Thu 4 Jun 2009
Treasury Secretary Geithner Underwater
Categories: Economics , Housing Bubble , National Real Estate , PoliticsFrom Bloomberg:
Geithner Rents Westchester Home After Failing to Sell
U.S. Treasury Secretary Timothy Geithner is renting his home in Westchester County, New York, for $7,500 a month after failing to find a buyer, according to data on the Westchester-Putnam Multiple Listing Service Inc.
Geithner, 47, was trying to sell the brick and stucco Tudor-style home, the listing shows. The house on Maple Hill Drive has five bedrooms, about 3,600 square feet, and an eat-in kitchen with Siematic cabinetry and black granite countertops.
“Careful attention has been paid to the design of every feature of this sophisticated home,” according to the listing.
The home was marketed in February for $1.635 million, according to Scott Stiefvater, president of Stiefvater Real Estate in Pelham, New York. The price was reduced to $1.575 million in May, he said.
The inventory of similar homes for sale in the area may have affected the property’s prospects, said Debbie Meiliken, a broker at Keller Williams Realty New York.
“There was a lot of competition,” Meiliken said. “Sometimes people will put the house for rent if they’re not prepared to sell it and take a loss.”
Home sales in Westchester County fell 41 percent in the first quarter from a year earlier, according to an April 27 statement from the Westchester-Putnam Multiple Listing Service. The county’s median home price fell 14.5 percent to $532,000, the organization said.
From the NY Daily News:
Treasury Secretary Timothy Geithner may know something about the stock market, but like most Americans he can’t control the housing market.
Unable to sell his luxurious five-bedroom Tudor in Mamaroneck even when he dropped the price, Geithner is renting out the place - at a probable loss, according to Westchester real estate agents.
When he moved to Washington to become President Obama’s top economic official, Geithner and his wife, Carole Sonnenfeld Geithner, put the house on the market for $1.635 million. Records show the couple paid $1.602 million for the home in 2004.
There were no takers even when he dropped the price to $1.575 million. So he rented the pad to an unidentified family for $7,500 a month in May. Real estate experts told the Associated Press that he’s probably losing on the deal, since he has two mortgages worth $1.25 million plus $27,000 in annual property taxes.
Let’s see Timmay go for a Making Home Affordable refi.
I’d love to see the look on his face when he gets rejected for being in excess of 105% LTV.
…or the second lienholder refuses to suboridinate.
Who’s the bigger bagholder, Timmay or the dolt who’s shelling out 90K/year to rent that box?
Anyone else a bit disappointed that the Secretary wasn’t really smart enough to avoid this kind of situation?
These are the kind of guys we’ve got calling the shots?
We’re in trouble.
grim (4)-
Disappointed?
On the contrary; I’m not even surprised.
Nothing like personal situation as the motivating factor behind a housing bailout.
Maybe those students in China saw Timmay’s mortgage balances.
Watch the FHA limit go to 1.25mm.
I still think we should all chip in and send Gary on an expedition to Timmay’s house, posing as a potential buyer.
From the Record:
‘Bigger houses, better houses’: They so 2007
AMERICA’S HOUSING bust is forcing many families to downsize their living situation. Losing a home or squeezing into a much smaller one is a painful experience, but one silver lining may be that it’s pushing us to consider just how much house we really need.
After years of obsessing about improving our house, many of us are now reflecting on what makes a home. Previously, we may have considered space purely in terms of square feet: the more, the better. Now, we’re thinking in terms of how space affects relationships: What types of space foster close family ties?
Part of the problem is that recent home design trends have encouraged isolation. The McMansion boom mainstreamed such “special spaces” as a recreation/playroom, a solarium, a master bedroom suite and big decks and patios. These luxuries became practically de rigueur in an era that promoted homes as showcases of prosperity.
…
This recession is compelling parents to consider what is most critical for family well-being. If parents have to work longer hours just to afford a bigger house – or a new entertainment room – are we really working harder to create spaces that actually isolate our loved ones?
The families we interviewed wanted combination spaces (kitchen/dining/living areas) that were flexible enough to allow families to be together doing a variety of activities and to be able to hide, when necessary, some of the clutter of meal preparation and cleanup.
The concept of the family hearth is really not that old-fashioned after all.
Geithner,the damn liberal, has not been having a good time of it. Even though he’s a stinking liberal, he shouldn’t be suffering at the hands of real estate terrorist activity or being laughed at by a bunch of damn commies.
Guess what? They need someone else dealing with the damn chinese. I would love for them to send me over there to get these stinking commies straightened out. Someone needs to wipe that stinking grin off their faces, crush their laughter and tell them which side their damn bread is buttered on. I’d gladly play that role.
The only way the Chinese can get in my good graces now is to start buying US real estate after apologizing for their disgraceful treatment of the US treasury secretary.
“The inventory of similar homes for sale in the area may have affected the property’s prospects, said Debbie Meiliken, a broker at Keller Williams Realty New York.”
You think?
“Anyone else a bit disappointed that the Secretary wasn’t really smart enough to avoid this kind of situation?”
Does Turbo Tax include a rent/purchase calculator?
“They need someone else dealing with the damn chinese.”
50.5,
Hummer and 3,000 jobs?
Give Timmay a break. This would have been a forced sale due to a job relocation. Obviously he bought this house to live in for decades and not with a bunch of dollar signs floating in his head becauase housing prices never drop;)
clot#9-
that would be f-in hilarious
I wonder if this rental arrangement may be a bailout by one of his supporters?
“The only way the Chinese can get in my good graces now is to start buying US real estate after apologizing for their disgraceful treatment of the US treasury secretary.”
50.5,
US fiscal policy has become a worldwide laughingstock. Do you think nobody, outside of this blog, recognizes it?
Sad day in US history when we have to send our Treas Sec across the world to kiss the commies ass. Akin to you bowing to the Boilermaker.
At least, we are not Latvia.
Latvia has become the first EU country to face a sovereign debt crisis after failing to sell a single bill at a treasury auction worth $100m (£61m) , prompting fears of a fresh storm in Eastern Europe as capital flight tests currency pegs.
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5438615/Latvian-debt-crisis-shakes-Eastern-Europe.html
Clot [9],
Maybe even a Vulture Fund bus trip, with a stop on Rt 17 in Lodi?
Make sure he takes a dump and doesn’t flush.
This country is a disgrace right now. Lets look at the facts.
1. Geithner laughed at by Communist students in China.
2. Obama first bows to the king of Saudi Arabia now he is begging forgiveness in Cairo today.
3. Insolvent Medicare by 2016 now we are going to enroll another 45-100 million to make it more affordable.
4. North Korea launching missles likes its the 4th of July while Obama could give 2 shits.
The list goes on. Revolution near? Or is America still hypnotized by American idol and Paris Hilton. Americans wont wake up until they here the first round snap over their head on 101 Main St, Jerkwater USA.
The new ‘good’ job: 12 bucks an hour
In the Midwest, communities race to replace dwindling auto jobs with renewable energy ones, but workers will have to sacrifice on their pay.
http://money.cnn.com/2009/06/04/news/economy/green_jobs/index.htm
“2. Obama first bows to the king of Saudi Arabia now he is begging forgiveness in Cairo today.”
James,
Any truth to the rumor; tarp has been extended to the royal family, the US is buying preferred shares in the kingdom and O has replaced the king?
bcbob-
Sad day in US history when we have to send our Treas Sec across the world to kiss the commies ass. Akin to you bowing to the Boilermaker
You really believe in hitting below the belt don’t you? DO NOT EVER MENTION ME BOWING AND BOILERMAKERS IN THE SAME DAMN PHRASE. THEY’LL BE HOLDING THE ICE FOLLIES IN HELL THE DAY I EVER RECOGNIZE THAT DAMN SCHOOL, LET ALONE BOW TO THEM.
I can’t think of a single thing lower than a boilermaker. Even the commies are better than them.
http://market-ticker.org/archives/1087-Oh-Really-Mr.-Hoenig-and-JPM.html
This is priceless.. from Denninger JPM
“So let me see if I get this right.
The taxpayer hands JP Morgan billions of dollars to bail them out and keep them from potentially being declared insolvent.
In return for this, JP Morgan spends that money speculating on the price of oil, and in fact does one better - they take physical delivery and lease a ship to store it in, thereby withholding the oil from the market and propping up the price, hoping to be able to sell that oil at a higher price later.”
So we gave them some money so they could scr@w us. Sweet.
Good Cartoon:
http://2.bp.blogspot.com/_pMscxxELHEg/SiarieloJiI/AAAAAAAAFbw/6XBML9N8Uh4/s1600-h/LewisHomeATM.gif
http://www.bloomberg.com/apps/news?pid=20601110&sid=aYqgZUNoD7Tw
“JP Morgan Hires Supertanker for Storage, Brokers Say” Bloomberg
HEHE- codey just endorsed Cammarano.
uggh
50.5 [25],
LOL. By the way, I still owe you a drink.
Cindy [26],
The $ has to go somewhere. The debt buried consumer is not on the IB’s radar. They realize that the govt policies are destroying our currency. They are laughing to the bank.
Who’s the bigger bagholder, Timmay or the dolt who’s shelling out 90K/year to rent that box?
I have a funny feeling that somehow you and I (taxpayers) are the dolts.
I you assume he put about 20% down and re-fied somewhere along the way before jumbo rates blew out, the $7,500/month about covers the mortgage & taxes. Seems a little fishy.
Stan,
As soon as Hoboken411 stopped allowing any negative Cammarano comments last week I knew the fix was in; Pull and Pray Pete is destined for bigger and better things by the Democriminals in Hudson County.
Grim, the post at #10 is unbelievable - I cannot figure out who actually bought these badly made McMansions - and it’s only now people are starting to point out how bad they are for family life. I live in france and families of 4 are happy to live in 1000 sq feet. How can anyone think it is a good idea to put them into 4,000 square feet - someone has got to clean, heat and cool that space, never mind trailing after each other “Mom! Where are you” all day long…
And Geithner was a civil servant for god’s sake in 2004 - wish I could afford a million dollar home on a government salary!
Breaking News U.S. jobless claims fall to 621,000 in latest week; stock futures rise
yome[36]
Breaking News. The four-week average rose by 88,750 to 6.69 million, a record-high level.
In the plus column, Wal-Mart Stores Inc. said Thursday that it expects to hire about 22,000 people for new positions in 2009, as it opens about 150 new or expanded stores in the U.S.
$12.00 an hour will let me buy timmies pad
wait till corzine declares NJ, Muslim
territory
“Hi-ho silver!”
Clot,
Some reporter must be reading this blog.
http://www.marketwatch.com/story/silver-outshining-gold-as-an-inflation-play
tard (11)-
The Chinese treated Geithner the way any group would a leader who commands neither respect nor belief.
BC (40)-
Useful, that silver.
HeHe- I still hold out hope he loses. Tough rooting the opposite way in a race you know is fixed.
Congress and the people who elected it must decide how much government they want to afford, Bernanke said. “Stating the obvious, he went on to say: “Crucially, whatever size of government is chosen, tax rates must ultimately be set at a level sufficient to achieve an appropriate balance of spending and revenues in the long run.”
Unfortunately, Congress and the people have seldom gotten the balance right. We want the benefits of a large government without paying the costs, just as we wanted a loftier personal living standard than our income could support.”
http://globaleconomicanalysis.blogspot.com/2009/06/bernankes-monkey-see-monkey-dont-policy.html
“They may be crying about General Motors’ bankruptcy today. But dumping 40,000 of the last 60,000 union jobs into a mass grave won’t spoil Jamie Dimon’s day.”
“Dimon is the CEO of JP Morgan Chase bank. While GM workers are losing their retirement health benefits, their jobs, their life savings; while shareholders are getting zilch and many creditors getting hosed, a few privileged GM lenders - led by Morgan and Citibank - expect to get back 100% of their loans to GM, a stunning $6 billion.”
http://mwcnews.net/content/view/30937&Itemid=1?ref=patrick.net
Clot [44],
Tell Ben to get a mirror. In the meantime, he has the spigot on full force and is monetizing debt.
BC Bob writes: “Breaking News. The four-week average rose by 88,750 to 6.69 million, a record-high level.”
And yet the initial (now updated) headline from Bloomberg…
“Initial Unemployment Claims in U.S. Decrease, Signal Worst of Slump Ending”
Clot,
Do you have any mortgage brokers that you refer your clients to? I’d like to see if I can qualify for an FHA loan. We’re looking in Somerset County.
Thanks.
45. Great story. Change we can believe in.
based on yesterday’s thread, this link bears reposting.
http://www.nj.com/news/index.ssf/2008/07/rendell_poaching_business_from.html
PA (48)-
Bob Farrell, FIrst Valley Funding, (908) 565-1640. This is the broker often referenced here.
Don’t be so hard on Timmay. People were complaint Shrub’s crew were out of touch with the masses. Well O has nominated a judge who has little to none personal assets and seems to carry 1/4 to 1/3 of her gross salary worth of credit card debt. And now we have Timmay who can’t sell his house for less than he paid for it 5 years ago. If they don’t reflect the state of most Americans finances, then who does?
Nom [50],
Maybe Santa should sit with Rendell during an Eagles game. It may be the first cheer that Santa receives in Philly.
Something that IBM put together, showing R&D incentives by nation. I have consistently said that the administration will do one of two things when it comes to the economy: Throw the left and the unions under the bus and put the welcome mat back out, or build walls. Very high walls.
http://www.ibm.com/ibm/governmentalprograms/global-rd-incentives-2008.pdf
[53] BC
I’m not so sure I would want to sit near Rendell at an Eagles game. He isn’t that popular with the blue collar philly crowd; not nearly as much as you might think.
Nom [55],
Based on the article, there should be a parade for him on Market St.
I especially loved this passage from the poaching article:
“Gov. Jon Corzine, flanked by some of his top advisers, invited eight of the state’s top real estate executives to the governor’s mansion for coffee and Danish one day last March to hear their take on the wobbly world of economic development in New Jersey.
At first, the discourse was deferential and measured. Then it was Zygi Wilf’s turn.
“I develop real estate in 38 states,” Wilf said, according to two people who were in the room. “This is the worst.”
Corzine sipped his coffee and offered no response.”
Pretty much says it all, doesn’t it?
[56] BC
Nope. There would be parades but they would be in Allentown, and Bethlehem and Strousburg and in West Chester, and in Lancaster, where the new jobs are going.
Philly is rapidly becoming a bedroom community because of its semi-autonomous tax and revenue structure.
My favorite anecdote from a few years back was when Lincoln Financial moved its exec. HQ from Philly to Radnor. The execs did not live in Philly, and since they no longer worked there, no more wage tax. I estimate that the CEO saved about $1MM per year in Philly wage tax, and that the entire move cost Philly about $5MM per year in tax revenues. All because of one suite of offices.
“Corzine sipped his coffee and offered no response.”
Nom,
Give him a break. It’s possible that Carla was under his desk?
Nom [58],
Speaking of Bethlehem, anybody visit the new casino?
“Breaking News. The four-week average rose by 88,750 to 6.69 million, a record-high level.”
The only question I have is whether we will see 10% and 10mm unemployment.
“The only question I have is whether we will see 10% and 10mm unemployment.”
Shore,
I question whether we will see 35-40M unemployed/under-employed. I imagine Kettle will say slam dunk.
10 and 10 will be bad enough, a double-double so to speak. Or add 10% in BK and end up with an economic tripple-double.
“end up with an economic tripple-double.”
Shore,
Hell of a day, if you are Jason Kidd.
“Speaking of Bethlehem, anybody visit the new casino?”
Initial reviews are in and mostly point to major suckage.
“double_double?”
All of a sudden, I’m craving In-And-Out.
re #156 from yesterday. - John
Quote - “I would say 95% of women with little kids do not work full time.” in Blue Ribbion train towns was the context.
John give me a list of those blue ribbion train towns where women don’t work please.
I want to cross them off my list of places to live.
BC Bob says:
June 4, 2009 at 9:46 am
Nom [58],
Speaking of Bethlehem, anybody visit the new casino?
I have as I’m trying to get back the damn money I lost on real estate.
Actually, the casino is quite nice and is full of slot machines. With the terrorist activity upending real estate markets, they had to delay the construction of the planned hotel in the casino complex. The City of Bethlehem is a quaint and nicely developed town and in many ways, Bethlehem is the jewell of the Lehigh Valley as Allentown and to a lesser extent, Easton, have issues with crime.
Basically, the Sands is gonna kill Atlantic City
Nom, it’ll be interesting to see if Blackrock relocates its operations in Philly as rumored and get a comcast like tax break
#62 BC Bob:I question whether we will see 35-40M unemployed/under-employed. I imagine Kettle will say slam dunk.
More, or less?
“never mind trailing after each other “Mom! Where are you” all day long…”
My sister lives in one of these homes. The simple solution is to install an intercom system so that you can communicate throughout the whole house if you wanted.
By the way, nothing is more annoying then a 5-yr old getting on the intercom to ask where clean underpants are during a dinner party.
Comp question on asking prices:
Guys, would love some opinions on this:
Comp 1: 3bd/2ba
Comp 2: 3bd/2.5ba
Comp 3: 4bd/2.5ba
Comp 1 is 30k less than Comp 2. Comp 2 has many updates/renovations. Comp 3 100k more than Comp 2. All within about 200 yards of each other.
A little more background on Comp 3. I’ve been in it - very neat outside architecture (the kind I’m a sucker for)and fabulous location on the end of cul de sac backed by a park. Downside - looks like it could be a money pit of work and has a weird interior layout, but lots of space.
Thoughts?
[59] BC
Carla under the desk. Thanks, I needed a laugh today.
As Walmart expands to eliminate all other Stores, it will provide minimum wage jobs to all laid off Financial, Auto, etc. workers. O’s new society will be composed of 45% Government Jobs & 45% Walmart Jobs & 10% Other.
was carla in the front or the back?
[67] sean,
I don’t know about 95% but Brigadoon has a lot of S-A-H moms. In fact, it was somewhat off-putting in that school activities (official and parent group) were pretty much planned with assumption that a parent was home.
Given that Brigadoon has a lot of au pairs and nannies, there has to be a lot of dual income families (or not, some moms can simply be lazy or inept).
But in general, I agree that the train towns with Mom bombing about in her land rover were towns I did not want to live in. I picked Brigadoon because it appeared to have a much lower percentage of such people than Millburn, Summit or Chatham (and I’m sorry, I just do not see the attraction of Chatham).
[70] 2ndary,
Often the relo threat is used to play munis off one another. Blackrock was probably angling for a fresh incentive from its current home, and used the Philly incentive to get it.
Good critique by Tax Foundation today of the NC incentive to get Apple to move a facility there. Tax Foundation is blissfully nonpartisan and pointed out how incentives cause distortions and result in inequities, therefore they are less preferable to systemic reform.
Stu - From Yesterday’s convo on Krugman and Reagan.
http://www.thenation.com/doc/20090615/scheer
Nom,
I’ve lived in Chatham and the surrounding area for a few years now. My friends and I call it Stepford. Lots of SAH moms who drive denalis and land rovers to cart their 1.7 kids around. And don’t stand in their way when they are walking with a double stroller. They have the right of way.
bost,
what’s an “iron condor” … something from the options market, but have never heard that term before
http://denver.craigslist.org/wri/1197716971.html
[69] re101
Sands is advertising heavily on NJT, and essentially trying to lure men with the promise of getting laid. They aren’t even trying to sell gambling, just the sex. If the ads were any more brazen, Anne Milgram would be trying to shut them down, a la craigslist.
No beefcake ads for middle aged ladies that want to play slots though.
If ask me Timmy is waiting for inflation to wipe out his mortgage.
[80] poser
and a main street that is impassable most of the time. I really saw nothing to like in Chatham; I liked Madison better.
Brigadoon is more like Madison, I think. There are lots of the SAH Moms you describe, but the concentration is less. In fact, I would suggest that Brigadoon is really two towns in one; nouveau riche and mid- to upper-middle class working stiffs.
Nom,
Agreed with those ads. They are essentially pictures of women flopping over men playing slot machines for the most part. Sadly, no ‘real’ men play slot machines. Minimally, they should be at the tables, or in my case, playing Video Poker.
[85] stu
Why Sadly? Real men shouldn’t play slots; they are the worst odds in the house and offer no fun or skill. Agree that real men should be at tables of their choice.
THE END IS NIGH.
“American actor David Carradine has been found dead in a Bangkok, Thailand, hotel, according to his personal manager Chuck Binder. Binder said the death is being investigated but could provide no other details.”
Sean (79):
Thanks. I was not so much attributing our current economic collapse to Reagan and his policies, but more to Phil Gramm and the repeal of Glass Stiegel. I’m more interested in the analysis of the income gap that started around the Reagan years. Many of the answers given here are interesting and certainly contributing factors. Personally, I think excessive executive compensation seemed to have kicked in around then, but this seems to not be attributed to partisan politics.
I think this topic could make for a decent non-fiction best seller. Unfortunately, everything I have read on this topic is too partisan to be believed. Of course partisanship sells and fair and balanced ends up rotting on library shelves.
Missed this one yesterday, New Jersey is going to borrow it’s way out of this recession.
New Jersey to draw on $2 billion credit line on July 1
* NJ expects to save cash with credit line and note sale (Adds details on full-year cost, new paragraph 9)
By Joan Gralla
NEW YORK, June 3 (Reuters) - Cash-strapped New Jersey plans to start drawing down a $2 billion credit line in $250 million amounts, beginning as soon as July 1, the state treasurer’s spokesman said on Wednesday.
The credit line, unveiled late Tuesday, will ensure the recession-stricken state will not have to temporarily shutter agencies or disrupt services to its residents as it ends one budget and starts a new one.
Using this so-called cash flow facility is a departure, however, as New Jersey, like many other states and cities, traditionally has sold short-term notes to make up cash shortfalls and repaid them when tax revenue flows in during the year.
“Under normal circumstances, the state would have cash balances from the current fiscal year” to tide it over into the next budget that starts on July 1,” spokesman Tom Vincz said by telephone. “But in view of the strained fiscal straits in the current fiscal year, those year-end balances might not be sufficient enough to continue our cashflow.”
JPMorgan Chase (JPM.N) was selected for the cash flow facility, partly because it was the only bank that “had the capacity to use its own balance sheet for the entire $2 billion,” said Vincz. Some of JPMorgan’s rivals, for example, would have turned to other investors to share the burden.
Like many states, New Jersey’s revenue has fallen as the recession has caused job losses, pushing up spending on social services. Just a few weeks ago, Treasurer David Rousseau said the deficit for the new budget had grown to nearly $9 billion. [ID:nN19442882].
But New Jersey expects to spend less on the credit line and the note sale that will repay it than the state would have spent had it sold tax and revenue anticipation notes.
JPMorgan, which edged out Citigroup (C.N), bid 150 basis points over the three-month London interbank offered rate for the credit line. The first $250 million tranche is expected to cost New Jersey about $2.3 million, based on current rates.
That $2.3 million figure is the full-year cost for both transactions — the credit line and the short-term note.
This means the state will pay $18.2 million for the entire deal, less than the $23 million it cost the state last year when it sold $1.8 billion of notes.
“We are saving — based on market conditions now,” Vincz said.
Democratic Governor Jon Corzine, a former co-chairman of Goldman Sachs, is running for reelection, and Republican state Senator Joe Pennacchio on Wednesday called on Corzine to release the details of the new credit line.
“Despite his public persona as ‘The Wizard of Wall Street’ the administration’s track record on financial issues has been less than stellar,” Pennacchio said in a statement. (Editing by Kenneth Barry)
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN038871620090603
Nom,
For years I thought he was dead, and, now he is.
Corzine and the credit line. Would you have expected anything else?
Why cut when you can borrow, especially cheaply.
We all gotta get outta here already!!!
“I don’t know about 95% but Brigadoon has a lot of S-A-H moms. In fact, it was somewhat off-putting in that school activities (official and parent group) were pretty much planned with assumption that a parent was home.”
Out town and neighborhood is very much like this. While there is a good percentage of two-income families, there are a LOT of SAH parents, mostly moms but a number of dads whose VP (etc) wives have to be able to stay late, travel with no notice, etc.
We always said we were safe from breakins during the day given the number of people around.
School is asmazing, a classroom with 18-20 kids would have nearly that many parents in for various activites.
A candidate for the “There must be a special place in hell prize,” somewhere after clergy who abuse their flock (or others):
http://latimesblogs.latimes.com/lanow/2009/06/assault.html
One just cannot make this stuff up. A fitting follow-up to the naked Nebraska drivers from a week ago:
http://www.pe.com/localnews/inland/stories/PE_News_Local_S_webnakedmail04.153a3e9.html
Another bit of poor reporting. In most cases, if these folks were not already overextended by HELOCing, etc, the medical billw, while unwelcome, would not have sunk them. It is just another example of the straw that broke the debtor’s back:
Medical bills are involved in more than 60 percent of U.S. personal bankruptcies, an increase of 50 percent in just six years, U.S. researchers reported Thursday.
More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts, the team at Harvard Law School, Harvard Medical School and Ohio University reported in the American Journal of Medicine.
“Using a conservative definition, 62.1 percent of all bankruptcies in 2007 were medical; 92 percent of these medical debtors had medical debts over $5,000, or 10 percent of pretax family income,” the researchers wrote. “Most medical debtors were well-educated, owned homes and had middle-class occupations.”
snip
http://www.cnbc.com/id/31099365
Amazingly enough a better plan for New Jersey instead of borrowing more money from the private banks would be for the State of NJ to start their own state run bank like North Dakota has, then require all NJ government institutions to deposit their tax receipts at the State run bank. New Jersey could then lend all the money they it needed via fractional reserve banking lending out 10 dollars to itself for every dollar held in deposits to themselves and the local municipal governments without any Wall St help.
The Credit Crisis in NJ would be solved within a month.
http://en.wikipedia.org/wiki/Bank_of_North_Dakota
Iron Condor:
Sell and out of the money put
Buy and even deeper out of the money put
Sell an out of the money call
Buy a deeper out of the money call
It’s like a strangle (sell a call & put), but you have some protection if the price swings widely in either direction, in exchange for some profit potential vs. the strangle.
Sean,
Maybe they can sell naming rights to the Statehouse, the Senate chamber, the Assembly chamber, etc. I can see it now:
“Reporting live from the Prudential NJ Senate Chamber, this is Clark Kent”
Or “Live from the PNC Governor’s Office…”
So many of our representatives seem to have been bought anyway, might as well put a sign up to recognize the successful bidders.
Clot #51 and PA #48…
Bob Farrell, FIrst Valley Funding, (908) 565-1640. This is the broker often referenced here.
Second that… Will be able to give more specifics as to how long it took to close — it is with underwriting. So far, it has been a very pleasant experience for me. I bothered them a bit too much with calls, so it may not have been as pleasant for them :)
S
SRS getting whipped again. Poor guy, must be sore.
Not to worry, Geithner will break even in about 25 years:
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html
RentinginNJ(97) -
???
#3
Who is renting Timmy house?
Surprise, it is the Taxpayers!!
SRS @ 15 today??? Bargain of the day?
Victorian#102
RentinginNJ(97) -
???
Responding to a post #81 by Scribe
“what is an iron condor”
Renting-
I prefer the Iron Butterfly strategy ;)
Who is renting Timmy house?
Surprise, it is the Taxpayers!!
No surprising that $7,500 per month roughly covers taxes and the mortgage (or at least the interest) on this place assuming a 20% DP in 2004.
FRom the APP:
http://blogs.app.com/inthemoney/
snip
The most important under-the-radar story that you might have missed came from Shannon Mullen last week. Taking a look at census data, he noticed that Monmouth County’s 30-something population has dropped by 24,000, or 25 percent, during the past decade.
Why? I hate to speak for all Gen Xers, but in my humble opinion, it’s pretty obvious what’s going on here.
1. The job opportunities are getting scarcer and scarcer. The county in a short decade has transformed itself from a high-tech mecca where some of the brightest minds in the world came to share ideas to a retail hub where you can buy stuff.
2. Without high-paying jobs, it becomes almost impossible to afford to live here. Thirtysomethings raising a family apparently are finding that it doesn’t make sense to stress out over how they will afford their property tax bill and child care. Even if they have family ties to the area, they have no qualms about moving out of state. Planes fly to New Jersey, too.
The data is more evidence that should have business and political leaders stopping in their tracks. A strong economy and community needs an infusion of young talent. On a purely economic basis, they spend a lot of money. Why do you think the TV networks are always targeting the 18-45 year olds?
snip
NJC,
Or Iron Maiden
Frank #104…
You have the stomach for a roller coaster ride with SRS/SKF? Better than anything six flags can do, but be ready to take a change of clothes (many in fact), since it will be very dizzy!
S
That’s true. I’m pretty familiar with the local situation as I spend time in the area.
When I was there, all of the floor hostesses plying drinks had the same scantily clad uniforms on and generally not a plain looking one was among them, however the waitresses in the restaurants are just regular looking ladies for the most part. Bethlehem is getting a large host fee ($ 10 million) from the casino which is supposed to go for property tax reduction as is the situation with the states’s 50% take from the casinos generally, so everyone has a lot riding on the success of the Sands and the other casinos and got a bit nervous when they had to pare back on the plans for the entire site. As a matter of fact, they stopped abruptly right in the middle of building the hotel due to the credit crunch just leaving the thing unfinished for now.
My take is that there really aren’t any net new gamblers being generated per se. Sands will just steal New York and northern NJ from Atlantic City. The issue is whether they steal enough of them to meet the projected revenues, which may be doubtful considering that the demographic of the average gambler are those with incomes less than 50K–the exact people who really can’t afford it.
Comrade nom deplume says:
June 4, 2009 at 10:34 am
[69] re101
Sands is advertising heavily on NJT, and essentially trying to lure men with the promise of getting laid. They aren’t even trying to sell gambling, just the sex. If the ads were any more brazen, Anne Milgram would be trying to shut them down, a la craigslist.
No beefcake ads for middle aged ladies that want to play slots though.
“what is an iron condor”
It is what an economy sees just before collapsing and going into an Iron Lung.
“Sands is advertising heavily on NJT, and essentially trying to lure men with the promise of getting laid. ”
Like that has ever worked before.
#110,
Bring it on. I am making so much money with it, I don’t know what to do with it.
Shore-
I’m going to have to strongly disagree with you regarding the bankruptcy. I think its very American to feel like you are totally in control of your own situation and destiny, and to the extent that it is possible here like no other place in the world is amazing.
The thing with serious illness is that you’re not in control. It just happens. One day you’re fine the next- you’re expected to foot a 3K charge at a pharmacy for blood thinners your insurance company deems experimental and won’t pay for. From the day my husband got sick to 6 months later, we had burned through 22K it took us 5 years to save then some. We went from 100K combined income to 60K.
How much can you cut back, when you’re expenses have increased and your income practically halved? We rent a SFH for 1800 and a friend lives in the basement and contributes $400. I can’t stress enough how ok I am with living within my means. I drive a 1998 Honda Accord, no flat screens, no brand names for us or the kids. How is 4K a month supposed to pay for rent, kids, medical supplies, food and leave something left over to save?
In our income range, you don’t qualify for assistance but they’ll make payment plans and the hospitals will work with you on that. Then you just pay until you have nothing left and file for bankruptcy and cross your fingers that nothing else happens.
I can tell you spending that much time in hospitals, you meet too many people going through your situation or worse. We’re lucky- at least I was able to support our family. When the main breadwinner is the sick one, the road to bankruptcy is even faster.
(59)”Give him a break. It’s possible that Carla was under his desk?”
BC, thanks. There goes my coffee.
#51, Clot,
Much thanks.
How about one family member carrying the health insurance.Got cancer,can’t stop working cause she will loose insurance.Dying and worried about the bills to be left.I have seen that in a 3rd world country.It is not suppose to happen to a rich country willing to help everybody else.
How about one family member carrying the health insurance.Got cancer,can’t stop working cause she will loose insurance.Dying and worried about the bills to be left.I have seen that in a 3rd world country.It is not suppose to happen to a rich country willing to help everybody else.
From Ritholtz; “Anatomy of a Collapse”
http://www.ritholtz.com/blog/wp-content/uploads/2009/06/anatomy-of-a-crash.png
Yome…
COBRA — takes care for 18 months. Too short a time, and added expense in addition to loss of pay.
Speaking of developing countries: I heard of anecdotes in India [people I know that know the end person type] about a couple of people taking out big (relatively speaking — few thousand dollars) life insurance policies if they suspect they may have some big disease. Also, in some other cases that I know, they simply prepare for dying and are careful not to overspend on treatment. Gory math, but they do the calculations.
In principle, it shouldn’t happen in US, or for that matter, any where… In practice, it is a different story, altogether.
S
“about a couple of people taking out big (relatively speaking — few thousand dollars) life insurance policies if they suspect they may have some big disease.”
Sastry,
Maybe the first call should go to a doctor rather than an insurance agent?
Any non-fox haters out here that think they are going very much overboard?
Here is their main headline:
“Obama’s Terrorist Invite”
President extends invitation to Hamas — designated a terror group by State Dept. — to join in Mideast peace talks
The underlying article though was (relatively) more nuanced:
Obama Overture to Hamas Suggests Inevitability of Terror Group’s Dominance Among Palestinians
The mention of terror group Hamas as a leader of Palestinians has some wondering just how far President Obama is going to change U.S. policy toward the Mideast.
S
S
That is why there should be basic coverage for everybody.Upgrade coverage above that from employers.
BC Bob #122…
In India, like here: You go to the doctor and there is a cancer diagnosis, your chances of getting a new policy are gone. A guy there may think (very much understandably) about not wanting his family on the street.
Of course, they can go to a “friend” doctor, but major diagnoses leave traces…
S
Bob-
Maybe there’s a legal thing. They may suspect their sick, but if they haven’t gotten medical confirmation then the policy has to pay and they haven’t committed fraud.
Yome: you are preaching to the choir! The only thing right about me is that I am a right hander! I’m all for universal coverage, etc.
I was just suggesting the currently available options in the specific case. I wasn’t 100% sure whether your point was an academic one [it seemed so, but didn't want to make assumptions].
S
BC #122…
See Silera’s response. She explained it much better that I did.
S
Sastry, Silera, and yome
Or have a premature baby out of network and try floating over 30k in payments bills while dealing with the insurance company.
Then I had to leave the workforce to take care of him. Even then he still got pneumonia or bronchtis 4 times plus the flu or a severe cold at least once a month the first 18 months.
If we had lived a lifestyle requiring 2 incomes we’d have imploded.
Random question:
Why don’t NJ real estate listings report square footage?
A little disappointment on secretary for facing this situation :(
“The latest casualty of the slippery slope: severance agreements. Citigroup’s top brass has decided not to honor them, at least for some senior employees.”
“Citigroup has received $50 billion in taxpayer aid, and the government soon will own as much as 34 percent of its common stock. With little prospect of repaying that aid in the foreseeable future, it would be interesting to know whether the 300,000-employee company is prepared to live under a de facto hiring freeze that could result from the severance ban. Even in a recession, how many will accept an offer from a deeply troubled employer with the foreknowledge that any severance agreement you get isn’t worth the paper it’s written on?”
http://news.efinancialcareers.com/News_ITEM/newsItemId-19354?efc_namerica=18
#72 Nicolas:
Some friends had an intercom system that started playing the radio whenever anyone rang the doorbell…
re: #132 - yeah Bob but Citi did the advising on the Hummer deal. M/A is back Baby!
Safe-
I hope your little one is all caught up now and 100%. The stress of a sick child is something I’ve thankfully never had to go through. I honestly think if that happened I’d probably fall apart.
#132 BC Bob,
When I was at Citi the severance package was 2 weeks per year, maximum 26 weeks. 12 or 13 weeks for anyone over 50k no matter length of service and 20 or 26 weeks for anyone over 100k no matter length of service.
Have no clue what it is now.
In some ways I think getting busted may have been the best thing for him. Eliot 2.0 does not have the political baggage that that 1.0 had, so he can say what he wants no matter how against the grain it goes.
I have an unfortunate sense that the “green shoots” in the economy that everyone is talking about are nothing but dandelions.
http://www.slate.com/id/2219599/
Shore Guy 108 - that is interesting!! I knew something had changed since the last time I stomped on those grounds - everyone is just OLD!
RIP Carradine. Loved him in Kill Bill.
130 - what I heard back in the 90s was that NJ is a very litigious state. putting square footage in a listing that’s not new construction is asking for trouble. lot size can generally be verified with a deed, square footage can’t. in PA they put square footage in all the time–but they care less about accuracy than they do in NJ. which is scary. At least in NJ they usually get the town right.
All: I need some opinions. We have a set of siblings that inherited property from the prior generation. One of the siblings I have reason to believe is schizophrenic. There is a joint power of attorney needed so that an agent can act of their behalf. The one person in question is a holdout due to unjust paranoia…..lawyers; medical people…any ideas?
#108 Shore guy,
Those 24,000 30somethings who have left monmouth county have all moved to Brigadoon and the Gold Coast. /off sarcasm
Thanks ruggles. And I guess with so many capes, SF measurements are hardly apples to apples. Still, this makes calculating price/sf impossible.
“The thing with serious illness is that you’re not in control. It just happens. One day you’re fine the next- you’re expected to foot a 3K charge at a pharmacy for blood thinners your insurance company deems experimental and won’t pay for. From the day my husband got sick to 6 months later, we had burned through 22K it took us 5 years to save then some. We went from 100K combined income to 60K”
This is a tragic situation. Nevertheless, there are far many more people who get sunk by $5,000 or $10,000 NOT because of the cost of the medical care but because of the existing millstone of debt with which they are trying to swim. In such cases, it could just as easily have been a furnace, a roof, or a car that acted as the extra weight to pull them under.
There is a Federal BK judge from NY somewhere, his name is something like Ninfo. I have heard him speak on this issue, and he has lots of stats on what sends people into BK and, although they are eager to point to the last stra, they tend to ignore all the earlier ones. Most families, if living within their means could, over time, dig out from $30,000 or more in medical debt — people finance cars for that amount for goodness sake. — if they were not already loaded with debt.
In many cases, it is that earlier debt that is the cause of the BK not the LAST debt.
Safe,
Of course they did. 1) it is different there, 2) it is closer to NY.
As much as i hate what the fed did with the rates i must admit i’m in the middle of a refi right now. I doubt it will happen now though. I emailed “my guy” that i’ve been going back and forth with on May 19th when i saw the 10 year bond go way WAAAAY up. I called and emailed some more asking about rates and locking in. I finally got a phone call back on the 28th and by then locking in was out of the question. I mean i saw this happening, no one listened and now i’m not locked in. Sorry all, just venting.
Damn shame about Carradine. Found in his hotel in a very awkward way too. Interesting to see what the coroner’s report says.
BeachBum,
It is interesting, if the county cant keep middle agers, and the old folks, well, die, and the younger folks can’t afford to buy, who the heck will live here-re-re-re-re-re-re.
There is an echo-co-co in Monmouth-mouth-mouth.
Heard they are looking at Uma Thurman as a suspect.
Where’s our mall reporter? Yeah, A&F is hitting the ball out of the park.
“Shoppers searched for bargains and basics in May, leading many retailers to miss sales expectations Thursday even though the bar was set pretty low for most chains.”
Upscale department stores posted some of the steepest drops in sales at stores open at least a year, or same-store sales.
“The high end continues to struggle, those in the discretionary spend segment are really continuing to get clocked,” said Ken Perkins, president of Retail Metrics.
“The steepest sales decline came from Abercrombie & Fitch whose same-store sales slid 28 percent, worse than the 24.1 percent decline analysts had expected.”
http://www.cnbc.com/id/31099853
Well she does know the 5 point palm exploding heart technique after all…
“who the heck will live here-re-re-re-re-re-re.”
Outlaw Pete?
http://www.washingtonpost.com/wp-dyn/content/gallery/2009/06/03/GA2009060301844.html?nav=hcmoduletmv
Nice house, ugly floors.
#148 Shore guy,
There are colonials listing in the bad or on the edge of the bad sections of Long Branch for 400k. I couldn’t believe it when I was looking at trulia the other day.
no wonder people are fleeing monmouth county.
Outlaw Jon more like it, “Stic-um up taxpayer, then bend over. Yeehaw!”
Safe. Longbranch is a hole. And the walling off of the ocean with those condos ia a long-term mistake. I wouldn’t buy in Long Branch. Despite its problems, Bradley is a better spot. So is OG, and Belmar. Avon is wonderful as is Sea Girt. Spring Lake has its appeal, too.
Asbury? Fuggefdaboutit.
#156 Shore
I saw a listing bragging it was 3 blocks inland from the pier village area. That was a pretty bad area of LB in the 80’s and early 90’s. My parents looked at some highrise condos along Ocean ave in the early 90’s in that area. Facing east you saw the ocean, facing west 1 block away was hell. Dilapidated houses, back yards turned into junk yards. They passed.
Shore Guy - did you look at Slide 6 - who the heck did their paint and plaster?? A terrible job - and I’m sorry but if I see any more of this vast furniture that can’t be moved no matter how determined your guests might be I’m gonna scream.
That being said, I went to school in DC and always loved the Hill. There were bargains to be had, but I was a poor student…Today it is the perfect city for reviving the urban lifestyle, lots of space and greenery and then no commute at all to work. My best friend lives in Kalorama.
As to Long Branch could not agree more - those condos are an absolute disgrace and have ruined forever the feel of that town, and in fact the area. Agree on Asbury. I looked for a while but when I did the math on the number of apartments planned and the bodies per square inch that resulted, I decided to scratch it off my list for sure. Happy to go to dinner at Moonlighting but that’s about it.
Bodies per square inch of beach, I meant to say.
Still waiting for the other shoe to drop in my target towns, though. However, it may take longer than in other areas since pratically the whole town of Bradley Beach changed hands between 2005 and today, so few people will be able to sell without losing their shirts. That adjustment always takes a while!
Retail sales tank and market goes up. Only makes sense.
Asbury? Rise up.
http://www.youtube.com/watch?v=J1ne3rc3iqc
Get ready for $24 billion in tax hikes
Massive revenue declines are forcing states to raise taxes and fees to balance 2010 budgets. Look for the biggest bite to come out of your paycheck.
http://money.cnn.com/2009/06/04/news/economy/states_budget_crises/index.htm?postversion=2009060413
Hehe C up 5.31%
#162 yome
Some call it a tax hike, others call it green shoots.
Moonstruck. Moonstruck! Great place, but too bad no reservations. Dinner there then a concert at the Pony makes a nice evening.
BC,
The problem with that song is that any “young maid on the corner” is not likely engaged in legal business.
Shore [166],
Madame Marie
Shore, I’m not going to disagree about the existing debt. I think it goes back to Stu’s question regarding income and why it has stalled for the middle class.
We have no debt right now but we have no savings either. I had 4K saved and that has been halved by a car repair, a broken washing machine and downpayment on braces. If my car broke down, or we were socked with another round of medical, I’d probably have to skip a rent payment and hope I’d catch up. How different is that from grabbing a credit card to float yourself?
I really don’t think our situation is tragic, it’s just our series of events. Maybe I’m just so used to things not going our way that I assume it’s like that for most people.
on the growing disparity of wealth over the past 30 yrs… the answer is globalization. The phenomenon of growing wealth disparity during this period is not isolated to America.
Ah yes, Moonstruck.
Madame Marie! Memories. I think her daughters are doing the gig now. May she RIP.
not telling anyone’s futures better than anyone else anymore
Well, back to the grindstone.
NEW YORK (MarketWatch) — As Wall Street on Thursday registered mild gains with financial shares leading the way, a bellwether of the sector rose to a level marking a doubling in value since bottoming in early March — a bullish signal for the market at large, one analyst said.
BOOOOO YAAAAAA!!!!!!
shore [171],
She could have been head of an IB, Fed Chairman or even the Treas Sec. After all, she could draw laughter from Chinese students.
Sean, not blasting working women but I would say in my blue collar 40,000 99% of women with young kids works a high demanding VP or up level job in the city, But hey I would also say that 97% of the men with real women either don’t work in city, are unemployed or just do some little bs town job. In fact when I am off during the week it feels like a weekend every one is home. No it is not the recession, most never worked.
for example, over the past 30 years, the rise of personal indebtedness tracks the same line in Canada and the U.S.
Canada of course has gov’t healthcare, basically free college and fewer issues with any possible lingering effects of historical oppression of minorities that the U.S. may have.
J,
How about tripling?
WARNING: Following John’s math may induce headaches.
J,
You forgot to define real women. Is that opposite of working women?
The market appears to be enjoying irrational exuberance again. in no way are the indicators positive enough to warrant the increase in oil prices or the market. Granted $35 a barrel looked like bottom to me, a screaming buy and $50 a barrel but less than $60 seems like a reasonable value for oil that this economy can sustain. Financials are going up? Perhaps it is JPM or the Chinese? High oil prices are undesirable at this point as they could negatively effect recovery, consumer dollars are thin right now, lower oil prices allow for lower prices and higher profits which can stimulate demand, if goods prices rise I don’t think spending will keep up.
PGC 137
here are your green shoots
http://tinyurl.com/qs7pqs
re #175 - John so you have 10,000 VPs living in your Blue Collar town?
pop = 40k
2 kids per family = 20k
Moms = 10k
VPs = 10k
John what town on LI would that be again? I need to scratch that one off my list too.
Skeptic, 169
on the growing disparity of wealth over the past 30 yrs… the answer is globalization. The phenomenon of growing wealth disparity during this period is not isolated to America.
I agree!
ChiFi even a bond you could love, short term, senior bond at 9%. Few million available today someone entered a large block order to sell.
ASTORIA FINL CORP SR NT 5.75000% 10/15/2012
Price (Ask) 90.763
Yield to Worst (Ask) 9.000%
046265AE4
Ment to say 99% of women with young kids don’t have a real job or no job. But that is not a big deal as the same applies to 97% of the men in my town.
John says:
June 4, 2009 at 2:35 pm
Sean, not blasting working women but I would say in my blue collar 40,000 99% of women with young kids works a high demanding VP or up level job in the city, But hey I would also say that 97% of the men with real women either don’t work in city, are unemployed or just do some little bs town job. In fact when I am off during the week it feels like a weekend every one is home. No it is not the recession, most never worked.
“the answer is globalization.”
Damn it. That’s a tough nut to crack.
The Real Suckers Are In Cash
“It’s time for bears to eat some crow as the recession that could’ve been a depression is about to end.”
http://www.forbes.com/2009/06/03/gold-inflation-deflation-personal-finance-investing-ideas-bull-market.html
John,
Give it one more try, third time is a charm.
“99% of women with young kids don’t have a real job or no job”
99% have fake jobs?
1% unemployed?
I disagree, me and all my first generation americans are doing fine, it is the lazy third generation americans who are losing ground.
I love third or fourth generation GM line workers!!!! Yet the guy in the fruit store who can’t speak a word of English kid is graduating Harvard, look at the spelling bee on TV all indian children, americans are too fat and lazy to get ahead.
kettle1 says:
June 4, 2009 at 2:41 pm
Skeptic, 169
on the growing disparity of wealth over the past 30 yrs… the answer is globalization. The phenomenon of growing wealth disparity during this period is not isolated to America.
I agree!
99% have fake jobs or are unemployed, web sites, realtors, cafeteria help, tax return keying, etc.
zieba says:
June 4, 2009 at 2:48 pm
John,
Give it one more try, third time is a charm.
“99% of women with young kids don’t have a real job or no job”
99% have fake jobs?
1% unemployed?
I am trying to decide whether to buy or rent within the next few months. I am in Burlington County (looking in Marlton/Mt. Laurel). Would be 1st time homebuyer…I’m looking around the 200k range and I do have 20% to put down. Would it be smarter to wait a year or 2…will prices drop that much more to make it worth waiting once you factor in the rent I would be paying (maybe around 14K for a year) and possibly not getting the 8K tax credit after this year (would that possibly be extended?) I probably already know the answer but wanted to get opinions. Thanks!
John,
So only 1-3% of the town is actually working?
Skeptic- Canada’s income in the last 15 years outpaced the United State though based on this article. (http://www.theglobeandmail.com/report-on-business/article798938.ece)
I wonder if maybe this income disparity has always existed globally and it’s just catchin up to the US now?
1-3% of my town works. Yes. I have lots of retired cops, firemen and garbage men in my town who coach soccer and stuff and they are all 42 and up. In fact the bar near my house is packed for weekday mets games with 45 year old men.
Silera [191],
Canada also cut govt debt from approx 70%/GDP in 2005 to approx 30% in 2008. We are moving in the opposite direction.
Anyhow met some C+ people today. Lots of stuff next week.
Next week banks get to find out if they can pay back TARP, but the question is when, now or months from now.
We now have SIGTARP and they are scary. Special Inspector General of TARP. Next week those who can’t pay back will have on-site examinations, enhanced audit work and even a expense whistleblower hotline requirement!!! Also next week, Hartford and Lincoln may get TARP mony but will be new Insurance Tarp Regulations - ITR, also CIT is in a huge control rationalization project to show they are eligble for TALF/FDIC Liquidity program!!
RTRS- SEC charging Countrywide’s Mozilo with insider trading
Canada got a big scare in the mid 90s (I think), when their sovereign rating got downgraded because of the government debt. This has made them quite wary of the debt ratio.
Their media is full of people agonizing over their $50B budget deficit. $50B!!! That is one weekend @ AIG.
“In fact the bar near my house is packed for weekday mets games with 45 year old men.”
J,
Do weekday Yankee games attract the 45 yr old females?
re #186 - Frank Lenzer is a bigger flip flopper Barney Frank.
Read his piece from only 2 months ago.
http://www.forbes.com/2009/04/03/dow-jones-industrial-personal-finance-investing-ideas-great-depression.html?feed=rss_mostemailed
or his piece from Feb entitled “Cash beats even Warren Buffett.”
His job is to sell magazine subscription of a dying rag that nobody reads anymore.
I think if one person is pulling a VP position and salary it is desirable to have the other person in a fake-john-job. I would imagine, I am without wife or kid, that you can always key returns around your schedule or take a few unplanned days off; it won’t derail your return keying career and it will allow for a flexible/seasonal schedule.
chi (141)-
I’d say this is a situation that needs bi worked into it somehow.
“All: I need some opinions. We have a set of siblings that inherited property from the prior generation. One of the siblings I have reason to believe is schizophrenic. There is a joint power of attorney needed so that an agent can act of their behalf. The one person in question is a holdout due to unjust paranoia…..lawyers; medical people…any ideas?”
Well, scaled according to their population, $50B CAD = $500B USD. Plus, they have free healthcare! Fcukin Soc1alists!
BC- That sounds liberating. I think we’re spinning in circles right now. I’m hoping when we stop it’ll be good because I’m not prepared for the bad.
Vic [196],
Oh Canada!
http://charts3.barchart.com/chart.asp?sym=D6M9&data=A&jav=adv&vol=Y&divd=Y&evnt=adv&grid=Y&code=BSTK&org=stk&fix=
Actually the best way is for women to re-enter the workforce at 65 so us men can enjoy our retirement in peace.
zieba says:
June 4, 2009 at 3:00 pm
I think if one person is pulling a VP position and salary it is desirable to have the other person in a fake-john-job. I would imagine, I am without wife or kid, that you can always key returns around your schedule or take a few unplanned days off; it won’t derail your return keying career and it will allow for a flexible/seasonal schedule.
chi (141)- Schizoids love good conspiracy stories. Perhaps if you share a few of the stories from this blog the schizoid will sign the paperwork.
Speaking of fire/cops;
Can anyone explain to me if there’s a law or ordinance that allows an off duty or volunteer firefighter to drive through red lights, stop signs, on opposite lanes or honk at people who don’t get out of the way?
One time I had one honk me off the road, pass me on blue flashing lights only to park it by the fire station, walk in casually and start up a conversation.
Don’t even get me started on the line of riced-out firefighters’ cars lined up at the fire station on sunny weekends waiting to use the station hose to wash.
State subsidized frat houses are what these stations are.
Hi Everyone, sorry for the OT quetion. We made an offer on a house in Ft Lee the other day (415K, ask is 550K). Realtor says we need to also include $1K check, says if they accept, it goes towards dp, otherwise they return the money. I have never heard about submitting checks during an offer (especially considering this RE firem (coldwell) already cleared us before and they know we are serious and have the money). Is this normal or is this total BS? I am getting ready to say no checks until we know if offer is accepted or not.
forbes is a pimp for the industry.
just an awful rag
bc,
did you see my earlier ? about the “iron condor”?
someone is looking for a trading analyst/writer …. might be a gig for you on the weekends …
Most are forgetting the real evil Forbes spawned: Dennis Kneale!
Alex
I had to do the same thing when I made an offer last year. Didn’t get the house, but got my 1G back.
http://portal.cuny.edu/cms/id/cuny/documents/jobposting/JobPostingManagerialandProfessional/029345.htm#P-11_0
It seems like the Feds are hating on the Tan man Mozzillo.
I emailed Obama about the proposed Federal soda tax.
Now, I’m on David Axelrod’s mailing list!
check out this email:
Hello -
As a Senior Advisor to the President, I’m here in Cairo, Egypt where I watched President Obama deliver an unprecedented speech calling for a new beginning for the United States and Muslim communities around the world.
We all know that there has been tension between the United States and some Muslim communities. But, as the President said this morning, if all sides face the sources of tension squarely and focus on mutual interests, we can find a new way forward.
The President outlined some big goals for this new beginning in his speech — including disrupting, dismantling, and defeating violent extremism. It was a historic speech, and since many Americans were asleep at the time it was given we wanted to make sure you had a chance to see it:
Silera:
Just wondering if, from your perspective, anything could have been done differently to avoid your problems. Would a disability policy have helped?
Most Americans are one illness away from financial difficulties. Short of not getting sick, is there something that you can recommend to the board that can prevent similar outcomes?
http://www.cnbc.com/id/31108460
wrong link. Someone borrowed my comp here at the school lab.
“Alexnyc88″
I’ll let the pros answer this, but yes it is very common. It is a good-faith deposit.
Is this normal or is this total BS?
Alex,
Total BS. With your offer your should send your mortgage approval and a snapshot statement of your DP.
scribe:
Wait till you see the junk mail you will now receive come election time! I hope you didn’t provide your snail mail address. If you did, you just accidentally killed a few trees in the process of having dems tell you about their environmental platform.
Thanks for those who replied so quickly! I think approval should do, it definitely makes sence (in a market where sence doesnt matter?:)
Gotta push C up so they can get a secondary offering done.
make, I was asked to make a good faith deposit for the home I purchased in a private sale to people who actually knew me.
What gives?
Can anyone explain to me if there’s a law or ordinance that allows an off duty or volunteer firefighter to drive through red lights, stop signs, on opposite lanes or honk at people who don’t get out of the way?
It is against the law, not permitted.
All emergency vehicles in NJ (police, fire, ambulance) must technically operate within the bounds of the normal motor vehicle laws (lights, speed limits, stop signs etc.). You are, however, required to yield the right of way.
As far as using the firehouse hose to wash personal cars, yes, it’s a benefit of being a volunteer firefighter. These firefighters, however, provide a valuable service to the community. While unionized public employees are adding to payroll expenses and pension obligations, volunteer firefighters get use of the town garden hose. I think it’s a reasonable tradeoff.
Doesn’t this root itself in contract law where value consideration is neccesary in inducement?
Another question for those of you in the know - how does the process usually work afterwards, suppose an offer is accepted, who pays the 6% realtor fees? I keep hearing that the seller pays, but since buyer brings money to the table does this simply mean another 6% off? I understand there will be a RE Lawyer fee (we have our own lawyer, but havent contacted him yet as they will most likely not accept anyways). Just wondering how the process works. thanks again for your help!
did you see my earlier ? about the “iron condor”?
Scribe,
No.
So I am required to yield to a civilian paint scheme Ford Explorer with a blue flasher attached to his windshield? At all times?
Don’t worry about C, CIT will be the next trick when they get into FDIC liquidity program this baby is going to pop, a junk bond extremely highly leverage company issued bonds at 3% guaranteed by you and me. Even crazier new FINOP/FOCUS rules allow up to 10% of USG collateral to be FDIC backed bonds, nice, MS can put C bonds up as collateral with same valued at T-Bills, the game is on, you better play.
CIT 3.34 Change +0.33 +10.96
Even better, if you don’t and someone dies in fire due to you blocking the firefighter you can be charged with manslaughter.
zieba says:
June 4, 2009 at 3:31 pm
So I am required to yield to a civilian paint scheme Ford Explorer with a blue flasher attached to his windshield? At all times?
“wrong link. Someone borrowed my comp here at the school lab.”
Make,
Studying to be a geologist? Huge demand.
Bc,
Unfortunately, I’m still playing around with Interior Design.
make, I was asked to make a good faith deposit for the home I purchased in a private sale to people who actually knew me.
What gives?
Stu,
It is what it is but many things can go wrong with the inspections etc then you have to worry about getting your money back.
You can state on your offer that you’re prepared to go into contract in 5 business days and then you’ll deposit a much larger amount.
If they want to move the house then they can wait 5 days to get into contract. In the mean time you have 5 days to do the necessary homework/inspections etc.
sean (205)-
Something also tells me that chi could lock the schizo in a room with Gary, dressed in a clown suit.
That could really move the ball.
So I am required to yield to a civilian paint scheme Ford Explorer with a blue flasher attached to his windshield? At all times?
Yes.
But if you think they are abusing it or using it for a non-legitimate use or are driving wrecklessly, call the police.
Most volunteer firefighters do a professional job don’t want a bad relationship with the community. That said, sometimes the young/new guys get a blue light and get a little carried away; and they need to be put back into line.
alex (207)-
Normal.
corzine sells state down the river,,,again
people to stupid to vote the guy out?
NEW POLICY:
***ALL OFFERS MUST BE A MINIMUM BID OF AT LEAST 30% OF THE LISTED VALUE. ANY OFFER LESS THAN 30% WILL NOT BE CONSIDERED***
I got an e-mail today from the NYC TAX foreclosure guy stating above.
They must be tired of getting lowball offers below 30%. I sure have made some. Did anyone else receive this from Rob DiBella.
Two rate changes today from the correspondent lenders.
You know those repricings weren’t for the better.
Summer market ‘09 is toast. Heard from another lender today who had 14 mm in pipeline all go up in smoke last week.
He’s declaring BK.
More dung-covered, sharpened bamboo shoots.
Keep up the good work and good luck with your site - are you having fun with it? It’s interesting and well worth the time to visit.
THE END IS EVEN MORE NIGH. . . .
This is just sad.
“(CNN) — American actor David Carradine has been found dead, hanging by a nylon rope in a hotel room closet in Bangkok, Thailand, according a Thai police official.
David Carradine became famous in the 1970s after starring in the television series “Kung Fu.”
more photos » Carradine, who became famous in the 1970s when he starred as traveling Shaolin monk Kwai Chang Caine in the television series “Kung Fu,” was 72.
The rope was believed to be from the hotel room curtains, Bangkok Police Lt. Col. Pirom Chanpirom said Thursday.
He said investigators found no sign of forced entry into Carradine’s room. . . .”
I used to love watching Kung Fu as a kid. This is depressing. I wished it had been the five point palm exploding heart technique.
d2B-
When we get short on cash I hate myself for not figuring out how to live on 65K before everything happened. We weren’t living high on the hog ever, but we were young enough to think we had time to build up our savings. He was 3 months from 27 when his colon ruptured.
We could have comfortably saved 45K instead of 22K. If my husband had a disability policy it probably would have been a lot easier financially as well.
Also, if we had immediately anticipated that the medical issue was long term. We had no idea. The first surgery was a bust, 4 months later another one, then rehab, then the embolisms and DVT’s. When it started, I thought he’d be out of work for a few months not forever.
If I had the wherewithall at the time, I would have done a better job at keeping records. I was so overwhelmed with the the kids and working full time and being a nurse, I just didn’t. The records are really important. I feel like I met our deductible 4 times over during that first 1 1/2 yrs. You have to be an expert to maneuver between all the parties involved.
make/stu (231)-
I think you can chalk this up to the difference in procedure between NY and NJ.
You are both right. Just different rules of the road in those two states.
More green shoots;
http://blogs.moneycentral.msn.com/topstocks/archive/2009/06/04/wal-mart-hiring-binge.aspx
BC (243)-
Big growth industry = making blue smocks with happy faces.
224 - Commissions are charged against the sellers proceeds. usually the money comes from the checks you and your bank bring (so the seller gets 6% or 5% or whatever the commission is less than the sales price). if the seller is underwater then he needs to bring a check or the bank does to cover it.
the commission is not added to what you need to pay unless you’ve specifically negotiated that (like you’re paying a buyers agent). and perhaps you’re getting an extra discount on the house for that reason.
China is now moving 1mm of its people to work land it has purchased in Africa solely for the purpose of growing food (meant for China, natch).
We create McJobs, bail out criminal bankers, allow courts to ruin investors with legitimate claims, and throw hundreds of billions of dollars down black holes.
Somebody please tell me how this ends well.
[193] BC
FWIW, I am looking into an expatriate scheme where the tax haven country is . . . . wait for it. . . .
CANADA!!!
I sh1t you not. Supposedly, there is a way for canadians to avoid taxation on foreign income if they are nonresidents. We have a provision like that but it is dogsh1t.
There are some obvious limitations, but becoming a snowbird may be a convenient tax dodge.
This may be an urban myth and will require some research. I will keep you all posted. If it seems to work out, the Nompound may just be on Lake Ontario.
Oops…just found out a listing client has been lying to me about being solvent.
plume (247)-
I will tend the Riesling patch and make the Eiswein.
[246] clot
That may not end well. Korea was going to do that in Mauritius, and backed out amid much outcry.
Will be interesting if the african government overplays its hand and get a pissed-off China parking a navy off their coast.
[249] clot
Will be time to give up soccer for hockey, eh?
…especially a pissed-off Chinese navy that’s fueling itself with copious amounts of Brazilian oil that they now control.
Plenty of good soccer in Canada.
I’m not a big hockey fan. Like the fights, though.
…So noone is going to talk about our favorite spray-tanned Countryfried CEO Mozilo…SEC press conference on now.
Clot - Does knowing whether a client is solvent or not change your pricing or marketing on a property? I read motivated seller so much on MLS and the prices aren’t very motivational.
Nom [247],
I’m long the CD. My brother just opened a bank account there, you need a resident to sponsor.
Clot, that answers my long nagging question about China. How do they avoid starvation with 1.3+billion people,an insufficient amount of arable land, and a water supply that gets more tainted everyday. I think many of China’s previous moves made no sense, i.e us treasury purchases and currency manipulation. But at least they are trying to ensure future access to valuable resources. Our gov spent a trillion in stimulus and squandered it on banks that are as insolvent as the day they started.
Countrywide’s Mozilo, Two Ex-Executives Accused by SEC of Fraud
http://www.bloomberg.com/apps/news?pid=20601087&sid=al4QWAr2aHCs
Canada is great, it is like the US only with Hockey(Love it!) , extreme cold in the winters(Hmm not such a fan), nicer people, and their cities are way cleaner. Montreal or Quebec city are nice. Vancouver is a great place though and is a little more moderate come to think of it. All I know is Saskatoon is not in my plans, met some people from there is march and was commenting on the cold snap in NJ and they said they had a cold snap as well it was -38C there.
rent (254)-
The frog march is the only time I ever want to see that pie-faced mook’s maw ever again.
@190.
SJGuy,
i’d hold off and find a nice place to rent. My buddy paid 400k for a 3 bed townhouse in Marlton (off N. Elm) in 2007 for 400k. Currently there are a glut of similar models in his development going for $300-350 - he’s reeling! new for sale signs pop up daily and he constantly calls to tell me each day that the 100k he put down is basically gone and that i’m in a total power position as a renter. oh, his taxes are 9k a year too and his kids are still 5 years away from attending the blue ribbon school district.
silera (255)-
Yes. Insolvency changes the whole approach.
Not to mention the fact that bankruptcy may now be the proper route the client to take.
“currency manipulation”
jcer,
China is tied to the dollar. Therefore, they can only manipulate via the manipulator. Last year, they increased their bands.
Montreal= cold, violent Muslim extremists on the QT, some Quebec separatists
Quebec City= cold, full of Quebec separatists
Vancouver= h00kers and her0in
Saskatoon= women with hairy backs, men sleep with huskies
i had a great time in montreal one day for a week.
Also, British Columbia - 15% Sales Tax. If you think taxes are bad in the US, you will bawl your eyes out when you see the tax bill over there.
BC I understand that, but in what universe did they not see getting stuck with worthless greenbacks. They pegged way to low to the dollar, i don’t know what the plan was but china’s manufacturing as of now is totally replaceable, they only bring cheap labor to the table.
China has their own problems:
Holes in the China Recovery Story
On Monday, China reported that its manufacturing sector had expanded for a third straight month. Along with Premier Wen Jiabao’s plan to revive growth with a $586 billion stimulus package, the news bolstered hopes that one of the world’s fastest growing economies was back on track, which would in turn help to put the worst of the global economic crisis behind us.
But is the China recovery story all it’s cracked up to be? Evidence suggests that might not be the case, and that the economic outlook remains less-than-upbeat, to say the least.
http://www.huffingtonpost.com/michael-j-panzner/holes-in-the-china-recove_b_211054.html
Didn’t China prove itself to be outright liars during the Olympics?
Clot, I enjoy the cold somewhat, big fan of ice hockey and skiing hence BC is high on the list. Quebec is nice, so there are some separatists, muslim extremists don’t have to go any further than journal square in Jersey City so not much of a change there.
Clot, I enjoy the cold somewhat, big fan of ice hockey and skiing hence BC is high on the list. Quebec is nice, so there are some separatists, muslim extremists don’t have to go any further than journal square in Jersey City so not much of a change there.
jcer [267],
Who says they will be stuck? They are slowly diversifying right now. In addition to this, they have moved out of agency debt and long term into t-bills. They don’t have to worry about selling. They just don’t have to rollover. In the meantime, they are making deals all across the globe for minerals, materials, metals, energies, etc..
While china is dealing, we are committing 12T to a sinking black hole. How is it possible, after 12T, that we actually are experiencing negative growth?
[264, 266]
Not paying attention? The tax benefits go to canadian NONresidents. But you can’t stay in the U.S. for more than 183 days, so back to Oh Canada in the summer. Or somewhere else, and keep that benefit flowing.
coming to a highway near you. . .
http://www.cnn.com/2009/LIVING/wayoflife/06/04/aa.speed.cameras.highways/index.html
I saw these things all over France. They are ridiculously aggressive over there. They make MD state troopers look lazy.
China is now moving 1mm of its people to work land it has purchased in Africa solely for the purpose of growing food (meant for China, natch).
source?
The Stock Market Rise says the Recession is over. Oil is rapidly rising to meet the consumers excess cash. It would appear that supply and demand for oil are irrelevant, versus financial manipulation.
BC, I can’t see them not having huge exposure to weakness in US currency, there reserves are too big and these recent moves are too late. I know they are making some deals but it strikes me that soon the notion of excepting t-bills or some other us currency equivalent in large amounts for resources will be in the past. Large transactions do not give the seller of the resources time to dispose of the dollars and they are stuck with a potential liability. What they are doing is definitely smarter than our squandering of stimulus money on insolvent banks. But I don’t think they can revive their economy, who will buy the trinkets, there wealth disparity makes an internal market difficult. They can maybe try to diversify some of their holdings into raw materials but still ~90% will remain tied to the dollar, not a desirable thing in an inflationary situation.
make,
No link.
“If you are a Chinese student studying economics, on the other hand, you laugh. And if the treasury secretary of the United States tells you that your dollar-denominated assets are “very safe,” well, you laugh very hard…then you continue your business of buying up the world’s resources. You stockpile precious metals at record rates and patiently await the day when the dollar levies break and the only thing that floats is a dragon boat made of gold.”
No kidding!
Was driving through Germany on the way to Amsterdam. Sun low on the horizon, empty two lane highway, nothing but pines and tall grass for miles.
Came to a bend, saw an overpass, a beat up silver late ’80s vintage WV wagon and a rubber hose across the road leading to a tripod with a camera on it. I briefly caught a reflection of my headlights in its tinted lens before a flash went off and snapped a photo….it all happened so quickly! Loved the cops holed up in the beat up VW with no windows!
Luckily I was just passed by a guy in a sedan who was in an even bigger hurry to get there before sundown than I. Lucky.
These are a nightmare in Phoenix. People know where they are so they speed and simply slow down for the monitored part.
China in Africa
http://forums.csis.org/africa/?p=120
“Oil is rapidly rising to meet the consumers excess cash”
Stupid Americans thought you could save money.
Clot: is there a so called summer market?
I wonder if Mizilo anfd Madoff can share a cell.
Mozilo, too
Stu,
Did you and Gator find a new primary home?
clot 264,
so you are saying you wouldnt go back to vancouver?
[279] zieba
In france, there were signs just before the cameras, so you knew when you were entering a speed zone. I know I sped through some so the tolerance on them must have been pretty high.
I also observed my age-old edict of not being the fastest guy on the road. I’d find a “rabbit” and let him flush the hounds. Works just as well over there as it does here.
GTG time!!!!!!
lets make this an NJRER GTG!!!!
http://www.tothepointnews.com/content/view/3617/85/
285 Shore - Not yet. Still casually looking. However, a place in Millburn that we were considering buying privately 2 years ago is already back on the market. They are asking 48k more than their 2007 purchase price. I am thinking maybe we will have a crack at buying it short for less than we would have paid privately 2 years ago :)
#289 I am thinking maybe we will have a crack at buying it short for less than we would have paid privately 2 years ago :)
I am thinking that is pretty much guranteed.
3b- drove by your favorite diner the other day on the way home. Not too much changes on the strip. Did that house overlooking the train tracks and river sell yet?
back from the Maharastra, taken a little R & R before my next trip.
had an interesting little run out in a shanty.
took care of a little buisness, next thing I know, i find my self dealing with the god damn Pakistani ISI.
let put it this way, we got oaki ISI up to no good out of the Maharastra.
SAS
Shore - Not sure if you contacted Grim, but re tix, I have 2 lower level seats (not GA) for the 9/30 show. Let me know if you are interested.
Welcome back SaS, glad to see you still have all of your fingers.
~#242 from last thread:
“Victorian says:
June 3, 2009 at 2:24 pm
Rev (229) -
How did he know when to get out before the crash?”
Sorry just catching up now. My recollection is he bought a boat and a place in the Poconos with gains. He’d say how lucky he was to ‘cash out’ when he did, but I’m sure he lost a bunch too.
Anybody have experience with the Chevy Malibu? Wifey and I have always been Honda folks, but my Civic was rear-ended and totaled. It absorbed the SUV like a champ, but suddenly the small cars look.. almost too small. Heard great things about the new Malibus (mid size), and maybe I can help GM. …Or rather JP Morgan Chase as BC’s #45 points out.
Follow-up on #295,
He could have made it all up, too (folks don’t brag about their losses). But he was talking up high PE stocks, and they were outperforming. I haven’t regained confidence in equities since.
Ok! Back to my ‘08 or ‘09 Malibu question: who has one??
Welcome back SAS- things just weren’t the same here without you. Now tell us some good stories!
I, for one, didn’t miss you. Hell, I finally got several nights of blissful sleep not having to read your damn spooky stories here.
Look, don’t start posting stuff designed to scare the shlt out of everyone ok?
sas says:
June 4, 2009 at 9:54 pm
back from the Maharastra, taken a little R & R before my next trip.
had an interesting little run out in a shanty.
took care of a little buisness, next thing I know, i find my self dealing with the god damn Pakistani ISI.
let put it this way, we got oaki ISI up to no good out of the Maharastra.
SAS
ft:
Fall in Libor fails to paint a true picture
http://www.ft.com/cms/s/0/22478a70-5061-11de-9530-00144feabdc0.html?ftcamp=rss&nclick_check=1
“However, analysts and bankers warn that Libor rates may not be telling the full story.
That is because there are wide differences between the rates at which individual banks can borrow. The biggest institutions are able to fund themselves at around Libor levels while smaller institutions have to pay, in some cases, more than 100 basis points above Libor. This is explained by continuing counterparty risk in what remains an uncertain economic environment.
That contrasts with the situation before the credit crisis when institutions paid similar rates to borrow.”
I was hoping that Biluva would have made a surprise cameo in SAS absence. Perhaps next time.
http://www.youtube.com/watch?v=YlEm0DXLASI&feature=related
jcer says:
June 4, 2009 at 4:21 pm
All I know is Saskatoon is not in my plans, met some people from there is march and was commenting on the cold snap in NJ and they said they had a cold snap as well it was -38C there.
j: doesn’t matter stop moving at -100C?
remember what I told you about Cat bonds?
we got rascals that set up cat bonds, and do a little cognito damage. aka. white elephants.
like I told you before: how do you short New York and long Chicago? and no, aint baseball or commodities.
“S&P rates insurer USAA’s planned catastrophe bond”
http://www.reuters.com/article/newIssuesNews/idUSLC01003120090512
SAS
how do you get a Cat bond to work for you?
well ask the boys at Cisco financed backdoor thanks to Goldman.
“USAA Insures Scalable Intranet With New Cisco End-To-End Network
World’s Largest Campus LAN Built with Cisco Switches and Routers”
http://newsroom.cisco.com/dlls/fspnisapib3c0.html
you see where this goes? aye bloke…
and you think FEMA is slow? yes, it is.. but for a reason, and it ain’t incompetence.
SAS
“Welcome back SAS- things just weren’t the same here without you. Now tell us some good stories”
well, here is a little treat for you:
back in Jan 2000 (think it was the 5th?) I was at the Kuala Lumpur hotel. While there, I meet Mr. D. Emerson from Canada. He started Vancouver Airport Services (YVRAS) in 1994 to provide ICAO ePassport and secure (Entrust) teleconferencing services. Currently, he is over at the AeroEquity partners with some fishy partners (http://www.aeroequi ty.com/partners. html).
Now, Malaysia was an early adopter of ICAO ePassports and would allow undercover agents to pass through Kuala Lumpur International Airport via an automated gate that compared thumbprints from a passport chip with a thumb pressed on a scanner.
ICAO passport are used agents in governments, private firms and organizations to participate in the human and electronic network planning. Also, in crime and drug trafficking, where profits then can also be funneled via banks and hedge funds for capital expansion and subsequent projects (ex Olympics & Olympic villages).
In any case, back to the Kuala Lumpur hotel, not only was Mr. D. Emerson presernt, so was the CIA & boys from the Jemaah Islamiyah……
go figure.
: )
SAS
ok, back to RE.
last time i talked too much, some how Datura stramonium ended up in my salad over on east 23rd St….
ha ha.. you dumb rookies whomever did that…
SAS
“The home was marketed in February for $1.635 million, according to Scott Stiefvater, president of Stiefvater Real Estate” Weird. Stiefvater translates as “deep father”. Not that there’s anything wrong with that.
“I still think we should all chip in and send Gary on an expedition to Timmay’s house, posing as a potential buyer”. OMG sign me up. He’s gotta wear the Bavaro jersey too.
#306 hmmmmmmm Emerson CIA and the terrorist group in one place.I have seen that before.
I find post 77 in this thread funny. I live here in Chatham and yes you do see a few stay at home moms here and there but it is nothing like Millburn?
I would say that the number of stay at home moms in Chatham is not much if at all higher than in other area towns such as Madison, Morris Township, Florham Park, or Summit. On top of that, this is the friendliest area I have lived in and I have lived in a 5 other states in upper middle class neighborhoods, so I have perspective.
As to Geithner renting his place out at a loss. He is just delaying the inevitable. Just sell the place now, it will not be worth more in 2 to 4 years, especially after having had renters in there. Geithner is a fool, not unlike many other stubborn home sellers.
How can you put a limit on learning more? The next article/post may contain that one little bit of wisdom that changes everything. - William B. Doyle, http://www.wbdoyle.com/blog/
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