From BusinessWeek:
Rents Drop Nationwide as Vacancies Spike
The economic crisis has opened up opportunities for apartment tenants. The inventory of vacant apartments is expanding, and rents are dropping quickly in major metros across the country.
For renters with leases about to expire, it’s time to negotiate. Landlords are working extra hard these days to keep units filled.
…
The New York metro area, including New York City and its New York and northern New Jersey suburbs, saw a 3.7% drop-off in effective rents in the fourth quarter (compared with a 0.5% increase in the fourth quarter of 2007), according to Axiometrics, which surveys landlords across the nation once a month.The situation has changed dramatically in the expensive Manhattan market, where tenants are suddenly in control. The layoffs on Wall Street have forced landlords to cut rents; offer one, two, or even three months’ free rent; and pay the broker fee that the tenant would otherwise pay (often 12% of the annual rent).
…
Vacancies are rising most in the high-end doorman buildings, particularly in the Financial District, said Daniel Baum, chief operating officer for the Real Estate Group NY, a residential sales and rental brokerage firm. But rents are falling all across Manhattan, in all price categories, he said. Some landlords have dropped rents as much as 20% to lure tenants, he said.“The luxury high-rise market, especially new construction, is the one taking the worst hit,” Baum said. “There’s a building offering three months’ free rent in the Financial District.”
How many big pharma jobs will NJ lose if Pfizer merges with Wyeth?
Pfizer is in talks to acquire Wyeth for $60B, report says
Drugmaker Pfizer is in talks to acquire rival Wyeth in a deal that could be valued at more than $60 billion, according to a report in The Wall Street Journal.
…
Pfizer has its headquarters in New York. n New Jersey, Pfizer employs 1,600 people, including fewer than 100 scientists who work out of the drugmaker’s facilities in Peapack-Gladstone and Bridgewater.
Wyeth has its headquarters in Madison and employs nearly 1,500 people in New Jersey.
From the Record:
Resorts Atlantic City defaults on mortgage
An Atlantic City casino owned by Meadowlands Xanadu developer Colony Capital has defaulted on its mortgage and may be taken over by its lender.
Column Financial, the lender for Resorts Atlantic City, on Thursday filed a petition with the state Casino Control Commission, seeking to foreclose on the casino or to acquire the title. Resorts has missed its last two payments on a $10 million revolving loan used as a line of credit by the 31-year-old casino, Atlantic City’s oldest gambling establishment.
From the NY Times:
State Jobless Rate Soars; Benefits Extension Seen
Unemployment in New York State rose last month at the fastest pace on record, as some companies laid off workers at a rapid clip while others refrained from their usual hiring around the holidays, the State Labor Department reported on Thursday.
The state’s jobless rate, which is adjusted for seasonal fluctuations, was 7 percent in December, up from 6 percent in November, according to the report. That increase — the largest in any month in 32 years of state record-keeping — will set off another extension of benefits for many New Yorkers who have been looking for work for more than half a year, labor market experts said.
New York City’s unemployment rate, after seasonal adjustments, rose even more, jumping to 7.4 percent from 6.3 percent, the Labor Department said. The city’s count of private jobs declined by 8,500 in December, compared with a normal increase of almost 20,000 jobs in that month.
“We have a job market that has markedly deteriorated,” said James P. Brown, who analyzes employment trends in the city for the State Labor Department. “Employers are nervous enough about the situation that they are pulling back from normal patterns of hiring. And that’s beyond the industries, like banks and brokerage firms, that we know are downsizing.”
ATLANTIC CITY — Its lender wants to take over Resorts Atlantic City, saying New Jersey’s first casino has defaulted on its mortgage.
Column Financial, a commercial mortgage subsidiary of Credit Suisse, filed a petition Thursday with the state Casino Control Commission asking permission to foreclose on the casino, which has not paid its mortgage since October.
http://www.courierpostonline.com/article/20090123/NEWS01/901230359&referrer=FRONTPAGECAROUSEL
From Reuters:
US home prices may drop into 2010 or longer-Shiller
The U.S. housing market slump is nowhere near over and home prices will probably keep falling well into next year, according to one of the property market’s most well known economists.
Robert Shiller, professor of economics at Yale University and co-developer of Standard and Poor’s S&P/Case-Shiller Home Price Indices, told Reuters that while he does not give quantitative forecasts, the futures market indicates the downward trend in home prices is far from over.
“The futures market, based on the indices at the Chicago Mercantile Exchange, predicts that home prices will continue to decline well into 2010 and could go down another 10 to 15 percent,” he said.
“The forecast could possibly be right and indicates things could get worse,” he said.
The market is only midway through the crisis if the forecast is right, he said.
“While I do not want to be bearish, there is a possibility that the decline in home prices may persist even longer than that because of the drop in confidence that we have seen, which is really historic,” he said.
“I don’t really know where to turn to,” said Karp-Schmidt, who was still waiting to hear back late yesterday.
She is one of thousands of New Jerseyans worried about losing their homes. More than 12,000 phone calls flooded the foreclosure-prevention hotline in its first week last week, officials said.
More than 6,000 came in on its first full day, Jan. 12, overwhelming the system, said Dawn Miller, executive vice president of Legal Services of New Jersey, which is fielding calls for the hotline.
“I don’t know that anybody predicted that number,” Miller said. “Our telephone system wasn’t prepared to respond to that, either.”
The volume hints at the depth of the anxiety and fear behind the gloomy economic statistics. Just this week, New Jersey officials announced that the state’s unemployment rate had risen from 6.1 percent in November to 7.1 percent at the end of December.
State officials estimate that as many as 60,000 homeowners could lose their homes to foreclosure in 2009, up from 48,000 last year.
http://www.philly.com/inquirer/home_top_stories/20090123_Keeping_houses__owners_together.html
From the NYT:
Wall Street Paychecks May Wither
Are financial workers overpaid? And if so, will it continue?
The answers, according to a new study by two economists, are yes, they are overpaid, and no, it will not last.
“Wages in finance were excessively high around 1930 and from the mid 1990s until 2006,” wrote Thomas Philippon of New York University and Ariell Reshef of the University of Virginia, in a National Bureau of Economic Research working paper released this week, “Wages and Human Capital in the U.S. Financial Industry, 1909-2006.”
They forecast that up to half the wage differential observed in recent years “can be expected to disappear.”
…
It may be no accident that New York City, the country’s financial capital, went broke in the 1970s as financial industry wages approached their low point. Nor is it surprising that Manhattan real estate prices soared in the 1990s and early in this decade, as multimillion-dollar Wall Street bonuses pushed up demand for high-end apartments. If relative wages are set to decline, the pain in New York could be greater than in other regions.
Way to go Jon! Now THAT is giving it the ol’ New Jersey Try!
Don’t bother sitting down and fixing the problem here at home, but get right on putting together a blue ribbon panel to send to Washington to make sure we get our piece of the bailout pie!
Corzine forms committee to seek N.J. share of federal stimulus funds
Who needs fiscal restraint? Who needs prudence? Why make the tough decisions when you can just beg for a handout?
When New Jersey is in the toilet, Jon, who are you going to blame?
grim 8
re toilet
he’ll send us a giant shit to grab onto.
sl [promises to curb potty mouth eventually]
HOG cutting 1,100 jobs. People are still buying these things? Thought that the HELOC-spigot-tap-out would have shut that place down.
From MarketWatch:
Centex Corp. quarterly net sales totaled 1,080 units
Homebuilder Centex Corp. said that its fiscal third-quarter net sales totaled 1,080 units, while backlog totaled 4,628 units at Dec. 31. “Abrupt and sweeping changes in the economy caused unprecedented homebuyer hesitancy, which severely impacted sales early in the quarter,” said CEO Timothy Eller. The company said that, due to current market conditions and because it expects house prices to continue to decline, it will take between $550 million and $600 million in non-cash impairments in the quarter, primarily for land valuation.
grim (10)-
Yeah. Motorcycles are going to be useless in open-road guerilla resource battles.
Mad Max proved that cars are much more effective:
http://www.madmaxmovies.com/cars/madmax/index.html
Perhaps John would be of some use in retrofitting cars for battle.
sl (9)-
Why does Corzine need a committee to go to DC and beg?
I thought Carla taught him how to beg like a pro.
what is a punishment suitable for thain?
and who is the wise guy who decided to get the media to run with this whole “housing bottoms in 2010” junk? did they have any evidence?
if people on this blog can look at what happened in the 80s and 90s and put it together, why can’t the general public?
I thought Carla taught him how to beg like a pro.
Don’t leave out the ball-gag, that’s the best part.
Slap a dog collar and leather chaps on the guy, and you’ve got quite the portrait.
GBP/JPY goes haywire overnight.
From the Record:
Jobless claims hit record high
The number of New Jerseyans receiving unemployment benefits jumped by 26,000 in the first week of 2009 — the highest recorded weekly number ever — in another sign of the rapid deterioration of the state job market.
More than 208,000 people received benefits in the week ending Jan. 3, according to figures released by the U.S. Department of Labor today, the latest figures available.
That’s the highest number of continuing claimants in the state since at least 1987, when the state started keeping the records.
The increase follows a hike of 19,000 the week before, meaning the number of claimants grew by 45,000, or 28 percent, in two weeks.
The increase comes as New Jersey struggles to meet the demands of the jobless after more than 20 years of taking money from the state unemployment insurance fund to pay for other budget items.
At least part of the rise in unemployment claims will likely be reflected in next in the state’s January job loss figures.
The New Jersey Department of Labor and Workforce Development yesterday reported that the state lost 15,200 jobs in December. The department also revised the job loss in November from 6,200 to 19,600 jobs lost.
why do i have a feeling something of significance will happen from now till Mon?
i hope i’m wrong.
SAS
” predicts that home prices will continue to decline well into 2010 and could go down another 10 to 15 percent,”
So, say you are a banker andd you have to evaluate risk on the part of borrowers. Maybe Shiller is correct and maybe not, but the downside of assuming he is incorrect far outweighs the downside of assuming he is correct. Therefore. it would seem that one must assume that the first 15% of any downpayment will go “poof” over the next year. Thus, aomeone who puts down even 20% might reasonably be expected to have but 5% equity in a year. Combine this with the possibility of cram-downs and it becomes an ever-more difficult time to lend .
More pain is on the way. One-third of U.S. women recently surveyed by America’s Research Group said they plan no clothing purchases–none–in 2009. Normally, it’s just 4%. That means the market is still far too saturated with stores.
Expect closings and bankruptcies to rattle the likes of Lane Bryant, Gap, and Starbucks. It’s the inevitable counterpunch to the days of retailers fighting hand over fist for market share during an era of loose credit and minuscule interest rates.
http://finance.yahoo.com/family-home/article/106466/Where-You-Won't-Shop-in-2009
Got SRS?
#20
“Therefore. it would seem that one must assume that the first 15% of any downpayment will go “poof” over the next year. Thus, aomeone who puts down even 20% might reasonably be expected to have but 5% equity in a year”
…and that it is exactly why we, as first time homebuyers with atleast a 20%downpayment, do not want to jump into this market yet!!
#4 Yikes
When John Thain became Merrill Lynch’s CEO in early 2008, he hired Michael S. Smith Design to revamp his office suite, spending approximately $1.22 million according to documents….
The following is a list of the items in his suite:
Area Rug $87,784
Mahogany Pedestal Table $25,713
19th Century Credenza $68,179
Pendant Light Furniture $19,751
4 Pairs of Curtains $28,091
Pair of Guest Chairs $87,784
George IV Chair $18,468
6 Wall Sconces $2,741
Parchment Waste Can $1,405
Roman Shade Fabric $10,967
Roman Shades $7,315
Coffee Table $5,852
Commode on Legs $35,115….
Thain also paid his driver $230,000 for one years work, which included the driver’s $85,000 salary and bonus of $18,000, and another $128,000 in over-time pay, documents show. Drivers of top executives are often paid about half that amount.
That must be some kinda area rug
http://gsbmedia.chicagogsb.edu/GSBMediaSite/Viewer/?peid=439a24a984fa449a8833412955afac45
Chicago -When you have an hour –
igmchicago – Myron Scholes Global Market Forum: Evaluating Obama’s Proposed Stimulus Package.
I liked this…The 4% decline in consumption is real. There is fear out there. Telling people we are going to do a bunch of worthless stuff (too late) – probably isn’t going to eliminate that fear.
That must be some kinda area rug
I particularly like the $1400 garbage can.
Who needs a $1400 garbage can?
Executives at these banks are completely disconnected from reality.
commode on legs $35,115 – bidet?
#19 SAS – Last time someone here had a funny feeling, it was ChiFi and within a couple of days, Madoff happened.
commode on legs $35,115 – bidet?
See, exactly what I mean, disconnected. How on earth do you trust a guy who still uses a chamber pot?
“Area Rug $87,784”
It was weaved from the hair of 1000 virgin Persians.
Grim,
It’s a Parchment Waste Can not a Garbage Can. He certainly wouldn’t spend that on a mere Garbage Can.
“Good news for renters, not so good for landlords”
Can you top this? Better news for Park Lane squatters.
I wonder if Mohamed Fayed will arrange a GTG and invite his new neighbors?
http://www.telegraph.co.uk/news/newstopics/howaboutthat/4315866/New-Age-squatters-take-over-30m-Park-Lane-mansions-with-views-of-Hyde-Park.html
Futures look bleak
you’re crackin me up at 8 am with the commode, cause it is about that time.
But of course, commode is “anything suitable.”
You know that the term would have worked as an alternate for Depeche Mode.
http://en.wikipedia.org/wiki/Commode
sas says:
January 23, 2009 at 7:09 am
why do i have a feeling something of significance will happen from now till Mon?
i hope i’m wrong.
SAS
use your superpowers to be a little more specific.
KOMP KILLER!
Washington TWP
MLS# 2901893
Sold-6/23/2006- $740,000
expired 3x’s
highest list price- $769,000
Sold 1/12/2009- $416,000
re-listed 1/13/2009- $585,000
currently in attorney review
What a difference a day makes
“While I do not want to be bearish, there is a possibility that the decline in home prices may persist even longer than that because of the drop in confidence that we have seen, which is really historic,”
[6],
Don’t kid yourselves regarding cycles. Once they turn, they tend to go much loner and deeper that most can imagine. A cycle built on a foundation of fraud, manipulation, and currency fixing? This in unprecendented. The move lower will wipe out the entire move up. Oh, it will overshoot on the downside. Buckle up.
“GBP/JPY goes haywire overnight.”
Clot,
The currency market will blow the door off the hinges. This war is just getting started.
Bob, I was recently rethinking my 1999 call.
I may turn out to be one of the more optimistic here.
“why do i have a feeling something of significance will happen from now till Mon?”
SAS,
It’s a keg of dynamite, can go off at any time. Today, tomorrow, 4 weeks, 6 months, etc.. The bottom line, it will blow sky high.
“The move lower will wipe out the entire move up. Oh, it will overshoot on the downside. Buckle up.”
To please Gary, you must add, ‘except in Bergen to county.’
Remove the extra ‘to’ please!
I need more coffee.
And where’s Bi?
Does anyone have any experience or have an opinion concerning the Harj Gill book and system:”Own Your Home Years Sooner..without making extra interest payments” ?
Victorian… in an earlier thread. Thanks for the Buyer’s agent suggestion. I was hesitating about that because of fear of pressure. Is there anything I can read up on before choosing a Buyer’s agent?
S
http://www.doctorhousingbubble.com/
On National Real Estate –
California Investing and Housing 2009 Forecast – Dr. Housing Bubble Blog
“California home builders are among those pushing for a federal tax credit to spur home purchases. Statewide, California Building Industry Assn. estimates that fewer than 64,000 new homes were built in 2008, the lowest since 1954.”
“The December sales total for new homes in Southern California was 79% below the peak sales month of December 2005, when 8,723 new homes were sold.”
California Market Advice: Don’t Buy in 2009
#1 Prices are still dropping
#2 Sales are still low
#3 The economy stupid
#4 Expert credibility shot
#5 Option ARMs
SRS is only up $5 in premarket. I feel jipped.
A while ago, didn’t we have a conversation about FICO bands for mortgage approvals. I remember complaining that there was too high of a spread in the upper band.
http://www.usnews.com/blogs/the-home-front/2009/01/21/low-mortgage-rates-how-to-take-advantage-of-the-trend.html
Finally, being anal about credit might payoff
#46 – He added that the current prices are near the 2002 levels..
cooper says:
January 23, 2009 at 8:04 am
KOMP KILLER!
Cooper #36
Washington TWP
MLS# 2901893
Sold-6/23/2006- $740,000
Sold 1/12/2009- $416,000
re-listed 1/13/2009- $585,000
currently in attorney review
——
Oh, Boy! The bottom of housing market was between 1/12 and 1/13!
Seriously, it seems like either a vulture picked up the house, or a tax-related manipulation.
Eric Oberg on the UltraShort Treasury ETF
http://finance.yahoo.com/news/Eric-Oberg-on-the-UltraShort-tsmp-14137087.html
“Does the TBT — Treasury UltraShort — have the same compounding issues that other UltraShort ETFs have?”
re: Blow Sky High.
The correct phrase is KaPoom, a Wiley Coyote kind of explosion.
“Bob, I was recently rethinking my 1999 call.”
Pat,
You were right on target 3-4 years ago. Too bad the pundits didn’t listen to you.
Pat – Still heading lower here in California. I bought in 1999 so I am hoping to just stay even…
Your 1999 call would be good news for me…
Five Things You Need to Know: U.S. Declares Economic War
3. Economic War
The term “manipulator” relative to currency is a serious one and not just one more piece of hot campaign rhetoric. “Currency manipulator” is a formal designation set by the Treasury Department that paves the way for explicit sanctions. (Five Things first looked at this issue relative to China in 2006 here.)
Far from being simple rhetoric, and it is guaranteed China will take these Geithner soundbites seriously, the charge of “currency manipulator” will be viewed by China as a strong signal the incoming administration is determined to end the present mercantilist policies where the U.S. takes on increasing debt to consume the good that China manufactures, with the proceeds of the current account surplus recycled back into the U.S. financial markets through purchases of U.S. Treasuries.
This is a fundamental shift but not for the reasons most analysts and media outlets will state; namely, that it means China will non longer purchase U.S. Treasuries, interest rates will soar and/or the dollar will collapse. No, that is wrong. First, the most important purchaser of U.S. Treasuries at present are U.S. banks, not foreign governments. Second, this shift, rather than kick starting an inflationary spiral, will actually exacerbate the deflationary debt unwind by increasing volatility, reducing liquidity and reinforcing risk aversion and balance sheet repair. Eventually this will translate into higher cost of capital, but that is a longer-term issue, not the present one, which is rebuilding or maintaining solvency for corporations and individuals.
http://www.minyanville.com/articles/CHINA-economy-currency-intervention-Swiss-zero/index/a/20753
Pass this video along to the neophytes.
http://www.youtube.com/watch?v=pZsY1rFr_yw
I pray that my tenants don’t happen upon this blog as I recently raised the rent significantly (which was most likely below-market). Not only will I probably end up underwater on my multi-purchase if 1999 comes true (even though I put 20% down), but the lower rent will just serve to accelerate the losses. At least I’m near the train to NYC…oh wait!
Retesting lows and having a few sell offs is all part of the bottoming process. Big deal. Housing has maybe a year or two to go to bottom. Near me inventory is falling, people who don’t have to sell have all pulled their houses and said I guess we are stuck here for the next decade, the people who are in a bind and banks are still actively trying to sell, give me a year or two of that and we will have a bottom. Too bad it will be the longest U shaped bottom ever. More like a hockey stick than a U.
Re the Ultrshort ETF’s,
Are they perfect? No. Are their costs a high compared to other ETF’s? Maybe. Can somebody design a better tracking ETF? Perhaps.
Is there an easier way to double short a market sector when you believe it is going to tank? ? ? ?
It seems to me that unless these windbags are going to design a better mouse trap then they should get over it already.
Northern Trust research on GDP, deflation and the shape of our recovery titled “DUBYA” and no it is not about shrub, but is about the shape of our recovery, not a L, not a V but a W.
http://web-xp2a-pws.ntrs.com/content//media/attachment/data/econ_research/0901/document/us0109.pdf
Futures worsening. Expect to see a nice long covering rally ;) Today could represent Obama’s first real test. If he is as smart as he is supposed to be, he will keep his mouth shut.
grim #60 in mod, a northern trust research report.
“Too bad it will be the longest U shaped bottom ever”
John,
Check your patterns, more like an L.
24. I never knew how tacky these Ivy Leaguers were. It’s like Liberace barfed.
I see it more like a backwards lower case ‘y’. The ascenders representing pre-bottom stock and bond values. And the single descender representing their at-bottom value. ;)
Every time I see a picture of that guy Thain, I am reminded of the fictional character investment banker Patrick Bateman. I wonder if Thain is being ordered to kill cats by a demonic ATMs or is being chased by an anthropomorphic park bench?
From Bloomberg:
Fannie, Freddie, FHLBs Face New Requirements, Lockhart Says
The Federal Housing Finance Agency plans to propose new financial requirements next week for Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks.
The regulatory agency may place new restrictions on Fannie and Freddie’s investments and will revamp capital requirements for the home loan banks, director James Lockhart said in an interview.
Under draft regulations “that everyone fought long and hard for,” the agency will determine the “size and composition” of Fannie and Freddie’s $1.7 trillion combined mortgage portfolios, Lockhart said yesterday. He said his agency also plans to release new minimum capital rules for the 12 regional FHLBanks by Jan. 27, as called for by Congress when it enacted legislation in July to strengthen oversight.
“The 14 of them are so critical to this mortgage market,” Lockhart said of the government-sponsored enterprises his agency regulates.
clot 13
“I thought Carla taught him how to beg like a pro.
Yeah, but at least she sported a whip, Jimmy Choo stilettos and taught him to grovel while naked.
How many of our representatives in DC….do…tha…..oh. Nevermind, I don’t think I want to know.
sl
Every time I see a picture of that guy Thain
I can’t imagine what Thain spent on business card engraving.
From Baristanet:
West Caldwell Company Sued Over Teen Death
Friday, January 23, 2009
A Utah mother is suing West Caldwell based Community Education Centers, over the death of her 15-year-old son’s death. The teen died while in custody of a CEC-managed wilderness boot camp for juvenile delinquents in Colorado. From CBSnews:
The Utah teenager [Caleb Jensen], sentenced by juvenile authorities to 60 days at a rigorous boot camp, was being forced to take long hikes in the Colorado backcountry without water. He was dragged by arm and wrist restraints when he stumbled in pain by counselors who believed he was faking an illness, according to a lawsuit filed in Utah by his mother last week.
At night the boy was “tarped” or bound tightly in a tarp to prevent his escape. Other times, his shoes were taken away. He was given a diaper when he soiled his sleeping bag. Eventually, he couldn’t summon the strength to crawl out of the bag, later discarded as a “bio hazard,” the lawsuit alleges. Jensen died the following day, May 2, 2007.
Bill Pallatucci, CEC’s executive vice president and general counsel for public affairs, told The Associated Press it was a horrible tragedy, but admitted no wrongdoing.
Politicker NJ noted Pallatucci is a top advisor to Republican gubernatorial candidate Christopher Christie.
Ms. Hype told me last nite that a commode can be a cabinet. So the commode that we all think of is a small room containing a toilet. Her guess is that this is a mobile cabinet that can be removed if he gets shown the door. I wonder if he got it out yesterday?
Thain is who he is but If I was a Merrill Employee and shareholder I would kiss the ground he walks on.
Stan O’neal ran the firm to the ground. When he got there Merrill was Billions underwater he knew his time was limited.
Guld let Lehman go to the voulchers. Thain got a heck of the deal for his shareholders who shoudl have ran the register as soon as the deal was announced and Merrill traded at close to $30.
Employees got between $3-4 billion in bonuses thanks to him. He really went to bat for his people and got them paid. I respect that.
All Merrill employees should have been unemployed since Sept. They got 4 months of salaries and a 2007 like bonus from Thain and his team.
71 All Hype
Giant shit. Giant toilet. Giant flush.
I wonder how much of our money he got to take with him on the way out.
sl
regarding the market cap loss chart from the seeking alpha article that we have been talking about lately…..
If you add up the losses of those banks, then you get about 1.2 Trillion lost. the FED has dumped 900 billion in cash into the market. So even though that 900 billion sounds like a lot and would imply inflation it is not. The market cap loss of the banks alone are more then the cash printed by the FED. And that is an underestimate as that list of losses from seeking alpha is only a portion of the total banking loses so far. Also consider that it doent include housing losses.
no inflation here my friends. But watch out once deflation stops. How do you remove over a trillion in cash from the market without bringing the economy to a halt??????
“Employees got between $3-4 billion in bonuses thanks to him. He really went to bat for his people and got them paid. I respect that.”
Make,
After this was paid, management crawled to Washington begging for $20B. Then, they revealed a 4th quarter loss of $21B. Respect? I call it corruption and fraud.
As hard as Mozzillo screwed Ken Lewis is nothing compared to the new azzhole Thain opened when he sold Merril which was insolvent for $50 Billion worth of BoA stock.
Lewis is choking on the load he dumped in his face.
Thain is a hero.
If you thought the $35k chamber pot cabinet was excessive, you should see what Thain spent on powdered wigs and Venetian lace neck collars.
Long live Thain XIV!
“If you add up the losses of those banks, then you get about 1.2 Trillion lost.”
Kettle,
If Roubini is correct, we are approx 1/3rd of the way there.
I call it corruption and fraud.
Bc,
I’m glad you feel that way. Give your bonus back to Washington.
What I want to know is how much he spent on his codpiece?
Gosh I wish the codpiece came back into fashion. I would probably die laughing!
Make [79],
My bonus is earned. Luckily, I have been on the opposite side of these con artists.
80. Stu
Adam Ant tried back in the early 80s.
http://www.youtube.com/watch?v=VPgHbt0ODr4
Man, did Johnny Depp rip this guy off in Pirates or what?
while only time will tell, its nice to see that our new president at least appears to be somewhat ethical. Its a nice change….
re: Circuit City…
Went there on Sunday and picked up 2 things.
Just about everythign was 10% off, which was no deal. I passed on buying memory cards, cables, CDs or anything else, as they weren’t cheap.
I did buy 2 items which I never see on sale, so I feel we got a “best price” on items which are not likely to go on sale.
I bought a Logitech SqueezeBox Boom for $269 (was saving up for one since November)
and I bought a Sony a350 Digital SLR body and lens kit for (?) $700 which my other half needed since a few months ago…I think that was about $70 off.
Most items were remarked back to list price with 10% off everything in the store, except; some crap stuff (ninja turtle ipod sleeves) was 30% off.
A lot was gone ?? and the sales staff was absolutely toast.
There was a group of clerks laying in big loungers watching wide screen teevee while the audio room’s walls visually heaved from sound vibrations… noone was in there, but the entire store was deafening…
Hi all,
Long time reader but seldom poster. In reference to the article posted, my total rent in Avalon Lyndhurst was $X in 2008. They wanted to jack us up by 5% for 2009 and we thought they were nuts. We were willing to compromise for $30 increase but then asked about apartments on the top floor.
Surprise, they had a special for the lofts meaning that we get a loft and a big closet (300-400 extra sq. ft) and a partial view of the city for less than what were paying for last year.
Recession is indeed playing with the rents.
BC,
Everyone in Merrill feels like their Bonus and salary(benefits) since Sept is earned. Just ask any taxpayer if anyone in Merrill deserved a Bonus.
Thain took care of ALL of his own people (not just a selected few) and more importantly not just himself.
Make,
You call it the way you see it. I’ll call it my way. Fcuk Thain.
“Everyone in Merrill feels like their Bonus and salary(benefits) since Sept is earned”
Make –
What were Merrill’s profits last year?
“Everyone in Merrill feels like their Bonus and salary(benefits) since Sept is earned.”
Make,
Really? They all know it’s highway theft. They lost $21B in the 4th qtr. What was earned?
Gotta pay for talent baby!!! You manufacturing guys can always get a new guy to turn the wrench but rock stars deserve rock stars salaries.
#50 Sastry-
I think the listing agent bought it, good for them… can’t wait to see if this offer goes UC- then interested to see what it sells for. far and few between, their are deals to be had… keeping my eyes peeled but time is on my (buyer) side… finally.
Let’s be srious, Ken Lewis is the Napolean Dymamite of the banking world…
“I am such an iiidiot to believe the tan man and commode Thain”.
Ken’s favorite animal is a liger cause, you know, it’s a cross between a lion and a tiger…
http://ds.vggen.com/news/images/napoleon_dynamite.jpg
Make,
Do you really believe these people deserve bonuses? If I new all of their earnings were complete BS back March of 2007, then if anything everyone should have had to pay a penalty for their wanton destruction of America. I almost puked when I heard of the bonuses in 2007 and was even more disturbed after hearing about them collecting in 2008 post bailout. I know the old excuse that only those at the top were aware of the games that were being played with the MBS and CDOs, but that is complete bullshit. I’m not an executive at my company and I saw the writing on the wall two years ago. Ignorance is no defense anyhow.
We’ve all been fleeced by Wall Street, which is typical of America today. The misbehaved are rewarded graciously as those that play by the rules are receiving a death sentence.
Wall Street is so in the pockets of our elected officials that they have corrupted them to believe in the Laffer Curve.
It is this entire charade that leaves me feeling little guilt in shorting our own country. It is the only way to stay afloat with the graverobbers running the show. And as the country collapses due to our corporate and government malfiesance, I will be quoting the closing lines in Trading Places from my beachfront shack in Costa Rica.
Capitalism has failed and only has Wall Street to blame. Enjoy your bonus you traitors!
Gary,
Can you e-mail me at
1elltek at Gmail
have an off-line question for you
Gold at $882. Boo!
“Capitalism has failed”
Nonsense, capitalism hasn’t failed. People have failed capitalism.
“People have failed capitalism.”
Which people people are you referring to?
Stu,
Do you think it’s too late to start shorting our country and what is your strategy?
Gary
correction
1elttek at Gmail
————————————–
John you clearly dont know manufacturing then…
“Everyone in Merrill feels like their Bonus and salary(benefits) since Sept is earned”
I never said that’s how I feel.
danzud,
I can not answer that. You must make your own decisions. The sheep will wait for the government to drop a few bread crumbs into the trough. The Border Collie will get eat steak and the farmer will be dining on lamb.
The american capitalistic system ( now exported globally) has failed due to rampant corruption and cronyism.
The average person is now just becoming aware of the big picture and trying to “get theirs” just like the corrupt big dogs already did. The common man is now fighting over the crumbs that have fallen from the banquet table of the corporate titans.
To bad crumbs are all that is left for most
“Everyone in Merrill feels like their Bonus and salary(benefits) since Sept is earned”
“I never said that’s how I feel.”
Make,
Well then it’s simply an asinine statement.
I know many at Merrill that are laughing about this. They call it the heist of the century. They are too smart to believe that they earned it.
Remember this is talent.
The worst fear of mine is that our sucker politicians will eventually turn to the resource that they think we have the greatest advantage with.
That is, our military.
The sheep will then be forced to risk their lives for these bread crumbs.
Sastry (45) –
Grim is a RE agent. (Grim – Please remove this plug, if inappropriate). I am not sure if he services your area of interest.
I was looking last year before I gave up. I used 2 agents. The first one would not give us details like DOM, OLP etc. and I switched. If you make it clear that you are just testing the waters, I am sure that a good agent will not put undue pressure on you.
Good luck in your search.
“Remember this is talent.”
Remember, petty thieves and rapists are talented too.
# 29 re. Thain’s chamber pot
Maybe that’s why the driver was paid > 200K – somebody has to empty that thing…
Given that many of the top CEO’s and business leaders score very high on psychopathy tests and that such personalities will self reinforce and surround themselves with the same…..
Why is anyone surprised at the current situation?
I.e merrill bonuses. They did what any good Psycopathic personality would do, rob you blind while smiling at you. When you have no empathy any other decision seems foolish.
Saw a business proposal a month or so back to do personality testing for management positions and filter out people who score too high on psychopathic personality traits. Will never happen but would be interesting
make,
Let’s see if I have it straight.
I’m a scurrilous thief and swindler of horrendous magnitude. Stealing hard earned monies of trusting people world wide then asking for more [TARP} monies to salvage the now merged company that is faltering.
I take the money and dole it out to the very people who sat front and center and had their hands in the demise of all the capital — to all the cronies involved — you know, so they can have a nice Xmas.
Yeah. That makes me a good buddy. A good company guy.
In China? They’d execute him.
Here? His given probably a nice parachute (complete with toilet.)
To borrow a line from Meet Joe Black, “[He’ll] be farting through silk boxers the rest of [his] life.”
Yeah. Real Hero. I hope he falls in and drowns in said toilet whilst choking on his own shit.
sl
grim says:
January 23, 2009 at 5:45 am
How many big pharma jobs will NJ lose if Pfizer merges with Wyeth?
Good question. I work at Wyeth – NJ.
SL [109],
LMAO.
“PA lowering rents at rising WTC site towers”
http://tinyurl.com/bgnlop
you have to wonder how long it will be before some one actually makes an attempt at offing one of the bank ceo’s……
its going to happen eventually.
Sweet, i want to see video! clott are you arranging for an NJ version of this?
In Latvia – where growth has been in double-digit figures for years – anger is bubbling over at official mismanagement. GDP is expected to contract by 5 per cent this year; salaries will be cut; unemployment will rise. Last week, in a country where demonstrators usually just sing and then go home, 10,000 people besieged parliament
Bc,
You said you “earned” your bonus after I merely suggested that you send it back to Washington.
That’s fine. I’m sure your unit was profitable in 2008. But your company wasn’t. It should be a team sport.
I think it’s a bit hypocritical to say “Fcuk Thain” and take the stolen money and consider it earned.
but we can Agree to Disagree.
Hey,
Where’s Frank? Did the non-recession get him?
I got the “f-in’ yeah” quote of the year from this document
The Rise and Fall of the U.S. Mortgage and Credit Markets – A Comprehensive Analysis of the Meltdown
from the The Milken Institute
Authors James R. Barth, Tong Li, Wenling Lu,
Triphon Phumiwasana, and Glenn Yago
page 41
“At the outset, it is time to admit that there is nothing wrong with being a renter.”
I know manufacturing, I just don’t get it. I really don’t care how a TV, Phone or lampshade is made or designed. One thing I do know about manufacuring the bar is very low when I did consulting in manufacturing in 2002 and 2003 basic business concepts I gave them were like giving fire to a caveman.
kettle1 says:
January 23, 2009 at 9:54 am
Gary
correction
1elttek at Gmail
————————————–
John you clearly dont know manufacturing then…
Still looking,
Since formation, Wall street has been crooked. Honor and integrity are a foreign language. fair play and ethics are not valued.
Ken Lewis leaked the 1.2M office expense the same day he fired Thain. Where’s the ethics in that?
In the past century everyone knew that wall street was crooked but they didn’t know to what extent. Once in a while the powers that be would sacrifice a goat to the SEC, someone would go to jail and it would portray a picture of fair play.
With today’s technology, blogs, internet, watchdof sites, (we all know MSM is baught and paid for) transperancy is slowly winning. In the past it would have taked decades to find out that TARP money was used to pay salaries and bonuses today we see it in weeks.
If I was 0bama I would form a hit team and guys like Stan O’neal, Mozillo, Chukster, Maddoff would have heartattacks one by one.
It will send a clear message to everyone studying at Wharton.
“But your company wasn’t.”
Make [114],
Please stop making ridiculous statements. It’s getting tiring. You are akin to a cb, just being annoying.
You are talking out of your #ss. We had a record year last year. Who the hell do you think is picking off Mrs Wantanabe?
The worst thing about Merril, is probably the bankers cleaned up and the operations people who had to work very hard to get the merger done got screwed.
Line of the day: Remember this one when they go begging to chosen one!
“GE stated it does not see a scenario where they would need to raise capital.”
OT: For those fans of Cornell, Hip-Hop and the Boogie Down….
Nice factoid….
“….rapper Roxanne Shanté, who had a hit single in 1984—at age fourteen—but ultimately retired from music and earned a PhD in psychology from Cornell.”
http://cornellalumnimagazine.com/index.php?option=com_content&task=view&id=313&Itemid=56&ed=9
From Bloomberg:
Small Banks Move Into Mortgage Market as JPMorgan Fears to Lend
http://www.bloomberg.com/apps/news?pid=20601213&sid=akVDZKCJEXpA&refer=home
Stu,
Lol, agreed, if they didn’t need to raise capital they would not have to make such a statement.
What happend to my Bronx Boy 3-B? Did he go down with the ship or something?
In a speech before the London School of Economics a week ago, U.S. Federal Reserve Chairman Ben S. Bernanke offered a perverse economic theory in his quest to gather support for never-ending Wall Street bailouts.
Said Bernanke: “This disparate treatment, unappealing as it is, appears unavoidable. Our economic system is critically dependent on the free flow of credit, and the consequences for the broader economy of financial instability are thus powerful and quickly felt.”
In other words, credit is the lifeblood of our economy, and the continued operation of credit providers is actually an issue of national security.
In truth, not all economies run on credit. But over the last decade, the United States became a bubble economy that needed unlimited credit to keep from collapsing. In a legitimate economy, it is not credit that fuels spending and investment, but simply income and savings. It’s too bad our Fed chairman does not understand the difference.
That American families now routinely rely on credit to make every-day purchases is a habit that needs to be broken – not encouraged. What we need in America is more restraint and less indulgence.
For example, Americans in the current economy should not go into debt to buy new cars. Given the level of debt that weighs down the typical family, Americans should defer such purchases until they have paid down existing debt, or have replenished their savings to the point where they can afford to pay cash. Until that time, Americans should continue driving their old cars. In the meantime, the untapped savings could be made available to local businesses that would use it to finance badly needed capital investments.
But such a drastic reversal in financial culture represents the kind of change that no one in the outgoing or incoming White House administrations appears willing to consider. By providing perpetual support to lenders that have bankrupted themselves through bad loans, the government merely guarantees that bad economic behavior will continue.
Credit is indeed vital to an economy, but it does not constitute an economy within itself. The important thing to remember is that credit is scarce, and is limited by the stock of savings. Obviously, savings loaned to one individual is not available to be loaned to another until it the outstanding debt is repaid. If it is never repaid, the savings are lost.
Sign up below…
and we’ll send you a new investment report for free:
“Credit Crisis Report.”
Loans to consumers not only crowd out more productive loans that might have been made to business, they have a far greater likelihood of ending in default. In addition, while business loans increase our capital stock and lead to greater productivity, loans made to consumers are merely spent, and do not create conditions that will make repayment easier.
When businesses borrow to fund capital investments, the extra cash flows that result are used to repay the loans. When individuals borrow to spend, loans can only be repaid out of reduced future consumption.
One of the reasons we are in such dire straits is that consumers have already borrowed and spent too much. Many did so based on the false belief that ever-appreciating real estate would ultimately provide the means to repay their debts and finance their lifestyles. Now that reality has finally set in, why should the spending spree continue?
The fact that our gross domestic product (GDP) – 70% of which is consumption-driven – is currently contracting should not surprise anyone. In fact, such a contraction is long overdue and the government should not do anything to interfere.
In trying to perpetuate the illusion, the government wants to revive the spending spree that has led us to this disaster. But how can such actions possibly help? How will more debt improve the economy? Wouldn’t our circumstances be vastly improved if we paid off some of our debts and replenished our savings? Wouldn’t we be in better shape if instead of buying more stuff we concentrated on producing it?
The unpleasant reality is that years of bad monetary and fiscal policy have encumbered our economy with debt and undermined our industrial capacity. The sooner we can begin to repair the damages, the sooner we can right the ship. If instead we merely administer more of the same, the ship will sink in a sea of inflation.
#82 Barbara, thanks for the flashback to my youth. And you’re right, Depp definitely ripped him off.
Yikes, re: some posts from yesterday. I meant to warn you about the Pennsyltucky comments. You will find many a Northern NJ resident throwing that term around quite arrogantly and condescendingly. I have chosen to just smile and nod. After all, I don’t want these NJ residents to find out that living in PA is actually much better than where they are on so many levels – better taxes, better prices, plenty of culture, with access to NYC, Phila, mountains, beaches all within about an hour and certainly not overrun with incestuous, rednecks with missing teeth (alright maybe one or two sneaks by here and there).
James Carville described PA best – Philadelphia and Pittsburgh with
Alabama in between.
“Two Queens hospitals set to close
Mary Immaculate and St. John’s, with 2,500 workers, could be shuttered unless N.Y. state agencies can come up with a rescue plan”
http://tinyurl.com/a9nf6p
I am not giving back any bonus money, I need it to feed and house my soon to be indigent family members.
One bonus is I might become the proud owner of a 2005 mint condition convertible Vette, that is if I can convince my FIL I will carry his mortage for a year if he gives me the keys.
Sorry, can’t help myself, the timing is just too good. ;)
Re: Culture
Pa. woman who sells ‘gothic kittens’ with piercings faces charges
#130 Grim –
Now that is just wrong ;o) Touche
Analyst claims Hovnanian may fail “absent a miracle”; builder denies it
http://www.app.com/article/20090123/BUSINESS/90123029/0/BUSINESS
#129 Sean
Maybe he can use the Vette to get a buyer.
A Bristol man has taken a black marker pen to his white £40,000 Porsche in an attempt to get a new job.
http://news.bbc.co.uk/2/hi/uk_news/england/bristol/somerset/7846445.stm
From CNBC:
Homeowners See No End to Falling Home Values
Nearly two of every three U.S. households said their house price fell in 2008, double the number who said that a year earlier and up five times from 2006, and they expect prices
to fall faster this year, according a Reuters/University of Michigan survey on Friday.
Homeowners expected an annual average 2.2 percent drop in the year ahead, twice the rate of decline they expected in a survey conducted in the fourth quarter, the survey found.
The data provide no indication that consumers think the decline in home prices is nearing a end, but instead that even larger and more widespread declines in home prices are now expected, survey director Richard Curtin wrote in the report.
The record 61 percent of homeowners saying their home price fell last year suggests the worst housing market since the Great Depression is less likely to rebound before 2010, according to the survey.
Foreclosures will continue to escalate as home equity keeps falling below outstanding mortgage balances, and homeowners will remain intent on rebuilding their savings and reserve funds, the survey said.
More misguided “hope”:
Associated Press
Jan 23, 2009 08:35 AM US/Eastern
Missiles kill 7 in NW Pakistan
By MUNIR AHMAD
Associated Press Writer
ISLAMABAD, Pakistan (AP) – Missiles fired from a suspected U.S. spy plane killed seven people Friday on the Pakistan side of the Afghan border, a lawless region where al-Qaida militants are known to hide out, officials said.
The strike was the first on Pakistani territory since the inauguration of President Barrack Obama.
Pakistani leaders had expressed hope Obama would halt the attacks, more than 30 of which have been launched since the middle of last year, reportedly killing several senior militants.
The pro-U.S. government routinely protests them as a violation of the country’s sovereignty, but most observers speculate it has an unwritten agreement allowing them to take place.
One drone fired three missiles into the village of Zharki in North Waziristan, hitting two buildings, the intelligence officials said on condition of anonymity because they were not authorized to speak to the media.
At least seven people were killed, but there identities were not immediately known.
http://www.breitbart.com/article.php?id=D95SSHE80&show_article=1
Sean says:
January 23, 2009 at 8:54 am
Every time I see a picture of that guy Thain, I am reminded of the fictional character investment banker Patrick Bateman. I wonder if Thain is being ordered to kill cats by a demonic ATMs or is being chased by an anthropomorphic park bench?
You know the guys at the NYSE called Thain “I Robot?”
http://www.bangkokeyes.com/robot3.jpg
Sean, you go, nail that vette you only live once.
From MarketWatch:
British economy officially falls into recession
Plagued by a severe banking crisis, the British economy contracted during the final three months of 2008 at its fastest quarterly pace in nearly 29 years, government data revealed Friday.
Plagued by a severe banking crisis, the British economy contracted during the final three months of 2008 at its fastest quarterly pace in nearly 29 years, government data revealed Friday.
Gross domestic product shrank by 1.5% in the period, following a 0.6% contraction in the July-to-September quarter, the Office for National Statistics said in its initial estimate.
That was the steepest quarterly drop since 1980 and also met the widely-used definition of a recession — two consecutive quarters of declining GDP — for the first time since 1991.
One bonus is I might become the proud owner of a 2005 mint condition convertible Vette, that is if I can convince my FIL I will carry his mortage for a year if he gives me the keys.
Sean,
You’re a true capitalist. You are looking to nail you FIL when he’s struggling to keep a roof over his head.
Congrats buddy.
Furthermore, I’m not bitter at anyone who got a peace of the TARP. Hell, I wish I could have gotten a peace of the TARP myself. I would have bought shiny stuff with it.
I’m mad as hell at the gov’t for giving it.
Rally on, new bailout package from the Senate.
You know what they say, eighth time is a charm.
make – I footed the bill for the wedding, and believe me it cost more than the car which has a value of 53k at most.
So again who is making out on the deal?
Sean, you paid for your brothers wedding?
FYI – every GSE and related federal mortgage related banks have been calling their bonds left and right……I just had a Fannie Bond with a 4% handle called….I guess it is one benefit with this sick UST rally and the de minimus spread that the GSE’s have now to refund (i.e. refi) themselves.
From Bloomberg:
Hovnanian May Fail `Absent Miracle,’ Analyst Reports
Hovnanian Enterprises Inc., New Jersey’s largest homebuilder, could go out of business “absent a miracle” bolstering its equity and cash reserves, bond analyst Vicki Bryan said today. Hovnanian denied it was in trouble.
“In 2008, builders generated billions of dollars in tax refunds, asset sales and in savings by not buying land for development,” Bryan, of New York-based Gimme Credit LLC, wrote in a report today. “These lucrative sources will not be available on the same scale this year, and there is little room to cut costs as revenue declines further.”
Home prices fell in November the most since the government started tracking them in 1991, according to a report yesterday by the Federal Housing Finance Agency. The three-year U.S. housing recession has left homebuilders such as Hovnanian struggling to raise cash. Chief Executive Officer Ara Hovnanian said Dec. 17 the company is slashing prices to keep money coming in.
Hovnanian’s market value has tumbled 98 percent from its peak on July 20, 2005. The builder was last profitable in the fiscal first quarter of 2007.
…
“It seems odd that an analyst would not understand that we ended fiscal 2008 with over $800 million in cash and only have $100 million of debt maturing before 2012,” Hovnanian Chief Financial Officer Larry Sorsby said in an e-mail today. “We have weathered many industry downturns during our 50-year history and strongly believe we have the liquidity to weather the current downturn as well.”
DOW is closing in on 9 ounces of shiny!!!
“Hovnanian May Fail `Absent Miracle,’ Analyst Reports”
Is the fountain still flowing? Hov will be my signal.
Wowzers Make. Look at the shiny stuff go!
BC Bob says:
January 23, 2009 at 11:45 am
“Hovnanian May Fail `Absent Miracle,’ Analyst Reports” Is the fountain still flowing? Hov will be my signal.
Bost: I told you a couple of months ago that they shut it off. However, in fairness, it was coincident with the cold weather.
John? Did you start lunch early?
my rent is going up 6% this year. I am kind of annoyed about this but I think we had a below market rent for the past 2 yrs. Also, this new price will be locked in for 2 yrs (we will have the option to get out upon 30 days notice beginning in 2010) so when you average the increase out over the time we have been in the place it is still below inflation. I was still tempted to make a fuss over the increase, but in reality we are planning on buying in 2010 so having total flexibility in terms of when to move next year is worth something.
Forgetting, for a moment, that the ‘vette was outdesigned/outperformed/surpassed many years ago by a LOT of other “real” high performance cars and now rides only on memories of long-gone better days, you GUYS do know that a ‘vette is now a GIRL’s car, right?
And falls apart quite easily, so it’s not even a good car, at that.
Chevy Vega=Chevy Vette
Chi [148],
Yes, I do remember.
The shovel in the ground, 2005, was my out signal. The fountain, off in the spring, will be my in signal.
[127] living
So long as we keep Carville and his beltway-loving ilk out of the Conservative T, I can live with calling it Pennsyltucky. I cannot stand Carville and he is just as obnoxious IRL as he is on the boob tube.
FWIW, I have been to redneck Kentucky. NEPA is cosmopolitan by comparison. But lets keep that on the down low.
My laid off friend from GS declared we are at the bottom, she said Thain getting fired on the same day she has fallen to driving a ford focus must be a double indicator of a bottom.
My laid off friend from GS declared we are at the bottom, she said Thain getting fired on the same day she has fallen to driving a ford focus must be a double indicator of a bottom.
When is a recovery? When she leases a BMW.
I never understood the super expensive “high performance” cars. I drove a mustang cobra for the longest time but I now drive a GEO metro (heh, 80 hp). I still have the Cobra but it sits in the driveway. I’m friends with tons of gearheads and one of them, who is basically the Michael Jordan of drag racing in the street class rebuilt by father’s 88 Mustang and hot-rodded it. It was so fast that we actually had to limit the horsepower because the tires would screech if you tapped the gas. Needless to say, this all cost well under 20 grand in the end. I was driving it about a year ago when some guy in a Porsche decided to try to pass me on the right while flooring it. I downshifted and had 3 car lengths on him in a matter of seconds. When we came to the next red light, I looked over and he was literally embarrassed. I wonder if he was thinking “why did I spend all this money on this car?”.
“My laid off friend from GS declared we are at the bottom, she said Thain getting fired on the same day she has fallen to driving a ford focus must be a double indicator of a bottom.
When is a recovery? When she leases a BMW.”
No, recovery is when Thain is forced to work at McDonald’s because we burned down his house and seized all his assets. Because at that point, executives no longer control our politicians.
damm stock grant forms were eating into my time. everyone on wall street is complaining. the prior year grants that are now vesting while stock is at a record low gives you the choice of selling shares at a record low to pay taxes upon vesting or opening up your checkbook to cover taxes and risk losing more money. Normally, it is a sell share to pay tax decision five years straight. Back in 2002/3 was last time people paid tax instead of selling shares. I should have been a cop so I would be retired now and living on a beach in Maui.
Sean says:
January 23, 2009 at 11:56 am
John? Did you start lunch early?
Ben cause he is getting some high end knob polishing.
Ben says:
January 23, 2009 at 12:08 pm
I never understood the super expensive “high performance” cars. I drove a mustang cobra for the longest time but I now drive a GEO metro (heh, 80 hp). I still have the Cobra but it sits in the driveway. I’m friends with tons of gearheads and one of them, who is basically the Michael Jordan of drag racing in the street class rebuilt by father’s 88 Mustang and hot-rodded it. It was so fast that we actually had to limit the horsepower because the tires would screech if you tapped the gas. Needless to say, this all cost well under 20 grand in the end. I was driving it about a year ago when some guy in a Porsche decided to try to pass me on the right while flooring it. I downshifted and had 3 car lengths on him in a matter of seconds. When we came to the next red light, I looked over and he was literally embarrassed. I wonder if he was thinking “why did I spend all this money on this car?”.
I never understood the super expensive “high performance” cars. I drove a mustang cobra
Ahh, well there’s your problem ;)
OMG, no, she is a Benz girl, BMW is a boy toy. Actually, driving a BMW 5 or 7 series screams I am borrowing my rich hubbie car, she rather have girlie 80K benz that screams look at me I am the rich one.
make money says:
January 23, 2009 at 12:07 pm
My laid off friend from GS declared we are at the bottom, she said Thain getting fired on the same day she has fallen to driving a ford focus must be a double indicator of a bottom.
When is a recovery? When she leases a BMW.
OT Legal Advice of the Day:
This is another reason why I constantly advise against volunteering, coaching, teaching, or even being around someone else’s children.
Coach Indicted in Player’s Heat Death
http://www.wlky.com/cnn-news/18541445/detail.html
All it takes is one accident, or even one p.o.’ed child or parent that wants to make your life miserable, to make you regret deeply the day you decided to do something for others. While there are truly some cretins or reckless folks that are found out, it is equally likely that decent, well-meaning folks can be ruined simply by being unlucky.
It’s nice to have good intentions, but my point is that they can cost you; no good deed goes unpunished anymore. For those of you that feel it is important to work with kids, God bless you, but as a counselor, I tell people it is safer and cheaper to write a check.
re #157 John – Bird in the hand, FYI I believe GS vested their employees grants early to make up for the shortfall in Taxpayer funded TARP bonuses.
The hits keep coming today to seems O’Bama decorator for the White House is Michael Smith same guy who did up John Thain’s office. Pehaps the O’Man should send over some Secret Service to that office swap to out the cheap stuff.
Ben,
actually i believe the issue is a combination of what tosh and john said.
The idea is to be fast but to also show off your cash enough to have a pretty young lady help you with the shifter.
its all about who has the largest set of antlers…..
“This is another reason why I constantly advise against volunteering, coaching, teaching, or even being around someone else’s children.”
While I wouldn’t suggest anyone take up coaching, any coach that would deny an athlete water, especially a football player, is purposely putting their kids in danger. There are countless studies that confirm that being properly hydrated prevents injury, speeds recovery, and increases athletic performance. On the flip side, dehydration increases injury, slows recovery, and decreases performance. Furthermore, it endagers people with unknown defects, such as a heart problem. You get thirsty for a reason.
From the looks of the picture, the coach was a fat slob and doesn’t have a clue what it is to be a real athlete on a hot day. I have no sympathy for him. A kid is dead because he was ignorant. There are plenty of kids that die on the football field from some sort of health defect. The coaches don’t get in trouble, unless they do something stupid like say…deprive the kid of food and water or make him run 100 laps.
“Ben,
actually i believe the issue is a combination of what tosh and john said.
The idea is to be fast but to also show off your cash enough to have a pretty young lady help you with the shifter.
its all about who has the largest set of antlers…..”
Yeah, that’s the idea. But I’m pretty sure the lady would lose confidence in her man when some punk kid in a rusty car blows him off the road. Besides, there are easier ways to get your knob polished… In fact, if you have a decent personality, you can get it polished for free.
“Pass this video along to the neophytes.”
http://www.youtube.com/watch?v=pZsY1rFr_yw
Sean, not denying our record debt but that video is almost useless as it completely ignores inflation. It should probably be compared as a % of GDP to get a more accurate perpective.
I think BC Bob (or kettle) put up a good video clip of iousa making the comparison on an adjusted basis.
#183 – Kettle nails it. If all you’re looking for is raw speed you can get thank for very little investment (relatively).
However there is are matters of style and taste. Example, by today’s standards a `62 GT Lusso is not a particularly fast car. A new Evo will stomp it pretty much across the board for min $30k. But the Lusso is worth every penny, and one of the few reasons to be rich.
There is a bull market in supply;
“Treasurys poised for big weekly loss on stimulus fears”
http://www.marketwatch.com/news/story/Treasurys-head-weekly-loss-stimulus/story.aspx?guid=%7BE64E8D9F%2D0A44%2D4872%2DA6CB%2DC03C496B1D47%7D&dist=hplatest
re: 163
IMO, a big difference between a domestic car like the Corvette and its foreign counterpart like the Carrera is the in cabin experience.
Premium materials, soft surfaces, well laid out design, etc… Both will take off from the light with authority, but the guy in the corvette has a parts bin experience.
I may be wrong but I believe hose pennies are pinched and then redirected to the UAW. Shame.
“Sean, not denying our record debt but that video is almost useless as it completely ignores inflation. It should probably be compared as a % of GDP to get a more accurate perpective.
I think BC Bob (or kettle) put up a good video clip of iousa making the comparison on an adjusted basis.”
It doesn’t ignore inflation. It shows you how bad inflation will be. Besides, our GDP goes positive if we borrow money from abroad and spend it to consume here. A lot of GDP is phony and based on the idea that we never have to pay it back.
veto (166) –
Is this scary enough?
http://4.bp.blogspot.com/_rWY3qGfe6gc/SI1dtCRoXGI/AAAAAAAAA5o/FCp7-0EiyKI/s1600-h/Picture+1.png
Chinese government worries about social unrest
Senior official says mass unemployment poses challenge for government
“In a rare admission of the threat of widespread social unrest, a top Chinese official said Friday that the government must carefully handle public complaints in the face of new challenges posed by the financial crisis.”
anyone see this??? I thought Dubai was the next NYC?
Indians flee Dubai as dreams crash
Mumbai/DUBAI – JAN 14: It’s the great escape by Indians who’ve hit the dead-end in Dubai.
Local police have found at least 3,000 automobiles — sedans, SUVs, regulars — abandoned outside Dubai International Airport in the last four months. Police say most of the vehicles had keys in the ignition, a clear sign they were left behind by owners in a hurry to take flight.
http://www.daijiworld.com/news/news_disp.asp?n_id=55704&n_tit=Indians+Flee+Dubai+as+Dreams+Crash++-+Fall+out+of++Economic+Crisis
And the link…sorry!
http://www.marketwatch.com/news/story/chinese-government-voices-concern-over/story.aspx?guid={863612D2-07DE-473D-962E-CEE5965FCEAB}&dist=morenews_ts
“DALLAS — A Texas high school girls basketball team on the winning end of a 100-0 game has a case of blowout remorse.”
“Now officials from The Covenant School say they are trying to do the right thing by seeking a forfeit and apologizing for the margin of victory.”
http://highschool.rivals.com/content.asp?CID=903780
When I was single I used to have a mint 2 door V8 1969 Jet Black all original Plymouth Belevedere that looked just like a GTX. JC the amount of greasy guys and mechanics who used to drool on it and leave me notes under my wiper if I wanted to sell was amazing. One night I was crusing Long Beach Road headed to the Island Park Clubs and every motor head was honking their horn at me while they were pitching a pup tent in their pants. However, Girls called it that old black thing and when I went out the only bush you could get is if you ordered a bottle of it from the bartender. After that I got a used 450SL with around 110K miles on it and a new paint job. All the greasy guys disappeared and I saw more tail then a pet store worker. I see have the old benz in my garage but I wish I could go back in time and get my old Pymouth back as that was a real head turner.
Stu,
Jim Rogers wa hyping china and asia again in a few articles he had out earlier this week. Even if i was fairly wealthy, i wouldnt consider such a move.
The consequences of the coming unrest and resource depletion issues means that you do not want to be in the most densely populated parts of the world, and or the places that cannot be self sufficient in at least some manner….
oh and i dont speak any asian languages…..
Stu,
I believe i got mocked a few months back for suggesting that china was going to see civil unrest and a potential uprising against the government
Kettle1:
I didn’t mock you. I simply loaded up on FXP. Some I bought a bit too early, but I’m solidly in the positive column presently. I look forward to the unrest, just as I look forward to seeing Thain hung from his scrotum.
“I believe i got mocked a few months back for suggesting that china was going to see civil unrest and a potential uprising against the government”
kettle,
Tha’s OK. I was called a clown for owning gold when it was $750.
anyone catch the housing crisis reference on CSI last night? it was something along the lines of Grissom not trying to sell his condo in vegas for 50 cents on the dollar
[164] Ben,
I understand your point, and it is reasonable, but you assume that there are universally accepted standards of reasonableness and criminality, and that a family will only sue, or a prosecutor will only prosecute, those that have crossed the well-marked line. My (professional) experience tells me otherwise.
I have a different perspective. It is to avoid litigation altogether, not simply to be in a position to win it if it happens. If you are in litigation, you have already lost, regardless of the outcome.
BTW, if you follow the press on this issue, as I have, you will see that (1) volunteerism has fallen way off for many years now, and (2) this is particularly acute among men. Are they being irrational or simply reacting to what they perceive to be a greatly heightened risk?
I had no idea that people in NJ look down on people from PA.
here’s hoping Jim Rogers goes totally broke and is not allowed back into the US
“(1) volunteerism has fallen way off for many years now, and (2) this is particularly acute among men.”
definitely hazardous to be a man working with young children these days. It is a shame, but you have to ask why is this guy interested in hanging out with little kids.
“here’s hoping Jim Rogers goes totally broke and is not allowed back into the US”
Better suggestion, take the other side of his trades.
[183] skep,
It’s a matter of optics. Folks from NY/NJ look down on folks from MA and PA, and we look down on them.
What amuses me is when the NY/NJ types keep up with Mass. sucks or Boston sucks, yet THEY STILL KEEP COMING. If you think it sucks, STF HOME.
I had no idea that people in NJ look down on people from PA.
I don’t think this includes Bucks and Philly.
I think this has been asked before, but how do american respond to a bank holiday???
the treasury and FED have to have already considered this and made some sort of plans. Is it a complete holiday or are limited transaction allowed.
What about gold? a bank holiday would likely put the value of gold through the roof. How do they counter that. Remember what they did in the 30’s? I believe Roosevelt had a plan to manage the trading of gold to prevent a price spike.
John (90)-
The ability to lose billions of dollars is not a talent.
[185] skep,
It’s to the point where I don’t have to ask. There are no men left.
FWIW, I love kids (have one myself and like it so much, I’m doing it again). And there is a satisfaction in things like coaching or teaching that is just as appealing to a man as anyone. But there is simply too much risk.
Fact is, you don’t ever want to be a man in the legal system where you are an adverse party to a child. Never.
I meet a lot of guys in college or grad school and they say that they want to work with kids or teach. I truly believe their hearts are in the right place. But I want to slap them upside the head and ask “are you cracked?”
[188] grim
I lived there. It includes Bucks and Philly.
“I had no idea that people in NJ look down on people from PA.”
It might be those signs they used to have on the westbound side of Route 80 as you entered Pennsylvania that said “Welcome to Pennsylvania. America Starts Here.”
When in Pennsy, make sure you stop to get a bite here.
http://www.casadice.com/signs/images/outside_sign022.jpg
Jim Rogers wa hyping china and asia again in a few articles he had out earlier this week.
He sits where he stands.
[184] njescapee
The only way he isn’t allowed in is if he renounces his citizenship. You can be barred from getting a visa simply for having done that, even if you aren’t a tax cheat.
grown men who want to work with little children all day are closet salamni smugglers.
Nom
Its simple self preservation. It has become downright hazardous for an adult male to be seen in the presence of children who are not his own.
A family friend ended up in a bad situation because of perception. The whole thing was on camera and he still got run out and permanently stigmatized even though he was 100% innocent!
BTW, if you follow the press on this issue, as I have, you will see that (1) volunteerism has fallen way off for many years now, and (2) this is particularly acute among men. Are they being irrational or simply reacting to what they perceive to be a greatly heightened risk?
BC 175
hey! get out of my head! I actually thought of posting that article.
My point was to be “look how far we’ve gone off track.”
In the my Dad’s time, this would have be frowned upon. Seems folks had respect for one another and good sportsmanship was paramount.
Odds are, they’d probably allowed the other team to score some points.
There are no manners left in society. No golden rule. IMHO, we really are lost on so many levels – reverting to neanderthals where force and might [not just physical but political and financial) rules.
Our society has become considerably unkind.
sl
72 Make
He also destroyed boa. If not for him, Merrill would have died, now he’s taking another great company with it.
I know NJ has a lot of nice areas, but it also has plenty of pockets of what my relatives in the south would call “urban hicks” (as do NY, CT, MA, etc). I would bet there are plenty of people who live in central PA who are pleased to be off the radar
make 194,
I understand his premise on his Asia call. I happen to disagree with some of his basic assumption though. then again he is the billionaire and i’m not…..
I would be very interested in hearing his take on how china deals with resource depletion as the current global finance/globalism system collapses.
Not that either one goes away completely, but i think both will be nearly unrecognizable after the dust settles.
Ben:
My other half built NJ’s fastest Stock Mustang in 1993. It was (I think) an ’86-88 LX.
Beat Racin’ Jason. (He’s dead)
The car took WELL OVER 20K, a lot of blown up parts, a LOT of math and a lot of spinning chrome late at night…
You can’t get a REALLY fast car unless you are pulling out interior creature comforts (weight) and underhood (horsepower) and then you have to add back in all the safety items you need once you blow 10’s…
Your dad’s car spun tires not because of horsepower, but because of torque.
My guess is that most of the normal men who are worried about the stigma stay away from coaching, etc, and the weirdos just think, great, more for me.
[193] stu
Too damn funny. I had no idea where that was so I had to look it up (its near Pittsburgh so I will never likely be near it).
Were those signs really on I-80? I don’t recall them. How can we get them back up (if for no other reason, to needle Comrade Corzine)?
John (154)-
I call bottom when she loses the Focus and starts turning tricks.
Lawyers and anyone else who might know.
As some of you may be familiar, I have a family issue that relates to confiscated property by the Albanian Communist government in the 1940’s. Does anyone have a suggestion as to anyone stateside, whether it be in the Federal government or legal representation, that would be helpful for me to contact.
Here is the wrinkle. At the time of the confiscation, there were no U.S. citizens involved. However, now there are several who are party to this issue.
The problem is that a very senior level government official has falsified his title, and as a result, all the Albanian citizens involved are being stonewalled locally in the country. I want to pursue avenues in this country. All/any ideas would be greatly appreciated.
“I understand your point, and it is reasonable, but you assume that there are universally accepted standards of reasonableness and criminality, and that a family will only sue, or a prosecutor will only prosecute, those that have crossed the well-marked line. My (professional) experience tells me otherwise.”
I completely agree. No sane man would enter coaching given today’s society. My point was, this guy isn’t an example of why you shouldn’t do it. He’s a nut job, and deserves to pay.
grim unmod? probably using commie
skep-tic
If I may weigh in here…
I’ll bet those people in PA don’t KNOW that they ARE off the radar.
They don’t know -what- they don’t know.
Skeptic, Nom
The whole adult male and children boogaboo is due to MSM sensationalism.
Last i checked, FBI stats show that children are safer now then any time in the last 30 years or so.
its no different then seeing all the articles about female teachers sleeping with students. Its not that its happening more, its just that the “news” has become simply another form of conscious lobotomy for the masses
plume (161)-
I just let the parents of the kids I coach know that I’m enthusiastic about weapons and mentally unstable. It also helps that no other coaches in my area know a lick about soccer.
Works pretty well.
When people assume Jim Rogers is “buying China” I think they make the false assumption that he’s investing in the companies that supply Target with all their junk. He’s invested in natural resources, commodities, agriculture, and water treatment. He’s not buying the entire economy. He’s buying everything the economy in Asia will use up. Someone talked about the “resource depletion” in China. I seriously doubt Rogers will care because he’s the guy who is buying all of them now to sell back to China when they decide to start using them all up.
[203] skep,
I disagree. I used to ump games in little league, but stopped because I got too much grief from coaches. This was before being involved with kids marked you as a potential molester. I have since been approached to help coach (my dad coached baseball), and I would have helped out but for the fact that I see a lot more downside than upside.
Those that still do it may not be weird; they may simply see more upside (the satisfaction, particularly if their kids are involved) than downside (risk of litigation).
BTW, not to be insulting but such thinking simply feeds the risk.
Nom,
Those signs were for real. Google “America Starts Here.” You will see that it was a major tourism campaign a ways back.
171. Victorian says “Is this scary enough?”
yes very scary indeed thank you. Your chart shows us being about 70% more levered than WW2 relative to gdp. i tulip video shows 100 times more levered, which is rediculous to compare the national debt from 80 years ago on nominal basis.
sorry Ben, it does ignore inflation, good point on borrowing for gdp increases though.
maybe kids’ sports should just be organized along Lord of the Flies lines.
plume (191)-
I just like soccer and discovered a few years ago that I can coach. Big whoop.
Let me assure you, nobody is suing me.
Nobody.
106 that is a shot below the belt to any Merrill employee. I have lots of friends there and only a few individuals were involved in determining bonus pools. They haven’t created the problem. True some have benefitted from it but I don’t know many people who whould volunteer for lower pay. Would you?
veto, 214
the result is probably the same in either situation.
Before the recent recession, ‘America Starts Here’ would have been a good ad slogan for Chinese manufacturing.
“sorry Ben, it does ignore inflation, good point on borrowing for gdp increases though.”
You can adjust for inflation all you want and it won’t change the fact that this is the biggest government spending package ever, by far. Furthermore, whenever the government proposed bailouts, we were a creditor nation who had the money. We are a debtor nation who needs to borrow more money in order to finance the bailout.
“106 that is a shot below the belt to any Merrill employee. I have lots of friends there and only a few individuals were involved in determining bonus pools. They haven’t created the problem. True some have benefitted from it but I don’t know many people who whould volunteer for lower pay. Would you?”
If you aren’t part of the cure, then you are part of the disease. Merrill might have still been around today if someone internally had the courage to speak up about the direction of the company 4 years ago. We have laws in this country about “receiving stolen property”. I don’t see how these bonuses wouldn’t apply.
[209] kettle,
That is probably true, but it doesnt help when you want to volunteer and you are told to go pay $400 to get a background check on yourself. At that point, you simply hand back the form and say you have better things to do.
For me it’s worse. I have 1 (soon 2) girls. I can’t be involved in anything that they are unless there are witnesses around. And I find myself dialing back because I did not used to practice what I preach.
Once when my girl was playing with me on a playground, and some others joined in, one got a bruise when she tripped while playing a chase game. The mom got indignant with me, so I called the kids together and said playtime was over and you had to go back to your parents (the mom was taken aback and said she didn’t intend for me to do that, but I politely pointed out to her that she reminded me that there was a risk of litigation, and as a lawyer, I should know better). From that point on, whenever little nom was playing with others, and the others wanted me to push them on the swing or whatever, I said sorry, your mommy/daddy has to do that. And I told the parents exactly that, that I could not push their children on the swing because of potential liability. Surprisingly, most understood and accepted that (and most of those said it was okay). But I still recall that, even when it was obvious that you were a parent, moms treated you like a pariah especially if you were there during normal work hours.
Men and little kids don’t mix. Most women in my town would never do a drop off play date with the husband home unless they know him.
Also I am very leery of any man who wants to coach a little kids team. My daughter did soccer in second grade and it was cool as the coach was a lady who daughter was on the team, if she could not make it her husband or one of the Dads who had kids on the team would be back-ups. Now when the kids get older there are travel teams and volunteer coaches who don’t even have little kids any more and some are male. That is creepy creepy creepy. Letting little boys and girls on a bus with older men who like to be around other peoples kids so much they don’t even need to get paid.
[216] clot,
I hope no one is suing you, and no one does. Provided you are laid back and have witnesses around at all times, your risk is low.
My point is that your risk is NOt nonexistent, and for me, the downside doesn’t justify the upside. And as with any client, I can only advise—if the client chooses not to take the advice, its their right.
Good luck with coaching. Seriously.
I am with you, I don’t touch no-ones kids and refuse to ever ever be in a room alone with them. If I saw some guy pushing my kid on a swing I am calling 911.
comrade nom deplume says:
January 23, 2009 at 1:29 pm
[209] kettle,
[223] John,
I know that your probably trolling on this point, and that it is your right to think that way, but IMO, you and those who think that way are part of the problem.
In short, I advise the way I do because of people like you.
Nothing personal.
Nom
moms treated you like a pariah especially if you were there during normal work hours.
seen it first hand. There is something very wrong with society when fathers have to think twice before interacting with their own children!!!!
[226] redux,
and perhaps we should get off this. It was OT, after all.
Judging from the comments today, it looks like all the money made by Americans in the last 10 years was by selling each other houses and suing each other.
John’s boys are hot!
“I am with you, I don’t touch no-ones kids and refuse to ever ever be in a room alone with them. If I saw some guy pushing my kid on a swing I am calling 911.”
If I saw some man fornicating with an onion, I too would call 911.
plume (224)-
Something very bad would befall someone who would try to sue me in such a situation.
And it would happen while I’m asleep.
And you wonder why you rarely see kids playing by themselves in the street anymore.
Stu 230
How did you see past the onion?
sl
[234] sl
ON that note, enough!!!
I volunteered at a local elementary school. They put me in a kindergarden class with about 20 students.
I came twice a week for about 4 hours to read books to the kids and help them do activities. The regular teacher thanked me for helping with her class as most of the students were from disadvantaged homes, often without fathers. It allowed her to spend more time on an individual level with the children while I kept watch over the others.
When my class schedule changed in the next symester I let her know that I wouldn’t be able to volunteer. When I left there was a small boy who wouldn’t stop crying. They let me know that his father had abandoned his mother and him and he was reacting badly to my leaving.
Nearly broke my heart.
There is absolutely nothing wrong with males volunteering their time with children. Everyone that I know that works with small children have said that they would prefer a strong, stable male role-model in children’s lives.
trying again
chicagofinance says:
Your comment is awaiting moderation.
January 23, 2009 at 1:14 pm
Lawyers and anyone else who might know.
As some of you may be familiar, I have a family issue that relates to confiscated property by the Albanian C-mmunist government in the 1940’s. Does anyone have a suggestion as to anyone stateside, whether it be in the Federal government or legal representation, that would be helpful for me to contact.
Here is the wrinkle. At the time of the confiscation, there were no U.S. citizens involved. However, now there are several who are party to this issue.
The problem is that a very senior level government official has falsified his title, and as a result, all the Albanian citizens involved are being stonewalled locally in the country. I want to pursue avenues in this country. All/any ideas would be greatly appreciated.
“I came twice a week for about 4 hours”
I say it is probably ime to lay off the Viagra!
Alright, I’ll stop with my elementary school antics for now.
unmod – I don’t know why….
“I came twice a week for about 4 hours”
You might want to see your doctor about this.
Alright, I’ll stop with my elementary school antics for now.
Regarding coaching….I only worry if the coaches kids are not involved. My colleague coaches in baseball and basketball leagues, but the main reason he got involved is that most of the coaches/organizers do two things: (1) they stack up the league all-stars on their son’s teams; (2) they give their sons and their friends a disproportionate amount of playing time.
He felt that if he could fit it around his work schedule, he owed it to his son to try and give him a fair shot at enjoying himself……plus he got to spend time with his son as a bonus…
The right to sue is a great right, been sued once won, sued someone once won. Don’t ever want to do it again and wreck my 1,000 batting average.
Personally, I don’t think they should let lawyers get anywhere near children. It is unfair to the parents when some creepy lawyer is showing his legal briefs to the boys and girls and he can defend himself for free while the parents have to pay for a lawyer. A lot of landlords won’t rent to lawyers for this reason.
Bet your wife found that hard to swallow.
Stu says:
January 23, 2009 at 2:05 pm
“I came twice a week for about 4 hours”
Peace John ;)
Why would you worry?
I don’t have any kids, but plenty of nieces and nefews. I find it very rewarding to help spark the imaginations of young children.
I definitely find it upsetting that people have developed this idea that males shouldn’t be involved with children for fear of reprisal.
One of my favorite teachers in middle school was a male. He had a profound effect on my life. I still remember when I told him I didn’t have time to do my homework. He said, “Did you go to sleep last night…then you had enough time”. I truly belive that if a female teacher had said that to me it wouldn’t have struck such a cord with me…no offense to female teachers.
Female teachers get accused of wrong doing just as much as male teachers.
[232] clot
“And it would happen while I’m asleep.’
No good. Should be “and it would happen while I was at the local children’s hospital fundraiser, where I was at a table with the mayor, the district attorney, and four nuns from the Sisters of Mercy convent.”
[244] John,
“A lot of landlords won’t rent to lawyers for this reason.”
or law students. HLS students routinely told prospective landlords only that they were going to Harvard, or if pressed, “grad school”, in order to avoid killing their chances.
am I being too picky if I want to fire my RE agent because she doesn’t know mortgage rates aren’t at 4.8% anymore? she just sent me an email saying this
Skep,
I would send a reply to her that lets her know that she if she doesn’t quote the most recent mortgage rate averages that you heavily discount anything else she says.
Provide her a link to the mortgage bankers collected statistics.
http://www.mbaa.org/ResearchandForecasts
In truth now that I look at the numbers 1 year ARMS from FNM and FRE confroming IS 4.89%.
Maybe that is what she meant?
no inflation here my friends. But watch out once deflation stops. How do you remove over a trillion in cash from the market without bringing the economy to a halt??????
no clue.
try to think like obama’s dream team is thinking. what would you do?
Since this is an opinionated group.
Wanted hear the general consensus Whole Life Insurance as an investment in market like this? Or in general. My wife and I are recently married, just starting out and very seriously considering.
Thoughts? Laughs? Heckles? Feelings? Hopes? Dreams? Bueler?
“In truth now that I look at the numbers 1 year ARMS from FNM and FRE confroming IS 4.89%.
Maybe that is what she meant?”
******
no, she knows we are only interested in 30 yrs fixed.
she is the manager of her office, BTW
Basically, if I am hiring someone to do a job, I sort of expect that they should know more about their business than I do. Otherwise, what is the point.
#254
“Whole Life Insurance as an investment”
my understanding is the only way this even remotely makes sense is if you have already maxed out all other taxed deferred investment options. but usually, the fees associated are so high that they outweigh the tax deferred component. conventional wisdom is that term life is the only insurance you should have and invest separately
“Whole Life Insurance as an investment in market like this?”
Depends on your view of the economy RemainCalm. Personally, I think 20-year term is your best bet. Noone ever taps their life insurance policy until their dead. Much cheaper to continue buying the term. Why gamble with life insurance. Gamble in your taxable and retirement accounts, not with your insurance.
And if you do go the whole life route, have a lawyer read the fine print. These policies are rigged worse than non fixed mortgages. Once can not easily change their mind once you sign. The penalties are often horrible until year 10.
First,
I think that insurance should cover you in case of the “oh sh!t” events that life can throw at you. Insuring things you can do without is dumb, take the loss and move on.
I say this because I have people in my family that are insurance agents/real estate agents/contractors sometimes all three at the same time. This smartmoney article pretty much sums up whole life insurance policies.
My office mate explains it like this. Either you are buying insurance, or you are investing. Don’t mix the two it can only make decision making harder.
http://www.smartmoney.com/personal-finance/insurance/term-or-whole-life-8011/?hpadref=1
Whole life insurance is expensive: You’re paying not only for insurance but also for the investment portion. That extra cost might almost be worth it if these policies were a good investment vehicle. But usually they aren’t. Insurance agents like to call these policies retirement plans, emphasizing the “forced savings” inherent in forking over the premiums each month “for retirement.”
Leaving aside the fact that there are many better ways to save for retirement, these policies come with high fees and commissions, which sometimes lop off as much as three percentage points from the annual return. On top of that, there are up-front (but hidden) commissions that are typically 100% of your first year’s premium. Worse, it’s often impossible to tell what the return on the investment will be, and how much of what you pay in goes toward the insurance and how much toward the investment.
“Whole Life Insurance as an investment”
I agree with skep-tic on this. Go with term life and do your investing elsewhere. If you work at companies with 401k matching, that should be maxed out first.
With that said about whole life insurance…
If your interested I know someone who will sell you a policy.
My father took out a whole life insurance product on me when I was 12. When I was 21 I cashed out the policy for 125$. The thing had the worst expense ratio I have ever seen no wonder it accumulated nothing over almost 10 years.
yikes (253)-
The only reason they have Tall Paul around as the inflation chaperon is to create the illusion that they have a plan to remove all that money from circulation once inflation heats up.
What no one seems to understand is that they actually WANT inflation. Coming on the heels of what’s about to pass, it will wipe out the middle class forever and sheeplize the entire population.
Has anyone ever met a family that was helped out because someone had a life insurance policy? I haven’t, but I’m still young.
calm (254)-
I would rather buy an entire subprime CDO than own a penny of whole life insurance.
skep,
Keep in mind that any quoted rate is misleading.
I say misleading because there are too many factors involved for anyone but a broker running your app to give you a good estimate.
I can find you a 4-handle loan, but it involves paying points and getting shafted in fees at closing.
In her defense, it is probably a rate she pulled off bankrate or a similar site that “quotes rates”.
That said, pushing you to buy based on rates?
That rookie move comes right off the New Jersey Association of Realtors talking points document.
“no inflation here my friends. But watch out once deflation stops. How do you remove over a trillion in cash from the market without bringing the economy to a halt??????”
Take it from those evil savers. They never spend money anyway.
/end sarcasm
Yikes,
the problem/challenge is that regardless of how you do it, the rapid removal of large amounts of money from the economy can cause a very sudden drop in economic activity.
I have heard that targeted interest rate increases would be one menthod. I dont see how that would remove money fast enough. As its possible that they may need to pull money out almost as fast as they have put it in.
Its like a heroin junky. you cant really detox overnight.
I could be wrong though, it will be interesting to see what they try.
Go with term and invest the difference. Life insurance is for dying, not a savings vehicle.
226 Nom – Re downside not justifying the upside…
I had a similar, but unrelated argument with Stu about this a while back. We had been invited to a Bat Mitzvah for one of his cousins (in the suburban DC area while the DC Sniper was on the loose.
Stu kept pointing out that I had a greater chance of death driving my car, yet I continued to do that.
I did recognize that, but seeing as I had never met said cousin, and she would not miss us if we did not attend, the risk of death, no matter how slight was too much especially since we were not getting any benefit in return.
And it was my father’s birthday that weekend, and I just felt it would be ruined forever if we got ourselves killed.
Stu still does not understand my logic.
Ben.
At $40/month on a million (approx.) it’s not like you are risking all that much. And yes, I know of a few that got paid.
Well this week they are handing out W-2s on Wall Street, I think I should open a frame shop, no one is going to see W-2s that size again for many years to come.
Easy, let Mayoff out of jail early.
Ben says:
January 23, 2009 at 2:56 pm
“no inflation here my friends. But watch out once deflation stops. How do you remove over a trillion in cash from the market without bringing the economy to a halt??????”
“Has anyone ever met a family that was helped out because someone had a life insurance policy? I haven’t, but I’m still young.”
Ben,
I know a few, in their 30’s and 40’s. Cancer. Thankfully, they had a decent policy.
“Stu still does not understand my logic.”
You are right.
A whole load of people will not fly after that plane landed in the Hudson.
What they don’t realize is that they are probably 30 times more likely to die driving to the airport, let alone to their final destination then if they flew there.
This is why I don’t play the lottery until the odds of winning becoming at least worth the full value of the dollar I am risking. In most mega jackpots, that is somewhere in the 240 million range. I feel bad for all of the suckers who pay it up to that level.
Has anyone ever met a family that was helped out because someone had a life insurance policy? I haven’t, but I’m still young.
The people I know only have policies that covery burial costs. Your dead, your dead.
I currently only cover for the 4x the loss of my income. I put my wife through school as an insurance policy if I kick it tomorrow. She can support herself. Obviously she wont be as comfortable as she is now but she wont be a pauper.
CREEPY, a male teacher talking to a young boy about what he did in bed the night before. Holy Pillow Biting.
Nicholas says:
January 23, 2009 at 2:15 pm
Why would you worry?
I don’t have any kids, but plenty of nieces and nefews. I find it very rewarding to help spark the imaginations of young children.
I definitely find it upsetting that people have developed this idea that males shouldn’t be involved with children for fear of reprisal.
One of my favorite teachers in middle school was a male. He had a profound effect on my life. I still remember when I told him I didn’t have time to do my homework. He said, “Did you go to sleep last night…then you had enough time”. I truly belive that if a female teacher had said that to me it wouldn’t have struck such a cord with me…no offense to female teachers.
Female teachers get accused of wrong doing just as much as male teachers.
I would rather buy an entire subprime CDO than own a penny of whole life insurance.
Clot,
hey at least it used to be rated triple AAA!
I have 1.6 million term. After I am gone it is expensive to raise kids and to tip the pool and cabana boys.
ChiFI,
You have a better chance of smoking trees with the pope!
Sorry man.
Your dollar reaches its full payout value when the NJ Mega Millions reaches somewhere around 150 million.
The Mega Millions Jackpot has about 1:175 million odds. There are multiple ways to win on each purchase.
NJ Mega Millions:
To play a board, you must select five numbers from 1 to 56 in the upper shaded board box and select one (1) Gold Mega Ball number from 1 to 46 in the lower white board box. Or you have the option to select the Quick Pick (QP) box, and the Green Machine will randomly pick your numbers for you.
Odds of winning the Jackpot
1 : 175,711,536
Regressive Tax
“Gambling is a tax on people who are bad at math”
Thanks everyone. Much appreciated.
John,
Go to hell.
Frank called, says there is a line forming at Abercrombie.
From Reuters:
Abercrombie lays off workers in “ongoing process”
Abercrombie & Fitch Co (ANF.N) has laid off about 50 employees at its headquarters, a spokesman said on Friday, as part of what the teen retailer called its ongoing focus on managing expenses in the recession.
The New Albany, Ohio company, which has seen its sales of trendy clothing decline as consumers gravitated to lower-cost brands on discount, would not disclose the amount of savings it would gain from the cuts, which mainly affected support staff.
http://money.cnn.com/2009/01/20/magazines/fortune/okeefe_schiff.fortune/index.htm?section=money_latest
http://online.wsj.com/article/SB123266988914308217.html?mod=googlenews_wsj
My broker is kicking ass all over the place.
Apparently home prices have appreciated 550% since 1999 even after a 30% slide in RE prices.
Winkelried is a retard.
http://online.wsj.com/article/SB123265481662707193.html
Goldman Sachs Co-President Jon Winkelried has cut the price of his Nantucket beach estate to $38.5 million, down 30% from October’s original price of $55 million, according to two brokers on the Massachusetts island who were contacted about the price change.
Mr. Winkelried’s listing agent, Linda Bellevue, of Congdon & Coleman Real Estate, declined to comment; the listing is a “pocket,” or unpublished, one.
The executive is offering a combined property including four acres with a new main house, a guest house and a garage with a studio above it, and almost two acres with a house and a garage with studio. Mr. Winkelried paid $7 million for the properties in 1999, records show. Mr. Winkelried couldn’t be reached for comment.
The current Nantucket record is believed to be a $26.5 million sale, set in 2007 for four vacant lots on the Nantucket Sound, according to local agent Jeff Lee, of Lee Real Estate.
Kettle #267
Look at what Volker needed to do in the 80’s to put a halt to inflation. You need to raise rates high enough to trigger a recession.
Perhaps a liquidity injection driven recovery followed by inflation followed by a Fed induced rising interest rate recession ala Paul Volker(asuming they could engineer such a feat) is preferable to taking our downturn in one gulp right now. who knows.
Nicholas:
Must factor in post tax gains. Luxury taxes on winnings are steep. Do your math again ;)
True Stu,
Thanks for pointing that out, I would say that about 250 mil sounds about right then.
Although you could consider the tax a forced donation to education since that is what most states championed when instituting organized gambling like Lotto.
Funny how Jamil missed this one –
“Corruption Indictment for Ex-Senate Leader Bruno”
Mr. Bruno is accused of collecting more than $3 million over a 13-year period, beginning in 1993, from a handful of businessmen seeking state contracts and grants, as well as contracts to manage pension fund investments for at least 16 labor unions.
http://www.nytimes.com/2009/01/23/nyregion/24bruno.html?hp
#265
“That said, pushing you to buy based on rates?
That rookie move comes right off the New Jersey Association of Realtors talking points document.”
Grim– good point. It is pretty frustrating trying to find a good agent.
Teachers to me are as useful as the fat guy blocking the way as the train doors are closing. You want to get the degree but the teachers are there to throw roadblocks in your way. I guess it is good as you need to show you are a survivor and have stick to it-ness. Plus college was my only opportunity to see pipe smoking teachers with jackets with patches on their sleeves.
Chi (239)-
I’d suggest taking your whole claim and laying it out in the form of a Nigerian Letter. Then, circulate it. Could be very profitable for you. ;)
“The problem is that a very senior level government official has falsified his title, and as a result, all the Albanian citizens involved are being stonewalled locally in the country. I want to pursue avenues in this country. All/any ideas would be greatly appreciated.”
Vic,
I am surprised it took him that long to get indicted. He’s a crook. Now they just need to indict that Sheldon Silver clown and make them cellmates.
“If I was being paid $30,000 a year, the very least I could do was hit .400.”
Ted Williams
Abercrombie lays off workers in “ongoing process”
You know things are bad when the beautiful people are getting let go.
Clot,
Nice point about the Nigerian scam.
I suggest that instead of using “I want to persue avenues in this country” you should replace it with “I want to peruse avenues in this country”
Bad grammar makes the Nigerian ones more lucrative. You don’t want someone educated to respond because they are less likely to fall for a scam.
That Nigerian thing is a scam?
Damn, I just sent him my highly coveted Neiman Marcus cookie recipe to get in his good favor.
Can someone please provide me a history of mls #: 2838258.
http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/012309dnbusbuilders.3ef2b87.html
they’re dropping like flies.
http://money.cnn.com/2009/01/21/real_estate/ghost_inventory/index.htm?postversion=2009012315
“I think banks are dragging their rears about doing just about everything,”
CNN Money Report,
Flood of foreclosures: It’s worse than you think
Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called ‘ghost inventory’ could be substantial enough to depress already steeply falling prices when it does go on the market.
RealtyTrac looked at listings in four states, California, Maryland, Florida and Wisconsin, and found that they contained only a third of the foreclosures it has in its database.
The scope of the problem isn’t clear, but it could be huge considering that RealtyTrac has a total of 1.5 million bank-owned properties on its site.
“Many properties that should be listed on the MLS are not listed on the MLS,” said Lawrence Yun, chief economist for the National Association of Realtors (NAR).
I guess Shiller better readjust his numbers.
Where did Bi say to purchase XHB?
http://finance.yahoo.com/q/bc?s=XHB&t=5y&l=on&z=m&q=l&c=
Time for a new thread, I think #301 is the winner.
Move it up!
Before posting a new thread, could someone please provide me a history of mls #: 2838258. Thank you
In 9th grade my english class had a assistant for a few months who was studying to be a teacher at a nearby university. He was caught soliciting a male prostitute a bit later.
In my freshmen year of college I took an astronomy class. The guy was head of some astronomy club around the Daytona Beach area, in his spare time. A few years later I found out he and his buddies molested boys during overnight astronomy campouts.
Definitely not the majority of male teachers to the young are pervs, but 2 is enough to make me think there’s a bit of a problem.
At NYU Stern’s MBA school, the teachers were almost all male, but seemed much more normal – they focused on the pretty girls.
A. West
At NYU Stern’s MBA school, the teachers were almost all male, but seemed much more normal – they focused on the pretty girls.
Did you ever take Roubini’s class?
254. RemainCalmAllisWell: Whole Life Insurance.
in terms of maximizing economy, its best to keep savings and insurance seperate. but it takes discipline to save so if you are lazy about money or require the forced convenience, then a complicated insurance product may work better for you. I chose term life until im 60, during the years the family depends on my income. After that, wife can have whats remaining of our accumulated assets and mortgage should be paid off… good luck
Just another Friday afternoon in NJ:
Saw no fewer than 3 people throwing gobs of fast food liter out of their SUVs while driving with an attitude. One was a City employee in a city truck.
A couple kids under 5 walking around busy streets with no adults, just by themselves.
Called 911 after cars were piling up at a Rt 18/Rt1 car wash (gotta shine the rims, yo) and were literally stopped in line on a lane in rt 1. 911 operator was actually friendly (ist time ever) and sent out an officer. Problem was cleared up, yay me!
Stopped in a McDs ladies room because kiddo had to go. Won’t describe what I saw in there but lets just say that Armageddon is too lenient a punishment.
about 1hr on the road.
Can someone please provide me a history of mls #: 2838258. Thank you.
Can someone please provide me a history of mls #: 2838258. Thank you.
Sent you the listing details, no in-depth history to provide.
Worth noting that they’ve received a Lis Pendens on their mortgage..
LisPenden
$301,000
4/3/2008
US BANK NA 2007-A2
I believe there may be a Sheriff Sale scheduled on the Bergen County Sheriff’s website:
http://www.bcsd.us/sheriff_sale.aspx#sales
The listing is:
Sheriff Number: 763243
Scheduled sale date: 3/27/09
Address: 761 PARK AVENUE OAKLAND
Judgement Amount: 317635.82
I think the listing is incorrect, there is no 761 Park Avenue in Oakland, there is one however, in Oradell.
The judgement amount looks correct based on the Lis Pendens of $301,000. The additional $16k may be missed payments since the 4/3 Lis Pendens and perhaps additional fees.
Hey,
Cool blog, I just found it and I’m already a subscriber
I hope it’s not too brash but I have just begun documenting
my own weight loss(I shed 30 pounds in a month, so not bad
, and I was curious if you could share
my diet for your blog readers.
My latest post is fast weight loss diets
If you would be willing to do a link trade
that would be amazing as I want to discuss my weight loss success
with your readers. If I can lose that much weight then
anyone can. Whatever you do, never give up and you WILL
achieve all your weight loss goals!
much thanks for reading,
Joan