Support for O’s housing bailout already waining

From CNBC:

‘Friction’ in Obama’s Refi Proposal

The response to President Obama’s recent proposal to refinance more borrowers into lower interest rate mortgages was at best underwhelming and at worst scathing. The plan would expand the government’s so-far disappointing, Home Affordable Refinance Program (HARP), which helps current but underwater borrowers with Fannie Mae and Freddie Mac loans to refinance.

“Mr. President, the housing market is the foundation of the U.S. economy. It is cracked and chipping away,” writes Florida real estate consultant Jack McCabe in an editorial in the Herald-Tribune.

“The walls are beginning to cave. Your answer, anecdotally, seems to be put a new roof on it.”

Unfortunately the plan, which could allow borrowers with more than 25 percent in negative equity to refinance, is being deemed too costly as well. While the Congressional Budget Office estimated it would cost investors in the original mortgages between $13 and $15 billion (while potentially saving 111,000 borrowers from defaulting), analysts at JP Morgan Chase say it would cost more:

If such a policy were successful on a large scale, it would clearly devalue higher coupons, and would threaten lower coupons with incremental gross supply. A more modest HARP overhaul, while less disruptive, still forces investors to require more conservative valuations until details emerge.

All these arguments, however, may be moot, as the overseer of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA), which would have to approve the refinance effort, is sounding wildly cautious. In a statement following the President’s speech, Director Ed DeMarco states, “If there are frictions associated with the origination of HARP loans that can be eased while still achieving the program’s intent of assisting borrowers and reducing credit risk for the Enterprises, we will seek to do so.”

Then there are issues of loan origination dates, put-backs on loans that default and borrower qualifications. Frictions. Beyond the friction, however, is the simple fact that a refinance program, while potentially an economic stimulus, is not a housing stimulus and shouldn’t be characterized as such. The HARP program is and always was for current borrowers and does nothing to address the millions of non-current borrowers, bank-owned foreclosed homes and falling home prices.

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129 Responses to Support for O’s housing bailout already waining

  1. AG says:

    It’s all turning to sh-t. Bread and circuses. Bloomberg propaganda all day on the radio while Europe is burning.

  2. Mike says:

    Good Morning New Jersey

  3. 30 year realtor says:

    Had a listing at $184,900 in Kearny that went under contract in 12/09. First week about 7 offers. Highest offer was $207,500. Oil contamination was discovered and deal died.

    Environmental clean up now complete. Back on market for 5 days at $184,900. 8 showings so far. 1 offer, $160,000.

    Tick, tick, tick…

  4. freedy says:

    I was thinking the same about Bloom. All day long just cheerleading. Sick

  5. grim says:

    From the WSJ:

    Six Mistakes Housing Investors Make

    Traditional investments are delivering low returns, and home prices are at bargain levels. Is it time to consider buying some rental housing?

    • Mistake 1: Confusing a cheap deal for a good deal.

    • Mistake 2: Overlooking key costs.

    • Mistake 3: Forgetting that time is money.

    • Mistake 4: Assuming you will sit back and watch the rent roll in.

    • Mistake 5: Underestimating repair costs.

    • Mistake 6: Assuming that owning a rental is the same as owning a home.

  6. Al Mossberg says:

    Greek 1 year at 120%

    Bring forth the pain.

  7. Neanderthal Economist says:

    Lets see, does a greek default cause a global unwind, rush to liquidity, large sell off in gold?

  8. The stench of death intensifies as everything around us crumbles. The inevitable final doom is at hand.

    Wonder what jj’s take is on sovereign short-term paper with a three-digit yield. When it gets to that point, I think the issuer is practically duty-bound to default.

  9. veets (7)-

    Gotta figure a Greek default is worth at least a 300-point rally on the Dow.

  10. Outofstater says:

    SocGen is toast. Its CEO is on Bloomberg saying everything is absolutely fine, no worries.

  11. gary says:

    Refresh my memory: How is Oblama’s new $450,000,000,000 stimulus package going to be paid for?

  12. freedy says:

    Gary: It’s not .

  13. Dissident HEHEHE says:

    Unwind is due; gold will take its hit – especially paper – but it will be the buying opportunity of the decade.

  14. JJ says:

    I rented a summer house, five bedroom ranch in the Hamptons that was rented furnished. The prior year the renters threw a 500 person Party Monday of labor day weekend, of course no room for rock band to set up so they set up on roof, once cars filled street they were on lawn and then party went on till wee hours of morning when guests decided to throw the grand piano in the living room threw picture window onto front lawn, sprinklers broke, roof damaged, house a mess, picture window in shambles and a broken piano on front lawn.

    Owner then is shocked to find tennants were all rich, he sued went on and on and eventually they paid for damages. The time, effort and sleepless nights trying to get them to pay wore him down. Meanwhile several lawyers in on house but no on lease represented tenants for free and in the end when five guys on lease paid their share they went big deal, they were all traders, 25K each was nothing.

    Renting is a tough game.

    grim says:
    September 13, 2011 at 6:37 am
    From the WSJ:

    Six Mistakes Housing Investors Make

    Traditional investments are delivering low returns, and home prices are at bargain levels. Is it time to consider buying some rental housing?

    • Mistake 1: Confusing a cheap deal for a good deal.

    • Mistake 2: Overlooking key costs.

    • Mistake 3: Forgetting that time is money.

    • Mistake 4: Assuming you will sit back and watch the rent roll in.

    • Mistake 5: Underestimating repair costs.

    • Mistake 6: Assuming that owning a rental is the same as owning a home.

  15. JJ says:

    Ok I need to hire someone. Whoever it is I will be working closely with even though it will be my staff members staff. I assume I can get someone qualified. Aside from that what should I look for.

    So far people told me don’t hire anyone between the ages of 30 and 50, employees over 50 are thankful to get a job, will stay the long haul and have a work ethic and won’t attempt to steal the bosses job, kids under 30 have not been ruined yet, still have a rosy view, bring energy to department, fresh outlook, still in career mode and both the under 30 and over 50 people work for a little less.

    I also want to avoid “drama” people, people who kids, parents, spouse etc, child care issues, long commutes, bus schedules that are limiting, can’t travel, can eat certain foods, practice kooky religions, civil service mentality people etc. That cause any little issue to get me involved and lots of requests for time off, but how would I now any of this.

    It might be good to hire a women or minority or both. Maybe young asian women, older Spanish women, or even what the heck put money into budget for training and get a kid fresh out of school. Or I could go crusty old guy route where every sports team has one old guy in twilight of career giving out invaluable advice.

    99% of the new hire is fit. Worst employees ever are Beta Males married to Alpha Females with kids, OMG

  16. yo'me says:

    Obama May Limit Tax Breaks on Muni BondsQ

  17. nj escapee says:

    Rein: Why Wealthy Chinese Are Fleeing China
    http://www.cnbc.com/id/44481201/

    Many wealthy Chinese are ditching their Chinese passports according to a recent survey by China Merchants Bank and Bain & Co. The report found that 27 percent of Chinese with more than 100 million yuan ($16 million) in investable assets have already migrated and 47 percent are thinking about leaving China.

    Phillipe Lopez | AFP | Getty Images
    For China’s wealthy, who travel abroad often to shop, having a foreign passport makes it easier to get tourist visas.
    ——————————————————————————–

    Even Gong Li, the famous actress, became a Singaporean citizen. So why are so many wealthy Chinese taking foreign passports?

    Gordon Chang, author of The Coming Collapse of China, sees dark undertones in the political system as the reason why. Chang argues in an article in Forbes magazine that wealthy Chinese flee because the government is consolidating its grip on the economy by boxing out private enterprise. Is that really true? Does taking foreign passports really mean wealthy Chinese are protesting government policies? Reality is very different from Chang’s view.

    My firm interviewed 36 Chinese worth more than 100 million yuan who have already migrated or are thinking about it. None reported government interference into legitimate business operations as one of the top five reasons for taking foreign passports. In fact, over 90 percent who took foreign passports kept businesses in China and remained in the country over eight months a year. That hardly sounds like businessmen fearful about limited business operations and the government.

    The two main reasons wealthy Chinese took foreign passports were for education and health care reasons. Having foreign passports made it easier to secure visas to seek medical care.

    Some families reported wanting to send children to international schools in China, an option off limits to Chinese passport holders. China’s weak education system made some families want to send kids abroad to study.

    One wealthy entrepreneur, Mrs. Li, told me, “The education system in China focuses too much on rote learning. It does not allow our daughter to take enough extra-curricular activities like art, so we sent our daughter to America for high school. An American passport makes it easier to get into public school and university and find a job after graduation.” In Mrs. Li’s case, she accompanied the daughter to America for high school while her husband stayed in Shanghai for work.

    Many respondents also said it was simply easier to travel or work with non-Chinese passports because of difficulties securing visas to America and many other countries. For those who traveled abroad often to shop, having a foreign passport made it easier to get tourist visas.

    Shaun Rein
    Founder of the
    China Market
    Research Group
    Severe pollution and a stressful life were two other reasons why wealthy Chinese migrated or were thinking about it. One wealthy Beijing women named Mrs. Wang said, “I am so worried about my son’s health. Rashes cover his face because of pollution. We are considering moving to America or Canada while keeping our business in China. Three million dollars only buys tiny apartments in Shanghai but mansions in North America.”

    Many reported similar feelings and plans as Mrs. Wang. In most cases the main breadwinners, usually the men, stayed in China, while the wives and children went abroad to study and enjoy a less stressful life in mega mansions.

    Mary, an accountant living in New York, told me she and her two children lived in the United States because there was less pollution there and the pace of life was better than in Beijing. Her husband, a banker with Morgan Stanley, was based in China because of business opportunities. It was hard being apart from her husband, Mrs. Wang said, but the quality of life in America is better than in China, which remains a developing country without all the conveniences of America.

    A number of frank businessmen said they had bribed so many corrupt officials on their way to riches that they were worried their patrons might get arrested and topple them too. Many said that if anything serious happened in China like a war or political instability, a foreign passport would make it easier to get out.

    Shaun Rein is the founder and managing director of the China Market Research Group (www.cmrconsulting.com.cn) a strategic market intelligence firm, and is based in Shanghai.

    He is the author of the upcoming book “The End of Cheap China: Economic and Cultural Trends that will Disrupt the World” published by John Wiley & Sons in the U.S. He does not own shares in any company mentioned. Follow him on Twitter at @shaunrein.

  18. prtraders2000 says:

    JJ – Where do I send my resume?

    CPA
    41
    long commute
    3 kids
    Latina Wife

    No, but seriously.

  19. JJ says:

    prtraders2000 says:
    Do I get a picture of the Latina Wife at least? What type of job do you want, this is for some guy who works for me and is pretty junior. Maybe 75K base with a 30K bonus, hard to find people at that price tag with even a little understanding of wall street, and some IT and audit knowlege. Trying to get a decent nice person and not someone with a “give a mouse a cookie” mentality is even harder

    who is looking for a
    September 13, 2011 at 9:09 am
    JJ – Where do I send my resume?

    CPA
    41
    long commute
    3 kids
    Latina Wife

    No, but seriously.

  20. A.West says:

    Escapee,
    The best schools in Shanghai are only open to US citizens. My daughter last year went to the same school as one of Jackie Chan’s illegetimate kids. A couple of years ago, I had dinner with a supposed 100 millionaire, we had fancy sea turtle soup at his own restaurant, he was advising my wife to stay in the US rather than think about working in China. His driver drove us back to our hotel in his Maybach. Now he’s in jail.
    I can guarantee you that every millionaire in China, and there are many of them, has broken some law, that if someone in government is out to get you and wins a power battle, you will be in jail and subject to an an arbitrary legal system. So anyone with money and sense will create an overseas home and stash, and try to get a foreign passport. Nearly all of my wife’s wealthy classmates that can have foreign passports and want to send their kids out of China. I have some distant relatives in China (never met) whose families serve as Chief of Police for some town, act like Boss Hogg, are corrupt, confiscate land, etc, live in a fancy mansion with a lake, yet they still get robbed. They send their kids to boarding schools in England.
    Gordon Chang is terrible at predictions, but China really is much more messed up than American’s imagine, though probably also in a different way than they imagine.

  21. still_looking says:

    jj 16

    Can I nominate Gary??

    sl

  22. gary says:

    sl,

    Thank you, but Gary landed a right to hire gig with a global financial a month ago! In fact, I’m making everyone nervous here because I’ve been hoarding every and any responsibility I can get my hands on! :) I’m in a cease and destruct mode in a very positive way!

  23. 3b says:

    #22 gary: So I assume you will be moving to Wyckoff, Woodcliff Lake?

  24. Confused in NJ says:

    “Our study clearly makes the point that high cholesterol may contribute directly or indirectly to plaques in the brain,” Kensuke Sasaki, the study’s lead author and an associate professor at Kyushu University in Fukuoka, Japan, said in a telephone interview. “The management of cholesterol levels early on may lead to preventing Alzheimer’s disease later.”

    Sasaki and his colleagues tested the cholesterol of 2,587 adults aged 40 to 79 in southern Japan 23 years ago and sought permission to autopsy those patients after they died to look for plaques and tangles in the brain that signal Alzheimer’s.

    The results, based on the 147 participants who were autopsied, show that 86 percent of those with high cholesterol had brain plaques, compared with 62 percent of those with low cholesterol.

    The researchers will continue to gather data, Sasaki said. The study is funded by the Japan Society for the Promotion of Science and the country’s health ministry.

  25. Comrade Nom Deplume says:

    [20] JJ

    ” Maybe 75K base with a 30K bonus, hard to find people at that price tag with even a little understanding of wall street, and some IT and audit knowlege”

    As an old guy of 49, that still boggles my mind. I’ve taken jobs that pay a fraction of that because I enjoyed the job so much. I know NY is expensive, but I find it hard to believe that no one considers that decent money. Heck, I’d consider it but I don’t think JJ wants a former relationship banker turned lawyer.

  26. gary says:

    3b [23],

    Only if they have unicorns. ;)

  27. JCer says:

    25, that not terrible money, but it is definitely not good money. 75k is a college hire at the firm I work at at this point. NYC is too damn expensive to make 75k, a decent lifestyle would necessitate using that entire salary and not include saving much. Nobody works for a bank for the fun of it, it is generally not what I consider a super pleasant environment, people only work at banks because they pay more than other industries. With that type of salary you nailed your target, college to 30 and 50 and up(mean laid off, hungry for work, relatively low fixed living costs).

  28. JJ - AKA Two Hands says:

    Last time I hired and requested a respectable looking guy with a college degree, big four experience and some 10-15 years industry experience with common sense and someone who if I am not there can run show and not call in sick it cost me 300K. Under 150K you are interviewing best buy clerks.

    Comrade Nom Deplume says:
    September 13, 2011 at 10:12 am

    [20] JJ

    ” Maybe 75K base with a 30K bonus, hard to find people at that price tag with even a little understanding of wall street, and some IT and audit knowlege”

    As an old guy of 49, that still boggles my mind. I’ve taken jobs that pay a fraction of that because I enjoyed the job so much. I know NY is expensive, but I find it hard to believe that no one considers that decent money. Heck, I’d consider it but I don’t think JJ wants a former relationship banker turned lawyer.

    Comrade Nom Deplume says:
    September 13, 2011 at 10:12 am

    [20] JJ

    ” Maybe 75K base with a 30K bonus, hard to find people at that price tag with even a little understanding of wall street, and some IT and audit knowlege”

    As an old guy of 49, that still boggles my mind. I’ve taken jobs that pay a fraction of that because I enjoyed the job so much. I know NY is expensive, but I find it hard to believe that no one considers that decent money. Heck, I’d consider it but I don’t think JJ wants a former relationship banker turned lawyer.

  29. Comrade Nom Deplume says:

    I know that there are those that feel I defend the rich, but this comment I found on cnbc sums up where I am coming from:

    “I would merely like to point out that today’s proposed tax increases on the wealthy will be extended to include the middle class within a blink of an eye. The revenue gained by taxing the rich isn’t enough to cover the debt and deficit spending. So, all those piling on the “tax the rich” bandwagon should beware. They are next.”

  30. Comrade Nom Deplume says:

    [28] jj

    “Under 150K you are interviewing best buy clerks.”

    That’s just sad.

  31. BklynHawk says:

    Nom DePlume…

    Saw this and thought you’d enjoy, could comment…

    Missing tech boss William Millard found after 20 years on the run for tax evasion

    (CBS) – After 20 years on the run for tax evasion, investigators have reportedly found multi-millionaire and ComputerLand Corp. CEO William H. Millard in the Grand Cayman Islands.


  32. JCer says:

    30, sad but true, I have managers where I work that I wouldn’t trust to run a gas station who make 200k a year.

  33. Comrade Nom Deplume says:

    [27] jcer

    That suggests JJ should hire a dual earner spouse, probably a woman, who can work for less cuz other spouse has decent job. In law, there is a lot of this. But it works only if work is challenging and rewarding, and folks aren’t jerks. That is a tall order.

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  35. Comrade Nom Deplume says:

    [33] hawk,

    interesting. a cautionary tale, and indicative of bad planning.

  36. chicagofinance says:

    I concur……an incredible number of stupid fuking people making between $100K to $150K that are young, mediocre, and have no idea of that they are doomed by their late 40’s.

    JCer says:
    September 13, 2011 at 10:36 am
    30, sad but true, I have managers where I work that I wouldn’t trust to run a gas station who make 200k a year.

  37. 3b says:

    #25 Comrade: That is decent money, and lots of people would kill to get that, and JJ knows it. Even Wall St (away from the revenue generating spots, sales and trading) is not paying that kin of money for entry level jobs. 35-45K is the starting salary and more than a few of these are kids out of local law schools as well. Nobody even the street is paying college grads (for the most part) 75K to start. Even the trading positions are not as plentiful as they used to be because so much now is electronic;even on the Fixed Income side. If I am a salesman for a major institutional firm, I do not need some high priced trader, when I can turn to the likes of a BondDesk (electronic trading platform) to fill many of my Fixed Income needs.

    Oh and by the way a Best buy clerk earns between $8 and $12 a hour.

  38. Juice Box says:

    Working for JJ? Does JJ even wear pants when he is sitting at his desk?

  39. JJ - AKA Two Hands says:

    Dual earner with kids is always a challenge. I noticed one spouse be it man or women picks up slack from other spouse. They seem to pick one career to focus on and the other career calls in sick or comes in late every time there is an issue. Given this salary I would be the one getting the calling in sick. I rather not hire any dual income couple with young kids unless they have extremely good child care and they are bad parents who will come to work when kid is sick or skip parent teacher conferences. I had worse case one, the men were the go to person and women were go to people. I said if only I hired their spouses I would have been better off. The under 30 single or over 50 married with old kids helps. Plus I have young kids and other people in dept have young kids, which leaves huge scheduling issues vacations, schools etc. I can’t handle anymore.

    Funny one staff who is Mr. EEOC himself when he hired Nanny he said no married women husband will constrain her work hours, no kids, must have car, must work OT and I don ‘t pay time and 1/2 or sick or vacation days. Nanny must be 100% available for him. I wish I could have hired his nanny instead of him.

    Comrade Nom Deplume says:
    September 13, 2011 at 10:37 am

    [27] jcer

    That suggests JJ should hire a dual earner spouse, probably a woman, who can work for less cuz other spouse has decent job. In law, there is a lot of this. But it works only if work is challenging and rewarding, and folks aren’t jerks. That is a tall order.

  40. JJ - AKA Two Hands says:

    Sometimes, btw as an extra perk staff during weekly meeting get to enjoy my corner office water view. That is worth at least a few thousand. However, blinds have been down lately as cost cutting is going on and trying to fool pencil pushers into thinking I don’t have a view.

    Juice Box says:
    September 13, 2011 at 10:43 am

    Working for JJ? Does JJ even wear pants when he is sitting at his desk?

  41. Comrade Nom Deplume says:

    Problem with working for JJ is having him standing next to me at a ur1nal every now and then, and peering over to make sure he still measures up.

  42. JJ - AKA Two Hands says:

    I am thinking maybe 23-26 single first generation asian girl. Strong work ethic.
    55-65 laid off guy thankful for Job
    Single regular joe guy from local college with a lunch box mentality
    Or may new dad with a stay at home wife who really needs job who will work butt off to get ahead. Job is four levels below me so I should be retired by time he gets to stealing my job.
    Or maybe just empty headed hot girl, at least I can send her to meetings. Or maybe like Ari Golds assistant, gay guy with heart of gold who schedules everything just as long as he does not wear mantys to work.

    Next I need to work on list of what I dont want.

  43. JJ - AKA Two Hands says:

    That is a complete lie, I have a webcam for that.
    Comrade Nom Deplume says:
    September 13, 2011 at 10:48 am

    Problem with working for JJ is having him standing next to me at a ur1nal every now and then, and peering over to make sure he still measures up.

  44. JCer says:

    I was going to suggest if JJ was looking for someone really good and experienced in the what he is looking for, my wife would be a perfect candidate(at a much higher salary than 75K), but then I quickly reconsidered, I wouldn’t want my wife working for a guy like JJ!

  45. Comrade Nom Deplume says:

    Here is the full article on Millard without the WSJ firewall

    http://finance.yahoo.com/career-work/article/113483/william-h-millard-missing-ceo-reappers-after-20-years-wsj

    This will be a case study in tax evasion when all the details are known.

  46. gary says:

    If I told you guys what kind of money I signed on for to get this current gig, you would f*cking puke. I’m out-flanking the fat, lazy b@stards in the 150K to 200K range so badly that work has become a game. I’m documenting, consolidating and executing procedures for batch flow and production support services so quickly that I’m almost laughing as I’m doing it. Again, if you knew the salary I signed on for, just to have a shot at a full time opportunity, you’d vomit. All this and Oblama is gonna give me a f*cking pony, too!

  47. Al Mossberg says:

    Greek 1 year at 135%. Lol?

    Is the magic number 200% like Russia in 98?

  48. JCer says:

    Gary well aware, where I am they’ll trim the fat, i.e productive older workers but have raised the college hire salary to ~80k, also go forbid we have people who do work we need more spreadsheets and metrics to track what people work on based on fictional numbers that said managers have been told to enter as the metrics for the projects they are working on, it is madness. I imagine it is what living in the soviet union was like.

  49. JCer says:

    It will all be over soon, the EU is about to explode 135%!

  50. Al Mossberg says:

    51.

    I hope they firewall that sh_t. Otherwise it will come ashore here.

  51. Troll says:

    pretentious a$$holes

  52. Comrade Nom Deplume says:

    Here is the explanation of the American Jobs Act legislation proposed by Obama. It would seem that his press office, and the mainstream media, declined to discuss some rather significant items:

    http://taxprof.typepad.com/files/explanation.pdf

    Suffice it to say, the small businesses that Obama is professing to help will be less than enthused with the bitter medicine being hidden in the sugar.

    Also, if you look at the criteria for administering things like school funds, first responder funds, and the other state bailout programs (let’s call them what they are), it is quite apparent that this bill is Porkulus 2.0, the Upgrade. The administration learned from Porkulus not to make outright grants to traditional democratic constituencies, so instead, we have “criteria” and “discretion” that achieves the same result without the obvious handout. So, ATEOTD, when these funds are disbursed, they will fall largely on Obama’s core supporters–BTW, I’m willing to entertain some bets on that, if anyone is interested.

  53. Comrade Nom Deplume says:

    [14] freedy

    It will make for an interesting international spat when the US wants to extradite the foreign president of a foreign pharma co., and the host country says “go fcuk yourself.”

  54. Anon E. Moose says:

    Nom [46];

    WE’RE NOT WORTHY! WE’RE NOT WORTHY!

  55. Anon E. Moose says:

    Con’t [56];

    >”This is one of the most sophisticated and complicated cases of offshore asset structuring that we have ever seen,” said Michael Kim, a partner of Kobre & Kim, the law firm leading the case. “He’s had more than 20 years to move money all over the world.”<

  56. A.West says:

    JJ,
    23-26 first gen Asian girl wouldn’t stay put for long. Family pressure to succeed means she needs to move up. Unless she’s one of those quiet submissive types, and isn’t actually as smart as the stereotype, and had to study like crazy just to keep up.

    If you search long enough you can find a guy who didn’t get a good degree but works hard and learns how to do stuff, and gets stuff done. But with weak degree, got stuck in lower pay band, not as likely to job-swap. Problem is that some guys who sound like that are actually just BS artists, so becomes a higher-risk hire for you because it’s hard to tell until after they arrive.

  57. JJ says:

    Now what religion should I get or avoid. I once read WASPs are the best workers, but I just can’t stand them.

    A.West says:

    September 13, 2011 at 11:59 am
    JJ,
    23-26 first gen Asian girl wouldn’t stay put for long. Family pressure to succeed means she needs to move up. Unless she’s one of those quiet submissive types, and isn’t actually as smart as the stereotype, and had to study like crazy just to keep up.

    If you search long enough you can find a guy who didn’t get a good degree but works hard and learns how to do stuff, and gets stuff done. But with weak degree, got stuck in lower pay band, not as likely to job-swap. Problem is that some guys who sound like that are actually just BS artists, so becomes a higher-risk hire for you because it’s hard to tell until after they arrive.

  58. gary says:

    JCer [50],

    They are dead people walking and don’t realize it until the waddle into work one day and can’t logon to their desktop. Going from 160K with matching 401K and bennies to nothing doesn’t make that recent house purchase in Warren seem so good anymore. The bottom line is quarter over quarter and every single Exec VP will streamline and reduce to reach the goal. A person sitting at a laptop in Bangalore or Singapore is just as productive as the laptop sitting in Florham Park.

  59. Anon E. Moose says:

    Nom [46] (con’t);

    Not for your benefit, but worth repeating:

    “Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.”
    -Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).

    and

    “The income tax has made more liars out of the American people than golf has. Even when you make a tax form out on the level, you don’t know when it’s through if you are a crook or a martyr.”
    -Will Rogers

  60. JJ says:

    Someone earning 160K has a second job, collect cans for deposit and sells blood. maybe they are just too tired to work their day job. I thought in NJ everyone earned 250K each and dual income families are making 500K. It is the land of unicorns and floods.

    gary says:
    September 13, 2011 at 12:13 pm
    JCer [50],

    They are dead people walking and don’t realize it until the waddle into work one day and can’t logon to their desktop. Going from 160K with matching 401K and bennies to nothing doesn’t make that recent house purchase in Warren seem so good anymore. The bottom line is quarter over quarter and every single Exec VP will streamline and reduce to reach the goal. A person sitting at a laptop in Bangalore or Singapore is just as productive as the laptop sitting in Florham Park.

  61. chicagofinance says:

    You fear the Chinese? The country is a joke.

    September 13, 2011, 7:36 PM HKT
    Arrests Made in China ‘Gutter Oil’ Scandal

    Police have arrested 32 people suspected of producing and selling old cooking oil that has been illegally collected from restaurant gutters, according to a Ministry of Public Security statement Tuesday (in Chinese).

    The statement said officials seized 100 tons of the recycled oil, which can contain carcinogens and other toxins that are harmful when consumed by humans. It said they also broke up a criminal network operating in 14 provinces and shut production sites where the oil is repurposed.

    The suspects were caught in a swill-oil crackdown that launched in mid-July and is part of a broader effort to improve China’s food safety, which remains a major headache for the country’s leaders even three years after its largest scandal erupted. In 2008, milk contaminated with the industrial chemical melamine killed at least six children and caused illnesses in nearly 300,000 others.

    Cooking oil is practically sacred in China, where nearly every recipe requires a wok to be filled with it. Those people drudging it up from the drains and sewers know its worth in an economy in which rising food prices have hit restaurants and consumers hard. They sift old pieces of food from the oil and then resell it to restaurants and vendors looking to cut costs.

    Economic incentives are typically the drivers for food-safety violations, according to Sang Liwei, a Beijing director at the nonprofit organization Global Safety Forum. It’s likely that most of those involved have no direct intention to hurt others, but they do so in attempting to protect their pocketbooks, he said.

    Food additives, used to make produce bigger and meats leaner, have been the culprits of food-safety scandals in recent months. In July, a court in central China’s Henan province sentenced a man to death with a two-year reprieve for producing and dealing clenbuterol after hundreds of people were sickened from eating pork tainted with the chemical, which speeds muscle growth in pigs but can cause headaches in humans.

    Gutter oil has been a recurring problem for Chinese officials over the past few years. Most recently, in June, it emerged on store shelves for direct sale to consumers, according to the state-run China Daily.

    Recycling waste oil has become a profitable business in many markets. In the U.S., many restaurants sell it to bio-fuel users, cosmetics producers and animal-feed makers. Some have even had to fend off thieves looking to make a buck on its resale.

    Many in China are hoping that in the years to come, it won’t be resold to food makers.

    –Laurie Burkitt

  62. make money says:

    NEW YORK–SEPTEMBER 13, 2011– For the 72 next hours, Icelandair is reducing the cost of its long-weekend packages to Reykjavik — including nonstop air from New York City, hotel stay, meals and tours — to $589 per person.
    This deal, which is about the cost of airfare alone,
    includes:
    – Nonstop flights to Reykjavik from NYC
    – Two nights at the centrally located CenterHotel Klopp
    – Breakfast daily
    – Three-hour guided cultural tour of the city
    – Three-course dinner and “Let’s Talk Iceland” show at a new Viking-themed restaurant
    – 48-hour Welcome Card providing free admission to the Laugardalur Geothermal pool, many museums and galleries, unlimited travel on city buses and shopping discounts

    How long before we see Athens, and greek isles vacations for a price of admissions only for a week at Disney?

  63. Comrade Nom Deplume says:

    For grins, I dug into one of the passages I saw in the Obama legislation explanation. It reads as follows:

    “This section also permits the Secretary to waive the requirements of subsections (a)(1)(A), (a)(1)(B), (a)(1)(E), (c)(1), (c)(2), and (c)(4)(A) of section 34, which, among other requirements, would limit the use of the funds as well as the duration of availability and funding amounts of grants.”

    The subsections referred to are in 15 USC 2229a; these subsections effectively prevent a jurisdiction from lowering its budget and using federal money to pay its existing bills. The legislation permits the Feds to waive those requirements.

    So it is, in fact, more of a targeted bailout than the original legislation authorizing the grants. Under the old legislation, you had to expand your force; under Porkulus 1.5, you don’t and can use fed money to plug your fiscal gaps.

    And this is an analysis of just one section. How many others result in stealth state bailout provisions? Stay tuned.

  64. Comrade Nom Deplume says:

    [62] moose

    We’ll see. When the economic substance doctrine is more fully litigated, will Learned Hand’s most famous quote still survive? You and I both know that IRS and DOJ have dinged taxpayers for engaging in transactions that may serve a business purpose but have reduced taxes. In fact, the Feds have essentially said that if there are two ways to achieve a business end, and one will avoid taxes while another doesn’t, the manner that avoids taxes will be suspect.

  65. chicagofinance says:

    albani: the Caldera in Santorini is my favorite place on the Earth…I must put this place on the “to-do” list…..
    http://www.starwoodhotels.com/preferredguest/property/overview/index.html?propertyID=3022

    make money says:
    September 13, 2011 at 12:31 pm
    NEW YORK–SEPTEMBER 13, 2011– For the 72 next hours, Icelandair is reducing the cost of its long-weekend packages to Reykjavik — including nonstop air from New York City, hotel stay, meals and tours — to $589 per person.
    This deal, which is about the cost of airfare alone,
    includes:
    – Nonstop flights to Reykjavik from NYC
    – Two nights at the centrally located CenterHotel Klopp
    – Breakfast daily
    – Three-hour guided cultural tour of the city
    – Three-course dinner and “Let’s Talk Iceland” show at a new Viking-themed restaurant
    – 48-hour Welcome Card providing free admission to the Laugardalur Geothermal pool, many museums and galleries, unlimited travel on city buses and shopping discounts

    How long before we see Athens, and greek isles vacations for a price of admissions only for a week at Disney?

  66. Shore Guy says:

    Nom,

    Are you still on the internet?

  67. Prof. McDullard says:

    JJ, as long as you don’t end up hiring multiple “women” for one position… You seem to be unsure about “woman” and “women” a bit too frequently. Been watching too many beer commercials?

  68. Comrade Nom Deplume says:

    [69] shore

    Depends on what you mean by internet. I don’t have a website (yet), but can be emailed at nomdeplumenj@gmail.com.

    Under my real name, I get a lot of hits, but often for the same things over and over again. My prior firm did a good job in getting my name out there.

  69. JCer says:

    gary[61] we were on the same page until the part about the person in bangalore or singapore being as productive as the us worker, it is simply not the case. The offshore person in usually working opposite hours the business is running, doesn’t understand american english well, quite possibly has inferior training, and has likely not been comprehensively interviewed/vetted. Our experience where I am, where we are aggressively outsourcing/offshoring is that the offshore resource is simply not up to snuff, they are about equivalent to 1/2 and onshore person at a 1/3 or 1/4 of the price. I think the likely culprit for those people in the middle getting cut is the value add is simply not there, nothing the midlevel paperpushers do is adding any value, just cost, there will be fewer and they’ll need to wear some different hats then they used to, while doing more work.

  70. Prof. McDullard says:

    Moss #49…

    Russian crisis in ’98 ended up sort of well for the US. Though the decade that followed wasn’t that great. Too early to comment on the second decade — though initial signs are not encouraging.

    US had a nice run for about 150 years (aside from a depression and a civil war). It’s unlikely to challenge the Byzantine Empire (500 good years followed by 500 years in survival mode), let alone the Roman Empire. Though, judging by the applause at the mention of a record number of executions and the policy to “let a 30 year old die” because he didn’t choose to get health coverage, we may be able challenge the Roman Empire in some aspects at least.

  71. JoblessInJersey says:

    I came across this and liked it. I don’t know anything about the organization that had it up at their website but this piece shows a lot of sense.

    Of course the question arises every day in my mind, “How long can we keep going when we’re not doing anything to deal with our real problems?” So far no answer, but someday there will be an answer, and suspect none of us will like it.

    “What about the White House Jobs Plan?

    First, we have a structural economy problem in the U.S. We consume too much (including importing what we consume) and produce too little. The major cause is our trade imbalance which, in turn, is caused by our failure to deal with state-managed mercantilism/protectionism in other countries. We have unilaterally disarmed with tariff reductions in a utopian free trade mindset that benefits offshoring multinationals and foreign governments. Other countries may have reduced some tariffs, but replaced them with more sophisticated measures that are like tariffs and export subsidies, but do not have those labels. Politicians and reporters only respond to the word “tariffs”. Thus, currency manipulation, foreign value added taxes, state owned/supported companies and industries, free land, free credit, etc. – which are the 21st century protectionism/mercantilism – don’t get much mainstream media play. Further, we have no strategy to capture more value add within the supply chains of major industries. We invent here and make it there. Thus we have unemployment and economic stagnation.

    The President simply did not address these problems. He proposed middle class tax cuts via payroll tax relief – trying to attract the GOP. He proposed stimulus money through certain payments for infrastructure, tax credits to hire veterans, and some other programs. He proposed certain solutions for the unemployed, like tax credits for hiring the long term unemployed. He also proposed a mortgage refinancing plan.

    None of these ideas deal with the structural issues or the trade issues. None of Boehner/Cantor/McConnell’s ideas do either, so their ideas are distractions at best and destructive at worst.

    Tax cuts and tax holidays have little GDP impact. If they did, the Bush tax cuts would have produced massive employment binge. They did not. Mark Zandi of Moody’s, who advised the McCain campaign, has run the numbers calculating the return on investment from government spending. The idea – and a solid idea at that – is that government should spend where it gets a positive return on investment, not a negative return. Zandy found that tax cuts cost more than they stimulate.

    Conversely, infrastructure projects are a very high ROI, producing a very solid GDP bump for the money spent… probably because infrastructure money is more likely to be spent domestically.

    So it is true that there are good and bad ways to spend money. New Deal stimulus in the 1930′s had a bigger effect than the 2009 stimulus bill because it was probably crafted more wisely, but also because it was spent in the U.S. rather than spent buying goods produced offshore. We import so much now that consumption expenditures flow overseas instead of within the U.S.

    That being said, the Presidents’ ideas are small bore at best. Putting a coat of paint on the ship while the ship is taking on water. We can argue about the paint, but its better to fix the hole in the hull.

    Obama reiterated support for the three pending free trade agreements in the text of his speech. Those agreements will make the Good Ship America take on even more water so it sinks lower in the sea. The FTAs weren’t in his jobs plan. As a procedural recap, the FTA holdup is that the GOP wants a clean vote on the FTAs, while the Administration wants a vote tied with Trade Adjustment Assistance (TAA), which Jock Nash has called “Burial Insurance”, in that it pays you after you lost a job to offshoring resulting from a trade agreement. The Burial Insurance metaphor comes from the fact that you are paid after you are economically dead.”

    http://www.tradereform.org/2011/09/what-about-the-white-house-jobs-plan/

  72. NJGator says:

    JJ – Don’t hire a married man with kids from Montklair. The school district is trying to put funny ideas about the importance of eating dinner with their families into their heads.

    http://kids.baristanet.com/2011/09/montclair-schools-district-wide-family-dinner-night/#comments

  73. Shore Guy says:

    You have mail

  74. JJ - AKA Two Hands says:

    I am ok with once a year. But that would be impossible to do more than on Fridays for most people anyhow. Even if someone left at 5:30pm every night between commute they are not home to 7 at earliest.

    Unless Montklair has a train I would not hire anyhow, no more bus people.

    NJGator says:
    September 13, 2011 at 1:29 pm

    JJ – Don’t hire a married man with kids from Montklair. The school district is trying to put funny ideas about the importance of eating dinner with their families into their heads.

    http://kids.baristanet.com/2011/09/montclair-schools-district-wide-family-dinner-night/#comments

  75. JJ - AKA Two Hands says:

    I thought only the ladies in short skirts with steno pads worried about spelling? Now go get me a drink and bring your steno pad into my office and shut the door behind you.

    Prof. McDullard says:
    September 13, 2011 at 1:12 pm

    JJ, as long as you don’t end up hiring multiple “women” for one position… You seem to be unsure about “woman” and “women” a bit too frequently. Been watching too many beer commercials?

  76. Shore Guy says:

    Nom?

  77. JCer says:

    JoblessInJersey, this is in total agreement with what I think SHOULD have been proposed as the stimulus and jobs plan. First I think like europe we should legislate minimum quality standards for things(goods with a certain cost are required to be unconditionally guaranteed for a year), this would eliminate some of the cheap junk, help consumers and make companies really consider if offshore manufacturing is appropriate. Also I am really sick of the quality of goods being reduced to the point where everything is rapidly disposable. Second I want a target VAT tax added to goods that are in historical terms very inexpensive and largely produced with essentially slave labor, the funds collected by this VAT would be funneled to tax breaks and incentives for investing in American industry(factories, creating new jobs etc) as well as infrastructure and domestic energy production. I’d like to see tariffs put in place where it seems goods are being dumped(i.e some chinese goods, like bicycles, they do it in europe). Essentially make ourselves marginally more competitive by making imports more expensive. Also change are sourcing practices to require domestically produced goods for things deemed as being needed for national security, make the military source most things domestically.

    The idea of infrastructure investment is nice but we need to overhaul how it is we do this stuff because it is too inefficient. I think we need to open up how jobs are assigned, the costs make no sense, the unions are out of hand and too much profit is made by the contractors. Any kind of stimulus needs to put jobs and money in the hands of the lower and middle class, the wealthy don’t even spend what they have and are making now and what is purchased is from abroad anyway. I think the fed needs a hit squad that basically renovate/replaces failing infrastructure WITHOUT local or state involvement. They go, assess, make recommendations, plan out the project and basically inform the state and municipality of what they are going to do. There are simply too many parties involved in so called infrastructure projects, if we need a bridge/tunnel/train, etc just design it and build the damn thing.

  78. Prof. McDullard says:

    JJ, thank you for the invite. I didn’t make a move yet because I was afraid of a lawsuit. I didn’t know when you said you wanted “women”, you meant one man. Now, let’s not waste any more time…

    JCer, Our experience where I am, where we are aggressively outsourcing/offshoring is that the offshore resource is simply not up to snuff, they are about equivalent to 1/2 and onshore person at a 1/3 or 1/4 of the price.

    My experience has been that the people out there are very much immune to any pressure from a manager here — way to many layers of management. It is very easy for the middle man to exploit the situation — like a very polite car salesman that keeps giving you lemon after lemon till you give up or accept your fate. And, if you move to another dealership, you will find almost similar guys. Work relationships should lead to close friendships (not the JJ kind) and somewhere the threat of lawsuits and business etiquette, political correctness, etc., have made the workplace way too impersonal. Gone are the days when we could say, we worked together for 20 years are we are like family.

    I’d pay 4x (10x too) at an Italian restaurant where the owner/chef knows me, likes what he does, and tells me beforehand what I can have and what I cannot… versus going to a souless food chain place where the people are always changing, and they see their job as nothing more than a stepping stone. May seem like a cliche, but way more important than the skill set is whether someone cares for their work or not. Accent, dressing style, work style, etc., can be learned more easily than the ability to give a damn.

  79. Prof. McDullard says:

    Guys that are complaining a bit too loudly about “redistribution of wealth”:

    The nation’s poverty rate rose to 15.1% in 2010, its highest level since 1993. In 2009, 14.3% of people in America were living in poverty.

    There is redistribution going all right, just not in the direction you think it is going.

  80. Prof. McDullard says:

    Gator,

    Problem solved: family dinners at 10 pm… We will all become like the Greeks, except without the good food or the siestas or the health care benefits or long tradition. It’s depressing!

  81. A.West says:

    JCer,
    I think government could pull off great stimulus if it got out of its infrastructure monopoly and started auctioning off toll roads and new toll road/bridge building concessions. If they think they can make money off the infrastructure, let them build it. This is much more efficient than the political patronage form of infrastructure investment. BTW, Brazil has an “infrastructure bank” like the O wants, and they have some of the worst infrastructure in the world. With a good business model, regular banks and capital markets can fund infrastructure, and can apply some market discipline to investments.

  82. JCer says:

    The germans just have their panties in a bunch because the southern europeans are enjoying themselves and they were foolish to try to bring them under one currency, especially given the differences in their economies. The italians, greeks, and Spaniards are just trying to maintain their traditions and lifestyle. In the case of italy and greece that means endless holidays and tax evasion. What’s wrong with that, we all knew about this for years why let them into your currency and lend them money when you KNEW this is the case, the germans have no one to blame but themselves. This makes the brits look really smart.

  83. JJ - AKA Two Hands says:

    The germans knew what was happening, you lend to greeks when payment is due they agree if you wait ten years they will pay you half of what you are owed and ten years later stiff you.

  84. Prof. McDullard says:

    JJ, the germans have been the producers and financiers, so it’s not like they did all this out of goodness in their hearts. No one is saint. They took calculated risks, and they may very well come out ahead after the fat lady sings.

  85. JCer says:

    A. West nice thought but infrastructure spend is almost never a private expense, it is one of those few things that really necessitates gov’t intervention. No one is replacing an unsound bridge, capitalists don’t care until it no longer functions. US infrastructure was great when it was built years ago, with fewer regulations, less local involvement, and no unions. Pouring concrete and following plans on forms and rebar structures is not rocket science nor should it cost hundreds of millions of dollars to build a small fly-over. Ideally one thing you are right about is if we bid out the jobs openly, without all of the regulations and de-facto political favoritism. The favored contractors make tons of money on these infrastructure projects.

    Without government support infrastructure doesn’t get built where it’s needed because of the risk and lack of a compelling argument for the investment(The private enterprise has a hard time on a new build determining what the payoff is). Infrastructure is why this country is where it is today, don’t take it for granted, it is a huge advantage when deciding where private capital is invested, even china and mexico know this.

  86. JCer says:

    Prof the German were like the banks making mortgages is 2003, they were pushing unified currency and all of this so they could sell more goods, they have benefitted tremendously, the question is what happens when the bottom falls out?

  87. JCer says:

    In short expansion is good, who cares about how risky this is.

  88. gary says:

    JCer [72],

    gary[61] we were on the same page until the part about the person in bangalore or singapore being as productive as the us worker, it is simply not the case.

    It may be true and I tend to agree; however, a Senior Exec VP doesn’t give a sh1t. As long as the job somehow gets done and fits in within the quarterly metrics, numbers, etc., it doesn’t matter.

  89. Prof. McDullard says:

    JCer, just like the banks came out stronger than before, germans will also end up becoming very lucky. They win Europe by dropping chocolates and money. Well played!

  90. Prof. McDullard says:

    Gary, the quarters add up to whole years (or dollars) sooner or later. The Singapore Exec VP would have already branched into real estate rentals or farming well before the bottom falls.

  91. Rent too damn hi says:

    What’s up with the rents in JC and Hoboken? A 1 br in a nice building is more than $2,500 per month, and rents are going up.

    I’m moving here from Dallas where I can rent a new 4 br house in wealthy neighborhood for same amount I can get a 1 br in f’n Jersey City.

  92. still_looking says:

    Gary, 22

    Thank you, but Gary landed a right to hire gig with a global financial a month ago! In fact, I’m making everyone nervous here because I’ve been hoarding every and any responsibility I can get my hands on! :) I’m in a cease and destruct mode in a very positive way!

    You make me proud! :) Besides, you might get mesmerized by the “jj” stories!

    sl

  93. JCer says:

    gary, that only works until it doesn’t and the company gets it’s ass sued by a client because a mistake made by some low paid offshore employee! The problem is by that point the manager who will likely be blamed has already moved on.

    Prof, I don’t know you think calculated….my thought is motivated by greed. The euro was initially a german idea to move their products in other parts of europe. The euro then caused greedy bankers from Germany and northern europe make loans to juice their bonuses, to eurozone countries now that they were using the same currency even if there was a lot of risk. Germany has attempted to take over europe many times, this latest financial plan isn’t going to work. The germans are always inviting the wrong people to the party.

  94. JJ - AKA Two Hands says:

    I am the DR/BCP/OFAC/GLB/HIPPA/SOX/AML/ERM/FASB/IFRS/SAP/PMO/VMO/SEC/CFTC/VAR/FED/HVAC/P&L/BOD expert at work. And that is before my morning coffee!!

  95. Libtard in the City says:

    Come work with JJ…

    http://tinyurl.com/JJ-help-wanted

  96. still_looking says:

    Lib 98

    eeeeeeeeeew.

    sl

  97. A.West says:

    Here’s a new deal.
    http://www.trulia.com/property/3063293159-11-Softwood-Way-Warren-NJ-07059
    Over 1.1mn for a 5/3.5 w/unfinished basement. With $70k of professional landscaping, your “conservatory” room still gives you a beautiful view of your neighbor’s garage and asphalt driveway. Updated kitchen -“Granite!” is the magic word which absolves all sins.

  98. JJ says:

    I once dressed like that for holloween. Went as Don Johnson to holloween party in Jersey City in a funeral home of all places. Capezos, white linen pants, tee shirt, Pink Linen Jacket, hair slicked back and all I need to complete look was a fake gun. Italian girl who I knew from Queens goes I got something you can use, gives me this heavy fake gun, I put it in wasteband and went to party got drunk as skunk was showing girls my piece and drive back to Queens at four am with a bunch of buddies in my old beat up car. I tell you little hair on chest, three day beard, deep tan lots of linen clothes and a gun a guy in his 20’s can do pretty well in NJ.

    Anyhow go back to give Italian girl the gun back, and tell her that is the best fake looking gun every, heavy and feels like a real gun. Girl goes it is not a fake gun, it is an inoperable gun. I go what is difference, a fake guy is fake, this is a gun my dad had in attic as it does not work as bullet got jammed in chamber. It can’t fire as it is inoperable. I go wtf I drove across state lines to a party drunk with a real handgun, she goes not real inoperable. I then say what would happend if I got pulled over, she goes oh you be in a lot of trouble. Thanks Lady.

    No wonder I got such respect from the men and love from the ladies.

    Libtard in the City says:
    September 13, 2011 at 3:05 pm
    Come work with JJ…

    http://tinyurl.com/JJ-help-wanted

  99. Anon E. Moose says:

    A. West [100];

    Seriously?!? “Softwood Way”? What bubble-brained builder thought that was a good name for a street to build million-dollar BSD mansions? How’s a WS master of the universe supposed to brag to his fellow gladiators about his new digs on “Softwood Way”?

  100. JJ says:

    Balances from the competitive sale of $11,195,000 Board of Education of the Borough of Ringwood School NJ Bonds are now available for customers to place orders. To be eligible for an allocation of bonds, you must place a firm order on

    guess someone taxes are going up

  101. A.West says:

    Anon,
    It runs parallel to Limpdik Lane.

  102. JJ says:

    Morning Wood Lane
    Antioch, TN, USA

  103. Libtard in the City says:

    I noticed the street name as well. I could never dictate my address if I lived on Softwood.

    Speaking of Halloween’s in JC, I once dressed up as Louis Farrakhan. I tinted my skin, got the coofy hat, the embroidered purple handkerchief and wore a black suit. I was very, very scary. It’s so funny to see white people react to a radical black man, even in costume. The ‘fear’ is for real. Most people literally had trouble speaking with me, until they realized it was me. I enjoyed the reaction so much that I did it again the next year.

  104. JJ says:

    I went as the incrediable hulk once when I was 18 at a Keg party, ripped jeans, no shoes, no shirt, covered in green paint and hair dyed in washable green. Hooked up with a girl in a nurses outfit and at five am, she and my sheets looked like someone murdered kermit the frog. The walk of shame is never sadder than a girl in a white nurses uniform with smear lipstick, bedhair, crooked panties covered in green dye.

    Libtard in the City says:
    September 13, 2011 at 3:54 pm
    I noticed the street name as well. I could never dictate my address if I lived on Softwood.

    Speaking of Halloween’s in JC, I once dressed up as Louis Farrakhan. I tinted my skin, got the coofy hat, the embroidered purple handkerchief and wore a black suit. I was very, very scary. It’s so funny to see white people react to a radical black man, even in costume. The ‘fear’ is for real. Most people literally had trouble speaking with me, until they realized it was me. I enjoyed the reaction so much that I did it again the next year.

  105. toomuchchange says:

    94 —

    Avoid the new towers. Also be careful of lower levels; many yards, basements and ground floor apartments got flooded in downtown Jersey City in certain locations.

    Why are rents so high now? Good question. Two factors I can think of is that people are avoiding buying and coming from NYC, where rents are even higher. Still, given high unemployment and more layoffs talked about in financial industry, it’s surprising. But lots of 20-somethings in Jersey City and Hoboken and many also work on Wall St. So maybe to pay the bigger rents they’re getting roommates, parents are helping out (but so many parents are financially strapped themselves these days), or they are spending everything besides student loan, clothes, phone and partying money on rent.

    If you find out some definite answers, please come back and share.

  106. Anon E. Moose says:

    A. West [104];

    Mostly, you’ll notice that it’s not straight.

  107. scribe says:

    A job interview with JJ would have to be the job interview of all time.

    Call me. ChiFi knows how to find me.

    (If JJ actually calls, I will live blog)

  108. 3b says:

    #96 The other countries could have said no.

  109. Essex says:

    Does JJ wear pants at his desk? Question of the day.

  110. grim says:

    Does it count as wearing if the pants are around your ankles?

  111. JJ says:

    Are you asking if I ever pulled a Charlie Runkle?

    Essex says:
    September 13, 2011 at 4:26 pm
    Does JJ wear pants at his desk? Question of the day.

  112. Essex says:

    113…aawwwwwwww my eyes! Damn you!!!

  113. Prof. McDullard says:

    Stu, Louis Farrakhan? Times have changed… You wouldn’t believe what happens when two Indian guys that sit next to each other on a plane and then going to the bathroom. Fear is here to stay.

  114. Comrade Nom Deplume says:

    [116] prof

    Any time two guys on a plane go to the bathroom, they are going to attract attention. Being indian just makes it novel.

  115. Comrade Nom Deplume says:

    [97] JJ

    “I am the DR/BCP/OFAC/GLB/HIPPA/SOX/AML/ERM/FASB/IFRS/SAP/PMO/VMO/SEC/CFTC/VAR/FED/HVAC/P&L/BOD expert at work. And that is before my morning coffee!!”

    What? You list AML and GLB, but no BSA or CRA expertise?

    And I hear you are going on tour soon

    http://smartest.libsyn.com/

  116. Comrade Nom Deplume says:

    [115] Essex

    Pants around ankles is hardly novel in Kentucky. Heck, while I was there, that’s usually where mine were!!!!

  117. Prof. McDullard says:

    Nom, not together, mind you… Though I would generally hold off a bit longer as I find the concept of having to wait in line not comfortable (I did my time in queues growing up).

    The whole thing is scary on so many levels: 1) If there were suspicions, why did they wait till the plane landed, and waited for 30 mins on the runway? 2) Based on the descriptions, the persons involved were not aware till the feds came in to the plane — the woman was tweeting and someone else asked her to take pictures minutes before the feds came in. So, they were sort of free to do whatever that is they would wanted to till the feds came in? 3) No one asked any questions till the feds put them in locked rooms. This has a “dumb, but cruel public prosecutor” written all over it. No one was able to defuse the crisis (e.g. ask questions on the plane and move on)? I think mostly because everyone was trying to cover their @sses — so they can write in their reports something like “defused an international situation involving a multinational group [Indian and Arab/Jewish]”. There is no apology on newscasts that giggled at “threesomes in the bathroom”. I am sure they weren’t even offered coffee after the interrogations. Some idiot gets afraid, the feds mess up a few people for a few hours, and nothing else is done. The great one said something like “the cops are idiots” when his friend was unfairly treated, so why not say something similar here? Why not offer them some free tickets (preferably Amtrack tickets)? There is no apology from the passengers that complained about the suspicious behavior (are they afraid that they will get sued?).

    It this goes on like this, some worrisome outcomes are:
    (a) people will get desensitized to “suspicious activity” and some “american looking”, lap-dance loving, young kids with box cutters end up boarding planes…
    (b) people will generally accept that it is alright to mistreat someone without cause if they are of a particular race/ethnicity — this is a bad thing for powerful nations that are experiencing severe downturns…

    Nom, please help me sign up for lessons at that place that Kettle and you go… I think I am financially stable now [will be even better if my plan works out soon], so now I can think in terms of chunks of 10 years instead of 3 months… In 10 years I see myself becoming a “sensible republican” or an “honest democrat” [both seem to be extinct species], and I’d be all for gun rights!

  118. xmonger says:

    #94 Stay in Dallas. JC is a s-hole.

  119. Essex says:

    119. Well there really isn’t much else to do there. Just sayin.

  120. Comrade Nom Deplume says:

    [120] McDullard

    As you are sensitive to what is posted in the ether (as am I), I suggest you write me at nomdeplumenj@gmail.com. I know I have your card around here somewhere and would email you, but I have only your work email, and I submit that you would not want your employer’s email sniffers coming up with that stuff. So best if you email me.

    As I have yet to patronize Eddie’s company, I am sure I can work out some sort of discount. At this point, the NJREReport will have generated some business for them (though I met him through cheerleading of all things. Long story).

  121. Comrade Nom Deplume says:

    [122] essex

    “Well there really isn’t much else to do there”

    There’s drinking, but that went hand in hand with the pants at the ankles thing.

    It was interesting there. Definite southern, redneck vibe. My then Smithie GF was a direct descendant of Stonewall Jackson, and the family wore it on their collective sleeves.

    I actually liked it and got along well there. One time, I was staying at her sister’s house (could not stay with her under Daddy’s roof unless I wanted my carcass ventilated), and decided to visit the pen in the back with all the big dogs. She came over and found me in the pen, and screamed “Get out of there, those are guard dogs. They’ll kill you.” I said “you mean these dogs that are licking my face and playing wth me?” She left, muttering about how I managed to charm the dogs, and whether I was some sort of fcuking Svengali. Another time, her ne’er do well, roughneck brother with a drinking problem (and an alleged killing on his conscience), who lived in a trailer on the property, invited me out there. She saw me leaving from an upstairs window and ran after me. By the time she busted into his trailer, she found us drinking and admiring his furniture and artwork (he was an amazing artist and carpenter but worked as a roughneck for the money). She once again left, shaking her head muttering about how this damn yankee was charming her family.

    Was a bit of culture shock in some respects. I recall that my then Smithie GF brought me to a house party where a bunch of her HS buds were. The guys came up to ask questions, and one said to me “Nom, can I ask you a question?” I said yes. He then asked (to my GF’s horror as she anticipated my response) “Do y’all got n*ggers up in Boston?” She thought I’d freak, but I simply replied “yes, we have black people in Boston” He replied “I hope y’all don’t think I’m prejudiced” and I said “no, why would I assume that?” Fun times.

    I recall once that the girls decided to go “cruising” in Park City. This meant driving around the four fast food lots that were all next to each other near the interstate. After the 5th circuit, I think I screamed “WTF are you doing?????” That was just too odd for me.

    We won’t even get into drinking in Bowling Green or Lexington. Not that I remember much.

  122. Comrade Nom Deplume says:

    Just for grins, I decided to google the Smithy.

    She’s now President and CEO of her daddy’s wildcat oil company.

    Damn!

  123. Essex says:

    My ex from the Bluegrass married a brain surgeon and has 5 kids….better him than me!

  124. NWNJHighlander says:

    An interview with JJ would be quite the experience. Could top the interview with a then corrupt, then soon to be executed Chinese banker…

    early 30’s.
    NO debt, no expenses, might fly to iceland next weekend I guess,…
    lunch box local college grad.
    Already lost enough money trading in the tech burst I’ve become a stoic.
    Really wants to move closer to Manhattan, can move to Brooklyn or Fort Lee in less than a week.
    Wears better suits than Gov Pataki, and the same shoes.

    WTF does JJ do btw? Bond trading as his profession or are his calls on this blog for his personal portfolio?

    Those Ringwood bonds are good money, it’s my hometown, the place is not going to get downgraded again.

    Contact me at an old throw away email:
    orlandorentals06
    gmail
    dahtcahm

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