Can’t go wrong with real estate in Jersey

From the Star Ledger:

Defendants in N.J. mortgage fraud ring tried to take more than $5M from banks, feds say

They applied for mortgages using phony pay stubs showing wages never earned. They forged tax documents and bank statements. And they assumed the identities of people who had moved out of the country, hoping to use their clean credit records to trick bank officials.

Those were among the allegations federal prosecutors outlined Wednesday as they unveiled charges against 28 real estate agents, investors, accountants and others caught in a sweeping mortgage-fraud sting in northern New Jersey.

Authorities said the investigation provided a window into shadowy criminal enterprises in which the defendants acted like con artists to dupe banks into loaning hundreds of thousands of dollars to people who had no intention of paying it back.

The investigation targeted a string of separate schemes involving more than 17 properties in New Jersey. But the defendants didn’t really want the property; they wanted the money, authorities said. In total, the defendants tried to bilk more than $5.5 million from lending institutions.

From the WSJ:

N.J. Woman Accused of $45 Million Fraud

Federal prosecutors charged a New Jersey woman with running a $45 million Ponzi scheme, alleging she raised millions of dollars under the pretenses of investing in real estate and instead, among other uses, gambled it away.

The Manhattan U.S. Attorney’s office says Antoinette Hodgson, a 58-year-old woman from Montclair, N.J., solicited tens of millions of dollars from New York and New Jersey investors, telling them she would buy and renovate residential real estate and either re-sell or rent it.

Ms. Hodgson, who was charged with one count of wire fraud and one of conspiracy, was to be released Wednesday on a $6 million personal-recognizance bond secured by 24 properties.

“If this was a Ponzi scheme, it was a pretty inept Ponzi scheme,” said Ms. Hodgson’s attorney, Jack Arseneault.

Prosecutors said Ms. Hodgson promised investors high rates of return, saying she “was an expert at purchasing foreclosed residential properties in New Jersey.” Prosecutors said she told one investor that if he and his son invested $2.8 million, they would get a 30% return.

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206 Responses to Can’t go wrong with real estate in Jersey

  1. grim says:

    Weekly claims sharply higher, Philly Fed notably lower.

    Double dip time?

  2. grim says:

    From MarketWatch:

    Slower growth reported in June in Philly region

    Manufacturing activity increased in the Philadelphia region for the 10th straight month in June, but at a much slower pace than in May, according to a monthly survey of companies released Thursday by the Federal Reserve Bank of Philadelphia.

    The Philly Fed index fell from 21.4 in May to 8.0 in June, the bank said.

    Economists surveyed by MarketWatch were expecting the index to strengthen to 22.

  3. grim says:

    From MarketWatch:

    Jobless claims rise 12,000 to 472,000

    First-time applications for state unemployment benefits rose by 12,000 last week to a seasonally adjusted 472,000, the Labor Department reported Thursday, providing further evidence that U.S. labor markets remain very weak.

    The previous week’s initial claims were revised higher by 4,000 to 460,000 as more complete data were collected.

  4. grim says:

    From the NYT:

    Housing Market Slows as Buyers Get Picky

    Before the recession, people simply looked for a house to buy. Later they got squeamish just thinking about buying. Now they are on a quest for perfection at the perfect price.

    Exacting buyers are upending the battered real estate market, agents and other experts say, leading to last-minute demands for multiple concessions, bruised feelings on all sides and many more collapsed deals than usual.

    It is a reversal of roles from the boom, when competing buyers were sometimes reduced to writing heartfelt letters saying how much they loved the house and how they promised to eternally worship the memory of the previous owners. These days, it is the buyers who are coldly seeking the absolute best deal while the sellers are left in emotional turmoil.

    “We see buyers who must have learned their moves from the World Wrestling Federation,” said Glenn Kelman, chief executive of the online broker Redfin. “They think the final smack-down occurs at the inspection, where the seller will be reluctant to refuse any demand because the alternative is putting the house back on the market as damaged goods.”

  5. grim says:

    Interesting choice of words and viewpoint.

    Why are the buyers at fault here?

    Why not discerning or demanding to describe the buyer? But picky? A word with negative connotations.

    Why is this just no a return to normalcy? Where buyers look for value, heck, demand value.

    Did the NYT publish an article, during the boom, telling us that stupid buyers were connsumating deals with blindfolds on?

  6. meter says:

    “Ms. Hodgson, who was charged with one count of wire fraud and one of conspiracy, was to be released Wednesday on a $6 million personal-recognizance bond secured by 24 properties.”

    WTF? Properties obtained fraudulently?

  7. grim says:

    From the Montclair Times:

    State waives 4 percent tax cap

    Montclair received a waiver from state officials last week that will allow the 2010 municipal budget to exceed the state-mandated 4 percent cap on tax levies.

    Though the Township Council still has a number of policy decisions to make before it adopts the proposed $69.9 million budget next month, obtaining the waiver was the “biggest piece” of the budget process that needed to be completed, according to Township Manager Marc D. Dashield.

    State officials have allowed the council to adopt a budget that exceeds the 4 percent cap by nearly $1.1 million, putting this year’s municipal tax increase at 10.4 percent.

  8. DigDouggler says:

    Ahh, how quickly attitudes change in 5 short years.

    Dateline, Feb 3 2005, NY Times:

    http://www.thedevelopersgroup.com/Images/Press/NYT%20TURF%20Toy%20Factory.pdf

    “…That doesn’t stop some buyers from making impulsive down payments on condos that don’t yet exist. In October, AnneMarie Alexander, then a broker with Prudential Douglas Elliman, took some brochures and parked her BMW 740 in front of a hole in the ground on 17th Street in Chelsea. She proceeded to sell five luxury condos — at prices above $1 million each — from the back seat of her car. ”I showed them the site through a hole in the fence,” Ms. Alexander said. …”

  9. grim says:

    From the Philly Inquirer:

    Housing starts sink after tax credit’s expiration

    Residential-construction starts fell in May to their lowest level in a year, as an anticipated slowdown in sales after the expiration of the home buyers’ tax credits took hold of the market.

    “The plunge in housing starts in May underlines that a sustained housing rebound has yet to get under way,” said economist Nigel Gault, of IHS Global Insight Inc., of Lexington, Mass. “The improvement in starts through April was driven by the extended tax credit, which expired April 30. Now, the credit is gone.”

    Said economist Joel L. Naroff, of Naroff Economic Advisers, of Holland, Bucks County: “The housing-market excesses brought the economy to the brink, and it was hoped this sector would help get us out of the mess we are in. That does not look like it is going to happen.

    “It will take more than government incentives for the market to get back to normal,” Naroff added.

    South Jersey builder Bruce Paparone noted, “Our traffic dropped by 36 percent in May from April,” although, he added, “we anticipate a drop-off as the spring market wanes.”

    “Our contract-signing stayed fairly strong, even though it was off 25 percent from April but on anticipated budget,” Paparone said.

  10. NJCoast says:

    From the last thread-

    jj says:
    June 17, 2010 at 10:25 am
    Anyone going, Taking Back SundayTuesday June 22, 2010 at 8:00 pmStarland Ballroom Sayreville, NJ

    JJ-

    I’ll be working that show. Shall I just look for the most dashing, coolest guy in the room dressed in crush valor?

  11. Juice Box says:

    re #7 Bail bond agents are a breed of their own, you won’t find Ms. Hodgson’s bailbond guaranteed by a bank or insurance company.

    6 million dollar bond = $600k fee.

  12. schabadoo says:

    I’ll be working that show.

    You work at Starland? My buddies are opening for Marshall Tucker next month…don’t know if I can sit thru another rendition of ‘Can’t You See’.

  13. NJCoast says:

    I only work at the Starland when the talent requests backstage catering, some take a buyout instead.

  14. schabadoo says:

    WTF? Properties obtained fraudulently?

    Allegedly is the word you are looking for.

    Unless it’s a drug case. Then you can sell all their possessions before the trial even starts.

  15. Dink says:

    Senate OKs extending home-buyer credit deadline

    WASHINGTON (MarketWatch) — The home-buyer tax credit deadline would be extended three months following a Wednesday vote in the Senate. Senators voted 60 to 37 to approve the extension for the credit, which has a current deadline of June 30 to close a purchase. This extension would apply to people who entered a purchase contract by April 30. “By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home,” said Democratic Sen. Harry Reid of Nevada, one of the motion’s sponsors, in a statement. The credit provision is part of a larger jobs and tax package that both chambers must still vote on before it becomes law.

  16. schabadoo says:

    backstage catering

    …and now I picture this miniature bread scene from Spinal Tap…

  17. NJCoast says:

    …and now I picture this miniature bread scene from Spinal Tap…

    One of my favorite movies and that scene is spot on.

  18. Mr Wantanapolous says:

    “The housing-market excesses brought the economy to the brink, and it was hoped this sector would help get us out of the mess we are in.”

    [10],

    A hope, a prayer and a dream. Many are also hoping that JDSU trades above $150 again.

  19. meter says:

    Wow, pulling out the JDSU.

    How about IOM or AOL for old time’s sake.

  20. Mr Wantanapolous says:

    “Wow, pulling out the JDSU.”

    Same mentality, different suit.

  21. Comrade Nom Deplume says:

    Government Motors is not doing its annual summer shutdown because of demand.

    http://www.cnbc.com/id/37752282

    Demand? What demand?

    I think that Reuss got a call from area code 202 with an unsubtle suggestion from a major stakeholder.

  22. Yikes says:

    600 pound woman (beast?). of course she’s in NJ.

    http://www.cbsnews.com/stories/2010/06/11/health/main6571976.shtml

    “I like being fat,” she told WCBS in New York. “I guess I’m just comfortable. It’s a struggle for me to be thin, and I’ve said if it’s such a struggle it must not be natural, so I refuse to do the battle anymore.”

  23. Yo'me says:

    hughesrep:
    From previous thread:Put it up on the thread,you guys will tear it apart.That is what is great about this blog.

  24. NJGator says:

    Grim 8 – Hey, but according to our brilliant mayor, we don’t have a spending problem, we merely have a revenue problem. Carry on, folks.

  25. meter says:

    @27 – What you have there is a mayoral problem.

  26. Yikes says:

    Frank’s hoboken updates are great. i see him as the type of guy who, after someone throws dog sh!t at his front door, isn’t angry or curious.

    he’ll tell his wife – pity that woman – ‘we can use it as fertilizer!’

  27. Yikes says:

    jamil says:
    June 17, 2010 at 10:19 am

    This is for Shore Guy,

    “Obama Overtakes Carter As Worst President Of The U.S. In The Last 100 Years”
    http://www.usofearth.com/polls/?p=144
    Obama 34%
    Carter 31%
    GWB 24%

    The WH sees this and thinks, ‘ready to kick in the rest of that unused stimulus!’ it’s coming, obviously.

    oh, and he’ll never be as much of a nincompoop as GWB. impossible

  28. Knifecatcher - Painhrtz says:

    Coast for you

    ” ….. a stone henge in danger of being crushed by a little person”

    “it’s not like you can dust for vomit”

    JJ taking back sunday? I thought you would be inclined to music of the p0rn persuasion? I just don’t see a fine looking c0ck of the walk such as yourself enjoying emo-punk.

  29. Mr Hyde says:

    Yikes 25

    Simpson says she is healthy, WTF!

    if it’s such a struggle it must not be natural
    The why does she bother to walk? if its so hard she needs a scooter then it must not be natural. And consider that i am sure she is on the public dole in some form or fashion. Disability perhaps?
    We are way over due for a good societal collapse.

  30. d2b says:

    Two new chevy dealerships on my daily ride have gone under in the past month. One was one of those dealerships with the huge lot. The other was a small mom and pop. Its a sign of the times.

  31. Juice Box says:

    re: #25 – another story back in March says her food bill runs somewhere in the $750 range for the week and she funds her eating habits by running a Web site where men pay to watch her eat.

    Who the hell would pay to watch this woman eat?

  32. prtraders2000 says:

    re: #25

    She was on Howard Stern the other day. Funniest thing was that she insists on using low fat mayo!

    http://www.youtube.com/watch?v=5Tx4MnMaSmY&feature=youtube_gdata

  33. jj says:

    RVC LI band, need to keep it real. BTW GM is selling lots of cars now. They closed Pontiac, Saturn, Olds, Saab etc. And paired back models.

    Went to GMC dealership two weeks ago and asked how sales were going as lot was empty. Guy I know said lot is empty as GM stopped making slow sellers such as Envoy and GMC minivan and we no longer sell Pontiac. I am only selling three GMC models and two are brand new and selling quick. With only three models don’t need lots of inventory. He said most of his customers did not replace their trucks in 2008 and 2009, he has a lot of demmand cause he has two new models but also lots of demand as trucks he sold in 2002-2006 that were not replaced in 2008 and 2009 are getting to 100K miles and beyond and people just need to replace them.

    His two hot sellers are Terrain and Accadia, but said he is also replacing a lot of 100k Yukon models with new ones

    Knifecatcher – Painhrtz says:
    June 17, 2010 at 1:33 pm
    Coast for you

    ” ….. a stone henge in danger of being crushed by a little person”

    “it’s not like you can dust for vomit”

    JJ taking back sunday? I thought you would be inclined to music of the p0rn persuasion? I just don’t see a fine looking c0ck of the walk such as yourself enjoying emo-punk.

  34. Barbara says:

    you know, its evil…like watching someone cut themselves or shoot up.

  35. jj says:

    How much to do her?

    prtraders2000 says:
    June 17, 2010 at 2:00 pm
    re: #25

    She was on Howard Stern the other day. Funniest thing was that she insists on using low fat mayo!

  36. meter says:

    Holy cr@p is this scary:

    Scientists Warn Gulf Of Mexico Sea Floor Fractured Beyond Repair

    http://beforeitsnews.com/news/76/057/Scientists_Warn_Gulf_Of_Mexico_Sea_Floor_Fractured_Beyond_Repair.html

    “As a prominent oil-industry insider, and one of the World’s leading experts on peak oil, Simmons further warns that the US has only two options, ‘let the well run dry (taking 30 years, and probably ruining the Atlantic ocean) or nuking the well.'”

  37. Knifecatcher - Painhrtz says:

    meter I guess Hyde is ahead of the game he predicted that two weeks ago

  38. meter says:

    It’s the 30 years part that’s scary.

    If it’s true that a large swath of the sea floor is fractured, I don’t see how a nuke fixes that.

  39. Barbara says:

    meter, its like The Weekly World News, only true.

  40. Mr Hyde says:

    Meter,

    If there are fractures, the F’ing hilarious thing about it is that the DRILL BABY DRILL option may be one of the better ones. That is you sink as many wells as possible in the formation as quickly as possible in order to pump it dry instead of it all leaking into the gulf.

    The geologists i have hear comment on the issue still think nuking it is more likely to cause further problems then fix it. The geology isnt suited to such a large blast.

    If there are fractures then the leak we see at the well is probably small fries compared to what is coming out of the fractures. The fractures will also get bigger as time passes from erosion. Its pretty much the absolute worst case scenario. In such a scenario the leak may not be stopped for a few years.

    Hope that simmons is wrong. If he is right……

  41. Mr Hyde says:

    Meter,

    I have seen estimates of 5-7 years as a WAG if there were fractures and we pushed an all out effort to drill and pump the formation dry as fast as possible.

    It would still mean a dead Gulf of mexico and lovely tar beaches in florida for years after the flow stops.

  42. Comrade Nom Deplume says:

    [33] d2b,

    Also, the small chevy dealership on North Ave. in Brigadoon closed last year.

    [36] jj

    As for demand, I had not counted on the fact that GM has sold or shuttered a number of nameplates. But this does not suggest that GM is selling nearly as many cars as it used to, only that Smaller GM, which has closed a number of plants and probably operated leanly over the past year, has insufficient inventory to justify shutdown, or, more ominously, there is no reason for the shutdown, which was always supposed to be for retooling for next year’s model.

    So the demand may be there to justify holding off a shutdown, but the demand is nothing what it used to be.

  43. Mr Hyde says:

    Meter 41.

    It wont. In some rock formations a nuke could apparently compress the rocks enough to seal them, but geologists familiar with the gulf have said that the pudding like bottom and the underlying unstable rock could just be further fractured.

  44. Mr Hyde says:

    In terms of RE, if Simmons is right you are about to see large portions of the gulf RE go to 0

  45. meter says:

    @43, Hyde –

    “If there are fractures, the F’ing hilarious thing about it is that the DRILL BABY DRILL option may be one of the better ones. That is you sink as many wells as possible in the formation as quickly as possible in order to pump it dry instead of it all leaking into the gulf.”

    From a logical perspective this has always made the most sense to me. It was clear early on that BP had no viable solution and if true that there are multiple fissures/leaks, dealing with that single hole won’t do a d@mned thing.

    Drain it before it leaks out. The problem is the time to market associated with putting enough platforms/pipes out there to suck it all up.

  46. Juice Box says:

    JJ auto sales are up

    Ferrari sold 103 cars last month 20% increase.

    Daimler sold 8 Maybachs and sales of Mercedes Benz is up 25% yoy.

    BMW however is in the doghouse with -3 percent.

  47. chicagofinance says:

    What caused the multiple fissures? The explosion? The pressure of the goo streaming through the pipe? The pipe itself has multiple cracks?

    meter says:
    June 17, 2010 at 2:45 pm
    It was clear early on that BP had no viable solution and if true that there are multiple fissures/leaks, dealing with that single hole won’t do a d@mned thing.

  48. Mr Hyde says:

    CHifi,

    If there are fissure the main possible causes are:
    1. The failed cement seal between casings allowed high pressure oil to “tunnel through the very soft sediment and create an open seabed leak.

    2.The topkill attempt using high pressure mud causes a casing failure and either the mud or the oil oil channel up to the surface.

    Remember that once you are above the “capstone” of the oil formation the ground in the GOM is VERY soft and would not be able to contain 13,000PSI oil/mud

    A surface rupture could also be a combination of 1&2

    If the cement casing seals are compromised at all the bottom kill procedure could fail as well, because well would not be capable of holing the pressure needed to fill it with heavy mud followed by cement. You would end up pumping the mud/cement in the subsurface channels that the oil and gas have possible already formed.

    From what i have read it gets very complex and could take a while.

  49. d2b says:

    I need a mattress. What kind of discount can I expect to get off list when purchasing from Sleepys or mattress giant?
    I know they discount but I do not know how much I can squeeze them for?

  50. meter says:

    @50 –

    Good question. I’m not a geologist obviously but I wonder if the unsettling of the topography due to drilling and/or the explosion would be enough to open fissures in the already weak sea floor.

    Having said that, I’m not sure it has been proven beyond a shadow of a doubt that there are multiple fissures though. All I’ve seen is conjecture.

  51. Mr Hyde says:

    Chifi

    BP has not confirmed the size of the mocando formation. There have been estimates of 100 million barrels but BP has refused to officially comment

  52. Juice Box says:

    Fissures or no fissures the relief well is the only real fix anyway. However the chances of intersecting the 7″ steel well bore at 18,000 feet by drilling two relief wells is 1 in 500.

    Last year an oil-rig explosion off the Australian coast required five attempts and 10 weeks before a relief well could plug it and it was no where near as deep, the Timor Sea Montara drilling rig was operating in water that was 250 feet deep.

    http://www.nytimes.com/2010/05/03/us/03montara.html

    After the relief wells fail to stop the leak, I am liking the Russian option of lowering a nuke down one of the relief wells perhaps 12,000 feet deep and detonating it to squeeze this blowout shut.

  53. Mr Hyde says:

    Tosh,

    off topic, a fun video

    taste the cake
    http://www.youtube.com/watch?v=b6Q_koTHB54

  54. jj says:

    Re- “unsettling of the topography due to drilling and/or the explosion would be enough to open fissures”

    It sounds like a series of three events that led to the births of my three children.

  55. Mr Hyde says:

    Who wants to bet that BP is working with GS to short itself using some sleight of hand derivatives, and the international conglomerate is going to make a killing as the US subsidiary gets raped

  56. jj says:

    Contrary to popular belief for entry level cars Honda is getting price, Toyota and Chrysler have quality problems which leaves Ford, GM, Kia and Hyundai for the 21 year old car getting first job.

    You guys are snobs. I am not a snob, whether I am driving my Mercedes or BMW I have no problem parking next to a Ford, GM, Kia or Hyundai.

  57. jj says:

    Well I love her
    But I love to fish
    I spend all day out on this lake
    And hell is all I catch
    Today she met me at the door
    Said I would have to choose
    If I hit that fishin’ hole today
    She’d be packin’ all her things
    And she’d be gone by noon

    Well I’m gonna miss her
    When I get home
    But right now I’m on this lakeshore
    And I’m sittin’ in the sun
    I’m sure it’ll hit me
    When I walk through that door tonight
    That I’m gonna miss her
    Oh, lookie there, I’ve got a bite

  58. meter says:

    “It sounds like a series of three events that led to the births of my three children.”

    LOL

  59. Rhymingrealtor says:

    I am still awaiting the arrests of the folks in Wildwood. The little knowledge I have indicates it is/was more wide spread than 17 properties.

    KL

  60. Libtard In the City says:

    D2B,

    Get the price for the mattress you want at Walmart.com. All of the majors sell the same mattress, but they are named slightly differently to make comparative shopping difficult. With a little research, you can determine the match. Settle for no higher than the Walmart price, but if you do it through a Sleepy’s/1-800-mattress, they will throw in the delivery/setup/disposal for free, which Walmart does not. You will have a hard time getting most Macy’s/Sear’s type places to match Walmart’s prices on matresses. The mark-up they want is tremendous. We know a former regional sales manager for Serta and he gave me the down-low a while back. He also hooked me up with a floor sample just before Sleepy’s biggest competitor went chapter 11. I forgot the name though.

  61. Libtard In the City says:

    Rented a brand new Kia Sport in Toronto. Had only 300 miles on it. The front two power adapters were dead and the third one pulled out when I removed the GPS charger. The cruise control was also half broken and seemed possessed. Car was comfortable though. Tells you something of their initial quality.

  62. A.West says:

    I notice some major pain in high end Green Brook real estate. 3 Thomas Ct, is listed at $300,000k below its 1.2m 2006 sales px. 6 Lund ln is $100k below its 2005 px. Both are located in a awful location that only a real estate bubble could create for $1mn houses, namely right off busy Rt 22 with no way to go anywhere and come back without getting onto RT 22 and using a jughandle to U-turn.

    But Basking Ridge refuses to crack on prices, apparently supported by people willing to entertain $850k prices for 4br 2 ba houses to gain access to the blue ribbon schools.

    I’m so glad I’m out of the market now – I can be angry with contractors instead of sellers.

    Incidentally, I’m contemplating hosting a get together in Bridgewater, perhaps in September. But I worry about potentially shady characters, fistfights, and vomit.

  63. Qwerty says:

    A West, don’t forget the high tension power lines views….

  64. jp says:

    http://blogs.wsj.com/metropolis/2010/06/17/life-in-new-jersey-now-more-dissatisfying-than-ever/

    have people seen this?
    “A full 75% of those living in the Garden State describe themselves as “dissatisfied” with the state of things in general, a record high. On the other side of the well-being spectrum, a scant 2% of New Jerseyans describe themselves as “very satisfied,” a finding that is within the margin of error for the poll. Which means there might be not a single New Jersey resident who feels profound satisfaction with life.”

  65. Knifecatcher - Painhrtz says:

    Clot want to know why I hate soccer. Example one.

    http://g.sports.yahoo.com/soccer/world-cup/blog/dirty-tackle/post/Kaita-s-red-card-could-be-this-World-Cup-s-worst?urn=sow,249204

    This ref makes the guys in the NHL look downright good. Plus the acting gets ridiculous as well. But you got to give the fudge packing Greek credit he really sold it and probably secured his team a victory against a superior foe

  66. A.West says:

    Qwerty,
    But these houses were built by Tom Powers, whoever that is, so you know they’re presigious. Plus you can look down from your living room and see those guys standing around wearing sandwich board signs advertising furniture closeout sales.

  67. Libtard and the City says:

    A. West – Having attended a handful of GTGs, the shady characters who post here never show their faces. Probably because they all look like this.

    Here’s a shot of Jamil for example…

    http://klokbok.files.wordpress.com/2010/03/computer-nerd-limpet-21.jpg

  68. Pat for England says:

    John, I just paid cash for a new Honda and didn’t pay sticker, didn’t pay shipping, didn’t even pay what the losers on edmunds say they paid in podunk OH.

    Knew the dealership was bugged and specifically went to bugged showroom. Ate first, went to dealer I’ll never see again, got babysitter, spent two hours walking around telling my husband I didn’t really need a car now that I’m “not working.” He kept calling me honey and acting like he respected me but he was absolutely not driving me around like Miss Daisy. He was the salesguy’s best friend.

    After four hours of them thinking they were making us wait, test driving about ten cars and complaining about how I’m too small for all of these cars and the little Honda sounds like a tin can, the sales guy leaves and asks us to wait for a while. So I tell my husband, well, guess I’m not getting a car today, cause the babysitter has hockey practice, so we’ll just take that ugly red Civic one in Frederick that the coffee stains will show up on. I really wanted grey seats, but let’s go. Guy shows up in ten seconds flat with all the contracts and car with grey seats cleaned and waiting.

    Honda is the mental champ so it holds its value. Totalled my 08 Honda 30k miles got 16000 cash paid 18000 so drove it 30 mos for 2k. Paid about the same more than two years later. Ain’t deflation great.

  69. Knifecatcher - Painhrtz says:

    Stu did you pull that pic of Jamil off of FARK? Didn’t know he posted there.

  70. Libtard and the City says:

    What’s FARK?

    I originally saw that picture some time around the time it was probably taken.

  71. Fabius Maximus says:

    Le Bleu est mort!

  72. jj says:

    Why does Honda be such a pain in the butt about buying cars. My wife and I tried to look at a Honda twice at two dealerships. Both times we had a 5 year old and a 3 year old with us. Each dealership wanted to make us meet with Lease guy even though I did not want a lease, then they wanted to talk financing, even though numerous times I said I am paying cash. Then they would not let me test drive it unless I made an appointment and sat with some guy who told me how dumb I was for not leasing, in end guy refused to tell me how much car was in either dealership unless I went through a long discussion and came back a second time.

    I never found out how much either Honda cost or got a test drive.

    Chevy was funniest, did not want one but we said we would look and test drive every three seat SUV, go to dealer, tell guy we are in rush and want to drive trailblazer, guy goes is one staying behind with kids, I say yes, yells get this guys a trailblaer, I drove it around, then wife drove it around, ok, but shoddy feeling, guy goes call me if you want it. I didn’t but that is what I like to see. Toyota pulled same stunt. Poor old Saturn, they were the nicest of the bunch. But I guess the customer is always happy when you are in business and model is to sell cars for less than they cost to make.

    Honda is great reliability and resale wise, just a shame you have to put up with that everytime you buy one.

    Pat for England says:
    June 17, 2010 at 4:17 pm
    John, I just paid cash for a new Honda and didn’t pay sticker, didn’t pay shipping, didn’t even pay what the losers on edmunds say they paid in podunk OH.

    Knew the dealership was bugged and specifically went to bugged showroom. Ate first, went to dealer I’ll never see again, got babysitter, spent two hours walking around telling my husband I didn’t really need a car now that I’m “not working.” He kept calling me honey and acting like he respected me but he was absolutely not driving me around like Miss Daisy. He was the salesguy’s best friend.

    After four hours of them thinking they were making us wait, test driving about ten cars and complaining about how I’m too small for all of these cars and the little Honda sounds like a tin can, the sales guy leaves and asks us to wait for a while. So I tell my husband, well, guess I’m not getting a car today, cause the babysitter has hockey practice, so we’ll just take that ugly red Civic one in Frederick that the coffee stains will show up on. I really wanted grey seats, but let’s go. Guy shows up in ten seconds flat with all the contracts and car with grey seats cleaned and waiting.

    Honda is the mental champ so it holds its value. Totalled my 08 Honda 30k miles got 16000 cash paid 18000 so drove it 30 mos for 2k. Paid about the same more than two years later. Ain’t deflation great.

  73. Final Doom says:

    west (65)-

    Can I bring a small pistol? Nothing bigger than a Derringer…I promise.

    Just asking.

    “Incidentally, I’m contemplating hosting a get together in Bridgewater, perhaps in September. But I worry about potentially shady characters, fistfights, and vomit.”

  74. Final Doom says:

    fab (74)-

    Le Clotpoll is rich!!!!

    Mexico +250 to win.

  75. Final Doom says:

    After watching Maradona’s apology to Platini (and refusal to apologize to Pele), I think I’ve got this WC figured out.

    I am now ready to win some serious loot.

  76. Final Doom says:

    pain (68)-

    So don’t watch it.

  77. Pat for England says:

    Naw, Honda is great. Once you know the game, the advantages is buyer. No kids, at least 6 hours if it’s your first honda buy, and you have to have a schtick.

    Then, it’s like slicing melted butter.

    I still can’t believe I was annoying enough that they gave me my price in four hours. My husband truly is a saint. The man deserves much better than what he got with me.

  78. chicagofinance says:

    Libtard In the City says:
    June 17, 2010 at 3:40 pm
    D2B, Get the price for the mattress you want at Walmart.com.

    stu: does that come with or without the bedbugs….

  79. Comrade Nom Deplume says:

    [65] A.West,

    You are allowed to be selective. Do your inviting offline. I did.

  80. jj says:

    This is why I buy my cars without seeing them wholesale. I am too old for the drama.

  81. NJGator says:

    A West 65 – A friend who lives in Slummit is seeing a therapist. Therapist says to her “Yes. It’s hard to live here when you don’t have the whole cookie. You have half the cookie.”

    Said friend is looking to move to Basking Ridge where apparently she will be able to buy the same size house as she has now (3BR 1 BA) but with more land than she has in Slummit. I guess she will still have half the cookie in Basking Ridge, but her neighbors will be further away enabling her to live in denial?

  82. Comrade Nom Deplume says:

    [74] farbus

    “Le Bleu est mort!”

    Dio Grazie!!!

  83. Anon E. Moose says:

    ChiFi [85,86];

    “Ithaca Gun Company” brand on a product manufactured in Ohio? Primarily Geographically Deceptively Misdescriptive — TM registration refused.

    They even got the thing allowed, then abandoned it. Examiner missed the ball; should have at least required evidence of secondary meaning.

  84. sas says:

    nuke the gulf?

    u guys gone plum loco?

    SAS

  85. sas says:

    Mr. Hyde,

    “Who wants to bet that BP is working with GS to short itself using some sleight of hand derivatives, and the international conglomerate is going to make a killing as the US subsidiary gets raped”

    it already happened. before the oil spill.

    cat bonds anyone?

    SAS

  86. Essex says:

    67. I’m pretty sure they didn’t call me. I had one of my best years ever in 2010.

  87. sas says:

    “I had one of my best years ever in 2010”

    me too.
    my electric & plumbing works just fine.

    SAS

  88. sas says:

    “More than 90 U.S. banks and thrifts missed making a May 17 payment to the U.S. government under its main bank bailout program”
    http://www.cnbc.com/id/37732312

  89. Sas3 says:

    Gator #84… My friend is getting a really big McMansion in TX for $375k — 5BR,4BA,3LivingRooms. Pushing the analogy, it’s an extra large, deluxe cookie.

    I like NJ. People are very rude, but they are equally rude to everyone.

    S

  90. Sas3 says:

    Sas #92… don’t want to jinx it, but 2010 isn’t over yet :)

    I wonder, who would describe themselves as “fully satisfied with life”? If one were to get to that stage (which I can’t even visualize), most likely they’d look at a fellow man’s suffering and would feel completely miserable — like Buddha when he was a prince.

  91. Pat for England says:

    That is so sad. All the Indians who end up in TX or the South get dumbass vanity plates like “MESMTRA” or “4BHILAL” on ugly vans. When I pass, I just have to look and see who the creative one was.

  92. Pat for England says:

    Please tell your friend to put FUFRNJ on his plate.

  93. freedy says:

    foxwoods gets 50 million stimulus money.

    another over the top

  94. grim says:

    Nuke the gulf, why not?

    I mean, after all, atomic testing on the Bikini Atoll gave birth to the outfit that graces the SI swimsuit edition yearly (kudos to Louis Réard).

    Look at all the good that came out of that.

    Maybe we’ll get a new martini or margarita out of it. Worth it? Absolutely.

  95. grim says:

    Can I ask a question?

    Wall Street and Big Banking did more damage than BP did, and they got a bailout.

    Why can’t we give BP a bailout? So what, they killed a couple of birds.

    Good lord, what is with the double standard?

    Turn BP into a bank, and give them billions to grow their business and sink more wells.

  96. jp says:

    1-800-mattress is the only place I’ve bought my beds.

    Bought two twins at a 100 each. One was sealey and other wasn’t.

    The king I bought for 800 with the box spring and that cruddy metal frame.

  97. Nomad says:

    Honda shopping –

    first time I went to the dealer and played some of their games – after sales manager came back 3x to try to counter I said this is my price and he gave it to me.

    From then on, its always auto shopping via Internet. Once you walk into the showroom, they have the upper hand.

    Negotiate online with multiple dealers and you will end up with a much better price. typical delivery takes 90 minutes.

  98. Juice Box says:

    Operation Stolen Dreams

    485 rounded up by FBI in Mortgage fraud investigation.

    http://www.huffingtonpost.com/2010/06/17/operation-stolen-dreams-d_n_615798.html

  99. Essex says:

    92. Bonus! The secret to living here is decent cash flow and a sense of humor.

  100. Comrade Nom Deplume says:

    This is astonishing:

    From a WSJ article on banking and U.S citizens living abroad:

    “A small but growing number have decided that the best way to avoid the rules is to hand in their passports. According to U.S. government figures, twice as many Americans renounced their citizenship in the last quarter of 2009 than in the whole of 2008. The numbers are still only in the hundreds but are expected to rise now that the HIRE Act has been signed. Ms. Hart says the last time she checked it was not possible to get an appointment at the U.S. embassy in London to renounce citizenship until 2012. In Bern, you couldn’t get an appointment until June next year.

    Jeffrey Gould, associate director at Frank Hirth, says: “Renouncing citizenship is the nuclear option. But it is one that an increasing number of people are considering. Lots of people are coming to us and asking for advice on whether their children should renounce their citizenship. . . .”

    The London embassy has a 2 year waiting list for americans wanting appointments to renounce their citizenship. Bern has a one year wait. I imagine that other embassies are showing similar wait times since people will simply make a day trip to another country to do it.

    Also, the fact that folks who don’t care to make that leap now are inquiring as to their children. That tells me a lot about the fear that is out there.

    I am beginning to think that we are going to see very soon a massive exodus of wealth and renunciations, now that wealthy boomers are retiring. More importantly, once they are abroad, it is that much easier for the kids to expatriate and renounce in order to receive inheritances tax free.

  101. Yikes says:

    Lakers to win. And cover 6.5

  102. Sas3 says:

    Grim #100. You are probably playing devil’s advocate…

    Anyway, no worries. “The corporate person” BP will be dead, only to be quickly reborn as someone else. Since Xe is taken, they can increment the letters and use, Yf – a nice message to everyone affected by the spill.

    Executives will retire with golden parachutes. Common employees will move on to other oil companies.

    If the common shareholders get wiped out, there will be some rumblings for a few days and everything will be back to normal soon.

  103. Sas3 says:

    Ameritrade is trying to give me a long rope to hang myself with…

    Dear Valued Client,

    As part of our effort to improve the trading experience for our clients, we are pleased to announce that TD AMERITRADE has decided to change our margin requirements.

    Effective June 23, 2010, we will be lowering the account minimum margin requirements for both equity and index options positions. In addition, we will be changing the margin requirements for individual equity and index call and put options positions.

  104. Shore Guy says:

    ” wonder, who would describe themselves as “fully satisfied with life””

    Sastry,

    Were my tax bill to be lower, I would be pretty darned close to that standard. No debts, good spouse and offspring, paid-off house, health, good income. Now if Government would get off my back and stop running up bills….

  105. Mr Hyde says:

    SAS3

    BP is not going to die. The are the #1 fuel supplier to the US military. They will get knocked around a bit, but its ultimately in Obama’s interest to keep them alive.

    If O pushes to hard BP Americas can declare bankruptcy and dissolve the company. So the GOV gets about 25 billion in that scenario at most.

    If the keep BP Americas alive and play their cards right they can get much more out of them. BP also has a strategic value given its military contracts.

  106. I can see that you are an expert at your field! I am launching a website soon, and your information will be very useful for me.. Thanks for all your help and wishing you all the success.

  107. It’s the first time I have heard that in Macedonia, obits are an unusual observe. You have wonderfully written the post. I have liked your way of writing this. Thanks for sharing this.

  108. Pat for England says:

    Nomad, I’m pretty sure that the car sales internet bid thing ship has sailed. It was good for a few years, but every scam eventually moves back to level.

    I did better in person this time. Two years ago, the price was best internet bid.

    Wow, I am like a historical timeline for purchasing Hondas.

  109. Pat for England says:

    And watch out for the plants on Edmunds stating what they paid for a specific model car.

    Time is money and you make money when you invest time in deals.

  110. Pat says:

    jim, where’s the current BP transaction cost you’re comparing to total cost of WS/Banking Faux Pax?

    Would that be economic cost including lost industry, alternate food sourcing, health issues (long term), relocation, etc., or just current estimate of clean-up. My thinking is the monetary loss of the last couple of years can be very easily calculated as a NPV.

    We don’t yet control the flow data so we cannot calculate NPV of Gulf crisis.

  111. Mr Wantanapolous says:

    Nom [105],

    The empire is gradually eroding, albeit, at an alarming, rapid pace.

    An economy stuck in the mud, with higher taxes and protectionism looming, is a recipe for disaster. As the result of capital gains/dividends taxes increasing and increases in taxes for the health care calamity, the wealthy/alert are voting with their feet.

    Makes one wonder, who will be left to pay for the military, medical, banking, auto, welfare, state, municipal and union parasites?

  112. Comrade Nom Deplume says:

    [106] yikes

    Grrr.

    I am hoping to feed you some humble pie tomorrow. I know the odds are with you, but I am soooo hoping.

  113. Pat says:

    And I’m truly asking here, because so many numbers are out there with no one agreed upon base.

  114. Comrade Nom Deplume says:

    [98] freedy

    Foxwoods??? Are you shitting me????

  115. Pat says:

    cf, how ’bout them Mets, huh? gotta keep the faith.

  116. chicagofinance says:
  117. Yikes says:

    lakers suck. kobe’s been awful

  118. chicagofinance says:

    Pat says:
    June 17, 2010 at 11:04 pm
    cf, how ’bout them Mets, huh? gotta keep the faith.

    Pat: meeting my Yankee fan cousin for dinner next week….we bet a broom on the series….if either pulls a hattrick…

  119. Pat says:

    I’m currently trying to get tickets hah hah for Father’s day for the two of them to drive up from LBI for the day and just leave me alone.

    Two weeks ago I coulda woulda shoulda.

  120. Comrade Nom Deplume says:

    [123] yikes

    I wish I could agree. Lakers now up by 6. Need for Kobe to really start to suck now.

    Not a pro basketball fan, and never much of a Celtics fan, but it would be nice to close out the decade with another title.

  121. Pat says:

    That’s really sad.

    I think I’d better be much kinder to my husband. I told him his grilled sausage dinner with french bread and asparagus was “OK” tonight, which he shopped for and cooked after he worked all day and I sat at the pool.

    Then I told him to make sure he picks up all the cat litter for garbage pickup tomorrow, and cuts the grass and weeds while I’m at the pool.

    Is 2k too much to pay for 2 Mets tix?

  122. Pat says:

    Plus, it’s his money :P

  123. cooper says:

    speaking of nukes and beds…
    i have king mattress from 1800 that has a huge crater in it. they came and replaced it twice, going for a 3rd time soon. not sure if its the mattress or my eating habits

  124. Final Doom says:

    Nothing like a good, old-fashioned firing squad.

    Makes my skin tingle, and it distracts me from the stench of death I normally notice this time of the morning.

  125. serenity now says:

    “Stench of Death” Oh I thought that was just the
    smell of New Jersey.

  126. Libtardian says:

    you know what the country needs urgently? Spending billions to provide free movies, bingo sessions and video games to illegals.

    Thanks to their international “human rights” advocates, Gitmo detainees receive art therapy, movie nights and video games at their U.S. taxpayer-funded camp in Cuba. Now, the left’s bleeding heart lobby wants to provide similar taxpayer-sponsored perks to illegal alien detainees on American soil. Welcome to the open-borders Club Fed. According to an internal Department of Homeland Security e-mail obtained by the Houston Chronicle, the Immigration and Customs Enforcement agency plans a radical overhaul of the immigration detention system. No, the reforms will not increase the nation’s measly, chronically underfunded detention bed capacity — fewer than 35,000 beds last fiscal year to cover an estimated illegal alien population of between 12 million and 20 million. The Obama ICE leadership is headed in the exact opposite direction.

    ICE chief John Morton — the same man who signaled last month that he may refuse to process illegal aliens sent to him by Arizona law enforcement officials — has already eliminated 50 detention facilities. This despite a DHS inspector general report released last spring exposing the federal government’s bipartisan failure to expand detention space capacity to end the dangerous game of illegal alien “catch and release.”

    Instead, among the p.c. makeover measures under consideration or about to be made by Obama’s ICE agency in the next 30 days:

    — “Softening” the physical appearance of privately contracted detention facilities with “hanging plants.”

    – Giving illegal alien detainees e-mail access and free Internet-based phone service.

    – Abandoning lockdowns, lights-out, visitor screening and detention uniform requirements.

    – Serving fresh veggies and continental breakfast and providing Bingo sessions, arts and crafts classes, and, yes, movie nights.

  127. Confused in NJ says:

    The stench of death is strongest in the Gulf where methane gas is abundant.

  128. gary says:

    NEW YORK – BP holds enough oil in its reserves to single-handedly supply the United States for two years. It has little debt for a company of its size and makes more money than Apple and Google combined.

    So when the White House arm-twisted its executives into setting aside $20 billion for the Gulf oil spill, investors weren’t worried it would bankrupt BP. They barely batted an eye.

    “The U.S. government will become insolvent before BP does,” said Bruce Lanni, a stock analyst with Nollenberg Capital Partners.

    Obama: “20 billion for the slush fund, we go ‘easy’ on BP and the proletariat gets pacified. Hey Joe, run to the corner store and get me a pack of Kools, will ya?”

  129. relo says:

    Ha. Gotta make up for that decline in market value some how. What’s the over/under on the first similar NJ claim?

    http://www.naplesnews.com/news/2010/jun/17/naples-realtor-sues-bp-behalf-homeowners-affected-/

  130. Shore Guy says:

    There is a direct line between BP, the Housing Bust, the financial crisis, and the mishandling of Iraq and Afghanistan. After reflecting on their common cause, I note that they all come down to this:

    Whereas prudent people looked at the situation, identified the risks. and then concluded that the risks of acting in particular ways would result in disaster, the imprudent looked at the situation, identified the same risks aans concluded “It won’t happen to me.”

    It will never happen to “me,” just the other “inferior” thinkers, traders, yadda, yadda.

  131. relo says:

    137: And in the end, the imprudent may not be held accountable. So what’s the lesson?

  132. a mad as hell reinvestor101 says:

    Obama is trying another damn wealth distribution scheme by trying to shake down BP for $ 20 billion. He’s a real con artist and we all know that the damn people aren’t going to be helped by this. How much is that damn attorney getting paid to administer this damn thing? How come we don’t know.

    You damn liberals have deliberately gone after poor BP in an effort to carry out your damn socialist redistributionist schemes. As far as I’m concerned, if I was in the damn gulf, I’d take the same damn position as many did on the damn stinking stimulus–they didn’t take it. I’d rather strap a damn fire vest on and jump into the damn gulf oil than take one damn socialist rent cent from Obama and any true conservative would feel the same damn way. That means if you don’t feel that way, you’re a stinking damn liberal.

  133. Barbara says:

    Shore Guy,
    there is a whole lot of faulty thinking out there. Its narcissistic, magical thinking. Evangelical, 2 hour resolutions, short sighted, bullshit multilevel marketing, pop psyche, bumper sicker sloganeering thinking.

  134. a mad as hell reinvestor101 says:

    Barbara says:
    June 18, 2010 at 8:45 am
    Shore Guy,
    there is a whole lot of faulty thinking out there. Its narcissistic, magical thinking. Evangelical, 2 hour resolutions, short sighted, bullshit multilevel marketing, pop psyche, bumper sicker sloganeering thinking.

    Lady, you just stepped on my damn toes. There’s nothing wrong with flipping houses and there’s damn sure nothing work with multilevel marketing. What you need to be doing to looking at joining my damn organization so you can make some damn money.

  135. a mad as hell reinvestor101 says:

    work=wrong

    dammit

  136. Knifecatcher - Painhrtz says:

    Actually, I have no problem with BP establishing a 20 billion dollar fund for the folks in the gulf. As long as they have an independent arbitor determine compensation for all claimants.

    Unfortunately, they were thugged into it outside of our legal system by the current gangsters in washington to feed the sheep’s bleating. Also anyone who thinks that the “independent 3rd party” selected by Il Duce’s criminals will act in the best interests of those in the gulf and not the Big O’s cronies. Well I have this great brige in Brooklyn for sale.

  137. Knifecatcher - Painhrtz says:

    Saw this headline

    White House quietly shapes Kagan’s image

    First thought in my head paper bag, I have to stop reading John’s posts

  138. NJGator says:

    Re 144 – Great educational opportunity for the kids at Rutgers too.

  139. Mr Hyde says:

    Shore,

    You may have seen the following link before, but you probably want to hold off on any ocean from RE for a few years and see how the gulf oil leak peters out.

    http://freepressinternational.com/2010/06/computer-simulates-gulf-oil-flow-into-atlantic/

    If the Fracture theory is correct and this model is even close to correct you could see a substantial portion of the east coast ocean front value wiped out.

    How much is ocean from NC RE worth when it has an oily beach? How about atlantic florida beach front RE?

  140. chicagofinance says:

    Pat: no baseball game is worth $2K…

  141. chicagofinance says:

    Hey Beavis…he said “peter out” uh-huh-huh-huh….

    Mr Hyde says:
    June 18, 2010 at 9:01 am
    You may have seen the following link before, but you probably want to hold off on any ocean from RE for a few years and see how the gulf oil leak peters out.

  142. Barbara says:

    critical thinking is now seen as “negative” Skepticism is for “unbelievers”
    pointing out inconsistancies makes you a “stumbling block” Humility is a weakness, not a virtue.

  143. NJGator says:

    Hyde – 147 – I’m thinking some nice interior lakefront property might be nice for Mr. and Mrs. Shore.

    Shore – not sure if this will work for you, but we have friends that are keen on this place and shopping for a lake house here now.

    http://www.lakenaomiclub.com/index.htm

  144. Mr Hyde says:

    He said he especially liked how Rutgers would be given “a great opportunity academic-wise … to be the cutting edge of developing new strains of marijuana that deal with illness.’’

    Canadian dealers must be pissed about this sort of thing! I guess that whole DARE thing was bunk after all eh?

  145. Mr Hyde says:

    Gator,

    Looks like a nice place!

  146. Shore Guy says:

    “137: And in the end, the imprudent may not be held accountable. So what’s the lesson?”

    Beyond screw the prudent in the interest of “fairness”?

  147. a mad as hell reinvestor101 says:

    Knifecatcher – Painhrtz says:
    June 18, 2010 at 8:55 am
    Actually, I have no problem with BP establishing a 20 billion dollar fund for the folks in the gulf. As long as they have an independent arbitor determine compensation for all claimants.

    Unfortunately, they were thugged into it outside of our legal system by the current gangsters in washington to feed the sheep’s bleating. Also anyone who thinks that the “independent 3rd party” selected by Il Duce’s criminals will act in the best interests of those in the gulf and not the Big O’s cronies. Well I have this great brige in Brooklyn for sale.

    You’re damn skippy that Obama will use this to buy influence and votes. Again, the damn question is how much this attorney is getting paid to manage this damn thing. Even if he’s get a half a damn percent of the fund, that’s $ 100 million, a portion of which will find it’s way back to Obama for damn sure.

    Also, who knows who’s really been damaged down there? There are a bunch of damn shysters that will undoubtedly line up at the damn trough at the slightest hint of any damn money. If I had my way, I’d wouldn’t have done a damn thing to BP as they’re providing jobs and besides, they know what’s best, so they can manage the whole damn thing.

  148. Roustabout Fiddy says:

    Mr Hyde :147

    This whole oil mess has put my search for a retirement home along coastal Carolina ON HOLD. I can’t commit dollars to what could eventually become a wasteland.

    And after seeing BP’s “leadership” on display in front of Congress, fumbling for answers to basic questions……I have zero confidence they can fix their Broken Pipe.

    One projection I read said if the relief well fails, this could go on spewing uninterupted for 20 years.

    Maybe a nice clean lakefront property…..

  149. Shore Guy says:

    Gator,

    Under other circumstances, it might have promise. We recently scratched-off NEPA from our list. The reason? Fracking.

    The amount of nasty stuff the gas companies have pumped and will be pumping into the ground (and the prospects of igniting water, a real thing if you can believe it) has put us off buying anything in an area where gas exploration is ongoing or likely.

    Solar and wind energy is coming, it is just a matter of how much water and air we destroy before then.

    Where is the friggen Lorax, anyway?

  150. Shore Guy says:

    Fiddy,

    We are in the same boat. It maay be that Grenada or Dominica are better choices after all.

  151. Fabius Maximus says:

    There is a direct line between BP, the Housing Bust, the financial crisis, and the mishandling of Iraq and Afghanistan. After reflecting on their common cause, I note that they all come down to this:

    D1ck Cheney seems to be the common denominator.

  152. Comrade Nom Deplume says:

    If reinvestor decides to start going after me, I think I will have to change my handle to “skippy.”

  153. Comrade Nom Deplume says:

    [160] fabius

    Miraculous. What a find.

    Now if we could only establish that Cheney was aboard the Andrea Doria; that Halliburton built 3 Mile Island station; that Cheney was secretly a major investor in Union Carbide when Bhopal blew; and that he was at the helm of the Exxon Valdez while Hazelwood slept it off, we will have solved nearly every disaster conundrum except whether or not he was on the Grassy Knoll in November, 1963.

  154. Comrade Nom Deplume says:

    [158] shore,

    Agreed.

    If you noticed, I have also abandoned NEPA for nompound siting, and have started looking at Maine and Canada.

    Fracing was one reason, but also NEPA prices per acre were much higher.

    For foreign, Grenada is not a bad choice, but I still want to see how the whole GOM to GOO thing plays out.

  155. Comrade Nom Deplume says:

    Legal News of the Day:

    And yes, I am enjoying this . .

    “A BigLaw firm and another well-known partnership face a likely seven-figure sanction for pursuing what a New Jersey judge described as a “ridiculous” frivolous claim on behalf of billionaire Ronald Perelman.

    Perelman, represented by Paul Weiss Rifkind Wharton & Garrison along with Lowenstein Sandler, had contended that his 85-year-old former father-in-law, Robert Cohen, promised Perelman’s ex-wife, before she died in 2007, that she would get half of his estate.

    But it soon became clear there was no appropriate basis for a lawsuit to be pursued against Cohen, ruled Superior Court Judge Ellen Koblitz after a June 9 hearing. A copy of the 152-page transcript (PDF) is provided by the New York Law Journal in an article reprinted in New York Lawyer (reg. req.).

    “No competent attorney could have missed the frivolous nature of this promise claim once the unhelpful testamentary documents were received,” said Koblitz during the hearing. “There was no legal or factual basis for the plaintiffs to proceed with their amended complaint given the evidence they had and the state of the law in New Jersey.”

    She ordered Paul Weiss and the Lowenstein firm to pay Cohen’s legal fees and costs, which defense counsel estimate to total several million dollars. . . .”

    It’s one thing to bend over backward for a client. It’s another thing to do it before mercurial state court judges.

  156. Toolpusher Fiddy says:

    I can’t believe that civilization as we know it is going to end in the Gulf of Mexico.

    Maybe those Mayan dudes were on to something…..Maybe the Yucatan Peninsula had some mystic powers that enabled them to see far into the future, all the way to December 2012….when 32 months of constant oil spill turned half the USA into a cesspool.

    What we need is Bruce Willis to don a Deep Sea Diving Suit and say, “Dammit, I’m gonna plug that hole. I don’t care if the suit is only safe to 2500 feet, I’m going down!”

    Maybe he can take Ben Affleck with him.

  157. Comrade Nom Deplume says:

    Tax News of the Day:

    How you can REALLY live off the grid

    “Alaska Law Eases Way for Tax Break
    For Renewable-Energy Powered Homes

    ANCHORAGE, Alaska—Alaska Gov. Sean Parnell (R) June 16 signed legislation that authorizes municipalities to exempt from local taxes homes fueled by renewable sources of energy. . . .

    The municipal tax exemption is voluntary for local governments. It applies to residences that use renewable energy systems employing windmills, water power, solar power or any other renewable energy source other than fossil or nuclear fuel.. . .”

    /snips

    Sooo, if you live in the right town in Alaska, and you get off the grid, you literally have no exposure to government expropriation except on current income and the miniscule threat of takings.

    Alaska, right. Yawn. When NH does this, I’ll be interested.

  158. Mr Hyde says:

    Nom,

    Grenada should be well out of reach of the GOM spill due to the atlantic current.

    I wonder how long the USVI/BVI stay out of the reach of the oil. Once those beaches get hit (if they do) those islands are toast as their ONLY economy is tourism.

  159. Mr Hyde says:

    Fiddy,

    I dont know the numbers off hand, but consider the general size of the GOM seafood industry and now consider its toast for a decade. Anything that manages to live will probably be heavily contaminated due to consuming the various oil degradation/dispersant compounds.

    if the oil hits to many of the brackish bays that are the major natural breeding grounds for much of the GOM, then they are really toast.

    Note that the FEDs have been refusing to let the states temporarily seal off the bay buy pumping sand into the bay fronts because they might “damage” the environment! LOL

  160. Fabius Maximus says:

    #162 Nom

    Not sure there’s proof, but I wouldn’t put it past him.

    But he and Hal1burton are the poster children on all that is wrong with that drawn line.

    But to continue on Shores point. It is not a case that the imprudent said WTF it won’t happen to me, it is more a case that the corporate person sat down with the actuaries and worked out the risk model. It may be a case that the 20 billion for a clean up may be more than offset by the compounding of the saving of years and years of cut corners. It may cost less to clean up the oil splill than have to “do the right thing” in the first place.

    We can’t forget that in corporate finance, the only way spending money on “do the right thing”, can be justified, is by being forced to to meet a regulation or in defense of the brand. Every other time the dollar spent has to be evaluated against Shareholder Value. In some cases Shareholder Value may say spill and clean, its cheaper.

  161. Fabius Maximus says:

    Why I hate this man, he is a complete m0ron.

    BBC Sport’s Alan Hansen “Having said there was no way back for the Americans at half-time, I’m a broken man. But the comeback was absolutely sensational and at the end there was only going to be one winner.”

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