Do foreclosures even matter anymore?

From Bloomberg:

Foreclosure Filings in U.S. Rise 7% as Bank ‘Rain Delay’ Eases

U.S. foreclosure filings rose 7 percent in October to a seven-month high as lenders started to speed up action against delinquent borrowers after a yearlong review into documentation, according to RealtyTrac Inc.

A total of 230,678 properties received notices of default, auction or repossession, compared with 214,855 in September, the Irvine, California-based data seller said today in a report. One in every 563 U.S. households got a filing.

Notices plunged almost 31 percent from October 2010, when banks and loan servicers began slowing the process after complaints over the way they handled documents for defaults and home seizures. The monthly gain in filings signal that a “rain delay” in foreclosures may be easing, according to RealtyTrac Chief Executive Officer James J. Saccacio. The backlog has been partly to blame for a stalled U.S. housing recovery, he said.

“Sloppy paperwork, government intervention, a slow economy and lack of confidence is a giant concoction lengthening the process,” Saccacio said in a telephone interview.

He estimated that the U.S. housing market needs as long as 40 months to clear a glut of distressed homes that includes properties with negative equity. Almost 29 percent of Americans with a mortgage owe more than their property is worth, Zillow Inc. said this week.

Default notices increased 10 percent in October from September and rose to an 11-month high in so-called judicial states, where most bank delays had been occurring because the courts oversee foreclosures. Default filings jumped 28 percent in Florida, 50 percent in Pennsylvania and 61 percent in Indiana from September, according to RealtyTrac.

Total default notices were down 23 percent on a year-over- year basis.

U.S. auction notices climbed 8 percent from September, including a 22 percent increase in judicial states. They rose 57 percent in Florida, 43 percent in Minnesota and 38 percent in Illinois. Total scheduled auctions were down 38 percent from October 2010.

Home seizures jumped 4 percent from the previous month, while falling 27 percent from a year earlier. They climbed sequentially by 40 percent in Michigan, 45 percent in Oregon, 48 percent in New Jersey and 73 percent in Indiana, according to RealtyTrac.

This entry was posted in Foreclosures, Housing Bubble, Housing Recovery, National Real Estate. Bookmark the permalink.

222 Responses to Do foreclosures even matter anymore?

  1. grim says:

    From a sentiment/confidence perspective – Does it really matter anymore what the numbers are? Is the level of pessimism just so high that it is all just “priced-in” at this point?

    From a pricing perspective – Really, what are a few more foreclosures? Every time the timeline is dragged out, the relative impact of even the higher rate of foreclosures is muted. Fannie and Freddie can kick the can forever, and frankly, the robosigning scandal couldn’t come at a better time. The scandal has had a greater positive impact on the housing market than any stimulus program the government could have conjured up.

  2. grim says:

    From the Record:

    Home prices drop slightly in region, according to National Association of Realtors

    Home prices dropped slightly in the third quarter in the New York metropolitan area, including North Jersey, the National Association of Realtors said on Wednesday.

    The median price for an existing single-family home in the region was $464,900, down 1.1 percent from the third quarter of 2010.

    At the same time, the number of single-family homes and condos sold in New Jersey rose 13 percent, to an annual rate of about 101,000. That number is still below the sales pace in the recession years of 2008 and 2009, when sales topped 110,000 a year. During the housing boom, in 2004 and 2005, sales topped 180,000 a year in the Garden State.

    Nationally, home prices declined 4.7 percent, to a median $169,500, while the number of sales rose 17 percent.

    Marlyn Friedberg of Friedberg Properties in Cresskill said she’s seeing bigger price drops than the NAR’s numbers suggest. She said short sales — in which a lender forgives part of the mortgage to allow a distressed homeowner to sell — have pulled values down as much as 10 percent in the past six months.

    “Even in high-priced towns, there are short sales,” she said. In addition, she said that the weak economy makes potential buyers wary.

    “There’s a fear factor out there,” she said. “People don’t know if they’ll have a job next month.”

    North Jersey is still a buyer’s market, said Randy Douglass of ERA Douglass Realtors in Montvale.

    “There are buyers out there, but they’re buying houses that are aggressively priced,” Douglass said. “The ones that are not aggressively priced are sitting.”

    Terrie O’Connor of Terrie O’Connor Realtors in Ramsey said that many sellers are becoming more realistic about their asking prices than they were in 2008 and 2009.

    “They’re moving their numbers down, and people are purchasing,” she said.

    The drop in home values in the past five years — estimated at more than 20 percent in the region — is keeping many homeowners in place, Douglass said. They’re unwilling, or unable, to sell at a loss, even if it means they could also get a better price on their next home.

  3. grim says:

    “There are buyers out there, but they’re buying houses that are aggressively priced,” Douglass said. “The ones that are not aggressively priced are sitting.”

    Recently heard of an 8-way bidding war at an aggressively priced center hall (short sale) in one of those haughty NJ suburbs.

  4. gary says:

    Marlyn Friedberg of Friedberg Properties in Cresskill said she’s seeing bigger price drops than the NAR’s numbers suggest. She said short sales — in which a lender forgives part of the mortgage to allow a distressed homeowner to sell — have pulled values down as much as 10 percent in the past six months.

    Any Questions?

  5. funnelcloud says:

    Grim haven’t you heard
    NJ real estate is booming home prices are up 8% year over year
    And we HAVE HIT the BOTTOM They will not be going any lower
    So run out and buy
    That’s today’s news according to the Daily record
    Lets see what tomorrow has to bring

    Morning Mike

  6. gary says:

    North Jersey is still a buyer’s market, said Randy Douglass of ERA Douglass Realtors in Montvale.

    No, it’s not really a buyers market yet, Randy boy, but good try. We’ll let you know when it’s a buyers market.

  7. Mike says:

    Good Morning Funnel, Dam I missed the boat

  8. freedy says:

    Riveredge holding steady. afterall its riveredge and the dell

  9. gary says:

    …values down as much as 10% in the last six months.

    Keep repeating that to yourself for a while and let me know where prices are going to be in a year from now.

  10. Shore Guy says:

    http://www.washingtonpost.com/business/what-caused-the-financial-crisis-the-big-lie-goes-viral/2011/10/31/gIQAXlSOqM_story.html

    What caused the financial crisis? The Big Lie goes viral.

    snip

    I’m an investor focused on preserving capital and managing risk. I’m not out to win the next election or drive the debate. For those who are, facts and data matter much less than a narrative that supports their interests.

    One group has been especially vocal about shaping a new narrative of the credit crisis and economic collapse: those whose bad judgment and failed philosophy helped cause the crisis.

    Rather than admit the error of their ways — Repent! — these people are engaged in an active campaign to rewrite history. They are not, of course, exonerated in doing so. And beyond that, they damage the process of repairing what was broken. They muddy the waters when it comes to holding guilty parties responsible. They prevent measures from being put into place to prevent another crisis.

    Here is the surprising takeaway: They are winning. Thanks to the endless repetition of the Big Lie.
    Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies. It was not irresponsible lending or derivative or excess leverage or misguided compensation packages, but rather long-standing housing policies that were at fault.

    Indeed, the arguments these folks make fail to withstand even casual scrutiny. But that has not stopped people who should know better from repeating them.

    snip

  11. Shore Guy says:

    “values down as much as 10% in the last six months.”

    Maybe in THAT town, not this one; here it is different. Interestingly, the compass always points north here and our children are all above average.

  12. It’s all rotting to the core.

    No way out but feet first.

    The stench of death is pervasive.

  13. In my blue ribbony town, the kids have lazier teachers and the meth is cheaper.

  14. Shore Guy says:

    “blue ribbony town”

    I don’t know where you’ve been lad, but I see you’ve won first prize.

  15. NJGator says:

    I beg to differ, Shore. They’re not all above average, they’re positively gifted.

  16. Shore Guy says:

    Has anyone heard of a Christmas tree tax? It soundes like something from the Onion.

  17. Shore Guy says:

    I stand corrected, Gator. As I graduated from one of the worst high schools in the state (but, boy did we kick @ss in sports) I was not attuned to the distinction.

  18. Confused in NJ says:

    Gas prices have been down in recent weeks, but that trend could change by early next year. Oil industry analysts say gasoline could hit $4 a gallon by early next year. They cite the closure of some East Coast refineries and competition for oil in neighboring countries in the Western Hemisphere as a reason for the increase. But the lower prices today are not as low as they should be for this time of year, according to Cathleen Lewis, public affairs director for AAA New Jersey. The prices are higher than they were each of the last two years at this time of year.

  19. NJGator says:

    Thinking of buying in Montclair…

    Montclair’s Capital Finance Committee (CFC) called town manager Marc Dashield unwilling to cooperate. Then member John Reichman of the CFC committee and Dashield exchanged barbs at last council meeting. Now the Concerned Citizens of Montclair have retained legal counsel to deal with the council and town manager’s unwillingness to work with the CFC as well as the Operating Budget Advisory Committee (OBAC).

    Here’s the resolution regarding the Capital Finance Committee — check out the section on the CFC “duties.” This morning, Councilor Cary Africk sends this statement:

    For the entire term of this Council I have championed the need for fiscal responsibility, accountability, and transparency.

    I thought this was a “mom and apple pie issue.” Who could not be in favor?

    I was wrong. Some people, even elected officials, just can’t be bothered.

    One of my first goals after the 2008 Municipal Election was the re-establishment of the Capital Finance Committee (CFC). My Resolution to do this was passed within three weeks of this Council taking office.The Committee had operated for decades prior to this Council and performed valuable, and valued, service.

    After the June 2008 Resolution, one of the Committee’s first tasks was a comprehensive review of the entire debt of the Township. It was a painfully slow process as it took the town staff, and the township auditors, almost six months to answer the question: “How much debt does the township have?”

    The numbers were shocking. Aside from the size of the total debt, in excess of $225MM, the analysis also showed Montclair among the leaders in the state in the use of short term debt, which can be rolled over year after year with no principle pay down.

    Upon the Committee’s urging the town hired a financial consultant who agreed with the Committee to refinance a large portion of the debt, including the short term debt, thus saving taxpayers hundreds of thousands of dollars each year. Working with the Committee he also recommended that the Town “stop spending money” in order to bring the debt under control.

    Another initial report from the Capital Finance Committee dealt with the Council’s planned $3.5MM purchase of a building for a Senior Center, and the hiring of additional personnel to staff it. While recognizing the potential purchase as an “opportunity,” the Committee lamented the lack of a “needs” analysis, as well as a full financial projection. But bottom line, they said there was no way the Town could afford the project.

    Indeed, Marc Dashield, who had just arrived in Montclair, supported the Committee’s recommendation by explaining to the Council, “You just don’t have the money.” I was the sole Councilor opposing the purchase, and to this day some, ignoring financial reality, bear a grudge towards the Capital Finance Committee for “killing the Senior Center.”

    Over the years he Committee has valiantly tried to carry out its charge, as listed in the July 22 2008 Resolution creating it.

    We are now at a point where for the second year in a row the Town, without seeking any help from the Committee, is trying at the 11th hour to put together the specifics of the Capital Budget. With little study, things like $500,000 for garbage trucks are being proposed, as does $2.1MM for street projects and bike lanes. The Committee is putting down its foot, demanding analysis, data, and explanation. This is supposed to be a Capital BUDGET. Completing the 2011 BUDGET in December 2011 is not PLANNING. And this was exactly what was done in 2010: completing the 2010 Capital Budget in December 2010.

    The Town is resisting the Committee’s efforts. This is not surprising as overall the Town resists financial planning. Members of the Council have dismissed the Town’s own Operating Budget Advisory Committee, as well as the highly competent Concerned Citizens of Montclair. Now members of the Council are also trying now to dismiss the Capital Finance Committee, and the Manager is asking the Council to find a different role for the Committee.

    The Town resists because the numbers are frightening.

    But ignoring “bad news” doesn’t make “bad news” better.

    This past June the Township Attorney lamented to me that although he had prepared detailed spreadsheets of the coming tax appeal tsunami, no one was interested in looking at it. At the next Council meeting I asked him to outline the numbers. The Mayor, and others, insisted I was “out of order.” I persisted.

    He then reported at least $4MM in tax refunds and credits. He was also forecasting “more.” At that Council meeting I was the only one alarmed, with the Mayor and Town Manager saying “we won’t ‘really’ know the exact number until December.” As if “only” $4MM is inconsequential.

    We know now that our tax refunds and credits are already in excess of $6MM, not $4MM. And we also know there is still MORE in the pipeline. Another $1MM. Likely more.

    I don’t buy the excuse that forecasting and planning are “impossible.” I don’t consider voicing my concern “ranting and raving,” as Councilor Lewis suggested. I can it my duty to the taxpayers.

    We know how to calculate things.

    We can plan. We must plan. It’s the responsible thing to do. And dismissing the Capital Finance Committee is like throwing away the thermometer when you have a fever, hoping you’ll be eventually cured.

    Cary Africk
    2nd Ward Councilor

  20. Shore Guy says:

    “But ignoring “bad news” doesn’t make “bad news” better.”

    What freaking planet is he from? Of course it does. This simple fact has guided government , from municipalities to the congress, for decades.

  21. gryffindor says:

    We went on our Gold Coast tour last Saturday, postponed by a week due to the storm. I still need to assess what the commute will be like trying to get to Route 46 or Route 3 from River Road because even on a Saturday morning it seemed a bit congested.

    Very quickly, I crossed Jersey City off the list for being too far for our commutes. Hoboken is off the list for being too overpriced. We continued along to a development in Weehawken where they were pre-selling units that won’t be ready until spring 2013. Absolutely nothing in the ground yet except a few strings and stakes yet they claim 5 are already sold. I can’t fathom who is pre-paying for something being promised 1.5 years from now.

    Next we walked into an open house in Guttenberg that my husband guessed should be worth $650K except the asking is $1 million. There aren’t even decent city views at that price! At least he’s getting the hang of this game. Went to a few more open houses, this time in Edgewater. One place we saw, I assessed in my head as being worth $300K. The agent must have read my mind because as I was processing the thought in my head, she said there were 2 offers for $300K but the seller won’t take less than $339K but maybe will go down to $325K.

    We will return on Sunday to see some more places and Open Houses.

  22. 3B says:

    #15 There: And many of the adult residents in blue ribbony towns appear to be stupid, no other word but stupid.

  23. 3B says:

    #23 650k to 1 million in Guttenberg. is just insanity.

  24. 3B says:

    #10 freddy: I know you are joking, but yes more than few residents are in absolute complete denial, about the decline in house prices, and the crushing taxes. Meanwhile RE continues to ignore for the most part the ongoing funding battle with Oradell, and claims both towns are one family and all should be well (as long as Oradell continues to shoulder the burden). Meanwhile Oradell continues to distance itself from RE.

  25. Fiddy Cents on the Dollar says:

    Liz Ann Sonders just on FOX Business………yum !!

    I don’t know what she’s predicting, but she looks good selling it !

  26. chicagofinance says:

    The End Is Nigh (JJ & clot Lovechildren Edition):

    Two Milwaukee women were under arrest Wednesday after a young man told cops they tortured him at knifepoint for two days during a satanic sex marathon.

    The 18-year-old victim said he took a bus from Phoenix, Ariz., to hook up with a woman he met online — and was then tied up with duct tape and rope and cut more than 300 times.

    “I think you are looking for me,” Rebecca Chandler, 22, told police who showed up at her apartment, according to a search warrant obtained by The Smoking Gun website.

    Chandler said the cutting started out as consensual but “got out of hand” — and she tried to pin most of the blame on her roommate, Raven Larabee, 20, the warrant said.

    Police found some interesting reading material in the women’s pad — “The Necromantic Ritual Rule Book,” “The Werewolf’s Guide to Life” and “Intro to Sigilborne Spirits.’

    Police also saw “a large amount of blood on the floor and on bedding,” the Milwaukee Journal Sentinel reported.

    After the man was released Sunday night, he called police from the street. When they arrived, they followed a trail of blood back to the apartment.

    The victim had slash and puncture wounds on his neck, legs, arm and back. He changed his Facebook status on Tuesday to a single word: “Stitches.”

    The women are being held in county lockup on suspicion of reckless injury but had not been charged by prosecutors.

  27. chicagofinance says:

    griff: rent…rent…rent….why gamble before you get the lay of the land?

    gryffindor says:
    November 10, 2011 at 10:58 am
    We went on our Gold Coast tour last Saturday, postponed by a week due to the storm. I still need to assess what the commute will be like trying to get to Route 46 or Route 3 from River Road because even on a Saturday morning it seemed a bit congested.

  28. The Original NJ Expat says:

    #2 grim – Fannie and Freddie can kick the can forever, and frankly, the robosigning scandal couldn’t come at a better time. The scandal has had a greater positive impact on the housing market than any stimulus program the government could have conjured up.

    Are you saying that the housing market, in the end, comes down to supply and demand?

    Preposterous, I say.

  29. 3B says:

    And the guy in the article is a financial advisor. gary I will let you take this one.

    http://finance.yahoo.com/news/financial-pro-lost-house-191003606.html

  30. DBS says:

    #4

    “There are buyers out there, but they’re buying houses that are aggressively priced,” Douglass said. “The ones that are not aggressively priced are sitting.”

    We put in a slightly over asking offer on a house in Cranford a day after it was listed and didn’t get the house. Apparently the other offer was “substantially higher” than ours. We weren’t interested in getting involved in a bidding war and were at the top of our budget anyway. Definitely curious to see what “substantially higher” translates to when it sells. In the spring a colonial listed for 500,000 sold for 550,000.

  31. gryffindor says:

    #29 – I have been a renter for the past 12 years. Now I’m at the point where I am tired of “the lease is ending, where do I go next” or the Manhattan version which is “the lease is ending and they are jacking up the rent so be a sucker and pay or move out so the next sucker can pay.” I really just want some stability especially if we have a kid in a few years.

  32. funnelcloud says:

    Fiddy Cent #27

    Megan Kelly is hotter than Liz Ann Sonders

  33. dbs (32)-

    Just goes to show the dumb money is still in play.

    Sit tight. It’s all turning to shit, and the late/weak hands will be carried out on their shields in the second wave of RE collapses.

  34. homeboken says:

    Why do people use the term “aggressively priced?” If a house gets listed and there are a few offers at or slightly over the ask, then the house is appropriately priced.

    Appropriately priced houses in good neighborhoods will always sell. Nothing surprising about that.

    Instead of using aggressive use appropriate. For all the houses that are rotting on the MLS for 180+ days, I will say that those houses are aggressively priced, that’s why they will never sell.

  35. Believe me, folks: it’s war, and it’s the gubmint and banksters waging war against us. They will not cease waging war until we are clothed in tatters and roaming the country in packs.

  36. Barbara says:

    Speaking of real-estate, why can’t I get recently solids on Trulia???

  37. Painhrtz - I ain't dead yet says:

    Funnel agree, I would do bad things to Meghan K, possibly involving a satanic ritual ; )

    Gryff, if you feel you and hubby are on firm enough finacial ground and stable enough with work than feel free to buy. Patience is the key espcially when planning to tie a boat anchor around your neck. Those of us who bought in the last year did so each for our own reasons, but the one refrain has remained the same; I am not buying as an investment, I am not chasing to the bottom, We’ll be here long term, If I have to sell it will probably be at a loss. (this will include declining price, improvements, taxes, maintenance, etc.) If you can satisfy all those criteria and have the patience you will find your house.

    Nothing is perfect but you can find what you are looking for with a little imagination. Now get back to your quiditch match.

  38. babs (38)-

    The monkey at Trulia who enters the info is off on a crack bender.

  39. pain (39)-

    Funny how quickly the aspiration to the phony Amerikan Dream turns into nihilistic acceptance of the degeneracy of everything.

  40. POS cape says:

    31

    Another case of people being their own worst enemies. Did he have to have 4 kids? Wouldn’t 2 be enough? And no mention of what the wife does for a living. My guess nada.

  41. chicagofinance says:

    I will not argue that Vonnie Quinn is the hands down hottest on a physical basis, but if you listen to Bloomberg Radio, her resonant Irish-tinged speaking voice will make you cream your pants and she is good looking…..

    funnelcloud says:
    November 10, 2011 at 11:38 am
    Fiddy Cent #27
    Megan Kelly is hotter than Liz Ann Sonders

    http://www.youtube.com/watch?v=tvqIDy7fYD4&feature=relmfu

  42. funnelcloud says:

    Chicago #43
    Yea throw the fox chicks in the room and you may have issue’s as to who to snack on first.
    Fox, First in news, Nice asses to boot

  43. funnelcloud says:

    By the way guys this is a serious news worthy debate, so feel free to chime in

  44. chicagofinance says:

    This Fast Money segment though is one of the best all time. You don’t really see it, buy Guy Adami is paralyzed trying to not laugh and Grasso gets off a good line…
    http://www.youtube.com/watch?v=zfvzs_k2Jos

  45. freedy says:

    Liz will be 50 soon , hurry

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  47. chicagofinance says:

    I have no idea who this person is, but it belongs in funnelcloud’s discussion for a couple of reasons….
    http://www.youtube.com/watch?v=ZXjihiHYewU&feature=related

  48. Shore Guy says:

    For what it is worth:

    The Financial Folly of Fairness
    By Megan McArdle

    Nov 9 2011, 4:38 PM ET373

    When I was a young and naive economics writer, I used to write about developing countries a fair amount. Time and again they would make these bizarre and pointless moves, like suddenly and for no apparent reason defaulting on a bunch of debt. They would engage in obviously, stupidly unsustainable fiscal practices that caused recurring crises. They would divert critical investment funds into social spending which was going to become unsustainable when underinvestment reduced government revenue. And the other journalists and I would cluck our tongues and say “Why can’t they do the right thing when it’s so . . . bleeding . . . obvious?”

    Then we had our own financial crisis and it became suddenly, vividly clear: democratic governments cannot do even obvious right things if the public will not tolerate it. Even dictators have interest groups whose support they must buy.

    This has come home to me forcefully several times over the last few years, but never more than now. The leaders of the eurozone have a dual mandate to keep the euro intact, and to not do the things which could keep the euro intact. They cannot fiscally integrate to the extent necessary because, as I wrote for the Daily the other day, the Greeks do not want to act like Germans, and the Germans do not want to share their credit rating with anyone who won’t.

    It is obvious that either Germany is going to have to guarantee massive ongoing fiscal transfers to the PIIGS, or Greece and probably Italy are going to have to undergo a massively contractionary austerity program, or they will have to leave the euro. Yet in the face of these three choice–which exclude both each other, and any other mathematically possible outcome–their governments have chosen d: half measures. No, half-measures is too generous. Quarter measures. Window dressing that only covers a single pane.

    With Berlusconi’s obviously counterproductive antics tanking markets worldwide, the sort of hopeful pessimism that has pervaded the economic commentariat has now turned to open despair. Their cri de coeur is ably summed up by Brad DeLong:

    I have been complaining for some time now that Reinhart and Rogoff think that the time is always 1931 and that we are always Austria–that the great fiscal crisis is about to erupt and send us lurching down toward Great Depression II. Well, right now guess what? The time is 1931, and we are Austria. The Federal Reserve needs to buy up every single European bond owned by every single American financial institution for cash before the increase in eurorisk leads American finance to tighten credit again and send us down into the double dip. The Federal Reserve Needs to do so now.

    snip

    http://www.theatlantic.com/business/archive/2011/11/the-financial-folly-of-fairness/248216/?google_editors_picks=true#

  49. 3B says:

    #42 More shocking to me, was he was giving financial advice to people. And now he is writing a book to boot!!!

  50. Shore Guy says:

    “Chandler said the cutting started out as consensual but “got out of hand””

    Now, I have not dated in a couple decades so I might be a bit out of date as to what occurs on a date but, I don’t ever remember anything about consensual cutting. is this a common thing among you youngins?

  51. Shore Guy says:

    George Costanza’s Guide to Personal Finance: Watch me and do the opposite

  52. gary says:

    gryffindor,

    If your husband has the need to drop that kind of money for a NYC view, then perhaps he’s not ready to buy a house. I’m sorry, but that line of thinking just eludes me. If that’s the case, why not look on Palisades Avenue from Union City down to Christ Hospital or on Ogden Avenue? Whether it’s there or the so-called Gold Coast, be prepared to send the children to a private or Catholic school because you aren’t going to send them to public school. Unless, of course, diversity is your thing and believe me… they’d get the whole “diverse” experience.

    I’m being blunt because I’m trying to stop you from falling for the bullsh1t line and sinker sales and marketing nonsense. Do yourself a favor: look only in those towns that are considered the most desirable and buy something comfortably in your range. Make one move and be done with it because if you don’t, you’ll regret listening to the 1diots who told you how the “hip” and “savy” are buying in Hoboken and Edgewater.

  53. Barbara says:

    I like Sanjay Gupta. Sorry, he held sick babies in Haiti while becoming a bit malnourished himself. It’s the Clooney/ER effect, we ladies are powerless.

  54. Painhrtz - I ain't dead yet says:

    Clot for a nihilst I’m pretty optomistic! It is funny how the tune changed but no one seemed to notify the NAR.

  55. 3B says:

    #53 Shore The author is such a…. I don’t even know the word I would want to use. While he tries to be adult like and admit he made mistakes, he than forgives himself because so many others were doing it. Than there is the nonsense about his friend in financial trouble, who is still taking ski vacations, and then his counseling the reader that hey don’t beat his friend up, perhaps his ski vacations give him the strength to carry on!!!! And maybe not do something drastic.

    Here is a news flash to the friend. You are in financial trouble guess what you do not spend money on ski vacations; take a nice long walk every day.

  56. Shore Guy says:

    On my way back to the salt mine, I came across this, and they are words worth beraring in mind from time to time :

    “Supreme Court in an 1866 decision, ex parte Milligan, seems a good deal more prescient. The nation, as Justice Davis wrote for the Court then, has “no right to expect that it will always have wise and humane rulers, sincerely attached to the principles of the Constitution. Wicked men, ambitious of power. with hatred of liberty and contempt of law, may fill the place once occupied by Washington and Lincoln.””

    http://www.theatlantic.com/magazine/archive/1973/11/the-runaway-presidency/6211/?google_editors_picks=true

  57. Shore Guy says:

    “take a nice long walk every day”

    Right! In Greece, or the Australian Outback. That’s it! Australia will help me recharge my batteries and help me face the world, right after I get back from Nairobi. I always wanted to see a lion inthe wild.

  58. Fiddy Cents on the Dollar says:

    Oh believe me, I fell for Liz back in her Uncle Lou Rukeyser days. If she’s fifty then we have something in common already…….I was 50 once, too.

    I wouldn’t exactly kick Megan Kelly to the curb for eating Graham Crackers in bed. Actually the list of FOX Biz Babes I wouldn’t kick is long and distinguished……all the way down to Elizabeth MacDonald.

  59. JJ says:

    The median U.S. house price, $164,500, is now 28 percent below its 2006 peak and about where prices stood in Feb. 2003. Fewer people plan to buy a home over the next six months, according to the Conference Board. And another survey of homeowners finds that nearly as many think of owning a home as a “nightmare” as consider it an “American Dream.”

  60. Juice Box says:

    re: #50 – Shore – re: buy EU bonds.

    Let her go down.
    Swim for your lives.
    Swim for your children,
    Swim for you wives,
    But let her go down.
    Just let her go down.

    — “Let Her Go Down”, Traditional Sailing Song

  61. gryffindor says:

    #54 gary – Can you elaborate which towns are considered “most desirable”?

    Is Palisades Ave the one that runs parallel to River Road but on the higher elevation? We were planning to drive there on Sunday.

    Here are my thoughts:

    1) We’re not looking at schools for another 7 – 8 years.
    2) I’m not planning on flipping and understand real estate is long term.
    3) I’m still feeling out my husband and his need for a view.

    If anything I have learned from 1.5 years of marriage, it is that I am the one watching the money and he is the one spending it. If I don’t park it somewhere, he will spend it. For 1.5 years I wasn’t watching the money close enough and as a result I have a passport with lots of European stamps and a his closet looks like Short Hills mall exploded in there.

  62. Nick says:

    gryffindor –

    Look in north bergen, between 80th and 90th street on the blvd east. across the street is a great park, and there are some nice buildings with awesome views. a 2 bedroom is selling in a mid-luxary building for around 300k. not sure what maint or taxes are.

  63. Painhrtz - I ain't dead yet says:

    Gryph based on what you just described definately do not buy a house with said hubby. His spending habits will not change and you will be stuck with the mortgage

  64. 3b (57)-

    3b, you fail to understand that levering up to your absolute limit- then, defaulting- constitutes sound financial thinking in modern Amerika.

  65. gryff (63)-

    You should be saving a little extra every week for the good attorney whose services you’ll eventually require.

  66. gryffindor says:

    #64 – thanks for the town reccomendation

    #65 – LOL but your advice is understandable. He wasn’t always a high-roller. Something about getting married and all of a sudden having a wife with a car who was paying the NYC rent and he went from shopping at outlet malls to Fifth Avenue. First step was to smack him for not stopping by Garden State Plaza which is on his way home for tax-free clothes rather than paying Patterson/Cuomo 8.75% of every purchase.

    Next step has been that I have taken control over all of the finances and put him on an allowance. I thought allowances were for 8 year olds, but turns out there are adults out there who don’t know of the word “budget.” I suspect they are the same people who said “real estate can only go up! buy now!” back in 2006 but luckily he never bought anything as a bachelor in the 2005 – 2008 period. He brought to the marriage a lousy credit score but affordable group health insurance. Try buying health insurance as a sole proprietor in NJ especially as a female. It’s enough to pay a mortgage in some parts of the country.

  67. The Original NJ Expat says:

    Gryff – You have one more option you may not have thought of. It’s a little more work, but not much. In Fall 2002 my wife was pregnant, we were ready to buy but hadn’t found a place we liked yet. Like you, we didn’t want to move and sign another 1 year lease. You have to work to find them, but there are very nice furnished rentals that work out great if you just need another 6-9 months to find a property and close. You have the extra effort and cost of putting most of your furnishings in storage during the interim, but you don’t have to go through a full unpack and you don’t have to move furniture into and out of your new temporary place. We rented a nice 1200 square foot 2BR 2Bath on the 9th floor of a nice building, zero steps up/down from car to lobby to apartment and with great Boston city and water views and a balcony that ran from our bedroom to our living room. Rented it from some snowbirds from October to mid-May for something like $1200/month plus utilities. Baby born in February, nice easy place to live for a few more months with no steps to deal with with baby and supplies in tow. We found and closed on our new place in mid-May when the baby was 3 months old. Worked out great for us. We skipped a full move in favor of two half moves 8 months apart and had all that time to find a place to buy.

  68. gryffindor says:

    #67 – Yes, marriage is hard. I can see why people run for divorce, it’s much easier. I’ve reigned in the European vacations and luxury spending, he admits now as well that he may have gone a bit overboard. At one point earlier this year, he was adamant about not leaving Manhattan but once I showed him the numbers, he agreed to look in NJ. After the Gold Coast drive, he has even taken Manhattan off the table.

    He makes spreadsheets for a living. If no amount of discussion and explanation seems to get my point across, I make a spreadsheet and then he gets it.

  69. gary says:

    gryff [63],

    Yes, that’s Palisades Avenue and my advice is to keep driving by it. If you want to be close to NYC but have a suburban feel and nice center of town, look in Rutherford. A little further out, you have Little Falls, Wayne, Fairfield and Montville. Stay away from the flood zones. In Bergen County, drive around in any town north of Paramus and compare prices/taxes etc. For G0ds sake, just forget anything in Hudson County.

  70. Bocephus says:

    61. I call mine a shitbox. Seriously.

  71. Comrade Nom Deplume says:

    (70) gryff

    So to get my wife’s attention, I should leave notes in quarts of chocolate ice cream?

  72. freedy says:

    If you look in N.Bergen make sure you can speak spanish or another strange chatter

  73. Comrade Nom Deplume says:

    (18) shore,

    real tax of 15 cents per tree to fund promotional fund, but recently killed.

  74. Nick says:

    74 –

    North bergen is not as bad as West New York or Weehawken, more diverse in North Bergen then the others. Plus on Blvd east, the mix is even more even.

  75. Juice Box says:

    Sandy Weill is selling his 15 Central Park West penthouse and will be donating all the proceeds to charity profits (if he can make one.) The penthouse goes on the market today, with an initial asking price of $88 million. It was purchased in 2007 for $43.7 million.

    What a steal, it really must be different around here.

  76. chicagofinance says:

    gryff: I am a financial planner and deal with married couples…..get all your sh!t straighened out now. When you have a mortgage, a baby that you leave with a nanny after 3 months because Mr. Griff only understands spreadsheets, and your post-partum hormones are raging, I will direct you here….
    http://www.cmftlaw.com/chemtobmossforml.html

    gryffindor says:
    November 10, 2011 at 1:45 pm
    If anything I have learned from 1.5 years of marriage, it is that I am the one watching the money and he is the one spending it. If I don’t park it somewhere, he will spend it. For 1.5 years I wasn’t watching the money close enough and as a result I have a passport with lots of European stamps and a his closet looks like Short Hills mall exploded in there.

  77. chicagofinance says:

    JJ: WACHA-GON-DO-WHEN THEY COME FOR YOU?

    By Mike Xirinachs
    GREAT NECK, N.Y. (CBSNewYork) — A Long Island cheating scandal involving college entrance exams is expanding, with prosecutors planning to arrest at least 35 students in five schools, both public and private.

    The investigation revealed the alleged cheating scheme not only included the SAT, but the ACT as well. Nassau District Attorney Kathleen Rice warned of more arrests last month.

    “There are arrests that are going to be made of not just additional test takers but those who paid them as well, it’s a much bigger and more systemic problem,” said Rice.

    >> Watch the CBS Local video report.

    Police made the first arrest in September, Sam Eshaghoff, a college student and Great Neck graduate.

    Prosecutors say Eshagoff and six other students were paid to impersonate students at Great Neck North High School and take their SATs for them.

    Some of the test takers even had fake IDs to pull off the stunt.

    At a recent State Senate hearing, Kurt Landgraf, the CEO of the group that administers the SAT said the cheating is isolated and the majority of students do the right thing.

    “We don’t believe impersonation is a common occurrence at test centers,” said Landgraf.

    Rice said the arrests could include those who took the tests for others, those who paid, and those who created the fake IDs

    By Mike Xirinachs

    GREAT NECK, N.Y. (CBSNewYork) — A Long Island cheating scandal involving college entrance exams is expanding, with prosecutors planning to arrest at least 35 students in five schools, both public and private.

    The investigation revealed the alleged cheating scheme not only included the SAT, but the ACT as well. Nassau District Attorney Kathleen Rice warned of more arrests last month.

    “There are arrests that are going to be made of not just additional test takers but those who paid them as well, it’s a much bigger and more systemic problem,” said Rice.

    Police made the first arrest in September, Sam Eshaghoff, a college student and Great Neck graduate.

    Prosecutors say Eshagoff and six other students were paid to impersonate students at Great Neck North High School and take their SATs for them.

    Some of the test takers even had fake IDs to pull off the stunt.

    At a recent State Senate hearing, Kurt Landgraf, the CEO of the group that administers the SAT said the cheating is isolated and the majority of students do the right thing.

    “We don’t believe impersonation is a common occurrence at test centers,” said Landgraf.

    Rice said the arrests could include those who took the tests for others, those who paid, and those who created the fake IDs.

  78. 3B says:

    #77 Juice: So Sandy thinks his Penthouse has almost doubled in 4 years!!!! Not even expecting to break even or a slight loss, or slight gain, but double!!!!

  79. Sandy Weill should be executed in the same fashion as Saddam’s brother.

  80. gryffindor says:

    #75 – yes, notes on chocolate ice cream may be the solution. :-)

  81. JJ says:

    I never cheated. Too lazy and I could not afford it. Plenty in Great Neck did it out of Bar Mitz money. Had people brag I am taking SAT right now etc. One guy even was telling everyone he was taking SAT in Hawaii right now. This has been going on since the SAT started.

    chicagofinance says:
    November 10, 2011 at 3:28 pm
    JJ: WACHA-GON-DO-WHEN THEY COME FOR YOU?

  82. Painhrtz - I ain't dead yet says:

    Gryff since we have lefet bergen county i would actually recommend rutherford also. nice little downtown if your on the hill you have a view of Manhattan, can be in penn station in 15 minutes by train.

  83. Juice Box says:

    JJ re: “I never cheated” on SAT

    Stony Brook right? Don’t think you needed more than 800 score right using the old method?

  84. 30 year realtor says:

    I believe that the legal issues slowing the foreclosure process in NJ will be clarified and sheriff sale volume will increase substantially within the next 12 months. When homeowners facing foreclosure see eviction as a real threat, deeds in lieu and shortsales will also increase substantially. Gonna be a whole lot of property hitting the North Jersey market and no zip code is immune.

    As the Record article indicated: “There are buyers out there, but they’re buying houses that are aggressively priced,” Douglass said. “The ones that are not aggressively priced are sitting.”

    This influx of property will be aggressively priced and it will set the market.

  85. Juice Box says:

    30 year Realtor – I present the Red State of NJ with 51 months of shadow inventory.

    http://nrba.typepad.com/.a/6a01348059f9c6970c015432084b0d970c-800wi

  86. JJ says:

    Funny part could not even afford SAT review book, took them. Heck GMAT I took them at Adelphia on a Saturday as I noticed it was off Southern State on way to Hamptons, did not even bother to open envelope. Those tests are meaningless. Unless you can afford to pay someone to take them for you.

    Juice Box says:
    November 10, 2011 at 4:45 pm
    JJ re: “I never cheated” on SAT

    Stony Brook right? Don’t think you needed more than 800 score right using the old method?

  87. JCer says:

    JJ, a high score actually does somewhat correlate to ability as well as ones ability to study and work to get a higher score. I scored relatively well, I know others who scored perfect scores, they were either super smart or smart and diligent. The tests do matter, more recently(90’s or early 2000’s) for a white suburban kid a 1200 on the SAT would not get them into rutgers, I only imagine it’s worse today, to even sniff a top school 1370-1500 on the old SAT is almost a prerequisite. Also top schools do matter, the people place better jobs and are usually treated better by their employers as well.

  88. DBS says:

    Meat (35)

    Thanks. I need to be a lot less anxious to buy. Especially since the NYT Rent vs. Buy calculator tells me that we will NEVER be better off buying.

    gryffindor

    I feel your pain, but the way things are now you need to ask yourself, can I see myself here in 15-20 years? Everyone that I know who has bought a condo in Hudson County has deeply regretted it. At least if you get stuck, 7-8 years down the line, with a house in Rutherford you can send your kids to school there.

    We plan to go right from renting to, what I hope will be, our permanent home. We’ve been looking since March. I envy the FICTIONAL television series “House Hunters” on HGTV. Couple looks at three houses and viola-they found their dream home.

  89. Happy Renter says:

    [87] Juice, that simply shows how uniquely special we are here in New Jersey. No other state in the Union can boast of having unicorn herds and skittle droppings.

  90. chicagofinance says:

    They caught Barbara before she vomited:

    A group of quick-thinking middle schoolers in New Jersey saved themselves from a brush with death when they whipped out cell phones and reported their boozed-up bus driver was asleep at the wheel, police said.

    Panicked parents alerted Westampton Middle School officials on Wednesday afternoon hearing their children’s school bus driver was swerving and dozing off behind the wheel, The Courier-Post reported.

    The school alerted police, who eventually found driver Carole Crockett, 46, at another South Jersey middle school trying to pick up more kids. Some 25 kids were on board the bus, the newspaper said.

    A breath test showed Crockett’s blood alcohol level was .25, more than three times the legal limit of .08.

    She was charged with 25 counts of driving under the influence with a minor, driving under the influence on school property, endangering the welfare of a child and disorderly conduct.

    She was released after paying a portion of her $85,000 bail and was due back in court on Nov. 17.

  91. DBS says:

    Sorry meant Voilà!

  92. gryffindor says:

    #78 chicagofinance – mint.com is my new BFF. I have also armed myself with a bunch of financial books from the library that I read on the subway commute. People will steal your iPhone and iPad on the trains, but seems like no one is interested in snatching “Value Investing for Dummies.” Today I am almost done with “New Rules of Personal Finance.” It explained to me some basic things this science major never learned such as what is an ETF and I feel such relief from just reading it.

    #84 Painhrtz & #90 DBS – I will look at Rutherford. I have also put Secaucus on the table.

    Nothing is set in stone yet, we have just barely started our search. I will report back after Sunday’s drive.

  93. chicagofinance says:

    gryffindor says:
    November 10, 2011 at 6:10 pm

    JMHO: out of everything posted here, I think gary’s advice is going to provide you with the greatest long-term benefit. Under the assumption you want to use the move once and only once model; stay for 10-15 years. Also 30 year makes a good point that you may want to wait until Spring 2013 so you get the true impact of the untangled log-jam……

  94. I’d suggest waiting until Spring, 2023 before starting your home search.

    This whole process of wringing the excess and fraud out of housing is Chinese water torture, and it has just begun.

  95. Housing is dead money for 50-100 years.

    Extinction before recovery.

  96. The Original NJ ExPat says:

    #97 clot – Housing is dead money for 50-100 years.

    Agreed, absent serious inflation. Wait a minute, what do you mean by “money”?

  97. The Original NJ ExPat says:

    I just had an idea. If the MID went away instantly right now, would that clear the overhang and right the market (plus destroy the TBTF banks)? Everyone with equity would be trying to sell quick and everyone else would default quicker, right?

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  100. Anon E. Moose says:

    Grim [2];

    Every time the timeline is dragged out, the relative impact of even the higher rate of foreclosures is muted. Fannie and Freddie can kick the can forever, and frankly, the robosigning scandal couldn’t come at a better time. The scandal has had a greater positive impact on the housing market than any stimulus program the government could have conjured up.

    When I said something like that, Clot calls me a lackey of the banks. e tu, Grim? ;-)

  101. expat (98)-

    In the next 50-100 years, the only money will be gold.

    Very few people will want to spend good gold on spoofed-up housing.

  102. moose (102)-

    You would never say anything like that. In fact, most of what you say here is an apology for the crimes banksters commit.

    Bankster lackey stooge.

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  104. Dissident HEHEHE says:

    Penn State Scandal: Rumor Claims Sandusky “Pimped Out” Boys to Rich Donors

    http://rivals.yahoo.com/ncaa/football/news?slug=ycn-10407023

    Might explain why that prosecutor from the 1998 allegations “disappeared” five years ago.

    “The very rich are different than you and me”;)

  105. 3B says:

    Just wondering out loud here. But some believe that inflation will eventually cure the housing market. Ultra low rates (possibly even going lower), will ultimately lead to massive inflation, which will re inflate, and over inflate housing prices again. Of course when we get this massive inflation, (as opposed to the supposedly no inflation that we have now), interest rates of course will rise. SO if there is massive inflation, than one could reasonably argue that mtg rates could go to 8, 9, or even 10% maybe higher.

    So the house that was worth 350k, shoots up to 500k. So the underwater buyer is happy again, because his 500k house that was worth 350K, is now 500k again. Any of course any one that bought for 350k, say now is happy because their house is worth 500k. And of course people can borrow against their houses again, but of course HELOC’s and such may have even higher rates, and of course we have already seen what sucking the equity out of your house does, but so what who cares!!!

    Now of course there will be buyer out there (or at least some) in this new yet old yet new environment again , and they will be looking at these high prices again, coupled with high interest rates. How will they be able to buy? Are we to assume that there will be massive wage inflation? (I don’t see that in this global/outsourcing economy we have) So how will we have a healthy real estate market, or is all just on paper, and of course we have the ever increasing property taxes. So we go on like that for however amount of time, and than at some point interest rates fall again say to 5 or 6%. Well if the 350k house snot up to 500k due to massive inflation, and than rates fall substantially again, then many home owners will feel that their 500k house should now be worth what 600k, 700K?

    My point in all this ruminating is simply this. It appears to me that the whole housing market is totally distorted, and it has become incredibly difficult to make a rational decision when deciding to buy or not. It seems to be well buy and hope for the best; whatever that means.

  106. gary says:

    3b,

    Are we to assume that there will be massive wage inflation?

    LOL! Not a chance for wage inflation… not even close. It’ll be a wage flat line until the day you and I kick the bucket. Thus, a generation lost in the abyss. The housing market is still slowly dying and will reach death in the next few years followed by a few decades of darkness. Period. It’s an absolute no-brainer.

  107. Shore Guy says:

    Once the federal budget is in balance, inflation is our debt salvation; before then, it is our debt millstone.

  108. Shore Guy says:

    Perhaps the Russian Mars probe will crash into the Iranian’s key reactor, sparing the world the necessity of bombing it:

    http://www.tgdaily.com/space-features/59587-fears-rise-over-lost-martian-probe

  109. Shore Guy says:

    HeHe,

    Prosecutors in Texas, who could not care less about connected PSU alums, are looking into whether Coach Rub-A-Dub victimized any children on in Texas during a PSU trip to the Alamo Bowl.

  110. 3B says:

    #09 gary: Than what am I missing in my analysis??

  111. JJ says:

    A top SAT score mainly indicates your families income, education level of parents, marital status of parents and how much your parents were willing to help you with your school work.

    9-12 grade I was alway working to help support family, bought my own clothes, had to get my own lunch, chip in for rent at home and homework was never done and parents did not care as when you have an empty fridge, the heat is broken and no money your kids spanish test in morning is low on totem pole.

    I went to school with so many stupid kids who went to harvard, daddy had tutors five days a week, had them signed up in a million activities, used all their connections, got them internships, paid for SAT tutors or in my town paid for someone to take SAT for them. Numerous kids in my town paid people who actually worked for SAT company who contributed questions to test or help proofread test to come to their houses on Saturdays for off the book money or just paid someone to do test for them. Same group used place in Hoboken to have papers written for them.

    Two equally prepared people taking SAT in same exact conditions the person scoring higher is a good indicator of success. However, as an example the dumb as wood rich girl in my school 1,1oo on SATs with 7 day a week tuturing for two years does not compare to the girl in my school who had abusive parents on welfare who got pregant in tenth grades score of 1,100.

    I went to college with people with GPAs of 10-15 points higher than me and SATs 100-500 higher than me. Not once did I feel I was any less smart than them. I do agree they are better studiers. But they would all agree I was as smart. Often they commented they were amazed at my 2.5 GPA as I rarely went to class and rarely ever did any assigments. I only pretty much attend classes where attendence counted in grade.

    But not preparing and taking tests and doing presentations on the fly in HS, College and Grad School has dividends. last week in front of 100 people with a few seconds notice I was called to the stage. I do my thing and people thought it was great. Board of Director meetings, Finance meetings, conferences, heck I even once did a meeting in Seattle many years ago and the partner messed up and when I got there I was doing four one hour meetings back to back on Lumber, Shipping, Airline IFE and the Canned Fish business. The Partner was an egg head Harvard educated top of his class type guy and he watched me do it while he nodded his head. We thought it was a Finance meeting but client switched areas last minute.

    Good students have one kryptonite, they like to prepare, they like to anaylize, they like to know what they are talking about before they speak. Someone like me who over my career has probably taking 100s of tests without ever studying and made 100s of presentation without preparing has a great advantage in business that is a terrible advantage in school. Just this week a very senior person either insulted me or complimented me when he told me you have an amazing ability to lead meetings and talk on subjects when often you have the least knowledge of anyone in the room. Additionally, you don’t seem to care even if the people in the room know it. I would argue it is Presidential talent. Oddly I would never ever higher someone to work for me with my GPA. People like me are good for running an area. Not as good as a worker in cube. Steve Jobs, Zuckenberg, Bill Gates etc. all were drop outs or not particularly good students, because being a good student sometimes is poision for business.

    JCer says:
    November 10, 2011 at 5:36 pm
    JJ, a high score actually does somewhat correlate to ability as well as ones ability to study and work to get a higher score. I scored relatively well, I know others who scored perfect scores, they were either super smart or smart and diligent. The tests do matter, more recently(90′s or early 2000′s) for a white suburban kid a 1200 on the SAT would not get them into rutgers, I only imagine it’s worse today, to even sniff a top school 1370-1500 on the old SAT is almost a prerequisite. Also top schools do matter, the people place better jobs and are usually treated better by their employers as well.

  112. Captain Foresight HEHEHE says:

    Shore,

    Scary stuff. Who knows where this will lead the more they dig?

  113. yo says:

    Supply and demand.The only way housing will re inflate is Rent rises above Owning and opening our borders to more immigrants that them and their children plus our children will need their own.Inflation will take care of rent rising above owning.If salaries stay flat,new 400sq ft condo will be selling like hotcakes

  114. 3B says:

    #89 JCer: Top schools only matter for the big Wall Street firms, for banker, sales and trading spots. For all the hordes of kids coming out of college for entry level jobs, there is no difference for the kid graduating from say Manhattan College, Seton Hall, or St Johns, vs the kid coming out of of a SUNY school; except the difference in tuition of course.

  115. Shore Guy says:

    Those Penn State officials who claimed not to know what was going on until recently are scum. Note the Date this was published:

    Posted: Sunday, April 3, 2011 11:55 pm | Updated: 4:34 pm, Mon Apr 4, 2011.

    Mark Madden | 20 comments

    The Jerry Sandusky situation seems a matter of failure to connect certain dots, or perhaps unwillingness in that regard. Lots of people besides the former Penn State defensive coordinator have some explaining to do.

    Allegations of improper conduct with an underage male first surfaced in 1998, while Sandusky was still employed by Penn State. That incident allegedly occurred in a shower at Penn State’s on-campus football facility. No charges were filed.

    Sandusky retired the next year, in 1999. He was 55, prime age for a coach. Odd, to say the least – especially with Joe Paterno thought even then to be ready to quit and Sandusky a likely, openly-discussed successor.

    It seems logical to ask: What did Paterno know, and when did he know it? What did Penn State’s administration know, and when did they know it?

    Best-case scenario: Charges are never brought, and Sandusky walks away with his reputation permanently scarred. The rumors, the jokes, the sideways glances – they won’t ever stop. Paterno and Penn State do the great escape.

    Worst-case scenario: Sandusky is charged. Then it seems reasonable to wonder: Did Penn State not make an issue of Sandusky’s alleged behavior in 1998 in exchange for him walking away from the program at an age premature for most coaches? Did Penn State’s considerable influence help get Sandusky off the hook?

    Don’t kid yourself. That could happen. Don’t underestimate the power of Paterno and Penn State in central Pennsylvania when it comes to politicians, the police and the media.

    In 1999, Penn State was rid of Sandusky. His rep was unblemished, which allowed him to continue running a charitable foundation that gave him access to underage males. To be a volunteer assistant with a high school football team, thus gaining access to underage males.

    If Paterno and Penn State knew, but didn’t act, instead facilitating Sandusky’s untroubled retirement – are Paterno and Penn State responsible for untoward acts since committed by Sandusky?

    This is far from an outrageous hypothesis, especially given the convenient timeline.

    Initially accused in 1998. Retires in 1999. Never coaches college football again. Sandusky was very successful at what he did. The architect of Linebacker U. Helped win national championships in 1982 and 1986. Recognized as college football’s top assistant in 1986 and 1999.

    Never any stories about Sandusky being pursued for a high-profile job. Never any rumors about him coming out of retirement.

    But there’s no shortage of stories and rumors about Penn State football sweeping problems under the rug, is there?

    Why did college football let an accomplished coach like Sandusky walk away at 55? Why did he disappear into relative anonymity?

    A grand jury, spurred by a complaint made by a 15-year-old boy in 2009, has been investigating Sandusky for 18 months. Witnesses include Paterno and Penn State athletic director Tim Curley. Interviewing Paterno about a subject like this had to have been one of the single most uncomfortable acts in the history of jurisprudence.

    Plenty of questions remain yet unanswered. Potentially among them: What’s more important, Penn State football or the welfare of a few kids?

    You might not want to hear the answer.

    Mark Madden hosts a radio show 3-6 p.m. weekdays on WXDX-FM (105.9).

    http://www.timesonline.com/columnists/sports/mark_madden/madden-sandusky-a-state-secret/article_863d3c82-5e6f-11e0-9ae5-001a4bcf6878.html#user-comment-area

  116. Shore Guy says:

    He He,

    Assuming she knew nothing about any of this, I feel for his wife; not as much as for the kids but…..

  117. Shore Guy says:

    3b, The other place they matter is those seeking top foreign policy positions, think tank jobs, and those seeking to be professors at top schools, or lawyers in white-shoe firms. Beyond that, the name is less important than personal traits and actual knowledge.

  118. yo says:

    To everyone that served our nation, THANK YOU. We honor you for your service. This past few weeks the constitution that we preserve was used to divide the nation. Home grown terrorist and anarchist use this document of freedom as a shield to polarize and split nation…. Essentially the sacrifices of the veterans protects the voice of 1 percent and the 99 percent equally. That is what makes a great republic

  119. 3B says:

    #20 Shore: Agree. But as you know, that is only a small sliver. Away from your example and Wall St, the whole college name thing is a scam, and people fall for it. Spending 50 for a BA from a local private college, when you can get the same from a state university is a complete waste of money.

  120. Shore Guy says:

    This is a good article from Lincoln, by a former NU football player. It should give all those idiot students who are protesting Paterno’s firing something to think about:

    http://journalstar.com/news/opinion/editorial/columnists/local-view-penn-state-scandal-brings-back-memories/article_a5c4c79b-b536-523e-ae65-ba15250c42a1.html

  121. Shore Guy says:

    “To everyone that served our nation, THANK YOU. We honor you for your service”

    Amen.

  122. gary says:

    3b,

    Your analysis is hypothesis, which is fine. You’re not missing anything. But here’s the truth: housing is bleeding to death, jobs and wages are anemic and will be for the rest of our lives. With that, if anyone doesn’t think that we’re going to see an additional 20% nominal decline into 2013, they’re smoking diesel.

  123. Captain Foresight HEHEHE says:

    Shore,

    I think I read Sandusky’s kids were all adopted. He probably didn’t abuse those kids; provide too good of a smokescreen – “He’s am such a great guy, look at him adopting those kids and giving them a better life”. It’s too much.

    I still think there is no way that Sandusky guy was allowed to still be around Penn State unless he knew where all the skeletons were buried and threatened to take down the program. It’s the only rational explanation for Paterno and the rest of them never calling in the outside authorities.

  124. Shore Guy says:

    3b,

    A very thin slice and, for the Wall Street positions and those in the foreign policy circles, having a connected family is probably as or more important.

    People forger that welll-motivated students can obtain excellent educations at public institutions, and that many public-university students end up with Truman and Rhodes scholarships every year.

  125. Shore Guy says:

    hehe,

    By kids I meant the victims, not any of his own.

  126. JJ says:

    Housing is only bleeding to death to people who bought a house after 2001, Jobs and wages are bleeding out for the old, uneducated and people in dying industries. That does not mean everything is bad.

    My neighbor, nice guy, actually really nice guy bought in spring of 2006 cuase his pretty wife wanted a larger redone home with an open floor plan and leveraged himself to the max, back then he worked 60 hours a week in construction. Today he works 35 hours a week. Hours 40-60 were time and a half so he lost over half his paycheck. In rush to buy he overlooked things like shoddy reno or fact skylights and doors were heavily chauked and did not find out till year two they all leaked. House is worth 200K less than he paid and his property taxes went up 3k in five years.

    These are all bad decesions he made on his own. He had a little 40×100 small cape with low taxes, but he sold it and traded up. He can short sale or BK cuase he has too much equity but he can’t afford the monthly payments. He is going to sellhouse for a 200K loss and move to an apt in town.

    Why would a guy with a HS degree in his late 30’s buy a house that cost by time he moved in 700K when he had a little affordable cape half way paid off. Now he has no cash and no place to live. If he stayed in cape it would be paid off by time he was 50.

    But you now what a new younger rich family will buy his house for 200K off, grieve his taxes and get a 4% mortgage and may live happily every after.

  127. Shore Guy says:

    I wonder if Sandusky owns a seppuku knife.

  128. Comrade Nom Deplume says:

    Semper Fi, Marines.

    Hoorah.

  129. Shore Guy says:

    John,

    You are right onthe mark. I just do not get the way people spent money on housing. We know people (childless) who earn way less than we do (we know because we have access to their salary data), who are carrying LOADS of education debt, who early in their careers bought houses much bigger and at least twice as expensive as ours. It is foolish.

  130. Comrade Nom Deplume says:

    [130] shore

    .357 will do just fine.

  131. Comrade Nom Deplume says:

    [122] 3B

    furthermore, State U. may have a very strong alumni base that takes care of its own. In that sense, the value proposition is more compelling. PSU and Michigan come to mind; those alums are fanatically loyal to their school and to each other.

    So if Graydon and Ellery can’t get into Ivy/Stanford/Cal Poly/MIT, etc., it behooves them to go to Michigan, PSU, Cal, ‘Bama (yes, Bama), or another well-regarded State U. where you get a decent education in a “hard” major, and skip the Clark/Quinnipiac/SUNY tiers where you get no respect, and even the Bard/Reed/Kenyon tier where you get respect but nothing comes of it unless you get into a top tier grad school.

  132. Comrade Nom Deplume says:

    And remember folks, regardless of what they study, and assuming there isn’t a massive trust fund in their future, our kids should always know how to do something that (a) will always be in demand, and (b) is largely a cash business.

    And I mean a mechanical or computational skill JJ, not the oldest profession.

  133. Shore Guy says:

    At the 3/4 mile pole, we have Romney and Cain neck and neck. Grigrich making a move onthe outside. Romney and Cain. Gingrich gaining one the outside and going to the whip. The mud is flying and is going to be close at the wire.

    http://www.cbsnews.com/8301-503544_162-57322894-503544/poll-cain-tops-3-way-race-with-romney-gingrich/

  134. JJ says:

    that whole school taking care of each other is not so important in NYC like in other parts of the country, I think alumni from good firms take care of each other more. Ex GS, Ex Big Four, ex white shoe law firm, ex google, ex mckinsely etc. More so than wow we had a kegger together at a Penn state game in 87.

  135. gary says:

    You can get an undergraduate degree from Magoo University at a fraction of the cost and still get a job. It’s up to the individual. If you don’t have a combination of drive and moxie, nothing else matters. I’m somewhat of an example and my brother even moreso. He obtained a nothing BA from a cheap, nothing college and rose to third in command on the ladder for a fortune 500. Why? Because of common sense and determination. Enough with the bullsh1t about “named” schools and status. It’s all a f*cking sales pitch and the need to feel important. Next topic.

  136. 3B says:

    #25 gary: You are right, it is hypothesis, and it seems to me to make perfect sense.And yet I never ever see this discussed in the financial media, talking heads on CNBC etc. In fact we do not even really discuss it here,It makes absolutely no sense to me, and yet I feel I am talking to myself.

    I do not see why any one if buying would put down more than the minimum ( if they can comfortably afford it) and keep their cash ( even if it is worthless). I know more than a few people who live pay check to pay check, I do not understand how they can sleep at night, and or put down every dime they had on a house. It makes no sense.

  137. Juice Box says:

    re: #114 – another JJ classic compares himself to Gates, Jobs and Zuckerberg.

  138. JJ has spent his life becoming a middle-aged dilettante. He is now qualified to be either a game show host…or President of the United States.

  139. Come to think of it, jj may be somewhere on the sociopath/ADHD/Asperger continuum with Zuckerberg, Gates and Jobs.

    Successful or not, those are three f’ed up mf’ers.

  140. Comrade Nom Deplume says:

    ugh. can we get back to talking about bike lanes?

  141. Shore Guy says:

    Change the car to a house and it is the perfect sign for the recent housing market:

    http://static0.travelandleisure.com/images/amexpub/0017/7886/201010-w-funnysigns-cliff.jpg

  142. Shore Guy says:

    Now, a Gingrich/Huntsman or Huntsman/Gingrich ticket could be interesting. I have not spoken to Newt in about a year but he is smart as hell and does know a bit about how Washington works so, it will be interesting to see what Perry’s ill-timed decline will do in NH and SC. Iowa is all ethanol, all the time, so I don’t know that it is all what it is built up to be, but NH and SC will be interesting to watch.

    snip

    Tony Leon started this election cycle recruiting donors for Mitt Romney. But when Rick Perry entered the race, he decided to help the Texas governor. Now, Leon’s not so sure. “Rick Perry’s debate performances, including last night’s demonstration, have caused me to question my support,” Leon told TIME on Thursday. “At the end of the day, the debates do not make the President nor should they. But, at the same time, I’ve grown to appreciate of Newt Gingrich because of his debate performances. I haven’t given a dime yet to Newt, but I now think he’s the best choice of all the candidates for somebody who can bring the country back together.”

    Leon is just one of dozens of major Perry donors rethinking their backing in the wake of one of the worst debate gaffes in recent political history. Perry’s 56-seconds of brain freeze as he tried to name the third federal agency he’d abolish as President, which culminated in a painful “Ooops,” will go down as one of the defining moments of his campaign. And many of Perry’s own moneymen worry that he won’t be able to overcome it. “I’ve heard a lot of concern from folks – not just today but over the last few weeks,” said one Perry bundler from New York. “It kind of encapsulated a lot of those concerns. It was brutal.”

    The problem with the gaffe was that it underlined Perry’s weaknesses. Not only did it show he’s a poor debater, but it reinforced the idea that he lacks the intellectual wherewithal to be President. “Do I think he is winning in the polls and in the debates? Absolutely not,” says Ricky Becnel, a citrus nurseryman in Belle Chase, Louisiana, who maxed out his donation to Perry in September. “He’s having trouble verbalizing.”

    snip

    snip

  143. Comrade Nom Deplume says:

    What I found noteworthy was that Whitney and I are on the same page, re: the Golden Triangle states, or at least the idea of Red States being better investments. In my Nompound criteria, I look at Red or red-leaning states because they would be less affected by austerity and less prone to redistributionist policies. The concern is that a state like NY or Mass will tax the crap out of property to maintain social programs in its large urban areas, whereas a Red state without large megalopolises full of poverty will be less affected.

    To wit:

    “Noting that the most debt-ridden areas tended to be along the two U.S. coasts, she described a “golden triangle” of communities spread across the American heartland in a triangle with points starting at Utah in the west, North Dakota in the north and Texas to the south. These areas, she said, didn’t experience much of a housing boom and therefore avoided a housing bust and were less leveraged than coastal areas.

    She said states have depended more on federal funding in 2011 than in any other year, but also said this was the year when federal stimulus funds expired for many states, creating what she called a “cliff effect” — a sudden drop in resources for states and municipalities.

    State spending cannot continue at current levels, which means some states will sell off assets, cut services and privatize some functions, such as prisons and roads. Said Whitney: “You haven’t seen anything yet in terms of selling (state and municipal) assets.” . . .

    Many of the states in the “golden triangle,” she said, are “right-to-work” states, and many of them are also predominantly Republican states politically.

    Whitney said the contrast between states with obligations to unions and so-called “right-to-work” states would be a key issue in pinpointing investment opportunities. “These (right-to-work states) are the states that can solve their problems sooner,” she said.

    /snip

    http://www.cnbc.com/id/45229358

  144. freedy says:

    http://www.zerohedge.com/print/440345

    Everyone shown the door . Where’s Jon?

  145. Captain Foresight HEHEHE says:

    Hoboken fun:

    The Hoboken IT spy’s ex-wife is on a message board talking about how big of a crook the guy is

    http://www.nj.com/hobokennow/index.ssf/2011/11/hoboken_city_council_minority.html

  146. Captain Foresight HEHEHE says:

    Even better the Hoboken IT spy guy making $200K a year gets a 2bd/2ba condo in brand new building for $260K

    http://grafixavenger.blogspot.com/2011/11/how-did-ricciardi-get-workforce-housing.html

    The crooks in this town are so shameless it’s laughable.

  147. Comrade Nom Deplume says:

    As usual, Phil is dead on point:

    “A client has a pending application to cancel his U.S. citizenship at the Vancouver Consulate. Today he received the following email from the Consulate:

    From: “Vancouver, ACS Department”
    Date: November 8, 2011 7:47:00 AM PST
    To: FirstName LastName
    Subject: RE: CLN forms – FirstName LastName

    There is currently a back-log in respect of Loss of Nationality cases. Cases are responded to by turn. We request your patience.

    U.S. Consulate General
    American Citizen Services
    Vancouver, BC, CANADA

    Privacy/PII|
    This email is UNCLASSIFIED.

    ******[advice to expatriates removed by Nom]

    Commentary — keep an open mind

    I get the feeling that the number of people terminating U.S. citizenship has jumped dramatically. I wonder whether the U.S. government publishes statistics on this. Yes, I know that there are quarterly statistics for people expatriating under Section 877A, but I question whether those are complete and accurate.

    Regular people who do not live in my world (international taxation) are flabbergasted when I tell them that U.S. citizens are turning in their passports right and left. It is simply inconceivable that someone would do such a thing. Sometimes the reaction turns to an implicit character assassination of the person relinquishing citizenship: they must be a bad person in some way. Tax dodger. Non-patriot. Someone unwilling to support his country.

    Meh.

    It is more interesting to me to watch the outbound flow of intellectual (and financial) capital in a semi-scientific way and formulate a hypothesis. Why are these people choosing to terminate citizenship of the most powerful country in the world? Keep an open mind. Formulate a testable hypothesis. Adjust it when the data indicate the hypothesis fails.

    Me? I know what they tell me. Multiple anecdotes don’t create a data set. But I hear them again and again report:

    The current jack-boot tax enforcement attitude of the IRS scares them. Many of the people we help expatriate settle in countries with higher tax rates than the U.S. It is not the rate of tax that matters. It is something else. Can you guess, Mr. Shulman?

    The estate tax. The funny (as in “it is a monument to towering stupidity”) thing about expatriation is that people who do so cannot allow their capital to return to the United States after death because of the exit tax rules — Section 2801. So the U.S. government drives capital out of the United States and then creates economic disincentives for that capital to return. Makes sense. We don’t need investment capital in the United States. We have too much real estate already. We don’t need investors. Or jobs. We have plenty of jobs already in the United States. Go away with your silly investment capital. Our banks are fine.

    The hassle of pointless paperwork. Unlike other countries, the United States imposes income tax on its citizens no matter where they live. Even if there is no tax imposed (because, for instance, the host country has a higher tax rate than the USA) there is a paperwork burden and the opportunity for screwing things up accidentally. And then, please cross-reference my first point re: jack-boots. Oh. And look at the constant threat that Congress will do away with the foreign earned income exclusion. Yet more Towers of Stupidity from our friends in Congress.

    They’ve put down roots (or have roots) in another country. Non-tax reasons exist. After living abroad for decades, people finally decide that the United States is no longer home. Or they came to the United States from another country and find the United States no longer hospitable, and prefer the home country to the USA. My parents are immigrants, and they decided that their home countries are no longer home–the United States is home. The reverse happens, too. Especially with Canada, in my experience.

    Canary, meet coal mine

    At the moment the number of people leaving might be small, and their actions dismissed in a hand-wavy fashion. But they should not be dismissed. Their actions are an indicator of something gone awry.

    The United States has been built on immigration. Out-migration tells us something isn’t working. (Hah. Tell that to the State of California. “Oh, no. Everything is fine!” Same thought.) When people vote with their feet — and are willing to pay a staggering tax to do so — they are sending a message.

    I don’t think anyone is listening. And this, unfortunately, is to the greater harm of the United States.”

    http://hodgen.com/phils-blog/

    A backlog in Canada for expatriation. Hmmm. Where has this been prognosticated before? NJREReport perhaps?

  148. Shore Guy says:

    “Where’s Jon?”

    On a $200,000 ocean-going yacht registered someplace in the South Pacific that lacks an extradition treaty with the US?

  149. Shore Guy says:

    $200,000,000 yacht, excuse me

  150. Shore Guy says:

    $200,000 wont get one much comfort in the Barnegat Bay.

  151. JJ says:

    Actually, they compare themselves to me.

    Speaking of housing I started saving for my mcmansion aggressively in the January 2007, at that time two blue chip stocks, lots of one year cds and a few short term muni and investment grade bonds mixed in. Starting balance 100k for trade up house. Well as CDs and short term bonds matured as Fed cut rates they all went to high yielding toxic junk from October 2008 until Spring of 2010 and then from Spring 2010 till Summer 2011 munis and then in August till October 2011 tons of stock and junks in market sell off. Along the way I also bought some stocks when there was sell offs. I have not added up all my accounts in awhile as I have three bank accounts and three brokerage acccounts. But I did so today given the market has come back a lot. Munis, Junk and Equities all had a very nice recovery since October 3rd. Todays balance is $1,160,000. My original goal was one million but somehow the last $160,000 just flew by. Sadly now my wife does not want me to pay cash for new home. She is claiming with 90K interest income rolling in that can cover mortgage payment.

    Funny how no one but me it seems wanted to buy Ford bonds at 40%, GMAC bonds at 27% and Citigroup bonds at 16% and munis when they were 7.% tax free. One has to sieze the day and not follow the herd cover their nose and start buying until it hurts and then buy some more. In fact in early October of this year, wow what bargains reappeard again. Countrywide, Capital One, BAC TRUPS and Dave and Busters, AMR AVAYA bonds. Yields were so high for two weeks there I did not care about default risk. Other than Dec 2008 to April 2009 for Junk, December 2010 to May 2011 for munis and late September to early November for any bond Europe related it is hard to do that.

    2014 when housing recovers will be an interesting time. At that time inflation will rise and bonds will be dead, stocks/gold will be overvalued and RE will be the undervalued asset to pile into . Will I have the guts to make move. I don’t know.

    The taxes and carrying costs on a house is what kills me. I like things I click a button and buy and make income and when I no longer want it I click a button and sell. Homes are so messy and iluiqud with no cash flow.

    Juice Box says:
    November 11, 2011 at 10:38 am
    re: #114 – another JJ classic compares himself to Gates, Jobs and Zuckerberg.

  152. The Original NJ Expat says:

    #118 – Nom – Madden audio from yesterday on WEEI up here. Could be Sandusky was pimping out kids to big money PSU donors. Maybe even a prosecutor was disappeared.

    http://audio.weei.com/a/48513214/mark-madden-talks-about-the-penn-state-scandal-and-drops-a-new-bomb-about-jerry-sandusky.htm

  153. Comrade Nom Deplume says:

    [153] freedy

    Maybe the Star Ledger can do “Where’s Jonny?” editorial cartoons, like the Boston Globe did years ago with its “Where’s Whitey?” series.

  154. Shore Guy says:

    Can’t you just see Jon walking on deck with a tee shirt, shorts, and Topsiders?

    http://dc199.4shared.com/img/alk7Zf2v/s7/pelorus-yacht-300-million-roma.jpg

  155. Comrade Nom Deplume says:

    [160]
    Men want to be him. Women want to be with him. The Most Interesting Man In The World would give his right arm to drink with him.

    He is JJ. The Ultimate Male.

  156. Comrade Nom Deplume says:

    [163] shore

    I’ve been on cruise ships smaller than that.

    Now back to my salt mine for so long as the girls are out of the house.

  157. Shore Guy says:

    The ultimeat male member of his Wall Street firm?

  158. Shore Guy says:

    NJE,

    I saw this ad and thought of you (not that you look like that is a sun dress, as far as I know):

    http://s0.2mdn.net/viewad/2426902/T365_KeyWest_RushHappyHour_300x250_1011.jpg

  159. JJ says:

    MF global canned 1,000 people midday today, wow. And I know MS just booted a ton of people this month and Pershing too. Double kick in the butt getting fired a few weeks before bonus time. Plus no one interviews between thanksgiving and martin luther king day.

  160. chicagofinance says:

    I thought pret said no more writedowns?
    The bankruptcy trustee for MF Global said Friday that the debt-plagued financial firm has terminated all 1,066 employees of its brokerage.

    Salaries for terminated employees will be paid through Nov. 15. The firm will keep between 150 and 200 employees to assist in winding down operations of the firm, which filed for bankruptcy Oct. 31.

  161. 3B says:

    #69 JJ And GS, CS, BAR, and, BAC. All this month.

  162. Libtard in Union says:

    Gryffindor…

    If you like Mint, check out Yodlee. I’ve been using it for half a decade after having been a beta tester for Quicken for the five year’s prior. Being able to track one’s net worth daily is so very cool and a great incentive to not run out to buy that BluRay Player you needed so much last year that it is obsolete this year. Good luck making it all make sense and renting ain’t a bad thing financially, although I would actually argue that now might not be a bad time to buy. Just make sure the marriage is headed into bliss rather than on the road to divorce before making that downpayment. In this economy, if you are forced to sell, better make sure you have the time to do it right.

  163. JJ says:

    What is point of tracking expenses? Cheapskates like me have hardly any!

    Libtard in Union says:
    November 11, 2011 at 1:16 pm
    Gryffindor…

    If you like Mint, check out Yodlee. I’ve been using it for half a decade after having been a beta tester for Quicken for the five year’s prior. Being able to track one’s net worth daily is so very cool and a great incentive to not run out to buy that BluRay Player you needed so much last year that it is obsolete this year. Good luck making it all make sense and renting ain’t a bad thing financially, although I would actually argue that now might not be a bad time to buy. Just make sure the marriage is headed into bliss rather than on the road to divorce before making that downpayment. In this economy, if you are forced to sell, better make sure you have the time to do it right.

  164. nj escapee says:

    LOL, You gotta love it down here. a sight I see wherever I go even at Winn Dixie or Publix.

    Shore Guy says:
    November 11, 2011 at 12:08 pm
    NJE,

    I saw this ad and thought of you (not that you look like that is a sun dress, as far as I know):

    http://s0.2mdn.net/viewad/2426902/T365_KeyWest_RushHappyHour_300x250_1011.jpg

  165. Juice Box says:

    JJ – LOL You actually tell your wife how much you have in the bank?

  166. Will be hard to calculate your net worth when we are roaming the country in packs, doing hit-and-run battles against whatever gubmint paramilitary forces and private armies are still standing after the holocaust.

  167. gary says:

    I think I would pay big bucks to see Oblama and Gingrich in a debate on the constitution. It would be just magnificent. How Gingrich is not the GOP front-runner is beyond me.

  168. Painhrtz - I ain't dead yet says:

    Gary easy he is the one thing that could bring out the anti-repub vote in droves. Plus the lunatic social conservative wing of the party thinks he is a sinner. He is also bouoght and paid for by the corn industry.

    And a lilttle blurb on the locust generation. We definately need carousel

    http://finance.yahoo.com/focus-retirement/article/113754/baby-boomers-secrets-smartmoney?mod=fidelity-managingwealth&cat=fidelity_2010_managing_wealth

  169. Juice Box says:

    Newt said on an interview the other day he proposed reestablishing Glass-Steagall, but at the same time, abolishing Dodd-Frank. He said we should reestablish dividing up the big banks into a banking function and an investment function and separating them out again.

    He is smart, and may surge in popularity as the others trip over themselves.

  170. Shore Guy says:

    NJE,

    Yea but, look how far you are from Manhattan.

  171. joyce says:

    177
    Gary,

    maybe because he supported TARP, medicare part D… he favors a guest worker program, and one of the biggest chicken-hawks out there

  172. joyce says:

    but yes he is very good in the debates

  173. Dan in debt says:

    Are those MF positions in New York or elsewhere?

  174. NJGator says:

    Shore – re PSU. I still don’t understand why Mike McQueary still has a job. Maybe the University is afraid of a whistle blower suit of some sorts? And the new interim coach worked under Sandusky. They need an entire clean slate or they need to just eliminate the program. I am still physically ill from reading the grand jury document.

  175. Libtard in Union says:

    Do people even watch the debates?

  176. icgasahe says:

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  177. Shore Guy says:

    Gator,
    It is his testimony that is needed to send everyone else to jail.

  178. Shore Guy says:

    Gator,

    The NCAA should allow any PSU athlete totransfer without having to sit out any time. Doing that and taling away a bunch of scholarships, and the university cleaning house of the current football staff and athletic department leadership will go a long way to fix the culture that necrosed under Paterno.

  179. nj escapee says:

    Shore, oh crap I keep forgetting that I’m so far away from Manhattan. I really miss those cold and windy days especially in early February. That gray sky is so dull and well dull.

  180. JJ says:

    At least the tight ends should be allowed to transfer.

    Shore Guy says:
    November 11, 2011 at 2:52 pm
    Gator,

    The NCAA should allow any PSU athlete totransfer without having to sit out any time. Doing that and taling away a bunch of scholarships, and the university cleaning house of the current football staff and athletic department leadership will go a long way to fix the culture that necrosed under Paterno.

  181. nj escapee says:

    The debates are kinda dopey. Romney is gonna emerge from them as the biggest loser. really imho

  182. Shore Guy says:

    “Shore, oh crap I keep forgetting that ”

    You have nobody to blame but yourself, so get over it.

  183. Dan in debt says:

    In Penn State thinking, I think we should all be shocked that a mere graduate assistant would even report someone of Sandusky’s stature to anyone.

    You bring up a good point, Gator. If you don’t act exactly perfect in the moment of seeing something that freaks you out, you should be thrown out of your job years later? I’m OK with him keeping his job although I expect he has a short shelf life, fairly or unfairly.

  184. Shore Guy says:

    Actually, Perry is the biggest loser.

    What I find interesting is that we have Romney and a gaggle of “I-am-not-Romney” candidates who have been trading leadership of the “I am not Romney” faction for some time. The people who are interested in “I-am-not-Romney” candidates are, by definition, not interested in supporting Romney, or they would have already. So, as the I-am-not-Romneys start dropping out, or sinking under the weight of their own ineptitude, one should expect to see one of the I-am-not-Romney’s start to rise.

    I just pray that it is not Cain or Perry who starts to rise. If so, in the best tradition of One-Term-Byrne, Obama will likely win.

  185. Shore Guy says:

    Dan/Gator,

    I suspect that, the day after Penn State’s bowl game, McQuery will move on. Penn State will not dare fire him. This is the guy who blew the whistle and whose testimony is needed to prosecute everyone above him who covered-up the crimes Sandusky committed. I wish he had coldcocked Sandusky but at least his reporting thinga and his sworn testimony will result in a host of people going to jail; it will also open the university to HUGE civil money damages – so, the people of Pennsylvania should prepare to open their checkbooks.

  186. NJGator says:

    Dan – He freaked out and left. Give him a pass on that? Ok? Call the police? No. Call dad and ask him what to do about dad’s friend raping a 10 year old boy. Report him to Joe Pa….the next day. Nothing happens. Nothing happens for a decade. Give him a pass on that? Okay. The guy has continued to associate himself with Sandusky even after witnessing this. He was participating in Second Mile charitable events years after this happened in 2002. Doesn’t sound like he had much of an issue with how this was handled.

  187. 3B says:

    #83 Most are in NYC.

  188. homeboken says:

    Gator – 100% agree with you. This was not the action of some young kid that didn’t know the difference between right and wrong.

    This is a 28 year-old, college educated man choosing to put the best interests of the football program ahead of everything else. The fact that McQuery continued his association with PSU and likely saw Sandusky on campus several times a week, shows that the entire program was implicit.
    Also a great point, is why would a 55 year-old Sandusky just drop out of the coaching universe? With his experience and background as Def Cooridinator and Asst Coach, why didn’t another school scoop him up? The deal and cover-up is obvious. If the NCAA gave SMU the football death penalty for their handling of student athletes, than it seems that PSU deserves the death penalty and whatever else they can levy upon them. Great article in SI about the ideaology of football coaches on college campuses.

    http://sportsillustrated.cnn.com/2011/writers/stewart_mandel/11/11/penn-state-joe-paterno-culture/index.html?eref=sihp&sct=hp_t11_a3

  189. nj escapee says:

    I can’t see how Romney could ever emerge as a strong candidate even if he does win the nomination. He will be seen as a weakened flawed politician. I think we’re in for a 2nd Obama term and then we can look to Bobby Jindal, Chris Christie or Marco Rubio in 2016. All 3 of these guys look like they could be excellent candidates and hopefully excellent chief executives.

  190. JJ says:

    A man in his late 50’s naked in a shower analy raping a boy has two choices take a baseball bat and beat him to death or call police. Or at very very least contact parents. The Grad Assistant was a large ex football player dealing with an old perverted man and a child. Than on top of this he magically lands a big job after not going to police.
    Then a janitor catches him blowing another ten year old boy and he says something to school but since he was a consulant and not a university employee he is let go. Then police are alert as well as school and yet he still stays on. Now today we found out that allumni donors who gave a lot of money who liked little boys he would pimp out these kids to the rich old men.
    Dan in debt says:
    November 11, 2011 at 3:17 pm
    In Penn State thinking, I think we should all be shocked that a mere graduate assistant would even report someone of Sandusky’s stature to anyone.

    You bring up a good point, Gator. If you don’t act exactly perfect in the moment of seeing something that freaks you out, you should be thrown out of your job years later? I’m OK with him keeping his job although I expect he has a short shelf life, fairly or

  191. homeboken says:

    I also think that the NCAA should hit PSU where it hurts most (to their demented miinds).
    PSU should be forced to vacate every victory during the time that Sandusky was a part of the coaching staff. 1969-1999. Take that all time winningest coach moniker away from Paterno. That is what he really cares about.

  192. B says:

    #00/01 What a disgrace, and students out rioting because Pattern is forced to step down!!! Sure says alot about the caliber and decency of those students. And the old guy has a statue of himself!!!!! Talk about a cult!!!! Absolute disgrace.

  193. Painhrtz - I ain't dead yet says:

    NJE 4 more years of any of these losers short of Gary Johnson or Ron P you won’t have to worry about 2016. there wont be an election

  194. 3B says:

    #02 Is 3b.

  195. nj escapee says:

    hertz, good point, I guess I’m a little out of sync since I live closer to Havana than NYC / DC or even Miami.

  196. freedy says:

    Breaking story they put that prick on admin leave at penn state, big deal

  197. chicagofinance says:

    PATERNO’S OFFICE

    Sandusky and Paterno wait as McQueary enters.

    PATERNO
    Ed, your observations have been
    astute. What’s your assessment of
    this situation?

    MCQUEARY
    The public demands justice, sir.
    This was a full-fledged riot of
    policemen. Shift the guilt to men
    whose pensions are secured. Force
    them to retire. But someone has
    to swing. Indict, try and convict
    Stensland and Bud White. Secure
    them jail time. Feed them to the
    sharks, sir. Protect yourself;
    protect the department.

    Sandusky gives McQueary a look. He’s angry with him.

    SANDUSKY
    Stensland’s a disgrace. Straight
    D fitness reports from every C.O.
    he ever served under. But White
    is a valuable officer.

    MCQUEARY
    White’s a mindless thug.

    SANDUSKY
    No, Edmund. He’s a man who can
    answer yes to those questions I
    ask you from time to time.

    Paterno interrupts with his own concern.

    PATERNO
    I want to know who we give the
    public in contrast? The
    department needs role models.
    Clean-cut, forthright men the
    public can admire.

    MCQUEARY
    I’ll testify, sir. I’m not afraid
    to do what’s right.

    PATERNO
    And I’ll promote you. You’ll be a
    lieutenant immediately.

    McQueary seizes the moment, going over Sandusky’s head.

    MCQUEARY
    Detective lieutenant.

    Paterno and Sandusky exchange a look. Neither approves.

    PATERNO
    Ed, you’re 30. Your father didn’t
    make lieutenant until he was 33.

    MCQUEARY
    I know that, sir. I also know
    that when he made lieutenant, it
    was as a detective.

    LOEW
    (interrupting)
    Before we start polishing our
    laurels, it would look better if
    we had a corroborative witness.

    SANDUSKY
    That’ll be hard to come by. The
    men hate a turncoat.

  198. nj escapee says:

    Ron Paul and Gary Johnson candidacies are pipe dreams. Take it from someone who has volunteered and supported a long list of losers e.g., JB Andersen, Ross Perot, Pat Buchanan and yes even Ralph (Chevy Corvair) Nader.

  199. Captain Foresight HEHEHE says:

    Re McQueary,

    I refuse to judge him on his initial reaction to what he saw; if I saw something that disturbing I am not sure I wouldn’t run off either; but 10-15 minutes later or whenever the shock where’s off you got to call the police. If he saw the dude murdering somebody would he go call Joe Pa too?

  200. NJGator says:

    Exactly HEHEHE. This guy was never interviewed by the police, kept his mouth shut, stayed at PSU while the cover up continued and even helped raise money for this creep for an organization that got him access to more young boys. He has no excuse for keeping his eyes shut for all this. He couldn’t believe whatever BS excuses that were given about Sandusky. He saw it with his own eyes. He KNEW.

  201. House Whine says:

    So much for the big strong men of football acting like real men and doing the right thing by these young victims. What kind of morals do these people live by?

  202. There won’t be elections in 2016. Everything will have devolved into chaos by then.

    I give it 24 months tops before the wheels come off.

  203. NjescaPee says:

    Meat, then I’ll vote for you. Boy, will we be in trouble.

  204. Confused in NJ says:

    November 11, 2011 at 6:54 pm
    There won’t be elections in 2016. Everything will have devolved into chaos by then.

    I give it 24 months tops before the wheels come off.

    Don’t forget the 2012 Solar Flares.

  205. Neanderthal Economist says:

    Always credited meat for his entertainment value but if you want to realize his true brilliance, start taking him literally.
    There Went Meat sys:
    I’d suggest waiting until Spring, 2023 before starting your home search.
    This whole process of wringing the excess and fraud out of housing is Chinese water torture, and it has just begun.

    97. There Went Meat says:

  206. Fabius Maximus says:

    I can’t bring myself to read that grand jury doc, I just don’t have the stomach for it. I saw Doug Flutie on TV last night and he was asked what he would do if he had witnessed the act, he answer went along the lines of:
    “First I would have taken care of the coach, then I would have got that kid out of there and to safety. It would have got me in a lot of trouble with the coaches and the school and the law, but it would have been the right thing to do”. I think that sums up a lot of peoples feelings.
    To move forward from this, the school has to play football. How that happens is the tough part. Transfer to another school is not really an option as there is not that many open slots in other D1 teams, if they are taken another school, that kicks some other kid out of that program. For the seniors, they are locked in and have so much invested they can’t move. They need a shot a good bowl run. I think sack the program, from the top to the kit people, all out on “administrative leave”. The only ones left should be the players. The alumni has enough NFL depth and there is enough talent floating around that they can fill slots on a short term basis. Pull someone like Mangini out of a broadcasting booth, to call a game. Even if its three 50-0 blowouts, its a start as a rebuild.
    As for the students rioting, I would give them a pass once. There is a lot of anger and confusion floating around. They may not see the full picture and connect all the dots.
    Long term, the NCAA need to take a hard look at itself, D1 sport is a professional operation. There is too much money involved for it to be considered amatur.

  207. Fabius Maximus says:

    Recall of the year!

    100,000 ‘Atlas Shrugged’ DVDs Recalled for Perfectly Hilarious Reason
    http://gawker.com/5858759/100000-atlas-shrugged-dvds-recalled-for-perfectly-hilarious-reason

  208. gluteus (219)-

    Good idea.

    BTW, the question isn’t if- but when- the Euro fails. Goes without saying that the pound sterling is a sick wildebeest, too.

    Too bad the UK doesn’t have Cabela’s, gun shows and plenty of places to stock up on bargain-priced .223.

    Most of my kith and kin will just up their intake of Newcastle Brown when it starts to fade to black.

  209. Maybe Europe will succumb to daily riots while Toon is in a Champions League spot.

    Stop the season at that point and declare the first four in the table eligible for CL.

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