Obsessed with fixing the unfixable

There is an easy fix for negative equity. All we need to do is pick who loses. Do we (taxpayers) want to lose? Should the homeowner lose? Should the banks lose? Should investors lose? Should we all lose?

From HousingWire:

More than 22% of mortgages still underwater

Nearly 11 million properties, roughly 22.5% of all U.S. homes, were worth less than the underlying mortgage in the second quarter, according to CoreLogic.

The percentage of properties in negative equity declined slightly from 22.7% the previous quarter and down from 24% one year ago. Another 2.4 million borrowers held less than 5% equity in their home, what analysts call near-negative equity. CoreLogic also showed nearly three-quarters of all underwater borrowers are paying above-market interest on their home loans.

“High negative equity is holding back refinancing and sales activity and is a major impediment to the housing market recovery,” said Mark Fleming, CoreLogic chief economist.

More borrowers could be in danger of falling underwater. JPMorgan Chase analysts expect home prices to drop another 5% by the beginning of 2012, pushing the amount of underwater borrowers to 15 million, according to a research note released earlier in the month. If prices drop more, possibly 10% further, the number of borrowers in negative equity would approach 20 million.

The Obama administration continues working on a proposal to boost refinancings, which many include eliminating some negative equity restrictions on Fannie Mae and Freddie Mac loans. Some analysts believe such a program would have only modest impact, but CoreLogic showed nearly 28 million outstanding mortgages hold above-market rates and, in theory, should be able to refinance.

“The hardest hit markets have improved over the last year, primarily as a result of foreclosures. But nationally, the level of mortgage debt remains high relative to home prices,” CoreLogic said.

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149 Responses to Obsessed with fixing the unfixable

  1. grim says:

    From the Star Ledger:

    Manville homeowners in flood-prone areas to get opportunity to sell homes

    Officials in a flood-prone Somerset County town are offering property owners the chance to sell for the first time since 1999.

    Manville officials say flooding from Hurricane Irene and remnants of Tropical Storm Lee swamped about 1,000 of the Somerset County borough’s 3,000 homes.

    In July, FEMA awarded New Jersey $48.3 million to fund buyouts, raise elevations and other flood mitigation projects. Nearly $40 million would buy 200 homes in Lambertville, Lincoln Park, Little Falls, Neptune, Nutley, Pompton Lakes, Ocean and Wayne.

    Municipalities can also seek money from a $24 million Blue Acres fund.

    Manville Administrator Gary Garwacke told The Courier News $24 million doesn’t go very far. Manville spent $6 million to buy 38 homes out of about 600 that applied to sell in 1999.

  2. Mike says:

    Good Morning New Jersey

  3. grim says:

    From the Record:

    Lenders look for hurricane damage to North Jersey homes under contract

    Worried about flood damage, lenders are demanding a second look at homes that were under contract during Hurricane Irene before they’ll write the mortgage – delaying some closings.

    “Any deal that was approved pre-Irene has to get reinspected,” said Sal Poliandro, a Re/Max agent in Saddle River. “They want to make sure the house didn’t take on water and there’s not a tree through the house.”

    “The lenders are not closing unless the appraisers come back,” said Jeff Adler, a Re/Max agent in Mahwah. “Mortgage commitments are being held up and closings delayed.”
    Read more

    Northern New Jersey copes with floods, rising rivers

    The lenders say they must make sure that homes in federally declared disaster areas are sound before writing a mortgage. New Jersey was declared a disaster area after Irene.

    “Before we are able to close on loans in these areas, the inspection must state that the property is sound and habitable and that the collateral is in the same condition as of the date it was originally appraised,” said Wells Fargo spokesman Jim Hines. “The inspections are performed by a licensed appraiser and are paid for by Wells Fargo.”

    Bank of America also pays for the re-inspections, according to spokesman Terry Francisco. Some other lenders, however, require the buyer to pay.

    Francisco said the delays have been minimal. “If the hurricane happened one week prior to your closing, that obviously would impact it,” he said. “If it’s closer to two or three weeks away, there would be enough time to get the appraiser out there.”

    North Jersey real estate agents agreed that in most cases, home buyers have not faced major delays in closing. Two deals were held up at Coldwell Banker in Tenafly, said branch vice president Karen Murphy, but both delays were for less than a week.

    And flood damage has scuttled some deals. Jane Ferlanti, a Coldwell Banker agent in Ridgewood, said buyers backed out of two purchases in Fair Lawn because the homes were flooded.

  4. Mike says:

    Number 1 Back in 1999 the average buyout of those 38 homes comes out to $158000. Guess it’s better than nothing

  5. NWNJHighlander says:

    I drove around the Hoffman Grove area of Wayne after the lil ‘cane, that was bought out with the last round of Blue Acres funds.
    http://www.abandonedbutnotforgotten.com/hoffman_grove,_wayne_nj_part_two.htm
    IT was totally completely swamped this time…

    All around Wayne, the Pomptons, Buildings that survived Andrew are being condemned. Spent several hours at local motel getting elderly family situated, met lots of people who lost everything, including the neighbors of the house that blew up in Pompton Lakes.

  6. Dissident HEHEHE says:

    PUTIN PORN!!!!

    http://www.theatlantic.com/infocus/2011/09/vladimir-putin-action-man/100147/

    Even the World’s Most Interesting Man is interested in PUTIN!!!

  7. Dissident HEHEHE says:

    Ps. You have to like photo #9; nubile former beauty queen is his personal photographer. The man is a genius.

  8. NWNJHighlander says:

    Oh, someone I knew just picked up a a house in N. Passaic county that was a foreclosure then remodeled by a flipper. House is old, really old, and was a foreclosure for 5 years w/ no takers. Everyone was concerned about flooding. House survived the hurricane rains, but just barely. 6 or 7 trees fell in yard, thankfully not on house.
    Obscenely low purchase price for this house…
    Destroyed the comps for the zip code.

  9. gary says:

    NEW YORK (AP) — Republicans have scored an upset victory in a House race that started as a contest to replace Rep. Anthony Weiner after he resigned in a sexting scandal but became a referendum on President Barack Obama’s economic policies.

    Retired media executive and political novice Bob Turner defeated Democratic state Assemblyman David Weprin on Tuesday in the special election to fill the seat vacated by Weiner, a seven-term Democrat who resigned in June.

    Any Questions?

  10. gary says:

    By the way, even Ed Koch endorsed Bob Turner.

  11. Mikeinwaiting says:

    “And flood damage has scuttled some deals. Jane Ferlanti, a Coldwell Banker agent in Ridgewood, said buyers backed out of two purchases in Fair Lawn because the homes were flooded.”
    When you have to use a row boat to do a walk through before closing it does tend to scuttle the deal. Those folks are lucky if they had closed a week before Irene……………Caveat emptor.

  12. NWNJHighlander says:

    http://online.wsj.com/article/SB10001424053111904353504576568710341742174.html?mod=WSJ_Opinion_LEADTop

    Why Obama Is Losing the Jewish Vote
    He doesn’t have a ‘messaging’ problem. He has a record of bad policies and anti-Israel rhetoric.

    By DAN SENOR

    —-
    I was in Queens the weekend before Weiner was forced to resign… for a funeral.
    During the service people were talking about the scandal.

    Big loser here is Chuck Schumer. This is the first time his network has ever lost an election in NY.

  13. Confused in NJ says:

    Weiner voted for Weprin early Tuesday and, when asked if he thought it would be his fault if Turner won, the former Congressman told Reuters, “It is always bad when a district goes Republican. All 435 should be Democrat.”

    Interesting, Weiner believes in a One Party system for the US. That would be cheaper, no elections necessary.

  14. Essex says:

    Looking into my crystal ball….We’ve got the GOP winning in 2012 with Romney. He comes in we continue the trip downward well into a double dip. Americans continue to hold onto everything they can and fight the trends that Washington cannot control. Romney does manage to seal the border, but he continues the unwinnable wars and then 2016 rolls around and we have Senator Elizabeth Warren elected as the first female POTUS. She exercises common sense and fairplay, beats the banks into submission and the Great American Renaissance begins.

  15. Schumer can’t lose enough to make me happy. He is the embodiment of the modern sociopathic, pandering gubmint vote-whore.

  16. Maybe Schumer will not be diving in front of every microphone and camera in sight for at least a few days.

  17. Essex says:

    12. They lost because of the conservative Orthodox vote. Take it from me, these folks are NOT liberal. They loathe the liberal stance on Israel and they cannot stomach same sex marriage.

  18. Essex says:

    Two Words my friends: TERM LIMITS. Establish them now and make damn sure that Washington understands. Two terms max. And you are out.

  19. Sx (12)-

    But they can stomach the corned beef at Moishe’s and that weird-ass purple horseradish.

    “They loathe the liberal stance on Israel and they cannot stomach same sex marriage.”

  20. Term limits…enforced at the business end of a Mossberg.

  21. How about no gubmint, no terms, no desk jockeys, no pandering whores?

    Anarchy now!

  22. It’s all going from gray to black. The stench of death is overwhelming.

    “The most scathing report describing in exquisite detail the coming financial apocalypse in Europe comes not from some fringe blogger or soundbite striving politician, but from perpetual bulge bracket wannabe, Jefferies and specifically its chief market strategist David Zervos. “The bottom line is that it looks like a Lehman like event is about to be unleashed on Europe WITHOUT an effective TARP like structure fully in place. Now maybe, just maybe, they can do what the US did and build one on the fly – wiping out a few institutions and then using an expanded EFSF/Eurobond structure to prevent systemic collapse. But politically that is increasingly feeling like a long shot. Rather it looks like we will get 17 TARPs – one for each country. That is going to require a US style socialization of each banking system – with many WAMUs, Wachovias, AIGs and IndyMacs along the way. The road map for Europe is still 2008 in the US, with the end game a country by country socialization of their commercial banks. The fact is that the Germans are NOT going to pay for pan European structure to recap French and Italian banks – even though it is probably a more cost effective solution for both the German banks and taxpayers….Expect a massive policy response in Europe and a move towards financial market nationlaization that will make the US experience look like a walk in the park. ” Must read for anyone who wants a glimpse of the endgame. Oh, good luck China. You’ll need it.”

    http://www.zerohedge.com/news/jefferies-describes-endgame-europe-finished

  23. Didn’t several of us who post here figure out about 18 months ago that Europe was headed for a Lehman moment?

  24. Dissident HEHEHE says:

    Unmod 6 grim. 35 pictures of the world’s greatest leader:

    http://www.theatlantic.com/infocus/2011/09/vladimir-putin-action-man/100147/

    Even the World’s Most Interesting Man is interested in PUTIN!!!

  25. Mike says:

    nothing to do about anything here but needed to post Pitbull vs Kitten http://www.youtube.com/watch?v=czhpQe-56qg

  26. Mikeinwaiting says:

    Mike 24 priceless.

  27. Mikeinwaiting says:

    HEHEHE 23 Putin Ha! we have JJ.

  28. Tools for the Barbeque.
    [url=http://mybigbbq.com]bbq grill[/url]

  29. Dissident HEHEHE says:

    Does JJ have a nubile former beauty queen as his personal photographer?

  30. Essex says:

    18. Surprising they have adopted such a modern conveyance as they are rooted in the 16th century.

  31. jamil says:

    “Any Questions?”

    No. As Debbie Schulzman said today, this was difficult district for the Dems.
    (NY is well-known purple state and GOP held that seat just recently, less than 90 years ago).

    “Senator Elizabeth Warren elected as the first female POTUS. She exercises common sense and fairplay”

    Yes, out of touch corrupt Ivy League academic without any real world experience, just elected to Senate from blue state is exactly what the country needs!!
    Hopey and Change!

  32. Essex says:

    Let’s see what Romney can do. Unlike you, I am not blinded by partisan nonsense and believe that the best ideas should win. I root for the Country no matter who is in office.

  33. jamil says:

    “I root for the Country no matter who is in office.”

    Yes, that’s why I root for O to fail. His ideas for higher taxes and government control (and appeasing foreign enemies) are bad for the country. It’s that simple.

    Btw, unless Perry collapse, I think he will emerge as the nominee. Either case (Romney or Perry), it will be a landslide. Not even State Media can save O this time.
    Besides, I would not be too surprised if O decides not to run. Dems can still get a strong candidate if O gets out of the way voluntarily.

  34. jamil says:

    My company is promising to purchase the houses of relocating employees at full market value, if they fail to sell it in 3 months. Apparently, the definition of “full market value” is a bit vague..

  35. JJ - AKA Two Hands says:

    No but I am in the market for a PUH and she better be smoking hot.

    Dissident HEHEHE says:
    September 14, 2011 at 7:57 am

    Does JJ have a nubile former beauty queen as his personal photographer?

  36. grim says:

    35 – usually means is the relo company will get an appraisal done and base it on that.

  37. Al Mossberg says:

    Horse face Romney isnt going to fix sh_t. He’s another corporate schill. I suspect he will offer up another 1 time tax holiday so that companies like GE cant repatriate trillions of dollars at a tax rate of 5%. Of course these companies will promise to create jobs which will never happen.

    Dont be deluded. The US is marked by the economic hitmen. The takedown will be followed by war.

  38. NJGator says:

    Lawyer turns t*pless dancer to pay the bills (Replace the * in the link)

    When Carla graduated 10 years ago, she thought her law degree would be a permanent ticket to a high-paying job. But instead of selling her mind, Carla is selling her b*dy. After student loans, debt, a layoff and unemployment battered her bank account, she now finds herself in an almost unbelievable position – d*ncing in a t*pless bar.
    “Did I ever think I’d be taking my t*p off for rent money? No. I was in my mid-30s and had never d*nced before,” said Carla, who asked that we use her stage name and withhold her identity and some personal details. “As a little girl, I never thought to myself, ‘I just want to grow up and be a str*pper,’ or, ‘All I ever wanted to do in life is climb in the lap of sw*aty stranger and take my t*p off.’
    “But, with our economy the way it is, especially in smaller cities … you str*p or you starve,” she said.

    http://redtape.msnbc.msn.com/_news/2011/09/12/7730301-lawyer-turns-t*pless-d*ncer-to-pay-the-bills

  39. NJGator says:

    Grim (3) – We had our re-inspection yesterday apparently. Appraiser didn’t even ask to come into the house.

  40. Juice Box says:

    I gather the “they were living in caves and growling like dogs” comments made last year by the Greeks to the Germans did not sit well with this EU commissioner last year.

    ‘Germany’s EU commissioner Günther Oettinger said Europe should send blue helmets to take control of Greek tax collection and liquidate state assets. They had better be well armed. The headlines in the Greek press have been “Unconditional Capitulation”, and “Terrorization of Greeks”, and even “Fourth Reich”.’

    http://www.telegraph.co.uk/finance/financialcrisis/8755881/Germany-and-Greece-flirt-with-mutual-assured-destruction.html

  41. MikeNJ says:

    Grim (3) Gator (40)

    Same with us, re-inspection over the weekend (I know because the refi place we are using has everything automated so I got an email on the appt) Made a point to be home and guy never even came into the house.

    Gator, did your lender/broker get you to pony up the fee for the re-inspection? Ours is trying to get us to pay the $175 but I am going to put my foot down at closing that they pay or I walk (I have backup loans in place).

  42. Anon E. Moose says:

    Sx [12] wet dreamed:

    Senator Elizabeth Warren elected as the first female POTUS. She exercises common sense and fairplay, beats the banks into submission and the Great American Renaissance begins.

    Warren does make a great deal of sense about the banks, but has a huge blind spot for the negative effects of government action. Her “Two Income Trap” thesis completely ignored the burden of increased taxes on the middle class – both property taxes, income taxes. That worries me about her, even more if she were to ascend to an government executive position.

  43. JJ - AKA Two Hands says:

    Only difference between a Lawyer and a t*pless dancer is that t*pless dancer’s are not allowed to screw their customers. .

    NJGator says:
    September 14, 2011 at 9:18 am

    Lawyer turns t*pless dancer to pay the bills (Replace the * in the link)

  44. Fiddy Cents on the Dollar says:

    Re : Hurricane Re-inspections —

    If the Bank is paying the appraiser, you’re not getting an interior inspection. The Bank is too cheap to pay for a full re-appraisal, and is just looking for photos of the exterior and street. Unless that tree is laying across the roof, or the foundation has washed away……you get a passing grade.

    The going rate for these “Drive-by Shootings” is $125. So the Banksters saved $200 but the got their hooks into the appraiser’s E & O Insurance. If anything turns up later, they collect.

    So on a mid-six figure deal, they saved $200, add that into the quarterly profits, and vote themselves a nice bonus.

  45. NJGator says:

    MikeNJ – We are doing a no cost refi. Our mortgage broker is paying all of the fees. Haven’t been asked for anything.

  46. Libtard in the City says:

    I checked when they asked me to schedule it. Our reappraisal was two-fold. First to check for flood damage, but the loan officer also wanted to make sure that we stuccoed over the two windows which we removed during remodeling. I’ve got to tell you all. Refi’s have become a major pain in the buttowski. If we weren’t taking 10 years off the mortgage, we would have never done it.

  47. Comrade Nom Deplume says:

    [39] gator

    “you str1p or you starve”

    Do you have any idea just how much that scares the sh1t out of me?

  48. Comrade Nom Deplume says:

    [43] Moose

    Santorum said something that was, in essence, similar a few years ago, and the left pilloried him for it. Warren says what amounts to the same thing, and all we hear from the left are crickets.

  49. NJGator says:

    Sorry, Nom.

    Speaking of getting the sh*t scared out of you, I had the opportunity last night to listen to Lil Gator and his 6 year old pal have an intelligent discussion about elementary school lock down procedures and where you are supposed to hide in your classroom when there is a bad man in your school. Made me really sad that they needed to learn this in Kindergarten.

  50. chicagofinance says:

    Some current footage of what happens when the Europeans rely on the Germans for help….
    http://www.youtube.com/watch?v=YRf9ooQ7qq8

  51. Shore Guy says:

    “Speaking of getting the sh*t scared out of you, I had the opportunity last night to listen to Lil Gator and his 6 year old pal have an intelligent discussion about elementary school lock down procedures and where you are supposed to hide in your classroom when there is a bad man in your school. ”

    Don’t sweat it. This is just an updated version of “Duck and Cover.” Does anyone else remember that?

    Announcer: “Hey, Jimmy. If you see the flash of a nuclear detonation, what do you do?

    Jimmy: “Duck and cover”

    Announcer: “Good boy.”

    Or something like that.

    On second thought, maybe duck and cover is what caused boomers to disregard the long-term health of the nation’s economy.

  52. JJ - AKA Two Hands says:

    Makes me sad there are six year old’s starting Kindergarten in your district. Are they shaving in your school district by second grade?

    NJGator says:
    September 14, 2011 at 10:33 am

    Sorry, Nom.

    Speaking of getting the sh*t scared out of you, I had the opportunity last night to listen to Lil Gator and his 6 year old pal have an intelligent discussion about elementary school lock down procedures and where you are supposed to hide in your classroom when there is a bad man in your school. Made me really sad that they needed to learn this in Kindergarten.

  53. Shore Guy says:

    Nom,

    The thought of a stripper with a goatee is a bit too much to endure this early in the day.

  54. Libtard in the City says:

    6 year old’s entering kindergarten is another tenet of the anti-inoculation, every child deserves a trophy, a child is a parent’s best friend dogma.

  55. NJGator says:

    Shore – Lil Gator and friends were going into details like locking the doors, closing the window shades and where in the room you were supposed to hide. One of them said something about down low in the corner. The other one said he hid in a closet. A friend’s son was trained on what to do if it happens when you’re in the bathroom.

    JJ – The 6 year olds are both now in first grade. They just started school last week. They had monthly lockdown drills starting when they were in K last school year. But we do have many 6 year olds in K…the cutoff date is 10/1 around these parts and it’s not uncommon to “redshirt” your kids if their birthday falls late summer to early fall. Kids will start turning 7 in Lil Gator’s 1st grade class this month.

  56. make money says:

    http://www.starwoodhotels.com/preferredguest/property/overview/index.html?propertyID=3022

    ChiFi,

    I’ve been there, they banged me out 1,000 Euro’s per night for a weekend annyverssary stay. I’d love to return there for pennies. Great place just don’t tell them you’re Albanian.

  57. Comrade Nom Deplume says:

    [51] shore

    If I had you get off the parkway one exit sooner, you wouldn’t have.

  58. chicagofinance says:

    make money says:
    September 14, 2011 at 11:10 am
    ChiFi, I’ve been there, they banged me out 1,000 Euro’s per night for a weekend annyverssary stay. I’d love to return there for pennies. Great place just don’t tell them you’re Albanian.

    Isnt the Caldera the shit?

  59. Shore Guy says:

    Nom,

    You picking up some extra bucks stripping at a bar?

  60. Shore Guy says:

    If you have never seen the Duck and Cover film, it is 9 minutes well spent. The more I think about it, that may explain more about the absurd behavior of boomers than anything else.

  61. Shore Guy says:

    I had never seen this Civil Defense film. We really did do a number on the psyche of the public:

    http://www.youtube.com/watch?v=K8SK28htqbg

  62. NJGator says:

    Next NJRER GTG?

    Shore Guy says:
    September 14, 2011 at 11:16 am
    Nom,

    You picking up some extra bucks stripping at a bar?

  63. chicagofinance says:

    Maybe I’m just a guy, but I can’t really think of anything I own that would crush me to lose. I don’t want to be out money, but if I’m fully insured who cares? I just shocks me how much people love the crap they own…….it’s really their identity or something……

    Shore Guy says:
    September 14, 2011 at 10:57 am
    I had missed this:

  64. Shore Guy says:

    This is one our school never showed. Thy may still be showing it in Texas:

    http://www.youtube.com/watch?v=v3S24ofEQj4&feature=related

  65. Shore Guy says:

    Chifi,

    “Stuff,” to people is like a collar and leash to a dog. Stuff just keeps us pinned down.

  66. Shore Guy says:

    “Next NJRER GTG”

    I can see it now, Gator and SL pockets flush with bills.

  67. Juice Box says:

    Chi – been to Santorini, there is constant wind coming up the rock face, the beaches are on the far side are Meh. The entertainment and the hippes is whatmakes
    The place. There were also too many Brits there and all over Greece, living there. this was in Sept 08.

  68. Comrade Nom Deplume says:

    Say what you want about Whitney, this is something that has been a trend for some time, and she thinks it will only get better.

    “Yet Whitney believes some of the aversion to risk is overdone, and she sees pockets of opportunities in what she referred to as the “emerging markets within the United States.”

    It’s a concept she has spoken of before in referring to those areas, primarily the agricultural heartland and areas not as severely impacted by the housing crisis. She said those regions can expand even as the broader US economy remains mired in a slow-growth cycle.

    “You have incredible opportunities that are being created outside the US that actually will help the US get out of its morass,” she said. “The fact that China goes from a net exporter of food to a net food importer actually benefits the US. The fact that there’s increasing global demand benefits the US.”

    /snip

    Long ago, there were some that predicted the US would become Asia’s granary. And well before the collapse, investors were snapping up farmland. This bodes well for a Nompound with ag capacity as increased demand for food will permit tenant farming, yet its small enough to stay off the radar in case the government nationalizes the ag and food production industry, a highly improbable idea (rather, the gov would simply expand food stamps and limit exports, neither of which will actually hold down food prices much).

  69. JJ says:

    “Capitalization is the difference between helping your Uncle Jack off a horse and helping your uncle jack off a horse.”

  70. JJ says:

    I recall once I went out to go to some girls house to hook up and when I got to my Jeep someone stole it and all I was thinking of was thank god I have another car to use so I can hook up. I am very deep. Only sad part till this day I have a radio with no benzi box.

    chicagofinance says:
    September 14, 2011 at 11:27 am
    Maybe I’m just a guy, but I can’t really think of anything I own that would crush me to lose. I don’t want to be out money, but if I’m fully insured who cares? I just shocks me how much people love the crap they own…….it’s really their identity or something……

    Shore Guy says:
    September 14, 2011 at 10:57 am
    I had missed this:

  71. Comrade Nom Deplume says:

    [68] Shore,

    I was hitchhiking in Amherst one night, freshman year. I had just gotten off work and was on my way to The Pub where a friend was the entertainment. A guy picked me up and, in a rather oblique way, propositioned me.

    I politely declined, and he politely accepted. I was a bit shaken as this was a first.

  72. Comrade Nom Deplume says:

    [75] redux

    I should stipulate he accepted my declination.

  73. chicagofinance says:

    Juice….been to Santorini a few times, but never in Sept…maybe the weather is different in September…..May-early August was ideal…..the times I was there it was all Germans…all the time

    Juice Box says:
    September 14, 2011 at 11:37 am
    Chi – been to Santorini, there is constant wind coming up the rock face, the beaches are on the far side are Meh. The entertainment and the hippes is whatmakes
    The place. There were also too many Brits there and all over Greece, living there. this was in Sept 08.

  74. Comrade Nom Deplume says:

    Back to the salt mines, as Shore would say, and also have to let my Boston Terrier out so she can rid the yard of rodents. Rabbits, squirrels and chipmunks often run on our patio, and she goes bezerk, trying to get through the slider at them.

    Unfortunately, she is pretty successful at getting them. One more and she’s an Ace.

  75. Juice Box says:

    Chi – yeah don’t think the Germans will be back en-mass soon or the Brits. A co-worker’s daughter was on a High School trip to Athens during the riots. The parents let them go anyway even though they knew there would be trouble. The students had to walk through a few strike lines at the port and the electricity went out a few times. Once they left Athens the rest of their visit was the usual touristy places which are slower than usual but not dangerous in anyway.

  76. fka 2010 Buyer says:

    Is it really news that Sarah Palin alledgedly slept with Glen Rice in 1987? She balled basketball, he played basketball, she’s already familar with balls…so what’s the big deal?

    http://miamiherald.typepad.com/nakedpolitics/2011/09/sarah-palin-and-glen-rice-.html

  77. Fabius Maximus says:

    I’ve been saying this since 2008. Re-election for O will be a walk in the park.

    http://www.tnr.com/blog/timothy-noah/94901/o-lucky-man
    That the Republican presidential candidates are unable to capitalize on the miserable state of the economy gives you some idea of how weak Obama’s opposition is. None of the major GOP candidates can beat John McCain’s 46 percent from 2008. Mitt Romney, who at this point seems the likeliest nominee, loses 45 percent to Obama’s 49 percent (a much smaller margin, I’ll grant you, than 2008’s 53-46 percent; the difference is the 7 percent who are undecided). Front-runner Rick Perry loses 41 percent to Obama’s 52 percent. (The poll was conducted before last night’s debate, so it doesn’t take into account Perry’s weak performance.) Newt Gingrich loses 41 percent to Obama’s 53 percent, and Michelle Bachmann loses 39 percent to 53 percent. With the exception of Romney, every one of these Republican clowns has negatives as high as or higher than Obama’s. Gingrich’s unfavorable rating is 57 percent, Bachmann’s is 53 percent, and Perry’s is 50 percent. Romney’s is only 44 percent.

    If the GOP nominee ends up being Romney, Obama will face in the fall of 2012 an opponent who, in a sensible world, would boast that he instituted Obamacare before Obamacare was cool. Since this is not a sensible world, Obama will face an opponent who frantically tries to distance himself from Obamacare, an effort for which he has been mocked by the Wall Street Journal editorial page and the Club For Growth, who aren’t buying it. The Massachusetts health reform is Romney’s only significant governing legacy and it’s become his biggest liability. In these dark days of Obama’s presidency, Obama’s biggest electoral problem is that these numbers might make him overconfident. How lucky can you get?

  78. Shore Guy says:

    Well, it seems Sara Palin has more in common with the Kennedy’s than she would like to admit:

    Sarah Palin bedding a budding NBA star, snorting coke and cheating on the First Dude?

    You betcha.

    snip
    The sharp-shooting Rice – who spent one season with the Knicks – was playing in the annual “Great Alaska Shootout” while Palin was a sports reporter with Anchorage television station KTUU, the Enquirer said.

    Their one-night stand over Thanksgiving weekend 1987 reportedly occurred in the dorm room of Palin’s kid sister at the University of Alaska Anchorage.

    Palin was described by a friend as the aggressor, with the pal reporting “she hauled his ass down,” the Enquirer said.

    Less than a year later, Palin was pregnant by husband Todd and the couple eloped.

    The book also repeated allegations – denied in the past by Palin – that she had a six-month affair with her husband’s business partner in the mid-’90s.

    The dalliance put a chill on the Palin marriage, with Todd complaining to friends about the loss of intimacy in their relationship, the Enquirer reported.

    snip

    http://www.nydailynews.com/news/politics/2011/09/14/2011-09-14_sarah_palin_had_sex_with_basketball_player_snorted_cocaine_and_cheated_on_husban.html#ixzz1XwY8EFGt

  79. Shore Guy says:

    “The book also reports that Palin was once seen snorting cocaine off the top of a 55-gallon drum while snowmobiling with friends. She also smoked pot with a professor while at Mat-Su College, the book says.

    And it quotes a Palin family friend as saying that husband Todd Palin also snorted coke, describing him as “on the end of the straw plenty.”

    Read more: http://www.nydailynews.com/news/politics/2011/09/14/2011-09-14_sarah_palin_had_sex_with_basketball_player_snorted_cocaine_and_cheated_on_husban.html#ixzz1XwYorP6A

    once again, we have holier-than-thou Republican politicians playing at or over the edge or morality and legality and yet, somehow, appealing to the far right of the party. I must have fallen down a rabbit hole. Time to head back to the salt mine.

  80. Elmer Fud says:

    I am having rabbit troubles. http://www.hoax-slayer.com/images/giant-rabbit2.jpg . Mr. Nom DePlume can I borrow your dog?

  81. Prof. McDullard says:

    I think the game is that the GOP will let O have the presidency, as long as he lets them have the congress… A “tough atmosphere” under which only corporate-friendly bills will be passed.

    They are doing this good cop, bad cop thing so transparently. It’s like a single party with internal politics dominating.

    O vs GOP nominee, who ever wins, we lose.

  82. JCer says:

    Prof, the only inevitability is America loses with these Pols. I think Bloomberg should run as an independent, with the weak people being put up by both parties, I see an opening for an independent.

  83. Prof. McDullard says:

    As someone said, Bloomberg will not play in Peoria — though it would be interesting to see a match up between a”kenyan” vs a “mormon” vs a “divorcee”. Though, he should wait till the last minute and let the GOP do its “cheering for death of uninsured” thing and let the DNC say, “we will not use that against the GOP. Bloomberg can start using that against both the DNC and the GOP.

    Bloomberg had more guts to take a stand on the NYC Mosque (Weiner and Obama hedged on that), and on the gay marriage. Not really big deal things in the long term, but it shows that he has some character to take on somewhat unpopular stances.

    The good thing going for Bloomberg is that he can outspend everyone — and may even get money from some like minded rich people. As long as O and the GOP continue to screw up. Another good option is Hillary, but that’s unlikely to happen.

  84. make money says:

    JJ,
    Glen Rice? I hope you did her before he did?

  85. Comrade Nom Deplume says:

    [85] Elmer,

    If you can keep her fenced or track her, I am sure she’d relish the challenge.

    We had a bear through here a few weeks back. I shudder to think about it being in the yard when I let her out (much of my yard isn’t visible from the door); I know she would not have backed down.

  86. JCer says:

    Prof, my problem is the dems will run O, the republicans will push what ever crazy bast*rd they can because they’ll think they have the election in the bag. Bloomberg has the kind of money and connections that he could run as an independent, where as most pols won’t break party ranks.

  87. JCer says:

    For Bloomberg being Jewish, I think would really hurt his chances of being elected. I thought similar thoughts about Obama being Black but I was wrong. But lets face it there has only been one catholic president who was assasinated, now Obama being half kenyan, but overwhelmingly our presidents have been white anglo protestants.

  88. Comrade Nom Deplume says:

    [86] McDullard,

    I noticed that a lot of hopefuls early on said no to 2012, and only a few later jumped in. My thinking was that the GOP was going to let Obama hang himself with redistributionist policies that would tank the economy, but that the task would not be finished until 2014.

    Problem with letting him have a second term is having Hillary waiting in the wings. But if Obama tanked the economy, the thinking was that Hillary would get no traction as Obama-lite.

    But the economy tanked harder and worse than anticipated, and since the business cycle impacts presidential candidate decisions, I think that many decided to get in now before Obama could take credit for an eventual recovery.

    I disagree with Fabius (shocking, I know); Obama may win reelection, but it won’t be a cakewalk, and unless the economy improves markedly over the next 12 months, it won’t happen at all.

  89. When does the Blitzkrieg of Greece begin?

  90. A couple divisions of Waffen SS will shape up those Greeks in no time.

  91. Comrade Nom Deplume says:

    [88] McDullard,

    “Another good option is Hillary, but that’s unlikely to happen.”

    True. But if she does run, that is a very bad lagging indicator. It will mean things are so bad, the party has to kick their standard bearer to the curb. It also means she will have to differentiate herself from Chairman O in a very meaningful way. That will be a herculean task, if not well nigh impossible.

  92. Libtard in the City says:

    You are all wasting your time even thinking about this.

    The McD said it best. It really doesn’t matter who wins as both parties are really the same.

    Baa baa.

  93. JCer says:

    Meat, that’s what Mussolini’s Italy thought and then later the German’s. Invading Greece is harder than you’d think, the Greeks are kind of crazy.

  94. 3b says:

    #98 Maybe Turkeywants back in?

  95. Prof. McDullard says:

    Nom, if the people stopped thinking in terms of party or person, and ask more sensible questions, things will be good. Of course, it is difficult in a culture where people from Yankees/Mets end up torching cars even after their team wins against the other team.

    Something along the lines of Dems screwed up with O, they are dropping and bringing back Hillary because she presents a reasonable choice, versus, “Dems fire their star Q-back and bring back an earlier discarded Q-back” — and audience boos. TV seems to be the spiritual guide of this generation and way too many fake reality shows going on [e.g. why should the public care whether the joint address by the President is on Wed or Tue, and why didn’t the politicians consult with each other before elevating this trivial cr@p to a national debate?].

    JC, Bloomberg’s Jewish roots may be a positive now because the T-party people have suddenly found some love for Israel (hopefully it translates to some love towards Jewish people in the US). But, the T-party people show an exceptional ability to hold two contradictory opinions on the same issue at the same time [even better than Kerry could], so we shouldn’t hold our breath.

    It’s kind of depressing — I may sound repetitive, but this is how things are in India. General public is completely tuned out with respect to day to day political issues, big decisions are made at the top levels (with some general fights between parties staged for public consumption), and the corruption slowly seeps through to lower layers. Already I see more traffic tickets than I used to… I rationalize the whole thing as their budgets are cut and they need to raise money somehow, and things haven’t become too difficult yet, but things can get a lot worse. Regular corruption at low levels like in India, or things like kidnappings for Ransom like in some parts of India, Pakistan or Brazil.

    The good thing is that I have some experience with these factors, but the bad thing is that ever since I came to US, I have developed a sense of vocal disdain towards this stuff, so I need to learn to keep my mouth shut like I do when I visit India (e.g. don’t tell people that I live in the US or I will be paying higher fines; be very polite and respectful even when a traffic cop asks for a “fine”). It may be that the US has had a nice run for a long time, so I should be thankful for the good 20 years and adjust to the new normal (which is still way way better than how things are in the very few other places that I know).

  96. seif says:

    Santorini Caldera cam. I spent 2 months there a while back. The Caldera is one of many great spots on the island.

    http://santorini.net/caldera.html

    check it out during daylight hours

  97. AG says:

    I’m waiting for turkey to punch israhell in the face. Ottomans are some ruthless ba-tards.

  98. 3b says:

    Albania gets parts of northern and western Greece, (and while things are being fixed, the Europeans might as well unite Albania and Kosovo, no sense in having 2 Albania’s) The Greek province of Macedonia goes to the Republic of Macedonia, Salonika and Thrace goes to Turkey, and the remainder rump sate becomes Europe’s vacation playground administered by the rest of Europe. Athens is treated as a separate occupied entity (European Forces) used for training purposes for urban warfare.

  99. Kettle1^2 says:

    Shoreguy

    you might appreciate this old comic and how it might fit with todays headlines

    http://www.economicnoise.com/wp-content/uploads/2011/09/Depressioncartoon123.jpg

  100. Kettle1^2 says:

    Doom/CLot/Meat…..

    this one is for you…

    In Hungary, the Jobless Go to Labor Camp
    A new welfare reform program forces the unemployed to sweat for their benefits

    http://www.businessweek.com/magazine/in-hungary-the-jobless-go-to-labor-camp-09082011.html

    …back to my parallel dimension. Cheers

  101. Juice Box says:

    Bunch of prudes in NJ, you can walk around sans shirt in NY all you want.

    http://www.nj.com/news/index.ssf/2011/09/woman_fighting_for_her_right_t.html

  102. Comrade Nom Deplume says:

    Lest there be any doubt that Rule of Law is in jeopardy under this administration, at least we have the courts.

    http://taxprof.typepad.com/files/132tn1169.pdf

    Here, the government went after a pharma lawyer for zealously representing her client. The district court administered a really hard bench slap to the government. In fact, I’d call it a bench smackdown.

    FWIW, this is not exactly a first for this administration; they have been trying to hamstring their “enemies” by going after the lawyers in a lot of spheres.

  103. jamil says:

    107 comrade: They did this in Arizona too (the State Bar, representing the interest of the Obama Thugs/professional Left)

    http://rightwingnews.com/john-hawkins/is-the-state-bar-of-arizona-targeting-conservatives-for-blogging-and-fighting-illegal-immigration/

  104. 3b says:

    #05 kettle: While we are at it, Transylvania goes back to Hungary.

  105. Libtard in the City says:

    Nice source there Jamil.

    I read an article yesterday that said all republicans are closet homosexuals.

    http://leftwingnews.com/closet-homosexuality/republican-requirement/

  106. JCer says:

    Kettle I like that welfare labor camp.

  107. 3b says:

    BAck to real estate. Below is a listing form the land of the Unicorn, sold for 310K in Decmebr of 2010. All redone inside and out (nicely I might add in my humble opinion).

    Started out in the high 400″s down to 415K . ALthough still high, what is killing this house in my opinion is the yearly tax bill of $13,000.00!!!!

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1112944&dayssince=&countysearch=false

  108. JCer says:

    3b, nothing like 3% effective property tax to excite a buyer, yikes!

  109. Outofstater says:

    #112 Wow. I grew up in a house just like that one. Six steps up to the bedrooms, six steps down to the rec room. I wonder if the kitchen originally had knotty pine cabinets and wrought iron hardware. Sniff. Kinda miss the old place.

  110. Outofstater says:

    So Europe is imploding and the Dow is up over 200?? This farce is getting more and more surreal. I can’t decide if it’s more Salvador Dali or Edgar Allen Poe.

  111. chicagofinance says:

    This is awesome…..

    seif says:
    September 14, 2011 at 1:45 pm
    Santorini Caldera cam. I spent 2 months there a while back. The Caldera is one of many great spots on the island.

    http://santorini.net/caldera.html

    check it out during daylight hours

  112. chicagofinance says:

    The flaw in your plan is that it reads like a cash out refi…..the main issue isnt the lack of liquidity per se (they are solvent…they can sell stuff as you point out)…it is the culture of scofflaws and corruption. You clean up the mess, the savages are just going to restart the process……

    3b says:
    September 14, 2011 at 2:06 pm
    Albania gets parts of northern and western Greece, (and while things are being fixed, the Europeans might as well unite Albania and Kosovo, no sense in having 2 Albania’s) The Greek province of Macedonia goes to the Republic of Macedonia, Salonika and Thrace goes to Turkey, and the remainder rump sate becomes Europe’s vacation playground administered by the rest of Europe. Athens is treated as a separate occupied entity (European Forces) used for training purposes for urban warfare.

  113. JCer says:

    chifi, getting the greeks and italians to pay their taxes will continue to be a battle. The other big issue is the reluctance to modernizing the government to make things more efficient and streamlining procedures and processes so business can be conducted easily with transparency.

  114. scribe says:

    So …who got the interview with JJ?

  115. Shore Guy says:

    Elmer is on the board now? Where is Porky? Or is that John?

  116. Shore Guy says:

    Kettle,

    At least we were noy 13T in debt when Roosevelt started shoveling cash.

  117. Essex says:

    Well my interview with JJ went really well. We ended up getting distracted mid-way through the session by the leaked Scar Jo Pics. Needless to say, I think I have an inside track on the position, but am waiting to hear the results of the STD test JJ insisted upon. He says that the firm is like “family”….

  118. Prof. McDullard says:

    Essex, what exactly did the tests involve? I presume it isn’t like the ones that show up in the blonde breathalyzer test jokes.

  119. Shore Guy says:

    By Joe Stephens and Carol D. Leonnig, Published: September 13

    EXCLUSIVE | The Obama White House tried to rush federal reviewers for a decision on a nearly half-billion-dollar loan to the solar-panel manufacturer Solyndra so Vice President Biden could announce the approval at a September 2009 groundbreaking for the company’s factory, newly obtained e-mails show.

    snip

    The August 2009 e-mails, released exclusively to The Washington Post, show White House officials repeatedly asking OMB reviewers when they would be able to decide on the federal loan and noting a looming press event at which they planned to announce the deal. In response, OMB officials expressed concern that they were being rushed to approve the company’s project without adequate time to assess the risk to taxpayers, according to information provided by Republican congressional investigators.

    Solyndra collapsed two weeks ago, leaving taxpayers liable for the $535 million loan.

    One e-mail from an OMB official referred to “the time pressure we are under to sign-off on Solyndra.” Another complained, “There isn’t time to negotiate.”

    snip

    http://www.washingtonpost.com/politics/white-house-pushed-500-million-loan-to-solar-company-now-under-investigation/2011/09/13/gIQAr3WbQK_story.html

  120. Shore Guy says:

    Heck, I don’t know that John would even notice a 6″ eel in his pe-nis:

    http://www.buzzfeed.com/fjelstud/six-inch-eel-swims-into-mans-pen*is

    remove * to activate link

  121. Essex says:

    124 sas3 he took blood and urine in a silver chalice.

  122. Essex says:

    I’m supposed to return to JJs tomorrow to meet his direct report Patrick Bateman.

  123. Comrade Nom Deplume says:

    (126) shore

    But MSNBC said the WH didn’t bring any pressure for Solyndra. So it must be true

    /sarc

  124. jamil says:

    Comrade: “I disagree with Fabius (shocking, I know); Obama may win reelection”

    I’ll make a bold prediction (I know I’m going to regret this):
    If Obama is the Dem nominee, he carries both California and Vermont.

    Can happen.

  125. NjescaPee says:

    Jamil, you are a hoot! Lol

  126. jamil says:

    Fabius “I’ve been saying this since 2008. Re-election for O will be a walk in the park. ”

    Fabius, you are cute.

    Seriously, it would be fun to see Romney crush O in debates. Empty platitudes and “Yes we can” won’t work anymore (except for our dear Fabius) and affirmative action protects you only so far. State Media alone cannot save him.

    Blithering village idiot, having been in charge for 4 years, looks like a, well, blithering village idiot if you take the affirmative action cover off.

    I always amused when left-wing crazies talk about “extremist” GOP candidates (or “terrorists” as VP Biden etc defined them). Obama spent decades with the leader of a real terrorist group which murdered government officials, judges, police officers and military cadets and their family members.

  127. Prof. McDullard says:

    Jamil, you seem to dislike Romney — you went berserk when I mentioned that he did something good with Romneycare. You see any contradiction in Seriously, it would be fun to see Romney crush O in debates.

    I believe the people on this board are much nicer in person than in their posts — an opinion shared by many here. In your case, I have doubts. If you are trying to be a version of “JJ”, give up, you aren’t!

  128. Essex says:

    Jamil fancies himself a conservative and that’s fine for him. He also hasn’t really had an original thought since his conception. Anally. By two men.

  129. jamil says:

    134, wtf?
    I dislike Romney for RCare (which was a disaster that is bankcrupting the state and not helping anybody), but it would be fun to see Romney to crush O in debates.
    There is no contrast there.

    Romney is the smartest guy around with great success in real world (Olympics, business) and his debate skills are superior. Inexperienced community organizer without teleprompter, with 3 years of, eh, “track record” will want to forget the debates.

  130. Comrade Nom Deplume says:

    [131] Jamil

    Not so sure about Vermont. More likely he carries Mass., esp. if the Warren-Brown race generates high turnout. And I will give him Maryland, Oregon, Illinois, and DC.

    Boy, would it be embarrassing if he lost Illinois???

  131. jamil says:

    135 essex,

    You are right. In fact, I just went to Obama’s new snitch website and reported myself (I assume you were one of the alert citizens who had already reported me at the snitch site – thanks) . I have expressed opinions contrary to the Truth. I confess!

  132. jamil says:

    137, in real votes or in counted votes?

  133. Comrade Nom Deplume says:

    And this jobs bill thing won’t help him that much. First, it won’t do much for private sector hiring, esp. since there has been so much piled onto the private sector. Second, if the entire package gets passed, the state bailout portion is tailored so it doesn’t need to result in new hiring (and the folks who are “protected” are voting Obama anyway).

    I said before that the GOP would be smart to cherry pick some things, pass them quickly, and hold the rest for more debate (and a quiet death). Already, the dems are hip to this, and have been threatening the GOP to not cherrypick, that it is all or nothing. But WH has already signaled it will sign a partial bill, so they are chopped at the knees.

    If Boehner and McConnell were really smart, they’d make marginal changes to “improve” the package, rebrand it as their own (or as bipartisan), and send it to the WH, with the full court press on how they agreed that the country needed this help, we could agree on it, and we have now tendered this first measure in the spirit of cooperation for the good of the country, yada yada.

  134. Comrade Nom Deplume says:

    [139] jamil

    That’s a nonsequitur. If (if???) the ballot boxes in Chicago are stuffed, there will be enough votes.

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  136. vodka (105)-

    Arbeit macht frei.

    Hope all is good with you.

  137. Stater (115)-

    2008 redux.

  138. plume (141)-

    It worked for Kennedy, and it would work for O…should the need even arise.

  139. Fabius Maximus says:

    #133 Jamil

    The chances of Romney crushing O in the debates is slim as well. If he even gets to the debate stage, he is carrying so much baggage. He has few lines of attack. He can’t go on jobs, heathcare and is carrying the all the GOP and GWB baggage as well.

    Actually while we are on the subject, in the GOP debates, my money is on Bachmann launching a “Big Dig” attack on Mitt.

    You can throw all the left stream BS you want, but the best nonpartisan view of the race, is the bookies. They don’t care about politics, they are just looking at who’ll win and O is still above 50% for them.

  140. Fabius Maximus says:

    View from the outside, place your bets.

    http://www.williamhillmedia.com/index_template.asp?file=17673

  141. Comrade Nom Deplume says:

    (147) fab

    It’s decided then. Let’s save money on a needless election and move the coronation up 15 months.

    And while we are at it, no point in playing football. NFL should just hand the Lombardi Trophy to Bob Kraft now. I’m good with that.

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