September Beige Book

From the Federal Reserve:

Beige Book – New York Region

Construction and Real Estate

Residential construction and home sales have remained sluggish but generally steady since the last report, while there has been further improvement in the rental market. Overall, prices of existing homes have edged up in recent months in many areas but are still down slightly from a year ago across most of the region. Buffalo-area Realtors report that market conditions remained weak in July and early August, with the median selling price little changed from a year earlier, but that a recent increase in pending sales suggests some recent firming in market conditions. An authority on New Jersey’s housing industry reports that a large overhang of distressed properties continues to weigh down the market but that the processing of foreclosures is now resuming; this is expected to lower reported transaction prices, on average, but increase sales activity and gradually reduce the inventory. New construction activity is very low and largely concentrated in the multi-family (rental) segment. A major appraisal firm reports a more-than-typical seasonal drop-off in activity in New York City’s co-op and condo market in August; some of the recent softness is deemed to reflect concern about the city’s financial sector. Still, the markets in Manhattan and nearby Brooklyn are reported to be holding up relatively well, buoyed, in part, by foreign buyers paying cash. New York City’s rental market has shown continued strength: the inventory of available units is down moderately, and rents on new leases continue to climb and are up 5 to 8 percent over the past year.

This entry was posted in Economics, Housing Bubble, Housing Recovery, New Jersey Real Estate. Bookmark the permalink.

136 Responses to September Beige Book

  1. Essex says:

    “Maybe it’s time to have some provocative language in this country”. Rick Perry

  2. Mike says:

    Good Morning New Jersey

  3. grim says:

    From Housingwire:

    Clear Capital: summer home prices rose, but caution remains

    Clear Capital said home prices rose 4% in the second quarter, but the real estate data firm warns rocky times lie ahead.

    Still, gains made in the summer are likely to be short-lived with consumer confidence weakening toward the end of the summer, Clear Capital said.

    “Although the summer gains appear to signal strong growth in home prices, it’s important to keep in mind that these gains are off of the record lows of winter,” said Alex Villacorta, director of research and analytics at Clear Capital. “With summer coming to a close and the price gains clearly starting to level off, the market is at a critical juncture as to whether it can avoid another significant downturn into the slower buying seasons of fall and winter.”

    Clear Capital said the Midwest experienced the highest home price gain of 7.3% in the most recent quarter. The Northeast and South followed with price growth of 4.9% and 3.5%, respectively. Price gains in the West were more limited, landing in the 0.7% range on a quarter-over-quarter basis.

  4. Essex says:

    Mitt “scratchy underpants” Romney will be our next President. Based on his Presidential Hair alone. He was darn good last night.

  5. Kettle1^2 says:

    Yes, BofA is being served up on a silver platter

    Bank Of America’s Legal Woes Go Global After Norway’s Sovereign Wealth Fund Sues For Mortgage Fraud

    http://translate.google.com/translate?sl=no&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.dn.no%2Fforsiden%2Fnaringsliv%2Farticle2218203.ece

  6. Kettle1^2 says:

    Pension Fund chief Yngve Slyngstad suing mortgage company Country-wide, the owner Bank of America and KPMG in the U.S. for fraud, newspaper Dagens Næringsliv.

    Billions are at the game.

    The Fund and 14 other large institutional investors meetings the parties to a court in California.

    They claim that Countrywide – formerly the largest U.S. lender for residential purposes – held back important information and concealed the extent of credit risk that the company took. The company was one of the largest lending founders of so-called subprime loans, which was a major cause of financial crisis.

    Because of the misrepresentation of the company and senior management, bought the oil fund and other investors in Countrywide shares at artificially high prices from March 2004 to March 2008, according to the fund.

    Angelo Mozilo and two other former directors sued as well. They should have enriched himself personally by selling shares of “several hundred million dollars” based on information that was not available in the market.

    The company’s auditor KPMG and Bank of America, which bought the company in 2008, accused in the lawsuit.

    “Countrywide’s shares traded as high as $ 45 2 februar 2007. February 2007. Just over a year later was the stock down by about 90 percent, which caused investors billions of dollars in losses, “the oil fund’s press spokesperson Bunny Nooryani in an email.

    She would not identify the values ??at stake.

    The Fund reported last year, the requirements in 50 different cases pending before courts, but rarely direct legal action themselves. It shows the Fund’s annual report for 2010, according to Dagens Næringsliv.

  7. jamil says:

    StimulusII, here we come!

    http://online.wsj.com/article/SB10001424053111904716604576544500632493510.html

    Why the Stimulus Failed
    “New research on what actually happened to a trillion dollars..

    In one redolent example, a federal contractor said he was told to use smaller, nonstandard tiles that are harder and more expensive to install in order to increase the cost of the project. That way, the government could claim the money was moving out the door faster. The famous Milton Friedman line about government ordering people to dig with spoons to employ more people comes to mind.

    In another case study, a budget shortfall forced a mid-size city to lay off 185 public workers—but the city received a $4 million stimulus grant to improve municipal energy efficiency. The manager of a construction company received funds for “the last thing on our list; and truthfully, the least useful thing.” It happened to be a crane and a forklift.

    The economy would have benefitted far more if the government had instead improved the incentives for people and businesses to invest, produce and grow. The President probably won’t mention any of this, but it does explain why he has to give his latest speech”

  8. Thomas Friedman on CNBC right now, telling us why it’s all turned to shit.

    I don’t know whether to like or loathe him.

  9. Essex says:

    8. I’m sure that all of the cash Halliburton got from our war credit card has gone to good use.

  10. jamil says:

    10, yeah, so let’s double down with another Stimulus.

  11. nj escapee says:

    Thomas Friedman is the Jim Cramer of “journalism.”

    There Went Meat says:
    September 8, 2011 at 8:04 am
    Thomas Friedman on CNBC right now, telling us why it’s all turned to shit.

    I don’t know whether to like or loathe him.

  12. Shore Guy says:

    Gotta love Friedman’s house, um, estate, in Virginia.

  13. Confused in NJ says:

    Interesting, I got 6.91″ of rain from Irene, and so far Lee has dumpted 7.57″ of rain exceeding Irene. Have to buy a boat & put it on my deck if this keeps up.

  14. Shore Guy says:

    Grim,

    A couple of posts are stuck in mod and there is no obvious reason why. Please unmod.

  15. Shore Guy says:

    Before 9-11, read the transcripts, they are chilling.

  16. Shore Guy says:

    Audio transcript of the FAA and Norad communications on the morning of 9-11:

    http://www.rut*gers*lawre*view.com/wp-content/uploads/special/911/Full%20audio%20transcript.pdf

    Prior posts of related material from the Rutgers Law Review are stuck in moderation.

    remove all * to activate link

  17. jamil says:

    “New U.S. jobless claims rose unexpectedly last week, further evidence of a weak labor market just hours before President Barack Obama delivers a major address to Congress on the issue.”

    Spot the State Media keyword.

  18. yo'me says:

    If you don’t have the ability to think,you’ll love Friedman

  19. Comrade Nom Deplume says:

    [19] yome

    I was watching Hardball a couple of nights ago, and there was a “journalist” on (Heileman, I think), whose comments were so elitist, it was chilling. The left really does think it knows best and the rest of us should simply shut up, sit down, and do what they say cuz we don’t know sh1t.

    I would love to get a transcript of the conversation between this guy and Tingles; it just left me thunderstruck in a way that I had not been since I heard the Philadelphia police commissioner blame gun violence in “Killy” on licensed gun owners.

  20. Comrade Nom Deplume says:

    Tax News of the Day:

    Obama finally decides to fill the position that my friend didn’t get because she has zero tax experience.

    http://www.whitehouse.gov/the-press-office/2011/09/07/president-obama-announces-more-key-administration-posts

    No quibbling over this candidate’s bona fides. I wonder if MSM will disclose whether she was an Obama supporter. Mary Smith was an Obama worker from his Senate campaign (took a leave of absence or a break between DoJ and Skadden, cannot remember which), but for some reason, that never made it into the press coverage.

  21. Comrade Nom Deplume says:

    More Tax News of the Day:

    Uh oh, someone over at WaPo is gonna get an angry call from the OEOB for stepping off the reservation and calling BS on Dear Leader:

    http://www.washingtonpost.com/blogs/fact-checker/post/obamas-whopper-of-a-claim-on-tax-cuts/2011/09/06/gIQAmL2h7J_blog.html?wprss=fact-checker

  22. NJGator says:

    Tax Appeals Will Put Huge Strain On 2012 Budget

    Residents can expect another tax increase.

    Montclair residents could win as much as $4 million in tax appeals this year, putting a strain on the 2012 municipal budget and most likely resulting in another tax increase, Township officials said Thursday.

    Township Attorney Ira Karasick said that, as of today, he’s tabulated approximately $2.2 million in “revenue losses” for the Township resulting from refunds or credits that will have to be given to residents who’ve appealed their property taxes in 2011.

    “However that only covers about 50 percent of the property values that are on appeal at the county board … the bottom line is that it doesn’t include another 50 percent and that could be $1.5 million to $2 million more,” he said.

    In addition, Karasick said, appeals from previous years total about $2 million in refunds or credits.

    Karasick said he prefers not to speculate about tax increases but admitted that the town will be in a tough situation.

    Mayor Jerry Fried said that it’s pretty safe to assume that—based on the $4 million figure—the municipal portion of a tax bill could go up during the next budget year by 5 percent to 6 percent.

    “There is some money put aside for this sort of thing but there is not $4 million in there,” he said.

    In the 2011 municipal budget, the Township Council set aside $300,000 in a special reserve fund to help offset the tax refunds or credits it would have to face.

    There were 1,130 tax appeals filed with the township for 2011, and Karasick estimated that about 50 percent or 51 percent of them have been resolved so far at the Essex County Board of Taxation.

    Councilor Cary Africk said that it’s not too early even now to start talking about the budgeting process, especially with the Township facing so many challenges.

    “It is difficult, the numbers are challenging, but it is the responsible way to proceed,” he said. “Instead of starting early, we’ve been getting last-minute scrambles.”

    Africk complained that the Council doesn’t even “get planning for the year that starts in less than six months” let alone do any multi-year planning.

    “And when it comes to the Capital Budget, well let’s just say the capital budget for 2011 is still being ‘studied’,” he said. “Last year the 2010 capital budget wasn’t completed until December 2010.”

    Councilor Nick Lewis said it’s clear the municipal budget will be thrown out of whack by the tax appeals.

    “It will certainly be a problem. The question is just how big the problem will be. At the same time, it seems clear to me that we have pretty much run out of programs and people to cut,” Lewis said. “Therefore, unless we want to start slashing public safety, we are not going to have many weapons to attack a huge hole in our budget.

    “It therefore seems likely that the tax appeal results will lead to a tax increase of some amount,” he added. “Just how bad it will be is what is not clear at this point, so there is no point in speculating about a number.”

    http://montclair.patch.com/articles/tax-appeals-will-put-huge-strain-on-2012-budget

  23. Comrade Nom Deplume says:

    [12] escapee

    “Thomas Friedman is the Jim Cramer of ‘journalism.'”

    Post of the Day (so far)!

    I’d also say that Krugman is the Jim Cramer of economics, but I think that would be a rank insult to Cramer. At least Cramer says something useful every now and then, and is a lot more entertaining.

  24. Shadow of John says:

    Manties? Who wears manties? Just a bunch of nancy boys, thats who.

    http://online.wsj.com/article/SB10001424053111904900904576554380686494012.html?google_editors_picks=true

    Grab Your ‘Murse,’ Pack a ‘Mankini’ And Don’t Forget the ‘Mewelry’
    Men’s Fashion, Lingo Take a Feminine Turn; Mixed Reviews for Obama’s ‘Mandals’

    edit

  25. Comrade Nom Deplume says:

    We aren’t here yet, but IMHO, this is the direction in which we are headed.

    http://news.yahoo.com/top-chinese-wealthys-wish-list-leave-china-065826880.html

    One must remember that China is still a communist country in theory, and note that Russia is not so far removed from its totalitarian/communistic past. The Fabiuses and Schabs of the board will use this to scream “see, expatriation is a myth” but that ignores two things: First, that expatriation is happening, and increasing, and second, that argument assumes stasis, which we all can pretty much dismiss as folly. So, while folks that are “wealthy” in China (but not necessarily here) want to come to the US for non-tax reasons, it is only because China is potentially more threatening than we are. That is not so say we are not the least threatening to wealth, and there is no reason to believe we won’t become more so. Thus, I maintain we are headed in the direction of China, not the direction of Switzerland. And no amount of replacing former US multimillionaires with Chinese millionaires will stanch that bloodflow when we declare open warfare on capital (as we will).

  26. Comrade Nom Deplume says:

    [25] shadow

    I seem to recall the name Manties on a gag gift that I got at my bachelor party (and now somewhere in a landfill in NJ cuz I had no room for all that gag gift stuff, and besides, it was a stupid gag gift).

    Other than that, this name has no future. Or as Gator would say, “ewww.”

  27. Shore Guy says:

    Nom,

    I believe you are wrong and that the government and our deqr leaders will never declare war on capital; instead, they will declare war in favor of workers. The results will be the same but the visuals and rhetoric will be different — “All power to the soviets,” as opposed to “Kill the rich.”

  28. Shore Guy says:

    C’mon Nom,

    It is after 2000. it is okay to admit it if you like them to get in touch with your softer side. No need to reference the landfill. lol.

    Just kidding.

  29. Shore Guy says:

    It is hard to believe that we would ever see manties commercials during a football broadcast. Or that Victoria’s Secret (Victor’s Bigger Secret?) would ever get people to log into a manties fashion show. Uggh, the visual image is disturbing.

  30. Shore Guy says:

    On that note, back to the salt mine.

  31. Comrade Nom Deplume says:

    [28] shore

    The rich are smart enough to figure out that the distinction without a difference is no less threatening than the difference. They aren’t frogs; if it gets hot enough, they won’t stay in the pot.

  32. Shadow of John says:

    If any of you nancy boys out their sipping lattes while your wives bring home the bacon and get a little pork during the day need a badge of your status hear you go

    http://www.manties.net/

  33. Comrade Nom Deplume says:

    [33] shadow,

    Thanks john, I’ll wear them proudly whilst sipping my latte or mantini.

  34. Comrade Nom Deplume says:

    [33] shadow,

    Damn you, I clicked and now I have to bleach my eyes.

  35. Comrade Nom Deplume says:

    In other news, it is looking like Obama’s new stimulus is a warmed over version of Porkulus, with lots of goodies for core democratic constituencies, and a payroll tax cut sugar high to entice the GOP.

    http://www.cnbc.com/id/44429067

  36. Shore Guy says:

    Nom,

    I have no doubt they will BUT the people in the streets will be filled with righteous joy and enthusiasm for the cause. It is easier for agitators to move people to action in favor of something that resonates with them than it is to move them to take action against others within their own society.

  37. Shore Guy says:

    Double ewww. I wonder if Stu’s hockey team could use them under their uniforms? “Lightweight and breathable, these sports manties wont bind or interfere with the most demanding athlete’s moves.”

    The sign of the end of civilization will be the John Madden Manty Collection.

  38. Shore Guy says:

    Really, back to work. Obama needs the money for people more worthy than the Shore Family.

  39. Comrade Nom Deplume says:

    Same here, back to the salt mine I have so successfully avoided most of the morning.

  40. Painhrtz - Salmon of Doubt says:

    Ket – Yngve Slyngstad sounds like a wicked Swedish death metal guitarist not a legislator

    JJ don’t lie you have manties in mesh to go with your dog collar

  41. Anon E. Moose says:

    Meat [9];

    Friedman floated a 3d party trial baloon earlier this week, making noises about how both parties need to go. Funny how this idea dawns on lefties when their guy is drowning in the polls. I’m shocked he didn’t flap his ears, hold up a flip chart and say something about a giant sucking sound.

    By their actions even they now admit that there’s no other way to get Obama re-elected except to split the opposition.

  42. gary says:

    Will Oblammy be focused like a laser when he reads from his Nook this evening?

  43. A.West says:

    I don’t understand the term “payroll tax”. Does that refer to all the medicare and social security charges? Aren’t those the most beloved programs for the left? Previously they had at least pretended that they were “insurance” schemes and that these “payroll taxes” were premiums paid.
    Who is going to pay for these programs – Unicorns and Chinese people?

  44. Anon E. Moose says:

    Shore [17];

    Thanks for posting that. I’m going to have to read the whole thing when I have more time.

    I still have an immense respect for the FAA exec who had the sack to shut the system down that morning. Every aircraft was grounded.

    There was a scene from the Wesley Snipes movie Passenger 57 (the “Always bet on black” movie) when the hijacked plane makes a forced landing at a small municipal airport. You see the airliner approaching the airport low over a carnival (the Sheriff says “That ain’t no Cessna.”). That’s what it was like that day in several places around the country. Every aircraft was orded on the ground. Now. Over Ohio on your way to Vegas? Land. No runway space in Cincinnati? Put it down in Paducha. And we’ll let you know when you can take of again.

  45. Prof. McDullard says:

    #45,

    West, short answer, the SS and Medicare programs have been running surpluses for a while, so there is nothing fundamentally inconsistent in what is being proposed.

    That said, one can question whether it is of any use to give someone like me an extra 2k [I am probably hurting for money but not at the level of 2k]. However, any concerns that this results in some seismic shift in the futures of medicare or SS are not valid — the problem with medicare and SS projections is not something even remotely comparable to the amount involved in a 2% payroll tax cut for a few years.

    I’d wager that no significant amount of benefit will come out of the payroll tax cut (people at 100+ will get 2k/year; people at 50k income level will get an extra 1k/year; and people that don’t have jobs gets nada, so the claim of “helping job creation” is eerily similar to St. Reagan’s trickle down economics). However, no significant amount of damage will be done too. Overall, it is a waste of everyone’s time.

    It makes for a nice spectator sport with fans wildly cheering, disappointed fans will be called traitors, there has to be a winner in this meaningless match… If it goes into multiple overtimes, it’s even better for the rabid fans and the television networks (and of course eventually for the players themselves). It’s basically a never ending trashy reality show that will always be popular…

  46. jamil says:

    This is interesting case.

    DOJ sent armed thugs to shut down Gibson, the famous guitar company, for violating foreign laws (India). India’s government disagrees and sees no problem. DOJ instructed, in writing, that Gibson should outsource its manufacturing abroad. The problem, as Obama’s thugs see it, was that manufacturing was in the US.
    (and CEO of Gibson is GOP donor, and biggest rival is big time Obama donor, both follow identical process, but only Gibson is harassed by O thugs)

    Gibson CEO will attend O jobs speech today. Is O introducing him?/sarc

    http://reason.com/blog/2011/09/08/under-investigation-by-doj-for

  47. Shore Guy says:

    I was talking with a guy a little while ago and he had no recollection of Doria in ’71. I recalled that the storm was bad and just looked-up information on Doria. Does the storm track look familiar?

    http://www.stormpulse.com/tropical-storm-doria-1971

  48. gary says:

    I have a Les Paul… dark red wine color with gold hardware. It makes me nauseous to see what they’re doing to this company.

  49. Shore Guy says:

    How do you solve a problem like Maria:

    http://www.stormpulse.com/tropical-storm-maria-2011

  50. Shore Guy says:

    Gary,

    What vintage?

  51. Painhrtz - Salmon of Doubt says:

    Shore if Maria goes all west side story on the northeast, northern NJ is in for some trouble. River Banks already weakened by perpetual flooding will collapse, roadways will develop sinkholes and we can finally kiss parts of Wayne, Fairfield, Pompton Lakes and a good part of Somerset County goodbye. Really glad I live on a hill top

  52. Libtard at home says:

    Oh poor Jamil. Does Rasmussen have Romney winning the 2012 election yet? If Obama is reelected, will you shut up?

  53. yo'me says:

    A payroll tax holiday for a small business with 20 employees that has an average savings of $1000 per employees is $20,000 to the employer.

    West you are right! Are we digging a hole if nobody is paying into this programs now? Surplass can run out. But then again we can always sell our T bonds at a low rate and let inflation erase the value of the bond.Add to that the depreciating value of the currency.
    Nice to have a currency that holds flight to risk

  54. grim says:

    I was under the impression that raw material inventory was siezed under CITES laws (which are international, not Indian), and no formal charges were made.

  55. wtf says:

    (57) Grim,

    Please do not disturb Jamil’s fantasy world.

  56. yo'me says:

    Health-Care Law Upheld by Federal Appeals Court

    The Obama administration’s health- care overhaul was upheld by a U.S. appeals court in Virginia, the second appellate court to find in favor of the government.

    The decision by the U.S. Court of Appeals in Richmond today came in two separate cases challenging the constitutionality of the law.

    To contact the reporter on this story: Tom Schoenberg in Washington at tschoenberg@bloomberg.net

  57. gary says:

    Shore,

    Vintage Les Paul Studio with custom humbuckers! It’s a very sexy vintage! :)

  58. gary says:

    Lib [55],

    If Oblama gets a second term, what will be left to say anyway?

  59. Painhrtz - Salmon of Doubt says:
  60. grim says:

    I thought the conspiracy was that Fender was behind this, as they want Gibson as part of their world domination plan. Don’t they own just about every other guit maker in the States at this point?

    I doubt this has anything to do with offshoring.

  61. nj escapee says:

    Fender pretty much owns them all except for Gibson, Martin and Sears. :)

  62. Libtard at home says:

    Gary,

    What if the president really had at most a minimal impact whatsoever on the economy? Who would everyone blame for what might be natural gyrations in the economy.

  63. 3b says:

    Who cares about all of this?? Rughy World Cup starts tomorrow!!!

  64. Libtard at home says:

    3b,

    I hear ya.

  65. gary says:

    Lib [65],

    These are not natural gyrations, this is structural trauma we’re going through and we need someone other than a Utopian Dreamer at the helm.

  66. Anon E. Moose says:

    I think I have a way to solve the problem of there being no reward for buyers who are right about prices. I want to start buying put options on houses. Suppose I pay $1,000 to the owner for the option to sell his house for (example) $250,000. If the house sells for more than that, I’m out of the money; owner keeps the premium. If it sells for less, Owner gives me the difference between the sale price and the strike price.

  67. Painhrtz - Salmon of Doubt says:

    This guy must have angered the Clintons, it is obviously a conspiracy right Jamil?

    http://tinyurl.com/3lslwmc

  68. gary says:

    Moose [69],

    Stop trying to invent and innovate, we’re a nation of global mediocrity now!

  69. 3b says:

    #67 Lib: I cannot understand why rugby is not more popular over here. 2, 40 minute halves, a short break in between. No equipment except the ball, and fierce play!!!

  70. 3b says:

    #72 Oh and great drinking songs!!!!!

  71. Painhrtz - Salmon of Doubt says:

    3b you forgot snazzy polo shirts and bandaged heads

  72. 3b says:

    #74 Ah yes!!! Pure joy!!

  73. chicagofinance says:

    The End Is Nigh (Frozen Food Edition):
    http://www.benjerry.com/flavors/feature/schweddy/

  74. jamil says:

    http://news.yahoo.com/longshoremen-storm-wash-state-port-damage-rr-144921214.html

    LONGVIEW, Wash. (AP) — Hundreds of Longshoremen stormed the Port of Longview early Thursday, overpowered and held security guards, damaged railroad cars, and dumped grain that is the center of a labor dispute, said Longview Police Chief Jim Duscha.
    Six guards were held hostage for a couple of hours after 500 or more Longshoremen broke down gates about 4:30 a.m. and smashed windows in the guard shack, he said.
    No one was hurt, and nobody has been arrested.”

    At the same time union head Hoffa declared war on republicans, when introducing POTUS, and VP is calling republicans terrorists.

  75. jamil says:

    How about another Speech today touting the Green Jobs/Infra spending/shovel ready jobs fantasy ?

    “FBI agents on Thursday executed search warrants at the headquarters of Solyndra LLC, which was awarded more than $500,000 in federal stimulus loans in 2009 to make solar panels in what the Obama administration called part of an aggressive effort to put more Americans to work and end U.S. dependence on foreign oil. But the company filed a bankruptcy petition Tuesday in Delaware, asking a court to bar phone, electricity and water and sewer service providers from “altering, refusing or discontinuing service,” and now is the focus of an investigation by the FBI and the Energy Department’s Office of Inspector”

  76. freedy says:

    http://finance.yahoo.com/news/Consumer-borrowing-up-for-apf-2170674573.html?x=0

    No problem, i”m off to LOrd and Taylor, then a stop at Norstroms

  77. Essex says:

    I would be afraid to travel with my Les Paul. It is candy apple red with an ebony neck.
    No i could never prove the wood was sourced appropriately.

  78. JCer says:

    The problem with these pols is not one of them actually understands what stimulus really means. With the uncertainty out there we need businesses to allocate capital and take risk, the problem is the risk is greatly outweighing the rewards. The gov’t needs to incentivize investment in businesses by greatly increasing the chances of success and the amount of returns to be made. Capital is sitting on the sidelines waiting for an opportunity, no amount of low cost credit will help unless someone thinks they’ll make money. Now is the time for the gov’t to give juicy tax incentives for building/expanding onshore manufacturing. Now is the time for putting up tariffs on the products that are basically being dumped on the US market. Now is the time to re-examine visa fraud and set real penalties as well as reducing the numbers. Based on what I can see I think raising the federal fuel tax by 5c per gallon and using that to fund more road infrastructure would work well. Also I think the US should look at imposing a small(less than 5%) VAT tax on certain things(Clothing, Electronics,etc) so they could cut income tax for the lower brackets which would enhance spending. America needs leadership and neither the Republif*cks nor the Democrooks seems to have any.

  79. Shore Guy says:

    NJE,

    Rickenbacker! And made in the US of A.

  80. Shore Guy says:

    3b,

    The raunchiest rugby drinking songs I have ever heard have been sung by female rugby players.

  81. Shore Guy says:

    “The problem with these pols” is that we have granted pensions for elected office. Take away the pensions and there will be far-less incentive to retain power. Combine the loss of pensions with HUGE prison sentences for corruption and using insider information for personal gain once leaving office and we would go a long way towards draining the swamp.

  82. Shore Guy says:

    I used to work in Chicago, in a department store,
    I used to work in Chicago. I did, but I don’t anymore.

    A lady came in, and asked for some cake
    I asked her what kind she’d adore–
    “Layer,” she said, so layer I did
    I don’t work there anymore.

    A lady came in for a ticket
    I asked, “Where would you like to go?”
    “Bangor,” she said; bang ‘er I did
    I don’t work there anymore

    I used to work in Chicago, at a department store
    I used to work in Chicago. I did but I don’t anymore
    A lady walked in with some porcelain skin and I asked her what she came in for
    Liquor,” she said, and lick her I did, and I don’t work there anymore

  83. NjescaPee says:

    Shore, don’t know how could I have forgotten Rickenbacker especially since I used to own a 360 12 string

  84. Shore Guy says:

    I love my Ric. My Martins too, but as far as electrics go, I really like the Ric. it just feels good to hold.

  85. Shore Guy says:

    As for acoustice, the sound of a Martin Dread……Man!

  86. NjescaPee says:

    Loved the sound of the Ric 360 through my Mesa amp.

  87. Shore Guy says:

    Acoustic, too

  88. Shore Guy says:

    Ric through a Vox….

  89. JCer says:

    shore[85] I agree whole heartedly about big penalties for corruption, I was thinking yesterday that government corruption should be punishable by death, it would make our politicians think twice about engaging in corrupt practices. My problem is our attitude towards stimulus as a cost rather than how can we get things moving, we could stimulate the economy in many places by making them more conducive to doing business. But largely democrats want to give nothing to businesses and are always looking in their pockets and republicans play crony capitalism.

  90. Outofstater says:

    #78 Buncha thugs.

  91. Outofstater says:

    #78 Check out this photo of a longshoreman – his sign is attached to a baseball bat. Nice.
    http://www.katu.com/news/business/129457298.html?tab=gallery&img=5#img7

  92. JJ says:

    Hill Clinton ringing the bell downtown tommorrow. Big Deal.

  93. schabadoo says:

    The Fabiuses and Schabs of the board will use this to scream “see, expatriation is a myth”

    Umm no. I’ve ignored the expat talk and don’t see any importance in it.

    FYI I also ignore the militarized self-sustaining compound talk. I have seen the Postman and the Road Warrior, however.

  94. Essex says:

    Andy Fuchs, a Clifton NJ based Amp builder, just worked on my Budda for me. A superb individual and small businessman. Check him and his products on ya’ll.

    My Giffin electric gives me lots of joy as does my J35 extra….Gibby.

    Yeah baby! Sounds like we need have an NJ RE Open Jam…..!

  95. schabadoo says:

    Andy Fuchs, a Clifton NJ based Amp builder, just worked on my Budda for me.

    I am partial to Dave’s Sound in Whippany. Out of the way, but top notch work. My Lackland and Precision are my babies.

  96. scribe says:

    Going into the weekend … a little musical entertainment.

    http://www.youtube.com/watch?v=X_jNT3vJai0&feature=player_embedded

  97. grim says:

    Sx,

    My brother is a custom amp builder, I’d say one of the best hands down.

  98. Essex says:

    101…..sweet!

  99. Outofstater says:

    Major power failure in San Diego?

  100. Outofstater says:

    1.4 million without power in San Diego. SDGE encourages its customers to chill out.

    http://lamesa.patch.com/articles/power-out-throughout-san-diego

  101. Mikeinwaiting says:

    “O” gave some speech, may not agree with the substance but have to give him chops on delivery.

  102. Comrade Nom Deplume says:

    (97) boo,

    If we get to road warrior or postman scenario (nice for fiction but wildly unrealistic), my nompound is of limited utility.

    And thank you for ignoring the expat issues. Most practitioners would rather it not be publicized.

  103. Mikeinwaiting says:

    Considering the speech tonight thought this was appropriate.

    I was eating lunch on the 20th of February with my 7 year-old granddaughter and I asked her, “What day is tomorrow?”
    She said, “It’s President’s Day!”
    She is a smart kid.I asked, “What does President’s Day mean?”
    I was waiting for something about Washington or Lincoln … etc. She replied, “President’s Day is when President Obama steps out of the White House, and if he sees his shadow we have one more year of unemployment.” You know, it hurts when hot coffee spurts out your nose…

  104. Mikeinwaiting says:

    Gotta love the title.
    “Real Estate In The U.S. – From Darkness To The Abyss”
    Did you hear that B&G Mortgage (Bernanke and Geithner Mortgage) is offering a new option ARM loan program? The interest rate is zero and repayment is optional. Other terms will be decided later.

    Government intervention has been off the charts since the bursting of the real estate bubble and they are still not done. This week, Obama is expected to announce his new and improved grand plans. Pertaining to real estate, the trial balloons of the past few weeks have been confirmed in detail in a speech by Federal Reserve governor Elizabeth Duke – Rebalancing the Housing Market.

    If you are unfamiliar with these proposals, you may need to glance through the speech to know what I am talking about below.

    This is the key sentence of her speech, in the second paragraph:

    So, in crafting appropriate policy responses, an important starting point is to carefully analyze what we’re solving for.

    Policy makers should indeed give that problem some thought. What are they trying to accomplish? Each new round of policies has proven to be more destructive than the one before it, and this upcoming round won’t be an exception.

    There are two parts to the new plan:

    Refinancing of underwater mortgages at lower rates and converting REO’s (1) into rentals. I can summarize the plan in one sentence: Let’s throw money at it.

    That is the plan.

    The money is going to come from B&G Mortgage (see the previous post about Bernanke and Geithner Mortgage). Mr. G. is going to create all the junk mortgages, while Mr. B. will be buying them all up.

    http://seekingalpha.com/article/292457-real-estate-in-the-u-s-from-darkness-to-the-abyss

  105. schabadoo says:

    Most practitioners would rather it not be publicized.

    I agree. I would think renouncing your American citizenship would not be something to be proud of.

  106. Al Mossberg says:

    Couple days ago I said watch this little guy.

    Hellix Ventures.

    Last Trade: 1.50
    Trade Time: 3:57PM EDT
    Change: 0.58 (63.42%)

    Your welcome to all who listened.

  107. schab (97)-

    I’m a small business owner, employed a fair amount of people at one point and can be credibly deemed middle-to-upper middle class. Not rich, not poor.

    I can tell you that I spend more time than is healthy looking at ways to get me and mine out of this country. I can also tell you that many of my friends and acquaintances are thinking about this rather seriously, too.

    Again, none of us are rich. None of us would need to raise a personal militia should we decide to stay. However, if it doesn’t bother you that otherwise average Joes are considering expatriation schemes, you should be checked for Jakob-Kreuzfeld.

  108. Bojangles’ preacher had it right. God damn Amerika.

    I’m still irritated that CNBC offered up time to Tom Friedman to both act like he’s got it all figured out and flack his book this AM. The best part of the whole rig-up was when Santelli burst in after an especially lengthy and self-important monologue by Friedman to ask him if he thinks Social Security is a Ponzi scheme.

    After Friedman hemmed, hawed and basically refused to answer the question, Santelli wouldn’t let it go:

    http://video.cnbc.com/gallery/?video=3000044440

  109. schabadoo says:

    However, if it doesn’t bother you that otherwise average Joes are considering expatriation schemes, you should be checked for Jakob-Kreuzfeld.

    The country’s been going to hell for over 200 years, this is nothing new.

    I like the story better when it’s ‘if X wins the presidency I’m moving’. Who’s the last one, Stephen Baldwin? I think he’s still around.

  110. al (110)-

    Please tell us you sold before the bell.

  111. schab (113)-

    We could elect Jesus president next year (and in a weird way, we might just do that), and I’d still be looking to amscray. We started going to hell in 1913, accelerated the pace in 1968 and we’re pretty much now at the inevitable Thelma & Louise moment.

    I just happen not to like rides that end in a 90 degree downward vector.

  112. schabadoo says:

    Yeah, I miss Hal Lindsey too. I guess the closest I get these days is Zero Hedge.

  113. Comrade Nom Deplume says:

    Watching the speech late, and while I have a dim view of portions of the plan, this is probably his best speech. Tingles must be having an orgasm.

  114. Comrade Nom Deplume says:

    (109) boo,

    Intentionally or due to mental incapacity, you missed the point, but I have no problem with that. Stay ignorant. Please.

    And I could be wrong, but I don’t think all the folks whose names are published quarterly in the Federal Register care what you think.

  115. Comrade Nom Deplume says:

    (107) Mike

    Loved the story.

    And I agree. Heck of a speech. Still think he was gritting his teeth from having to sell out his quasi docu@list beliefs, and I don’t believe anything he proposed will do much, but it was a great speech.

  116. schabadoo says:

    And I could be wrong, but I don’t think all the folks whose names are published quarterly in the Federal Register care what you think.

    So odd that you brought them up then…

  117. Comrade Nom Deplume says:

    Argh. S/b soci@list. Damn Android.

  118. Comrade Nom Deplume says:

    (119) boo,

    Actually, you brought them up.

    Just sayin.

  119. Shore Guy says:

    Sound policy makes nations great not great speeches. When properly prepared, B.O. can deliver a compelling speech. Unfortunately, in three years he has yet to deliver any sound policies to improve the nation’s economic condition.

  120. Shore Guy says:

    “docu@list ”

    Thanks for the correction; I thought I was just out of the loop on a new term.

  121. schabadoo says:

    Actually, you brought them up.

    Oh, I thought this was you: Most practitioners would rather it not be publicized.

  122. Comrade Nom Deplume says:

    (124) boot,

    The practitioners aren’t the ones leaving. You brought up the shame angle for those leaving (and whose names are published).

    Are you really that dense or am I that unclear? Let’s ask the assembled–who is the one not making sense here? Chime in folks.

  123. Shore Guy says:

    “Sept. 8 (Bloomberg) — The U.S. Department of Homeland Security has “specific, credible but unconfirmed threat information” as the 10th anniversary of the Sept. 11 terrorist attacks nears, agency spokesman Matt Chandler said in a statement.

    The threat concerns a possible al-Qaeda-sponsored attack targeting New York or Washington on or near the anniversary of the attack, said a different U.S. official, who wasn’t authorized to discuss the matter publicly. The official said the intelligence concerns a possible vehicle-borne attack, perhaps on a transportation hub or bottleneck, and cautioned that the options may be broader than a car or truck bombing.

    Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/09/08/bloomberg1376-LR88LG6KLVR601-4N5FLAEDUC76EO4F2UNE75LLN9.DTL#ixzz1XQNMCKVy

    I would not be surprised to see two vans detonated within a tunnel, one near each entrance, perhaps combined with a couple of guys spraying automatic weapon fire at those trying to run away. It is cheap, it cannot be stopped, they have expressed interest in bridges and tunnels, and bridges are harder to hit. If one has an alternative to using one of the car tunnels, I would suggest it is worth seriously considering using one of them.

    We keep looking for AQ to repete the last attack and they keep coming up with new ones. We would do well to focus down the road and not keep looking in the rearview mirror.

  124. Comrade Nom Deplume says:

    (123) shore,

    An atty friend found a great replacement keyboard app that cost about 5 bucks. When I get the name from him, I’ll post it.

  125. Prof. McDullard says:

    Shore,
    “I would not be surprised to see two vans detonated within a tunnel, one near each entrance, perhaps combined with a couple of guys spraying automatic weapon fire at those trying to run away.”

    Those guys will be mowed down in 10 seconds by SUVs — even my compact car will probably be fine… If there is one thing that has changed after 9/11, it is that the common people will not let some hijackers or other types of attackers dictate the terms.

  126. Juice Box says:

    RE: 126 – Shore I am in the midwest now, they are more jitterish here than new yorkers. I will be flying Sunday too.

  127. Shore Guy says:

    “Those guys will be mowed down in 10 seconds by SUVs —”

    No offense but, that made me laugh. If 100 yards from the exit into midtown, a van full of fuel detonated, all traffic would stop. A similar detonation by a second vehicle would prevent cars from backing up. the total cost of such an operation is a couple hundred dollars and two guys willing to kill themselves. Add two, three or four guys willing to die inthe tunne, and tasked with preventing escape with weapon fire, and one has a huge event, at low cost, and one that would reduce everyday people from engaing in everyday behavior. al Qaeda is a scum-bag organization but the people who are operational leaders are not stupid. Twisted? Yes! They are not stupid.

    I have hesitated raising this issue for several years; however, give what may be in the works, it is time to say something. Take it seriously or not. That is an individual choice.

  128. Shore Guy says:

    Juice,

    Unless they ram a plane with a small plane or shoot one out of the sky, I expect that flying will not be a problem this weekend. My concern is that we focus so much attention on shoe, jacket, underwear, or tootpaste bombers that we ignore the NEXT threat.

  129. Shore Guy says:

    At this point, I suspect that AQ or other plotters will be limited to plans that involve modest sums, limited numbers of people, and low-tech weapons, which are easily obtained/constructed. Think OKC, for instance. On that note, ‘night all.

  130. schabadoo says:

    (125) ploom,

    I do give you credit for dragging out a topic I told you I had no interest in. It is a gift.

  131. Essex says:

    125. I’ll chime in. It’s tough right now for everyone except those flush with cash. I think if you leave you can go in many different directions, but the same issue will be paramount. Cash.

    I am comfortable here, but have eyed the European experience (perhaps the most costly) and wondered what it would be like to wander the Alps. Cash.

    I’ve considered the tropics and wondered what it might be like to be a Costa Rican….(less cash. But Cash.)

    Where I live we have the usual back biting shrews and detached overwrought husbands. Where I would go my neighbors would be an unknown.

    Culturally, the American lifestyle is familiar. We lean on brands. We identify ourselves in sound bites and through music and movie. Who knows how the rest of the world relates to themselves and how annoying it might be for them to try to relate to my family and I.

    Sometimes I wonder “why” we are so disappointed. I was lucky. I had a great role model for reinvention. America is country that relies on reinvention both personal, professional and industrial to survive. The bitter ones are those who have failed to transition with each passing cycle.

  132. business says:

    ……About this Channel…MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional….. The dedicated efforts of Carol and her staff throughout the country help to increase the supply of affordable and market-rate apartments. The evidence is in the unprecedented number of units and also in the worst case needs report the market relies heavily on HUDs Multifamily Office to help supply and maintain many types of affordable rental housing.

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