“Oh yeah, I want them to tax me more money”

From the APP:

New Jersey mayors against property-tax cap voice concerns

Mayors opposed to the 2 percent cap on property tax increases hurtling toward approval by the state Legislature voiced their concerns to an Assembly committee Wednesday, taking exception to the exemptions now being excluded.

Such costs are within the compromise 2 percent cap negotiated by Gov. Chris Christie and Senate President Stephen Sweeney that was announced last Saturday. Assembly Speaker Sheila Oliver announced Wednesday that the Assembly Democrats support the cap though still have concerns about “some holes” in its details.

“In concept, we support the cap. We know that residents of this state want to see some restraints put on their taxes. But we have to give people at the local level the leverage that they need to make it work for their community,” Oliver said. “There continue to be difficulties with the (veto) as issued.”

The 2 percent cap would exempt pension and health care costs, capital expenditures including debt service and costs needed to respond to an emergency, but 10 other exceptions allowed under the current 4 percent cap would be erased. Voters would be allowed to override the cap in a referendum.

Elizabeth Mayor Christian Bollwage said such override votes will almost certainly fail.

“There is no citizen in the state who’s going to say, “Oh yeah, I want them to tax me more money,’ ” he said.

This entry was posted in New Jersey Real Estate, Property Taxes. Bookmark the permalink.

231 Responses to “Oh yeah, I want them to tax me more money”

  1. grim says:

    Do you think they just don’t get that layoffs and cuts to services are the point?

  2. Mr Hyde says:

    So we know the people won’t voluntarily agree to the government spending their money, hence we need the tools to forcefully take it…..


    Elizabeth Mayor Christian Bollwage said such override votes will almost certainly fail.

    “There is no citizen in the state who’s going to say, “Oh yeah, I want them to tax me more money,’ ” he said.

    thanks for clearing that up bollwage!

  3. Mr Hyde says:

    Awest

    from last night. I wasn’t trying to say that the industrial revolution was the cause of collectivism, only that it was the period where it appears to have taken hold

  4. jp says:

    Grim, problem that nj is going through right now is this inherent assumption that raising taxes, even minimally, are a social mandate.

    Raising taxes aren’t necessarily a bad thing. The way that tax revenues are spent is the bad thing. Nj has no idea in fiscal responsibility.

    That being said, with the road that christie is taking to cut many services here and there, we have a recipe for disaster: higher taxes and lesser services.

    No rational human can be convinced that you have to pay more to get less. You can, however, convince people that spending the same amount of noney will get you less because of difficulties.

    There’s a subtle difference there, but it is an important difference that will force even more people to end up leaving nj voluntarily or involuntarily.

  5. Essex says:

    Taxes really do separate the ‘men from the boys’ so to speak (sorry about the sexism). They are really a way to control a population in certain planes. Ensuring that only affluent people will buy a home. Those who do not have deep pockets felt the sting of losing homes they couldn’t afford to inhabit. It’s sad but I would say somewhat effective in terms of controlling the areas heavily taxed.

  6. grim says:

    From the WSJ:

    Shine for Lighthouse?

    For sale: three historic properties off the shores of Staten Island and Long Island. Lots of water views and romantic lighting. Some fix-up needed.

    The three lighthouses in question are being offered for sale by the federal government, which is seeking owners willing to take the money-burning lighthouses off of Washington’s hands.

    Federal officials first tried giving the lighthouses away, offering them to New York state, local governments and nonprofits. No one raised their hand. Last week, the lighthouses went up for public auction on http://www.Auctionrp.com, the website run by the government’s General Services Administration.

    “We want to make sure they are maintained and people can still enjoy them,” said Paula Santangelo, a GSA spokeswoman.

    One of the lighthouses, Latimer Reef Light Station was built in 1884 in Fishers Island Sound off Long Island. It already has one anonymous online bidder willing to pay $10,000 for the sparkplug-shaped structure accessible only by boat.

    The Old Orchard Shoal Light Station, built in 1893, and the West Bank Lighthouse, built in 1901, have yet to attract bidders. Both are located in the Lower New York Bay near Staten Island.

    Each of the lighthouses is still active, operated by the Coast Guard and the new owners must agree to give the Coast Guard access to maintain the lights that will continue to shine. It currently costs the Coast Guard an average of about $20,000 a year to maintain each of the three lighthouses.

    But what would a private owner do with a lighthouse? “Summer homes seem to be very popular. Impractical, but, hey, that’s OK,” said Georges Bockstael with the Coast Guard’s civil-engineering unit.

    “The romantic life of living on a lighthouse is probably good for a week. After that you would say that was interesting and probably would want to go home,” Mr. Bockstael said.

  7. Essex says:

    Sarah Palin really has a plan for the country…..”mama grizzlies”…..

  8. grim says:

    They are really a way to control a population in certain planes. Ensuring that only affluent people will buy a home.

    So who do the high taxes in Irvington keep out?

    And besides, why veil the racism? Had a chat with a nice Italian woman in Nutley who let me know who she thought the high taxes kept out.

  9. Essex says:

    It is pretty amazing to watch the whole scene. I am amazed at the overhead required to live here in the Garden State. Of course it is not sustainable for most people. I would say that socio-economics is the new ‘race’ though.

  10. LoveNJ says:

    town gov. are like spoiled kids in candy store. Only way to change this is to spank them from time to time and say no.

    Imagine, I myself asks my boss to give me a raise based on my needs
    : marriage, a new born, town tax increase, a new car, needs to see a better doctor, needs to retire 55, i need a bigger pension, I need 2 months summer off since kids are off for the summer, by the way next door neighbor’s house is $1 million more than my house and wife loves to have that. etc.

    No one in his right mind would do that. Why exceptions with town goverments.

  11. Essex says:

    Yet still people stay here sometimes for generations, regardless of the cost. Fascinating. I suppose if you compare the cost to monthly maintenance in an NYC apartment or condo and to the big money people shell out for private schools in Manhattan, NJ is somewhat more affordable.

  12. LoveNJ says:

    to countinue,

    I did buy a house in April, and just before July 4th, we received a notice from town that my tax is now $1,500 higher.

    Is my town trying to beat the 2% tax cap or what? What is everyone’s experience?

    Got to call a tax lawyer first thing today after venting here.

  13. Essex says:

    We are in a very highly taxed town. Bought in 2002 and the place cost $6700 a year in taxes. 8 years later we are at about $11000. Not too pretty obviously, but I hear horror stories about $15-20k taxes. On the plus side, my child is getting a great elementary education so I am not tempted to stick her in a private school. If the school was not up to par, I’d move.

  14. grim says:

    I would say that socio-economics is the new ‘race’ though.

    Of course it is.

    Reminds me of that time we were in the Starbucks on Valley Rd in Montclair on a Sunday morning. The line was a bit backed up and folks were waiting. As we stood in line, we chatted with a friend of ours who was working that day.

    Guy (white, conspicuous consumer) in front of me turns around and tells us to “not talk to the help.”

    Had I not been restrained I would have beaten the idiot to a pulp.

  15. Essex says:

    yeah, I enjoy the community here quite a bit. Just ‘not’ interested in the homogenized ghettos of Livingston or parts west.

  16. Essex says:

    The state of NJ though is not a long term play here. We’ll hopefully depart in and around the middle school years.

  17. Yo'me says:

    I received an estimate for my 3rd qtr 2010 property tax bill which is 9% higher than the 2nd qtr.I called them,and found out it is just an estimate,it can go up more.Did they not do the 2010 budget last year? I guess they can raise taxes any time they want during the year!

  18. Nomad says:

    Had an opportunity to move back to the Garden State, took a pass. Might commute in but would be hard pressed to own again in NJ. Too much money, too many hassles.

  19. Essex says:

    Staying put for a while. Plan would be 3 years or so. All things being equal. The motivation to ‘move up’ though is non-existent. This is the real kicker. I love the upgrade, yet have absolutely no desire to do so here in NJ. Taxes and the fact that all of these communities are the same or worse really makes the upgrade undesirable.

  20. #16 – The state of NJ though is not a long term play here.

    Agreed. We have a few more years to decide. It’s either going to be into the country or into the city. No more suburbs.
    We’re leaning heavily towards ‘let’s just get a farm out in Penn, or VT or somewhere like that’. Then I watch Manhattan or After Hours* and I think ‘How can I possibly live anywhere that doesn’t have The Strand?’.
    It will probably be the country though.

    * I do realize neither of these NYCs have existed in a long time, if they did at all.

  21. Essex says:

    I like country living the older I get! Just no desire to dodge minivans and breathe the air spewed by thousands of cars every day. Yep. My kid is really happy here, but we get her out to PA for some perspective!

  22. Final Doom says:

    Pretty much baked in the cake that we can’t make it here another 6 years (when my son will be graduating HS).

    Will probably have to pick up and leave sometime in the next two years.

  23. Yo'me says:

    What is frustrating is the number game they play.Example is lets say your taxes for 2010 is $1000,1st and 2nd qtr you paid $250.3rd and 4th qtr you get a 10% increase from the last 2 bill for $275 each.With the towns math,it only increase 5%.An increase of $50 on a $1000 original.Do these again for the next year,1st and 2nd Qtr at $275 and an increase of 10% for 3rd and 4th qtr which is $302.50 and they will tell you,5% increase for 2011.

  24. Pat says:

    Yikes, Revel, the house on Hunt Dr. with the imported Italian fountain had a proported Philly drug head pulled out by helicopter around the end of 2006. We were in a neighbor’s house a few hours later and got the gory details, so that house is an outlier.

  25. Pat says:

    oops purported

  26. Shore Guy says:

    “GULF SHORES, Ala. – A problem lurks under the sand on the Gulf Coast, but some argue the best thing to do is — nothing.

    Walk to a seemingly pristine patch of sand, plop down in a chair and start digging with your bare feet and chances are you’ll walk away with gooey tar between your toes. So far, workers hired by BP to clean oil off beaches have skimmed only the surface, using shovels or sifting machines.

    The oil underneath is sometimes buried by the tides before workers can get to it. Now the company is planning a deeper cleaning program that could include washing or incinerating sand once the blown-out oil undersea well is plugged and the gusher stopped off the coast of Louisiana.

    Meanwhile, BP managing director Bob Dudley said the spewing oil from the underwater well could possibly be stopped before the end of the month, but then said it’s unlikely.”

    snip

    “”It’s a human environmental hazard only because people don’t want to go to the beach if it’s got tar balls on it.””

    snip

    http://news.yahoo.com/s/ap/20100708/ap_on_bi_ge/us_gulf_oil_spill

  27. Final Doom says:

    My mortgages don’t have escrows for taxes; I pay them myself.

    Better believe I’m gonna run up huge tax bills & default on them as I leave.

    No, I don’t care about my credit. What the hell do I ever want to buy using credit? For the rest of my life, it’s gonna be cash-and-carry.

    Am now encouraging my daughter not to go to college (even with some schools dangling partial sports scholarship help, the debt she’ll accrue over four years isn’t worth it). In six years- by the time my youngest is ready for college- I hope and expect that the education bubble will have exploded.

  28. Shore Guy says:

    “spewing oil from the underwater well could possibly be stopped before the end of the month, but then said it’s unlikely.”

    And both Sela Ward and Mrs. Shore might agree to allow me to have a debaucherous weekend with Sela on Saba sometime later this month. “Unlikely,” but possible.

  29. jj says:

    That is some stupid advice for your daughter. A dumb or overpriced college degree may not be worth it. But for a kid who lives at home and gets a partial scholorship, accounting, engineering, pharmacy, etc. Things you are required to have a degree to do and pay a lot are very well worth it.

    It is the ivy league live on campus history, fine arts, theology etc. majors without rich parents who rack up huge loans that are the problem.

    Remember, which you don’t as you are a spring chicken. That pre WWII (GI Bill) there were no student loans from Govt or sub loans from bank. You wanted a loan for college you went to local bank who lent you money and they kept loan on their books. Kids with good HS GPAs who wanted to be Doctors, Lawyers, Engineers, CPAs etc. got a loan. The rest was told no with a capital NO.

    The banks back then knew what we should know now. You cant rack up large loans with interest from college and pay it back on time unless you are a good student, with a high in demand major who graduates on time. Problem is since Fed started buying student loans and took risk off balance sheet kids with 1.9 GPAs our of a Bronx HS can take a loan to go to Devray Tech to learn how to work a cash register!
    Final Doom says:
    July 8, 2010 at 7:47 am
    My mortgages don’t have escrows for taxes; I pay them myself.

    Better believe I’m gonna run up huge tax bills & default on them as I leave.

    No, I don’t care about my credit. What the hell do I ever want to buy using credit? For the rest of my life, it’s gonna be cash-and-carry.

    Am now encouraging my daughter not to go to college (even with some schools dangling partial sports scholarship help, the debt she’ll accrue over four years isn’t worth it). In six years- by the time my youngest is ready for college- I hope and expect that the education bubble will have exploded.

  30. Shore Guy says:

    Clot,

    It is hard to see how any family that cannot pay out of pocket, without borrowing, can justify the costs of the most “elite” schools. Granted, I would take an Ivy education above my state school degree anyday, but not at the cost of being in debt forever.

    We accept borrowing twice (or a bit more) one’s income to buy a house, as it becomes a reasonable cost over 30 years. How is it possible to even justify paying even 1X income on a degree? Heck, paying off a school debt over 10 years is onerous enough. When one starts looking at 15, 20, or more years, it is just crazy to pay so much.

    There are plenty of people who have lived quite nice, normal, and productive economic lives with a state college degree that did not put an economic millstone around their necks.

    And never forget folks, the social/political elite families did not get that way because of their Ivy degrees, they went to the Ivys because they were economic/social elites, and proximity to such people does not really enhance admittance to the “club” once one graduates with an undergrad degree from the same school.

    An Ivy law degree is somewhat of an exception but only somewhat.

  31. grim says:

    Nice piece by Laffer in the WSJ this morning.

  32. Shore Guy says:

    “It is the ivy league live on campus history, fine arts, theology etc. majors without rich parents who rack up huge loans that are the problem.

    “You cant rack up large loans with interest from college and pay it back on time unless you are a good student, with a high in demand major who graduates on time. ”

    Bingo!

  33. Shore Guy says:

    I have no issue with a kid studying art or history, as long as it is either elective courses, a minor, or part of a dual degree and is combined with a marketable degree in another field. Then, if one follows up with a joint MBA and law program, one is well poised to always be able to feed one’s self.

  34. Shore Guy says:

    A Uighur, an Iraqi, and an Uzbek walk into a Norwegian bar….

    http://news.bbc.co.uk/2/hi/world/europe/10554523.stm

  35. Pat says:

    So if the edumacation bubble is in the pre-menopausal state, then the parasites (and I mean that with good intentions) will have no capacity to assist the host, but will accelerate the decline.

    We will see sharp fluctuations in costs for the same services, a great amount of hand-wringing, and attempts to tax alternate forms of education. We could see trade/military/etc. career paths forced into degreed programs.

    Clot, you may be correct on the timing. We will know soon.

  36. Shore Guy says:

    The meat of the story:

    Three people have been arrested in connection with a plot to bomb targets in Norway, police in Oslo have said.

    Two of the plotters were arrested in Norway and one in Germany, said the head of the Norwegian security police, Janne Kristiansen.

    The men – a Uighur from China, an Iraqi and an Uzbek – are said to have ties to al-Qaeda and to be linked to bomb plots in the US and UK, Ms Kristiansen said.

    The three, all Norwegian residents, had been under surveillance for a year.

    US prosecutors say the Norwegian case is linked to foiled bomb plots in New York and the English city of Manchester.

    “We believe this group has had links to people abroad who can be linked to al-Qaeda, and to people who are involved in investigations in other countries, among others the United States and Britain,” Ms Kristiansen said.

    She said one of the men was a Norwegian citizen, 39, a Muslim Uighur from China, who had lived in Norway since 1999.

    The group had links to al-Qaeda, Norway’s security police chief said Another was an Iraqi citizen, 37, who was granted Norwegian residency on humanitarian grounds.

    The third man was an Uzbek national, 31, who was granted permanent residency in Norway on grounds of family reunification, Ms Kristiansen said.

    snip

  37. me@work says:

    Regarding college education:

    Much as you hear me complain, I have some measure of job security. Even PAs can earn north of 70K-90K depending on their field (higher stress = higher pay.)

    Look for physician extenders (physician assistants and nurse practitioners) to be increasing in demand markedly over time. Especially in the setting of reduced Medicare/Medicaid reimbursements.

    It may suck at times, but it beats looking and looking and looking and looking some more for work.

    Just my take on it…

    sl

  38. Pat says:

    Why is my Tropicana with Vitamin D now putting 59 ounces in a 64 ounce carton? When I noticed it on the grocery shelf, I proceeded to check the FL Natural and some local brands.

    Is it inflation, or is it trying to recoup the losses from their failed generic packaging thing?

  39. me@work says:

    that said, I thank my father all the time for dragging me at age 11 to work with him doing appliance installation.

    I worked with him through med school (although just summers/holidays) — he didn’t increase my pay rate based on my post grad degree however :)

    sl

  40. Shore Guy says:

    “dragging me at age 11 to work with him doing appliance installation.”

    I hear ya. There is nothing like doing all manner of crummy jobs to persuade one that working hard in college is well worth it. When I was doing nasty and low-paying jobs in HS and college, and even while in grad school, at least I knew each one was a short-time position, not something I was going to be doing for a lifetime, unlike most of my coworkers.

  41. Shore Guy says:

    “Another was an Iraqi citizen, 37, who was granted Norwegian residency on humanitarian grounds.

    “The third man was an Uzbek national, 31, who was granted permanent residency in Norway on grounds of family reunification, ”

    We can no longer delude ouselves into thinking that people the West helps will be grateful. All these stories remind me of another involving Greeks and a horse.

  42. Shore Guy says:

    Gotta love the names given to British institutions:

    “Portable Antiquities Scheme ”

    http://news.bbc.co.uk/2/hi/uk/10546960.stm

  43. Shore Guy says:

    “not every person gets enough money.”

    Gotta be a bot.

    Clearly the best time to borrow is when one lacks the money to pay it back. Just ask government at every level.

  44. Shore Guy says:

    Back to the salt mine.

  45. Pat says:

    James, did you get the restraint thing genetically, or did you learn it in Kindergarten?

    I have a suspicion that a master at manipulation could trick you in to eventually blowing your top ;), but as for the day-to-day stuff, I’ve never had that kind of self-control and continually pop off about the little things.

  46. All "h-Train" Hype says:

    Jun. same-store sales (actual vs. Briefing.com estimate)

    BJ +3.8% vs. +4.9%.
    CATO +1% vs. +7%.
    JCP +4.5% vs. +3.3%.
    M +6.5% vs. +6.3%.
    SMRT +0.6% vs. -2%.
    TGT +1.7% vs. +2.6%.
    WTSLA -3.6% vs. -1.5%.
    ANF +9% vs. +2.8%.
    ARO +8% vs. +7.5%.
    AEO -1% vs. +2%.
    BONT +1.4% vs. +1%.
    DDS +2% vs. -1%.
    FRED +1.7% vs. +3%.
    GPS 0% vs. +3.2%.
    COST +4% in-line.
    HOTT -2.1% vs. -5.5%.
    LTD +6% vs. +3.2%.
    SSI -1.2% vs. +2%.
    BKE -7.3% vs. -0.3%.
    ZUMZ +10.9% vs. +9.1%

    Who needs to pay their mortgage. Get out there and shop until you max out your credit cards again.

  47. me@work says:

    Pat, 45

    Better living through chemicals… :)

    (I have been known to lose my cool on occasion.)

    As Doom demonstrates, sometimes (and only sometimes, witty reparte can trump physical violence.

    sl

  48. homeboken says:

    My world cup gambling losses have been avenged, if you took homebokens picks for the title (NED 10-1, ESP 4-1) you’d be locked in to some profit. A spain win puts me slightly above even, and a dutch win means profit.

  49. Confused in NJ says:

    41.Shore Guy says:
    July 8, 2010 at 8:20 am
    “Another was an Iraqi citizen, 37, who was granted Norwegian residency on humanitarian grounds.

    “The third man was an Uzbek national, 31, who was granted permanent residency in Norway on grounds of family reunification, ”

    We can no longer delude ouselves into thinking that people the West helps will be grateful. All these stories remind me of another involving Greeks and a horse.

    Kruschev said “we will destroy you from within”. The Kennedy/Johnson Great Society opened the door for our own genocide.

  50. jj says:

    I guess I should count my blessings, as I got incrediable good looks and immense inteligence too.

    Too bad I cant spell

    Shore Guy says:
    July 8, 2010 at 8:25 am
    “not every person gets enough money.”

  51. Juice Box says:

    Time for some Optimism.

    How about we re-brand the unemployed to
    the “Industrial Reserve Army”

    Right now we have about 29 million in our “Industrial Reserve Army”

    Sounds catchy doesn’t it? Now we need to market that army for a purpose.

  52. NJGator says:

    Lets play a fun game.

    Do we think 12 Bellaire/Montclair (GSMLS 2763347) will actually sell. If it sells, how much under list will it go for? Taxes on this beauty should be about $20,500 after this year’s over-cap increase.

    http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=clientfull&Id=56389067_6166

  53. chicagofinance says:

    Stu says:
    July 8, 2010 at 3:19 am
    My job blows!

    Damn…that’s a nice perq…I can’t even get good coffee at mine!

  54. Mr Hyde says:

    Juice

    who needs invading?

  55. Essex says:

    Damned if I can understand a $189k debt accrual to get a degree at Rutgers. ‘That’ education bubble? w t f

  56. tbiggs says:

    “The 2 percent cap would exempt pension and health care costs, capital expenditures including debt service”

    Lavish pensions and benefits are what’s driving the tax increases, and it will only get worse! Exempting that will make this entirely toothless. Also, if debt service is exempt, of course they’ll just take on more debt.

  57. Jim says:

    I’m convinced that most of these local governments just don’t get it. The party is over and it is time to scale down. We are coming up with what looks like a double dip recession with no job growth. Does it make sense to increase taxes? Of course not, and if we ran our own household budgets this way it wouldn’t be long before we could no longer borrow to pay for it.

  58. freedy says:

    well according to many town bosses ,our town will be ok with the continued spending. It’s Nnj, and its different.

    Homes are selling, taxes, we don’t care about taxes, if they want to live here, they will pay. It’s for the children

  59. Mr Wantanapolous says:

    “Lavish pensions and benefits are what’s driving the tax increases, and it will only get worse!”

    tbiggs [56],

    Bingo. A total stroke job. Exemptions, exclusions, loopholes, emergencies, etc.. What’s the point?

  60. Mr Hyde says:

    Jim,

    Its worse then that. You can scale back services all you want, but until we address the pension monster then there is no solution. if we dont touch pensions the end result will be minimal services with high taxes as the majority of the tax revenue goes to pensions.

    The question is how long will it take for people to start calling for cutting pensions. It is possible. If nothing else a state constitutional amendment.

    In this case, watch Illinois. They are head for a brick wall at 100mph financially and are actually worse off then NJ. They also just provided substantial raises to government employees.

  61. jj says:

    Best Value in entire world for school is Baruch Colleges five year joint CPA/MBA program.

    Tuition is 4k a year, so 20K gets you a undergraduate in Accounting and MBA in Finance and part of program is they prep you for CPA exam and you take test while still in school. Meanwhile they have internships set up with Big four firms and major banks and Broker Dealers that pay 4k a year (same as tuition). Even better companies are required to hire set amount of interns each year so if you are good you have a job before you even graduate.

    Meanwhile I get from HS students, Nahh, not for me, I want to go away and that sounds like a lot of work in five years and what do I care about tuition mom and day are paying or I can get loans, I want to have fun. Those Baruch kids have class, then study, then go to work and then have to take train home to their parents home eac day.

    Nephew just graduated from a SUNY party school upstate, a career in retail awaits him with 60 hour work-weeks and low pay and polyster shirts. Dude enjoy the next 45 years, hope it was worth the time you spent in the party school.

  62. Anon E. Moose says:

    Re: [59];

    Kind of like the charade of voting down school budgets that were subsequently approved by town councils after trivial revisions. Kind of puts a favorable light on Doom’s prefered method of voting.

  63. Comrade Nom Deplume aux maison says:

    [183] {prior thread] grim

    “Your european au pair isn’t packing them an organic, vegan, peanut and gluten-free lunch each morning?”

    Actually, that was my european au pair

    (who is the only person in Germany not despondent yesterday as she could not care less about sports).

  64. Comrade Nom Deplume aux maison says:

    [50] jj

    ” guess I should count my blessings, as I got incrediable good looks and immense inteligence too.

    Too bad I cant spell”

    There’s a non sequitur in there somewhere, I just know it.

  65. Comrade Nom Deplume aux maison says:

    [44] shore

    “Back to the salt mine.”

    Back to the salted rim.

  66. Mr Wantanapolous says:

    “Best Value in entire world for school is Baruch Colleges five year joint CPA/MBA program.”

    If you don’t speak Mandarin, don’t apply.

  67. Comrade Nom Deplume aux maison says:

    [12] loveNJ

    “Got to call a tax lawyer first thing today after venting here.”

    Get my number from Grim!

  68. NJGator says:

    Stu vs Twp of Montclair III has officially been scheduled for July 29 in beautiful, vibrant East Orange. Get your tickets now, folks!

  69. jj says:

    No need to speak mandarian now.

    ISLES TO HOLD TRAINING CAMP ON LONG ISLAND AFTER CHINA TRIP CANCELLED

    The Islanders this year will host their “first training camp on Long Island since 1997.” This comes after the team’s “widely publicized trip to China fell through in May.” Islanders GM Garth Snow said that he “hopes this provides fans an opportunity to be part of the camp … as opposed to recent years when the team has traveled to remote locations such as Moncton, New Brunswick and Saskatoon, Saskatchewan.”

  70. Final Doom says:

    jj (29)-

    Even with my kid going to community college, tell me this: WHERE ARE THESE SO-CALLED “HIGH DEMAND” JOBS?

    A quick look at my intelligent- and motivated- five nieces and nephews reveals all of them unemployed, living at home and not being able to find much of anything to do that doesn’t involve serving side orders of fries.

    This tells me that paying anything for “higher education” is not worth it.

    A couple of the schools that are keen to have her seem to me to be likely candidates not to be open four years from now.

  71. amigo says:

    Yo’me says:
    July 8, 2010 at 7:33 am
    What is frustrating is the number game they play.Example is lets say your taxes for 2010 is $1000,1st and 2nd qtr you paid $250.3rd and 4th qtr you get a 10% increase from the last 2 bill for $275 each.With the towns math,it only increase 5%.An increase of $50 on a $1000 original.Do these again for the next year,1st and 2nd Qtr at $275 and an increase of 10% for 3rd and 4th qtr which is $302.50 and they will tell you,5% increase for 2011.

    You are right! 4 payments of $250 is a $1000 and 4 payments of $275 is $1100 which is an increase of 10%.They manipulate it to the end of the year to make it 5% but it is really 10% coz you are paying 4 qtrs

  72. Final Doom says:

    gator (52)-

    Looks like about a 400K house to me. My guess is the 20K tax bill prevents its sale to anyone.

    Are there really still Greater Fools out there that will buy garbage like this?

  73. Final Doom says:

    moose (62)-

    Believe me, the only thing that will get these crooks’ attention will be bullets flying overhead.

  74. Fiddy Cents on the Dollar says:

    Talk about feeding at Public Trough….

    Here’s an entertaining little vignette about the Chief of Police in a small town who retired to a $121K annual pension, and was immediately given a job as Boro Manager in the same town. With an annual salary of $120K.

    Now here’s the kicker…..he’s filed for unused vacation and sick time to the tune of $153,790.

    http://www.app.com/article/20100707/NEWS/7070355/Ex-Keansburg-chief-to-get-154G-in-unused-vacation-sick-time

    Here’s what else you need to know —

    Said chief is the same chief who was suspended without pay in 2002 on administrative charges of bribery, witness tampering, tampering with public records, insubordination and official misconduct.

    In September 2004, an administrative law judge recommended O’Hare be fired. Instead, the borough eventually settled with him for $150,000 after a 27-month legal battle that cost taxpayers close to $1 million.

    Also, the local school board tried to give former Keansburg school superintendent Barbara Trzeszkowski a severance package worth $556,290. Eventually, after the state cried foul, she gave up her claim to it in exchange for a $50,000 payment.

  75. A.West says:

    Some people are meant to go to college, and can make a good ROI from it. Some cannot.
    I started out at a community college a couple miles from my house, which cost me very little money. Years later, I spent over $100k on an MBA. Both were fantastic investments for me.

    But if I wanted to be a chef, or actor, or surivalist in Alaska, it wouldn’t have been a good use of my time and money.

    If you know what you want to do with your life, it should be pretty clear whether college is important or not.

  76. Smathers says:

    Grim, from last thread… Montclair is the new Irvington?

    I appreciate your efforts to keep prices here low, but seriously. Crime is down this year over last, did you read this week’s paper they had a story on it?

    Restaurants close down here all the time. Take a good look at Soho. There are lots of empty storefronts there. There would be less empty storefronts in Montclair if the lunatics who own the buildings would charge less, but that’s another story. The best restaurants are all still in business and even thriving. Last time I went to dinner—which was on a Wednesday—Giotto was packed as was Passionnée (only two places I went to) at 7pm. Fascino and even Epernay are doing fine. So just which restaurants are you talking about? Creative Cooking just opened its doors and the awful Sushi in Watchung has been replaced by a serviceable Sushi place. Cianci or whatever it’s called is gone, but it was stained and worn years ago. Churn’s a normal part of the restaurant business, especially in this town. The BMW dealership (which is awful as far as such dealerships go, BTW) is rebuilding and seems very enthusiastic about it.

    So the real estate market is trashed. Good for it. It’s still overpriced. So the taxes are sky high. Yes, well try sending two kids to school in New York City or better yet, anywhere in the low-tax West.

    Smart money’s in renting here, which is just what we are doing. Do keep trashing Montclair, it helps keep the prices low from the finance folks still living on easy street.

  77. Shore Guy says:

    “Stu says:
    July 8, 2010 at 3:19 am
    My job blows!”

    Depending on what side of the transaction one is, that can be a nice benefit or a huge drawback.

  78. Smathers says:

    #52 NJGator.

    I’m going to guess it’ll sell for $629,00. Vinyl siding. The next in ground oil tank. Mark my words.

  79. Smathers says:

    #52 NJGator.

    I’m going to guess it’ll sell for $629,00. Vinyl siding. The next in ground oil tank. Mark my words.

  80. Smathers says:

    #52 NJGator.

    I’m going to guess it’ll sell for $629,000. Vinyl siding. The next in ground oil tank. Mark my words.

  81. Qwerty says:

    RE: “Tropicana putting 59 ounces in a 64 ounce carton”

    Check your 16 ounce cartons while out for breakfast, now they’re 14 ounces.

    The giant 96 ounce jug is smaller too.

    All the same price, though.

    Must be the added costs of importing oranges from Brazil, to provide health care to Brazilian workers.

    Juice from “Floridas Natural” is good, and made of US oranges.

  82. meter says:

    @70-

    You’re better off saving the tuition $ and using 1/10th of it as graft to purchase a nice cushy state or federal job for her (your daughter).

    You can drink or shoot the rest.

  83. Shore Guy says:

    “Stu vs Twp of Montclair III has officially been scheduled for July 29 ”

    Will it be broadcast?

  84. Juice Box says:

    re: #81 – stealth inflation

  85. meter says:

    @83 –

    The revolution will not be televised.

  86. grim says:

    76 – I’m an equal basher.

  87. meter says:

    I might throw these guys a few bones just on principle:

    “Trailblazing Mutual Fund Refuses To Invest In “Too Big To Fail” Banks Beginning July 1.”

    http://www.zerohedge.com/article/trailblazing-mutual-fund-refuses-invest-too-big-fail-banks-beginning-july-1#comments

    Then again, nah. Voting with one’s wallet means staying out of the market completely. Which I am other than an old 401k chock full of Fidelity funds that has seesawed for the past 4 years, leaving me no gain whatsoever. Gotta love 401k plan options.

  88. Comrade Nom Deplume aux maison says:

    [87] meter

    “Gotta love 401k plan options.”

    You do realize that there is a potential lawsuit in that, right?

  89. meter says:

    @88 –

    Splain, please? High level, are you suggesting that it’s illegal to restrict 401k plan options to specific funds?

  90. Mr Hyde says:

    Meter 87

    I seems to me that if that fund is not quickly and severely punished by TPTB then they could easily start a trend that would be very inconvenient for the TBTF banks.

    How long before the SEC finds irregularities in the fund?

  91. Comrade Nom Deplume aux maison says:

    [89] meter

    Possibly. Your employer has a fiduciary duty under ERISA to arrange a 401(k) that has a reasonable range of investment options at varying degress of risk, and has reasonable fees.

    Depending on what is offered, range may not be an issue, but if those options have high fees, that is a potential cause of action for breach of fiduciary duty vs. the sponsoring employer.

    More information would be needed, and your plan may not be violative, but when I see posts like that, it raises the red flag.

  92. Mr Hyde says:

    If you guys think NJ is bad check this out

    40,000 Illinois State (union) Workers just got 14% Payraises

    and take a loook at their budget situation. Illinois state law requires ass past due balance be settled by the end of the year. I wonder where they find about 5 billion?

    http://thecapitolfaxblog.com/CQ4thQrtrJuly2010.pdf

  93. MTC RES says:

    (52) NJGator:

    Sellers live in AZ now, so they might not care much about this property other than wanting to get the tax bill off their backs, so I’m going to guess that it goes, after ~180 DOM, for around $650K. Mind you, I’m not saying that that’s what it *should* go for. It’s a mess, and will require a complete gut reno. But I bet someone will show up eventually who thinks that he sees an opportunity there.

  94. Essex says:

    Of course I wouldn’t kick a kid out into da street. Work til ya drop and give em the house. Their day job at Petco will cover taxes, standard of living? Maintained.

  95. NJGator says:

    MTC RES 193 – No way does that place go for $650k. Much nicer, similarly sized multis in my neighborhood, walking distance to Walnut Street have closed at around $500k.

  96. Stu says:

    Is it me or are the new posters from Montclair more Brigadooney than your average Brigadoonians?

    I can’t wait for the next credit downgrade here in Montclair. Sure it will cost me more in taxes, but it’s worth it to rub it in Mayor Fraud’s face.

  97. MTC RES says:

    (95) NJGator:

    You know the multi market; I don’t. If that’s the competitive landscape, then clearly they’re *way* out of bounds. That, plus the fact that they haven’t budged on the price in nearly 90 days, suggests that maybe the place isn’t going to move at all. So, okay, I’m changing my vote to “no, it won’t sell”. They’ll pull it off the market at expiration.

  98. MTC RES says:

    (96) Stu:

    Is that an insult of some sort? Care to parse “Brigadoonian” so that I can decide whether or not to be offended to be counted among them?

  99. Pat says:

    Definitely more Brigadoonian, possibly with a cousin, once removed, living in Hoboken.

  100. Pat says:

    MTC, live a little.

    Be offended.

  101. MTC RES says:

    Sure thing, Pat.

  102. NJGator says:

    MTC 97 – Well it looks like they’ve moved. They own the place for 31 years, so it likely isn’t mortgaged and they couldn’t have paid much for it. So they could get good cash flow renting out both units, even with the crazy overhead of the taxes.

    The multi market is dead in general in town because no one can make money at today’s prices plus the ridiculous tax burden. If they appealed their assessment, they could probably take $200-300k off easily (which is a $4700-$7100 tax reduction), making this a much more attractive investment properly.

    But I’m guessing they’d rather live with the fantasy the town created through the revaluation that their POS is actually worth $800k.

  103. Mr Hyde says:

    Pat 99

    You mean Pretorius and Ducky mated and we are now seeing the offspring?

  104. Yikes says:

    Essex says:
    July 8, 2010 at 6:45 am

    We are in a very highly taxed town. Bought in 2002 and the place cost $6700 a year in taxes. 8 years later we are at about $11000.

    so by 2018 … $19k?

  105. Pat says:

    Not me, but a little closer.
    http://onodot.com/js8f

  106. Stu says:

    MTC Res (98):

    You’re a newbie so I’ll work with you here. Brigadoon is the blog moniker for Westfield. Only Brigadoon and Montclair applied for Quiet Zone status in all of the state of New Jersey. Why I threw that in here is to present a parallel that Brigadoonians and Upper Brigadoonians (Montclair replacement) when presented with facts that bash their towns choose to ignore them cause they think that their sh1t don’t stink. Recently someone here blamed NYC for the out of control taxes in Montclair. Wrong on most counts. I can think of millions of dollars of countless spends over the past 8 years which is responsible for our insane taxes. I constantly call our town council’s attention to them, but they also think their sh1t don’t stink. We just paid $25,000 for a gate to a playground and nearly $100,000 to put mosaics on the wall of parking stucture. We almost spent $700,000 on wayfinding signs (stopped only by a lawsuit by a former town councilor) so people who don’t pay taxes to Montclair can take advantage of its amenities. Then there’s the near million dollars to move a baseball field 15 feet, $37 million for a school we now don’t need, $1.2 million for the quiet zone, what will end up being over a million for the eminent domain takeover of the future police officer personal parking lot, the million dollar street scape project for South Park. The list is endless. But go ahead and blame the Park Slope crowd. Anyone stupid enough to move here after examining the fiscal imprudence of our local leadership is smoking the same crack that our Mayor must be. Enjoy the pools that are really only open for the brothers who don’t pay for it and need not provide any proof of fiscal hardship to obtain free membership. New York my backside.

    Don’t get me going with the town susidized pre-k that costs more for residents than what we paid for private pre-k in Bloomfield with an arguably better program. That’s right, there is a sliding scale tuition where most of the costs go to those who can’t afford it. It’s a town priority. But blame New York.

    I look at a town like Glen Ridge which also has high taxes, but has no ratables to speak of whatsoever. Their services are fantastic and their local government does everything possible to toe the line considering the lousy cards they’ve been dealt. The township wanted a pool, the government did not subsidize it. The BOE wanted a turf field, the town elected to save money and go with grass. They privatized their garbage (which they still take out from the back of your home) and outsourced their fire protection at a price that is absolutely highway robbery compared to what Montclair pays for their protection. The Montclair schools are barely in the top 100, Glen Ridge is top Ten. Renting in Montclair is not the smart move. Buying/residing in Glen Ridge is. There is nothing quite as satisfying as enjoying the culture, diversity and restaurants of Montclair while letting those dumb saps paying taxes in Montclair pay for it, while residing in Glen Ridge.

  107. Stu says:

    Mortgage rates fell for the second straight week to the lowest point in five decades. But many people either don’t qualify for new mortgages or have already taken advantage of the low rates this year.

  108. Final Doom says:

    From Mike Krieger, former macro analyst of Bernstein Research, and currently of KAM LP:

    “Bernanke knows how unpopular he and his fascist institution are right now after all of the crimes they have committed in plain view since 2008. As such, he knows he needs cover for QE2 and that means some sort of deflationary shock that scares the masses and makes many clamor for help like sad, scared little children (we are being conditioned like animals). This is why I think the Fed and others have been fine with the recent market plunge. The only issue for them is they absolutely need gold, silver and other commodities to collapse as well. Bernanke cannot have the S&P500 at 850 and gold at 1,200 and announce QE2. Gold would surge to new highs and it would look horrible. This is why so much emphasis is being placed on getting gold and silver to retreat in a major way via propaganda pieces and also likely surreptitious selling behind the scenes. While there has been a decent pullback, it is nothing close to what they need and I am particularly impressed with how well silver is hanging in. I think this is due to a run on physical silver by investors and the dearth of government or central bank stockpiles to sell in the shadows.

    This is what I mean by the rats being cornered. So far they have failed in decimating the precious metals markets and if they can’t do that in a deflationary scare then they are in huge trouble. Of course they will never stop trying because they are addicted to power and control and will do almost anything to protect their positions. I think a key thing to think about now that we must accept that they are in a corner in what is the next move on the chess board.”

  109. Comrade Nom Deplume aux maison says:

    [98] MTC

    As stu says, Brigadoon is Westfield. Actually an accurate moniker because no one ever leaves Westfield (virtually every house we looked at was sold by someone remaining in the town).

    Brigadoonians therefore are Westfield residents; I am included in that camp.

    Westfield is oft derided as a somewhat snooty town. While there is an element of that here, I also think that it is not nearly as bad as nearby Watchung, Chatham, Summit, or Millburn. Perhaps not as “prestigious” either, but I prefer it that way.

  110. Nomad says:

    I know plenty of people who did not come from affluent families that got aid and scholarships and went to ivy schools.

  111. Stu says:

    Chatham = snootiest.

    Summit = a lot of nouveau riche living in slummit section

    Millburn/Madison = Montclair attitude

    Watchung = that’s new to the list for me.

  112. Comrade Nom Deplume aux maison says:

    [112] stu

    Actually, Warren and Watchung are pretty bad in the snooty department. But they are more rural than the train towns, so it is a different vibe.

  113. Final Doom says:

    Stu (96)-

    The levels of denial are unbelievable.

  114. Final Doom says:

    No one will be spared.

  115. MTC RES says:

    (107) Stu:

    Sounds like a housecleaning is indeed in order. That’s an impressive accounting of the town’s mismanagement. Maybe you should run for council.

    I think you misunderstood my point about New York / Montclair, or maybe I didn’t completely connect the dots. All I was saying is this: you can ‘bake in’ quite a bit of complacency about Montclair’s high taxes if the new arrivals are all (or mostly) coming from New York, where their monthly expenses have been higher for a two-bedroom, one-bath apartment than the mortgage, tax bill, and upkeep for a five-bedroom, two and a half bath house in Montclair. That’s all I’m saying.

    I’m certainly no Kool-Aid drinker. I like some things about the place, and have some problems with it, too. They are different problems than the ones that I had while living (with my wife and two kids) in overpriced shitboxes in Bensonhurst, southside Williamsburg, and Sunset Park. And for the most part, the new problems are much less annoying or anxiety-producing than the problems that I left behind in Brooklyn. I long ago made peace with the absolute ripoff that is the New York area in general, and I guess I simply see the situation in Montclair as just one among many versions of that overall problem.

    I’ll pass on debating the school issue with you, since my kids are barely out of diapers yet. But I will say that, as a resident of one of those half-Montclair, half-Glen Ridge blocks, I see more continuity / commonality than difference among the school-age kids along those blocks. I seriously doubt that there’s as great a difference in the quality of instruction between the two systems as the rankings / testing results suggest. Socio-economic background and family environment correlate pretty impressively with educational attainment. Montclair’s got an underclass. For the most part, Glen Ridge doesn’t. I bet the bulk of the difference between the two school systems comes down to that fact.

  116. Juice Box says:

    re: Millburn anecdotal

    Once had a sandwich sitting at a table outside their somewhat popular Deli when some broad in an SUV in-front of the Deli starts leaning on the horn for a good 10 seconds repeatedly becuase the cars in the parking lot weren’t moving out of her way fast enough so she could park. If you have been to their somewhat popular Deli they have a small parking lot that can require a k-turn to get out.

    I yelled at her “Hey Lady this ain’t Times Square, lay off the damm horn already” and after a few moments of sitting there with a dumbfounded look on her face waiting for her turn to park she mumbled back about three times a little bit louder each time “this is my town, THIS is MY town, THIS IS MY TOWN.”

    All my cohort and I could do was chuckle at her nonsensical self entitlement retort for a good 10 minutes, while she came and went with her sandwich. Might have even been that
    Realtor broad Sue Adler…..

  117. 250k says:

    >> No one will be spared (115)

    … and, everywhere is walking distance, if you have the time.

  118. Comrade Nom Deplume aux maison says:

    [117] juice box

    I would have thrown my pickle at her. Nothing shocks the hell out of people like that like the realization that someone might get in their grill over their obnoxious behavior.

    I have found that men will get combative though. Hence the axe in the trunk.

  119. Mr Hyde says:

    Nom,

    carry on of these under the driver seat?

  120. Mr Hyde says:

    I wonder what the NJ regs are regarding the open carry of battle axes?

    Would that bother you too much Meter?

  121. Firestormik says:

    Nom,
    Did you get my email last Thursday?

  122. Stu says:

    MTC RES (116):

    I can’t compare NYC to Montclair as I have no vantage point to do so. I’m not sure why the Park Slope/Upper West Side contingency is so high on Montlclair. Does Montclair pay for billboard advertising in your old neighborhood?

    I would guess that Montclair schools are probably a bit better than NYC schools, but as a father of an excellent reader and budding mathematician who just turned five, I know that my son will be at the top of his class this year. I’ll kick his rear if he’s not. We toured the schools and luckily received the one we chose, now that my area is classified as economically challenged rather then reverse raced out of our choice which was how it worked prior to this year. You will see first hand that our schools are not all that and the majority of your tax dollar will go to supposedly narrowing the so-called achievement gap. Unfortunately, the results in Montclair have been about as good as the results in the average Abbott District. When you tour the schools, you will see firsthand how many children can’t read or add at the end of kindergarten. In Montclair, the middle truly suffers. The top has great opportunities due to the sheer size of the schools and the electives this affords. The middle is wholly ignored as the better educators and counselors focus on the bottom. If this is the price you are willing to pay to play Meathead and Gloria then so be it. But I wouldn’t be so quick to blame any differences between Glen Ridge and Montclair on socio economics without some facts to back it up. I fear that the supposed top schools of Montclair have been marketed by the realtors and local New York Times writers with such gusto and regularity that the fallacy is now believed to be true. Is Montclair the most successfully integrated town in NJ? Not when so many white folk send their offspring to private school once they reach the 6th grade.

    My tenant (from Park Slope) has a 6 year-old child who just finished public kindergarten. He was playing with my son and singing songs he learned on the bus which took him to the school which was not of his parent’s choosing. The chorus mentioned juvie repeatedly. I suppose this is just one of the many advantages of sending your kid to an integrated school.

    Please, would someone in Glen Ridge sell us their modest unupdated home soon! I WANT my kid to have homework in 1st grade. He’s had homework since age 2. In Montclair many parents would consider homework an unfair burden to place on a 5-year old.

  123. Stu says:

    I recently attended a town council meeting in Montclair which began with the recognition of the retirement of our longest practicing municipal judge. His exit speech was extremely memorable. He talked about how great this town was to him and his family as he spent his entire life both living and working in this town. He kept saying, “Montclair, Montlclair, Montclair,” kind of like the way former governor Corzine reiterated his “Hold me accountable,” line. Then right near the end he praised the great schools of Montclair and how well the Montclair Kimberly Academy had prepared his children for successful futures. Not that it really matters to the outcome of this story, but this judge was African American. This really says a lot about the wonderful schools in Montclair.

  124. Comrade Nom Deplume aux maison says:

    [123] firestormik

    I did, thanks. Very helpful. I may go to that store as their website was also helpful.

  125. Comrade Nom Deplume aux maison says:

    [122] hyde

    Damn, that is a nasty looking axe.

    Makes me want to put on a kilt, paint my face blue and kill the English.

  126. Final Doom says:

    250K (118)-

    Just a faster walk to oblivion.

  127. Mr Hyde says:

    Nom,

    Buy em while they’re hot!!!!

    http://www.utilikilts.com/customer/photo-gallery/

  128. NJGator says:

    MTC Res 116 – So you’re just about a few years behind us. Our little guy is about to enter K in Montclair this fall unless we manage to move to Glen Ridge by September.

    The school issue is not as black and white as Stu likes to paint it, but what you’ll find when you dig into our $110M+/year school system is that a lot of the resources get devoted to propping the disadvantaged kids up. Most of the little crumbs that are left then go to the high achievers and if you fall into the middle, you just disappear.

    You want “Pay to Play” to keep some extra dollars in the classroom this year? “Sorry we can’t do it, not all the kids can afford it, it would be a hardship for those folks.”. Give the BOE the option of waiving fees for those truly disadvantaged and the response you get is “We don’t want to be in the business of looking at people’s tax returns” or “That would be too embarassing”.

    In Montclair your school tax dollars have to pay for multiple Substance Abuse Counselors in the elementary schools – even in K-2 Nishuane.

    Another $5M/year goes to transportation costs to facilitate a magnet system to integrate the schools. And who knows how much to pay for 70 K-2 electives and a 90k/year first year Mandarin teacher to convince the rich folks of Upper Montclair to send their kids to school in the south end with the poor kids at Nishuane.

    The list goes on and on.

    You wind up paying just as much in taxes in Montclair as you will in Glen Ridge. And if you look at the management of both towns and the rate of spending, Montclair will soon overtake Glen Ridge handily in the tax department.

    Glen Ridge schools offer overall excellence. Montclair is more of a crapshoot. For the same amount of money, I’m going with the sure thing for my kid.

  129. Final Doom says:

    hyde (121)-

    Metal baseball bat in the backseat is the best car defense/whack-a-nut weapon. It looks perfectly innocuous, and you can destroy a windshield in 1-2 swings.

  130. Shore Guy says:

    “I know plenty of people who did not come from affluent families that got aid and scholarships and went to ivy schools”

    Me too. I also know folks who paid cash for the eduction at vrious Ivys.

    That said, if one is studying aor a major that is going to pay a fraction of one has to borrow to attend an Ivy, it may well be worth looking elsewhere. Unless the Ivy label is worth so much more in salary, or one is entering a profession where none but the Ivys count, it makes no sense for one to tie a debt millstone around one’s neck.

    Besides, if one is truely Ivy material, one should excell at a state school and the simple fact of going 4.0 from start to finish will catch recruiters’ attention.

    For those who are intent upon borrowing to go Ivy, I submit that they would do well to defer a year and then load up on courses at a state school for a year ande two summers and then transfer in, thus reducing to 5 semesters the Ivy cost.

  131. Mr Hyde says:

    I wonder if i could get away with wearing one of those to work? I do have some Scottish in my back ground. ITS PART OF MY CULTURE!!! YOU CANT DISCRIMINATE!!

  132. nycchef says:

    Stu,

    I’m sorry but i’m not seeing the correlation b/w the judge being black and the quality of the school system? Please clarify?

  133. Final Doom says:

    Anybody watching Bojangles’ clown show right now?

    Disgusting.

  134. Mr Hyde says:

    Having worn a kilt for a scottish wedding before, i have to say that they are quite comfortable!

  135. Shore Guy says:

    “Makes me want to put on a kilt, ”

    Nom,

    What you do in your spare time is of no concern to anyone here. Just a hint, though, neither gold lame nor satin constitute recognized kilt material.

  136. meter says:

    @121 –

    Not so much. It’s difficult to accidentally kill someone with an axe. Typically requires some effort and intention.

  137. maylook1day says:

    – another day, another melt up.

  138. All "h-Train" Hype says:

    Doom 136:

    What is he saying?

    Oh yeah love the total pump job in the markets. 60 points in 20 minutes right after they announced that the total amount of credit dropped again this month. The pump monkeys must be dying for QE2.

  139. sas says:

    “another day, another melt up”

    don’t worry, LeBron James will pick a team soon and everyone can forget about the collapse.

    NBA has no talent. it sucks.

    and you’re wee 401k is a total joke and won’t be there.

    you want an investment? lose about 20 lbs and stay from fast food.

    SAS

  140. Final Doom says:

    sas, don’t forget the metal baseball bat and battle axe.

  141. Final Doom says:

    hype (141)-

    Pimping for Carnahan in MO and taking shots at GWB.

    I can’t wait for him to see what’s coming after mid-terms. He’s going to end up like Carter, never leaving the WH.

  142. Stu says:

    nyc chef,

    The Montclair Kimberly Academy is a private school. Someone who was born and raised and then employed here is not willing to use the same public schools that put his even moreso socio-disadvantaged person in a position to really succeed in life. I suppose his ethnicity is not really a factor as he chose to send his children to a private school that is whiter than even the Glen Ridge school system. I know I’m sounding a bit racist, but I am truly not. My main reason for buying in Montclair was for little Gator to experience living with diversity. I just think the diversity in Montclair is complete BS. This town might have diversity, but the lack of integration is wholly disturbing.

  143. Confused in NJ says:

    U.S. Banks Recruit Investors to Kill FASB Fair-Value Proposal
    By Jesse Westbrook and Ian Katz

    July 8 (Bloomberg) — Banking lobbyists have launched an e- mail and Web campaign to mobilize investors against a proposed expansion of fair-value accounting rules that may force banks such as Citigroup Inc. and Wells Fargo & Co. to write down billions of dollars of assets.

    The American Bankers Association opposes the Financial Accounting Standards Board’s plan to apply fair-value rules to all financial instruments, including loans, rather than just to securities. The group says the rule could make strong banks appear undercapitalized.

    The association’s website, noting that FASB’s stated mission is to serve investors, provides a sample letter for people writing to the board and suggests they focus on why the proposal isn’t “useful for investors.”

    “They are trying to cut the legs out from FASB,” said Jack Ciesielski, editor of the Analyst’s Accounting Observer, an industry newsletter. “If you can get enough investors to say, ‘we like the status quo,’ then you’ve kind of removed FASB’s reasons for doing this.”

    Fair-value, also known as mark-to-market accounting, forces companies to adjust the value of most securities they hold to market prices each quarter. It became one of the biggest flash points of the financial crisis when banks barraged lawmakers and the Securities and Exchange Commission with complaints that the rule exacerbated their problems because they had to record losses on mortgage bonds they had no intention of selling.

    FASB in April 2009 relaxed that requirement after being pressured by lawmakers on a House Financial Services subcommittee. At the time, FASB Chairman Robert Herz said Congress stepped in because of complaints from banks and their trade groups.

  144. Confused in NJ says:

    145.Stu says:
    July 8, 2010 at 4:08 pm
    nyc chef,

    The Montclair Kimberly Academy is a private school. Someone who was born and raised and then employed here is not willing to use the same public schools that put his even moreso socio-disadvantaged person in a position to really succeed in life. I suppose his ethnicity is not really a factor as he chose to send his children to a private school that is whiter than even the Glen Ridge school system. I know I’m sounding a bit racist, but I am truly not. My main reason for buying in Montclair was for little Gator to experience living with diversity. I just think the diversity in Montclair is complete BS. This town might have diversity, but the lack of integration is wholly disturbing

    You do sound like you Hate Whites?

  145. Comrade Nom Deplume aux maison says:

    [138] shore

    “Just a hint, though, neither gold lame nor satin constitute recognized kilt material.”

    No sh1t! Will be the family tartan, thanks. I’ll leave the satin to the girly-men that hang out at the shore.

  146. Comrade Nom Deplume aux maison says:

    Okay, I give on the kilts and axes. Enough already. Let’s get back to Montklair taxes.

  147. MTC RES says:

    Lots of good stuff from Stu and NJGator to chew on here; thanks for that. Since I don’t yet have the firsthand experience that you all have, I’ll stick with looking over the data coming out of the two districts. Going to spend some quality time with the NJ DOE school report cards data tonight; there’s a lot there to give a sense of “outcomes” for the respective populations.

  148. Stu says:

    MTC RES:

    We are probably close neighbors. We should get together some time. Much easier than typing.

  149. chicagofinance says:

    115.Final Doom says:
    July 8, 2010 at 2:37 pm
    No one will be spared.

    Wrong again bastardo!

    http://www.youtube.com/watch?v=cNIdP5j_qMw&feature=PlayList&p=35377E2492400175&playnext_from=PL&playnext=1&index=12

  150. Nomad says:

    Stu,

    Your reasons for wanting your child to attend school in Montclair are noble. Interacting with folks who are not clones of oneself help one understand that because someone is not “just like me” is ok and opens the mind up and reduces ignorance and bigotry.

    But, Montclair is mostly hat and minimal cattle – for the NYC folk who move there, it offers an easy commute into the city and quite frankly the place is in vogue for this crowd. These people will do anything for status and your fair city address that psychological need.

    Seriously doubt many who move there from the city do a lot of due dilligence in any depth. Get some booze in many of those folks and I can imagine what comes out of their mouth – actually, don’t have to imagine, I have heard it with my own ears.

  151. jj says:

    I used to be all uppidity like you but I stopped that. Once I was driving my big old 69 buick (booster shocks and G60’s no less in rear), anyhow some yuppie sob in a yuppie mobile is tailgating me like nobodies business. Finally, my brother says hit the brakes and see what happens, well I jam them and the nut plows my rear end but since my bumper is above his bumper I take out his whole grill and headlights. Guy goes to me in a daze what happened, I say out my window don’t worry buddy, your rear ended me and since my car looks fine and accident is your fault hope it all works out. Drove off with guy scratching head. Legally, I have no reason to stay. On further thought that might not be a good way to go, my brother did it a few weeks later when a BMW tried to cut him off and he let him plow him and also let him off hook. It is so much fun driving large $100 dollar cars. But lesson is we can’t teach everyone manners so why bother

    Juice Box says:
    July 8, 2010 at 2:57 pm
    re: Millburn anecdotal

    Once had a sandwich sitting at a table outside their somewhat popular Deli when some broad in an SUV in-front of the Deli starts leaning on the horn for a good 10 seconds repeatedly becuase the cars in the parking lot weren’t moving out of her way fast enough so she could park. If you have been to their somewhat popular Deli they have a small parking lot that can require a k-turn to get out.

    I yelled at her “Hey Lady this ain’t Times Square, lay off the damm horn already” and after a few moments of sitting there with a dumbfounded look on her face waiting for her turn to park she mumbled back about three times a little bit louder each time “this is my town, THIS is MY town, THIS IS MY TOWN.”

    All my cohort and I could do was chuckle at her nonsensical self entitlement retort for a good 10 minutes, while she came and went with her sandwich. Might have even been that
    Realtor broad Sue Adler…..

  152. sas3 says:

    I can explain the fall in gold price…

    In June, I bought a couple of gold bangles for my daughter. The old ones were bent too. The bangles were really fragile, hollow, and of course cheap — they were the only ones they had for small kids.

    Of course, my daughter broke both the bangles right away. Later, the shop graciously offered a “trade in” of about $375 for the $875 set we bought — something like “you should have known that these bangles aren’t good for kids” [wrong, since I asked them multiple times whether they are ok]. We’ll probably just hold on to the bangles and get them melted in India along with other stuff to make something more sturdy.

    Next time I buy gold, I will give a heads-up. Oh, out of curiosity, I checked up the price of coins, spot+60 sale price and spot-10 for purchase price for 1oz. They get to tell you what the spot price is too :)

    S

  153. MTC RES says:

    Stu,
    Yes, maybe.

    Nomad,
    Most of my neighbors were friends with someone who had already moved here, or work in a field that is already well represented in town. Those two things account for a large proportion of the transplants from what I can tell. Those are both “psychological” reasons, but they’re not really about ‘status’.

  154. sas3 says:

    Juice, Laffer is a moron. If we cut taxes, it will benefit those that already have jobs (I will plonk extra cash into 1% savings accounts right away or pay down the mortgage, ‘cuz when the SHTF, I will have fewer things to worry about).

    Unemployment benefits will help those that need them — know some ppl that are struggling hard and it doesn’t seem fair when it occurs in the “most advanced country”.

    So, when close to 20% population is suffering (counting unemployed and under-employed), should we give more money to those that don’t need it now, or should we give to those that need it now?

    Even at individual levels, is your biggest worry that you’ll become a multi-millionaire (1M+/yr taxable income) and will be unfairly taxed at a whopping extra 1-3%, or that the SHTF and there will be no safety net? If it is the former, I admire the confidence.

  155. Mr Hyde says:

    SAS3

    Even at individual levels, is your biggest worry that you’ll become a multi-millionaire (1M+/yr taxable income) and will be unfairly taxed at a whopping extra 1-3%, or that the SHTF and there will be no safety net? If it is the former, I admire the confidence.

    That is a straw man if i ever saw one. The issue ultimately boils down to taking from one to give to another. Its about redistribution.

    You want to help people who cant find jobs? how about a government program that pays them for time worked on WPA2.0 projects. Everyone gets something and there are no free handouts. The nation gets infrastructure/useful work completed and the unemployed get basic subsistence in return.

  156. relo says:

    146: Damn, lobbying seems like a good gig. This is the single most impactful issue. Why even have FASB? Some would argue we don’t, I suppose.

  157. relo says:

    Might it not also help those that hire?

    Juice, Laffer is a moron. If we cut taxes, it will benefit those that already have jobs

  158. relo says:

    155: Kinda like your beemer?

    You know the man you hate? You look more like him every day.

    -Perry Farrel

    anyhow some yuppie sob in a yuppie mobile

  159. nycchef says:

    For diversity I am considering Nutely since I have bi-racial child and worry about this things.

  160. sas says:

    so, we got BP doing night time bleaching of beaches & they are using some chemical to actually cover up the amount of oil being spilled and the chemical is a carcinogen.

    Benzene and methane anyone?

    and you think Essex has a gas problem? ha ha..

    SAS

  161. sas3 says:

    Hyde: we should agree that stimulus/govt jobs should be fine?

  162. Juice Box says:

    Sas3 – tax cuts not spending pulled us out of the last two recession. There a system for long term layabouts it’s called welfare.

  163. Final Doom says:

    relo (161)-

    How misguided you are. Don’t you know that those who create employment for others are evil profiteers, who must be first drained of wealth by the gubmint, then put out of business for the good of the proletariat?

    It’s not fair for those who take risk to claim ownership. EVERYONE is ENTITLED to the benefits of ownership!

  164. Final Doom says:

    juice (167)-

    Welfare? Should be debtors’ prison.

  165. Fabius Maximus says:

    It is not a straw man. Everyone bangs on that this is a redistribution of wealth. I would disagree. One of the MSNBC nut jobs was barking on today that if she earns $250K and works 18Hr days to pay o0ff her loans and why should she subsidize the guy that earns $40K. Here’s the point, they both work off one tax code and if the $40K guys starts make $250K he will pay the same taxes and if they both lose their jobs they will fall into the same unemployment system. There is a big difference here. She mad a choice for the loans and at todays cost of living, she will have disposable income for the house, the car, the Whole foods bill, the heat and AC. The $40K is lucky if they can put food on the table in 5th floor tenement, that you don’t leave at night.

    Are the Bush tax cuts a redistribution of wealth? Are corporate tax breaks a redistribution? How about a cut on Capital gains. Laffer is an idiot. There is a big difference in an increase in unemployment and an extension. While we can argue over the weekly amount of unemployment paid. If you have 5 people chasing one job, people are going to starving in the streets.

    I am 100% behind your idea of WPA2.0, its called Right to Work. Now try getting it through congress. The Right Wing will go nuts

  166. Fabius Maximus says:

    Nom,

    Your dream of “Wingnut Welfare(tm)” is finally coming true. The corporate person screews over a reigon and the charites have to step in to feed people.

    http://tinyurl.com/2d47ee6

  167. 250k says:

    (4) JP
    >> No rational human can be convinced
    >> that you have to pay more to get less.

    Tell that to anyone who has sat on a NJ Transit train this week. They should send that Lohan chick to ride the system for a week. Has to be worse than whatever jail time she ends up doing.

  168. Libtard says:

    nyc chef: I’ve heard nothing but great things about Nutley and even greater things from friends who live there. They are a mixed couple as well.

  169. gary says:

    The Oblama Redistribution Plan, effective 01/01/2011:

    – the top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).

    – The lowest rate will rise from 10 to 15 percent; all the rates in between will also rise.

    – Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates.

    – For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million.

    – The capital gains tax will rise from 15 percent this year to 20 percent in 2011.

    – The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.

    – There are over 20 new or higher taxes in OshamaCare; several will first go into effect on January 1, 2011.

    – When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise — the Alternative Minimum Tax (AMT) won’t be held harmless, and many tax relief provisions will have expired.

    I guess this is the hope and change “intelligent” Americans expected when they voted for him. Of course, with another $200,000,000,000 “stimulus” package in the works, extended UE benefits, again, a never-ending HAMP program and the soon-to-be-enacted “gold for guns” program (I wouldn’t doubt it), 7% GDP growth is just around the corner.

  170. Fabius Maximus says:

    #167 Juice

    BS, deficit spending has been the only answer to recession. Tax Cuts are just the method of implementation.

  171. freedy says:

    nutley? good grief

  172. Final Doom says:

    Should be some good riots in Oakland tonight. Verdict in BART shooting case comes in mixed.

  173. freedy says:

    as harrisburg goes bust ? first of many

  174. Fabius Maximus says:

    #174 Gary

    Expiring the Bush Tax Cuts will be a big step on the road to recovery. The cuts should never have been put in place. The clock will stop at around 2.5Trillion if they expire and long term cost over the next 10years will total around 3.9Trillion.

  175. Juice Box says:

    Fabius- The official recession ended a year ago did it not? All of the economic indicators that show growth are showing nominal not real growth, so explain where the REAL growth is going to come from if all we get is tax and spend for the next decade?

    All I hear now is a fleet of helicopters warming up for another monetary bombing, and a coming inflationary depression that will wipe out what remains of the middle class.

  176. Final Doom says:

    I think we have reached the tipping point at which we have enough Americans who will willingly and happily allow themselves to be bent over, buggered then dragged into cradle-to-grave serfdom.

    What will we do when we have stripped the golden goose bare and made remouillage of its carcass so many times that the only yield it gives is brackish, gray ooze?

  177. Final Doom says:

    Tax the shit out of everybody, then spend it all on graft, politcal patronage hacks and banksters.

    That’ll fix everything.

  178. Fabius Maximus says:

    #180 Juice

    And what tax cuts ended that recession. All I saw was a huge chunk of deficit go towards Stimulus 1.0.

    Tax Cuts do not stop recessions.

  179. nycchef says:

    Thanks for the heads up Libtard,

    When I drive around there I see a nice mix. My wife says she has met some nice people at the gym near there as well who have also recommended the town.

  180. Fabius Maximus says:

    #182 Clot.

    SO cut taxes, do nothing and hope it all goes away.

    Yes spending is a problem. Her is the Top 5
    Defence
    Social Security
    Medicare
    Medicade
    Debt servicing

    Once the wars finally end, the defence budget does not go away as the branches have to retool from fighing in the ME.
    Social Security needs to be addressed and privitising it is not the answer.
    Medicare/Medicade can be addresed with Health Care Reform. If people say it is time for austerity measures then suck it up, get over your pride and try and get a system that is cheap and affordable.

    Tackle the top 4 and you can start to address the Debt.

  181. Yikes says:

    Hey Doom – which city burns more, Oakland after that injustice, or Akron/Cleveland when LeBron leaves?

    For those of you not up to speed on the Oakland situation, a cop was found not guilty of murder or voluntary manslaughter for shooting a face-down unarmed man. really horrible

  182. Yikes says:

    grim says:
    July 8, 2010 at 6:50 am

    Had I not been restrained I would have beaten the idiot to a pulp.

    Bednar, just remember, never throw the 1st punch. you open yourself up to a lawsuit.

  183. Final Doom says:

    gluteus (185)-

    Here’s a novel concept:

    Lower taxes and lower spending.

  184. Confused in NJ says:

    181.Final Doom says:
    July 8, 2010 at 7:29 pm
    I think we have reached the tipping point at which we have enough Americans who will willingly and happily allow themselves to be bent over, buggered then dragged into cradle-to-grave serfdom.

    What will we do when we have stripped the golden goose bare and made remouillage of its carcass so many times that the only yield it gives is brackish, gray ooze?

    The Presbetarians have voted to ordain active Gay Bisops & perform same sex marriages. So Sodomy is becoming the New Norm. Obama has also promised to repeal the Defense of Marriage Act. Of course once the Immigration Policy Failure, allows the Muslims to take over Washington, it will all change back again.

  185. jamil says:

    You know what this country needs right now?
    A: Racial and Gender quotas hidden in Dodd Financial bill.

    You should just all get degree in Diversity or
    Gender Studies or establish your new gender or race.

    Goverment will micromanage that private companies provide less qualified but with people with preferred skin color or gender will be hired. Nice income stream for trial lawyers too.
    This should help with those inconvenient unemployment numbers too as 100,000 new Diversity Officers start patrolling private companies along with endless new Government Race Quota Enforcement Office thugs.

    Nice that IRS gets new role in managing health care provision too. That hiring of 50,000 new IRS officials gets handy.

    http://www.realclearmarkets.com/articles/2010/07/08/diversity_in_the_financial_sector_98562.html

    “WASHINGTON – What one finds when reading congressional legislation is invariably surprising. Take the Dodd-Frank financial regulation bill, for instance, which was created by merging Senate and House bills. When the Senate returns from recess one of its first actions will be to vote on the bill, which passed the House on June 30.

    I was searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new law inserts race and gender quotas into America’s financial industry.”

  186. Dink says:

    #189,

    You forgot to add…

    “Now get off my lawn!”

  187. Fabius Maximus says:

    #188 Clot

    Here is a novel concept, dont drop your revenues until you get your finances in order. When you get spending under control and out of debt, then you can look to reduce.

  188. Fabius Maximus says:

    Makes you wonder what thay are hiding

    N.J. Democratic chairman calls for GOP group advocating property tax cap to disclose donors

    http://www.nj.com/news/index.ssf/2010/07/nj_assemblyman_wisniewski_says.html
    Domain name: reformjerseynow.com

    Administrative Contact:
    Whois Privacy Protection Service, Inc.
    Whois Agent (bphpcmpb@whoisprivacyprotect.com)
    +1.4252740657
    Fax: +1.4259744730
    PMB 368, 14150 NE 20th St – F1
    C/O reformjerseynow.com
    Bellevue, WA 98007
    US

    Technical Contact:
    Whois Privacy Protection Service, Inc.
    Whois Agent (bphpcmpb@whoisprivacyprotect.com)
    +1.4252740657
    Fax: +1.4259744730
    PMB 368, 14150 NE 20th St – F1
    C/O reformjerseynow.com
    Bellevue, WA 98007
    US

    Registrant Contact:
    Whois Privacy Protection Service, Inc.
    Whois Agent ()

    Fax:
    PMB 368, 14150 NE 20th St – F1
    C/O reformjerseynow.com
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    Name Servers:
    dns1.name-services.com
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    Creation date: 26 May 2010 14:54:05
    Expiration date: 26 May 2011 14:54:00

  189. Fabius Maximus says:

    Shocked I am, just shocked.

    Gov. Christie to borrow $1.4B to fund N.J. transportation projects
    http://www.nj.com/news/index.ssf/2010/07/gov_christie_to_borrow_14b_to.html

    ‘Gov. Chris Christie, who criticized his predecessor for “borrow and spend budget gimmicks” during last year’s campaign’

  190. gary says:

    I pledge allegiance to the Czar, of the United Socialist States of America, and to the Autocracy for which he rules, a fractured nation, without God, divisible, with ketchup and toilet paper for all.

  191. gary says:

    Hey, do you think Barry keeps his prayer rug in the Oval Office?

  192. Juice Box says:

    How about pistols at 20 paces?

    No stranger to political brawls, the state Senate almost became ringside seating today as two members had a physical confrontation over their opposing views on a hot topic in Trenton — the school funding formula.

    http://www.nj.com/news/index.ssf/2010/07/quarrel_between_two_nj_senator.html#incart_rh

    Check out TALE OF THE TAPE at the bottom of the article.

  193. Juice Box says:

    Lebron to the Heat

  194. Juice Box says:

    and a 35,000 square foot house in Bath Township near Akron just went on the Market.

  195. NJGator says:

    nycchef 184 – only issue our friends have with Nutley is the schools. Only half day K and they think the schools are only useable through middle school. They have 529s set up for their kids for hs if it doesn’t improve in the next 10 years.

  196. 1987 Condo Buyer says:

    #200..hope he has something else, 529 is College only.

  197. Mr Hyde says:

    Fabius

    that revenue does not belong to the state. Every penny of it is taken by force from the citizenry.
    The state will never manage peoples money better then they will and ultimatly have no right to it.
    Of course there is legitamite need for basic services and infrastructure but we are so far beyond that it’s laughable.

    Once again the elephant in the room is pensions. By forcing an increase in taxes to cover pensions you are essentially saying that some pensioner has mote right to my money then I do, and I had no say in promising said pension.

    The only reasonable path is to cap pensions within available funds. If the pensioners want to press charges of fraud or such against those politicians who made such outlandish promises then go right ahead and pursue it

  198. Mr Hyde says:

    Doom

    cut spending and taxes? Sounds nice but won’t & can’t happen without some form of default at almost every level, town/ state/ federal

    Fabius

    Given the leverage everyone has been playing with it’s likely that anything but an increase in taxes results in defaults at mist levels

  199. Pat says:

    Why don’t they make the kilt in a culotte, skort or split skirt pattern?

    Discriminatory?

    I think a tall, healthy man would look extraordinary in these:

    http://cgi.ebay.com/Lizgolf-Skort-Liz-Claiborne-size-10-plaid-NICE-/140423238696?cmd=ViewItem&pt=US_CSA_WC_Shorts&hash=item20b1e09428

  200. Pat says:

    Shore, I dare you to buy these, model them and post the pic.

    Otherwise, we’ll have to ask John.

  201. Shore Guy says:

    I would never stand in the way of John getting some attention.

  202. NJCoast says:

    What- none of you are here at the Scream It Like You Mean It Tour at The Starland Ballroom? To quote my parents- They call this music?

  203. Shore Guy says:

    “they both work off one tax code”

    Yes and no. Everyone should pay the same tax rate. Those who earn far more will still pay far more and those who earn less will pay less. The flat tax avoids redistribution issues.

  204. Shore Guy says:

    ” They call this music?”

    I say something like this more and more.

  205. Revelations says:

    I know it’s late, but I had an idea. I’ve been trying to figure out how to protect the equity from a big down payment in today’s environment. Given the extremely low rates, buyers with a lot of cash will take it on the chin when rate inevitably rise. The low rates really seem to be an advantage for borrowers who plan on staying put for a looong time. But, this is NJ, and “long term” is not an option. So what to do??

    My idea was that one should put the cash in AND borrow as much as possible, but borrow through a loan that is assumable. This way you get into the nicer towns, and you are somewhat protected from the rise in rates since whoever assumes your loan can keep low payments.

    I know the planets would have to align to bring a buyer with the right set of circumstances for this to work, but are assumable loans possible?

  206. Revelations says:

    The other option is just to wait 10 f*@$ing years for rates to get “normal” again.

  207. Revelations says:

    Shore @210,

    Flat tax rate, and no deductions. That would truly level the field. The 1040 instruction booklet could then be reduced to the point where it won’t need staples.

  208. Pat says:

    Revel, this is my mortgage scheme issue…trying to find alternate combinations for folks like me who are willing/able/like/need to move, but there’s no structure to discount the risk for us.

  209. Pat says:

    Why the hell would I buy a house.

    Clot calls me one of those who, if I haven’t bought by now, will “never buy.”

    I say it’s because there’s no product that fits. And I’m flexible. Adaptable. So I rent, and rent.

    Why is there no mortgage for me?

  210. Fabius Maximus says:

    #195 Gary,

    If you pleadge Aliegence to the Corporate Person of America, you might actually be closer.

  211. Fabius Maximus says:

    #202

    Is this discussion heading towards this.

    http://www.youtube.com/watch?v=ExWfh6sGyso

    Pensions are not the only Elephant, we are in the Serengeti and the elephants are stampeding.

  212. Fabius Maximus says:

    #210 Shore.

    A Flat Tax just means the middle class subsidizing the rich. Unless of corse you are going to add in unearned income and get rid corporate subsidies and tax breaks and loopholes.

    The graduated tax rates are fairer and better for society. The tax rates applied to the person making $60K are the exact same as the tax rates applied to the first $60K you make.

  213. Revelations says:

    Pat,

    I think continued market manipulation by the gov’t (mortgage rates, tax credits, relaxed underwriting/ down payment requirements, etc.) has dramatically increased the risk to the financially prudent. These housing “programs” also distort housing stats, buyer/seller psychology, and bank behavior.

    So far I haven’t been able to come up with any decent mitigation plans to buying in a low rate/high price market.. It’s treacherous if your horizon is 3-10 years.

  214. Revelations says:

    P.S. I got the “will never buy” label too. And as long as I feel like I’m shopping in a artificial market, I definitely won’t.

  215. cobbler says:

    Biggest Defaulters on Mortgages Are the Rich
    By DAVID STREITFELD
    Published: July 8, 2010

    LOS ALTOS, Calif. — No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars.

    The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley.

    Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population.

    More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.

    By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.

    Though it is hard to prove, the CoreLogic data suggest that many of the well-to-do are purposely dumping their financially draining properties, just as they would any sour investment.

    “The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist.
    ………..

    http://www.nytimes.com/2010/07/09/business/economy/09rich.html?hp

  216. Revelations says:

    cobbler,

    But the rich, by definition, have assets that the bank can pursue, right?
    In CA, the loans may be recourse for primary residences (if refinanced, HELOC’d, or 2nd mtg) and bank pursues judicial foreclosure. They are almost certainly recourse for second homes/ investment properties. These would be a pretty big % of the loans, and I’ve read that many are walking away in CA without fully understanding their risk.

  217. meter says:

    Kinda hope LeFraud never sniffs an NBA title.

    Seems way too full of himself.

  218. Final Doom says:

    gluteus (192)-

    You don’t treat the addict by continuing to provide drugs.

    “Here is a novel concept, dont drop your revenues until you get your finances in order.”

  219. Final Doom says:

    The gubmint is rotten and corrupt to the core. The first thing that must be done is to cut off the money.

  220. Final Doom says:

    rev (212)-

    Generally, VA loans are the only easily assumable ones out there.

  221. freedy says:

    Will we have defaulters on the high end
    here in NJ. To close to NYC

  222. Final Doom says:

    rev (221)-

    It’s been an artificial market since 1996, when the tax treatment on mtg interest and property taxes changed.

    The next transition will be from artificial market to completely failed and collapsed market.

    After the RE market completely fails, it will not recover in our lifetimes.

    Ergo, you will probably never buy a house.

  223. marilyn says:

    I lived and owned a home in Hillsdale for a long long time. I kind of got fed up with the taxes, cops, and everything for schumitzi attitude. Plus the house was an old wreck that really needed a total gut and I wanted out. Sold when market was good. I needed to figure out what would be good for me. So I moved to NW Morris County.

    Here is my honest assessment, I am debating which is worse Hillbillies or Schumitzi’s! I have not decided 100 percent yet.

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