From the Star Ledger:
Economists predict N.J. may be among last to recover from recession
If you think the local economy isn’t getting any better, you’re right.
New Jersey has yet to see any strong signs of economic recovery, even as the rest of the region has started to pull out of the recession, the New York Federal Reserve Bank said today.
While neighboring New York has rebounded strongly since late last year, New Jersey appears to have hit bottom and plateaued, according to the bank’s economic indicators.
Bank economists said a slow jobs recovery and a shrinking manufacturing sector mean the Garden State, which entered the recession six months before the rest of the nation in June 2007, could also be one of the last to emerge. While New York City officially exited the recession last November, economists said it remains to be seen when New Jersey’s economy will pull out of its tailspin.
“Economic conditions in New Jersey remain essentially flat,” William Dudley, the Fed’s president and CEO, said during a quarterly press briefing on New York, New Jersey and Puerto Rico. “Although activity there is no longer declining, New Jersey has yet to establish a sustained recovery.”
…
Since the start of the decade, manufacturing employment in New Jersey has fallen by 23 percent and output by 10 percent, according to the bank. In contrast, New York saw a similar employment decline but managed to boost output by nearly 15 percent, a sign of increased efficiency.
Frist!
yes, but the WS bonuses got paid , Where’s Barry when you need him
“yes, but the WS bonuses got paid , Where’s Barry when you need him”
Clawback report is supposed to come out today. Interesting to see what comes of it.
HE (3)-
Why worry about clawbacks, when you have this to induce vomiting:
“Deep in the bowels of Donk (DOdd-fraNK Financial abomination bill, whose 2315 pages nobody has read in their entirety), in Title XII: IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS, section 1205 is a provision titled “Low-cost alternatives to payday loans” in which the government outlines its plans for establishing what is essentially a payday loan advance business (and even odder, the title of Sec. 1205 in the Index references “payday” loans while the actual title of the section is “small dollar” loans – was mere “payday loans” too narrow a definition for the government and got changed in drafting, with the index remaining unchanged?)
In Section 1205, LOW-COST ALTERNATIVES TO SMALL DOLLAR LOANS we read:
(a) GRANTS AUTHORIZED.—The Secretary is authorized to establish multiyear demonstration programs by means of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings, with eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly small dollar loans.
(b) TERMS AND CONDITIONS.—19 (1) IN GENERAL.—Loans under this section shall be made on terms and conditions, and pursuant to lending practices, that are reasonable for consumers.
Does this mean the government is going into the business of direct lending and bypassing the stingy banks completely? As payday loans tend to be the most usurious of all short-term credit instruments for the lower classes, will the government’s intervention into this most recent arena result in the obliteration of the existing business model for payday lenders? But far more importantly, will the government use this platform as a means to provide cash to virtually anyone in exchange for shoddy collateral and mere promises to repay the loan? And nowhere in the text is it said the loans are even collateralized with something like a deferred paycheck: these loans could very easily be on par or even worse than NINJA loans, in which the ability to breathe and walk at the same time is sufficient for eligibility, while the ability to actually repay never even figures in the loan officer’s mind?
And lastly, what will be the penalties for delinquency and/or charge offs? Since this will come straight from the government’s balance sheet (i.e. the Treasury), without bank intermediation, this will be the perfect forum for the government to lend out at any terms it desires, with the implicit understanding that it has no interest in getting paid back.
Is Ben loading up the chopper for one more flight in which he will start handing out non-recourse, no-collateral, no interest rate loans to all of America in one final, valiant attempt to reflate the economy?”
http://www.zerohedge.com/article/will-governments-entry-small-dollar-lending-mean-bernanke-about-start-handing-out-cash-every
Clot,
Saw that on there yesterday. First reaction is that nothing will come of it but this being America you never know.
Clot – 4 Deep in the bowels of the DONK…LOL
Also – What is up with the rating agency mess..
http://online.wsj.com/article/SB10001424052748704421304575383643223013802.html?mod=WSJ_hpp_LEFTWhatsNewsCollection
Economists said it remains to be seen when New Jersey’s economy will pull out of its tailspin.
Schmutzi doesn’t give a f*ck, Schmutzi wants a pony!
Have fun here today kids, going to work now and have no access. I’m in the mood for a rant but must go and help pay for Oblammy’s $39,000,000,000 entitlement extension.
http://blogs.wsj.com/developments/2010/07/22/for-bakersfield-builder-rentals-are-cutting-edge-solution/
Renting as a “cutting edge” solution…
There’s some funny stuff in the paper today…
Economist? They obviously didn’t interview Frank.
http://www.nakedcapitalism.com/2010/07/how-hamp-makes-elizabeth-warren-the-only-choice-for-consumer-protection-%C2%BB-new-deal-2-0.html
Go Elizabeth Go….
http://www.xinhsrestaurant.com/menu -dined here last night. The curried mussels and oyster stew were to die for. Friend called ahead for different geoduck recipes – not my cup of tea.
Headed for the property on the Hood Canal later today so I’ll be offline for a few days.
Have a great weekend all.
Let’s not forget today is BFF.
http://seekingalpha.com/article/216059-federal-housing-administration-we-are-officially-broke?source=dashboard_macro-view
FHA – We are officially broke – ooppss.
Obama Cracks Down on For-Profit Colleges, Links Loans to Income
“This regulation is plain common sense,” Harkin said in a statement. “If a school can’t show that its students are repaying their college debt and not defaulting, this is a sure sign that the school is failing to prepare its students for gainful employment, as the law requires.”
http://www.bloomberg.com/news/2010-07-23/obama-cracks-down-on-for-profit-colleges-links-u-s-student-aid-to-income.html
reading yesterday’s comments about the estate tax … doesn’t it make more sense for the parents to slowly just give you money instead of just wait for the end?
what’s wrong with them shoveling 5-10k into your account every few months starting around 70?
doom,
I am hoping I misread you on the last thread, because if I did it would put you in the camp of people who believe that anybody who criticizes Israel is an anti-Semite. The Israelis that I know tell me that the problems they have are based on aggressive right-wing policy that an Israeli right wing propped up by massive US aid imposes.
Let them figure out there problems. I would no sooner defend them than the Iraqis or, for that matter expect them to come to our defense when the great frozen North attacks.
Make no mistake, the military and foreign aid have to go and go rapidly. I guarantee that if we scale down our army dramatically, we will be well on our way to fiscal solvency. Thinking otherwise is anti-American. bin Laden is no idiot. He is win ing a war against us: I think destroying us economically was his goal. We have to stop letting that happen. I for one, do not want to see his kind win.
Yikes,
Each parent can give each child $24000 or so a year without incurring estate tax.
It’s a common strategy and one my family employs.
how much will Feinberg get back for the taxpayers?
“I have not commented on the financial markets in a detailed way for quite some time now. This is not because I do not have strong opinions on them, rather it is because I see the current ongoing crisis as just as much a political and social crisis as an economic one and so I am compelled to address those concerns as I think it is in that arena that the greatest dangers exist. Additionally, the major macro investment themes that I outlined well over a year ago remain the same. Namely I think long investments in the United States stock market should be focused on precious metals miners, oil related energy shares and the agriculture theme. Anything related to the ponzi economy like financials, real estate (commercial and residential) and traditional retail with little international presence should be avoided. The final reason why I have not been more market focused is that with liquidity so bad and countless players seemingly exiting positions and taking risk down, sometimes I wonder who is really driving these markets. Are the moves expressions of investors and their views on the future or is most of the trading actually related to sovereign interests engaged in financial warfare? If it is indeed the later influence that is most profound then you can forget any possibility of rational moves on a day to day or even week to week basis. Nevertheless, the market always wins in the end and this happens at major inflection points. I think we are at one of those moments right now…The United States political and monetary authorities have lost ALL credibility in the eyes of the world ever since the crisis hit and for very good reason. The main reason we are still held on life support is so that China can go out and buy up all of the world’s resources while the dollar still has value (and they allow us to bury ourselves) and we have a strong military.”
http://www.zerohedge.com/article/guest-post-major-inflection-point-upon-us
Smathers
RE etstae tax & flat tax.
I have a number of opinions on both but am well aware that i am woefully undereducated in the tax realm to make detailed statements that are anything except rhetoric. Perhaps i can actually sit down with Nom one day and have a tax policy discussion with him, if he doesnt mind he dragging the level down a notch or two.
Gift tax exemptions
There are two levels of exemption from the gift tax. First, transfers of a present interest up to (as of 2009) $13,000 per person per year are not subject to the tax. An individual can make gifts up to this amount to as many people as he/she wishes each year. A married couple can pool their individual gift exemptions to make gifts worth up to $26,000 per couple per year without incurring any gift tax. A lifetime gifting limit of $1,000,000 (gifts above the annual exclusions) is allowed before a gift tax is incurred.
If an individual or couple makes gifts of more than the limit, gift tax is incurred. The individual or couple has the option of paying the gift taxes that year, or to use some of the “unified credit” that would otherwise reduce the estate tax. In some situations it may be advisable to pay the tax in advance to reduce the size of the estate.
In many instances, however, an estate planning strategy is to give the maximum amount possible to as many people as possible to reduce the size of the estate
Doom
US GOV Payday Loans?!?!? LMAO!
I just might be one of the first in line if thats the case. I only want to borrow 300% of my monthly income. I’ll pay it back,i promise!
That would be a heck of a way to force feed more bread to masses ala bread&circus. The sticking point is that the payday loan and possibly the banking industries would fight this tooth and nail.
EURO bank stress test results at noon……
The question isnt the result we all know the test is rigged. The question is how do markets react to it. A short pop followed by a nosedive for the euro?
Yikes (115 YESTERDAY):
“It’s one thing to say, “i plan to spend it all” but how can you? do you really see yourself at the age of 75 saying, “man, i have too much money, time to blow it on a high-end SVU!””
The tricky part is guessing how long you will live and making sure you have enough to pay the insane medical costs.
My dream has always been to purchase a modest place near the ocean someplace (like Shore Guy) where the dollar goes a lot farther. I require four things. A place to plant my fruit and vegetables, a place to relieve myself, an internet connection to keep me entertained and connected plus a row boat to do some fishing. I would prefer to be far from society so I will live a lot longer. I’m leaning towards Belize or Costa Rica, but things could change as my retirement is probably about 16 years away. If I have money left over when I croak, I would probably leave it to the locals in my village who will probably be piss poor. They would more greatly appreciate it and be less likely to squander it than any offspring.
Smathers (16)-
Funny how anti-Semites here write posts in which the topic changes with every insane analogy used to veil the writer’s real intent.
I will try to address your Rorschach of a post:
1. One need look no further than the West Bank to see that the Palestinians- if they want- can fashion an autonomous and viable country. I, personally, am no fan of Israel’s continuance of settlements there, and I do believe they are making a mistake that is provocative and serves little purpose. However, anyone who believes that the main intent of Palestine (and the Arab/Persian world in general) is not the total annihilation of Israel is on laughing gas. The Palestinians have followed the Arafat game plan since day 1 of this thing, in that they have turned themselves into the niggers of the Middle East and managed to incur the hatred even of those who should be their natural allies. Since they have achieved their lowly status, they have become every Islamic terror organization’s donkey in the mission of jihad.
2. As far as defending Israel against Iraq, or their assistance to the US should Canada become aggressive? All I can say is: WTF? There is one- and only one- glaring threat to Israel, and that is Iran (and all of Iran’s terror proxies, i.e. Hizbollah). Again, if you don’t think that the US and Israel have no common cause against a terrorist state, controlled by madmen, racing to develop nukes…please exit your laughing gas-filled tent. If you don’t mind Iran popping an airburst or two over Israel? Then, I guess we could say you’re an anti-Semite.
3. I agree with you on the fact that our military aid and defense spending in general must be cut. However, leaving ourselves without a true ally in the most volatile spot on the planet reeks of cutting off the nose to spite the face. It is also pitifully naive not to understand the historical implications of what happens when Jews are left to shift for themselves when surrounded by those who harbor centuries of hatred toward them and have plenty of catalysts to act on that hatred. Abandoning support of Israel- simply because of its implications for the regional balance of power- would not be a strategically astute move on the part of the US.
The Islamic world- by and large- hates the Judaeo-Christian world and wishes to see us destroyed. They are also breeding like rabbits, so the hatred long ago went parabolic. Nothing appears to be in motion that would counter or mitigate this hatred; in fact, it seems to be accelerating at a bacterial rate of reproduction. At least one regime openly seeks to develop, then use, WMD…while we can be sure that every organized terror group is also engaged in their own efforts to obtain them.
Either we can allow these animals to continue their efforts to their logical conclusion, or we can try to stop them. So far, I have seen nothing indicating that we are making any real effort to do so. Diplomacy is useless against fanatics. Had we any real courage or resolve as a nation or as a free world, we would begin to deal with these elements the only way they can, and eventually will, have to be dealt with: through unilateral, systematic population reduction via overwhelming military action.
Nothing else will stop them.
More Mike Krieger (#19):
“The United States political and monetary authorities have lost ALL credibility in the eyes of the world ever since the crisis hit and for very good reason. The main reason we are still held on life support is so that China can go out and buy up all of the world’s resources while the dollar still has value (and they allow us to bury ourselves) and we have a strong military. We can see the loss of credibility in the fact that we went to the G20 talking about more stimulus and were rebuffed. So when the crisis first hit all other nations defended our system and currency but now I think all nations are going to focus on what is best for them and believe me it will NOT be what is best for us. China has already slowed itself down materially to deal with its irresponsible housing bubble but based on comments recently from authorities it is clear that they are committed to stimulating domestic consumption. Furthermore, while the yuan has only strengthened slightly since they changed policy let’s not forget that it HAS strengthened. While they are proceeding cautiously, this was a change of policy. So to summarize I see a world emerging over the next few months where other nations publicly talk a nice game about the U.S. and its importance but in reality talks will go on behind our back as to how to gracefully cut the cord. Any cutting of the cord would reflect itself in a decoupling trade in my view. Unfortunately, politicians in the U.S. will never admit that they are the reason we are in this mess so they will likely start a war or create some other event (cyber attack to shutdown the internet?). This is precisely why I call on all Americans right now to refuse to get involved in a war. This would be a war to defend our empire plain and simple. We do not need an empire. China needs an empire to feed itself and to provide energy. We are the most blessed large nation on earth as far as land, agriculture and water resources. Plus we have a brilliant social document called the Constitution that the vast majority of Americans would die to defend if necessary against whoever would threaten it. Let’s just get our acts together here and not fall for the trap that I see being set. Also, remember that if the authorities are about to lose control of the precious metals and oil market the best thing for them to do would be to start a conflict so the rise can be blamed on that. If you haven’t learned that Washington D.C is not to be trusted by now I do not know what it will take. “
REO on Beverly in Montclair about to hit the market. Can’t wait to see the bank’s fantasy pricing on this one.
Doom,
Reading your many many posts, you have concluded the Banking Cabal/Oligarchy around the world and the US Govt (and other govt’s for that matter) are all in it together to destroy the middle class, make us all serfs, steal and consolidate the real assets/resources of the world… that “conspiracy theory” is completely true to you.
But the 9/11 inside job, made up terrorists, or banks/govt’s playing both sides to increase profits and power/control over the populace… that conspiracy is completely bunk to you?
Doom
Re Krieger:
A for effort on trying to get people to not buy into the war propaganda, but it will happen. History shows time and again people will go to war, even a war based on the thinnest or pretensions if the alternative to is face the misery of their own making.
Besides, how else do we deal with the massive amounts of excess production capacity? How many nations are going to willingly dismantle any portion of their production base? How many are going to willing force their populations to live within available means?
Its easier to just let them kill each other. The victor can write history and justify their victory based on some nefarious actions of the conquered party.
Yo [14];
Naturally, non-profit colleges of the likes that professor Obama is steeped in will face no such performance test. Because of course they would fail. Millions of liberal arts degrees swimming in the secretarial pool, the only connection with their post-secondary eduation being that preparing those sociology papers taught them to type.
This no more than entrenched interests flexing political muscle to stifle successful competition. But you knew that.
Yikes [15];
Because that assumes you have enough birthdays to make a transfer of any reasonable size. Mortality (see my prior post on busses) doesn’t always cooperate. Tax policy as casino game is not wise.
Obaamy yesterday on Warren Nomination.
LEAMY: On the one hand, big business is adamantly opposed.
So everybody wants to know, will you nominate Elizabeth Warren to head this agency that she thought of?
OBAMA: Well, fir — first of all, it’s important to note that I’ve known Elizabeth Warren for a long time because I was a student at Harvard when she was a professor there. During the campaign, I actually brought in Elizabeth Warren to help design proposals for consumer protection. She is, I think, a wonderful voice making a very simple point, which is, if you’ve got a set of rules and standards in place to make sure your toaster doesn’t blow up in your face, you should have some rules and regulations to make sure your credit card or mortgage doesn’t blow up in your face.
And so I have the highest regard for Elizabeth. We have not made a decision about who we’re going to appoint yet, but here’s my guarantee, is that Elizabeth is going to be working with me, working with Tim Geithner, the Treasury secretary, to help in thinking about how do we make this consumer agency as effective as possible looking out for consumers. She is going to be actively involved in that process.
As always Obama hedging.
Doom 27 – Interesting. Could use a good laugh when it comes to market. Maybe the REO folks use the same appraisers that our town tax assessor uses for tax appeals. We got a settlement offer yesterday. They offered us $13,000 less than the sale price of a home on our street that they originally valued $130,000 higher than us. Apparently 10% off your assessment is the magic number they are floating to appealers this year. I’m thinking this is not their best and final offer.
Gator’s reply to our town’s tax attorney was a thing of beauty. I look forward to their next offer as well.
jj (28)-
No, I’m not a truther, if that’s what you’re getting at.
As an investor in DeVry, I am happy with another pro-corporate, screw the tax payer initiative. Moose’s logic is sound, hence I felt pretty good about holding through this recent for-profit-education uncertainty. It seems DV is up around 11% on the news this morning. Is there a way to invest in FHA?
Moose (30)-
I’m no fan of traditional academia, but I think the for-profit education thing is a gutter subprime scam, first and foremost.
I think Liz Warren should hire a food taster and check her brake lines often.
lib (36)-
Buy Treasuries?
“Is there a way to invest in FHA?”
35
I was implying they kind of go hand in hand.
$650,000 per year sounds like a good pension for a small town administrator.
http://news.yahoo.com/s/ap/20100723/ap_on_re_us/us_bell_salaries;_ylt=AirJP4RZNe2PaOEHg0f7RnSs0NUE;_ylu=X3oDMTNrMnZiOW9zBGFzc2V0A2FwLzIwMTAwNzIzL3VzX2JlbGxfc2FsYXJpZXMEY2NvZGUDbW9zdHBvcHVsYXIEY3BvcwM0BHBvcwMxBHB0A2hvbWVfY29rZQRzZWMDeW5faGVhZGxpbmVfbGlzdARzbGsDY2FsaWZjaXR5YWRt
Hyde,
It’ll be interesting how the market reacts to the EU test. I’ve a hard time believing any positive results aren’t already baked into the past few days results. The entire thing is rigged anyway so I’ve a had time seeing any negative or realistic results.
Confirmation That Only Sovereign Bond Losses On “Trading Books” Will Be Considered Validates Stress Test Irrelevancy:
Mark to Fantasy, EU Style….
http://www.zerohedge.com/article/confirmation-only-sovereign-bond-losses-trading-books-will-be-considered-validates-stress-te
Stress tests in. Everyone gets a pony.
Nom,
You have mail
Looks like its “buy the rumor sell the news” for the EUR
I have agents who I’ve either had to fire or who quit who wrote me IOUs for the money they owed at departure. If I claim those as assets, since I will be holding them to “maturity” (either my death or the death of the debtors, whichever comes first), can I get an 800 FICO and a financial bill of clean health?
“”The evaluations took into account potential losses only on government bonds the banks trade, rather than those they are holding to maturity, according to CEBS. That means the tests are set to ignore the majority of banks’ holdings of sovereign debt, investors said.
Doom (47):
Never mind the fact that the Greek banks hold 3X the Greek GDP in loans. Good thing they can keep the debt to maturity so they can get paid back 100%.
Rally on!
And for any of you out there who believe that our president is anything but an empty suit, here is your proof….
Bush = Obama = Failure
http://finance.yahoo.com/news/Pay-czar-17-bailedout-banks-apf-1817820185.html?x=0&sec=topStories&pos=2&asset=&ccode=
15 Yikes –
“what’s wrong with them shoveling 5-10k into your account every few months starting around 70?”
My mom would have been all for it, but she was terrified that she’d get some costly ailment and not have enough money left to pay for it. Of course, rationally, she knew that once the hospital and specialists got involved, they’d vacuum up every last dollar no matter how much she had saved. But she still wanted to be independent up to the end.
Hyde you have mail, sent it under an old header china Pics
This may be OT, but considering this is a real estate site, I thought I’d vent. Why is it there are homes near me that are still listing in the mid to high 300’s that were selling for the low to mid 100’s in 1999?! There’s loads of updating needed on top of it–the kitchens and the bathrooms are from the 1960’s and ’70’s!
Hyde and Gator, you’ve got mail.
The very rich ain’t so different…Bedminster Medical Plaza (in the oh, so prestigious 07921 zip code) just had FK papers filed against it today by the geniuses at BAC.
The outstanding balance is only 8.5 mm.
Ouch.
Doom, 54
Who owns it?
sl
Doom,
You’re a walking (?) bundle of contradictions. You can’t simultanously be talking about the US being a laughing stock in the world and not realize that our support of Israel is part of it.
So anyone who opposes our maniacal support of Israel is an anti-Semite? That’s crazy talk and you know it.
By that logic: you’ve had plenty of bad things to say about Obama. Heck, I just saw a book today on Obama and the politics of race. Seems like Obama is not taken seriously because he is a black man. Obviously you’re a black-hating racist. You should be ashamed of yourself.
I would be glad to pick apart your “points” until you were proven to be the imbecile you are, but I have nothing more to say to you, Sir.
Shame, shame.
What the fu,ck is this public official doing to earn 800K??? File this under ‘you gotta be fu,cking kidding me’…
sl
BFF!
only five banks so far today! yes, recovery is underway!
sl
geological reduction intensity
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and BFF, #6!
sl
JJ’s day off….
http://www.nypost.com/p/news/local/empire_strikes_CH4v0FnBaFC74JEdVqDujN
Smather’s,
Do you have a problem with the aid we give to Africa? Afghanistan? Iraq too? These numbers dwarf what we give to Israel, and we actually get something in return. What’s your beef with Israel? If we cut off their aid, they will be invaded, and it will end up costing us a whole lot more as we get dragged into world war III. Or are you sympathetic to the Islamic stain known as the Palestinians who no one gives two turds about.
I need help…..here is the punchline….what is a good joke?
http://www.youtube.com/watch?v=v4fU0Ajo4RM&feature=related
reeeeeeeally late to the discussion but regarding estates and money from moms and dads: I stated this months ago…you want to know why NNJ RE remains so high despite all the economic info? Money from the rents. 24,000k a year of freebies will get those prop taxes paid for and/or help out with a dp. You do not see this is south jersey,phila or other parts of the country because people simply do not have estates. The lifetime incomes are lower and most folks die broke or in debt, so no effect on the housing slide.
64. Stu.
Basically, yes. If there is a lifeline humanitarian question and the UN asks for help, then ok, we’ll contribute our fair share. But should we be invading Somalia? Um, probably not.
If we give Israel fair warning, they will settle their accounts. Why are we their keeper? I don’t get it.
On the other hand, if you think the US has all the money to throw around, well heck, toss it at Israel! I mean heck, we’ve got an extra 2 billion plus a year.
Everyone gets a pony, right?
People, if we don’t start making hard decisions NOW we will be screwed. Do you get that? We can’t support a large military anymore. If we got rid of a third of our deficit, would you be happy with me? Well, if you reduce the military to $100 billion, that’s what China spends … and they have some serious enemies on their borders. The deficit is $1.42 trillion the military is $640 billion or so.
What would you rather hear: “Sorry huney, I gotta sell the SUV and the 60″ plasma-screen cause I lost my job and I’m part-time” or all is golden?
The only foreign “aid” I’d approve of besides stuff the UN asks us for is to give money to the Russians to buy up their old nukes. We don’t want that crap hanging around. But that’s not a problem anymore. We figured out that the old nukes make great fuel for our reactors. And in fact the problem is that the Russians figured out the same thing so they aren’t so eager to give that stuff away. Well better to burn it up in the reactors…
Hey, I love NASA. I’m a big fan of outer space exploration. It’s thrilling for me? What do you think we should do with it? Shut it down as much as possible (maybe consider a little for innovation, minor defense, weather and gps…stuff we all use, and the spark that will get the commercial industry going). And that’s only $18 billion.
People, look in the barn. We have run out of ponies.
Did you all here Christie vetoed the 15K tax credit? Small mercies…
Anon E. Moose says:
July 23, 2010 at 10:35 am
Yikes [15];
Because that assumes you have enough birthdays to make a transfer of any reasonable size. Mortality (see my prior post on busses) doesn’t always cooperate. Tax policy as casino game is not wise.
This could go on all day. How do you know when you’re going to die? What if you live to 100? What if you’re healthy and die at 50? What if you …
bottom line: Try your best to stay healthy and put a plan in place – ie, 20k a year to your kids as a gift, assuming you think they are worthy and won’t screw you over – and things should turn out ok.
Ewellie (68)
Thank god (too bad I’m an athiest). Small mercies indeed… Stupidest idea ever.
Oh add $42 billion of ponies for Homeland Security to the funeral pyre. Ridiculous. So last year Al Qaeda inflicted $42 billion of damage to the US.
And why? Because we supported the Saudis (since by some measure they are Semitic peoples, I know, I only feed the fire of those who accuse me of anti-Semitism).
From Wikipedia on Al Qaeda (which is a good source for controversial stuff like this since there has to be a debate on both sides…you don’t believe me, you try changing it on pages like this):
Bin Laden offered the services of his mujahideen to King Fahd to protect Saudi Arabia from the Iraqi army. The Saudi monarch refused bin Laden’s offer, opting instead to allow U.S. and allied forces to deploy troops into Saudi territory.[52]
The deployment angered Bin Laden, as he believed the presence of foreign troops in the “land of the two mosques” (Mecca and Medina) profaned sacred soil. After speaking publicly against the Saudi government for harboring American troops, he was banished and forced to live in exile in Sudan.
Yikes [69]
Frankly, giving money to your kids while they are younger is better. There’s a book called Die Broke! and it has some good ideas. One is to give them money when they are young not when they are in their 50s. With the economy the way it will be for the next few decades, it’s going to be tough going when one gets out of school.
And if at 25 you blow the cash on coke and tranny hookers—and you knew that’s all there was—sorry, sucker. But maybe, just maybe if you know that is all there is you’ll grow up a little.
Just sayin’
Jesus. Smathers is crazier than I am.
Gov. Christie vetoes bill restoring $7.5M grant for family planning
Gov. Christie vetoes $100M homebuyers tax credit bill
nj.com This guy rocks!!!
Bank owned home being held open in Randolph tomorrow. 9 Roberts Rd, 449K. Big cheese wedge contempo. Allegedly sold for close to 900K to the chump who let it eat his life.
If it really sucks, you can step out back and pee in the pool.
yo (73)-
He’s a fugazy as an aluminum baseball bat.
Mostly bark. Little bite. Entirely fascist.
67. Israel is the closest thing to an allie in that part of the world. The Jewish lobby is affluent and influential. It aint rocket science smithers.
73- There is nothing that “rocks” about the veto of the family planning. Federal funds match our funds to some extent and all that will happen is more women going to emergency rooms and using up tax dollars in the least efficient way possible. The women’s health care covered things like breast exams and pap smears. Kind of important, no?
Gee. You mean Bin Laden got angry that the Saudi king didn’t kiss his ass and give him more power. Wow. I couldn’t have seen that coming…….
Hey Clot,
I call that the world toilet. If you can stand up and pee the world is your toilet.
One thing I’ll miss when I leave the north is the world refrigerator. One of the conveniences of living in the north is that a party in winter poses no problem in refrigerating all those foodstuffs and drinks. Just put them in the garage or out on the deck.
Furst!!
Solution to world mega problems:
Go back to Adam & Eve and start all over again.
sl (55)-
An LLC associated with the building. I wasn’t able to access any partner info.
Stu (64)-
Smathers is straight-up nuts. Responding to him is like annoying a caged rodent.
Productive afternoon at the FDIC:
Bank Closing Information – July 23, 2010
These links contain useful information for the customers and vendors of these closed banks.
Home Valley Bank, Grants Pass, OR
SouthwestUSA Bank, Las Vegas, NV
Community Security Bank, New Prague, MN
Thunder Bank, Sylvan Grove, KS
Williamsburg First National Bank, Kingstree, SC
Crescent Bank and Trust Company, Jasper, GA
Sterling Bank, Lantana, FL
International version of BFF (subtitled, for your convenience):
“Leaks that 5 Spanish Cajas will fail (ooohhhh) including CajaSur, Caixa Catalunya, and Caja-Duero. The denoument is that no Spanish commerical bank will fail (aaahhhh). We will be back to the very dramatic conclusion of this season’s finale of Who Wants To Invest In A Bankrupt Continent after 20 minutes of advertisements from our sponsor, the US taxpayer.”
http://www.zerohedge.com/article/more-leaks-season-finale-5-spanish-cajas-fail
64. Ouch. Stu getting all hardcore.
I’d say that in this day and age we need to start using some bigger bombs on the planet. We need more parking lots in Pakistan.
I promise to tone down my rhetoric if we can all do the same.
NJ does not need arecovery. Its proximity to NY means we get the benefit of NY’s.
People, head to the beach and support NJ’s recovery.
And while at the shore, stop into a local watering hole and lift a drink to Lindsry Lohan’s recovery.
Or demise, depending on how “Clot” one is feeling today.
NJ and the Feds need to be reintroduced to the concept of zero-based budgeting.
Lindsey, even
Stu/Gator,
How are your underwater friends in Middletown (or was it Red Bank?)?
Is it me or is there no problem a cruise missile can’t handle?
OT,
Am growing Padron peppers. Little peppers that are sorta like pepperoncini peppers. Most of them are mild (relatively) but some can get scorching… well got home from the Pit, wandered the garden, picked cukes, tomatoes and peppers and bit into a screeching hot Padron pepper. OMIfu.ckingG! That was hottttttttt! Wow!
sl
CHICAGO (MarketWatch) — More help is on the way for unemployed homeowners struggling to make their mortgage payments, thanks to funding tucked into the financial reform legislation signed by President Obama on Wednesday.
Although the U.S. Department of Housing and Urban Development hasn’t released the details of exactly how the $1 billion emergency homeowners’ relief fund will be distributed, legislation dictates that the program start by Oct. 1.
http://www.marketwatch.com/story/bank-reform-brings-mortgage-aid-for-the-unemployed-2010-07-22
Will the Stock Market go up or down when North Korea nukes the Pacific Fleet performing maneuvers off their coast? Will Obama implement a surcharge for rebuilding the fleet, or put it on his China Credit Card. Interesting that both Obama & Clinton think the South Korea/US Fleet Exercise is so important that they are willing to risk Nuclear War over it? I wonder what our reaction would be to a Russian or Chinese/Cuban Fleet exercises off the Florida Coast? Use to work with a fellow named Rom Bidoff who had a habit of making mistakes. We use to say Rom, Bit Off, more then he could chew. We may see Obama Bite Off More Then We Can Chew. He’s not included in his Nuclear Shelter under the White House.
I guess this is a key part of “O’s” promised Change?
WASHINGTON – New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.
That’s actually a little better than the administration predicted in February.
The new estimates paint a grim unemployment picture as the economy experiences a relatively jobless recovery. The unemployment rate, presently averaging 9.5 percent, would average 9 percent next year under the new estimates.
The Office of Management and Budget report has ominous news for President Barack Obama should he seek re-election in 2012 — a still-high unemployment rate of 8.1 percent. That would be well above normal, which is closer to a rate of 5.5 percent to 6 percent. Private economists don’t think the unemployment rate will drop to those levels until well into this decade.
“The U.S. economy still faces strong headwinds,” the OMB report said. They include tight credit markets, a high inventory of unsold housing and retrenchment by state governments bound by balanced budget mandates. The European debt crisis has also had an impact.
“Despite these headwinds, the administration expects economic growth and job creation to continue for the rest of 2010 and to rise in 2011 and beyond,” the report said.
The gaping deficits are of increasing concern to voters. But Obama and Democrats controlling Congress are mostly taking a pass on deficit reduction this year as they await possible recommendations from Obama’s deficit commission.
While there’s a slight improvement in the deficit for the current year compared to the administration’s February forecast, next year’s predicted $1.42 trillion worth , next year’s predicted $1.42 trillion worth of red ink — that’s 37 cents of borrowing for every dollar spent — is looking worse. It’s about $150 billion more than previously predicted, because of still-slumping tax revenues.
The current record holder is the $1.41 trillion deficit for 2009.
Economists agree that the most important measure of the deficit is against the size of the economy. Opinions vary, but many economists say a deficit of 3 percent of gross domestic product is sustainable since it would stabilize the overall debt when measured relative to the economy.
The report put the deficit at 10 percent of GDP this year and 9.2 percent of GDP next year. It would never reach the 3 percent figure under Obama’s predictions — which underestimate war costs and depend on assumptions of tax hikes that may not materialize.
OMB Director Peter Orszag said the numbers represent a “fiscal situation that requires attention.”
Obama “has done little to confront this domestic enemy,” said Rep. Mike Pence, R-Ind. “Washington desperately needs real leadership. We cannot continue to postpone the hard choices and sacrifices that are necessary to stop this fiscal train wreck.”
Deficits have skyrocketed since the recession took hold in 2008 and Congress responded with a massive bailout of the financial system and last year’s $862 billion stimulus measure.
“What we should be doing now is putting in place deficit reduction policies that will kick in after the economy has more fully recovered,” said Senate Budget Committee Chairman Kent Conrad of North Dakota. “It is an unsustainable long-term course.”
Gold Dealer: The dollar is worthless. Gold is the only safe bet.
Me: But all I got are these worthless dollars.
Gold Dealer: We will take them.
hyde [29]
Besides, how else do we deal with the massive amounts of excess production capacity? How many nations are going to willingly dismantle any portion of their production base?
Well, at least one (the U.S. of A.) willingly dismantled a large portion of its production base, beginning around 1980. I still remember driving by the avionics plant of Rt 22W in Watchung (all the way from todays’ Home Depot to today’s Wal-Mart), or by the Ford factory off Rt.1 in Edison, or many other places. The whole waterfront from Belleville to Linden is a cemetery of th erold chemical plants…
Cobbler
CEOs and Corps got paid to do that ala wage/cost arbitration
Hey Gary, Schumitzi wants what??? A pony????
Parents complaining that camp costs so much for little schumitzi!! Parents complaining that swim team cost so much for little schumitzi!!! Free cell phones in NY with 200 minutes free a month for little Schumitzi!
Parents complaining that they have to pay for sports this year in school for little SCHUMITZI!!!! Well I decided not to have little schumitzi’s and IM tired of paying for yours!!
well why did you have little schumitzi’s if you cant afford them?? Why did you have three of them too?? Why do you live your whole damn life for little SCHUMITZI, and you let yourself go so damn bad. You weight 260 lbs but its all for the kids. This is a way for you not to focus on your miserable life, and keep married because of the kids/for the kids. But reality is you cant take any control of your own life so you focus on little schumitzi. Now go eat more walmart food and get fatter and focus on the kids.
I know I sound harsh but I am so tired of hearing excuses for your fat ass. They put so much effort to the kids and cant even walk they are so out of shape. Its time to put yourself first or little schumitzi wont have a parent due to diabetic carb coma!!
Ahh, summer. Time for old songs like that Elton John classic: Benny’s in Corvettes.
Schmutzi is going to end up a fat fcuk like his lardass parents. He’s 10 years old, already wants to quit soccer and is addicted to Halo.
Gold Dealer: The dollar is worthless. Gold is the only safe bet.
Me: But all I got are these worthless dollars.
Gold Dealer: We will take them.
More people talking and singing about stuff they know nothing about. Ive heard it all since 2006…have putting on that DOW 10,000 hat another 100 times during the dext decade.
Hoboken market on fire this week. 14UC. Solid $500/sqrf
http://hudson.fnismls.com/publink/default.aspx?GUID=77f91305-7125-4c00-98e5-f8200fdfbeb5&Report=Yes
hyde [101]
Wage arbitrage schmage arbitrage, but no one (or no one for any practical purposes) stood up for the domestic manufacturing when the federal and state laws and regulations favoring malls, warehouses, banks and speculative office space over the production plants had been adopted and enforced. When any attempts to mandate product quality, as long as it was safe, were rejected (would have instantly removed 90% of stuff off the Wal-Mart shelves, especially in the 80s and 90s). When FDA continues to inspect domestic operations 2x a year, and the foreign ones once in 5 years (and only those close enough to the major airport). Come on… the whole country dismantled it principal source of wealth quite willingly… the whole idea of sitting on your a$$ in the office when someone invisible makes all the good stuff for you to buy on the cheap. Even after everything we’ve seen in the last few years, 70% of Princeton engineering grads (who don’t go to the graduate school) joined the financial services… As a society we probably overconsume by 30% or so thanks to the overseas labor – if the people are told they will have 30% less of everything because we need to bring back domestic production, the speaker will be confined…
Sunday, July 25, 2010; A01
KENNER, LA. — If there is no smoking gun in the Deepwater Horizon disaster, it is because there is smoke coming from so many places.
After months of oil-spill misery and endless recriminations about what happened and why, it is increasingly clear that the complex operation of drilling an exploratory well in the deep water of the Gulf of Mexico failed in a complex way. No single decision or misstep in isolation could have caused the blowout, but any number of decisions might have prevented it had they gone the other way.
The calamity, the evidence now suggests, was not an accident in the sense of a single unlucky or freak event, but rather an engineered catastrophe — one that followed naturally from decisions of BP managers and other oil company workers on the now-sunken rig.
Such was the theme that began to emerge from hearings this past week in Kenner, La., where a federal investigatory panel, meeting in a nondescript Radisson hotel near the New Orleans airport, questioned survivors of the April 20 explosion that killed 11 of their co-workers. Government investigators describe a situation in which BP repeatedly had to make “risk-based decisions,” and in every instance chose the least expensive option even though it potentially elevated the risk. That steadily whittled away at the margin of error until there was no margin left and gas found a spark on the Deepwater Horizon.
For example, on the day of the blowout, BP managers decided to skip a typically routine, and time-consuming, “cement bond log” test that could have detected fissures in the cementing of the well. They did not use the recommended 21 “centralizers” to position the well prior to the cement job, deploying just six instead. They used the cheaper of two well designs, one with fewer barriers to rising gas but costing $7 to $10 million less.
They were also conscious of the value of mud. On the day of the explosion, the expensive drilling fluid was taken out of the well and offloaded to an adjacent boat precisely when, as it turned out, the mud was the only thing suppressing the “well from hell,” as the widow of one rig worker called it.
Then there was Transocean, the company that owned the rig. Transocean didn’t fix a leak earlier this year in the control pod of the blowout preventer, and the company permitted a backlog of 390 maintenance jobs, according to a September audit.
The companies involved have yet to make their cases in full. Witnesses repeatedly testified that safety was their paramount priority. Officials with each company have suggested in recent months that the culpability for the disaster lies elsewhere. BP, for example, has argued that Halliburton failed to do an adequate cement job. BP also blames Transocean, the owner of the rig, for failure to maintain its blowout preventer — a device designed to automatically close down a well that has become dangerously unstable .
Halliburton and Transocean, for their part, point out that BP designed the well and had final say on all decisions at every stage of the process. BP’s investment partner in the well, Anadarko, has declared BP’s actions “reckless” and a breach of contract — a legal argument designed to remove Anadarko’s liability for the oil spill.
One event received extended treatment in the Kenner hearings. Late in the day of April 20, rig workers conducted what is known as a “negative test” on the well to see if any potentially harmful gas had invaded the well bore. It showed 1,400 pounds per square inch of pressure in the well — a sign of gas. But for reasons that remain hotly disputed, BP managers on the rig accepted a benign interpretation of the test, and proceeded to pump the heavy drilling mud out of the well and replace it with much lighter seawater. The well soon erupted.
A BP lawyer at one point asked a line of questions hinting that the company believes that a Transocean tool pusher offered an incorrect interpretation of the negative test that downplayed the unexpected pressure in the well.
The tool pusher could not testify — he was among the 11 who were killed in the explosion.
snip
The first problem was the loss of well integrity. The well had been successfully drilled and, the day before the blowout, cemented. For some reason, the cement job didn’t work, and hydrocarbons surged into places they weren’t supposed to be.
The second problem was the failure to recognize the first. Wells are typically tested in multiple ways. The cement bond log, for example, sends an instrument down the well to interpret whether the cement is properly in place. Three workers for the contractor Schlumberger had flown to the rig to conduct the test. But at 11 a.m. on April 20 they were told their services were not needed — and they flew home.
The third problem was the failure of the blowout preventer to cut the pipe when the hydrocarbons surged from the well. Had the blowout preventer worked, it might have overcome all manner of engineering sins. What went wrong may not be known until after the Macondo well is finally killed, and the huge device can then be retrieved and inspected.
The final problem was the spark that turned a gas leak into a fireball. In what may have been the most dramatic revelation of the week — and one that Transocean disputes — Mike Williams, the rig’s chief electrician, testified that an automatic feature of its gas-detection system had been disabled in a move designed to prevent false alarms that might awaken sleeping workers.
snip
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/24/AR2010072402594_pf.html
Hot Summar Night.
Checked on house I sold for 520K in July 2006.
Today, it can be had for 300K in July 2010.
Another one sold for 275k in June 2006
Today, 180k maybe if luckly.
Had we not sold them, we would have been broke.
Cold sweat.
In the morning, get to change oil for both cars. Sweet dreams.
cobbler (110)-
The sad thing about all this is that it has been pre-planned and carried out in a systematic fashion. The endgame is the complete destruction of the middle class.
Of course, the chimps who dreamed up this scheme don’t understand that if you take out the middle class, you also destroy the last influencer of civilized behavior.
Get ready for anarchy.
Shore (111)-
The Chinese have it right in these disaster situations. Take everyone remotely responsible, and execute them. If we did that, we’d have very safe oil drilling in a jiffy.
The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it
Posted Jul 15, 2010 02:25pm EDT by Michael Snyder
Editor’s note: Michael Snyder is editor of theeconomiccollapseblog.com
The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in America.
The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace.
So why are we witnessing such fundamental changes? Well, the globalism and “free trade” that our politicians and business leaders insisted would be so good for us have had some rather nasty side effects. It turns out that they didn’t tell us that the “global economy” would mean that middle class American workers would eventually have to directly compete for jobs with people on the other side of the world where there is no minimum wage and very few regulations. The big global corporations have greatly benefited by exploiting third world labor pools over the last several decades, but middle class American workers have increasingly found things to be very tough.
Here are the statistics to prove it:
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
• 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
• 36 percent of Americans say that they don’t contribute anything to retirement savings.
• A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
• 24 percent of American workers say that they have postponed their planned retirement age in the past year.
• Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
• Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
• For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
• In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.
• As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
• Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
• In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
• The top 1 percent of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.
• In America today, the average time needed to find a job has risen to a record 35.2 weeks.
• More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.
• or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
• This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
• Approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.
• Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
• The top 10 percent of Americans now earn around 50 percent of our national income.
Giant Sucking Sound
The reality is that no matter how smart, how strong, how educated or how hard working American workers are, they just cannot compete with people who are desperate to put in 10 to 12 hour days at less than a dollar an hour on the other side of the world. After all, what corporation in their right mind is going to pay an American worker 10 times more (plus benefits) to do the same job? The world is fundamentally changing. Wealth and power are rapidly becoming concentrated at the top and the big global corporations are making massive amounts of money. Meanwhile, the American middle class is being systematically wiped out of existence as U.S. workers are slowly being merged into the new “global” labor pool.
What do most Americans have to offer in the marketplace other than their labor? Not much. The truth is that most Americans are absolutely dependent on someone else giving them a job. But today, U.S. workers are “less attractive” than ever. Compared to the rest of the world, American workers are extremely expensive, and the government keeps passing more rules and regulations seemingly on a monthly basis that makes it even more difficult to conduct business in the United States.
So corporations are moving operations out of the U.S. at breathtaking speed. Since the U.S. government does not penalize them for doing so, there really is no incentive for them to stay.
What has developed is a situation where the people at the top are doing quite well, while most Americans are finding it increasingly difficult to make it. There are now about six unemployed Americans for every new job opening in the United States, and the number of “chronically unemployed” is absolutely soaring. There simply are not nearly enough jobs for everyone.
Many of those who are able to get jobs are finding that they are making less money than they used to. In fact, an increasingly large percentage of Americans are working at low wage retail and service jobs.
But you can’t raise a family on what you make flipping burgers at McDonald’s or on what you bring in from greeting customers down at the local Wal-Mart.
The truth is that the middle class in America is dying — and once it is gone it will be incredibly difficult to rebuild.
“The European stress test today was a very very sad buffoonery to witness. Firstly the worst case scenario is a 3% GDP contraction and a 20% equity market sell-off. Let’s be frank if GDP contracted in Europe by 3% stocks would fall a bit more than 20%. More importantly, as 20% correction would leave the market clear by 33% above the lows of 2009. You would think the worst case scenario would be at least to revisit these lows. So basically the worst case scenario is not really credible as a “worst” case. Secondly the test focused strictly on the mark-to-market holdings of sovereign bonds. That is like sizing up an iceberg using only the tip. Spanish banks for example are ridden with housing inventories that are most likely marked at the 2006/2007 highs, and all that is happily excluded from the test, as well as accrual accounting books. The fact that they had to resort to truncating the scope so much given a relatively mild worst case assumption tells you how much head scratching must have gone on to make this look half way decent. It even felt like they invented some random unknown banks that failed just to make it legit. Solid work I must say, and on a summer Friday with no volume and syndicated desks using algos to push up the tape, the reception by the market looks quite grand on paper. The fact sadly is that no one cared today and there is not one reasonably informed investor out there who doesn’t see this for what it is: a sad joke. Unfortunately when everybody gives up on the market and it melts up for no reason, I think we are really worst off than if we took the pain we deserve now and deal with the real state of affairs. This expensive extension of a broken system will only make it worse in the end.”
http://www.zerohedge.com/article/us-equities-outperformed-sad-day-integrity