Don, that is some expensive water.

From ABC 6 News:

Jersey Shore home prices down, big bargains for buyers

Home prices continue to fall across the U.S. Sellers are taking a hit, but for buyers there are big bargains.

It is not as bleak as some parts of Florida or Nevada, but the Jersey Shore Real Estate Market is struggling.

For sellers, it’s a tough dose of reality, for buyers it could mean bargains.

In once booming areas, its estimated prices are down15 to 40 percent.

Don Pettinelli has beautiful views from his Harbor Cove North home in Somers Point, but few neighbors, only 4 of the 14 upscale units sold in the last four years.

“I just like the water,” Don said.

Don paid $900,000 in 2009, now the developer is opting to auction off the rest, starting bids as low as $175,000; which was unthinkable a couple years ago.

“The purpose is to sell inventory that the seller has been struggling with for some time since market retrenched, and we’re going to take them to a public auction. People are going to vote on what they think they are worth in a setting among their peers,” explained Glen McDonald of Max Spann Auction Company.

The idea of auctioning off luxury condos is not a shock to locals like kayaker Craig Bauman.

“People trying to sell their houses so they are cutting prices almost in half just to get rid of them,” said Bauman.

Don Pettinelli has mixed emotions. On the up side the auction will set a real price for these units that should help him convince local government to lower his taxes, the downside, he says lowers the value of his property.

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173 Responses to Don, that is some expensive water.

  1. grim says:

    From the Record:

    Study: Housing rebound will need jobs, less backlog

    At some point, the job market will improve enough so that young adults now staying with their parents or doubling up with friends will be able to afford their own places.

    The tide of foreclosures will ebb, and those distressed properties will be cleared from the market, allowing home values to stabilize. Buyers will finally start to believe that they won’t be stuck with a depreciating asset if they purchase a home. Builders will respond to the increased demand by putting their shovels in the ground again.

    And that’s what a housing recovery will look like, judging by the latest “State of the Nation’s Housing” report, just released by Harvard’s Joint Center for Housing Studies.

    But when that recovery will arrive is a question that even the experts at Harvard can’t answer.

    The path is strewn with boulder-sized obstacles, including tight credit standards that continue to make it difficult for buyers to get mortgages, the depth of the foreclosure problem and the length of time it will take to replace the millions of jobs lost in the recession.

    “It’s a tough time for housing, and it’s been a tough time since 2006,” said Eric Belsky, managing director of the Harvard center. “What we’ve got is demand driven to a very low level” by the weak economy.

    “By any measure you look at, the housing recovery stalled in 2010,” said Christopher Herbert, the center’s research director.

  2. grim says:

    From the NY Times:

    The Sickness Beneath the Slump

    THE origins of the current economic crisis can be traced to a particular kind of social epidemic: a speculative bubble that generated pervasive optimism and complacency. That epidemic has run its course. But we are now living with the malaise it caused.

    News accounts of the economic crisis rarely put it in these terms. They tend to focus on distinct short-term developments or on the roles of prominent people like Federal Reserve governors, members of Congress or Wall Street financiers. These stories grab attention and may be supported by some of the economic statistics that the government and private institutions collect.

    But the economic situation is primarily driven by hard-to-quantify sociological factors that play out over many years.

    Real estate prices have been a significant indicator of this ailment. An unprecedented bubble in American home prices started in 1997 and ended five years ago. Home prices rose 131 percent in that time, or 85 percent in real inflation-corrected terms, according to the S.& P./Case-Shiller National Home Price index. (I helped to develop that index, along with Karl Case of Wellesley College.)

    Consider this: Home prices rose nearly 10 percent a year on average in the United States from 1997 to 2006, long enough for many people to become accustomed to the pace and to view it as normal. The conventional 30-year fixed mortgage rate averaged 6.8 percent over those years, far below the appreciation rate on housing, so even if you had a substantial mortgage, you were becoming wealthier by the day, at least on paper. People who owned a home over that period had reason to feel pretty well off and proud of their investment acumen. That fed a contagion of optimism and helped to drive the speculative bubble, propelling the economy and the stock market in a feedback loop that repeated year after year.

    Professor Case and I have conducted annual spring surveys of home-buyer attitudes for many years. We ask about long-term expectations: “On average over the next 10 years how much do you expect the value of your property to change each year?”

    The survey we conducted in spring 2005, near the end of the bubble, included 407 home buyers. In it, the median expectation for home price appreciation over the next decade — until 2015 — was 7 percent a year. That is substantially less than the 10 percent a year that Americans had recently experienced.

    But expected increases of 7 percent a year still implied another doubling of home prices by 2015. And about a quarter of our respondents in 2005 anticipated increases of at least 15 percent a year for the next decade. Something was very wrong with this picture, but few noticed it.

    As it turned out, of course, those expected increases didn’t happen. Instead, home prices tumbled 34 percent nationally from the peak in the first quarter of 2006 to the first quarter of 2011 — or 40 percent in real terms — and they still appear to be falling. The brief “recovery” in home prices of 2009 and 2010 was most likely spurred by federal housing stimulus measures like the home buyer tax credit. After that stimulus ended, prices resumed their downward trend.

  3. grim says:

    From CNN/Money:

    Squatter Nation: 5 years with no mortgage payment

    Charles and Jill Segal have not made a mortgage payment in nearly five years — but they continue to live in their five-bedroom West Palm Beach, Fla. home.

    Lynn, from St. Petersburg, Fla., has been living without paying for three years.

    In Thousand Oaks, Calif., an actor has missed 30 payments, and still, he has not lost his home.

    They’re not alone.

    Some 4.2 million mortgage borrowers are either seriously delinquent or have had their cases referred to lawyers to pursue foreclosure auctions, according to LPS Applied Analytics. Of those, two-thirds have made no payments at all for at least a year, and nearly one-third have gone more than two years.

    These cases can go on and on. Nationwide, it takes an average of 565 days to foreclose on borrowers in default from their first missed payments to the final auction. In New York, the average is 800 days and in Florida, where the “robo-signing” issue is particularly combative, it’s 807.

    If they want to fight evictions hard, borrowers can remain in their homes even longer while their cases are being worked through.

    The Segals have been doing that — in court. They bought their home in 2003 with an adjustable rate mortgage. After a few years, their monthly payments tripled to $3,000, just as their home-inspection business was cratering.

    The Segals want the bank to modify the mortgage so payments are affordable, and they think the court will agree that their lender put them into a toxic loan.

    “The evidence will show that we were defrauded,” said Jill Segal.

    If they lose, of course, they’ll finally have to leave. And, unfortunately, more than 50 months of missed mortgage payments hasn’t translated into big savings.

  4. xroads says:

    #5

    is this getting to the point when a buyer will make a few payments then strategically default?

  5. Essex says:

    Sellers! Tick tick tick…..or some such nonsense.

  6. Barbara says:

    Spent Saturday in downtown Princeton. The housing stock right around the downtown has become a barrio. The schadenfreude brought about by observing a well dressed middle aged couple with their French bulldog sitting outside of Lilly Pulitzer while a white van pulled up in an illegal parking space in front of them to let out about 7 Latinos was pure nectar. NJ, you are toast.

  7. freedy says:

    I was in Northvale yesterday and stopped at the Shop Rite. Store was overrun with
    Mexicans. Northern Bergen County.

  8. gary says:

    Don paid $900,000 in 2009, now the developer is opting to auction off the rest, starting bids as low as $175,000; which was unthinkable a couple years ago.

    Any questions?

  9. gary says:

    “By any measure you look at, the housing recovery stalled in 2010,” said Christopher Herbert, the center’s research director.

    There wasn’t a housing recovery in the first place. There was no double-dip in housing or the ecenomy. It was and continues to be a slow restricting death interrupted by periodic gasps for air disguised as signs of life.

  10. gary says:

    Are we still prestigious?

  11. Mike says:

    Good Morn…. Ah nevermind

  12. gary says:

    Was that a Goodwill store I saw opening up in that renovated shopping center in the middle of Wyckoff? meh.

  13. gary says:

    Home prices tumbled 34 percent nationally from the peak in the first quarter of 2006 to the first quarter of 2011 — or 40 percent in real terms — and they still appear to be falling.

    tick… tick… tick… tick…

  14. gary says:

    Yes… We… Can.

  15. xroads (4)-

    Over the weekend, I was contacted by a buyer who purchased during the 8K tax credit madness and has already defaulted.

    As soon as he’s saved enough to go into a rental and pay the transition costs, I’ll be listing his short sale.

  16. No one will be spared.

  17. Mikeinwaiting says:

    Hobo 15, He can’t stay for free for 2 years?

  18. JJ says:

    I love the smell of a real estate crash in the morning.

  19. gary says:

    JJ,

    We’re in the top of the 5th inning.

  20. mikey (17)-

    Believe it or not, this guy wants to be able to short sale & reestablish his credit in 24-36 months…probably so he can dive into another house and default again.

    Every once in a while I run into one of these types, and, frankly, I just go with it.

  21. I always ask short sale prospects the old “credit…credit for buying what?” question when they tell me they’re anxious to re-establish it.

    I have never gotten an intelligent response to this question. Some of the people I ask it to just stare at me like cows.

  22. We are all truly and properly fuct. The country we live in and all its institutions are, in their own strange ways, serial defaulters.

  23. Look at this stupid fcuk Jack Welch telling everyone on CNBC what they should do.

    He’s Amerika’s best living businessman? Great. Just fire lots of people, make your accountants tune up the books during the last week of every quarter and six sigma your people to the point of suicidal despair. Yeah, that’s the ticket.

  24. My neighbor across the street worked 22 years for GE. Now he stays up all night watching TV and puts police tape around his flower beds.

  25. Is there life on Mars?

    “The blockbuster story first posted on Zero Hedge claiming that QE 2, and more specifically the $600 billion (to date, and $750 billion through maturity) in reserves generated as a result, was nothing more than another European bank bailout smokescreen is starting to pick up steam with the contrarian intelligentsia. Here is Sean Corrigan’s take on a topic which we have a very distinct feeling will be the cause of substantial Q&A between the Chairman and the Monetary Policy Subcommittee shortly. From Corrigan: “Note that while Large domestically-chartered banks have cash assets of some $509 billion v non-cash ones of $6.840 billion (a ratio of around 8%), and small domestics hold $293 billion in cash against $3,595 billion in no-cash (a similar ratio of approx 9%), foreign banks have the startling sum of $940 billion piled up against non-cash assets of $998 billion for a ratio of an incredible 94%. Put another way, despite the fact that all domestics’ combined non-cash assets amount to getting on for ten times those of foreign banks ($9,633 billion v $998 billion), they actually hold 15% LESS cash ($803 billion v $940). Once again, European banks have a lot for which to thank Mr. Bernanke, even if his fellow citizens have far fewer reasons to be grateful!”

    http://www.zerohedge.com/article/qe-2-european-bank-bailout-vehicle-story-picks-traction

  26. Mikeinwaiting says:

    Hobo “I have never gotten an intelligent response to this question. Some of the people I ask it to just stare at me like cows.”
    I get that on a variety of issues, but I am sure that most know all about the Bachelorette or other such prattle.

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  28. JJ says:

    I agree!!!! The ninth inning will look like Salem Mass, except instead of witches we will be burning realtors

    gary says:
    June 13, 2011 at 8:27 am

    JJ,

    We’re in the top of the 5th inning.

  29. jj (28)-

    Burning Realtors? Why? We have been rendered as ineffectual as llamas.

    More likely we’ll be burning banksters.

  30. Pardon me. I think the proper analogy would be alpacas, not llamas.

    Alpacas are dumber.

  31. Libtard in the City says:

    Gary (9): “By any measure you look at, the housing recovery stalled in 2010,” said Christopher Herbert, the center’s research director.”

    Housing never recovered at all actually. The housing tax credit stimulus simply pushed demand forward. Every chart on housing clearly shows this. How many billions of dollars will our children have pay to create that 1/2 cm bump in the housing sales/price line in that chart. And if everyone doesn’t recall, this was the second time the tax credit scheme was implemented. Both, which occurred after the failed automobile stimulus (cash for clunkers).

    I should put up a countdown clock on the front facade of my house which will show how long it will take before I’m underwater in my new home at current depreciation rates.

  32. 3b says:

    #1 You need jobs,continuing price declines and stable taxes.

  33. JJ says:

    The seller of the house took 94% of your money the realtor took 6% of your money the bank got zero per cent of your money. The buyer could pay cash, get a mortgage, borrow from his 401K, use his inheritance, proceeds from sale of his house etc. The fact is the seller purposely sold you an overpriced asset and hired a professional con man called a realtor to get you to buy it. It is buyer beware. If the asset you purchased was not overpriced the bank financing would be no problem, if the payments were too much just sell, pay back mortgage and move on.

    If anything we should pass a law with a clawback provision stating every home seller between 2004 and 2008 should refund 20% to the buyer. They took your money not the banks. If anything we should burn home sellers. And realtors too.

    Hobo With a Shotgun says:
    June 13, 2011 at 9:15 am

    jj (28)-

    Burning Realtors? Why? We have been rendered as ineffectual as llamas.

    More likely we’ll be burning banksters.

  34. Juice Box says:

    re: #32 – You would think the towns would wise up. Any town that cuts taxes by say 50% would be saved from the housing free fall. Think of the bidding wars to live in those towns. It is the only thing that has not been tried.

  35. 3b says:

    #34 The towns with the lower taxes appear to be holding up better, or at least do not have all the inventory. Look at Montvale (low taxes) compared to some of the higher priced towns.

  36. JJ says:

    Montvale has KPMG , two big hotels and other stuff to help the taxes.

  37. Anon E. Moose says:

    Burning Realtors? Why? We have been rendered as ineffectual as llamas.
    More likely we’ll be burning banksters.

    . . .

    Pardon me. I think the proper analogy would be alpacas, not llamas.
    Alpacas are dumber.

    Worth repeating.

  38. Comrade Nom Deplume says:

    I need some referrals for accountants to handle tax returns for clients, and would prefer to find accountants located near my clients.

    Can anyone recommend accountants in the Maywood-Paramus-Hack-Wayne section of PBC, and in the Brigadoon-Mountainside-Springfield area? I will be referring clients for forensic accounting, typically amending prior year returns that may have been done by others, so accountants that know little more than using Turbotax won’t cut it.

    The ones I know are generally in Amper, PWC and other large to mid-size firms, and not really cost-suitable for individual clients.

  39. Comrade Nom Deplume says:

    I am thinking now of a beach house, what with the prices tanking and all. But I am not going to look in Jersey. Delaware beaches or OC-Maryland maybe, but not NJ.

    Also, that will get the wife off of this lets-pay-70K-for-new-cabinets kitchen remodel kick.

  40. jamil says:

    Canada’s jobless rate unexpectedly declined in May to the lowest since January 2009 as the economy added workers for the seventh time in eight months.”

    Spot the keyword, Canadian edition, in US State Media.

    Conservative government, lowering taxes and pushing pro-growth policy resulting, unexpectedly lower unemployment. What next? Earth is not flat?

  41. Happy Renter says:

    [6] Barbara, thanks for bringing a smile to my Monday morning :-)

  42. 3b says:

    #36 And Mercedes Benz as well. Also there is very little inventory there at the moment comapred to other towns, so one could reasonably assume that people are not leaving because of the taxes.

  43. Anon E. Moose says:

    JJ [33];

    Largely I agree with you (sellers got the biggest slice — there’s plenty of room for a clawback provision), and have spun a yarn about Fred & Ethel retiring on Boca “on the house” and pi$$ing away their SS checks in the slot machines while their kids work two jobs each to afford a worse house then their parents bought on one income.

    But you have to consider the aggregate. If the sellers took a 50% (44% net) premium on their one house, but the used house flacks took 6% (5%?) of every deal (just like the mortgage brokers, investment banks, etc., took a slice of everything that crossed their desks), the average sales flack made out better in one year than any of their ‘clients’ (presuming that there were 9 clients ;-) ).

  44. Comrade Nom Deplume says:

    Can anyone spot the incongruous, public relations, throwaway line?

    “HSBC Holdings will close its $33 billion U.S. credit-card business if it cannot find a buyer, the bank’s chief executive said on Monday. The move is part of its efforts to slash costs and cut back on retail banking.

    CEO Stuart Gulliver said he was upbeat in the medium term on the economy in the U.S., but that the card business there did not make strategic sense.

    “If we can’t find a buyer we will put it into rundown,” Gulliver told reporters on the sidelines of a World Economic Forum event in Jakarta, adding the review of the card business was still ongoing. . . .”

    So HSBC plans to bypass the US market??? The entire US market??? Yes, this may be driven by the bank’s internals, but Dodd-Frank probably has a lot to do with it also. Boy, I am gonna enjoy watching Barney castigating banks when they return to responsible lending and stop giving credit to probable deadbeats. What goes around . . .

    And as for what this means for the country and economy? tick . . . tick . . . tick . . .

  45. Juice Box says:

    re #39 – Nom – take a drive down the shore, it really is a sight to see this season. There are several for sale signs on every block in most beach towns. Zillow or Realtor online maps don’t do it justice since everything for sale is not always listed online. The Jersey Shore party is over, problem is most waited a few seasons too long and now it is like an anchor with the high taxes as well.

  46. 3b says:

    #45 And even in Spring Lake, one house after the other all for sale.

  47. jamil says:

    Comrade:
    I was looking at McKinsey report on ObamaCare. It is being studied by every CFO in this country and its findings will affect hiring a lot (as well individuals).

    First, the well-known estimate that 30-50% of people will lose their employer-sponsored health care plans (who was that dude who promised you can keep it?).

    For business employing 40 something people there is huge disincentive to hire more workers (if they go over 50 then massive OC regulations apply). Better not to take risk with OC and other regs, and just remain smallish business.

    Perhaps the most interesting new finding was how ObamaCare creates massive incentive to hire only part-time workers or move full-time employees to part-time status. Any business who can do it, will apply this strategy (lots of positions can be tweaked so that they are part-time). Full-time positions belong to the past (or government, or few top professions).

    Direct result of OC is that employer sponsored plans are only available to high income people. Low income people tend to be those who can be moved to part-time status and/or simply turned over to OC.

  48. NJGator says:

    Nom 39 – Go to Perth Amboy for the kitchen cabinets. There’s no possible way you can spend $70k on high end stuff at that place, no matter how much Mrs. Nom wants to p*mp the kitchen up. She can have her cabinets and a beach house too.

  49. Juice Box says:

    re # 46 – 3B more telling is the new construction. There is none I can see going on right now, and allot of empty lots for sale. I gather most of those builders that bought up the smaller homes and knocked them down to put up 5 BRs Shore McMansion’s are out of business.

  50. Juice Box says:

    re # 48 – Cabinets? Where is the place in Perth Amboy?

    Thx

  51. Folks, post #33 was made by one of the WS people to whom the gubmint has implicitly entrusted the job of helping our necronomy “recover”.

    God help us all.

  52. JJ says:

    The mere fact that AON which bought Hewlet which does tons of medical plan/HR consulting is laying off people as they predict when Obama care passes most will pay the penalty rather than offer health insurance

    jamil says:
    June 13, 2011 at 10:29 am

    Comrade:
    I was looking at McKinsey report on ObamaCare. It is being studied by every CFO in this country and its findings will affect hiring a lot (as well individuals).

  53. moose (37)-

    I have a right to make those statements.

    You, OTOH, should STFU.

  54. Libtard in the City says:

    Jamil,

    All of the issues you pointed out with Obama-Care would have been solved by single-payer. Your church will never let that happen. Hence, ObamaCare will be as equally ineffective as the Part D prescription drug coverage is.

  55. JJ says:

    I am not a necrophilac although I was once with a Jappy girl who could make a waterbed seen like the dead sea.

    Hobo With a Shotgun says:
    June 13, 2011 at 10:33 am

    Folks, post #33 was made by one of the WS people to whom the gubmint has implicitly entrusted the job of helping our necronomy “recover”.

    God help us all.

  56. You work on WS, jj. You screw the dead every day.

  57. 3b says:

    #49 Those shore Mc Mansions were runining Spring Lake. Hope they are gone for good.

  58. Comrade Nom Deplume says:

    [47] jamil

    I basically agree with all of your premises except for the last one. Any company that is seen to rearrange its hiring as you suggest will find DoJ, IRS, DOL, and the plaintiff’s bar up their behinds with hot pokers.

  59. JJ says:

    I always find it amusing when people say the people at Goldman, Morgan, Hedgefunds, etc. are overpaid and/or doing a bad job. I always tell them if you think they are overpaid go get a job there, plenty of openings. Most would rather complain. In life there are two types of people those on the stage and those in the audience. You, Mr. Hobo are in the audience, now stop all that popcorn munching and let me get back to the show.

    Hobo With a Shotgun says:
    June 13, 2011 at 10:37 am

    You work on WS, jj. You screw the dead every day.

  60. Juice Box says:

    re #57 – 3B – I have been in quite a few of them in that area several surrounding towns towns. What took the cake for me was the 1/2 lot new ones. They took corner lots and split them in half. Back yard property line was about 4 ft from the sliding doors. Not even enough room for a patio set, so they built the patio on the side yard by the garage. Basically eating and relaxing in the front yard for 1.5 million +. Might as well drag out the lazy boy and a cooler.

  61. Comrade Nom Deplume says:

    [48] gator,

    Bit of an exaggeration about cabinets. That price is probably for a complete gut job except for fridge and dishwasher, and moving or opening a couple of walls. I can also get that down somewhat by doing what you suggest and buying my own appliances. So it comes down to cost for floor, counters, cabinets, and reconfiguring kitchen.

    Still, this kitchen is serviceable, and can be made more so with a $600 island from Crate and Barrel, and some common sense on her part. Because I cannot convince her, I will simply veto any expenses until the weight of time makes the change for me.

  62. JC says:

    Regarding cabinets: Anyone ever been to Cabinets To Go in Kearny? I’d rather get RTA and assemble them myself, since I don’t have a truck and have no idea when I’ll get them installed. Mine are for a pantry with work area using all wall cabinets. I have a 9’6″ blank wall that is crying out for cabinets.

  63. Comrade Nom Deplume says:

    [45] juice

    I am sure there are deals to be had, but ATEOTD, NJ is a sinkhole. The taxes will overwhelm whatever I can make, and in the future, NJ could use the house as a hook to argue residency for income tax purposes.

    Also, consider the quality of renters. OC-MD or Rehobeth means renting to upscale DC types. Jersey shore means renting to Snooki.

  64. 3b says:

    #60 Or party out of the garage.

  65. 3b says:

    #59 there, plenty of openings.

    Not right now, actually they are going the other way.

  66. Comrade Nom Deplume says:

    [47] jamil

    Also, I find that number hard to swallow. Further, if it appears likely, and if the dems get the house back and keep the WH, look for them to hike the employer penalty. That won’t really work because it will kill hiring full time employees and stunt the economy, but that is what I think will happen.

    That, BTW, will signal the demise of another underground aviary denizen.

  67. Libtard in the City says:

    The cabinet place in Perth Amboy:

    http://www.wholesalekitchencab.com/

  68. Comrade Nom Deplume says:

    [55] JJ

    “I am not a necrophilac although I was once with a Jappy girl who could make a waterbed seen like the dead sea.”

    You sure she wasn’t really dead? I mean, a stud like you can make any woman scream with pleasure, so she probably was actually dead.

  69. Libtard in the City says:

    I’m guessing, she just couldn’t feel anything.

  70. gary says:

    Libtard,

    Or perhaps it was a case of the “big hat, no cattle” syndrome. :)

  71. gary says:

    BTW, every job possibility that comes my way is a contract. There is not a so-called permanent opportunity to be found. I can get 6 month contracts renewed into infinity but they will not offer any benefits or fulltime status. In the next 5 to 10 years, any benefits/coverage/insurance will be out of your pocket. It doesn’t matter the industry or job. I said this to a cousin over a year ago who told me it would never happen in his industry (auto insurance analyst). He is now working on a per diem basis. Any questions?

  72. jj (59)-

    Sorry. I’d rather make a buck by dint of my own ability…not the ability to wheedle the gubmint into becoming my patron and protector.

  73. Shore Guy says:

    “but ATEOTD, NJ is a sinkhole. The taxes will overwhelm whatever I can make,”

    We have come to the same conclusion. Even though we have seen places at a lower price than we would have been willing to spend a couple years ago, the prospect of runaway taxes has persuaded us not to buy another place in NJ.”

    “in the future, NJ could use the house as a hook to argue residency for income tax purposes. ”

    Our reason for not buying in NY up in the lake area, and one more reason not to buy in NJ.

    “Also, consider the quality of renters. OC-MD or Rehobeth means renting to upscale DC types. Jersey shore means renting to Snooki.”

    My greatest memories of OCMD are all the bail bonds shops. I am not sure of the “quality” of renter there. That said, Bethany Beach to Rehobeth seems nice enough and OCMD can’t be worse than what I grew up with in Mon/Ocean.

    I will let folks know what we observe during our OBX house-scouting trip.

  74. Shore Guy says:

    Gary,

    When the Obama health plan kicks in, employers are likely to drop health insurance and pay the penalty, forcing employees into exchanges. That, plus the loss of pensions in favor of 401(k) plans, puts consultants in a better position in many ways. The tax code LOVES the self employed.

  75. Shore Guy says:

    In some ways, anyway.

  76. Matthew Stefani says:

    Regarding Kitchen Cabinets… Check out Knight Kitchens. They are out of Vermont, but are down in the NJ area often. Very well made stuff (3/4″ plywood boxes all the way around, dovetailed drawers (front and back), high quality, soft close hardware, solid 1/2″ thick maple shelving with a nice, round finished front edge, etc…). They deal direct with the homeowner, so you eliminate the middleman mark-up. They also certified kitchen designers and are very easy to work with. Google them and check out their site if you’re interested.

  77. JJ says:

    No she was alive. I was the wingman for my bro, she was the wingwomen for her friend. I figured since while the other two were hooking up why not. Very rarely does that ever work out. Pretty much one of us should be into it. In this case neither of us.

    Comrade Nom Deplume says:
    June 13, 2011 at 11:02 am

    [55] JJ

    “I am not a necrophilac although I was once with a Jappy girl who could make a waterbed seen like the dead sea.”

    You sure she wasn’t really dead? I mean, a stud like you can make any woman scream with pleasure, so she probably was actually dead.

  78. gary says:

    NYU Professor Nouriel Roubini has seized the headlines again this morning, warning that a “perfect storm” of economic disasters may smash the global economy in 2013.

    Roubini’s perfect storm consists of four factors:
    -The U.S.’s basket-case of an economy and budget deficit,
    -A potential slowdown in China,
    -European debt restructuring and
    -Stagnation in Japan.

    Nothing to worry about, Oblamma saved and/or created 600,000 jobs.

  79. jamil says:

    Comrade:
    oh and on unrelated note. My company is closing our NYC office, internal email refers to some unspecified changes in US business environment. 300 people out of local job economy. 50-100 people get offered relocation elsewhere, mainly London, SE Asia or remaining US site outside of this region. Transition period lasts one year or so, few people remain in NY satellite office after 2012. We started already hiring people outside of US. So, there are jobs, just not in the US.

    Not sure if London is any better, though.

    Yeah, recovery summer here we come. In anycase, changes in November 2012 come too late.

  80. I thought wingmen only existed in beer commercials.

  81. JJ says:

    The “divide and conquer” strategy requires a wingman.

    Hobo With a Shotgun says:
    June 13, 2011 at 12:28 pm

    I thought wingmen only existed in beer commercials.

  82. Libtard in the City says:

    “In anycase, changes in November 2012 come too late.”

    Do you really believe that election results can have an impact on an economy when the government is bought by corporate interests regardless of which party is supposedly running the show? Do you honestly believe that any of these so-called politicians (from either party) give two sh1ts about abortion or immigration? Man, are you scary.

  83. homeboken says:

    The West Orange Line!

    http://www.realtor.com/realestateandhomes-detail/15-Oak-Ave_West-Orange-Twp_NJ_07052_M57807-60753#

    Looks like a decent house from the pictures, Sold in 2008 for 640,000, Sold again 2010 for $520,000. Current ask, 529,000 and the icing on the cake…$19,591 annual tax bill!!

  84. JC says:

    Jamil #79: And just what do you think any of the alternatives are going to do for the job situation in the US? The current tax cuts have been in place for a decade; where are the jobs? Companies paid HIGHER taxes in the 1990s and there were plenty of jobs.

    If you are relying on ANY politicians to make things better, guess again. We are in a race to the bottom, and until we wake the eff up and stop pointing our fingers at Mexicans while the corporatists pull the last few bucks out of the wallet in our back pocket while we’re distracted, it’s going to continue until the Middle Ages look like a model of egalitarianism.

  85. Libtard in the City says:

    homeboken,

    Nice island in that kitchen. Or is that kitchen simply an island? Can one even open the cabinets in there?

    And why do people keep buying homes that they end up living in for no more than 3 years. I couldn’t believe how often we saw that when looking for our new place. It makes absolutely no financial sense, not that buying a house does in the first place depending on the current supply/demand environment.

  86. JC says:

    Do ANY realtors around here know how to present a property on the web? Cluttered houses, crappy cell phone photos, misspelled marketing text.

    Check out the virtual tour links at this realtor’s site. (Disclosure: It’s my sister’s company.) THAT’s how you present a house.

    (I want that passive solar house so badly it’s painful.)

  87. homeboken says:

    Lib – Very odd for a home to change hands twice in 3 years and currently be on the market again. I think the tax situation has something to do with it, or the house has some other sort of major problem.

  88. Libtard in the City says:

    Homeboken: Not as unusual as you would expect. Many of the homes we looked at changed hands 3 times per decade. Or at least twice in the last 5 or so years. I doubt there is anything majorly wrong with that home besides the taxes. From the pictures, it looks pretty well maintained, albeit stupidly designed.

  89. gary says:

    Why the f*ck fight it? Invest in companies like Proctor and Gamble, Colgate Palmolive, Pepsico, etc. whose growth is coming from emerging markets. It’s the year 1903 in countries like India and China where people are just discovering you can wipe your @ss with things other than your hand or wash clothes in something called detergent or consume a salty snack surrounded by a colorful wrapper. Catch my drift?

  90. homeboken says:

    Lib – Here is the transaction history

    Sold 2006 – 420,000
    Sold 2008 – 640,000
    Sold 2010 – 520,000
    On market – 529,000

    Let’s say it sells this year (it won’t), This property will have been owned by 5 people in 7 years. WTF?

  91. Libtard in the City says:

    JC,

    The home we eventually bought was marketed horrificly. Not only did the listing rot for over 180 days, but even when we bought it, there was still only one exterior picture in the listing. Good for us. Bad for the selling price. Then there was the issue with the frozen pipes on the day of closing. I really hope the sellers realized that that 1% less they ended up paying in commission on a 500K+ house ($1,000) probably cost them nearly $100,000 in selling price.

  92. Libtard in the City says:

    Homeboken…It is scary, but not that terribly unusual in these parts where it seems the same houses are bought and sold time and time again. The strange thing though is that the houses adjacent have probably been in the same hands for 30 years or more. Try to figure that one out.

  93. jamil says:

    JC: “The current tax cuts have been in place for a decade; where are the jobs? ”

    You may not have noticed, but in the past decades US actually had (full-time) jobs.
    Just around 2006, billionaire Nancy Pelosi complained about that horrible 4.5% unemployment rate for which “change is needed”. Well, change we got.

    20 years ago effective US corporate tax rates compared to the rest of the world were favourable. Regulatory environment was also decent. Talent was in the US.

    Today, all those advantages are gone. It is much easier to run business elsewhere. You don’t need 100 diversity officers, or 500 SOX/FrankDodd/OC/FDA specialists in your compliance dept. You won’t get sued by some parasitic ambulance chasing john edwards wannabe for $200M every day. You don’t have to hire lobbyist and divert mandatory campaign contributions just to avoid getting into the gov blacklist.

    Corp taxes are lower elsewhere, even if you take into account the loopholes. I don’t see why any business owner would hire full-time people in the US given the current admin’s rhetoric and out of control regulatory agencies.

    Whatever. Liberalism is a disease. Cure exist, but rare.

  94. Libtard in the City says:

    “Liberalism is a disease. Cure exist, but rare.”

    Cure Jamil, impossible!”

  95. jamil says:

    82: letarded “Do you really believe that election results can have an impact on an economy when the government is bought by corporate interests regardless of which party is supposedly running the show?”

    For one example, I’ll give you Boeing. It has already spent a billion dollar finishing new manufacturing plant in SC. It provides thousands of new manufacturing jobs. Sounds good, right?
    But now, admin thugs are trying to force it to close down it and transfer the work for union-controlled state.

    So, federal government, under this smart community organizer, has the authority to decide where a private company is allowed to expand or run business?

    This should scare the he11 out of every company that is considering expanding in the US. This would never have happened in the US in the pastm under a different party. Actions have consequences. Of course, in the world of community organising and academic left, these kind of actions create or save 3.5 million jobs.

  96. JC says:

    Like I said — race to the bottom.

  97. Libtard in the City says:

    Yup it’s the fault of liberalism. Thanks for curing my disease.

    When the history books of the future are written and they examine the causes of the demise of America, it will concisely point to the eight years of Clinton and the four years of Obama. The other twenty years of our Utopian existence since Jimmy Carter should be rightfully ignored. Oh how we should have repented and listened to the teachings of our lord and savior Jamil and his book of Drudge.

  98. Libtard in the City says:

    ^tnx = $2.95

    Jamil’s brain = $.26 (and I’m being generous)

  99. 3b says:

    JC Are you familiar with Adams Place in Wash Twp??

  100. jamil says:

    letarded: How about T-Mobile AT&T merger? Government got letter of support from Gay and Lesbion Org and NAACP (no doubt, they will be influential letters to this admin).

    You might be wondering what the heck do these groups have to do with some merger.

    Turns out said telecoms have been handing out millions of dollars of “community support” money for these groups and now they just happen to chime in and just happen to be in support of the merger!

    This is nothing more than protection money, required by the thug admin.

    You don’t have to pay, but if you don’t “nice business you have there, shame if something were to happen to it”.

    At least the old mafia had style.

  101. chicagofinance says:

    How’s Gwen?

    Matthew Stefani says:
    June 13, 2011 at 12:08 pm
    Regarding Kitchen Cabinets… Check out Knight Kitchens. They are out of Vermont, but are down in the NJ area often. Very well made stuff (3/4″ plywood boxes all the way around, dovetailed drawers (front and back), high quality, soft close hardware, solid 1/2″ thick maple shelving with a nice, round finished front edge, etc…). They deal direct with the homeowner, so you eliminate the middleman mark-up. They also certified kitchen designers and are very easy to work with. Google them and check out their site if you’re interested.

  102. Libtard in the City says:

    Google Haliburton and Cheney. See what you’ll find. Oh what’s that? The so-called conservatives play the same game the liberals do? You won’t hear that on Fox. Just as you won’t hear about the problems with Obama Care in the MSM. Nor will you know how much money the lobbyists spent the last 12 years in this country.

    Finance, Insurance & Real Estate $4,274,060,331 14.53%
    2 Health $4,222,427,808 14.53%
    3 Misc Business $4,149,842,571 14.11%

    But it’s all the fault of Obama and his community activism. The 13 trillion dollars spent to make sure health care, wall street, and the mortgage industry doesn’t play into the Republican’s agenda, right?

    DOLT!

    DOLT!

  103. Libtard in the City says:

    I’m contemplating changing my name to Jamil’s Socialist Death Panel. What do you all think?

  104. Juice Box says:

    End is Nigh Bruce Springsteen edition.

    http://www.nj.com/entertainment/music/index.ssf/2011/06/clarence_clemons_stroke_update.html

    Clarence Clemons, hospitalized in Florida after a stroke, has had two brain surgeries but is “responsive and in stable condition,” according the authoritative Bruce Springsteen and the E Street Band fan website, backstreets.com.

    Also, Carolyn Gusoff of Fox 5 News has reported that Clemons is paralyzed on the left side of his body, though backstreets.com quotes a “close friend” of Clemons as saying: “He was paralyzed on his left side, but now he’s squeezing with his left hand.”

  105. chicagofinance says:

    Wing man? How about Nose Tackle…..JJ, was at early dinner at the Colts Neck Inn on Friday and Klecko comes waltzing in and sits at the next table with his family. My daughter (2) was flirting with his sons…..

    JJ says:
    June 13, 2011 at 12:36 pm
    The “divide and conquer” strategy requires a wingman.
    Hobo With a Shotgun says:
    June 13, 2011 at 12:28 pm
    I thought wingmen only existed in beer commercials.

  106. chicagofinance says:

    Actually….I assume Dan Klecko was one of the guys at the table…..

  107. Anon E. Moose says:

    I just looked up what a “Silver Alert” is after seeing them on varios signs above I-80. I tried to think about saving the seniors; about the government nanny state; about how ineffectual it seems, and come to the following conclusion: Meh.

  108. ricky_nu says:

    libtard, while I dont disagree with you, dont those add up to 13 billion?

  109. jamil says:

    104: give me one example of haliburton corruption. DailyKos smear does not count. Cheney left Haliburton years earlier and Army (also during O admin) gave no-bid contracts to companies like Haliburton according to well-establishes rules. Or is O also involved in this Haliburton conspiracy? Or maybe shipping stuff to warzone requires some special skills and timeline?

  110. jamil says:

    “libtard, while I dont disagree with you, dont those add up to 13 billion?”

    millions, billions or trillions, almost the same word, right, so who cares?

  111. JC says:

    3b #101: Adams Place is on the west wide of town. It’s kind of close to the parkway but it doesn’t back up to it the way Ridgewood Blvd. North does. I assume it’s #978 you’re interested in? It is on my way home (I go that way to avoid the intersection of Pascack Road and Washington Avenue — something to think about, because the town is on the verge of approving a sizable new commercial development project on that corner with no improvements to the road infrastructure and capacity…so there is likely to be increased southbound traffic on Hoover and Jackson Avenues.

    I’ll check it out.

  112. ricky_nu says:

    hahaha – million, billions trillions, I do agree, after a certain point it all seems academic

  113. Shore Guy says:

    “book of Drudge”

    And, now a reading from the Book of Townsend:

    See me, feel me, touch me, heal me.

  114. 3b says:

    #13 Yes JC that is the one Sales history for that house:

    2003-380K
    2005-485k
    2007-442k
    Listed now for 410K taxes are around 8K (where I would be coming from that is very reasonable). Would not want to back up to GSP, and would not want to hear it either, but depending on where it is, may not hear the GSP traffic noise.

    A sizable new commercial project, that is a beautiful thing nice rateables. Is that the CVS/Dunkin Donuts project?

  115. Shore Guy says:

    “million, billions trillions”

    it only matters: 1) if one is planning on paying it back, or;

    2) if one is planning on being paid back.

  116. 3b says:

    #13 Oh and thanks for checking it out.

  117. nj escapee says:

    Part-time resident Clarence Clemons suffers stroke
    Posted – Monday, June 13, 2011 11:33 AM EDT

    By RYAN McCARTHY
    Clarence Clemons, on sax, joins the band during May 2010′s party to celebrate the saving of the Brass Monkey.
    http://www.keysnet.com/2011/06/13/348610/part-time-resident-clarence-clemons.html
    Clarence Clemons, a part-time Marathon resident who’s been the sax man for Bruce Springsteen and the E Street Band for nearly 40 years, has suffered a stroke, numerous sources are reporting.

    Clemons, 69, is known to sit in with bands when he’s in Marathon vacationing from his permanent home on Singer Island in Palm Beach County. Among the venues he’s played are the Brass Monkey, Castaway, Dockside Lounge and the Hurricane Grille.
    He’s seen health problems in recent years, including having both his knees replaced. But as recently as last month, he performed on “American Idol” with Lady Gaga.
    In May 2010, he was a big part of the effort to save the Brass Monkey from eviction by Winn-Dixie, which owns the space the Brass Monkey rents. He had planned to be part of a protest to picket the eviction, but the eviction ultimately was quashed and instead a party was held to celebrate a new five-year lease. Clemons headlined that Monkey bash.
    At the time, he told the Keynoter, “It’s real people living real life and they come out to party and hang out.”

  118. 3b says:

    #12 jamil: In all seriousness do you really truly believe that the Repubs will do nay better shoudl they win the White House in 2012?

  119. Libtard in the City says:

    3 digits…what’s the difference.

  120. Fabius Maximus says:

    JJ

    Are you at SIFMA tomorrow? I supposed to stop by the Hilton at some point.

  121. 3b says:

    #21 That is my point, there is no difference between either party. Once one accepts that, you can just not care any more; it is what it is.

  122. NJGator says:

    Nom 61 – Good luck with that. Even I managed to get Captain Cheapo to pay to redo a bathroom he had no intention of doing now.

    Now that that is complete, I am currently scheming for central air and a deck.

  123. kettle1^2 says:

    This could set off some interesting domino’s

    Allied Irish Banks Has Officially Defaulted – ISDA
    http://www.zerohedge.com/article/allied-irish-banks-has-officially-defaulted-isda

    And the same day that greece gets downgraded to CCC. The CDS on this could be a b1tch.

  124. Fabius Maximus says:

    #38 nom

    I know a good forensic CFF in Clifton. Let me know if you want the details.

  125. gary says:

    WASHINGTON – President Barack Obama announced a new effort Monday to eliminate government waste and named his vice president to lead it.

    Obama signed an executive order that creates an oversight board to work with federal departments and agencies to cut waste and improve performance. Vice President Joe Biden will meet regularly with Cabinet secretaries to chart progress.

    Another government entity to oversee other government entities.

  126. Painhrtz - Salmon of Doubt says:

    Gary the US government crossed over into Vogon territory eons ago, I’m just waiting for the putrid poetry

  127. kettle1^2 says:

    Nom, and other legal beagles

    your might find this interesting:

    LEVENTHAL, J.This matter involves the enforcement of the rules that govern real property and whether such rules should be bent to accommodate a system that has taken on a life of its own. The issue presented on this appeal is whether a party has standing to commence a foreclosure action when that party’s assignor—in this case, Mortgage Electronic Registration Systems, Inc. (hereinafter MERS) —was listed in the underlying mortgage instruments as a nominee and mortgagee for the purpose of recording, but was never the actual holder or assignee of the underlying notes.

    We answer this question in the negative.

    MERS purportedly holds approximately 60 million mortgage loans (see Michael Powell & Gretchen Morgenson, MERS? It May Have Swallowed Your Loan, New York Times, March 5, 2011), and is involved in the origination of approximately 60% of all mortgage loans in the United States (see Peterson at 1362; Kate Berry, Foreclosures Turn Up Heat on MERS, Am. [*6]Banker, July 10, 2007, at 1). This Court is mindful of the impact that this decision may have on the mortgage industry in New York, and perhaps the nation. Nonetheless, the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed to ensure the reliability of the chain of ownership, to secure the dependable transfer of property, and to assure the enforcement of the rules that govern real property.

    http://www.scribd.com/doc/57764888

  128. kettle1^2 says:

    This could be a little problem if it goes forward:

    New York law governs more than 80 percent of the trusts while Delaware controls the remainder, said the person. The two states, which have agreed to share information, are looking into whether the trusts are valid, the person said.

    http://www.bloomberg.com/news/2011-06-13/new-york-delaware-said-to-probe-trustees-of-mortgage-backed-securities.html

  129. JJ says:

    Tell Klecko he was great in Smoky and the Bandit.

    chicagofinance says:
    June 13, 2011 at 2:04 pm

    Wing man? How about Nose Tackle…..JJ, was at early dinner at the Colts Neck Inn on Friday and Klecko comes waltzing in and sits at the next table with his family. My daughter (2) was flirting with his sons…..

    JJ says:
    June 13, 2011 at 12:36 pm
    The “divide and conquer” strategy requires a wingman.
    Hobo With a Shotgun says:
    June 13, 2011 at 12:28 pm
    I thought wingmen only existed in beer commercials.

  130. JJ says:

    or was it cannonball run?

    I am not at SIFMA tommorrow. But I will be in midtown for dinner on Wed with some of the SIFMA folks

  131. jamil says:

    “Another government entity to oversee other government entities.”

    Let me guess. This entity needs to hire 5,000 new staff members (along with necessary diversity & PR officers). I’m not worried. Joe is on it. Waste will disappear.

  132. Noah says:

    Comrade – My firm might be the right fit. I’m a former forensic accountant and we do tax prep work, but only for our wealth management clients. Not sure if that’s part of what your clients might need or how that fits with what you do. You can call me 973-323-3737 or email me noah at freedomadv.com if you want to explore it.

  133. Juice Box says:

    SIFMA – Committed to enhancing trust in markets by promoting effective and efficient regulation, open, competitive and efficient global capital markets while raising funds for Barney Frank.

    http://washingtonexaminer.com/blogs/beltway-confidential/2011/06/barney-franks-wall-street-fundraiser-and-nature-regulation

  134. Painhrtz - Salmon of Doubt says:

    Always thought fund raising for Barney Frank was to fix his speach problem not get elected to congress

  135. scribe says:

    Fabius,

    I will be at SIFMA tomorrow – wearing an orange press pass.

  136. scribe says:

    Comrade,

    I sent you a rec for an accountant via private msg at LinkedIn.

  137. Juice Box says:

    re: #136- I’ve never known any gay guy who hath a lithp. It’th a thereotype

  138. JJ says:

    You can’t wear anything orange to boardy barn so you might as well wear it to SIFMA>

    scribe says:
    June 13, 2011 at 4:11 pm

    Fabius,

    I will be at SIFMA tomorrow – wearing an orange press pass.

  139. Fabius Maximus says:

    #137 scribe

    I’ll get Mrs Fabius to send you my cell and we can try and meet up.

    Baarney should get a bit of fundraiseing out of this as his name is on everything. They should rename it the D00d/Frank roadshow….. :*)

  140. vodka (125)-

    We are also at the point of Martin Armstrong’s latest call for bad shit to happen.

  141. salmon (136)-

    Barney doesn’t talk so well because his mouth is always stuffed with something.

  142. NJ Toast says:

    And for those of you thinking of buying in So Cal:
    http://www.bloomberg.com/news/2011-06-13/southern-california-home-prices-decline-8-2-as-employment-remains-weak.html

    No smack talk today about LeBron?

    Hobo, your comment about taking on a client anticipating he will clean up his credit to rinse & repeat: Do mortgages today have more teeth/recourse in them today than a few years ago and if not, why or is it just a larger down payment? Would think the banks have learned from their beating.

  143. toast (145)-

    Banksters have learned the only lesson they need to know: when it’s all hitting the fan and losses may be imminent, bribe, wheedle and co-opt the closest politician available.

    Even if they’ve got religion now (which they don’t) and never write another crap loan again, the triple nuclear bombs of Phony, Fraudy and FHA are still being random timer trip-wired for the purpose of completely destroying what shambles of a necronomy we have left and stripping the last shred of wealth and motivation from individual citizens who have a net worth south of nine figures.

    We are now a fascist nation in structure, philosophy and governance.

  144. Neanderthal Economist says:

    “Over the weekend, I was contacted by a buyer who purchased during the 8K tax credit madness and has already defaulted.”
    I would guess freedy is ready to pull off a second default, he was way too proud of himself the first time to stop at just one.

  145. Neanderthal Economist says:

    “We are also at the point of Martin Armstrong’s latest call for bad shit to happen.”
    hobo, isnt armstrong the dude who called rapture last month?

  146. Michael Sydor says:

    148: That’s the guy. He has just had a mild stroke. Probably been having a few more before this last one. That really helps to distort your reality. Fruit loop.

  147. Fabius Maximus says:

    was in Northvale yesterday and stopped at the Shop Rite. Store was overrun with
    Mexicans. Northern Bergen County.

    Whoa, White Flight Freddy, (bam-A-lam)
    Whoa, White Flight Freddy, (bam-A-lam)
    White Freddy, got mad (bam-A-lam)
    His Hood gone bad (bam-A-lam)
    Packed the truck one night (bam-A-lam)
    Headed south, past Hackensack (bam-A-Lam)
    Whoa, White Flight Freddy, (bam-A-lam)
    Whoa, White Flight Freddy, (bam-A-lam)

  148. Comrade Nom Deplume says:

    [74] shore

    Problem with getting rid of statutory employees and hiring consultants is that IRS can still come in, look at the operation, and simply “recast” all of the consultants as statutory employees. Then they hit you up for all the payroll taxes, etc.

  149. Comrade Nom Deplume says:

    [124] gator

    Not so hard. I simply tell her she can have her kitchen but she can’t retire or send the little ones to college. Her choice.

  150. Fabius Maximus says:

    #44 nom,

    I think you are reading too much into that. This was on the cards long before D00d Frank. They have been trying to get rid of the albatross of HFC for most of the 10 years they have owned. it

  151. Comrade Nom Deplume says:

    [153] fabius,

    That may be, but Dood/Frank doesn’t help. It may not be primary reason for making a new push to dump the biz, but it could be the proverbial last straw.

    I see it more as a portend—here is a US financial business unit that they can’t give away. Why not? And why the strategic decision to exit the US market altogether? Coupled with the foreign banks essentially being chased out of the US by such things as the new QI rule, is it unreasonable to assume that many will rethink doing business in the US?

  152. Comrade Nom Deplume says:

    “With few tools left to heal the U.S. economy, President Barack Obama pledged Monday to act on job-boosting ideas from a panel of top executives whose modest proposals fell short of a quick fix for stubbornly high unemployment.
    “Obama’s jobs council, led by General Electric chief Jeffrey Immelt, called for measures to cut red tape, provide more loans, invest in energy efficiency and attract more tourists, many of which have been suggested before.

    The president, whose 2012 re-election prospects hinge on his ability to address unemployment, was enthusiastic about the panel’s recommendations but made no specific commitments.

    “I promise you we’re going to act on a range of these recommendations,” Obama said. “There are some common-sense ideas that we can all embrace to make ourselves more competitive that should not be subject to the usual political gamesmanship.”

    With a raft of opinion polls showing Americans are unhappy with Obama’s stewardship of the economy, he has been counting on fresh ideas from the jobs council, which also includes the CEOs of Eastman Kodak, American Express, DuPont and Xerox.

    The council’s ideas are helpful but not nearly enough, said Sherle Schwenninger, director of economic growth and American strategy of the nonpartisan New America Foundation. “I generally view the jobs council as operating within the current serious political constraints. These are extremely modest suggestions in terms of the scale of the problem,” Schwenninger said. . . .”

    I would have more faith in a panel that had members willing to tell Obama what to do with his program. The participants were hand-picked for their pliancy and the nature of their position vis-a-vis the government, as in who has them by the short hairs. Let’s see now: GE (bailout), AXP [quasi bailout]; Kodak (Gov. K, and needs a bailout), and Xerox (Gov. K, needs a bailout, and needs Sec. 179 relief).

    Yeah, real independent thinkers there.

  153. scribe says:

    fabius,

    I sent judy an email tonight.

    I will check email in the AM before heading out for your cell.

  154. Comrade Nom Deplume says:

    [146] hobo

    “We are now a fascist nation in structure, philosophy and governance.”

    That was what Tytler predicted would happen (allegedly, as the attribution to Tytler was never proven)

  155. Comrade Nom Deplume says:

    [84] JC

    “Companies paid HIGHER taxes in the 1990s and there were plenty of jobs.”

    I do hope you aren’t going to trot out the thoroughly-discredited canard about how Clinton hiked taxes and the economy was fine, ergo higher taxes are good for econ. growth?

    I found the wooden stake to put that syllogism to rest and it was written by none other than Christine Romer. Don’t make me use it.

  156. Shore Guy says:

    “Then they hit you up for all the payroll taxes, etc.”

    Indeed. And, in tnhe process, they are likely to find FLSA misclassifications, which cost a mint.

  157. Kettle1^2 says:

    Neanderthal

    Armstrong called armageadon???? I missed that one. When does the world end?

  158. veets (148)-

    Nope. Martin Armstrong is living proof that our fascist gubmint holds and tortures political prisoners.

  159. Fabius Maximus says:

    #154 Nom

    To give it away, you first have to find someone to take it. Maybe if they bundle it with their sub prime mortgage unit it will sell? I wonder what the default rate or the % of balances getting written off in bankruptcy

    From Yahoo :
    HSBC Finance issues credit cards to middle-class consumers in the US, with a focus on those with less-than-ideal credit. The company offers Visa, MasterCard, American Express, and Discover cards, as well as private-label cards for electronics, furniture, and department stores and other retailers; it has some 15 million cards in circulation under the HSBC, Orchard Bank, and private brands. The company also has agreements with General Motors and the AFL-CIO to issue cards with the The GM Card and Union Plus labels. It sells life, credit, and other specialty insurance coverage in the US and Canada. HSBC Finance is a subsidiary of HSBC North America, which itself is part of big British bank HSBC Holdings

  160. Comrade Nom Deplume says:

    [163] fabius

    That’s part of my point. It is much harder now to get anyone to take it, not just because the credits are trash, but the regulatory costs are now much higher. That is probably why they said they would just run it out if they can’t sell it.

  161. Comrade Nom Deplume says:

    And one more for Shore and the NY “residents”

    http://blog.oup.com/2011/06/barker/

  162. cobbler says:

    Chinese Mount Global Homebuying Spree as Governments Squeeze Local Markets
    …In New York, interest among Chinese buyers has picked up noticeably since January, about the same time the government in Beijing issued new restrictions on second-home buying, according to Asher Alcobi, president and co-founder of Peter Ashe Real Estate, a New York brokerage specializing in luxury properties.
    Trump Appeal
    One of Alcobi’s Chinese clients recently closed on two units at Manhattan’s Trump SoHo, a condominium hotel where the apartments are rented out as hotel rooms for more than half the year and owners share the revenue.
    “Chinese love the Trump,” Alcobi said. Anything that has the Trump name is good.”
    High-net-worth buyers are looking in Manhattan because property prices in China and Hong Kong are already at bubble levels, said Wei Min Tan, founder of Castle Avenue Partners, a group within New York’s Rutenberg Realty that assists buyers from overseas.
    “From a price perspective, New York is actually cheap,” he said. “Hong Kong is 50 percent more expensive than Manhattan on a square-foot basis.”…

    http://www.bloomberg.com/news/2011-06-13/chinese-mount-global-homebuying-spree-as-governments-squeeze-local-markets.html

  163. cobbler says:

    libtard [32]
    You are quite wrong about the cash for clunkers and its stimulative effect: many people myself included would have continued driving their old cars – the Civic I got as C for C was actually the first new car I ever bought – so it was not the shift of demand forward but rather creating the new demand. Secondly, the fact that we are now having record used cars prices is to an extent related to C for C since it removed a good chunk of vehicles from the market (equivalent of bulldozing excess houses) – that stimulates both new cars buying and auto repair industry.

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