“There is no bright spot in New Jersey”

From the Vineland Daily Journal:

Property taxes are stealing our way of life

New Jersey’s property tax system is broken. But you already know that.

What is not well known is that property taxes promote disparities among economic and racial groups. Those who miss tax payments are almost instantly pushed deep into debt.

The system punishes the poor and middle class, yet offers corporations and the super-rich vast tax break opportunities.

It is an archaic tax that preserves New Jersey’s fragmented system of government — 566 municipalities, 605 school districts, and more than 400 other local taxing authorities. That’s the most per square mile of any state.

It is a tax driven by runaway local government spending, political paralysis at all levels by both parties and patchwork budget remedies.

And it is a tax that ultimately hurts you.

Although New Jersey governors and legislators have talked about reform for the past half-century, little has been done to correct the vast inequities of the property tax system.

With the deepest recession in 70 years forcing thousands of people out of jobs, and hammering countless others, property taxes have become the No. 1 issue voters want addressed by the gubernatorial candidates this election year, according to Monmouth University/ Gannett New Jersey polls.

New Jersey’s tax system is dysfunctional because it deters job growth and long-term economic planning, said Joseph Henchman, director of state programs for the Washington-based Tax Foundation, which has studied state tax policies since 1937.

“There is no bright spot in New Jersey,” he said. “Most Americans gripe about property taxes, but New Jersey residents genuinely have a broken property tax system.”

There is no end in sight for the nation’s highest average annual property tax, which was $7,045 per household last year.

At the current pace, the average homeowner will see a $9,200 tax bill by 2015, $10,000 by 2017.

This is happening in a state in which the economy is stalled and the median household income dropped 10 percent — about $7,200 — from 2006 to 2008.

But the trouble for many homeowners is that the property tax has no heart.

It is a tax based on what your town says your property is worth, not your income.

If you lose your job, if you fall ill, if your stock market nest egg evaporates or if some other financial calamity befalls you, you at least will get a break from the income tax because you’ll drop into a lower income bracket.

There is no such break with property taxes. A $7,000 bill is still due regardless of your income or financial straits. Miss a couple tax payments and you could find your dream home on the market in a tax-lien sale.

“What’s happening in this recession … is people are very hard pressed to pay the highest property taxes in the nation,” said Joseph J. Seneca, a professor at Rutgers University’s Edward J. Bloustein School of Planning and Public Policy, who has studied New Jersey’s economy for decades. “You have understandable frustration. … As a percentage of income, the burden gets higher and higher.”

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152 Responses to “There is no bright spot in New Jersey”

  1. grim says:

    From the Press of Atlantic City:

    More people hiding behind ‘shield’ of bankruptcy

    Consumer bankruptcies are on the rise in southern New Jersey, and with unemployment and foreclosures up in 2009, the number of people who file is expected to surpass last year’s total.

    August saw 736 consumer bankruptcy filings made in the state’s seven southernmost counties, including Atlantic, Cape May and Cumberland, a 43 percent increase from the 516 filings in August 2008, according to the U.S. Bankruptcy Court, New Jersey District.

    Comparing January through August 2008 with the same period in 2009, bankruptcies have risen 28 percent in southern New Jersey and show no sign of slowing down here or across the country.

    “Consumers are continuing to turn to bankruptcy as a shield from the sustained financial pressures of today’s economy,” Samuel Gerdano, executive director of the American Bankruptcy Institute, said in a statement. “As a result, we expect consumer filings to top 1.4 million this year.”

  2. grim says:

    From Bloomberg:

    Unemployment Confronts Obama Rhetoric With Chronic Joblessness

    Full employment ain’t what it used to be.

    Economists since the mid-1990s have reckoned that full employment was equivalent to about a 5 percent unemployment rate, taking into account the time required to switch jobs. Now Nobel Prize winner Edmund Phelps and Pacific Investment Management Co. Chief Executive Officer Mohamed El-Erian say the fallout from the deepest recession in more than five decades is driving the so-called natural rate higher, perhaps to 7 percent.

    “We are in the midst of a large and protracted increase in both actual unemployment and its natural rate,” said El-Erian, 51, whose Newport, California-based company manages the world’s largest bond fund. Even with the economy growing, “it will take at least a couple of years” for joblessness to fall to 7 percent from 9.7 percent now.

  3. grim says:

    From HousingWire:

    Amherst Sees 7m Foreclosures Poised to Distress House Prices

    Recent analysis by the Amherst Securities Group indicates the housing industry will not only worsen as a delayed pipeline of foreclosed loans begins to liquidate, but that the Administration’s Making Home Affordable Modification Program (HAMP) will have no lasting effect on keeping delinquent loans current.

    The early signs of stabilization seen among housing industry observers may soon recede as an overhang of the shadow inventory of foreclosures waits to enter the market.

    The general outlook that the housing market has bottomed is “premature” optimism, according to analysis this week from Amherst.

    “The single largest impediment to a recovery in the housing market is the large number of loans that are either in delinquent status or in foreclosure that are destined to liquidate,” analyst Laurie Goodman said in an insight report Wednesday.

    Amherst estimates this “shadow inventory” at around 7m housing units, or 135% of a full year of existing home sales, compared with 1.27m units in this bucket in early 2005. The backlog is due to high transition rates, low cure rates and a longer timeline for loan liquidation — in other words, loans continue to transition into the delinquency/foreclosure pipeline at a rapid pace, but are moving out at a very slow pace.

  4. grim says:

    Save housing, at any cost. Here comes bailout #627.

    From Bloomberg:

    State Housing Agencies in U.S. Said Slated for Treasury Help

    State housing agencies in the U.S. would get help in providing mortgages to low-income borrowers under a U.S. Treasury Department program to provide new liquidity and purchase mortgage bonds, Treasury officials said.

    The program would provide as much as $15 billion in fresh liquidity for as long as three years and would purchase as much as $20 billion in tax-exempt mortgage bonds issued by state- sponsored housing finance agencies through the end of this year, a person familiar with the matter said. The program may be announced as early as Sept. 30, said the person, who didn’t want to be named because the plans haven’t been made public.

    The Treasury effort would be administered by federally controlled mortgage-finance companies Fannie Mae and Freddie Mac, which would also purchase the bonds, the person said. Those purchases would provide enough financing to restart and to fund the state home loan programs through the end of next year, according to the person.

  5. grim says:

    From the National Mortgage News:

    Serious Delinquency Rate at Freddie Tops 3%

    The serious delinquency rate on Freddie Mac guaranteed single-family loans broke the 3% mark in August, the highest reading ever posted by the mortgage giant. In its new monthly summary, the GSE said the percentage of loans 90 days or more past due and in foreclosure hit 3.13% during the month, up 18 basis points from July. In August 2008, the government sponsored enterprise had a 1.11% serious delinquency rate. The huge jump in defaults is driven mainly by Freddie’s $172 billion portfolio of guaranteed alt-A loans, which had a 9.44% serious delinquency rate as of June 30. The alt-A portfolio includes $144.8 billion of interest-only loans and $11.6 billion of payment option ARMs. There was good news, though: In August Freddie issued $47.5 billion of MBS, a 7% increase from July. To date, Freddie has issued $411.2 billion of MBS, compared to $356.8 billion during the same period last year. Freddie reported that its purchases of refinanced loans in August totaled $35.6 billion, an increase of 4.3% from July.

  6. grim says:

    From the WaPo:

    As Subprime Lending Crisis Unfolded, Watchdog Fed Didn’t Bother Barking

    The visits had a ritual quality. Three times a year, a coalition of Chicago community groups met with the Federal Reserve and other banking regulators to warn about the growing prevalence of abusive mortgage lending.

    They began to present research in 1999 showing that large banking companies including Wells Fargo and Citigroup had created subprime businesses wholly focused on making loans at high interest rates, largely in the black and Hispanic neighborhoods to the south and west of downtown Chicago.

    The groups pleaded for regulators to act.

  7. grim says:

    From the NY Times:

    New Rules Coming Soon

    STATES have taken the lead in adopting laws to protect consumers from some of the problem loans that helped trigger the home foreclosure crisis, but the federal government is now stepping up its efforts.

    On Oct. 1, new rules adopted by the Federal Reserve will go into effect, requiring greater diligence on the part of mortgage lenders and brokers who make so-called high cost loans for borrowers with weak credit. The interest rates on these loans are at least 1.5 percentage points higher than the average prime mortgage rate.

    Some consumer advocates applaud the new rules but say they come too late to help many borrowers. Mortgage executives, meanwhile, have expressed concern that the changes could further dry up the mortgage market.

    The regulations — finalized in July 2008 but only now being put into effect — bar lenders from making a high-cost mortgage without verifying that a borrower could repay the loan in the conventional way, and not simply through a foreclosure sale.

    During the home lending boom from 2003 to 2006, subprime lenders would often offer loans without requiring borrowers to prove that they could make the monthly payments. With stated-income loans — or as some called them, “liar loans” — borrowers could easily fabricate annual income figures and even buy a home without a down payment.

  8. grim says:

    From the APP:

    High salaries, high taxes

    In the first survey of actual local government pay, the Asbury Park Press found that more than 1,000 public workers — 1 out of 11 — in Monmouth and Ocean counties were paid more than $100,000 last year.

    Six employees topped $200,000, and 68 were paid more than $150,000.

    And that is just for the 41 Shore towns that responded to the Press’ Open Public Records Act requests. The Press reviewed a total of 11,130 payroll records.

    New Jersey’s public employees boast some of the nation’s highest salaries, which are the major driving force behind property tax increases. Salary boosts for police and teachers have averaged about 4 percent a year, before benefits and overtime are factored in.

    There are nearly 400,000 local government workers statewide who are paid mostly through your property taxes — the highest in the nation. The average homeowner last year paid $7,045.

  9. One day closer to oblivion.

  10. kettle1 says:

    clot

    this is going to be a long road….

  11. GerryAdams says:

    You think taxes are high now? Wait til this Supreme Court decision takes affect.

    http://www.nytimes.com/2009/06/23/education/23special.html

    Court Affirms Reimbursement for Special Education

    “In a decision that could help disabled students obtain needed services and cost school districts millions of dollars, the Supreme Court ruled on Monday that parents of special-education students may seek government reimbursement for private school tuition, even if they have never received special-education services in public school.”

    “n 2007-8, the New York City schools… paid $89 million in private-school tuition for disabled students whose parents had placed them there, up from $53 million two years earlier. In 2007-8, the city received 4,368 requests for reimbursement from parents who enrolled their children in private school; of those, more than half had not received services in public school.”

    50% increase in a year. sustainable? It is going to be a feeding frenzy on school tax dollars in 2009.

  12. gary says:

    I was told that we live in a very competitive area here in the Tri State and if one can’t afford to live here then one needs to look in a different part of the country. Afterall, we do live in a prestigous area… so I’ve been told.

  13. Frank says:

    “help in providing mortgages to low-income borrowers”

    Lets stop the madness, low-income people should not have a mortgage, they have a low income, they can’t afford a home!!!

  14. Frank says:

    grim, forget TN, try Angola. How long before Americans immigrate to Mexico looking for work?

    Bill Jacobs needs to try Angola, forget the USA.

    Angolan Riches Lure New Wave of Workers
    Portuguese Professionals Flee the Downturn for Former Colony’s Fast Growth; ‘Anything Can Happen Here’

    http://online.wsj.com/article/SB125409630023845069.html

  15. John says:

    What Recession? Once again this is a very confusing time. So the Jets and Yankees played yesterday, 80,000 in Meadowlands and another 50,000 people in Bronx, sky high ticket prices and 8 dollar hotdogs and people are spending away. I was at Jet game in my row one sideline seats. Now Jets and Giants to make more money shoved a row in front of row one and called it the Front Row Club, tickets are $400 each in front row club.

    Anyhow two families in front of me one with five people and one with 4 people, that is $2,000 for five people to watch a Jet game in the rain, plus one family brought a two year old who slept half the game. These people had lunch at stadium, dads had a few beers. Parking is $29 bucks and you still have tolls and gas and most likely since game ended close to dinner time they went to a restaurant.

    People say this is a Great Recession. How the Heck do you sell 130,000 expensive seats in a single sports day in a recession. I took my wife to game and when it was all said and done it ran me over $300 to see the Jets. Mind you it was a fantastic game and my seats were great but still just ten years ago in 1999 when the economy was going straight up the tickets were half the price. Somehow they doubled ticket prices over ten years and in the middle of a massive recession the stadium is sold out. Crazy times.

  16. Comrade Nom Deplume says:

    Tax tip of the day:

    Grim,

    I seem to recall that TN has ridiculous sales taxes, so I suggest a stop off in Delaware on your drive down, and spend a day shopping.

    Leave some room in the truck or trailer so you can stuff it with anything that has a high cost relative to volume or weight (booze, electronics, and expensive sporting gear come to mind).

    The tax savings will pay for the trip. And it isn’t evasion if you aren’t a resident when you purchased it.

  17. Frank says:

    TN sales tax is 9.25%.

    Wow, stop complaining about NJ sales taxes.

  18. Shore Guy says:

    “More people hiding behind ’shield’ of bankruptcy”

    Ahh, the Sword and the Shield of the Free-Spending Party.

  19. yo'me says:

    Americans holding $3.5 trillion in cash are giving money managers increasing confidence that the stock market rally under President Barack Obama will continue through the end of the year.

    Even after reducing money-market accounts by 11 percent this year, investors have cash equal to 73 percent of Standard & Poor’s 500 Index companies’ net assets, according to data compiled by the Investment Company Institute and Bloomberg. At the peak of the bull market in 2007, the measure of buying power was 62 percent.

    http://bloomberg.com/apps/news?pid=20601087&sid=aoiQ9k29OK1s

  20. Shore Guy says:

    Ket,

    I have not yet received your e-mail address, have you gotten mine?

  21. Shore Guy says:

    “sky high ticket prices and 8 dollar hotdogs and people are spending away.”

    John,

    The issue is not whether people are spending $500 to go to a ball game, and have a hot dog, the issue is for what are they are substituting that “experience”? If in better times they would have taken a long weekend in LA, or Vegas, costing $2,000, then the $500 to do something locally does represent a large cutback. Folks are going to find some respite from the tedium of their daily lives but they may not spend as much as they otherwise would. As such, I would expect to see increased demand for concert tickets, etc. — self-contained “experiences.”

  22. Shore Guy says:

    “just ten years ago in 1999 when the economy was going straight up the tickets were half the price.”

    Doubling of prices every ten years seems about the normal pace, no?

  23. Cindy says:

    http://www.doctorhousingbubble.com/real-homes-of-genius-when-a-127000-down-payment-evaporates-in-santa-monica-living-the-good-life-for-3-years-courtesy-of-easy-debt-in-the-westside/

    Shadow inventory addressed at Dr. Housing Bubble –

    I loved this line – John/Shore – This also may have something to do with the huge turnouts for sporting events….maybe the “mantra” does not just apply to LA.

    “Now for those living in Los Angeles or in Southern California, we realize that a large portion of the population lives under the “fake it until you make it” mantra of economics.”

  24. chicagofinance says:

    clot writes a Letter to the WSJ under a pseudonym:

    If a corporation is indeed a “person” under the law, then let’s just elect Goldman Sachs as president and the Fortune 500 to Congress, and eliminate the middleman.

    Ted Daum
    Corvallis, Ore.

  25. NJGator says:

    Shore/Kettle- Email sent. Kettle – I used the email contact from your blog.

  26. All Hype says:

    John:

    Those people with money will keep spending, those without will not.

    Case in Point:
    Was at the jeweler this weekend buying my wedding rings. I asked the owner how the diamond business is holding up. He told me that diamonds over 2 carats are still selling very well. The market for diamonds up to 2 carats has completely fallen apart, no one is buying. The business is even cutting back their weekend hours due to the recession.

  27. BklynHawk says:

    Hovnanian Enterprises Loses Founder

    Kevork S. Hovnanian, founder and chairman of public builder Hovnanian Enterprises, died Thursday, Sept. 24 in New York, according to a company announcement. He was 86.

    “Mr. Hovnanian was the heart and soul of our company and all of our associates mourn this tragic loss. Our deepest condolences and prayers are with Mr. Hovnanian’s wife, Sirwart, and his entire family,” said J. Larry Sorsby, chief financial officer, in a statement. “Mr. Hovnanian was a visionary who brought tremendous leadership, energy and passion to his job. He made an indelible mark on this company and on the community, where he felt a responsibility and a deep commitment to share his good fortunes. He was a great man and will be dearly missed by all who knew him.”

    http://www.builderonline.com/business/hovnanian-enterprises-loses-founder.aspx

    Condolences to the family. From the LinkedIn comment I saw, it looks like he was a good guy.

  28. A.West says:

    The lead article was titled “Property taxes are stealing our way of life”.
    I only moved to NJ in 1998. Was there ever a way of life in NJ that didn’t involve high property taxes?

  29. Essex says:

    Death and Taxes. One really sucks.

  30. A.West says:

    All Hype,

    Sounds like the diamond sellers need to lobby for increased government support for securitized diamond loans, to help the “less fortunate.”

  31. Shore Guy says:

    “Mr. Hovnanian was the heart and soul of our company ”

    Hawk,

    So now they are a heartless and soulness company? Yea, that will make me want to buy one of their homes now.

  32. Shore Guy says:

    A.W.,

    It realy is a shame when, in a country like this,people are unable to buy diamonds weighing less than 2kt. Something MUST be done. Perhaps a tax on anyone with a 2kt stone or an income above $200,000/year, the Put America Back in Bling Act of 2009. The jewlery industry needs this modest bit of assistance.

  33. grim says:

    Was an interesting link buried in the comments over at Ritholtz’s blog. Seems the percentage of assets owned by the top 1
    % is again pushing record highs, last time it was near these levels was 1929. Just who is this recession hurting?

  34. grim says:

    Shore,

    Lets not forget that the American dream starts with a diamond engagement ring.

  35. we says:

    Nashville has some of the best ‘gentlemen’s club’, lucky you grim. Those vanderbilt girls have to pay tuition somehow ;-)

  36. grim says:

    And if the kids can’t afford diamonds they can’t get married. If they don’t get married they won’t buy homes. Fix the poblems in the diamond market and housing will follow. As housing improves, so will the economy. This isn’t about subsidizing diamonds, it’s about rebuilding the greatest nation on earth.

  37. Shore Guy says:

    Grim,

    That is an excellent point. To be against the Put America Back in Bling Act of 2009 is to be against the concept of family itself. Perhaps we can add to the assistance by offering a .5kt stone to each dependant claimed on sub-$200,000 tax-filer’s (paying taxes is unnecessary as this would be a refundable tax credit of sorts)tax forms. We can rush them out basd on April’s filings and those who did not file can do so before the end o the year to get this needed assistance.

  38. Secondary Market says:

    another weekend, another offer. this time i called their bluff and walked from the deal. i’ll post the details soon but in short the sellers blew up the deal over 3k.

  39. still_looking says:

    All Hype,

    date??

    sl

  40. make money says:

    I took my wife to game and when it was all said and done it ran me over $300 to see the Jets.

    John,

    I was there too but the chances of me taking wifey to a football game are about the same as me and Bob having a free BBQ in your backyard.

    Football games is a time for boys to be boys to shout some nasty things and scream them at the top of your lung. Why would I allow my wife to spoil that. It’s the equivalent me getting a pedicure with my wife and chatting about Brittney’s new designer bag. I will totaly spoil her girl time with silly questions and comments.

    Certain things need to be kept holly. Football is one of them.

  41. All Hype says:

    still_looking:

    17-Oct-2009 in Rochester.

    You will get the invite for the NJ party set for 14-November-2009 this week.

    Cannot wait to see you and the hubby. I am just very busy with this wedding stuff. Sorry that I have not called.

  42. kettle1 says:

    Shore;

    This email is a disposable e-mail address and will expire in 1 hour. it will pass an e-mail though to my real account

    criorous@guerrillamailblock.com

  43. kettle1 says:

    Shore,

    ignore the disposable e-mai.

    Got the e-mail from gator. Thanks!!!!

  44. Victorian says:

    Diamonds are the biggest con job pulled on the poor male.

    Have You Ever Tried to Sell a Diamond?
    De Beers proved to be the most successful cartel arrangement in the annals of modern commerce. While other commodities, such as gold, silver, copper, rubber, and grains, fluctuated wildly in response to economic conditions, diamonds have continued, with few exceptions, to advance upward in price every year since the Depression. Indeed, the cartel seemed so superbly in control of prices — and unassailable — that, in the late 1970s, even speculators began buying diamonds as a guard against the vagaries of inflation and recession.

    The diamond invention is far more than a monopoly for fixing diamond prices; it is a mechanism for converting tiny crystals of carbon into universally recognized tokens of wealth, power, and romance. To achieve this goal, De Beers had to control demand as well as supply. Both women and men had to be made to perceive diamonds not as marketable precious stones but as an inseparable part of courtship and married life. To stabilize the market, De Beers had to endow these stones with a sentiment that would inhibit the public from ever reselling them. The illusion had to be created that diamonds were forever — “forever” in the sense that they should never be resold.

    http://www.theatlantic.com/doc/198202/diamond

  45. John says:

    My seats in the row one on the 40 yard line are are a little different from any seats I ever sat in. In front of me were two families. To the right of me were seats that CBS has, was a retired camerman sitting with his autistic son, to the left of me was another family and my wife was sitting next to a seven year old boy. Actually I had a 12 year old girl sitting in front of me. Even weired the four seats behind me, row two 40 yard line was empty whole game. The crowd in row one was the same crowd in row one of a broadway play.

    This is not my my brother-in-laws upper deck drunk cops, firemen and construction worker crowd. More of the grey poupon crowd. I knew this going in and I planned on taking my wife and kids to some games so it is perfect. However, very bad seats if you wanted to curse or get drunk. It would be very very weird doing that with little kids and handicap people. That said these seats have ruined me. Once you are that close you never want to go back but being this close feels more like sitting in church than a football game.

    make money says:
    September 28, 2009 at 9:34 am
    I took my wife to game and when it was all said and done it ran me over $300 to see the Jets.

    John,

    I was there too but the chances of me taking wifey to a football game are about the same as me and Bob having a free BBQ in your backyard.

    Football games is a time for boys to be boys to shout some nasty things and scream them at the top of your lung. Why would I allow my wife to spoil that. It’s the equivalent me getting a pedicure with my wife and chatting about Brittney’s new designer bag. I will totaly spoil her girl time with silly questions and comments.

    Certain things need to be kept holly. Football is one of them.

  46. All Hype says:

    Victorian (45):

    When I bought my engagement ring, the jewelers brought the the same issue up about selling diamonds. That’s why they told me that diamonds are a purchase and not an investment.

  47. still_looking says:

    All Hype,

    NP, I had to request the day off (and the day after!) or I’d be scheduled to work!

    Fun stuff, eh? At least you won’t have a three foot snowstorm the day before yours :)

    sl

  48. John says:

    http://www.luxuryportfolio.com/search/results.cfm

    this is cool, it lists NJ expensive homes only.

  49. Essex says:

    Gawd you people are a chatty bunch. Keep it down. Some of us are tryin ta werk here. And fer all da Jews. Happy Yom Kippur.

  50. Comrade Nom Deplume says:

    [27] all hype

    Large diamonds selling well?

    Who was it that said the best wealth is portable?

  51. confused in NJ says:

    29. A.West says:
    September 28, 2009 at 9:10 am
    The lead article was titled “Property taxes are stealing our way of life”.
    I only moved to NJ in 1998. Was there ever a way of life in NJ that didn’t involve high property taxes?

    High property taxes for me started July of 98 in New Providence, when they went from $4,500 on a split to $5,600 after the reevaluation of 97 implemented in 98. That house in 2009 is currently @ $12K. The factors were many,but primarily school & special needs assessments.

  52. John says:

    Sep. 28–The cost of medical benefits is projected to jump again next year with premiums and out-of-pocket expenses rising 10 percent, and that likely will mean more pain for workers, who have seen their share of the tab triple since 2001.

    In 2010, the combined average premium and out-of-pocket costs for health care coverage for a worker are projected to climb to $4,023 a year, a 10 percent increase from this year, according to an annual study by Hewitt Associates (HEW

    Loading…

    ) released ahead of open-enrollment season for medical benefits.

    Companies, meanwhile, will see their health insurance costs go up 6 percent, to an annual tab of $9,120 per employee, or double the employer’s annual worker tab from eight years ago, according to Lincolnshire-based Hewitt.

    “If we do nothing, we will probably see another doubling effect in seven to 10 years,” said John Vlajkovic, principal in Hewitt’s health management practice, referring to the specter of Congress not passing health care reform legislation this year.

    Next year, workers are expected to contribute about $174 a month, 10 percent more than they do now. And they’ll be paying roughly an additional $162 in out-of-pocket costs each month, a 10 percent increase. Out-of-pocket costs include copayments and coinsurance.

  53. John says:

    Is that why the market is up today, all the bargain hunters are off.

    Essex says:
    September 28, 2009 at 10:03 am
    Gawd you people are a chatty bunch. Keep it down. Some of us are tryin ta werk here. And fer all da Jews. Happy Yom Kippur.

  54. Young Buck says:

    From John’s link in 49. haha

    About New Jersey

    Named by James, Duke of York and once referred to by George Washington as the “military capital of the world,” now known as the Garden State. One thing New Jersey has always been known for was its unique, well preserved historic architecture such as massive stately residences and spacious luxury condominiums along the pristine Jersey Shore. The residents of New Jersey define themselves by the passionate excitement they chase and the quality of elegant products in which they invest. Experience the excitement of Atlantic City’s elegance and sophistication, or indulge your senses taking in the striking scenery of the Jersey Shore and warm fresh sand as the waves from the Atlantic Ocean hit the beautiful endless coasts of the gorgeous barrier islands right outside your lavish spacious condominium or townhome. Whether you crave tranquility or adventure, you are sure to find both in this eloquently preserved Garden State.

  55. Shore Guy says:

    “Happy Yom Kippur”

    Isnt tht a bit like Happy Good Friday?

  56. confused in NJ says:

    When looking at homes in NJ, one now has to check local area medical costs, which vary widely. As an example, for the Average of top 25 DRG’s, the Average Charge per day at hospitals vary widely;

    Hospital Average Charge Per Day
    Warren $14,000
    Hackettstown $7,556
    Hunterdon Medical $4.024
    Overlook $4,437
    Newton $8,726
    Morristown $6,218

    Hunterdon is cheapest in the State, Warren is most expensive.

  57. yikes says:

    Fiddy Cents on the Dollar says:
    September 26, 2009 at 2:04 pm

    Take advantage of some of those write-offs. Make your wife the CEO and get some of the Women-Owned Business perks. Set up an LLC and use the salary/bonus angles to minimize your taxes. Lease a fleet of BMW’s for your whole family.

    care to elaborate? as the owner of a small business (just me, doing well for now), maybe i should make wife ceo to gain perks?

  58. Shore Guy says:

    ” your lavish spacious condominium or townhome”

    Speaking of which, has anyone heard anything more about the firefighter who bought the expensive place in FL and turns out he and the wife were the only ones to close and then folks started looking into how they coud afford it and she came under investigation (I believe) for possible abuse of her public position. Does any of this ring a bell?

  59. John says:

    Well big difference is after Yom Kippur you are sin free, after Good Friday you are still stuck with Catholic guilt.

    Shore Guy says:
    September 28, 2009 at 10:27 am
    “Happy Yom Kippur”

    Isnt tht a bit like Happy Good Friday?

  60. Comrade Nom Deplume says:

    [55] young buck

    That is fcking surreal.

    It really is “different” here, right down to the reality. I guess it is an extension of the “Planet Manhattan” mentality.

  61. scribe says:

    A West, #29

    The first year my parents were in their new house in 1957 property taxes were $125 a year.

    Something happened during the years when Gov. Whitman was in office. Others here would know the history better. But sky high property taxes weren’t always the norm.

  62. Shore Guy says:

    Scribe,

    Pre-1990, the state was in pretty good shape, as I recall.

  63. njescapee says:

    my RE taxes in Hillsborough, NJ rose from 1,200 in 1985 to over 8,000 in 2005. And as I recall we had little or no income tax. That is why I got out of Dodge in 2005.

  64. njescapee says:

    oh and auto insurance in the 70s and 80s was cheap!!

  65. Fiddy Cents on the Dollar says:

    yikes :58

    If your business is in any way involved with local, county, state or federal gubmint….they often give preferential treatment to businesses owned by women or minorities.

    Do you provide services under contract to gov ??
    Do you Bid on anything, at any level of gov ??

    Check with your CPA about salary / bonus tax advantages.

    As far as leasing Beemers for your whole family thru an S-corp or LLC…..maybe you’re better off buying American. Caddy CTS is a nice set of wheels. Or maybe the new Mustangs.

    Your mileage may vary.

  66. Shore Guy says:

    njescapee,

    in response to stories like yours I hear people saying things like, “well if you can’t aford it, go ahead and leave.” Those responses make me laugh. There are many things we can afford but do not buy because they do not represent value for the dollar, at least not to us. I find it amusing that some folks seem to equate not spending with an inabiliyt to afford; this may be at the root of so many problems, as soon as people can afford to buy they go out and spend.

  67. NJGator says:

    Scribe – Whitman only deserves part of the blame. You can heap a whole lot (or even most of it) on Abbott v. Burke.

  68. 3b says:

    #63 Much of the increased property taxes in many towns is directly attributable to out of control local spending approved by stupid brain dead residents in referendums for massive school constructions and renovations over the last few years.

    Small towns with no rateables except SFH’s aproved spending of 25, 50, 60 million or more. All of this done with the cheerleading of clueless elected local officials, and all with the belief that it will make your house worth more money so lets approve the spending.

    Of course it was presented as we are doing this for our children. The very same children that in the future we will fully expect to pay 500k or more for the proverbial POS cape with the attendant 15 to 20K in property taxes.

    People should stop crying and moaning about property taxes, in many instances it is the fault of the residents themselves. ( Now back to occassional lurking).

  69. BC Bob says:

    3b,

    Where have you been?

    Did you cruise to Bermuda?

  70. John says:

    anyone know a good website to search for cheap airline tickets for NY to Florida airline flights, checked expedia and cheaptickets but hardly any flights to fort myers and none to naples.

  71. njescapee says:

    Shore,

    My wake-up call started around 2000 when my RE taxes suddenly jumped 38%. The town can play with a computer program and suddenly zap you and your neighbors as they please. And listening to Jim Gearhardt every morning on 101.5.

  72. njescapee says:

    John, try kayak.com

  73. relo says:

    71: You can only get to Naples directly by private plane, and watch the weight. Your bigger ones can’t take off there. I’ve noticed the flight options to Ft. Myers have become very limited over the last year. Quite a coincidence.

  74. Essex says:

    Was Good Friday…..Good? Discuss.

  75. Sean says:

    re #71 John boy Fly into Miami and drive to Naples it is a nice two hour drive through alligator alley.

  76. 3b says:

    #70 BC Bob: Yep. great!! Busy. And sadly the discussions on the blog seems to have gone down over the last few months, so just occassionally lurking/posting.

  77. relo says:

    76: It would seem you no longer have to worry about Jose canseco dusting you in his Lambo.

  78. John says:

    Ok, why not. going to a conference that starts Monday, wish it started Tuesday so I could can Jets/Dolpins on Monday night football so that is a bummer. I may attempt drive anyhow.

    Sean says:
    September 28, 2009 at 11:31 am
    re #71 John boy Fly into Miami and drive to Naples it is a nice two hour drive through alligator alley.

  79. scribe says:

    Gator, #68

    That was the ruling that required the equalization of spending per student – the well heeled suburbs vs the inner city schools in places like Newark (??)

  80. scribe says:

    This is from the NBC Web site. I heard this story on the 11 o’clock news last night.

    Updated 2:28 PM CDT, Sun, Sep 27, 2009

    President Obama wants kids to spend more time in school.

    Students in the U.S. need more class time to remain competitive with students around the world, the President said. Obama advocates schools adding time to classes, extending hours into evenings and weekends, and shortening summer vacation.

    I thought: Huh?

    And, of course, this morning’s news was Iran testing long-range missiles.

  81. Outofstater says:

    #18 Tennessee does not tax salaries, wages, Social Security, IRA’s or pension income. I would gladly pay a higher sales tax if I didn’t have to pay state income tax, or federal, for that matter.

  82. Schumpeter says:

    chi (25)-

    Hell yeah.

  83. Schumpeter says:

    shore (38)-

    I want some bling for the new gold grill I’m having made:

    http://www.blogcdn.com/www.tmz.com/media/2006/07/baby_tmz_0728_275.jpg

  84. Schumpeter says:

    2nd (39)-

    Sounds like the same can be said of you.

    “i’ll post the details soon but in short the sellers blew up the deal over 3k.”

  85. Schumpeter says:

    make (41)-

    At a Jets game, that would be “show your t*ts”.

    “Football games is a time for boys to be boys to shout some nasty things…”

  86. Sean says:

    John – two hour drive, get someone else at the conference to drive to the game with you.

    But beware the Miami PD does allot of undercover busts at the stadiums for scalpers. If you are going to buy tickets do it online.

    Back in 2000 I was stopped by the Miami undercover cops for buying Nicks vs Heat Playoff tickets to game 7 outside the arena. They took my tickets as evidence against the scalper, boy was I pissed, here I flew into Miami for a few days of South Beach and basketball, and now I had no tickets. After walking around for another 10 minutes I was able to find another scalper and I picked up additional tickets to watch Patrick Ewing put up the winning points in and squeaker 83-82 win that ended Miami’s season. Fun Times, especially after the game.

  87. Schumpeter says:

    make (41)-

    Should you ever end up in John’s backyard, tread gingerly.

    Whatever is underfoot, it ain’t deer poop.

  88. Schumpeter says:

    shore (56)-

    Have a nice crucifixion.

  89. Schumpeter says:

    3b (77)-

    RE is dead…killed, mutilated and tossed in the gutter for at least the next 20 years. We don’t have enough RE conversation to keep things moving, so the ad hominem, bodily functions, strollers, ammo and other bizarre topics are just us living dead’s way of marking time until the consensus view becomes that we’ve entered oblivion.

  90. confused in NJ says:

    From 8, Grim
    New Jersey’s public employees boast some of the nation’s highest salaries, which are the major driving force behind property tax increases. Salary boosts for police and teachers have averaged about 4 percent a year, before benefits and overtime are factored in.

    This is the main factor behind property tax increases.

  91. Comrade Nom Deplume says:

    [68] gator

    Ahh, what passions a decision like Abbott can stir. Imagine if Abbott got handed down in a truly anti-tax state.

    Over a decade ago, Spouse Deplume was clerking for the chief justice of a small state’s supreme court, whilst I was working at a downtown law firm. Her judge handed down a decision like Abbott from a unanimous (and GOP-dominated) bench. The reaction was immediate and vociferous, and included high security at the courthouse for weeks afterward.

    The following day, a friend from law school, who was also a state legislator, called our house and was b1tching about the decision. I then replied, “D, you do realize you called the home of the chief justice’s law clerk to complain about the decision. Don’t you think that could be viewed as improper?”

    He probably turned 8 shades of red on the other end, and said “no man, I was just joking about it with you. Nothing intended, right?” Whereupon I said “sure, we’re cool. And you never called this number.”

    This was in a particularly anti-tax state, and there was retribution by the legislature against the court (and the authoring justice) for the decision. And this was a bench nowhere near as liberal and activist as the NJ Supreme Court.

  92. Comrade Nom Deplume says:

    [90] schump,

    ” and other bizarre topics”

    Nompounds. You forgot Nompounds.

  93. chicagofinance says:

    strumpet: yeah, but what is your real opinion?

    Schumpeter says:
    September 28, 2009 at 12:13 pm

    3b (77)-

    RE is dead…killed, mutilated and tossed in the gutter for at least the next 20 years. We don’t have enough RE conversation to keep things moving, so the ad hominem, bodily functions, strollers, ammo and other bizarre topics are just us living dead’s way of marking time until the consensus view becomes that we’ve entered oblivion.

  94. John says:

    Jets are in sad shape. There are only 27K PSL free seats in new stadium. last year they claimed they will all be gone by the time the reach season ticketholders since 1982. Anyone who bought seats after 1982 be prepared to buy a PSL. Well today they are calling 2002 season ticket holders and they still have PSL free seats. How the heck are they going to sell PSL when you still can buy PSL free seats? This and they won their first three games, imagin how bad if they lost first three games. Going to be awful funny next year 27K people in the upper decks and no one on the lower levels. J! E! T! S

    Schumpeter says:
    September 28, 2009 at 12:03 pm
    make (41)-

    At a Jets game, that would be “show your t*ts”.

    “Football games is a time for boys to be boys to shout some nasty things…”

  95. Comrade Nom Deplume says:

    We love to bash CNBC here, and especially how they talk out of both sides of their mouth.

    A few days ago, they had an article on typos, and how annoying they are. It is still on the website.

    Today, one of the headline story links, just above the typo link, reads” M&A is Back – and Make Bring Big Opportunities.”

    (update: I just re-checked the CNBC site and they caught the typo, changing “make” to “could”)

    Okay, they fixed it. But the juxtaposition was just too funny.

  96. John says:

    RE is like stocks in the 1970s entering a long stagant period. Only crashes like 1992 and 2008 make headlines and bull periods like 1987 and 2003-2006. Periods of slow growth, flatness or slow declines is amout exciting as watching your wife’s bush turn gray.

    chicagofinance says:
    September 28, 2009 at 12:34 pm
    strumpet: yeah, but what is your real opinion?

    Schumpeter says:
    September 28, 2009 at 12:13 pm

    3b (77)-

    RE is dead…killed, mutilated and tossed in the gutter for at least the next 20 years. We don’t have enough RE conversation to keep things moving, so the ad hominem, bodily functions, strollers, ammo and other bizarre topics are just us living dead’s way of marking time until the consensus view becomes that we’ve entered oblivion.

  97. chicagofinance says:

    JJ: that sucker punch hit me flush in the head…ooff

    John says:
    September 28, 2009 at 12:37 pm
    Periods of slow growth, flatness or slow declines is amout exciting as watching your wife’s bush turn gray.

  98. John says:

    ChiFi- looked at bonds today and wow even a raging bull like myself was sickened by the junk and low yields. Only a fool would be buying junk and corp bonds right now.

  99. Ellen says:

    #12 Gerry Adams

    It’s already that way in many areas. I actually know several families who send their special needs kids to private schools, some religious, and our school district will pay for the additional services the child needs, or in some cases, the actual tuition. We live in the Colonial School district (Philly burbs) and we’ve got some of the lowest school taxes around.

    Colonial spends an eye popping $20,000 per child. In most caes, private school tuition is less than that. Or paying for special readers and monitors for legally blind kids attending the local Catholic schools is much less than it would cost the school board to educate the blind kids.

  100. John says:

    Can we poke all the kids eyes out if it will save a buck or two?

    Ellen says:
    September 28, 2009 at 12:50 pm
    #12 Gerry Adams

    It’s already that way in many areas. I actually know several families who send their special needs kids to private schools, some religious, and our school district will pay for the additional services the child needs, or in some cases, the actual tuition. We live in the Colonial School district (Philly burbs) and we’ve got some of the lowest school taxes around.

    Colonial spends an eye popping $20,000 per child. In most caes, private school tuition is less than that. Or paying for special readers and monitors for legally blind kids attending the local Catholic schools is much less than it would cost the school board to educate the blind kids.

  101. Secondary Market says:

    on the surface yes but in actuality i was already up 15k from my ceiling offer. i had to stop it before it got out of hand.

    Schumpeter says:
    September 28, 2009 at 12:01 pm

    2nd (39)-

    Sounds like the same can be said of you.

  102. make money says:

    http://news.yahoo.com/s/nm/us_castration

    I think the Polaks are on to something here. I would add rapist to this list as well.

  103. Schumpeter says:

    make (106)-

    A bullet to the head would be more eefective and economical.

  104. John says:

    This is a nightmare to people with downpayment money sitting in a money market fund waiting for real estate to fall further.

    Americans holding $3.5 trillion in cash are giving money managers increasing confidence that the stock market rally under President Barack Obama will continue through the end of the year. Even after reducing money-market accounts by 11 percent this year, investors have cash equal to 73 percent of S&P 500 companies’ net assets, according to data compiled by the Investment Company Institute and Bloomberg. At the peak of the bull market in 2007, the measure of buying power was 62 percent.

  105. Sean says:

    JOhn the US isn’t the only ones sitting on cash.

    Globe and Mail Update Last updated on Monday, Sep. 28, 2009 09:32AM EDT

    Risk-averse Canadian households are sitting on up to $1-trillion of cash and “near-cash” holdings, earning next to nothing, Scotia Capital Inc. says in a new research report.

    This caution is justified, to a certain extent, given the financial shocks of recent years, economist Derek Holt said in releasing his analysis.

    “Large cash holdings at a particular point in time may make sense if one is bearish, but sustained over a number of years it is difficult to justify,” he said

    http://www.theglobeandmail.com/globe-investor/personal-finance/families-sitting-on-up-to-1-trillion/article1303648/

  106. make money says:

    (107),

    You have to clean up the blood. pay for funeral costs. Not sure it’s teh ceapest but can’t argue with effective though.

  107. John says:

    Sean soon the federal guarantee on money markets expire. so soon the choice will be risk your money for .001 in money market or risk your money with a 5% coroporate bond.

  108. grim says:

    Holley files for bankruptcy, big block fanboys cry.

  109. grim says:

    Edit, Holley files for bankrupty AGAIN. Guess four barrel carbs are finally out of style.

  110. Larsy says:

    “The system punishes the poor and middle class, yet offers corporations and the super-rich vast tax break opportunities.”

    Apparently, that’s not a flaw, but a feature.

  111. Schumpeter says:

    john (112)-

    Forced to gamble.

    Sounds like a great basis for a sound economy.

  112. Schumpeter says:

    The only thing forcing me to gamble are the barking dogs in my head.

  113. Sean says:

    re #112 – John –

    I am not so much concerned with the return on capital as I am with the return of capital.” — Will Rogers, 1930’s

  114. John says:

    That’s my point soon money markets won’t be insured. People have been hiding there for safety and that is going away.
    Investing in something where you could lose your money for 1/10 of 1% interest is nuts.

    Sean says:
    September 28, 2009 at 2:05 pm
    re #112 – John –

    I am not so much concerned with the return on capital as I am with the return of capital.” — Will Rogers, 1930’s

  115. John says:

    Citi loves Chase

    We look for revenue to rise 50% in 2009, largely due to the acquisition ofWashington Mutual, but also assuming reduced securities writedowns
    and strong investment banking revenue.
    We see double-digit growth in average earningassets, as JPM should continue to gain market share in most of its business lines due to the
    exit of weaker players. Net interest income should also increase in the double digits, by our analysis, reflecting a more favorable interest
    rate environment.ä We look for provisions to increase roughly 77%
    in 2009 from elevated 2008 levels, as JPM will likely need to add further to reserves as its mortgage, commercial and credit card portfolios continue to deteriorate.We think JPM’s reserve ratios are strong, and at 4.10% of loans,
    are near the top of the peer range. JPM’s exposure to leveraged loans and Alt-A securities has been reduced in recent quarters, and we do not see significant writedowns in coming
    periods.We expect expenses to amount to
    roughly 53.5% of revenues in 2009, lower than 2008’s 64.7%. Assuming no share buybacks, we estimate EPS of $1.63 in 2009 and $2.91 in 2010.

  116. Sean says:

    JOhn – re: “soon money markets won’t be insured.”

    John you forget TBTF. The Treasury set a precedent with the original guarantee. Markets know the government would likely step in again to avoid a major breakdown in the short-term financing of America’s business.

    Either way you can still have low yield with a piece of mind without jumping into short term bond fund, or an annuity, or any other product that requires more risk.

    Investors are being hammered by the investment advisers with sales pitches to jump into risky funds for better yield. Perhaps more risk than any of them have ever taking on in their whole lives investing.

    My Crystal ball says this won’t end well for them….

  117. Comrade Nom Deplume says:

    [114] grim

    I didn’t know anyone still made 4 barrels.

    Pretty soon, they’ll take their place next to six-packs in automotive museums.

  118. Schumpeter says:

    When the retail, mom/pop money starts to jump in, you know that GS is in the wings…ready to bar the doors shut, then yell “fire”.

  119. Veto That says:

    “Investing in something where you could lose your money for 1/10 of 1% interest is nuts.”

    John, Inflation is still really low so the real rate of return on a .50% MMKT is as high as it was in the 70s/80s/90s when MMKT rates were 12% or 15%.
    My down payment money is sitting in mmkts… I’m not worried about the low rates of return at all. I also compare the alternative of having that money tied up in a mortgage – where the market value of the home would be falling each year. So if thats the alternative, then i’d rather keep it in mmkt earning .50%.

    Also, im not throwing the downpayment into an inflated stock market or corp bond bubble or commodity bubble, that could pop any second and lose 30% in one day.

    MMKt could seize up again, sure – but the risk of that happening is lower than the risk of the stock/bond market crashing again and the Govt will step in again to insure mmkts if it has to.

  120. Schumpeter says:

    Real RE story of the day: agent just came in the office and told me of a short sale that’s been in negotiation for close to two years that’s finally going back to the bank.

    That’s not notable. It happens every day. However, what is notable is that the house in question has had major renovations done, because there was a house a few doors down that was bank-owned. Seems the bank that owned the neighboring house hired a contractor to fix it up, but the contractor got the addresses mixed up and redid the kitchen and bathrooms of the foreclosing home rather than the one the bank already owned.

    So, the bank-owned property is collapsing (literally), and the one going back to the bank has a new kitchen and bathrooms (which, BTW, it did not need).

    You can’t make this stuff up.

  121. chicagofinance says:

    Every raging bull needs a strumpet…..

    John says:
    September 28, 2009 at 12:47 pm
    ChiFi- looked at bonds today and wow even a raging bull like myself was sickened by the junk and low yields.

  122. chicagofinance says:

    JJ: did you see the fcuking Ten?

  123. John says:

    My 4 barrell carb story, back in the day I took my old 1967 bird covt out for a spin outside the ratskeller at SJU. It was a six but a 400 ci was shoved in, kooky things like battery moved, had wrong rear end and tranny didn’t line up so needed a B&M shifter and had to throw away old shifter. Well anyhow I was supposed to have a 4 barrel but it had six cylnder carb. I decided to light them up from a standstill and was smoking my rear end up funny car style outside ratskeller on a Friday afternoon, heard this horrible weird sucking noise and car was sounding like a clothes dryer full of tennis balls. Well I limp to a nearby mechanic, actually coasted near end and he goes where is your wing nut that hold down your airfilter. Turns out I sucked it right down the carb and the wingnut was lodged in my cylnder head.

    Those old cars were powerful, now for the kookiest part guy goes where did you get this car from, told him what the girl looked liked and town. He then said that is my sisters old car, she blew the six cylender engine ten years early and he had a 69 bird that was a rear end totaled and he dropped the 400 in. Well guy was so excited to see it on road ten years later he did repairs for free and just charged parts. Howver, during another major burnout when I blew the single leaf springs as I should of had triple leafs springs I did that repair myself. I have no clue how GM can make a car in 1967 that still runs in 2009 after basically doing thousands of of burn-outs over a 40 year period yet in 2009 their cars fall apart in three years.

    Comrade Nom Deplume says:
    September 28, 2009 at 2:19 pm
    [114] grim

    I didn’t know anyone still made 4 barrels.

    Pretty soon, they’ll take their place next to six-packs in automotive museums.

  124. John says:

    ChiFi, yes, scary part is I called this one year ago when folks were hording gold and guns expecting hyperinflation by now. That is my second best call of year. First call was buying Jets season tickets when everyone was laughing, I will be laughing at the superbowl in a few months. But all good things come to an end.

    chicagofinance says:
    September 28, 2009 at 2:29 pm
    JJ: did you see the fcuking Ten?

  125. scribe says:

    same bank on both houses?

  126. scribe says:

    Speaking of TBTF, from Fisher of the Dallas Fed, in today’s WSJ’s Opinions section, in which he talks about TBTF being like “the Blob” …

    For you young’uns, the Blob was a 1950’s horror flick … a classic …

    The Blob That Ate Monetary Policy
    Banks that are ‘too big to fail’ have prevented low interest rates from doing their job.

    By RICHARD W. FISHER AND HARVEY ROSENBLUM

    Fans of campy science fiction films know all too well that outsized monsters can wreak havoc on an otherwise peaceful and orderly society.

    But what B-movie writer could have conjured up this scary scenario—Too Big To Fail (TBTF) banks as the Blob that ate monetary policy and crippled the global economy? That’s just about what we’ve seen in the financial crisis that began in 2007.

    http://online.wsj.com/article/SB10001424052748704471504574438650557408142.html?mod=WSJ_hps_sections_opinion

  127. Secondary Market says:

    John:

    NEW YORK–SEPTEMBER 28, 2009– This morning JetBlue launched
    a one-day sale with low fares from New York City starting at
    just $39 each way.

    The sale is good for Tuesday-Wednesday flights, Oct. 6 –
    Dec. 16. Flights to Florida are valid Monday-Thursday. All
    tickets must be BOOKED BY TONIGHT at 11:59PM MDT.

    A small sample of fares from JFK (each way):
    – Boston … $39
    – Burlington … $39
    – Charlotte … $39
    – Washington, D.C. … $39
    – Pittsburgh … $39
    – Portland, ME … $39
    – Chicago … $59
    – Fort Lauderdale … $59
    – Orlando … $59
    – Nassau … $69
    – Bermuda … $79
    – San Francisco … $79
    – Las Vegas … $99

  128. scribe says:

    Clot,

    same bank on both houses?

  129. Veto That says:

    John, Sec Mkt,
    Be careful Jet Blue gets their engine parts from pep boys.
    When the spark plugs fail at 30k feet, you’ll know why your ticket was $39.

  130. Comrade Nom Deplume says:

    [129] john

    What? No sex?

  131. Comrade Nom Deplume says:

    [129] john

    Seems odd that the configuration was jerry-rigged when the dropped in the 400 since the 67 bird came with an optional 400. You are lucky it even ran, let alone lasted all these years.

  132. John says:

    In the six there is tons of room in engine, in eight battery tray is in different location as it is squeezed in. Also you had V8 front springs and triple leaf springs in rear and a posi rear instead of a single wheel spinning in rear. Also tranny is further back in 8 cylnder model so six cylnder shifter counsel does not line up. This is why true 60’s big block muscle cars go for a lot of money. When people clone then there is a lot more than dropping an eight. On the Hemi powered ones they even threw in posi rear and bigger tires. One weird thing to note my 69 plymouth V8 two door, had pop our rear windows, no carpeting, no AC and a bench seat. It also came with bucket seats and room down rear windows and carpeting but the mechanisms to roll down windows and heavy bucket seats and carpets slowed it down on the track. Mine was more valuable as the person who bought it in the V8 model knew the importance of it. That one the original owner was a jet pilot in WWII. That one I also laid down lots of rubber. Sold it at 69k with a slipping tranny, oh well.

  133. gryffindor says:

    9.25% sales tax in TN. However, this isn’t the tax rate in supermarkets – I’m pretty sure it is less. I shopped online from my couch if I was in a mood to avoid tax and had the time. Otherwise I just sucked it up and paid. Not having any income tax made up for it. I certainly didn’t shop retail everday in TN so paying sales tax wasn’t necessarily a daily event, but by comparison I spend quite a few dollars every day crawling through EZ Pass booths in the tri-state and I will pay income tax at the end of the year. So I don’t pay taxes when I shop for food and clothes in NJ, yippee, but clothes shopping and food shopping are not daily purchases. Work and travel for work are.

    I went to Trader Joes in Westfield today. Even with high property taxes and income taxes in NJ, can I admit that I secretly enjoy going to shop in Westfield? I know it regularly gets a beatdown on this board, but if I can afford it someday then I think I could convince the city-loving fiance to move there.

  134. danzud says:

    #37 and #38 could be two of the best quotes to save the economy!!!!!!

  135. sure (140)-

    Not touching that one.

  136. Veto That says:

    Ok back to real estate i guess.
    Since we’ve exhausted every other topic.

    What’s the over/under on Case Shiller release tomorrow?

    My guess is another month of positive national numbers but NY Metro will see a slightly negative yoy change.

  137. Comrade Nom Deplume says:

    [140] sure

    Don’t even joke about that. I used to work in DC, next to the WH, where those kind of jokes would insure a proctological exam by large men with guns and whose offices were always referred to by acronyms.

  138. Comrade Nom Deplume says:

    Marc Faber suggesting what many here suspect:

    “The crisis the world went through is just an appetizer for a future one because the weaknesses that created it have not been addressed, Marc Faber, author and publisher of the Gloom, Doom and Boom Report, told CNBC Friday.

    “It’s a total and complete disaster and the crisis we had is just the appetizer to the big total breakdown of financial markets and of governments in five or 10 years time when the whole system goes bust,” Faber told “Worldwide Exchange.”

    But does that mean we get a market run-up before then or not?

  139. John says:

    NEW YORK (MarketWatch) — The party’s still not over for junk bonds, some investors say, after this volatile corner of the bond market overcame doubts and is on track to post another double-digit quarterly gain.

    Speculative-grade corporate bonds have returned almost 16% in the last three months, according to an index compiled by Merrill Lynch. That’s boosted gains for the year to about 48%. The current quarter ends Wednesday.

    Even for an asset known for higher returns in exchange for taking big risks, that’s the best start to a year since at least 1990.

  140. grim says:

    Nothing to see here, move along..

    From the FT:

    FDIC considers calling for bank advances

    US banks will have to advance tens of billions of dollars to the cash-strapped fund protecting depositors at the Federal Deposit Insurance Corporation under a proposal to be considered by regulators on Tuesday.

    The fund, which insures up to $250,000 per depositor in each bank, has been depleted this year after the failure of 95 lenders. It now stands at about $10.4bn, the lowest since the peak of the savings and loan crisis in 1993.

    Sheila Bair, FDIC chairman, has said the agency is considering “all options’’ to restore the fund, including tapping its credit line with the US Treasury of up to $500bn, imposing emergency fees on banks and asking banks to pre-pay industry fees.

    The FDIC’s board, which meets on Tuesday to discuss options, is currently leaning towards asking banks to pay several years’ worth of its fees in advance, say people briefed on the discussions. For 2009, banks are set to pay an annual fee of about $12bn and a one-off emergency charge of $5.6bn.

    The plan would allow the agency to get the cash it needs now while allowing the banks to avoid another big one-off charge. The banks would not have to recognise the charges on their balance sheets until the quarter when the fees were due. The proposal, which would be presented for public comment, is still under discussion.

  141. danzud says:

    Grim and Shore Guy – 37 and 38. I have a different suggestion but one you may have heard of. How about a “Cash for Blingers program” where blingers trade in their sub 2kt. diamonds for larger diamonds and receive a $4,000 tax credit. Even better, the governemnt can destroy the small diamonds so that they’re never used again. It’s a win-win.

  142. chicagofinance says:

    At this juncture, does any one have a favorite online savings account?

    ING Direct et al…..

  143. kleefblow says:

    indicates tar confirmation future features future

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