 says:

    GTG on rt 17 near Mawah? we tried to work one out one time, but it fell apart…..

  26. Stu says:

    I didn’t have it nearly as bad as you folks, but I did pay my own way. Speaking of resourcefulness. The EOF students would get a $500/semester for books voucher. Well books cost about $200 per semester so I would pay the EOF student about $100 for $200 of their unused portion of their voucher. I also supplemented my income by writing their term papers or doing various other homework assignments. Sure, what I was doing was immoral, but one in two EOF students do not even perform well enough to be eligible to return for a second year. Lord knows it is probably one in ten who actually graduate. I suppose I saved you all some tax dollars as well. I did not take out a single loan nor go on a single spring break for five years as my time off was spent unloading trucks to pay for the next semester. By the end of my sophomore year, I worked 4 different jobs on campus that provided for my entire room, board and tuition. Resourcefulness was the key! Going to a school that only charged $40 per credit was helpful as well.

    The other sneaky move of mine was to take 1 credit of phys ed after I graduated to stay on the $100/year health care plan. They added the minimum of 12 credits per semester to qualify about three years after I graduated. Not only was the health care adequate, but they would prescribe almost anything you requested and it was completely free. Gary, maybe you should look into some college courses to obtain your free health care?

  27. BC Bob says:

    “I’ve been waiting for the Bergen Co GTG for ages”

    PGC,

    If it’s in Lodi, SAS will attend. He may have some unfinished business there?

  28. comrade nom deplume says:

    [24] sean,

    I am surprised that the judge called a sidebar for that statement; there must have been something in how you said it that raised everyone’s antennae.

    Now you know something about picking jurors. Which is why some attorneys tell clients “you don’t want your case decided by 12 people who aren’t smart enough to get out of jury duty.”

    FWIW, whenever I actually got to voir dire, I was always excused.

  29. PGC says:

    #28 BC Bob,

    Lodi works for me.

    I have a few connections there, so I can get safe passage.

  30. sean says:

    Will rewarding total failure will be the first order for O’bama and Congress?

    Geithner may get a pass from the Senate, this guy ran the NY FED for the last five years and he was in charge and tasked with keeping the big banks inline. He said today that one of his core jobs in recent years at the NY Fed was overseeing the growth in derivatives!

    Who cares about his personal income taxes, Geitner was the guard at the bank and slept through the whole daylight robbery.

  31. Nicholas says:

    I didn’t notice that Nortel Networks filed for bankrupcy on the 15th.

    Doesn’t surprise me though because they were stuck making legacy telephony equipment and were not moving into the newer telephony markets. I guess their share of the market will move over to Cisco for replacement and maintenance.

    I don’t think tech has bottomed quite yet though.

  32. comrade nom deplume says:

    [27] stu

    It’s because we didn’t have it as bad that we had to pay our own way. My parents made too much to qualify me for full boats but had nothing to pay for tuition. I got very little, and my younger siblings got nothing.

    In retrospect, I should not have gone to my financial safety school (state u), but should have cashed out totally for one year at a better choice school and then tossed myself at the feet of the financial aid department. That’s what the missus did, and she got a near full boat at ‘Nova.

    But driving a bus for four years was reasonably fun job, even if it paid diddlysquat. Beat unloading trucks, I’d wager.

  33. HEHEHE says:

    Portugal’s Debt Rating Cut One Step by S&P as Deficit Swells

    http://www.bloomberg.com/apps/news?
    pid=20601087&sid=a.eDD21yTuUA&refer=home

  34. sean says:

    re: #29 – Comrade “something in how you said it that raised everyone’s antennae”

    Could it have been me giving the Judge the finger? lol…

  35. BC Bob says:

    Sean [31],

    Exactly.

    Under his watch they all levered up and imploded. He’s touting the growth of derivatives while he was the captain? Oh yeah, I forgot, derivatives disperse risk.

    Same as it ever was.

  36. Stu says:

    Unloading trucks was back breaking on occasion, but those pharmaceutical companies sure overpaid for it ;)

    Plus, you could eat off the floor of those trucks and warehouses so it was a clean job. The cafeterias in those joints were quite unbelievable as well. You could get high quality meals for nect to nothing as it was subsidized by the company. It was almost a joke what they actually charged. Drinks were like a nickel and entrees were like fifty cents. I miss those days. Some of the joints would even have a bank branch in the cafeteria. Outrageous!

  37. Stu says:

    Shouldn’t be long before the hope slope becomes the dope slope!

  38. BC Bob says:

    make [38],

    How about a London GTG?

  39. kettle1 says:

    BC Make,

    A shopping trip to london? which bank do we want to buy?

  40. livinginpa says:

    Not to take away from the hardship experiences of many of you, but I would bet that many of us reading this site have stories to tell where we pulled ourselves up by our bootstraps and figured out a way to make things happen. I suspect that is the biggest common denominator among the regular posters, readers and lurkers here. It is from that vantage point or perspective that we all seem to see the failure of many in this country to employ those same skills which has resulted in our current economic demise. You all deserve a big round of applause for overcoming obstacles, big and small. Now can we please stop the p*ssing matches?

  41. kettle1 says:

    maybe a good deal on a castle?

  42. comrade nom deplume says:

    [35] sean,

    Yeah, that’d do it!

  43. schlivo says:

    “Now can we please stop the p*ssing matches?”

    Amen!

  44. Teddy Bear says:

    Well, I was just watching Obama on TV. He said the rule of law would be the cornerstone of his administration or something like that. Aren’t they still putting that guy’s name forward for confirmation who didn’t pay his income tax? Another double standard and another broken promise. He didn’t have to wait long to start talking out of both sides of his mouth.

    Most of the people on this site seem pretty reasonable, but there is a large presence of the ‘Hate America First’ crowd. It remains to be seen if they will destroy the country or if we will survive in spite of them.

  45. skep-tic says:

    Lesson of the day:

    Suburbs > Bronx

  46. sas says:

    “Now can we please stop the p*ssing matches?”

    i agree.

    back in a place where i once owned a flat, this meant who is going to drunk the hardest & fastest.

    ha ha :)
    SAS

  47. Old Stan says:

    [18] Hard Place – I’m looking to do the same when my lease is up. I’ve been looking at compariable buildings in Streeteasy and it looks like I could save 10%+ over what I’m paying now for a 1 bd. or get a 2 bd. for 10% more.

    NYBits is another site that lets you search for no fee apartments listed by the management companies.

  48. sas says:

    “Recession drives down Super Bowl ticket prices”
    http://tinyurl.com/7k8bxa

    i know a fellow, who got 4 tkts via lottery system. 4 tkts/$800/piece.

    I assume at that price, its in the nosebleeds.

    SAS

  49. livinginpa says:

    #49 SAS’s alternate definition of p*ssing match sounds like a lot more fun

  50. Nicholas says:

    I’m not sure I notice the ‘Hate America First’ crowd. Are these the terrorist that people speak of?

  51. sean says:

    Does anyone know if Tim Geithner bought the Turbo Tax IRS/SEC/Senate Interrogation Protection Plan for an extra $39.95?

  52. A.West says:

    Regarding post #43, the picture of the day is misleading. The surface area of the two circles for each bank doesn’t match the market caps. They seem to be scaling on diameter rather than area. Looks like the creator of that graphic needs to look up the works of Edward Tufte.

  53. Teddy Bear says:

    Nicholas says:
    January 21, 2009 at 1:55 pm
    I’m not sure I notice the ‘Hate America First’ crowd. Are these the terrorist that people speak of?

    These are the ones that blame the US for all the bad in the world. They also love illegal aliens for some reason, or as they call them ‘undocumented workers’. As Rome burns these clowns will continue to use politically correct talk as the empire crumbles.

  54. gary says:

    Teddy Bear,

    Not to fear, I saw people on CNN this morning saying the U.S. is now heading in the right direction a mere 24 hours after Bush has left office.

  55. John says:

    First of all if you don’t have money for books you ain’t that poor I had BEOG, HEOP, TAP and SS during school. They were paying me to go to school. Filling out the BEOG form and putting a family taxable income of zero was liquid gold.

    Nicholas says:
    January 21, 2009 at 12:49 pm
    John,

    I have 13 brothers and sisters. The hot water heater broke and they never fixed it because there was never any hot water anyway.

    Like the rest of my brothers and sisters, they all had to pay rent at 14 which incidentally was the age I left home to live with another family.

    I often would get to class and not have any books or supplies. I would flitch pens/pencils from the library when I would check out books and write on discarded pieces of paper from the computer lab.

    One particularly bad year I was into my 3rd week of classes and couldn’t buy any textbooks. I knew that the physics department had to keep a reserve copy of the book available. I went to the deans office and asked to look at the book, they said that they would locate it for me and to come back the next day. When I returned, I asked if I could “check it out” like it was a library book. They gave me a very strange look but eventually agreed. Turns out it was the professors copy of the book, his name was signed on the front and his notes were in the margin.

    Through all of these trials it just taught me to be able to identify resources and how to get people to rally behind you. Most of all I love contests where people try to “one-up” you about how bad they had it. I usually start out with the mild ones, like above, then move into the more serious ones.

  56. Nicholas says:

    Teddy Bear,

    That must be me then.

    I’m pretty sure that American’s have been doing pretty legally ambiguous things for the last 6 years on the national scene.

    I have a niece that married an illegal immigrants and a brother who employed them.

    I’m not sure how this turns me or my family into someone who hates America though. I love America. I have served in the military, joined during a time of war even.

    Protectionism does not equal Patriotism.

  57. Nicholas says:

    John,

    Pissing contest over by general concensus.

  58. ricky_nu says:

    Geithner bought the Wesly Snipes version of Turbotax

    (I owe mad magazine credit for that one)

  59. Teddy Bear says:

    I have a niece that married an illegal immigrants and a brother who employed them.

    Nicolas,
    Once the rule of law is ignored society stops to function properly. Let me guess, you live in California where they give illegals free hospital care and in-state college tuition? And you wonder why your property taxes are so high.

  60. John says:

    Fed funds are currently quoted at .187 bid, .250 asked, and last traded at .188.

  61. John says:

    Actually I think we just hit another near term bottom. Things are head up at least short term. One good sign is that lots of 2006, 2007 and 2008 restricted stock vests next month. Talking to my friends at chase, morgan stanley etc. who always instruct sell enough to pay tax upon vesting are all sending checks in to cover the tax. That is a big vote of confidence.

  62. Nicholas says:

    I live in Maryland.

    Keep drinking the cool-aid on the immigrant issue. I can personally say that all the immigrants that I have known have worked harder for their lower pay then any American I have met.

    I watched an immigrant foreman fire his own cousin because he didn’t show up to work at 6 am. His reason was that he didn’t employ lazy people and that the workers would become angry if he didn’t.

    Ted, you have to consider for a brief moment that other societies value hard work and discipline more then American society.

  63. John says:

    Plus they feritlize my yard.

    Nicholas says:
    January 21, 2009 at 2:32 pm
    I live in Maryland.

    Keep drinking the cool-aid on the immigrant issue. I can personally say that all the immigrants that I have known have worked harder for their lower pay then any American I have met.

    I watched an immigrant foreman fire his own cousin because he didn’t show up to work at 6 am. His reason was that he didn’t employ lazy people and that the workers would become angry if he didn’t.

    Ted, you have to consider for a brief moment that other societies value hard work and discipline more then American society.

  64. schabadoo says:

    Most of the people on this site seem pretty reasonable, but there is a large presence of the ‘Hate America First’ crowd. It remains to be seen if they will destroy the country or if we will survive in spite of them.

    I would like the regular on this board to fess up and admit they posted this site to Free Republic. It’s been at least a week now of this lowest-common-denominator idiocy.

  65. Barbara says:

    7.1 on the books, 10 in reality. Lojack people, Lojack.

  66. John says:

    I believe in Free Market Capitalism, bail them all out now!!!! Remember you can’t have a Nation without a Donation – give to the banking industry till it hurts, I think Citi should hire sally struthers and take it to the street. Keeping it real, peace out.

  67. SG says:

    Trump’s casino firms hoping to avoid bankruptcy

    Reflecting the challenges facing Atlantic City’s gambling market, Donald Trump’s casino company is faced with dropping revenue and is trying to dodge another trip to Bankruptcy Court.

    The deadline for Trump Entertainment Resorts Inc. to reach agreement with its lenders and note holders on restructuring $1.25 billion in debt is today. The company, which owns the Trump Taj Mahal, Trump Plaza and Trump Marina in Atlantic City, missed a $53.1 million bond payment on Dec. 1, and got a 30-day extension.

  68. SG says:

    Grim #71 in mod

  69. zieba says:

    RE: 42

    Well said!!

  70. From Curbed and the NY Observer;
    west side development deal could be shot.
    Looks like the Atlantic Yards deal is starting to look dead-ish as well.

  71. Lincoln78 says:

    Spending my afternoon researching a May golf trip to Atlantic City. I would rather not stay in a casino and am considering renting a house in the city proper via VRBO. Anyone have experiences doing this?

    I found the following article during my search. It’s rich, and good for a chuckle. Note the date.

    http://query.nytimes.com/gst/fullpage.html?res=9B06E5DA1438F93BA1575BC0A965948260&sec=&spon=&partner=permalink&exprod=permalink

    NYT
    ATLANTIC CITY CONDOMINIUMS BOUGHT FOR FUN AND PROFIT

    By DONALD JANSON
    Published: August 28, 1983

    ”Right now Atlantic City is a dump,” he said, ”but in five years, the whole beat in that city is just going to take off. My head spins because I’ve already made 60 percent in paper profit since I bought the condominiums at preconstruction prices.”

    ”There is one common denominator that characterizes all the buyers of these condos,” said Sanford Miller, owner of the Ritz Carlton, a hotel newly converted to luxury condominiums. ”While most will use them for personal enjoyment at least part of the time, all of them are convinced that the appreciation value of Boardwalk property will be strong in coming years.”

  72. Dealbreaker reporting on some Texas ponzi action. Well worth the read.

  73. skep-tic says:

    what local real estate has yet to price in:

    10% unemployment,
    nationalized banks,
    drastically smaller hedge fund and PE universe,
    increased regulation of above,
    mass boomer downsizing,
    failure of Gen Y to act like adults (getting jobs, having children, buying houses)

    it’s like a zombie movie where they just keep coming, and coming

  74. Victorian says:

    Ah, finally – The Inauguration rally is here! Gimme a 9.. !!

  75. Victorian says:

    It is surprising that Bi has not dropped in yet.

  76. make money says:

    74 toshiro,

    You mean No Brooklyn Nets? I was looking forward to HOV and his game spitting tactics battling Donnie Walsh in landing the King.

    Oh well, Knicks get a brake I guess.

  77. lisoosh says:

    “Now can we please stop the p*ssing matches?”

    I got a splinter once.

  78. Hard Place says:

    Old Stan – Thanks for the tip. I know streeteasy, but NYBITS is new. Will have to check it out.

  79. kettle1 says:

    HEHEH 43

    regarding the seeking alpha chart….

    try this, courtesy of me.

    set color to “unique” and size to “market cap” then hit play!

    http://tinyurl.com/6utdoz

  80. PGC says:

    #77 Vic,

    We still havn’t clawed back yesterdays losses and you are shouting for a 9?

    Good luck with that. You have more chance of 7500 by Monday.

    This could be the Bank Fail Friday that throws up a whale.

  81. Shore Guy says:

    A 16% increase in unemployment? Ouch!

  82. Clotpoll says:

    vodka (20)-

    Same old shit, different day:

    “Anyone see the grassly interview on CNBC. He will not rule out using TARP to buy common stock in banks”

    These fools won’t stop until the printing presses have broken down from being run non-stop and millions are in bread lines.

  83. Clotpoll says:

    sean (31)-

    Unbelievable, isn’t it? The crooks thought they had it nice with Klink in charge, but robbing us blind on Geithner’s watch will be even easier.

  84. Sean says:

    Bailout bait and switch from CBS news.

    http://www.youtube.com/watch?v=b9O9TGitkyc

  85. Clotpoll says:

    HE (34)-

    Maybe Portugal can post Cristiano Ronaldo’s salary as some sort of guraranty?

  86. Qwerty says:

    RE: Protectionism does not equal Patriotism.

    But breaking the law does?

  87. Victorian says:

    PGC (83) –
    Was just kidding :). Although, I would gladly take a 9. Gives me a chance to reload.

    “This could be the Bank Fail Friday that throws up a whale.”

    Ken Lewis just bought a boatload of BAC shares, he knows something which us poor saps don’t. Looks like the taxpayer is not going to be happy on Monday.

  88. kettle1 says:

    a good start!!!!

    Obama Tightens Ethics, Lobbying Rules, Freezes Pay of Staff.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=azQJo_wu7f64

  89. Qwerty says:

    Nicholas, illegals are not “immigrants.”

    Immigrants apply for entry into the US at embassies, and wait in line like all the millions of other legal immigrants have done in our history.

    The ongoing attempts at conflating illegals and immigrants is dishonest, and doesn’t fool anyone.

  90. Seekeru1 says:

    Nicholas…

    You had books?? Library?? When I was young, we had to write everything using fingers on the sand, and had to guard it from rain.

    Often, the “rain ate the homework”. It was tough to write term reports too.

    And we had to walk in freezing rain, across ice, and dodge sniper fires just to get to school.

    Now I make a ga-trill-zill- ion dollars a day.

    Oh, cr,p I just noticed the end of pissing contest, but well worth a try.

  91. Stu says:

    Wow. The volatility of the VIX has been insane lately. ;)

  92. Stu says:

    Remember how I said that yesterday was my single best market day? Well today looks like the second worst, only to be outdone by the day that short-selling the financials was banned. Ho hum, we start again tomorrow ;)

  93. Clotpoll says:

    stu (95)-

    Love it. The .vix is your friend.

    Today is a sucker/idiot rally for the ages.

  94. Clotpoll says:

    Can’t have great 2x short action without crazy .vix. Let everybody get all jerked around and worked up…it’s all good.

  95. Stu says:

    Clot…I hope you are right. Markets are saying that we are on the brink of something big. I highly doubt it’s a comeback!

  96. BC Bob says:

    Let all the bruised, battered and torn howl today about the huge rally. Can’t wait.

  97. Victorian says:

    Clot/Stu –

    “Pair Of VIX-Tracking ETNs On The Way ”

    Barclays Capital, the unit of London-based Barclays PLC and a sibling of Barclays Global Investors, has filed to launch a pair of ETNs that will track the Chicago Board Options Exchange’s Volatility Index.

    There’s no word yet when the iPath S&P 500 VIX Short-Term Futures and the iPath S&P 500 VIX Mid-Term Futures ETNs will debut. But given the lead time of the filing—it was dated almost a month ago and referenced an earlier prospectus from last August—it’s likely to expect the new ETFs to launch shortly, perhaps within weeks rather than months.

    http://www.indexuniverse.com/sections/newsinfocus/5251-pair-of-vix-tracking-etns-on-the-way-.html

  98. Sean says:

    Gents make a trip to the ammo store on the way home.

    http://www.nytimes.com/2009/01/22/nyregion/22benefits.html?_r=2

  99. Nicholas says:

    Immigration – While the movement of people has existed throughout history at various levels, modern immigration tourists are considered non-immigrants (see expatriate). Immigration that violates the immigration laws of the destination country is termed illegal immigration. Seasonal labor migration, while generally non-pregnant in nature (typically for periods of less than a year), is often treated as a form of immigration. The modern concept of immigration is related to the development of Nationalss and nationality law. Citizenship in a nation-state confers an inalienable right of residence in that state, but residency of non-citizens is subject to conditions set by immigration law. The emergence of nation-states made immigration a political issue: by definition it is the homeland of a nation defined by shared ethnicity and/or culture.

    http://en.wikipedia.org/wiki/Immigration

    Illegal or legal, it is still immigration. I never advocated breaking the law. I don’t think that all laws are created equally though. I can give countless examples of history breaking laws because they didn’t work.

    I counciled my brother to help them seek their green cards.

  100. Stu says:

    Where are those Apple Earnings?

  101. Lincoln78 says:

    grim pls unmod #75

  102. Stu says:

    Lincoln,

    You might have reached the statute of limitations for unmoderating a post.

  103. freedy says:

    Ny unemployment system ran out of money
    nice,, nj will catch up?

  104. freedy says:

    BO to the rescue tarp apps are in

  105. Lincoln78 says:

    Ah well, it was just a fun NYT article (from ’83) about how Atlantic City condos were selling for $200k+ and the usual quotes like this:

    ”Right now Atlantic City is a dump,” he said, ”but in five years, the whole beat in that city is just going to take off. My head spins because I’ve already made 60 percent in paper profit since I bought the condominiums at preconstruction prices.”

    The other part was a question to the group about renting condos in AC proper. I’ve seen some good stuff on VRBO but have no experience doing it.

  106. chicagofinance says:

    Nicholas says:
    January 21, 2009 at 2:16 pm
    John, Pissing contest over by general concensus.

    Nic: You are a weasel. You come in hear and escalate an argument in which you were not even involved, then you pull out the holier than though olive branch.

    Nom: I assume I misunderstood you, but I have no idea what you were saying in the first place.

  107. chicagofinance says:

    holier than thou

  108. chicagofinance says:

    Nice Apple #’s

  109. skep-tic says:

    link to story on NY unemployment fund running out. pretty crazy

    http://www.nytimes.com/2009/01/22/nyregion/22benefits.html?ref=nyregion

  110. Citi appoints new chairman, Richard Parsons. How much time does Vikram have?

  111. Stu says:

    Yes Apple numbers look quite good. Those guys really know what they are doing.

  112. Nicholas says:

    ChicagoFinance,

    By virtue of you posting it here I think we all are involved.

    I was merely noting that we all have stories about how bad it was when we grew up, that is nothing new. Majority of this community responded with request for those types of stories to be over.

    Weasel? The jury is still out as far as I’m concerned. So far they are still debating over frugal/thrifty/tighta$$ issue and have yet to begin discussions on weasel vs. knowing when to give up.

  113. comrade nom deplume says:

    [111] chi

    You weren’t suppposed to. I was just busting on your post to needle ivy types; you were a convenient foil. How that segued into your background I don’t understand, nor do I care (nothing personal).

  114. comrade nom deplume says:

    [111] chi

    What argument? Being told to F-off by someone from Queens isn’t an argument, it’s a greeting.

  115. HEHEHE says:

    Richard Parsons, there’s a guy who knows how to run a ruined company

  116. chicagofinance says:

    comrade nom deplume says:
    January 21, 2009 at 4:52 pm
    [111] chi What argument? Being told to F-off by someone from Queens isn’t an argument, it’s a greeting.

    Flushing Queens…I’m all for it….

  117. chicagofinance says:

    Off-hand: Did I ever post the one about popping the roach in my mouth with my teeth?

  118. comrade nom deplume says:

    [120] HEHEHE

    I’m not sure I like the sound of that (shiver).

    On a related note, I learned that a number of my in-house contacts at various banks are no longer there. These were very senior attorneys who would not be axed, so they apparently saw that the ships were heading for the rocks far enough in advance and got the lifeboats. I am sure I will learn of some that weren’t so lucky.

  119. comrade nom deplume says:

    [121] chi

    Oh, I gotta tell that one to my BIL–he’s from Astoria.

  120. Sean says:

    Humm, Richard Parsons took over the Board, so what is he going to do buy AOL?

  121. Nicholas says:

    http://dealbreaker.com/2009/01/circuit-city-higher-prices-eve.php

    Circuit City: Higher Prices! Even In Liquidation!

    Consumer Reports Reports:

    For example, at the liquidation, a 50-inch Panasonic plasma TV was discounted to $1,800, a $200 savings. That might sound like a bargain, but if you check the circular you’ll see that Circuit City had planned to cut the price this week by $500. What’s more, we found the same model online for $1,365, including free shipping.
    An HP all-in-one printer, at the liquidation for $270, was scheduled to be on sale for $150. And we found it as low as $135 online. A Garmin GPS system, discounted to $225, was $160 in the circular and $141 online.

    Despite the modest discounts, the checkout counter was mobbed. We repeatedly overheard salespeople telling customers that they had run out of merchandise. Shoppers were undeterred by signs proclaiming that all sales are final; that the store no longer was accepting the Circuit City credit cards, personal checks, or coupons; and that it wouldn’t match competitors’ prices.

    I noticed this when I was at CC over the weekend. Discounts were weak but sales were through the roof. Woman in front of me bought 400$ worth of crap electronics that she could have gotten much less online or at Walmart.

    If there were substantial deals I probably would have bought a TV but instead they were 30% higher then the competition and they were only offering a 10% discount.

  122. HEHEHE says:

    Sean,

    EXACTLY! The only thing that guys good at is treading water and collecting a paycheck. Par for the course these days. Hire somebody who smiles well when he lies about how good things are.

  123. John says:

    HEHEHE – I am cursed as I am good at everything. Going for some drinks tonight downtown with a whole bunch of MDs from a few IBs, the wheat has been separated from the chaf and the strong will survive. But I will miss Lost so tell me what happens

  124. Teddy Bear says:

    Nicholas says:
    January 21, 2009 at 4:11 pm
    Immigration – While the movement of people has existed throughout history at various levels, modern immigration tourists are considered non-immigrants (see expatriate).

    Nick-
    Nice try. This stuff you posted is the politically correct version for illegals. “Immigration tourists”. I love that one. The only place they are touring is the benefit lines in California and a few other states who cater to non-tax payers. If the law was enforced against illegals it would solve a large part of the budget problems some of the states have.

  125. TT says:

    Roubini: in order to resolve this financial crisis it is not enough to take the
    bad/toxic assets off the balance sheet of the financial institutions (a new RTC); it is also necessary and fundamental to reduce the debt overhang of millions of insolvent households via asignificant debt reduction on their mortgages (an HOLC program like the one that was implement during the Great Depression); and also recapitalize undercapitalized banks with public capital inthe form of preferred shares (as the RFC did with 4000 banks during the Great Depression). An RTC scheme without an HOLC and RFC component would not resolve two fundamental problems: 1) millions of households are insolvent and unable to service their mortgages; 2) the financial system is vastly undercapitalized and needs capital to avoid an ugly credit crunch and to foster new credit creation that is needed for future growth–> That is why I proposed the creation of a HOME (Home Owners’ Mortgage Enterprise) that would
    be a combination of an RTC, a HOLC and a RFC.

  126. Sean says:

    Funny thing about Citi, apparently Sandy still has an entire 10,000 Sq ft space that is leased for him by Citi and his exit package included use of their Fleet of airplanes as well, they pay for the whole gig staff and all has to be many millions per year.

  127. skep-tic says:

    I propose that the gov’t give me a vacant house in exchange for my tax dollars.

  128. skep-tic says:

    I would also like an Escalade.

  129. HEHEHE says:

    TT,

    Where’s Roubini going to get the money for that fantasy program? He better check with our Gulf State and Asian landlords first

  130. skep-tic says:

    #135

    “handyman special”

  131. scribe says:

    Did anyone post this yet?

    http://www.nytimes.com/2009/01/20/business/economy/20builders.html

    Banks Foreclose on Builders With Perfect Records

  132. Clotpoll says:

    vic (101)-

    Classic. Just classic. This will be like investment super-crack.

    I will be all over these.

  133. make money says:

    Where’s Roubini going to get the money for that fantasy program?

    He’s in the camp that there will be no inflation. So he’s answer is print and spend.

    He believes that as long as the whole world is in a recession then there will be on inflation. So he’s not afraid of doubling the money supply.

    he trully believe that US can be on their way to growth and prosperity as long as we spend 4 trillion.

    It’s funny how he and Schiff so this coming but how much they differ on the cure.

    To Roubini’s credit Schiffs run on the dollar and massive inflation is not happening.

  134. Clotpoll says:

    plume (123)-

    I’m finding out the same thing with my pharma connections.

    It’s a real bitch, because they are my charitable fundraising leads.

    Gonna have to scramble.

  135. Clotpoll says:

    John (128)-

    “But I will miss Lost so tell me what happens…”

    We should devote the rest of this thread to snappy rejoinders to the above comment.

  136. Clotpoll says:

    Nick (143)-

    Hey, maybe the owner is Jamaican.

  137. Nicholas says:

    I figured green bay packers fan?

  138. Nicholas says:

    Here is an ugly dog to protect your ugly house.

    http://media.pegasusnews.com/img/photos/2007/10/16/UglyDog_t250.jpg

    See you guys tomorrow.

  139. HEHEHE says:

    Make,

    In the end Roubini’s “solution” will inevitably lead to Schiff’s predicted results.

  140. HEHEHE says:

    Parsons bio:

    He was General Counsel and Associate Director, Domestic Council, White House from 1975 to 1977.

    wink wink

    I think it’s safe to say Citi is safe from this point going forward.

  141. #149 – Hell, if they got Parsons maybe they can get Steve Case too. At least that ba**ard could sell C.

  142. Clotpoll says:

    make (141)-

    “To Roubini’s credit Schiffs run on the dollar and massive inflation is not happening.”

    Not yet, that is.

    Bet against Schiff- or Roubini- at your own risk.

  143. Clotpoll says:

    Parsons and C.

    Perfect marriage. A dead person, watching over a dead bank.

  144. Clotpoll says:

    Mike Morgan’s been a busy boy:

    http://tinyurl.com/bm2s3m

  145. Outofstater says:

    #119 LOL! God I miss Jersey!

  146. grim says:

    From NorthJersey.com

    Children’s Place moving 350 jobs out of Secaucus

    The Children’s Place Retail Stores Inc. is moving its e-commerce division to Alabama from its Secaucus distribution center, resulting in a shift of 350 jobs, the company said Wednesday.

    Mark Rose, senior vice president and chief supply chain officer for the company said in a statement that the e-commerce division had outgrown the available space in the company’s Secaucus location. The move to the company’s Southeast distribution center in Fort Payne, Ala., in June 2009 will allow the company to “fully automate our fulfillment operations and have ample room to expand in the future.”

    Jane Singer, vice president-investor relations, said the Secaucus employees whose jobs have been eliminated will be “welcome to apply for positions” in Alabama, but the company is not offering relocation assistance to employees.

  147. comrade nom deplume says:

    I know that I am gonna get attacked by the PC crowd for this one, but as an attorney, student of politics and history, and a cop brat, I speak from what I know. Already restive from potential budget cutbacks, under 0bama and Holder, police are going to dial back on aggressive enforcement of crime, particularly in the hood. The obvious upshot will be more crime.

    Here is a clip from a Chicago paper. You can expect a national roll-out almost immediately:

    “A top level authority on police attitudes told “The Chicago Daily Observer” yesterday that “there’s a good chance that murders are rising in Chicago because police are demoralized and intensely dissatisfied with conditions at the very top of the department. That doesn’t mean they’re lying down on the enforcement job, but what’s the point of pursuing a rigorous enforcement and deterrence when the department is in the hands of the civil libertarians—and punitive penalties are meted out against officers for doing their jobs effectively?”

    He said that Jody Weis’ appointment…an FBI agent who never wore a uniform nor patrolled a beat…signaled a mayoral disapproval of the department that is ruining morale. He contrasted this with the record of New York Mayor Rudy Giuliani who stood by his department and beat off civil libertarians who tried to super-enforce infractions that hobbled the New York police.

    “As a result of Giuliani’s action, crime was lowered in New York,” he said. “It is clear that we have a mayor who is not pro-police, is a cave-in to civil libertarians marked by his hiring Weis who is lashing out at the department.

    “What happens is not a slow-down. I don’t mean that. What happens is that when time after time officers are hauled in to explain their actions when they try to deter crime, the starch goes out of them. They ask: why should we be putting ourselves in harm’s way when headquarters and the 5th floor are more interested in punishing officers for every possible infraction rather than pursuing crime?”

    It comes because Daley is swayed by the twitching and knee-jerk attitudes of the liberal editorial boards, he says.

    I asked how he would explain the rise in murders.

    “It comes as result of a `soft revolt’” he said. “When the mayor and the police superintendent are more interested in pacifying the ACLU than in keeping down crime and going the extra mile for prevention, it’s bound to happen.”

    I gasped at the fact that last weekend was one of the most violent ones in city history. At least 12 people had been shot and two of them killed since Saturday. Two others were stabbed in a home invasion. This occurred after 20 were shot, four o9f them killed, from Friday through early Saturday.

    Tsk, tsk, he said, sardonically. “Obviously what’s needed is more gun control, right? Isn’t that the answer?”

    Then he restated it: “When and if the new police superintendent and the mayor decide they want to end the crime, all they have to do is to pass the word. They are definitely not passing the word as of now. For that reason the ‘soft revolt’ is on to show the politicians they can’t have it both ways. They can’t gumshoe cops and hold them down, restraining their energies, while at the same time promoting tough law enforcement. I’m sorry but that’s the way it is. And the way it always has been.”

    The last line says it all: it’s the way it’s always been.

    Stay safe

  148. Clotpoll says:

    grim (156)-

    Wham-bam, thank you maam:

    “Jane Singer, vice president-investor relations, said the Secaucus employees whose jobs have been eliminated will be “welcome to apply for positions” in Alabama, but the company is not offering relocation assistance to employees.”

  149. freedy says:

    fort payne ,,, not a bad area
    im sure a stone cold north jersey dude
    would go over big

  150. yikes says:

    Anyone excited for LOST tonight?

    In other news, we’re homeowners. Highlights of closing:

    – Costs came in lower than the GFE
    – Look on sellers face when i said, “yeah, the locksmith is coming at 2, TV guy at 3, alarm guy at 4.

    I’ll be commenting less here, as I dont want to be “that guy” who just bought and is constantly going against the board here. Mostly, because I largely believe what most of you NJ folk are saying. We, however, are in PA.

  151. Sean says:

    Grim, Secaucus is a pretty big for retailer and clothing manufacturer operations too bad Hartz Mountain isn’t public or we could have a field day shorting them.

    Seems they have allot of sq ft available and have resulted to contests to get companies in NYC to move there for the cheap rent.

    http://www.hartzmountain.com/news/news.asp?newsID=25

  152. Barbara says:

    157. Comrade
    As a former Philly girl, post M.O.V.E. and during the Goode admin, the article makes total sense to me.
    Strong enforcement should be tempered with beat cop on foot patrols and community service (PAL, that sort of thing. Also, giving cops financial incentives to buy and live in their neighborhoods.
    Just my opinion, I have no studies to back it up.
    Anyway, given the current unemployment news I say to the ladies on the board, time to shelve the satchels and return to the cross body bags.

  153. grim says:

    Grim, Secaucus is a pretty big for retailer and clothing manufacturer operations too bad Hartz Mountain isn’t public or we could have a field day shorting them.

    Wondering if Liz has pulled out entirely yet.

  154. grim says:

    Speaking of Secaucus, I believe Van Heusen has presence there as well.

    From the AP:

    Phillips-Van Heusen lays off 400, shuts 175 stores

    Phillips-Van Heusen Corp., which owns the Calvin Klein, Izod and Van Heusen clothing brands, said Wednesday it will close 175 stores and lay off 400 employees due to the recession.

    About 250 of the layoffs will come from the company’s salaried division, reducing that unit’s work force by about 10 percent. The remaining 150 layoffs will come from the neckwear manufacturing division.

    The company will also stop domestic production of machine-made neckwear, reduce its warehouse capacity and cut travel, marketing and administrative expenses.

  155. grim says:

    Last one out, shut off the lights.

    From Reuters:

    NJ may lose 20 pct of its securities jobs – report

    New Jersey could lose as many as 20 percent of its securities industry jobs as the recession deepens, and many residents also could lose their jobs at New York City banks and brokerages, a report said on Wednesday.

    The Rutgers University report estimates that over the next year or so, New Jersey could lose one-fifth of the securities jobs it had in 2007. That echoed other forecasts underscoring the widespread pain Wall Street is inflicting, not just on the nation, but on three states that often share its roller-coaster cycles.

  156. PGC says:

    #161 Yikes,

    Congrats.

    Stay around. After a few comments from the board, They just move on.

  157. chicagofinance says:

    OT: I am not a big NBA guy, but look at this homestand for the Nix in a few weeks:

    FEBRUARY OPPONENT TIME (ET)
    Mon, Feb 2 LA Lakers 7:30 PM
    Wed, Feb 4 Cleveland 7:30 PM
    Fri, Feb 6 Boston 7:30 PM

  158. grim says:

    I’ll be commenting less here, as I dont want to be “that guy” who just bought and is constantly going against the board here. Mostly, because I largely believe what most of you NJ folk are saying. We, however, are in PA.

    Lots of recent buyers here. We promise not to throw rotten vegetables.

  159. Sean says:

    re: 164 – Grim not yet, I have a few friends who are still at Liz and we had a GTG about a month ago. Don’t think they will make it much longer was the consensus, they were all hoping for severance.

  160. Sean says:

    re: 157 – Comrade – Statistics suggest most crime of all kinds is committed by drunks and drug addicts.

    Obama wants legislation to give first-time, non-violent drug offenders a chance to serve their sentence in the drug rehabilitation programs that have proven to work better than a prison term in changing bad behavior. This could empty out the jails, since it would also help prevent recidivism. I believe it is called prop 36 in California, it has had some decent results there but costs a fortune.

    This is going to cost a bundle if run by private companies, and will cost a bundle and be a bungle if run by the Government.

    Also preventing drugs from getting to the streets should also be a top priority, let’s see the President pull 100k troops in to manage that task.

  161. grim says:

    Site gets a steady stream of traffic from Liz. Nothing tremendous, but it looks like a handful of people every day.

  162. PGC says:

    Gary

    What about relocating to Amsterdam to work for “The Man”.

    https://swift.taleo.net/careersection/extlist/jobdetail.ftl

    UNIX System Administrator (ref.:51511)

    Primary Location:NL-Leiden region
    Job Level:Team Leader
    Job Type:Standard

  163. SC says:

    I have to respond to this from yesterday. Bush and the Repugs cut taxes for the rich in his first term. The rich haven’t had it so good in this country since the 1920’s. By your illogic, we should be creating jobs right now. The tax cuts didn’t go away, did they? But what happened to the jobs? They are disappearing.

    Most of the jobs in this country are created by small businesses. Not all small business owners are “rich”, which I think is your incorrect assumption.
    Most small business are members of the middle class.

    If there is one good thing to come from George Bush’s presidency, it’s that he proved once and for all that “trickle-down economics” doesn’t work.

    You must live in an alternate reality.

    Jersey Jim says:
    January 20, 2009 at 12:35 pm
    #190. SC says:
    January 20, 2009 at 12:31 pm
    Shore Guy says:
    January 20, 2009 at 11:32 am

    When the top 5% owns more assets than the bottom 50% in this country, then of course they will pay most of the taxes.
    —————————————
    SC, like usual you fail to see the big picture. All those rich people are the ones who are giving us all jobs. They are the ones hiring for business. If you tax them to death they won’t be hiring and expanding business.

  164. PGC says:

    Caroline Kennedy withdraws nomination.

    Looks like Cuomo is next up.

  165. grim says:

    Rutgers may need to reevaluate their position based on today’s unemployment release.

  166. james says:

    Tsk, tsk, he said, sardonically. “Obviously what’s needed is more gun control, right? Isn’t that the answer?”

    Wrong, what we need is a better armed public. Put a gun on every grandmother in Harlem and that will solve the problem.

    You know how many healthcare dollars are spent on saving the lives of gang bangers in Newark? Is society better off because we save them? Is that money well spent?

  167. livinginpa says:

    #161 Yikes

    Congratulations…and welcome to the other side of the river.

  168. sas says:

    “Last one out, shut off the lights”

    yeah, no kidding right….

    i love that tagline.
    what year was that from again?

    SAS

  169. lostinny says:

    Congrats Yikes!
    I’m off watching Lost. So happy its finally back on.

  170. Cindy says:

    http://www.npr.org/templates/player/mediaPlayer.html?action=1&t=1&islist=false&id=99173117&m=99403394

    Just sent to me via email…npr – Bruce…

    I’ll have to check back and see if it worked….

  171. sas says:

    god damn I’m good. right on the money:

    sas says:
    December 22, 2008 at 7:13 pm
    predictions 09:

    unemployment will rise 1pt to 7.1 (on the low end)
    http://data.bls.gov/PDQ/servlet/SurveyOutputServlet

    (my second prediction for now),

  172. sas says:

    “7.5 on the high end”

    if it goes over 7.5
    man, yikes!

    that gonna hurt.

    SAS

  173. Clotpoll says:

    chi (168)-

    I’m waiting for Isiah Thomas Night.

  174. sas says:

    on a fun note:

    inside scoop told me a omama several doubles were used at the inaguration.

    i’m haven a blast with the TiVo right now. obviously, they weren’t used during the speech

    SAS

  175. Clotpoll says:

    This brilliant move alone should get Isiah his own night.

    In a holding cell full of tr@nsvestites.

    NEW YORK — Stephon Marbury to Greece? It is being considered on both sides of the Atlantic Ocean.

    Representatives of the Greek club Olympiacos contacted the New York Knicks earlier in the day in an effort to begin a dialogue on what it would take to get Marbury released from his contract, sources told ESPN.

    Olympiacos recently lost Josh Childress for six to eight weeks after he returned to the United States for surgery to repair a sports hernia, and the club is seeking to acquire a replacement player in time for the start of the Top 16 phase of the Euroleague season, which begins Jan. 29 and runs through March 12.

    Marbury has been exiled since early in the season by the Knicks, who have been unable to make any substantial progress in buyout talks with the former All-Star. Marbury is in the final season of his contract and is making $20.8 million to sit on the sidelines. He has offered to give back $1 million to secure his release, but the Knicks have asked for more. Also, Knicks president Donnie Walsh remains convinced that a viable trade opportunity involving Marbury could arise between now and the Feb. 19 trade deadline.
    Marbury is aware of Olympiacos’ interest but has had no contact with the club, according to a source close to the Knicks, who said he expected additional dialogue on the subject over the next few days.

  176. Cindy says:

    (132) other thread – Lisoosh

    Thanks! The big 60 – sixty as in 10 years older than 50….sixty…I have a few days yet to go…

    “Just don’t lecture me on what I think, or what I believe. Nobody is inside my head but me.”

    I never would Lisoosh.
    I hear you there.

  177. sas says:

    “Intel to Shutter Five Older Plants by End of 2009”
    http://tinyurl.com/atqb66

    *Intel will shutter a factory at its headquarters in Santa Clara, California; a plant in Oregon; and assembly and test facilities in Malaysia and the Philippines.

  178. sas says:

    wow, I’d love to do a “triple Lindy”
    off that cliff:P

    The British Pound has imploded
    http://tinyurl.com/cjpmgq

    SAS

  179. Barbara says:

    I’m Tivoing Lost. The commercials drive me nuts

  180. jamil says:

    27 stu: re: jobs during college

    I wonder what sort of jobs people had in college.

    Here are mine:
    – nuclear power plant (industrial cleaning in protective suit and mask in and around reactor core during maintenance)
    – coal plant (assistant to safety inspector..we lost two employees soon after I left and my boss was indicted)
    – road constructions and maintenance (ie setting up traffic lights and signs)
    – demolition (blowing up things; I got licence from army)

    it was fun but life is better doing other things..

  181. Ben says:

    I wouldn’t want to bet against Schiff, the guy has been virtually right on everything other than a dollar rally, which he and Jim Rogers argue simply unwinding of people who took positions against the dollar. Even in this dollar rally, his predictions of huge bank failures and the failure of Fannie and Freddie have come true. In his book, he forecasted inflation if the government came to their rescue. The question is not whether it will happen but when?

    As per Roubini, just because you can identify a problem doesn’t mean you know how to fix it.

  182. Sybarite says:

    Job during college: Gary’s Wine and Marketplace.

    As for the Hate America First comments:

    Liberal ≠ Hate America First ≠ Democrat

    No country is perfect, America included. Acknowledging as much doesn’t mean we don’t love the country.

  183. sas says:

    when it comes to food prices, do not forget about stealth inflation.

    “Big Jump in Food Prices, Inflation is Higher than Government Says”
    http://tinyurl.com/b29mby

  184. Ben says:

    “one in two EOF students do not even perform well enough to be eligible to return for a second year.”

    Stu, I seen the stats first hand at Rutgers for EOF students. You are being too generous. It’s not even their fault. They take a kid from the ghetto who went to a really bad HS, and they’ll put him in a Mechanical Engineering program or a Pharmacy Program. They never have a chance. If they want to correct these problems, they need to revamp the school systems they come from. You can’t expect students to perform at the college level when their high school education isn’t adequate. Speaking of which, we better open up our eyes and fix high school fast. I met this semesters fresh batch of students. It’s getting worse each year. Do I sound like a disgruntled middle age man screaming “in my day”? I’m still in my 20s and can’t believe “these darn kids”. Only it’s real.

    You know all those people in the 70s who said “these kids will be running the country one day”? They were right.

  185. sas says:

    for those whom may not know stealth inflation
    http://tinyurl.com/cvf8qs

    or simply, when it comes to food, they charge you the same price, 99cents for a bag of Doritos, 1 month later… that same bag of Doritos still only cost 99 cents, but it only has 2 stupid chips in the bag.

    SAS

  186. sas says:

    “Carnegie Hall Slashes Schedule and Budget”
    http://tinyurl.com/bqd7s3

    *cutting its 2009-10 schedule by 10 percent because of the recession, instituting a hiring freeze and slashing $4 million from the budget

    SAS
    (best place in all of manhattan for acoustics)

  187. shawn212 says:

    had a couple cool jobs in college – first was an escort. Actually not so cool, walking people home at night around CU campus. After that jobs got better – doorman at Smith and Wollensky followed by a waiter gig at Cite’. Awww Cite’, that wine dinner rocked. Every weekend someone would vomit in the bathroom.

  188. chicagofinance says:

    unmod?

  189. chicagofinance says:

    Let’s censor it a bit

    chicagofinance says:
    Your comment is awaiting moderation.

    January 21, 2009 at 11:49 pm
    I am trying to find a link at Cornell related to my old job there, and I come across this passage under the “Ask Unlce Ezra” threads…..

    dear uncle ezra
    while taking a purity test downloaded from a bulletin board, I came upon the question. have you ever used ben-wa balls? Neither I nor anyone in my dorm knows what these are used for. Obviously it is for some less than normal s-xual purpose, but we don’t know what. could you please oblige us and tell us what these balls are used for? 1st Floor, Boldt Hall

    Dear Boldt,
    After conducting an informal survey, I’ve found you’re not alone — many people don’t know what ben-wa balls are. According to “Human S-xuality” by Masters and Johnson, ben-wa balls are two metal balls that are put inside the v-gina and provide stimulation as they roll against each other. This is covered in Masters and Johnson’s chapter on female m-sturbation. I hope that your collective curiosity has been satisfied. Uncle Ezra

  190. chicagofinance says:

    OK – I used to manage this place….
    Commons Coffehouse – I didn’t have anything to do with the shows though….

    Dear uncle ezra–i am typing from stanford,

    that’s why you’ll have to write back to me at a different address. With regards to an old old request for folk music, that i read while at cornell for homecoming, may i take this chance to plug something that i miss very much? Every Sunday night, WVBR broadcasts a folk show live from the Commons Coffeehouse. If you want to show up, you get a chance to meet the performers and buy the albums they occaisionally sell — but most importantly, you get to hear the encores they play AFTER the show has faded from the airwaves. Bound for Glory has been running now for 21 years, under the direction of Phil Shapiro. Another silly reason to go is that the Commons Coffeehouse serves wonderful coffees and ice cream cones. It’s a wonderful thing that Cornell is lucky to have–free, good music on a regular basis. Temporarily Out of Ithaca

    Dear TOI,
    How exciting to hear from a reader from far-away Stanford! Ah, yes, I can understand why you’re missing the Commons Coffeehouse and WVBR’s “Bound for Glory.” Great music, wonderful coffees and teas, and always plenty of ice cream on hand. And let’s not forget the bagels. Actually, “Bound for Glory” takes place on Sunday nights (8-11pm), not Fridays, but perhaps you’re making a subtle suggestion that twice a week wouldn’t be a bad idea. I agree …I’m a long-time fan. I also like the fact that, between sets of live music, Phil plays a marvelous variety of folk-music records.
    I hope the remainder of your exile isn’t too painful; just keep thinking thoughts of “Bound for Glory.” And for the great multitude of you who are NOT out of town, remember that you don’t have to wait until Sunday night to get some of that ice cream from the Commons Coffeehouse. It’s open Monday-Thursday 9: 30 am-4pm and Sunday 8 pm-11pm.
    Uncle Ezra

  191. kettle1 says:

    sas

    if food prices are going up but the total money supply isnt, then i would strongly argue that that is not inflation.

    I tend to lean towards the austrian (von mises) school of economics…. inflation and deflation are monetary phenomena not price phenomena. trying to describe individual price inflation is a slippery slope and leads to the “cookie inflation” problem.

    if i try and define inflation and deflation as changes in prices such as sugar, flour, or cookies; then if supply and demand cause the price of sugar and flour to jump up (there was a bad year for farmers that produce wheat and sugar cane for example)i must describe the increasing price of cookies as inflation even if the total money supply M3 has not changed. that is an inaccurate description of inflation/deflation. its actually a separate definition.

    deflation/inflation are used interchangeably for 2 different definitions that have different meanings and different implications.

    the first definition is inflation/deflation as a monetary phenomena, a change in the total money supply. an example is Zimbabwe running the printing press and increasing their money supply until they have now had to issue a trillion dollar bill. This is what i would call “monetary inflation/deflation”

    the second definition is simply an aggregate shift in prices, either up or down. This is the one most people use and in my personal opinion is misleading at best. this is what i would call “consumer inflation/deflation”

    The second definition is not what drives phenomena such as zimbabwea or the Wiemar republic, nor the 1930’s depression. The second definition is generally only and end result of supply/demand forces as well as monetary inflation/deflation

    monetary inflation is heavily influenced by central banks and governments. consumer inflation is only somewhat influence by government as supply and demand actors can and often do have significant influence as well.

  192. bairen says:

    From yahoo.

    http://news.yahoo.com/s/ap/20090122/ap_on_bi_ge/california_homes

    Homes in the San Francisco bay area down 50% since the peak, back to 2000 prices. San Francisco is down 16% from the peak.

    Median California sold price is down to Feb 2002 levels.

  193. kettle1 says:

    addition to post 203 on inflation deflation.

    Inour current economic environment you would also have to consider the various derivatives and off book assets that account for a substantial amount of money yet are not counted in M3 or any of the other aggregate money supply stats. Hence why we see deflation right now, with the evaporation of substantial amounts of bad debt that was acting as assets.

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