June Beige Book

From the Federal Reserve:

Beige Book – New York District Summary

The Second District’s economy has continued to expand since the last report, though at a somewhat diminished pace. Labor market conditions have continued to improve modestly. Retail sales have held steady at favorable levels since the last report. Consumer confidence reports have been mixed. Tourism activity picked up in April but tapered off a bit in early May. Commercial real estate markets have been relatively stable. The residential purchase market has been steady to somewhat softer, but the rental market has continued to improve; new residential construction remains low. Finally, bankers report further weakening in consumer loan demand, tighter credit standards on the commercial sector, and higher delinquency rates on consumer loans but somewhat lower delinquencies in other loan categories.

Construction and Real Estate

Housing markets across the District have been mixed since the last report: the home purchase market has been steady to somewhat softer, but the rental market has continued to strengthen. Buffalo-area Realtors report steady market conditions, with sales activity and pending sales down from a year earlier but prices up roughly 5 percent. More broadly, home prices have been running moderately ahead of a year earlier across most of upstate New York, despite pockets of weakness in metropolitan Rochester and Albany. However, prices in the New York City metropolitan area, including northern New Jersey and southwestern Connecticut, have drifted down slightly and are modestly lower than a year ago.

An authority on New Jersey’s housing industry reports that sales of existing homes have slowed since the last report, and new home sales remained depressed. A sizable inventory of foreclosed properties–roughly equal to nine months of sales–is reported to be putting downward pressure on home prices overall. However, low volume and a sizable incidence of distressed sales make it difficult to gauge price trends in northern New Jersey. Activity in New York City’s co-op and condo market was mixed but generally stable since the last report, with Manhattan, Brooklyn and Bronx holding steady–in terms of both prices and sales activity. Some softening was evident in Queens and Staten Island. Long Island’s market has been stable, though conditions have weakened in the Hamptons, where sales activity is off, especially at the high end.

In contrast with the sluggish purchase market, rental markets have performed fairly well, particularly in New York City: Manhattan rents are reported to be up roughly 6 percent from a year ago. Moreover, when the widespread withdrawal of landlord concessions is factored in, the rise in effective rents has been steeper. Rental vacancy rates have drifted down. Contacts in both New York City and northern New Jersey see relatively little new residential construction, and note that most new and proposed development is for rental housing.

Commercial real estate markets have been largely steady since the last report. Office markets showed signs of modest improvement in New York City, Long Island, and most of upstate New York, as vacancy rates edged down while asking rents were steady to up slightly. However, market conditions weakened somewhat in northern New Jersey, Westchester and Fairfield Counties, and in the Albany area. Industrial vacancy rates rose in Long Island but were little changed in other markets. In much of the District, asking rents on industrial properties, which had been declining through the end of 2010, have leveled off or moved up modestly in recent months.

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146 Responses to June Beige Book

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    But… I’m down in Delaware this morning

  3. grim says:

    When the going gets tough…

    From HousingWire:

    Fannie VP of REO resigns

    Tiffany Davis-Fletcher resigned from her position as vice president of the Fannie Mae REO sales credit division this week.

    Davis-Fletcher was responsible for managing credit losses through the marketing of recently foreclosed property held by the government-sponsored enterprise. She joined Fannie Mae in 1997 and held director and sales manager roles within the REO sales team in Dallas.

    Fannie holds 153,000 REO in its inventory, according to first-quarter financial reports, and that number is growing as one of the company’s most experienced REO executives leaves. One year ago, Fannie held 109,989 REO.

  4. Phony’s nuclear payload of REO just keeps growing larger.

    Doom is nigh. Prepare for the gottendammerung.

  5. Here comes the kill shot (aka QE3).

    “It just never changes:

    -OBAMA AIDES SAID TO DISCUSS EMPLOYER PAYROLL TAX BREAK

    -PAYROLL TAX BREAK FOR EMPLOYERS AMONG IDEAS TO BOOST HIRING

    -ADMINISTRATION CONSIDERING MEASURES AS RECOVERY SLOWS

    Bolded bullets aside, good luck passing another fiscal stimulus Dear President when you can’t even issue debt without stealing money from government retirees.”

  6. Mike says:

    OK Good Morning Delaware

  7. wheaties says:

    I’d like to know if the Beige book reports on average prices paid versus price comparisons between like houses year over year. I read things like “The average price paid for a house has risen 4%!” and I think that’s nice, it tells me nothing about what prices are really doing. If I had a town where 10 100k homes sold and 1 10million dollar home sold versus the year before where those same 10 homes sold for 110k the average would move up considerably.

  8. Dissident HEHEHE says:

    Clot,

    I just don’t see QE3 happening until the fall. This summer is going to be a monster smackdown to set the stage for it.

  9. AG says:

    9. Why congress wants to play russian roulette with the economy over political bs is beyond me. Just stealth QE until we get a bad gdp/jobs report that gives the necessary political cover. QE 3 needs to be big to have any impact.

  10. HE (9)-

    I agree. TPTB has to shank everything and generate a massive deflation scare (just like with versions 1 and 2). To get the max effect, they will also have to make QE3 seem like a surprise. However, everybody’s onto the whole charade now, so QE3 is going to price in through the summer, so that the only variable in the whole silly game will be when the next round of money printing gets announced. If you go by the ZH philosophy that 2011 is just 2010 all over again, that announcement should come at the Jackson Hole meeting.

    We are now at the well and truly fuct point, though. We have no buyer of our debt except ourselves, the current debt is unpayable, the economy is still contracting, and the currency is being ripped to shreds. The Fed’s balance sheet is completely out of control, the debt ceiling crisis still looms and if you’re a believer in the ratchet effect (the addict needs bigger and bigger hits to achieve the same high), you know that the next round of QE has to be over 2 trill to have any effect (i.e., lift risk assets) at all.

  11. Things are so bad that the most heartening news I’ve heard during this whole mess is that a few people in Clowngress are beginning to publicly talk about pursuing a path of technical default.

    BTW, I think some form of default is the best first step for getting this whole mess under control.

  12. A temporary, technical default is akin to a financial attack on the foreign holders of our debt. Will a missed payment or four really cause the Chinese to dump our paper?

    And, if they choose to even partially dump, who’s the buyer, and at what prices?

  13. What will replace the USD as a reserve currency?

    – Petrocurrency “basket”? Yeah, right. The OPEC countries hate each other so much, they can’t even sit in the same room together. How will they agree on the currency composition?

    – Yuan? Again…yeah, right. Massively-manipulated by a brutal regime and pegged to the USD. Not exactly what you want to be using for cash settlement.

    – IMF “basket”? Yeah, right. I’d sooner accept settlement in Wieners. At least he didn’t corner some poor maid in a hotel room.

    Silver, bitches!

  14. Shorte Guy says:

    Not to all men with a public profile, do NOT betray the trust of an ex who has ready access to the mass media.

    http://news.yahoo.com/s/dailybeast/20110608/ts_dailybeast/14604_anthonyweinersexkirstenpowersheliedtome

    I will post a letter of hers but think it might get tossed into mod.

  15. Dissident HEHEHE says:

    Clot,

    Attica! Attica! Attica!

  16. Shorte Guy says:

    Yup, in mod.

  17. All Hype says:

    Jobless claims – 427k

    The economy continues to deteriorrate.

  18. Burn, mf’er! Burn!!!

  19. Kettle1^2 says:

    Shore

    that is why you stick to high end escorts paying in cash and using an alternate identity. You would think these clowns would figure it out. It’s not that hard.

  20. Kettle1^2 says:

    Hobo 14

    an Asian version of the euro could make a ready replacement for the dollar. It won’t happen overnight and would eventually suffer the same fate as the euro, but in the interim in would probably be very attractive to the rest of the world.

  21. 3b says:

    #9 Agreed, have to set the stage, and line up the pieces. But make no msitake as has been discussed here months ago, QE 3 is coming.

  22. Painhrtz - Salmon of Doubt says:

    Ket didn’t work for Spitzer

  23. gary says:

    Especially run up bills on the joints credit. And why not? Nobodys gonna pay for it anyway. And as soon as the deliveries are made in the front door, you move the stuff out the back and sell it at a discount. You take a two hundred dollar case of booze and you sell it for a hundred. It doesnt matter. Its all profit. And then finally, when theres nothing left, when you cant borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.”

  24. chicagofinance says:

    All is well….this guy is so NJ, too bad he represents my old stomping ground in Queens….he is a natural for us…..

    Weiner’s swan schlong
    Heat’s on to quit as peni$ pic hits the ‘Net

  25. gary says:

    And that’s that.

  26. AG says:

    14. Whatever it is it will be tied to gold. Gold has already won that battle. Best case scenario for US is revalue gold to its true price. Default on current debt. Repeg dollar to gold. Mexico is going to monetize silver within 2 years.

  27. Kettle1^2 says:

    Pain

    he didn’t use an alternate identity. Besides if someone wants the dirt bad enough and really digs they are going to find it. Those measures simply mitigate the risk of “casual” exposure, not someone bent on digging up your skeletons.

  28. Kettle1^2 says:

    AG

    I have to disagree. The next Resrve currency probably won’t be tied to commodities because it would remove or make very difficult the ability of banksters and governments to play their favorite ponzi games.

    The interim between the USD and the next reserve currency may see a tie to gold or other commodities but that will probably be short lived due to the inherent restrictions it places on the standard inflationary debt games that governments love to play.

    While the rest of the world hates the way the US abuses it’s reserve currency status they all lust to play the same game. They don’t want the game abolished, just reset with them as THE holder or one of the holders of the reserve currency.

  29. JJ says:

    will the asian version give us a “happy ending”?

    Kettle1^2 says:
    June 9, 2011 at 8:58 am

    Hobo 14

    an Asian version of the euro could make a ready replacement for the dollar. It won’t happen overnight and would eventually suffer the same fate as the euro, but in the interim in would probably be very attractive to the rest of the world.

  30. sas3 says:

    Clot #5,

    Oh, that is so George W Obamaish… Employer pay roll tax cuts will boost hiring! Wonderful. It’s such a marvelously beautiful idea, it really takes a Harvard JD to figure it out.

    All my debt and financial troubles magically disappear when I get a 2% discount or cash back on my expenses – most of which I have to do anyway. And, when I don’t have much debt, the 2% will really make the difference — I will replace my ’96 compact with a new Mustang!

  31. Kettle1^2 says:

    AG

    from a different angle, consider that modern growth based economics is exponential in nature and must have an associated currency capable of exponential growth. Any commodity backed currency is likely to limit economic expansion to linear growth rates. No nation is going to willingly abandon exponential growth based economics due to the amount of money there is to be made if you can pull it off. Of course it is primarily those with first access to the currency that reap the lion share of the profits in such an economy.
    A commodity tied currency would tend to drive an economy to steady state which is the antithesis of modern government, finance, and economics.

  32. Kettle1^2 says:

    Jj

    for an ounce of Ag. They will

  33. 3b says:

    I am bored . I think it is time to treat myself to an X5.

  34. JJ says:

    you are only supposed to take that 2% and buy bank stocks or hire new workers .

    sas3 says:
    June 9, 2011 at 9:23 am

    Clot #5,

    Oh, that is so George W Obamaish… Employer pay roll tax cuts will boost hiring! Wonderful. It’s such a marvelously beautiful idea, it really takes a Harvard JD to figure it out.

    All my debt and financial troubles magically disappear when I get a 2% discount or cash back on my expenses – most of which I have to do anyway. And, when I don’t have much debt, the 2% will really make the difference — I will replace my ’96 compact with a new Mustang!

  35. Juice Box says:

    re: # 27 – Al – this POTUS re-opening the gold window? Not likely.
    This Chicago school of Politics POTUS does not have the stones to go against the Global banksters, if re-elected nothing will change. The Global banksters plan on issuing 100 Trillion in new credit over the next few years to the emerging economies and said so at the World Economic Forum earlier this year in Davos. The global credit stock has already doubled in recent years, from $57 trillion to $109 trillion between 2000 and 2009.

    We the US have already defaulted twice already in the last 100 years, three times is a charm.

    Quote from Arthur Burns back in 1971 the second time the US defaulted on Debt, when it closed the gold window.

    “My efforts to prevent closing of the gold window–working through Connally, Volcker, and Shultz–do not seem to have succeeded. The gold window may have to be closed tomorrow because we now have a government that is incapable, not only of constructive leadership, but of any action at all. What a tragedy for mankind!”

    What makes anyone think anything is different this time? The rich will get richer
    the poor will get poorer end of story.

  36. Juice Box says:

    re: bored – 3b me too!

    However instead of a new car this year I rented a house in Spring Lake for July, August and Labor Day. 10 weeks of pure fun in the sun, going to be working less and enjoying more time with my family. Going to work hard on getting back my six pack abs, my Irish Tan and enjoying life.

  37. Shore Guy says:

    http://online.wsj.com/article/SB10001424052702304259304576373611151476804.html?mod=WSJ_Opinion_LEADTop
    By John Steele Gordon

    Woodrow Wilson’s most famous piece of political advice was “Never murder a man who’s committing suicide.” Rep. Anthony Weiner’s critics might keep that in mind. The Twitter disaster has undoubtedly ended his hopes of being New York City’s next mayor and may well cost him his seat in Congress.

    But as a scandal it pales before Eliot Spitzer’s descent into political infamy when he was identified as being “Client No. 9” in an upscale prostitution ring. Within a week there were T-shirts for sale proclaiming “I’m Client No. 8!” and he was forced to resign as governor of New York. As he drove to make his resignation announcement, his car was tracked by helicopters through the streets of Manhattan like O.J. Simpson’s famous ride in a white SUV through Los Angeles.

    Rep. Vito Fossella of Staten Island (is there something in New York’s water?) was arrested for drunk driving in Alexandria, Va., in 2008 and among the revelations that flowed from it was the fact that he had a 3-year-old daughter with a mistress. He declined to run for re-election. Then there’s former senator and vice presidential candidate John Edwards’s love child, the cover-up of which has now gotten him indicted. Whatever the outcome of the case, his hopes of being president are a distant memory.

    It would seem that there has been an unusual number of such career-ending shenanigans of late, beginning with President Clinton’s affair with White House intern Monica Lewinsky that, somehow, he managed to survive politically. But hanky-panky in the political class is as old as the Republic.

    Alexander Hamilton had a reputation not unlike Bill Clinton’s when it came to women. (Martha Washington even named one of Mount Vernon’s tomcats Hamilton.) In 1791, Hamilton, then secretary of the Treasury, began an affair with a woman named Maria Reynolds. When her cuckolded husband blackmailed him, Hamilton paid hush money to keep his wife from learning of the dalliance.

    snip

  38. Shore Guy says:

    Priceless, from the WSJ article noted above:

    As the late historian Stephen Ambrose once explained on PBS’s “NewsHour” about the Clinton-Lewinsky scandal, “God created man with a pe-ni$ and a brain and gave him only enough blood to run one at a time.”

  39. 3b says:

    #37 I am down there for a week in August. Would move there if the the commute to down town was not so horrible. July and August in SL would be wonderful!!! That must have cost some change, but so what, it is definitely worth it. I am doing the work out thing too; mainly strength training. As far as the tan, well that will not be happening. I will this year try the 85 sun block!!!! I still want the x5, seriously considering it.

  40. NJGator says:

    Appeal my taxes up? Are these people crazy?

    Surprisingly low property values create questions in DeKalb

    Shock and disbelief greeted Colin Heydt when he opened DeKalb County’s tax assessment notice on his Candler Park home. Across the county in Stone Mountain, Jan Dunaway had the same reaction.

    Unlike residents in Gwinnett or Fulton, who have flooded their counties with appeals for lower assessments, many DeKalb property owners insist their home values are far too low.

    In order to maintain services, such as police and libraries, residents say they’d prefer to see higher home assessments — which means higher taxes regardless of rate — instead of what they think are unrealistically low assessments. The drop in home values has the county thinking of raising taxes up to 4.5 mills, which would increase taxes about $93 a year on the average home, which this year is assessed at $155,700.

    “If you are going to take one of the better off neighborhoods and give people 60 percent off their taxes for no apparent reason, something is dramatically wrong,” Heydt, a philosophy professor whose four-bedroom home, with a separate carriage house, plunged 57 percent from an assessment of $440,700 to $189,960.

    “I’d be happy to pay more in taxes than what I’m currently scheduled to, because it’s only fair,” Heydt added. “Without an adjustment, you’re talking about the potential for millions of dollars in lost revenue.”

    DeKalb’s chief appraiser Calvin Hicks couldn’t believe his ears when calls complaining about values too low started coming in. He defended the county’s assessments but admits the numbers could be off in some areas, including the Candler Park neighborhood.

    “It’s as accurate as we can make it, given the confines we’re working with,” Hicks said. “Really, it’s been an unusual year.”

    He attributes the plunging values mostly to a new state law that requires distressed sales be included when calculating the market value. Because DeKalb has the third highest number of foreclosures in the state — with 7,645 foreclosures announced between January and May — those sales are pushing down values countywide.

    http://www.ajc.com/news/surprisingly-low-property-values-971241.html?cxtype=rss_news

  41. Shore Guy says:

    “state law that requires distressed sales be included when calculating the market value”

    Well, they are part of the market. We did not exclude insanely-overpriced dwellings from the calculation in the middle of the bubble.

  42. Anon E. Moose says:

    File under “They’re not even trying anymore”:

    http://www.auction.com/New-York/residential-auction-asset/1233695-1356-204-Vail-Ln-NORTH-SALEM-NY-10560.html

    “Buyer Assumes Responsibility of Occupancy” – translation: Buy your own lawsuit! The bank is tired of dealing with deadbeat homedebtors (Read the docs – its fun! Neg Am variable rate loan; so much for banks preying on the poor in subprime inner city areas) whining about robosigning and “Produce the Note” when the most notable thing nobody has produced is a payment check that will clear; so for $1MM or so they’ll let you do it for them!

    “Previously Valued” up to $1.3 MM; judgement amount just over $1 MM. I’m thinking this will gavel at ~$700k “Subject to Confirmation”, and the bank will be stupid enough to turn it down.

  43. Outofstater says:

    #41 Gator – Property taxes in the Atlanta area are much lower than in NJ. Taxes on a four bedroom, 3 bath house on a 3/4 acre wooded lot are about $2,000 per year. And at age 62, a homeowner no longer has to pay the school portion of the bill so the tax bill drops to about $700 per year. And the schools are good (some are ten out of ten on greatschools.com, whatever that means) and the police and fire depts are very responsive. I honestly don’t get why the same house in NJ would cost $12-18K in taxes. Where does the extra money go? We have county schools, police and fire so that cuts down on overhead, but that can’t be all of it. We also have a special 1% sales tax that we vote for ourselves every few years. That money can be spent only on specific items listed on the ballot. And the schools get money from the state lottery too. Maybe that makes up the difference but I’m not sure. Anyway, call me crazy, but I wouldn’t mind paying a little extra in property taxes to keep services at their current levels. I don’t think I’d complain that my property value was too low though.

  44. chicagofinance says:

    Was at the stoplight at Exit 109 waiting to cross under the GSP coming to work. A guy in an X5 pulled up behind me and had his index finger up his nose practically to the knuckle…….

    3b says:
    June 9, 2011 at 9:59 am
    #37 I am down there for a week in August. Would move there if the the commute to down town was not so horrible. July and August in SL would be wonderful!!! That must have cost some change, but so what, it is definitely worth it. I am doing the work out thing too; mainly strength training. As far as the tan, well that will not be happening. I will this year try the 85 sun block!!!! I still want the x5, seriously considering it.

  45. Shore Guy says:

    Kettle,

    These guys’ infidelity is an issue between themselves, their wives, God, etc. They may be creeps but the act of extramarital sex does not make one unfit to hold public office; however, the incredible stupidity in the ways that these folks have engaged in the behavior and the hamfisted ways in which they hide the acts, and the blatent lying to constituents certainly marks them as stupid liars who are not worthy of their elected positions. I do not want such idiots writing laws and providing executive-branch oversight.

  46. chicagofinance says:

    My goal this summer is to locate all the combo DD/BR in Monmouth. I have found one on Route 9 near 18 and one near Centra State Hospital…if you find one, let me know……

    3b says:
    June 9, 2011 at 9:59 am
    #37 I am doing the work out thing too; mainly strength training.

  47. chicagofinance says:

    The ease of the lying is the issue of note. Also, if serving the public is defined as a privilege, then arbitrary rules, that may even be hypocrtical to apply, can be justified.

    Shore Guy says:
    June 9, 2011 at 11:07 am
    Kettle,

    These guys’ infidelity is an issue between themselves, their wives, God, etc. They may be creeps but the act of extramarital sex does not make one unfit to hold public office; however, the incredible stupidity in the ways that these folks have engaged in the behavior and the hamfisted ways in which they hide the acts, and the blatent lying to constituents certainly marks them as stupid liars who are not worthy of their elected positions. I do not want such idiots writing laws and providing executive-branch oversight.

  48. 3b says:

    #45 Chgo: Not really surprised, but I can assure you that would not be me. Still want the x5. At least mine will be paid for.

  49. escapee says:

    people’s republic of nj leaving broadcasting??

    Chris Christie Privatizes Public Broadcasting in New Jersey
    Gov Christie said. “It also meets our goal of making sure government is out of the broadcasting business. In my view that should have ended with the Soviet Union. It’s ending here in New Jersey a little later than the fall of the wall in Berlin, but we’re getting there.”

  50. JJ says:

    Most Believe Housing Recovery Remains Distant

    45 Percent of U.S. Adults Say Government Not Doing Enough to Prevent Foreclosures

    Trulia and RealtyTrac on May 18 released the latest results of an ongoing survey that has tracked American attitudes toward foreclosed homes since 2008. Harris Interactive® conducted this online survey on their behalf from April 15 to 19, 2011, among 2,018 U.S. adults aged 18 and over.

    American Expectations for Housing Market Recovery Falters
    As more cities across the nation experience double dips in home prices, more than half (54 percent) of U.S. adults believe recovery in the housing market will not happen until 2014 or later, according to the survey. In a previous survey conducted six months ago, 42 percent of American adults said they thought the market would turn around by 2012 or had already turned around. Now, only 23 percent continue to think this will happen.

  51. JJ says:

    He actually never met a single one of these women in person.

    Shore Guy says:
    June 9, 2011 at 11:07 am

    Kettle,

    These guys’ infidelity is an issue between themselves, their wives, God, etc. They may be creeps but the act of extramarital sex does not make one unfit to hold public office; however, the incredible stupidity in the ways that these folks have engaged in the behavior and the hamfisted ways in which they hide the acts, and the blatent lying to constituents certainly marks them as stupid liars who are not worthy of their elected positions. I do not want such idiots writing laws and providing executive-branch oversight.

  52. Juice Box says:

    3b – Do a 3 year for $600 a month and get it out of your system, it’s not worth 53k when gas prices are so high.

    I did not have the heart to repo my FIL Corvette. Might do it next year when they hit us up for more money. Will have to drive it across county too. Nice black convertible doing 150 MPH on Route 80. Wonder how many tickets I can get between the midwest and here.

  53. Juice Box says:

    #52- JJ – I doubt there was only 6 and that he did not meet 7,8 or 9 in person this type of behavior always leads up to more than just pics and a few words exchanged via the internet just ask Tiger.

  54. 3b says:

    #53 Juice: Since I am cheap, I will buy a 3 year old one, maybe even go for the x-3 as it is cheaper. Buy it and be done with it, than drive it into the ground.

  55. Juice Box says:

    How about voting for a guy that has no friends?

    The New York Post’s Cindy Adams quotes New York mayor Michael Bloomberg explaining why nobody’s come forward to defend–or even support–Rep. Anthony Weiner. “Like Spitzer, he had no friends.”

  56. JJ says:

    Also wife said he knew of his internets habits pre-marriage and is cool with it. Shes indian or something so maybe she is just outsourcing keeping hubby happy.

    As Louis Tiant once said “it is great to be a weiner”

    Juice Box says:
    June 9, 2011 at 11:34 am

    #52- JJ – I doubt there was only 6 and that he did not meet 7,8 or 9 in person this type of behavior always leads up to more than just pics and a few words exchanged via the internet just ask Tiger.

  57. 3b says:

    #51Most Believe Housing Recovery Remains Distant

    There is a place……….

  58. Juice Box says:

    3b – x-3 is a chick car. Anytime I see a guy driving one I laugh. I am not kidding.

  59. Juice Box says:

    re: # 57- JJ the guy has no friends, shaves his chest and sends pics of his johnson to people he has never met. There is more to this story there always is.

  60. escapee says:

    yahoo:
    ” New Jobless Claims Unexpectedly Rise”
    A second report from the Labor Department, however, showed the number of Americans filing new claims for unemployment aid unexpectedly edged higher last week”

    spot the keywords.

  61. 3b says:

    #59 Oh well. Than a chick car it might be, since it is cheaper, and will be paid for.

  62. 3b says:

    #60 shaves his chest

    What is the point of that? Is this some new trend?

  63. Shore Guy says:

    ” Is this some new trend?”

    It is an old and passe trend. I just weave my chest hairs into dreds — Yea, mon.

  64. 3b says:

    #64 Guess I am behind the times.

  65. Nation of Wussies HEHEHE says:

    Anybody else going to Bilderberg?

  66. JJ says:

    Schiller just predicted another 25% drop in housing in next few years. Love that guy, now if he shaved his chest hairs and sent pictures I would be ok with it as he is doing the lords work saving us all from the evils of housing.

  67. Painhrtz - Salmon of Doubt says:

    Escapee I’m going to go with unexpectedly

    JJ anyone who thinks he did not engage some of his daliances may be just as naive as weiner thinks they are. Whether he did them while married is just another matter.

    45% of Americans who think that government should do more are the first people to complain whenver something bad happens won’t Fedco please save me. It is a business transaction, albeit most recently full of fraud and speculation, but a business transaction nonetheless. It is almost as ridiculous as saying 45% of americans think the government should do more about car repossesions. You can’t pay, you can’t pay house goes back to actual owner the bank. Your are there at the bank’s luxury until the note is paid you morons.

  68. DL says:

    Our monetary policy is akin to AF 447. Our pilots, Helicopter Ben and Timmay the tax cheat realize the only thing they can do is fly it into the ocean.

  69. A.West says:

    Outofstater (44),
    “I honestly don’t get why the same house in NJ would cost $12-18K in taxes. Where does the extra money go?”

    This is the essential question that I wish I could figure out. They have schools, police, courts, firefighters, roads, just like we do. They have 7% sales tax just like us. They have a top state income tax rate of 6%, NJ has 9%.

    The only conclusion I can draw is that the NJ bureaucracy is more rapacious, and spends much more of its efforts redistributing wealth.

  70. 3b says:

    #67 And people laughed at me, when I said prices would go back to 1990’s levels.

  71. JJ says:

    Now they need a new reason to laugh at you.

    3b says:
    June 9, 2011 at 12:38 pm

    #67 And people laughed at me, when I said prices would go back to 1990′s levels.

  72. Lone Ranger says:

    “I am concerned about the fact that the recovery that we’re on is not producing jobs as quickly as I want it to happen. Obviously we’re experiencing some headwinds.”

    O.

    Just a thought; since your economic team has been blown to smithereens, adjust and hire a meteorologist. It’s called a start when you finally determine which direction the gale force winds are blowing. Print more money and invest in a beaufort scale.

  73. JJ says:

    I been to Georgia and New Jersey. Maybe the extra money in NJ goes towards teeth. Down south they call it a toothbrush for a good reason.

    A.West says:
    June 9, 2011 at 12:32 pm

    Outofstater (44),
    “I honestly don’t get why the same house in NJ would cost $12-18K in taxes. Where does the extra money go?”

  74. Shore Guy says:

    A.W.,

    Of course it costs more in NJ, we have proximity to NYC.

  75. Shore Guy says:

    Chest dreds are all the rage on the Avon beach during tye day and in the Columns at night.

  76. 3b says:

    #74 JJ You can go to Ringwood and Greenwood Lake NJ, not to mention Cumberland Co, also in NJ, and many there are lacking teeth as well.

  77. 3b says:

    #72 Nah, now they are mad at me!!!!

  78. The Original NJ Expat says:

    #14 Hobo What will replace the USD as a reserve currency?

    Maybe a partially asset backed currency? Earlier this year the Canadian Mint issued $20 face maple leaf coins, 1/4 ounce of pure silver. Retains $20 worth of purchasing power, can never be worthless and can possibly be worth more, in fact they are as it’ll cost you about $32 to buy one on eBay. The mint sold them for $20 flat, no delivery or added fees. Of course they sold out instantly.

  79. A.West says:

    When the world falls off the paper dollar standard, the next reserve currency will be either gold or soylent green, I’m not sure which. Falling off the dollar standard would be so traumatic, I don’t think people would trust another central-banker devised currency, which would nevertheless be mandated for domestic transactions. That would be a problem for global trade though.

    Actually, who cares about reserve currencies? This is what central banks hold, for mostly government to government price manipulation schemes.
    I can picture that someday Africa-China trade becomes predominantly RMB denominated.

  80. seif says:

    quick question:

    i am in a rental house in bergen county…how can i find out what the current taxes of the home are and what the increases have been the last few years? thanks for the help.

  81. Anon E. Moose says:

    Wienergate – The funny thing to me is that all of his junk hanging out there and none of it would have come to light had he not mistakenly posted one of the picx to his Twitter feed (damn DM/PM problem).

  82. freedy says:

    “soon many will be living in the SUV” payments lower

  83. Libtard in the City says:

    Georgia vs. NJ taxes.

    I’m guessing it mostly has to do with what we pay our public serpents and how many more of them we have.

  84. Anon E. Moose says:

    OOS [44];

    You want to know something scart, even at the low end of your range ($12k/yr.), the net present value of that cash flow stream at a paltry 3% rate meets if not exceeds the present values of the homes they are attached to. Property taxes of 100% of value, on the easy installment plan for Harry and Hilda Howmuchamonth. The Sherrif of Nottingham would blush.

    Even on a monthly cashflow basis the tax bill is 50% of the 30-yr payment at 4.5%.

  85. Essex says:

    “The burden is blamed on a number of factors, including New Jersey’s inordinately heavy reliance on property taxes. Property taxes are used to cover most county, municipal and school operations. They account for about 50% of taxes collected in the state, compared with a national average of about 30%.

    In addition, because of state budget woes, most New Jersey municipalities and schools have gone five straight years without an increase in their state aid. During that time, property taxes statewide have risen, on average, 7% a year.

    Source: http://www.usatoday.com/money/perfi/housing/2006-08-10-nj-property-taxes_x.htm
    Many also pin the blame on the way many of New Jersey’s 566 cities and towns insist on having their own schools, police departments, public works crews and the like, instead of consolidating services with those of other communities to reduce administrative costs.

    Somerset County, for example, has 21 municipalities. Densely populated Bergen County, just across the Hudson River from New York City, has a staggering 70.

    Some lawmakers are looking into merging school systems and municipalities but are likely to run into resistance from local officeholders if they try to force the issue.

    Another reason for high property taxes: State and local government owe billions per year to the state’s public employee pension system, which has been riddled by abuses.

    Also, by court order, the state must send huge chunks of school aid to struggling urban schools, meaning less money is available for middle-class districts.”

  86. Libtard in the City says:

    There isn’t a single extended day teacher in all of Georgia making six figures.

    http://www.open.georgia.gov/sta/searchCriteria.aud

    Now go pull up your local board of ed at NJ dot com – by the numbers and look up what your child’s teacher is pulling in. Then look at average class size. And that’s without any significant recent pension funding. This is what happens when your every elected official in the state realizes how important the public serpent union voting block is when there are so many members of it among the populace.

  87. Libtard in the City says:

    I have a hard time finding any teachers in Montclair not pulling in 80K. Many of them are well into the six figures. And I can guarantee you that their medical and pension obligations are twice that of what is typical in Georgia.

  88. 3b says:

    #87 The article left out the massive amounts of school bonding debt taken out over the last 7 or 8 years; this has increased taxes substanially. The voters did that.

  89. 3b says:

    #81seif: The below website will provide you with current taxes for 2010. This number will not yet include the 2011/12 increase.

    http://tax1.co.monmouth.nj.us/cgi-bin/prc6.cgi?&ms_user=monm&passwd=data&srch_type=0&adv=0&out_type=0&district=0201

  90. JJ says:

    “It’s good to be with a wiener”!!

  91. JJ says:

    FOR IMMEDIATE RELEASE:

    Ball Park Introduces Congressman Anthony D. Weiner as the New Spokesperson for our “It’s good to be with a wiener” Ad Campaign

    June 9, 2011 (Business Wire) — Another grilling season is upon us and Ball Park®, the maker of America’s number one selling beef hot dog*, today announced that it has hired Congressman Anthony D. Weiner as our New Spokesperson for our “It’s good to be with a wiener” Ad Campaign.

    We all remember our most famous Park Franks Ad that featuried Luis Tiant – El Tiante of the NY Yankees who displayed incredible acting technique in this memorable spot. Who can forget the way he slowly picked up the hot dog, looking at it lovingly with wide eyes, before sticking the back end under his bushy mustache into his mouth? If this visual was not enough to earn Luis artistic kudos, his recitation of a classic tag line would produce numerous curtain calls if he were on Broadway. “It’s good to be with a wiener”!!

    Well Congressman Anthony D. Weiner has agreed to be our new spokesperson for our “It’s good to be with a wiener”!! ad and we hope he can outdo even El Tiante!!

    Ball Park is turning up the heat this summer with the launch of its “It’s good to be with a wiener” sweepstakes and new Deli Style Beef Franks. To kick off the season that is synonymous with outdoor barbecuing, Ball Park is helping Americans create another summer of memorable backyard grilling moments by having consumers share their favorite cookout photos on Facebook. Congressman Anthony D. Weiner is well versed in Facebook and Twitter and is more than happy to share his favorite franks and beans recipes as well as pictures of his favorite wieners. So visit the Ball Park Facebook page today and see if you can win the “wiener” sweepstakes by showing us your best “weiner” picture!

    “Grilling season is our favorite time of year here at Ball Park, and we’re especially excited about what we’ve cooked-up for this summer,” said Amy Grabow, marketing director, Ball Park. “

    Hitting store shelves across the country just in time for the summer kick-off, Ball Park has announced the launch of its newest product, Ball Park Deli Style Beef Franks. Available in two varieties, Deli Style Beef Franks and Bun Size Deli Style Beef Franks, each are made with 100 percent beef and contain no artificial colors, no artificial flavors, no by-products and no MSG added.

    About Ball Park

    The Ball Park brand was launched in 1957 in response to a request from the owner of the Detroit Tigers baseball team. The Ball Park Frank was such a success, it was expanded nationally. Today, Ball Park products can be found in supermarkets, convenience stores and a variety of baseball parks – including Detroit’s Comerica Park.

  92. seif says:

    thanks 3B

  93. Juice Box says:

    Just heard of one school district that is planning on closing the offices on Friday for the Summer to save money on utilities. Cost savings for sure but the administrators are getting 4 day work weeks with a 5 day salary. F-ing Leaches. I am writing the Governor as we speak.

  94. NJGator says:

    Stu (89) -You have to pay for experience. Like the gym teacher with a doctorate at Mt. Hebron that makes over $100k. I’m sure the kids at that school can now go out and play Kickball professionally.

    http://php.app.com/edstaff/details2.php?recordID=43958

  95. Painhrtz - Salmon of Doubt says:

    Gator that must have been one really BS laden docotral thesis, or is it awarded via the grade school olympics format where the recepient gets their doctorate based on their ability to totally dominate at king of the hill, dodgeball, and kickball.

    “you can dodge a wrench, you can dodge a ball”

    More proof that I worked too hard to get a two science degrees

  96. gary says:

    All I know is that if I live in Montclair, my kid has the choice of learning either Mandarin, Wu, Cantonese or Min. That in itself is worth the 24K property tax. :o

  97. Libtard in the City says:

    But Spanish and French are taught by Rosetta Stone. Only Chinese is taught by a professional. Oh, and as Gator pointed out, kickball too.

  98. JJ says:

    a $500 a month rent control in Flushing you will learn a lot more Mandarian

  99. JJ says:

    OK back to NJ. Where the heck does all the RE tax money go. Guy at work lives in that NJ town with highest taxes. Garbage pick up only twice a week he has to haul it to curb. No schools even in town he shares with other towns. No good parks or not much of anything to do. His house is worth around 650K and is taxed at 17K.

    Meanwhile Northshore Long Island Neighborhoods I see 1.4 million dollar homes with swimming pools, parks, award winning schools three day a week garbage pick up where they get it from your yard, short commute and teachers and cops that are higher paid than NJ paying around 14K in taxes.

    Where the heck does the money go? Nothing wrong with 17K if you have a top 100 school, award winning park, short direct train line to NYC and a pool and/or tennis court. But this guy has none of it.

  100. Dink says:

    Stu #89,

    A little hyperbolic? Not many “teachers” are “well” into 6 figures, even in Montclair. Administration members, yes.

    “And I can guarantee you that their medical and pension obligations are twice that of what is typical in Georgia.”

    I can almost guarantee you that you are wrong.

    Also, not sure why you would be comparing Georgia salaries to NJ. Should they be equal? Seems as though salaries should be commensurate with all other salaries in the local area.

  101. Happy Renter says:

    [92] re “It’s good to be with a wiener!”

    Not only is l’affair du Weiner the most perfectly named scandal to have hit Washington in years, it’s also the gift that keeps on giving.

    Weiner must be pretty hard up for cash, or must realize that he has zero skill in doing anything productive in society, for him to be clinging to his congressional job so fiercely. His ego and his entire life (and I suspect his marriage) are also probably entirely dependent on him being a successful political hack; watch for a divorce if he’s booted from office, not because of the scandal, but because of the political failure.

    The funny thing is, this scandal is the gift that will keep on giving to Republicans. A couple weeks ago, the Reps were all depressed after their loss in the special election in upstate NY, and Dems felt they had started to make headway at turning around the 2010 momentum via the “mediscare” issue. Now, all the lumpenproletariat see every day is more Weiner, and they will have long since forgotten the Craigslist-scandal-resignation-Dem-victory-in-conservative-upstate-NY story by the time people tire of Weiner.

    I’m just waiting for Barney and Anthony to get together to sponsor some Weiner-Frank bill …

  102. Libtard in the City says:

    Besides the serpent benefits, I’m thinking the Abbott funding is the next place to look. As for the need for regionalization…I think it’s a crock. From my perch, and I invite you to do the research yourself, the smaller towns spend much less than the larger towns spend per student. Why is this? Well I’m guessing that the admins in larger towns demand greater compensation since technically they are supporting more students. Unfortunately, no one watches the ball, they complain they are overworked and more assistants are then hired. We have 5 assistant principals at our high school in Montclair. Glen Ridge has 1. Montclair is NOT five times larger than Glen Ridge. Montclair has 1900 students to Glen Ridge’s 720. You do the math! I imagine in Montclair was to absorb the Glen Ridge School population, the high school would add at least 2 more assistant principles. Oh, and they would have to build a larger school too.

    I think in many cases, like with the federal government, there are simply too many layers of bureaucracy which actually bogs down productivity. The small town is lean and efficient because it has to be, since it’s harder to hide problems. In a large town, like Montclair, the government builds $35 million dollar schools which it doesn’t need, and no one notices, until the town defaults on it’s debt.

  103. Libtard in the City says:

    Dink,

    Look it up. I dare you too. The links are there. Your eyes will be opened.

  104. Libtard in the City says:

    It’s not hyperbole. I just don’t have the time to do the research. Please try to prove me wrong.

  105. chicagofinance says:

    Almost, but not quite….I think it still does the trick….

    JJ says:
    June 9, 2011 at 2:46 pm
    “It’s good to be with a wiener”!!
    http://www.youtube.com/watch?v=eRqbCEQQYzM

  106. A.West says:

    Ok folks, I might make an appearance at SL’s on Sat. Maybe I’ll wear a nametag.

  107. Shore Guy says:

    Wow! Newt’s campaign just imploded.

  108. Libtard in the City says:

    My favorite GTG moment was showing up at the Grasshopper in Morristown and claiming I was JJ. Then drinking Macdaddyo under the table.

  109. Shore Guy says:

    I know some of the people who just quit and they are top notch. It is hard to lose your entire Iowa staff at once, your NH consultant, campaign manager, and spokesman like this.

  110. freedy says:

    maybe they saw the pics

  111. Neanderthal Economist says:

    Whitney is such a clown, she’s on sqwak box trying to argue with kernan that a refunding is a restructuring; hence its a default… wow. You can tell kernan could have totally discredited her right on the spot but instead rolled his eyes and said, “ok yeah you’re right merideth”.

  112. chicagofinance says:

    I saw this video on You Tube discussing Japanese baseball. Anyway, they have a picture of a player sitting in the dugout fanning himself with a hand fan. It looked really effeminite…then he turned and his uniform said (Yakult) Swallows……I immediately thought of some comment jj might make….

  113. gary says:

    U.S. household wealth fell by about $16.4 trillion of net worth from its peak in spring 2007, about six months before the start of the recession, to when things hit bottom in the first quarter of 2009, according to figures from the Federal Reserve.

    There’s only one thing left to do: go out and buy a Mercedes.

  114. Samivel says:

    We’re never leaving Iraq.
    Never leaving Afghanistan.
    Like Korea, etc
    It’s a business.

  115. Al Mossberg says:

    29.

    Kettle,

    I understand your argument and have considered it myself. I still believe the only good way out of this for the US is a default in the form of hyperinflation followed by a sound currency backed by gold. We will have our deflationary collapse one way or another. Lets get something good out of it.

  116. NJGator says:

    Here’s a big difference between Georgia and NJ. Dekalb County has not had a tax hike since 2006. Can anyone name a single Municipality or County in NJ that can say that?

    The Atlanta Journal-Constitution

    DeKalb CEO Burrell Ellis unveiled a tax hike of up to 4.5 mills on Tuesday, the equivalent of $93 more a year for the average home in the county.

    Related

    Low property values shock some
    More DeKalb County news »

    Tax cheat gets prison
    Arrests in car break-ins
    Woman assaulted in hospital waiting room
    GPC summer enrollment rises with online courses
    Best in class
    County commissioners — who have final say on the budget and tax rate — reacted as coolly to the proposal as they did the chief executive’s December request for a 2.32 mill increase.

    Then, commissioners wanted more cuts. The same holds true now.

    “I don’t see the reductions, the reorganization, the reductions to service and, unfortunately, people,” Commissioner Elaine Boyer said. “The public will not stand for that if we’re asking for more money.”

    DeKalb ended last year with no cash reserves and underestimated how badly property values would fall this year. Instead of a projected 4 percent drop, values have plunged 13 percent — creating a $37 million shortfall in the budget.

    A tax hike of 3.21 mills is needed to cover that gap, according to the new proposal. The additional increase would pay for items such as filling every vacancy in the police department and covering the cost of cost overruns in departments that have not made the 9 percent cuts the commission requested in January.

    Those are some of the priorities that commissioners question, even knowing that other areas such as Atlanta, Fulton and Gwinnett have raised taxes in the past few years. DeKalb last raised taxes in 2006.

    http://www.ajc.com/news/dekalb/dekalb-ceo-calls-for-970145.html

  117. Spent the afternoon in the Peoples’ Republic today. Looking very down-at-the-heels. Lots of commercial vacancy.

    When is somebody gonna firebomb that Siena POS?

  118. Latest Mike Krieger. Always worth a read, as he has the great talent of always being able to dip his doom in a little sugar.

    http://www.zerohedge.com/article/mike-krieger-un-power-grab

  119. Neanderthal Economist says:

    The blog posts attached to that tech ticket article was the highlight of my day… grim, you’ve got to implement that thumbs up/thumbs down feature, if possible.

  120. veets (122)-

    I agree with a lot of this. However, this type of manufacturing needs to be scaled up about 1mm times to have any kind of beneficial macro effect.

  121. I do not agree that the Big Three auto manufacturers are anything more than industrial versions of smack-addicted welfare queens.

    Maybe I’d give a nod to Ford as at least being the one who’s gotten onto meth@done and is coping somewhat.

  122. Dan says:

    Clot,

    Does that mean you didn’t get a triple mocha latte at the Starbucks Siena before your ten minute walk workout on the treadmill at NYSC?

    Besides, the way to make Grim and I sweat here it to say Wayne will become the new Montclair. Nah, won’t work. Everyone already admits Willowbrook is ghetto. Nobody in Montclair dares speak publicly about a ghetto there.

  123. Dan says:

    Interesting how people can get shot at the Y swimming pool and claim Montclair is a great place to live……I guess Gator would say it’s a great place to be a crack dealer.

  124. NJGator says:

    Hobo – can’t firebomb the Siena. You’ll spew toxic mold all over town.

  125. Al Mossberg says:

    In doomish times like these its videos like this that give me hope.

    http://www.youtube.com/watch?v=jFEafMjrlOw&feature=related

  126. Shore Guy says:

    Who in their right mind would want to live in some place where the property taxes stay flat year after year? How could one distinguish the haves from the wannabes? Successful people pay through the nose for services. It is only the wannabes who worry about paying double, tripple, or more for a service than others pay in equally-nice towns elsewhere.

    If you have to ask how high the taxes are, you don’t belong in the NY Metro area.

  127. Shore Guy says:

    Another overpaid knucklehead who squandered his substantial advantages:

    http://www.washingtonpost.com/sports/nationals/ex-new-york-mets-player-lenny-dykstra-charged-in-la-with-drug-possession-gta/2011/06/06/AGXTaMKH_story.html

    Ex-NY Mets player Lenny Dykstra charged in LA with drug possession, grand theft auto

    SAN FERNANDO, Calif. — Former New York Mets and Philadelphia Phillies star Lenny Dykstra was jailed Monday on grand theft auto and drug possession charges after being accused of using phony information to lease a car from a Southern California dealership.

    Dykstra, 48, was charged with 25 misdemeanor and felony counts of grand theft auto, attempted grand theft auto, identity theft and other crimes, said Jane Robison, a spokeswoman for the Los Angeles County district attorney’s office. He faces up to 12 years in state prison if convicted.

    snip

  128. Shore Guy says:

    Police who arrested Dykstra on April 14 found cocaine, Ecstasy and the synthetic human growth hormone Somatropin at his San Fernando Valley home, the statement said.

    snip

    “Of course I’m not guilty,” Dykstra told the Daily News of New York on Monday. “The car got stolen alright — stolen by them. I don’t have it anymore. It’s gone like my computer, my phone, my clothes.”

    snip

    Dykstra, who bought a Ventura County mansion once owned by hockey star Wayne Gretzky, filed for bankruptcy two years ago, claiming he owed more than $31 million and had only $50,000 in assets.

  129. Al Mossberg says:

    “The only court created by the Constitution was the Supreme Court and they marginalized themselves by claiming it is a privilege for THEM to look at injustice abandoning their oath to defend the Constitution above all else as the SUPREME LAW OF THE LAND. That means there is no tripartite government and Congress has become marginalized by the Executive who controls the courts completely.”

    Another gem by Mr. Armstrong.

    You all know whats coming. Let it be done.

  130. Comrade Nom Deplume says:

    [93] JJ

    “We all remember our most famous Park Franks Ad that featuried Luis Tiant – El Tiante of the NY Yankees . . . ”

    SACRILEGE!

  131. Comrade Nom Deplume says:

    Met a prospective client today, who had thoroughly vetted me on the internet, and referred to me as “accomplished.”

    I was instantly suspicious of his motives. I have many faults—hubris isn’t one of them.

  132. Outofstater says:

    #130 LOL. So I guess I should feel ashamed that our property taxes went down this year because the value of the house went down. I’m not even a wannabe – I’m a never was. Somehow that’s okay with me.

  133. dan (126)-

    You’d have to be blind not to see that most of the Peoples’ Republic is a ghetto.

    They might as well ask to be annexed by Bloomfield. IMO, there’s no diff between the two towns.

  134. al (129)-

    Doomish is not a word.

    However, it should be.

  135. Shore (133)-

    One of the first US citizens who passed the MW exam lives a mile from me. Since he acquired the title, he has run one wine store into the ground and is in the process of killing another one.

  136. Al Mossberg says:

    140.

    Doomish is a word everyone will learn soon enough. Doom will be the new f_ck of the 21 century.

  137. Doom you?

    Nice tune, but I can’t dance to it. I give it an 88.

  138. Doom, used as part of an adjective phrase (i.e., oracle of doom, prophet of doom, harbinger of doom, slaveship of doom, temple of doom), may become the new signifier of superior wit melded with depressive mindstate. It is both postmodern in attitude and razor-sharp in its precise reference to a dulled, torpid state of languid resignation.

  139. Barbara says:

    Doom: Its the “from hell” of the y2k.

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