Foreclosure horror story, Jersey cats left for dead

From the Buck County Courier Times:

Foreclosed, they leave cats behind

A Horsham couple has been charged with animal cruelty for leaving behind three cats in their former New Jersey home after it had been foreclosed on last month.

Police in Monmouth County, N.J., said that when Paul and Nancy DiAngelantonio, 52 and 50, respectively, moved out of their house, they left their three cats inside, trapped without food or water for three weeks.

“It’s just not something that’s acceptable,” said Victor “Buddy” Amato, chief of police for the Monmouth County Society for the Prevention of Cruelty to Animals.

According to Amato, the foreclosure was finalized at the end of the year, and the DiAngelantonios had to move out the first few days of January. They packed all of their belongings, including their two dogs, leaving the house empty but for the cats.

The couple said they returned to the home within the next few days, but couldn’t find the cats.

Three weeks later, a real estate agent went to the home to prepare it for sale and found the cats. The agent called police, and animal control officers from the Associated Humane Societies of New Jersey came to investigate.

The officer found two of the cats alive, but in their starvation they had eaten the third cat.

On Friday, Monmouth SPCA Sgt. Matthew Giuliano went to the couple’s new apartment where they moved two weeks ago, accompanied by Horsham police officers, and charged the DiAngelantonios with 14 counts of animal cruelty. Each charge can result in a fine of up to $1,000 and six months in prison.

Dexter and Milo – the names the humane society gave the two surviving cats – are available for adoption to a good home.

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178 Responses to Foreclosure horror story, Jersey cats left for dead

  1. HEHEHE says:

    frist

  2. comrade nom deplume says:

    first

  3. HEHEHE says:

    Stu hates Lew

  4. comrade nom deplume says:

    damn

  5. Shore Guy says:

    “A 2.9% vacancy rate would put the number of homes in the US at 650 million. (approx.)

    Since there are only about 300 million Americans according to the 2008 census estimates this creates a problem.”

    There is No PROBLEM. The extra houses? Owned by John and Cindy McCain

  6. Shore Guy says:

    “grim: shut up….you are a lazy good for nothing realtor and slacker that moonlights as a coral sniffing, spandex-bike-pants wearing, kielbasa chomping, chest hair springing, showerless geek programmer…..go code something….”

    Hey CHifi,

    This is wrong, wrong, wrong. I don’t know how you can say such a thing. There is NO way Grim can sniff coral while snorkeling or diving.

  7. comrade nom deplume says:

    The Courier Times reprints stories like that often, just to remind folks in Bucks what lies across the river, and who you don’t want in your neighborhood.

  8. Shore Guy says:

    The way one treats animals provides a window into ones soul.

  9. John says:

    I am getting an urge to eat chinese.

  10. Shore Guy says:

    “leaving the house empty but for the cats.”

    Even if they had left them outside, at least they could have fended for themselves. But, really, how hard would it have been to bring them to a shelter before taking off? There is a special place in Hades for those who woud do such a thing.

  11. Stu says:

    Yikes,

    Cheapo tip of the day. Buy a 20% off coupon on Ebay prior to making any supply purchases over $1,000. Then put it on your Home Depot Rewards card and save another 5%. If you do it right and wait for the correct sale at HD, you can buy your supplies for about 40% their standard prices with little to no effort. You can also get a 10% off coupon by going to the USPS website and tell them you moved. The welcome pack will contain this coupon as well as one from Lowes (or at least it did about a year ago). The ebay coupon should cost you no more than $20.

    He times 3: I’m sorry I don’t have the time to prove my point. If it helps, I don’t always disagree with his opinion, but his delivery tends to be too short of evidence. I also prefer the author to show opposite sides of each talking point.

  12. Stu says:

    Kielbasa chomping when diving is rather tricky as well.

  13. Shore Guy says:

    Well, B.O. is having a bad day and the Dow is up over 100 points. Folks must figure he will be weak and unable to stand up to the freespending Dems in the congress and there should be lots of cash getting sprinkled around the connected. If the Rs do not get the bailout trimmed or B.0. does not veto a pork-loaded bill, God save us.

  14. Shore Guy says:

    “Kielbasa chomping when diving is rather tricky as well”

    I find that one downright impressive.

  15. Stu says:

    Shouldn’t be long before people realize that ‘hope’ has become ‘nope’.

  16. Stu says:

    “Kielbasa chomping”

    I’m downright surprised that John didn’t make any rude comments about this!

  17. RentinginNJ says:

    the DiAngelantonios with 14 counts of animal cruelty. Each charge can result in a fine of up to $1,000 and six months in prison.

    I wonder how they come up with 14 counts?

  18. Stu says:

    “14 counts”

    Perhaps their were cats involved?

  19. Outofstater says:

    That is so sick. If they would do that to their cats, you have to wonder how they treated their children. As Spam would say, Jeebus!

  20. Hard Place says:

    My response to chifi from previous thread.

    Maybe they are just keeping compensation competitive based on market conditions. If you overpay the workforce, then your competitors can underprice you. You have no maintain some level of competitive advantage on cost or you will be doomed in the long run.

    More easily stated…you don’t like it? Quit and get another job. You can’t? Then they are justified.

    chifi,

    Sorry, but I agree with jcer. Profit sharing I think is a great way to keep all employees happy and to get great employees. True profit sharing, not bonuses. If the company is making money irregardless of what is going on around them? What is the use of cutting 3% of net income to your employees? This is after compensation for higher level salespeople, analysts and portfolio managers at my wife’s company. I did the quick math and these guys are still bringing in on a conservative basis $1mm revenue per employee with 25% gross margins. That is huge! I’m sure the owners of the company can still afford a bottle of Rothschild with dinner. They are billionaires and still make good money in this crappy environment.

  21. #18 – I wonder how they come up with 14 counts?

    2 cats * 7 lives…..

    /hurrrr

  22. Sybarite says:

    lol tosh

  23. Mikeinwaiting says:

    Shore And the answer is “God save us”.
    This is not going to be good. I talk to
    sheeple all the time they have no clue. You might think that it is just the locals up here in Sussex county, not. Easy 6 figure guys, educated ,smart, dare I say employed. It is all going to be just fine in a year. Are they in for a rude awakening.

  24. Hard Place says:

    My post, reagarding your question, is in moderation, #136. Maybe the ECB is watching?

    BC Bob,

    Thanks. Grim, you think you can unmod it? I know someone who works at the Fed and would be able to explain it, but he’s got a forked tongue so it sometimes difficult to understand him.

  25. yikes says:

    after we bail out the cats, what about the geese?

    i hate snow. like looking at it through a window, but actually being in it blows.

    calgon take me away …

  26. Mikeinwaiting says:

    Yikes: Getting more than my fair share of snow today up in Sussex. Does look nice out the window for sure, now where is my plow guy. 100ft with a 30% grade is no job for a snow blower.

  27. Essex says:

    Snowboarding at Mike’s place….reading the cat story makes me wonder and think people often get what they deserve but poor animals….always the victims.

    We have two rescue dogs at our place.

  28. John says:

    hardplace, when there is profit sharing you are an owner, if cutting back that 3% makes the company stronger it is good for everyone!!

  29. Hard Place says:

    BC – just read your post. thanks for the insight. Gears are grinding in my head. I’ll have to oil it and do a little research.

  30. yikes says:

    john, will you let everyone know when the bond market is collapsing? i have a significant amount that im hoping can stay in there until like mid-2010.

  31. grim says:

    From Bloomberg:

    Fortunoff Closes Flagship Store, Said to Talk to Liquidators

    Fortunoff Fine Jewelry & Silverware LLC closed its flagship Manhattan store and is in talks with companies to liquidate most of its merchandise, according to people with knowledge of the matter.

    The jewelry-store chain, started in 1922 in Brooklyn, New York, may file for bankruptcy protection soon, said the people, who declined to be identified because the discussions are private. Arlene Putterman, a spokeswoman for Fortunoff, didn’t return messages. Lori Rhodes, a spokeswoman for Fortunoff owner NRDC Equity Partners LLC, declined to comment.

    Liquidation would come one year after Fortunoff last sought bankruptcy protection and was purchased by NRDC, owner of the Lord & Taylor department-store chain. Retailers such as J.C. Penney Co. have cited jewelry among their worst-performing products as consumers abandon discretionary purchases to contend with rising joblessness and plunging home values.

  32. Stu says:

    “…cited jewelry among their worst-performing products as consumers abandon discretionary purchases to contend with rising joblessness and plunging home values.”

    How many jewelers close shop after Valentine’s Day?

  33. comrade nom deplume says:

    [9] shore,

    Proverbs 12:10

  34. grim says:

    We have two rescue dogs at our place.

    My rescue dog, courtesy of the Newark Humane Society:

    http://njrereport.com/images/alpinedog.jpg

  35. Sean says:

    Where is Hillary?

    Kyrgyzstan just kicked the US and NATO out of Manas Airforce base which was 90 minutes flying time from Afghanistan.

    Nearest air base is now 7 hours away, this is going to hurt the war on goat herders.

    http://www.russiatoday.com/news/news/36774

  36. comrade nom deplume says:

    [35] grim

    Awwww. Looks a little like my dog, except Bostons have the pointy ears

    (yes, that’s right BC Bob, I have a Boston Terrier! Sic’ em boy!)

  37. BB says:

    Bailed-out Wells Fargo plans Las Vegas junket
    Company spokesperson says event is part of the bank’s culture

    WASHINGTON – Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos this month.

    Wells Fargo, once among the nation’s top writers of subprime mortgages, has booked 12 nights at the Wynn Las Vegas and its sister hotel, the Encore Las Vegas beginning Friday, said Wynn spokeswoman Michelle Loosbrock. The hotels will host the annual conference for company’s top mortgage officers.

    The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.

    “I was amazed with just how lavish it was,” said Debra Rickard, a former Wells Fargo mortgage employee from Colorado who attended the events regularly until she left the company in 2004. “We stayed in top hotels, the entertainment was just unbelievable, and there were awards — you got plaques or trophies.”

    While the nation’s recession has led other banks, such as Bank of America, to cancel employee recognition outings, Wells Fargo has not.

    “Recognition events are still part of our culture,” spokeswoman Melissa Murray said. “It’s really important that our team members are still valued and recognized.”

    Corporate retreats have attracted criticism since the bank bailout last fall. Congress scolded insurance giant American International Group Inc. for spending $440,000 on spa treatments for executives just days after the company took $85 billion from taxpayers.

    Beginning Feb. 25, Wells Fargo’s insurance division is hosting a 40-person team meeting at the Mandalay Bay Hotel in Las Vegas, according to the Las Vegas Convention and Visitors Authority.

    Murray did not immediately have details about the size or cost of the events or what was planned.

    In previous years, top loan officers were treated to performances by Cher, Jay Leno and Huey Lewis. One year, the company provided fortune tellers and offered camel rides, Rickard said. Every night when employees returned to their rooms, there was a new gift on their pillows, she said.

    Wells Fargo Chairman Richard Kovacevich has traditionally greeted every employee personally when they arrived.

    Rooms at the Wynn and the Encore are consistently among the most expensive in Las Vegas. The $2.3 billion Encore opened in December as sister hotel to the Wynn. Its decor includes a 27-foot Asian dragon made from 90,000 Swarovski crystals and artwork by Colombian artist Fernando Botero. One of the restaurants features Frank Sinatra’s 1953 Oscar.

    Both properties have high-end retail stores, including Manolo Blahnik at Wynn and Chanel at Encore.

  38. HEHEHE says:

    Sean,

    You forgot the heroin growers. Or are they on our side this month? Better make that the heroin liberators.

  39. John says:

    Only thing collasping is long term treasuries.

    yikes says:
    February 3, 2009 at 4:15 pm
    john, will you let everyone know when the bond market is collapsing? i have a significant amount that im hoping can stay in there until like mid-2010.

  40. comrade nom deplume says:

    [16] stu

    The Audacity of Nope?

    Sounds like the GOP platform right now.

  41. kettle1 says:

    Shore,

    how about we do the same thing to the people who left the kitties.

    They get locked in a cell for 40 days with water but no food. at the end of 90 days they are free to go.

    A human can survive for about 30 days without food in extreme conditions. So they either both die of starvation or one eats the other.

    When can film the highlights and play it on pay per view to help fund TARP

  42. Hard Place says:

    John,

    hardplace, when there is profit sharing you are an owner, if cutting back that 3% makes the company stronger it is good for everyone!!

    Is it me? Is a conservative estimate of $1 million revenue per employee with a 25% gross margins make the owners starve? These guys are making a lot of money in this environment. Not many businesses have this level of revs/employee. This is only using a conservative estimate of 0.50% management fee of assets under management. I haven’t asked my wife how some of the employees feel or if my estimates are accurate, but I’m certain I’m not far off.

  43. Jay says:

    Hey Grim, could you please tell me the status of the property NJMLS 2811681 in Mahwah? Thanks !!

    – Jay

  44. kettle1 says:

    correction

    how about we do the same thing to the people who left the kitties.

    They get locked in a cell for 40 days with water but no food. at the end of 40 days they are free to go.

    A human can survive for about 30 days without food in extreme conditions. So they either both die of starvation or one eats the other.

    When can film the highlights and play it on pay per view to help fund TARP

  45. House Hunter says:

    check out the chart on Dr housing bubble about 1/2 way down the article…gumbint has spent over 8 trillion in relief funds
    http://www.doctorhousingbubble.com/

  46. scribe says:

    From Bloomberg:

    U.S. Property Owners Lost $3.3 Trillion in Home Value (Update1)

    http://www.bloomberg.com/apps/news?pid=20601213&sid=akmNU0mqCLtc&refer=home

  47. grim says:

    Hey Grim, could you please tell me the status of the property NJMLS 2811681 in Mahwah? Thanks !!

    Expired, although I see a pending change to ARIP the day before expiration.

    Neat place.

  48. grim says:

    From Bloomberg:

    Spectrum Brands Inc., the maker of Rayovac batteries and Spectracide lawn-care products, filed for bankruptcy protection with agreement from most of its bondholders to trim debt.

  49. yikes says:

    has anyone seen TAKEN yet? looks like a pretty forgettable movie, but i had a buddy call me to say that the guy is a former CIA agent (at least in that role) and he has all these cool gizmos that we’d totally want/need/use in an end of the world as we know it scenario.

    make sure you’ve got plenty of batteries in that go-bag, kids!

  50. Shore Guy says:

    “Kyrgyzstan just kicked the US and NATO out of Manas Airforce base which was 90 minutes flying time from Afghanistan”

    I remember reading once that they were also flying cargo missions for the U.S. I wonder if those will stop too.

  51. John says:

    bonds are like flipping houses you just need to get lucky with your first few and then ride the wave. Betcha people who bought a 10K 16% 30 year chrysler bond in 1982 that matures in 2012 could care less if they go under. On that 10K bond they already got 43,200 in interest payments

  52. John says:

    Well I guess there are two schools of thought, one where it is fair and one where it is like the big four where Partners grab a huge amount of cash and make staff work for peanuts. Staff do it for the chance to be partner. When I made manager many years ago in the big four I was told that ten% of us will make partner and me millionaires, the other 90% have to leave or be fired. That 10% chance at the gold ring is enought to get 100% to work their butts off so whey pay them all big bucks too.

    Hard Place says:
    February 3, 2009 at 4:31 pm
    John,

    hardplace, when there is profit sharing you are an owner, if cutting back that 3% makes the company stronger it is good for everyone!!

    Is it me? Is a conservative estimate of $1 million revenue per employee with a 25% gross margins make the owners starve? These guys are making a lot of money in this environment. Not many businesses have this level of revs/employee. This is only using a conservative estimate of 0.50% management fee of assets under management. I haven’t asked my wife how some of the employees feel or if my estimates are accurate, but I’m certain I’m not far off

  53. Seneca says:

    >> The NAR’s affordability index reached a record high in December.

    So what’s with all the whining here?

    Chart says it all
    http://economix.blogs.nytimes.com/2009/01/30/housing-affordability-at-record-high/

  54. still_looking says:

    …yeah. O hai! Uh. ain’t that.. uhm…our money??

    http://www.msnbc.msn.com/id/28999671

    =snip=

    “I was amazed with just how lavish it was,” said Debra Rickard, a former Wells Fargo mortgage employee from Colorado who attended the events regularly until she left the company in 2004. “We stayed in top hotels, the entertainment was just unbelievable, and there were awards — you got plaques or trophies.”

    While the nation’s recession has led other banks, such as Bank of America, to cancel employee recognition outings, Wells Fargo has not.

    “Recognition events are still part of our culture,” spokeswoman Melissa Murray said. “It’s really important that our team members are still valued and recognized.”

    =snip=

    sl

  55. still_looking says:

    regarding 55,

    Uh… All I get is coronary artery plaques and gouty tophies….

    Hummph

    sl

  56. HEHEHE says:

    Hahaha and Wells is portrayed as the “conservative” major bank. I think the Oracle of Omaha has lost a few steps.

  57. Essex says:

    35…Yeah man. Nice.

    The first one we got last spring after I lost one dog to lymphoma…he was 14. She was turned into the 43rd precinct in the Bronx…amazing girl. Loves us.

    We then got her a boyfriend this fall…pure bred champion…sterile though and ignored in a barn for years…he is a great guy.

    Good stuff.

  58. Hard Place says:

    Hahaha and Wells is portrayed as the “conservative” major bank. I think the Oracle of Omaha has lost a few steps.

    Buffett is somewhat of a hypocrite too. He asks for more independent boards of directors, yet board of directors of Berkshire is not entirely independent.

  59. spam spam bacon spam says:

    Grim, that little Spooky is so cute he should be illegal. It’s criminal.

  60. The absurdity of it all says:

    Bailed-out Wells Fargo plans Las Vegas junket
    Company spokesperson says event is part of the bank’s culture

    “Recognition events are still part of our culture,” spokeswoman Melissa Murray said. “It’s really important that our team members are still valued and recognized.”

    I ahh, think people are generally… that is for the most part … starting to “recognize” the whole thing for what IT IS.

    What? Oh…

  61. skep-tic says:

    to the extent anyone actually has to get rid of a dog (it is sad, but it happens), it is not wise to advertize on craigslist. I have heard that a lot of dog fight operators get their dogs this way

  62. spam spam bacon spam says:

    I will spare you my adopted orphan animal pictures….

    OK…just one:

    Eeyore at 4 weeks old, he’s a “nurse mare foal”. (Thrown away at birth)

    http://i23.photobucket.com/albums/b385/damonr/home/DSC01296.jpg

  63. spam spam bacon spam says:

    Ooops. That was 3 days old.

    Here is 4 weeks old, about to get “it” from the goat…

    http://i23.photobucket.com/albums/b385/damonr/home/DSC01455.jpg

  64. Shore Guy says:

    The Pentagon says they know nothing about its loss of the airbase in Kyrgyzstan. apparently the decision came to pass right after Russia offered Kyrgyzstan a boatload of foreign aid.

    Ahh, I remember the good old days when little nations helped us stick it to Russia when we gave them cash.

  65. HEHEHE says:

    Shore Guy,

    WE HAD CASH?

  66. spam spam bacon spam says:

    And Eeyor at age 2… he’s getting big now…

    http://i23.photobucket.com/albums/b385/damonr/home/100_0659.jpg

  67. Sybarite says:

    Spam,

    Love that second photo! Looks like that foal got it good; did the goat connect?

  68. HEHEHE says:

    How do you put on images?

  69. SG says:

    MSN Money,

    Housing Recovery: Not Yet, but When?

    For long-term recovery, we believe a more positive view of the industry is dependent on the housing market’s ability to reduce home inventory, which stands at 10.4 months compared to six months on average in healthier markets. In our opinion, home inventories may begin to decline when the pace and level of foreclosed homes eases. Normalized levels of six months may not occur until sometime in late 2010, in our view. We should point out that some of the more troubled markets in California, Florida, and other Sunbelt states have metropolitan areas with more than a 30-month inventory supply.

    Pricing trends are not much better, as the “peak to trough” decline from the boom period of late 2005 to perhaps June 2009 is expected to be 30% to 35% for the national average. Again, select metropolitan areas in overbuilt Sunbelt states and Midwest states with above-average unemployment may experience pricing declines in the 40% to 50% range.

  70. Hard Place says:

    to the extent anyone actually has to get rid of a dog (it is sad, but it happens), it is not wise to advertize on craigslist. I have heard that a lot of dog fight operators get their dogs this way

    They also just steal them from people’s yards. My pooch was stolen almost five years ago, we had him for six years. Cops said summertime, dog fighters troll neighborhoods for subjects to steal. If my dog didn’t die from the dog fighting, he likely would be near the end of his life now. RIP, Hobbes. My wife and I kept his collar and dog dish. We plan on creating a memorial when we buy our first home. He deserved a nice yard to run in.

  71. grim says:

    And Eeyor at age 2… he’s getting big now…

    Wow, he is a beautiful animal

  72. zieba says:

    Cafe Americain:

    Obviously this is going to be a difficult question to answer since the housing markets in the US are not homogeneous. There are significant ‘hot spots’ on the coasts and in highly overbuilt areas.

    Here is a chart based on the Shiller Home Price Index. It shows the geometric mean on US housing back to 1890. It has a growth rate of 3.4%.

    So one might estimate that if housing prices revert to that very long term mean, depending on how fast they revert we might see them roll back all the way to 1995 pricing.

    We would contend that the trend back to 1890 overlooks the significant price inflation that occurred since the US left the gold standard under Nixon, which is all too painfully evident on the chart.

    We have drawn a very simple linear regression of that price change since 1970 rather than 1890 in red.

    Based on that, our own estimate is that on average housing prices will revert to the levels which they were at in the year 2000 for a particular home or its comparables, the price at which its value is most likely to stabilize. We would tend to treat 1995 as a ‘lower bound’ which might be more valid for those areas which had appreciated the parabolic increases from the bubble period.

    Here is a chart that shows the major Case-Shiller Home Price Indices since 1993.

    There is quite a bit of data, but the point is to show just how unevenly parabolic the housing bubble became, and how it diverged significantly after 2000 when Greenspan unleashed the bubble economy with the repeal of Glass-Steagall.

    It was more like a Ponzi scheme with certain areas most vigorously targeted when seen from this vantage point. Therefore we ought not to expect the declines to be of equal percents as well. Some made more, some will lose more.

    http://3.bp.blogspot.com/_H2DePAZe2gA/SYiUthyqjbI/AAAAAAAAH-s/YXqvc5tOn1A/s1600-h/housing+index.PNG

  73. SG says:

    Pick Your Poison: U.S. Debt or U.S. Dollar?

    Focusing on “rejuvenating debt” means misunderstanding deflation.

    The Treasury needs to focus on the orderly process of debt and credit elimination, not on needlessly printing money to prevent the inevitable declines and likely defaults. We remain awash in credit; the U.S. private sector debt remains some $6 trillion beyond what is sustainable at our current GDP. As jobs and incomes are lost and tangible asset values decline, it is our citizens’ debt that cannot be serviced. It’s the same debt that disembowels corporate balance sheets and makes future cash flows undependable.
    Whether or not debt assets are temporarily supported by TARP funds, their values will continue to decline. I would rather support the value of the U.S. dollar during this time than sacrificing it needlessly.

  74. comrade nom deplume says:

    [72] hardplace

    Hard to believe but animal rights activists also kidnap pets from yards. In MD several years ago, a PETA splinter group was caught doing exactly that, and they were euthanizing the animals on the theory that they were better dead than in captivity.

    FWIW, I have seen some of these people prosecuted, and they are true, clueless zealots. Also, they tend to be young and educated, and it is a cinder block in the face to them when sentences get handed down, lemme tell ya. They believe they are gonna get admonished and let into mommy’s custody until the judge says that they get 5 years in the big house. The looks on their faces are priceless.

  75. comrade nom deplume says:

    [68] spam,

    Is that Mr. spam in the photo?

  76. SG says:

    Real Estate: Cram-Downs And Reversals

    I think we need some kind of revelation of any Analyst’s hosing portfolio also. During the bubble years anyone coming on media and cheering, should also reveal their personal RE holdings.

  77. comrade nom deplume says:

    [68] spam

    Amazing how much they grow in that time.

    I bet the goat doesn’t screw around with Eeyore any more. Nothing like getting kicked in the head by a horse (never experienced it, but I played a lot of sports without helmets, so maybe I did).

  78. Stu says:

    We got a rescue dog as well. Well sort of. We rescued him from a breeder in West Virginia ;)

    Pardon the quality. The thumbsucker is obviously Gator Jr.

    http://i442.photobucket.com/albums/qq145/stuw6/Ryedog.jpg

  79. lostinny says:

    Spam
    Eeyore is beautiful. Thank you for sharing.

  80. lostinny says:

    Stu
    Very cute.

  81. freedy says:

    fortunes closing; oh my what is the world coming to… never liked the overpriced crap anyway

  82. freedy says:

    lord and taylor next,, joint was empty
    at xmas , and inventory was low.

    matter of time,,,

  83. Essex says:

    Whoa….another person of note joins the unemployment line….Chris Bangle…Head of BMW Design….

    http://www.topgear.com/content/features/stories/2005/02/stories/07/1.html

  84. grim says:

    From the Star Ledger:

    Atlantic City casinos shedding jobs rapidly

    Atlantic City’s 11 casinos are shedding jobs at an alarming pace.

    Figures released today by the state Casino Control Commission on show slightly more than 38,000 people were employed in the gambling halls — nearly 2,700 fewer people than were working here a year ago.

    In December alone, the casinos shed 566 jobs. That’s compared with 78 jobs lost in Dec. 2007.

    The biggest reduction came at Bally’s Atlantic City, which eliminated 669 jobs in the past year. Six other casinos eliminated 300 or more jobs.

    Atlantic City is struggling not only with the nationwide recession that leaves gamblers with less money to risk, but also with cutthroat competition from slots parlors in other states.

  85. ruggles says:

    Ruggles is not a rescue dog…but his brother Frisky is:

    http://photos1.blogger.com/blogger/2149/2930/320/Picture%20006.jpg

    now as for the cat that showed up on our back porch as a 3 month old kitten and moved into the house. he’s on day 5 of a winter mouse killing spree.

  86. grim says:

    From the Record:

    EnCap bankruptcy case dismissed

    EnCap Golf Holdings has failed in its eight-month effort to reorganize under Chapter 11 of the U.S. Bankruptcy Code, leading a federal judge to dismiss the case this afternoon.

    “I regret the ending,” U.S. Bankruptcy Judge Novalyn Winfeld said. “But a superb result just wasn’t to be.”

    The end of the bankruptcy case, EnCap attorneys have warned, could lead to years of expensive and time-consuming litigation among more than a dozen entities, with at least 200 unsecured creditors now left to look to parties other than EnCap for compensation.

    The hearing began with attorneys for the New Jersey Meadowlands Commission and insurance giant AIG telling Winfield that negotiations had broken down over a disputed $148 million insurance policy to finish cleanup of the landfills at the EnCap site. That led the commission for the first time to side with Wachovia Bank — which wants to foreclosure on the property — in asking the judge to dismiss the case.

    An attorney for the AIG subsidiary, American Home Assurance, asked the judge for an additional week so the company could continue last-minute negotiations with the Trump Organization. But Winfield decided that because Donald Trump has had an interest in the project since November 2007, he already had ample time to have reached some sort of deal.

  87. kettle1 says:

    dont worry, we can still afford in invade foreign nations….

    Tough choices for America’s hungry

    As Walter Thomas knows, it’s hard to look for a job when your stomach is rumbling. The 52-year-old from Washington, D.C., started skipping meals in early January when his savings account was running dry and his kitchen cabinets were almost empty. Thomas at first didn’t want to turn to the United States’ food safety net, the food stamp program, for help. But after being laid off in July from what seemed like a steady job in sales at a furniture store, Thomas swallowed his pride and applied for the monthly food aid. “It lets me think, ‘OK, well, tomorrow I’ll be able to eat. If nothing else, I’ll be able to eat,’ ” he said.

    http://www.cnn.com/2009/LIVING/02/02/food.stamps.economy/index.html

  88. kettle1 says:

    FDIC seeks to triple Treasury Dept borrowing power

    The Federal Deposit Insurance Corp is seeking to more than triple its credit line with the U.S. Treasury Department to $100 billion, a move to give it more financial power to handle U.S. bank failures, the agency said on Monday.

    http://uk.reuters.com/article/usPoliticsNews/idUKTRE51164C20090202?sp=true

  89. kettle1 says:

    Fox, meet hen house…….

    JPMorgan to serve as custodian of Fed program

    JPMorgan Chase & Co. said Tuesday that it has been selected by the Federal Reserve to serve as custodian of the government’s program to buy mortgage-backed securities.

    http://biz.yahoo.com/ap/090203/jpmorgan_custodian.html?.v=1

  90. kettle1 says:

    What If The Real Estate Market Doesn’t Recover?

    The real estate market has to recover eventually, doesn’t it? Maybe, maybe not. Blasphemy you say? It really depends on what your definition of “eventually” is. You would be hard pressed to find someone who doesn’t know that there was a stock market crash in 1929. That crash was one of the precursors to the Great Depression of the 1930s. But how many people would know that the stock market’s 1929 peak wouldn’t be reached again for almost 30 years? If you adjusted the peak for inflation that peak wasn’t reached again until the mid-1960s. That’s a pretty long “eventually.”

    http://www.biggerpockets.com/renewsblog/2009/02/02/real-estate-market-doesnt-recover/?ref=patrick.net

  91. freedy says:

    fdic in trouble,, whats next

  92. kettle1 says:

    in other words, GS is shorting the heck out of the GBP and would like everyone else to buy it at this time.

    Goldman Sachs Says U.K. Is No ‘Reykjavik-on-Thames’

    Investors should be wary of betting the U.K. will have a currency crisis similar to that experienced in Iceland, according to Jim O’Neill, chief economist at Goldman Sachs Group Inc. “The pound is very cheap for the first time in our professional history,” O’Neill said today at a foreign-exchange seminar in London.

    http://www.bloomberg.com/apps/news?pid=20601085&sid=avDDc.h91pQ0&refer=europe

  93. freedy says:

    jamie must have motion pictures on somebody

  94. kettle1 says:

    Spain’s downward spiral spooks bond investors

    Spain lost almost 200,000 jobs in January in the worst one-month rise since records began, lifting the unemployment rate to 14.4pc and inflicting further damage on the credibility of the Spanish government. The ferocity of the downturn has led to a sharp jump in borrowing costs for the Spanish state, which lost its AAA credit rating from Standard & Poor’s last month. A €7bn treasury auction of 10-year Spanish bond on Tuesday saw yields jump to 137 basis points above German Bunds, a post-EMU high. Foreign investors were conspicuously absent, leaving Spanish banks to soak up the debt. “This is a national emergency. The government is being overwhelmed by events,” said Mariano Rajoy, the opposition leader. The mood has changed dramatically in recent weeks as debtors launch hunger strikes and one builder threatened to set himself on fire to protest the credit crunch.

    http://www.telegraph.co.uk/finance/financetopics/recession/4448598/Spains-downward-spiral-spooks-bond-investors.html

  95. sean says:

    1,000 applicants had stood in line in Miami for 35 firefighter jobs.

    http://www.foxnews.com/story/0,2933,487139,00.html

  96. kettle1 says:

    Bank of Japan to Buy 1 Trillion Yen in Shares Owned by Lenders

    The Bank of Japan will buy 1 trillion yen ($11.1 billion) of shares owned by financial institutions to shore up their capital, which has been ravaged by the global stock-market rout.

    http://www.bloomberg.com/apps/news?pid=20601080&refer=news&sid=adKLFiHuLroY

  97. Essex says:

    92….certainly a very small portion of the population owned equities in the 30’s….

    As far as real estate goes, my guess is that it will not recover any time soon. Too many people have been decimated by this one….and lack credit, funds, or the desire to buy. The next phase will also see huge tax increases…big ones…that will make ownership even less desirable…the only thing that can save real estate is a program of government flat rate loans of 3% and the chance to convert to that interest rate for home owners who might not otherwise qualify….that might help.

  98. Sybarite says:

    I think nominal RE prices might recover sooner than many expect; inflation-adjusted prices might not reach the bubble peaks for decades.

  99. PeaceNow says:

    Re: Cats

    I do a lot of volunteer work with abandoned and feral cats here in Monmouth County. The group I work with is overwhelmed; the local SPCA is also overwhelmed. I suspect this is also true of every animal shelter in the state. Many of these poor animals are so starved for human attention that they will give up their feeding time for the pleasure of human companionship. Please, if you’ve ever wanted a cat, or if there’s room in your house for another one, go to your local animal shelter. Or maybe you could get my email from Grim? I’ll be happy to send pictures, descriptions and deliver.

  100. The absurdity of it all says:

    NRC Handelsblad
    Europe warns against ‘buy American’ clause
    Published: 3 February 2009 17:35 | Changed: 3 February 2009 17:39
    Washington is planning billions in subsidies for the ailing automobile industry, and the US senate is debating a “buy American” provision in its economic stimulus package. The European Union fears the US is trying to seal off its market – and is using its diplomatic arsenal in a bid to stop the move.
    *****
    German chancellor Angela Merkel would likely welcome any shift in American thinking. She has warned against national subsidies and protectionism in the wake of the global economic and financial crisis. “I am very wary of seeing subsidies injected into the US auto industry,” Merkel said last week. “Such periods must not last too long because they inevitably lead to a certain degree of distortion and, quite frankly, constitute protectionism.”

    In Germany, the world’s largest exporter, companies export goods worth some 70 billion euros to the US each year.

    Merkel was also speaking out against comments made by the French government. On Friday, French Economics Minister Christine Lagarde described a little bit of protectionism during times of crisis as a “necessary evil.”

    http://www.nrc.nl/international/article2140893.ece/Europe_warns_against_buy_American_clause
    *****************************
    “Tough choices for America’s hungry”

    “1,000 applicants had stood in line in Miami for 35 firefighter jobs.”

  101. chicagofinance says:

    Hard Place says:
    February 3, 2009 at 3:49 pm
    My response to chifi from previous thread
    chifi,
    Sorry, but I agree with jcer. Profit sharing I think is a great way to keep all employees happy and to get great employees. True profit sharing, not bonuses. If the company is making money irregardless of what is going on around them? What is the use of cutting 3% of net income to your employees? This is after compensation for higher level salespeople, analysts and portfolio managers at my wife’s company. I did the quick math and these guys are still bringing in on a conservative basis $1mm revenue per employee with 25% gross margins. That is huge! I’m sure the owners of the company can still afford a bottle of Rothschild with dinner. They are billionaires and still make good money in this crappy environment.

    hard place: think out of the box….you take a hell of a lot for granted….this comment really smacks of a lack of objectivity “….I’m sure the owners of the company can still afford a bottle of Rothschild with dinner. They are billionaires and still make good money in this crappy environment.”

    #1 you don’t see the books, so you can only assume

    #2 when you have private ownership of a company, you also have to see the net worth of the owners….part of the problem maybe be issues completely unrelated to the company….as an example…remember how Fred Wilpon lost $300M with Bernie Madoff….should that affect the Mets? IT SHOULDN’T. Does it affect the Mets? It might.

    Ever consider that the owners of you firm took a serious bath and need all the cash from the company to cover their debts. Are they going to starve…no…but they do not want to be in a position to have liquidate things such as art, collectibles, arcane real estate and illiquid private equity. Even if they personally have not lost a chunk of change, consider that every member of the family may be coming at them with hat in hand.

    Who are you people in this equation? Look at the compensation scheme at the company and you just found out.

    You don’t like it? Quit and get another job. You can’t? Then they are justified.

  102. kettle1 says:

    and fuzzy family member #2

    http://picasaweb.google.com/lh/photo/a18tJPadsWM8_TNvUzCZlQ?authkey=_21-En6qbGk&feat=directlink

    the adoption people practically threw her at us when we said we would take her…. see is mostly blind due to extensive eye infections as a kitten. She was found in a box full of dead kittens, was the only survivor

  103. Clotpoll says:

    Chi (103)-

    All that needs to be recognized is the Golden Rule: he who has the gold, rules.

    Don’t like it? Quit.

    Profits go to founders, partners and risk-takers. People conveniently forget that in private companies, primary profit participants also have their necks on the block first when things turn the wrong way.

    With you on this one.

  104. chicagofinance says:

    Need opinions…is this fine or not?

    client case from NY State

    Sent: Monday, February 02, 2009 10:42 PM
    Subject: RE: Refinancing my Mortgage

    It was a pleasure speaking with you earlier this evening. Per our conversation, here are the details we discussed:

    If we work off of a round number building in the estimated closing costs the different rates and monthly payments are as follows:

    Mortgage: $xxxx
    30 year fixed with 0 points

    5.5% – $x per month
    5.25% – $x per month
    5% – $x per month
    4.75% – $x per month

    Estimated Closing Costs:

    Application Fee: $505 (paid when appraisal is ordered – only out of pocket expense)
    Commitment Fee: $565
    Bank Attorney: $700

    New York State Mortgage Tax: Normally this is 1.05% of the mortgage amount but since you are an existing xxxxx mortgage customer the mortgage tax is waived

    Title:

    Title Insurance: $525 (Approximately)
    Endorsements: $100
    Recording Fee: $175
    CEMA Fee: $125
    Bankruptcy/Patriot Search: $50
    Municipal Search: $400
    Title Closer: $175

    Prepaid Interest: Calculated from the day of closing until the end of that month. You will skip your next mortgage payment though as mortgages are paid one month in the rears.

  105. Shelly says:

    You will all see things are not as bad as they portend.

  106. Essex says:

    Portend?? Good word….now surrender all valuables and weapons– you have entered the compound.

  107. BC Bob says:

    “You will all see things are not as bad as they portend.”

    I agree, it’s much worse. Just look at the real employment #’s. You’re on to something Shelley.

  108. bklynhawk says:

    ChiFi-
    Closing costs seem pretty reasonable – $3320. Rates seem competitive.

    Or, are you asking about the wording or something else?

  109. Hard Place says:

    Bank of Japan to Buy 1 Trillion Yen in Shares Owned by Lenders

    Kettle – I thought this was the most important piece. If this time it is worse, will BOJ turn on the faucet even more?

    Shirakawa said the central bank’s previous share-buying program helped to stabilize the financial system. The bank bought shares in 2002 to 2004, when it pledged to purchase up to 3 trillion yen in equities as the stock market plunged to a 20- year low and banks were laden with bad debts.

    The bank started selling those shares in October 2007. It stopped the sales the following October, after the collapse of Lehman Brothers Holdings Inc. sparked the global market rout and sent the Nikkei below its 2003 bottom to 7,162.90. The bank held 1.27 trillion yen in shares as of Jan. 31.

  110. spam spam bacon spam says:

    69 Syb:

    She connected!

    Eeyore has been submissive to her ever since.

    If he’s standing at a pile of hay eating, and she wants it, she head-butts his head and he walks away!

    He’s close to 1800 lbs at this point and she STILL is dominant over him…

  111. spam spam bacon spam says:

    73 Grim:

    Thanks.

    The horse is cute, too.

  112. Hard Place says:

    Hard to believe but animal rights activists also kidnap pets from yards. In MD several years ago, a PETA splinter group was caught doing exactly that, and they were euthanizing the animals on the theory that they were better dead than in captivity.

    Nom – taking a pet is like taking someone’s child. You raise the animal and pour your heart and soul into them. I would not want my animal taken from my yard, as much as I would not want my child taken. Unfortunately the worth of an animal is usually not equivalent to the penalties meted by the justice system.

  113. Sybarite says:

    112

    Ouch! That must have hurt…

  114. spam spam bacon spam says:

    Comrade:

    Si, el muchacho es mi espousa.

    Mr. Spam

    (Ohhhh…that sounds so weird…)

  115. spam spam bacon spam says:

    101 PeaceNow:

    Thank you for volunteering to help cats.

    I take in cats from a rescue group, but I’m not on the front lines of rescue.

    I respect you for placing your heart where it can be so easily hurt.

  116. spam spam bacon spam says:

    Kettle:

    Cute kittie!

    I love it when they sink between the cushions… it’s sooo cute.

  117. spam spam bacon spam says:

    “Retail sales have bottomed out, automakers predict”

    Retail sales of new cars and trucks might have finally hit bottom in January, despite an industrywide sales decline of 37.1% compared with the same month a year ago, automakers said today.

    [It’s so bad, it cannot get any worse, right? Right?!?]

    http://www.freep.com/article/20090203/BUSINESS01/90203084/Retail+sales+have+bottomed+out++automakers+predict

    “Executives at GM and Ford said the temporary shutdown of assembly plants in January led huge declines in fleet sales, but CNW Marketing Research in Bandon, Ore., also said the slowdown in the economy is leading businesses to curtail their fleet orders.”

    Wait…what are they blaming this on?

  118. randy says:

    Yikes, you just bought a house? and didn’t leave yourself with a $50k cushion reserve in the bank? hmmmmmmmm…….

  119. Clotpoll says:

    Mikey’s been a busy boy lately:

    Mike Morgan’s Stock Trade Update – February 3, 2009

    We initiated the following trades January 26 – 30. Clients receive full details of exit prices, research notes and conference calls explaining our positions.

    1 – Shorted TOL

    2 – Shorted CTX

    3 – Shorted MTH

    4 – Shorted PHM

    5 – Shorted KBH

    6 – Shorted LEN

    7 – Shorted DHI

    8 – Shorted GS

    9 – Shorted JPM

    10 – Shorted WFC

    11 – Shorted PRU

    12 – Purchased LENQC – PUT on LEN

    13 – Purchased PRUUK – PUT on PRU

    14 – Purchased JPMUI – PUT on JPM

    15 – Purchased FHUSH – PUT on WFC

  120. DISSIDENT HEHEHE says:

    Grim please unmod 122

  121. DISSIDENT HEHEHE says:

    Kettle,

    104 looks like my the cat I had growing up

  122. grim says:

    From Inside Mortgage Finance:

    Moody’s Warns it Will Downgrade Almost All Alt A MBS, Sector Now Worse than Subprime

    Moody’s Investors Service last week quadrupled its projected cumulative loss expectations for Alt A mortgage-backed securities and warned that most deals will be downgraded, many to below investment-grade. The actions confirm that Alt A MBS will perform worse, ratings-wise, than already battered subprime MBS

  123. Rich says:

    Oh no, I ate chinese tonight.

  124. victorian says:

    Any body need tickets for the Nets game this Saturday? They are going for less than a buck!

    http://www.ticketmaster.com/promo/ualkw7

  125. Clotpoll says:

    vic (128)-

    They’d have to pay me to watch that dreck.

  126. Clotpoll says:

    grim (126)-

    Wake me up when they downgrade USTs.

  127. grim says:

    From HousingWire:

    Here We Go Again: S&P Slashes Thousands of RMBS Ratings

    There’s a saying about death by a thousand paper cuts, and that’s clearly been taking place for most of the private mortgage-backed securities market over the course of the past twelve months. On Monday, Standard & Poor’s Ratings Services lowered the boom — again — on thousands of Alt-A and subprime RMBS, moving them all to a ‘D’ rating, as well as cutting hundreds of formerly AAA-rated securities multiple notches from their previous perch atop the ratings heap. The agency also began cutting ratings on prime deals, as well.

    The rating agency said it had lowered its ratings to ‘D’ on 1,078 classes of mortgage pass-through certificates from 650 U.S. Alt-A RMBS transactions from various issuers, while also placing 2,111 ratings from 143 of the affected transactions on CreditWatch with negative implications. Approximately 81.82 percent of the ratings on the 1,078 defaulted classes were lowered from the ‘CCC’ or ‘CC’ rating categories, and approximately 98.98 percent of the ratings were lowered from a speculative-grade rating, S&P said in a statement.

    Outside of Alt-A, S&P also hammered its ratings on subprime securities, dropping 737 classes of mortgage pass-through certificates from 516 U.S. subprime issuances to a ‘D’ rating as well. Roughly 97 percent of the ratings on the 737 defaulted classes were lowered from the ‘CCC’ or ‘CC’ rating categories, S&P said. See the statement.

    That was just for starters, apparently. S&P also lowered its ratings to ‘D’ on 117 classes from 94 different prime jumbo deals, 89 classes from 68 U.S. closed-end second-lien deals, as well as 73 classes from from 48 U.S. scratch-and-dent deals.

    The bottom line here is this: for all of the pain felt in this area already, plenty of banks large and small are still generally carrying securities on their books at a level justifiable against current ratings levels, which is partly why trades in this space have been frozen. Buyers know the securities aren’t worth the AAA rating they’ve got, and frankly so too do any would-be sellers, but nobody can sell a security still at AAA at C-level prices and then justify the hit that so doing would have on the rest of their books.

    With many of these AAA high-fliers falling officially off their perch, expect two things to take place: one, further mark-downs to portfolio holdings among those institutions that hold a good amount of private-party Alt-A and other RMBS. Second, you might actually see some trades materialize as the number of AAA downgrades pick up and would-be sellers can no longer justify their ridiculous marks.

  128. grim says:

    Subprime? Who cares about subprime.

    Welcome to the Alt-A crisis.

  129. Clotpoll says:

    grim (132)-

    I think about 12 people here made this call about 18 months ago.

    Moody’s or S&P should just hire us. Run everything down to Bbb-, call it a day, and shut the doors. Last man out, turn off the lights.

  130. NJGator says:

    From Baristanet…

    The New Pariahs: Wall Streeters
    Tuesday, February 3, 2009

    A few years ago, they were the ones who had the granite countertops and made the outlandish bids for weekend vacations at local charity auctions. Depending on your point of view, they either propped up the local economy or made things more expensive for everybody else. Now they’re putting their houses on the market. And one – George Curington of Montclair – has made this plea on Baristanet’s Facebook group for help getting through the crisis after being laid off by Citigroup.

    Got laid off my job and am facing being thrown out into the street unless I can find a new job. Yes, worked for citigroup, the company that is taking the government’s money and still laying every one off big time.

    Asking any well-to-do Montclairian to help me make it thru the winter financially to continue being able to at least search for a job.

    I have a hobby of creating abstract art. Please purchase some from me so that I can eat, live, buy gas for the car, keep the car, stay in apartment .. etc .. Every little extra bit I can get until I find a new job will help. I have many, many original abstract paintings that I am willing to part with at this time. Discount price … I need money quickly to survive. This is not a joke. I do not wish to part with my paintings. It is my passion and hobby.

    If you can help or no someone that can help by buying some of my art work .. Please Direct Them To Me ….. Quickly …

    Meanwhile, today’s New York Times writes about the new pariah status of these former Masters of the Universe. And last week President Ob*ma called Wall Street bonuses “shameful.” Well, try saying “right on!” to a someone who just lost three-quarters of their retirement savings because their Wall Street firm capsized. Schadenfreude isn’t as fun as it used to be.

    What’s your take on all this? Do we despise or pity the former swaggerers? Or buy they artwork?

    http://www.baristanet.com/2009/02/the_new_pariahs_wall_streeters.php#more

  131. Clotpoll says:

    “Second, you might actually see some trades materialize as the number of AAA downgrades pick up and would-be sellers can no longer justify their ridiculous marks.”

    Trades? More like necrophilia.

  132. Clotpoll says:

    Remember, subprime is contained.

  133. DISSIDENT HEHEHE says:

    Clot,

    Do you really think two companies that have been given a monopoly by the US gov’t are ever going to downgrade US government debt?

  134. Hard Place says:

    Welcome to the Alt-A crisis.

    Friend got an Alt-A about four years ago, they never verified his income. Luckily he had a real job and did some “cash business” on the side. He couldn’t substantiate the cash because he didn’t want to pay taxes on it, thus Alt-A. My friends business is clean, but imagine the amount of drug or gun money that could be laundered through the Alt-A mortgage system.

  135. Clotpoll says:

    HP (120)-

    Gesture? Gesture? The purpose of business is to make a profit. That is its only purpose. The idea of offering profit sharing to non-shareholders (yes, employees are usually, by definition, non-shareholders) because it is a nice gesture, magnanimous or simply “because that’s what they’ve always done” is a shaky concept at best.

    I’m actually not at all against profit-sharing or other types of generous comp arrangements, and I do think that they are a powerful incentive to many employees, but I think a stronger argument needs to be crafted to defend your position.

    It sounds like the profit-sharing is well-deserved in your wife’s case. But the guys at the top are billionaires…and billionaires learn early on that you don’t get to be that way by going around splitting your money with everyone.

  136. Clotpoll says:

    HE (136)-

    I think there is no chance whatsoever that USTs will ever be downgraded. Even if DC is in flames and it takes a wheelbarrow full of $$$ to buy a Big Mac.

    I also think there is more than an implied threat from the gubmint should the ratings agencies even think about a downgrade. Up to now, they’ve gotten off scot-free for their collusional, unethical relationships with MBS issuers as well as their former propensity to put the AAA stamp on thousands of festering dog turds.

  137. Rentl0rd says:

    CR predicts a bottom in 09!

    http://www.calculatedriskblog.com/2009/02/looking-for-sun.html

    Did someone place a gun to his head?

  138. Clotpoll says:

    HP (137)-

    Could be? It was. The best was when gun and drug money guys got the Alt-A loan, and the bad guys would then turn around, do a fraudulent LOC, strip all the equity (plus some more) out of a property, then disappear.

    Look at the default rate of second liens on properties with Alt-A first liens. Through the roof.

    “…imagine the amount of drug or gun money that could be laundered through the Alt-A mortgage system.”

  139. Rentl0rd says:

    A buddy of mine and I were brain storming on what would be a relatively stable / good business or franchise (for him) to open in these tough times.

    In the decreasing order of risk here’s my take (this guy lives in Dallas, TX and has no intentions of moving)

    1. Auto repair store – a franchise like pep-boys, perhaps.

    2. Shooting range / gun store

    3. Liquor store; downside: robbers, etc. my buddy has a gun license, but I doubt he can ever use it if/when he needs to.

    Note that he never owned a real business.. so he’s got to start from scratch.

    Other ideas?

  140. Shore Guy says:

    ” paid one month in the rears.”

    Sounds painful

  141. Rentl0rd says:

    I’ll add that this guy is rich on liquid cash and willing to take some risk

  142. Shore Guy says:

    Actually, “paid in the rears” is what we will all be doing if the current “stimulus” plan goes through. Cue the banjos.

  143. Shore Guy says:

    in mod, it seems.

  144. Hard Place says:

    Could be? It was. The best was when gun and drug money guys got the Alt-A loan, and the bad guys would then turn around, do a fraudulent LOC, strip all the equity (plus some more) out of a property, then disappear.

    With all the shady mortgage brokers I’ve met, they should all be slapped with an aiding and abetting. I bet some of these guys were more than just acquaintances.

  145. still_looking says:

    Wells Fargo cancels Las Vegas trip
    Bank that collected $25 billion in bailout money faced criticism

    WASHINGTON – Wells Fargo & Co. abruptly canceled Tuesday a pricey Las Vegas casino junket for employees after a torrent of criticism that it was misusing $25 billion in taxpayer bailout money.

    The company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled.

    The conference is a Wells Fargo tradition. Previous all-expense-paid trips have included helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 of the company’s top employees and guests. =snip=

    Just to be fair and balanced….

    sl

  146. kettle1 says:

    Spam

    ever consider setting up a race between horse and man? there is a similar race in wales that started over a bar bet.

  147. kettle1 says:

    spam

    beautiful horse by the way

  148. spam spam bacon spam says:

    ty kettle.

  149. spam spam bacon spam says:

    Rentl0rd says:

    Tell him to give his money to me.

  150. chicagofinance says:

    Rentl0rd says:
    February 3, 2009 at 10:14 pm
    A buddy of mine and I were brain storming on what would be a relatively stable / good business or franchise (for him) to open in these tough times.
    In the decreasing order of risk here’s my take (this guy lives in Dallas, TX and has no intentions of moving)
    1. Auto repair store – a franchise like pep-boys, perhaps.
    2. Shooting range / gun store
    3. Liquor store; downside: robbers, etc. my buddy has a gun license, but I doubt he can ever use it if/when he needs to.
    Note that he never owned a real business.. so he’s got to start from scratch. Other ideas?

    Rent: Isn’t Pep Boys going Chap 11?

  151. spam spam bacon spam says:

    Rentl0rd says:

    Seriously….my opinion:

    If a person has to “brainstorm” a business to start, then that business & person are both doomed.

    Being a successful business owner/entrepreneur can not be “bought”.

    Success must be gained thru experience.

    About the only franchise doing good right now is MickeyD’s and I heard they ain’t selling franchises(?).

    Your friend can invest in my business.
    I promise short hours, high wages, easy work, lots of time for video games in his bunny slippers…

    bwahahahahahahahahahahahahaaaaaaaaaaaaaa.

  152. randy says:

    chi- Autozone is eating their lunch

  153. chicagofinance says:

    chicagofinance says:
    February 3, 2009 at 11:06 pm
    Rentl0rd says:
    February 3, 2009 at 10:14 pm
    Note that he never owned a real business.. so he’s got to start from scratch. Other ideas?

    Rent: Repo man….pawn shop….payday loans….

  154. spam spam bacon spam says:

    ChiFi:

    I read they were closing stores.

    First sign of distress is trying other income streams outside your core.

    Boy of Pep started selling Chinese/Korean dirt bikes some time back….

    Do not ask for whom the bells toll…they toll for Boys of Pep….

  155. randy says:

    ha… idiot BIL of mine actually took a voluntary leave of absence to concentrate on turning his hobby into a business…

    his hobby? an online blog/newspaper for the Union-NJ area.

    judging from the bellyaching Grim does about his own website, i find it hard to believe that running an online blog/newspaper is very profitable… i mean, this guy has 4-5 unique banner advertisers and one of them hasn’t updated his banner since before Thanksgiving.

    anyone has any input on this i would appreciate it. i’m trying to figure the best way to tell this guy there is no money in an online newspaper/blog, but i’m not even sure where to start the list is so long

  156. spam spam bacon spam says:

    Pawn Shop.

    You get to keep all the good junk.

    You can even wear all the gold in hock, at once…

    …when you go out on a date to the bowling alley, with that waitress Shirley who hocked her mother’s teeth. (Gawdresthersoul)

  157. spam spam bacon spam says:

    Randy,

    Except for making him see you as the bad guy, you can’t make him see anything.

    It’s like an alcoholic.

    They gotta admit it’s not working.

  158. spam spam bacon spam says:

    SBL:

    Once you advertise here, we all vow to never, ever use your services. Ever.

    Word spreads.

    You are toast.

    Of the burnt variety.

  159. chicagofinance says:

    Hard Place says:
    February 3, 2009 at 9:10 pm
    Chifi/Clot – Looks like this is a agree to disagree argument.

    Hard Place: all due respect, but I utterly cannot understand what you are talking about….you do not appreciate a company’s policies – quit. Why would an employee with the stated preferences continue to work where they are unappreciated? Obviously, in your book, money is the only appreciation possible. If the work is stimulating, the peer group, the environment…SOMETHING must draw employees there…..

    Honestly, are you really in this much denial?

  160. yikes says:

    randy says:
    February 3, 2009 at 9:12 pm

    Yikes, you just bought a house? and didn’t leave yourself with a $50k cushion reserve in the bank? hmmmmmmmm…….

    no, we do have the cushion and a low-ish mortgage, no car payments, and no kids (yet). we wouldn’t have done it otherwise.

  161. yikes says:

    judging from the bellyaching Grim does about his own website, i find it hard to believe that running an online blog/newspaper is very profitable… i mean, this guy has 4-5 unique banner advertisers and one of them hasn’t updated his banner since before Thanksgiving.

    anyone has any input on this i would appreciate it. i’m trying to figure the best way to tell this guy there is no money in an online newspaper/blog, but i’m not even sure where to start the list is so long

    actually, there is/was. the key is to build up a large audience. that takes some time, like a year.

    the real money is in the ‘networks’ – one ‘network’ will ‘partner’ up with maybe 10 blogs and then it’s an easier sell to advertisers.

    sprite and mercedes ain’t going to talk to some guy with 20,000 unique readers a month. but if you can get 10 blogs with 20000 readers into the same network … well, now you’re on your way.

  162. zieba says:

    Damn,
    SSBS beat me to it in 161.

  163. still_looking says:

    spam, (above)

    You owe me one monitor and one keyboard

    [mops up spewed coffee from desk, off monitor, off keyboard, off face….giggling all the while….]

    LOL.

    sl

  164. randy says:

    yikes- okay, i’m sorry, i misread and then weirdly became worried for you.

    we all seem to agree that having a cushion in the bank is the best insurance right now

    i think we’re witnessing a collective “oh f#ck” by all the check-to-checkers that had been partying it up the past 6 or 10 years

  165. Essex says:

    Naw Randy….nothing has changed…the ebb and flow of resources….now if one of us loses the job….we have an issue….as reemployment in this market SUX….otherwise it is bidness as usual. Sincerely, Check to checker.

  166. Rentl0rd says:

    spam, it’s hard to take a guy seriously with that name.. but seriously, where can my friend mail the check to? direct deposit perhaps..account and routing number?

    j/k

    Growing up, I have seen my dad try his hand on many a business and getting burnt bad. So, I wouldn’t put it past myself that I have the bad genes… and I did give my friend disclaimer when we talked. When I said ‘brainstorming’, it wasn’t like we were mindmapping kinda shit.. just talking. But this guy is indeed serious.. afterall, he’s lost his day job and his wife still earns and he’s got inheritance.

    Chifi, loans… hmmm… didnt think of that.

    Randy, about your BIL… I hear about how bloggers and twitters turn traffic to gold -but I havent seen it happen to anyone yet.

  167. Rentl0rd says:

    If there’s a way to make money in blogs/articles this is it:

    http://www.boingboing.net/2009/02/03/rob-cockerham-writes.html

  168. Jill says:

    What Shore Guy #11 said. It’s always amazed me how people would rather leave their cats without food or water, or abandon their dog by the side of the road, than take them to a shelter “because the shelter might put them to sleep.”

    American idiots.

  169. Brook says:

    I have called Banks and gone on foreclosure sites. It’s difficult to find foreclosures in Morris County, NJ. Any ideas?

  170. Brook says:

    REMEMBER; NO MATTER WHAT YOU BID ON A HOME, THE REAL ESTATE AGENT IS LIABLE TO PUT IN THE BID WITH A CONTRACT. IF SHE/HE DOESNT, YOU CAN TAKE ACTIONS TO TAKE THEIR LICENSE AWAY!!!!!!! IF THE HOUSE IS $500,000 — YOU CAN BID $250,000. THE MORE HOMEBUYERS BID ACCORDING TO PRE-BOOM PRICES, THE BETTER OFF WE ALL ARE AND WE CAN BUY HOMES, ONCE AGAIN!

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