NJ contracts continue to post positive prints

From the Otteau Group (no link):

Home Sales Up in December Making it 7 of the Last 8 Months

The New Jersey housing market continues to build momentum as it turned the corner into the new year. Combined purchase contracts for resales and new homes rose in December by 8% compared to one year ago which was the largest single monthly increase since June. That the rise in December, which is traditionally a slow period for home sales, was the largest of the year suggests a more robust spring selling season ahead.

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130 Responses to NJ contracts continue to post positive prints

  1. Mike says:

    Good Morning New Jersey

  2. Mike says:

    To all since my inbox was full this morning about Ms. Lewinsky age and she’s only going to be 39 not 50 this year I think the joke was more geared to her getting close to 40 so I responded to everyone “take a chill pill it’s a joke” now back to real estate.

  3. Mike says:

    Pop the cork again

  4. grim says:

    Some more press on the Carla love shack (I’d check her purse, and not the drywall, for the missing money, btw).

    From the WSJ:

    Corzine’s Hoboken Condo: Another Bad Investment

    The sum pales in comparison to the estimated $1.2 billion in missing customer money from MF Global. But Jon Corzine, the firm’s former chief executive, is about to oversee another investment loss — this time on New Jersey real estate.

    According to property records spotted by our colleagues at WSJ’s Bankruptcy Beat blog, it appears that the former New Jersey governor put his 2,400-square-foot Hoboken condo up for sale this week for nearly $400,000 less than what he paid for it in Nov. 2008.

  5. grim says:

    From New Jersey Newsroom:

    N.J. property taxes rise again in 2011: Are Christie’s reforms working?

    It is no secret the Garden State hosts the highest property taxes in the entire nation, but just when you thought there may be a light at the end of the tunnel in this ever-lagging recession, one thing does remain a constant; property taxes are yet again, on the rise.

    In 11 years, the average New Jersey homeowner has seen their property taxes increase by 66 percent, when they averaged paying about $4,661 a year, according to the latest data released by the state Department of Community Affairs.

    On average, New Jersey’s property taxes climbed 2.4 percent to a high of $7,759 in 2011.

    The hike follows a 4.1 percent spike in real estate taxes in 2010, the major funding source for New Jersey’s schools and local governments.

    After property-tax rebates and credits, the average bill was $7,519 in 2011, up 20 percent from 2009, the data shows.

    To help pull in the reigns on rising property taxes, Governor Christie scaled back property-tax rebates in his first budget since taking office by enacting a 2 percent cap on the levies that took effect at the beginning of 2011.

    Christie’s initiative reduced the 4 percent limit enacted by his predecessor, Democrat Jon Corzine, and cut the number of exemptions to 4 from 14.

    Under Corzine’s leadership, towns sought cap waivers from the state’s Local Finance Board. Christie’s measure required a voter referendum and according to Bloomberg, last April, 14 of 566 communities asked voters to exceed the cap and only two increases were approved.

    There is some good news. Last year’s 2.4 percent increase was the smallest in at least a decade.

  6. grim says:

    Foreclosure settlement tomorrow? Or does it get scuttled?

  7. grim says:

    Never mind, turns out they moved it.

    From Bloomberg:

    Deadline for States to Accept Foreclosure Deal With Banks Moved to Feb. 6

    The deadline for states to decide whether to join a proposed nationwide foreclosure settlement with banks was delayed to Feb. 6 from Feb. 3, the Iowa Attorney General’s Office said.

    States were given more time to evaluate the proposal, which may total $25 billion, after at least one asked for a delay, Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, said yesterday in a phone interview. Miller is helping to lead negotiations.

    State and federal officials have been negotiating an agreement with mortgage servicers that would provide mortgage relief to homeowners and set requirements for how banks conduct foreclosures.

  8. yo says:

    How much more steam before it makes a correction?

    “Global Strategists Abandoning Bearish Views After Missing Rally”

  9. grim says:

    From HousingWire:

    Reaction mixed on Obama housing fix

    The housing industry and market analysts gave mixed reactions to the mortgage refinance plan announced Wednesday by the Obama administration.

    Meanwhile top Republicans say the plan is essentially “dead on arrival” in the House, meaning underwater borrowers of non-GSE loans will likely have to hang on until after the November elections. Investors in securities backed by high-interest mortgages should be relieved of any massive prepayment wave until then as well.

    Department of Housing and Urban Development Secretary Shaun Donovan said the bill would essentially shift the decisionmaking almost entirely to the homeowner when it comes to refinancing.

    “In the end, what the president wants to do is give families the choice, to give them the power to make the decision. The bank will have no ability to say no to homeowners if we get this bill passed and get this program established,” Donovan said.

    Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee claims the program would unnecessarily shift risk to the Federal Housing Administration.

    However, Donovan and the White House said lenders will be required to reduce the principal on mortgages with loan-to-value ratios above 140% before the new loan is refinanced into an FHA one. And the plan sets up a separate FHA fund for the program that would not impact its overall capital ratio, which slid to 0.2% last year.

    Still, Bachus said the program doesn’t do enough.

    “This is not a serious plan to help the nation’s housing market. This is just more of the same from an administration that offers expensive program after expensive program, none of which have worked to help struggling homeowners,” Bachus said. “President Obama is proposing to get out of the hole we’re in by digging deeper.”

  10. yo says:

    Cookies baking in the oven.I love that smell when I go in Granny’s house.

    “That the rise in December, which is traditionally a slow period for home sales, was the largest of the year suggests a more robust spring selling season ahead.”

  11. yo says:

    In response to clamor from investors, the Treasury said on Wednesday it was looking closely at allowing negative-yield auctions. This would mean bidders who want the security of U.S. government debt in the face of global insecurity, might have to pay a premium for it.

    Doing so would allow the U.S. government to benefit from something that is already occurring on the secondary market, where investors have accepted negative yields in recent months to protect their cash from financial strains.

    Remarkably, Wall Street is asking to be able to pay a premium for U.S. debt even after the United States lost its prized AAA rating last year and as the government heads for a fourth straight year with $1 trillion-plus budget deficit.

    “It is the unanimous view of the committee that Treasury should modify auction regulations to permit negative rate bidding and awards in Treasury bill auctions as soon as feasible,” according to minutes of the Treasury Borrowing Advisory Committee, which includes 21 financial institutions that make markets for U.S. government securities.

    The European debt crisis and worry about global prospects is fueling investor demand for safe assets like short-term U.S. government debt. Treasury said modifying its auction rules would require overcoming “operational issues” but they were related to accounting rather than to legal questions.

    http://www.reuters.com/article/2012/02/01/us-usa-debt-refunding-idUSTRE81023720120201

  12. yo says:

    #11 We are very optimistic about people buying our debt even in light of our deficits and slow economic growth.

  13. Proud to be an American where at least I know I'm free HEHEHE says:

    Yo you better check yourself before you wreck yourself:

    Déjà Vu All Over Again?
    The last time we saw the sort of divergence we have now, where equity markets remain resilient as credit markets falter, was back in the period from mid-2007 until early-2008 — which, as you’ll recall, was not a particularly good time to be bullish on stocks.

    http://www.financialarmageddon.com/2012/02/d%C3%A9j%C3%A0-vu-all-over-again.html

  14. Brian says:

    “Meanwhile top Republicans say the plan is essentially “dead on arrival” in the House, meaning underwater borrowers of non-GSE loans will likely have to hang on until after the November elections.”

    Oh well. So much for free money. Obama’s gotta realize the only way he can get anything passed in congress is to do it Christie style. He’s gotta trick them into thinking it was their idea in the first place. Christie, the force is strong in that one…if he can get the democrats in the state senate to propose some property tax relief after he proposed the reduction in income taxes, the guy is like a jedi.

  15. Shore Guy says:

    2% increases in taxes when wages are flat or falling for many folks and when money in the bank brings “savers” essentially zero percent is no great thing.

  16. grim says:

    3 – And on Groundhog Day too, how fitting!

  17. grim says:

    6 more weeks of Winter?

    That little rat dog is no better than the economists.

  18. Brian says:

    JJ – Are you on the board yet?

    Where’s the next “blood in the streets” investment? I have a few grand left over from my bonus this year and I want to put it to work. I’ve gotta move though, our 70’s era countertops are peeling up like crazy and the wifey is going to want me to get to work renovating the kitchen and use the money there.

    I work for a mutual fund company, so I can get funds with no sales charge, no 12b1 fees, and advisor class shares. They have products that span most every part of the markets. Global bonds, Muni funds, Blue chip stuff, European funds, Emerging markets, Value stuff…most everything. I’m just not sure where to put the money. If you have any thoughts, I’d appreciate it.

  19. The Original NJ Expat says:

    Aren’t these just more misleading data from Otteau? Our brilliant rise in “Monthly Year-on-Year” Contracts from October-December ’11 doesn’t really tell you anything unless you know what the data is from October-December ’10, right? In a few more months this chart will look like we’ve really turned the corner. If I understand this correctly, last April we had a -38 per cent decrease from April ’10, so say you had 100 contracts in April ’09 you were down to 62 in April ’10, fine. But now wind forward to April of this year and we’re up to a whopping 70 contracts, that will be a bullish 13 per cent rise and this chart will look all good. So in three successive Aprils you will have gone 100, 62, 70 but the only thing this chart will tell you is UP 13 PER CENT, NJ’s UPTREND CONTINUES …

  20. The Original NJ Expat says:

    Should have read “say you had 100 contracts in April ’10 you were down to 62 in April ’11, fine.”

  21. Bocephus says:

    Phil’s record is impressive overall.

  22. yo says:

    A guaranteed minimum increase of 2% a year in Property tax is equivalent to a compounding interest of 2% a year,minimum.

  23. Groundballgolfer says:

    AstraZeneca, based in London but with facilities in Wilmington and Newark, Del., said Thursday morning that it will cut 7,300 more jobs worldwide because of declining fourth-quarter profits and prospects for less revenue in 2012 in its pharmaceutical business

    Read more: http://www.philly.com/philly/blogs/phillypharma/AstraZeneca-to-cut-7300-more-jobs-amid-fourth-quarter-profit-drop.html?cmpid=124488469#ixzz1lENl0ywE

    Less jobs equals less demand for houses.

  24. gary says:

    That the rise in December, which is traditionally a slow period for home sales, was the largest of the year suggests a more robust spring selling season ahead.

    Sell? Sell to Whom?

  25. yo says:

    Everybody needs a PAC (political action commitee) to protect their livelihood

    “Prostitutes Stand Up for Paul Donating Their Tips”

  26. 3B says:

    year suggests a more robust spring selling season ahead.

    Robust???? Did it say robust!!!! I would think that is a very, very strong word to use, robust!!! As in robust!!!

  27. 3B says:

    #23 Brian: The article lost me at stormed back into the market!!!

  28. gary says:

    1) 0% on any investments including equities which is a roller coaster for 10 years and counting
    2) The youngsters in their 20s and 30s have zero assets even if they do have decent paying jobs
    3) property taxes have risen 67% in the last 10 years
    4) Those who purchased from 2002 through 2007 are selling at a substantial loss or may need to bring a check to the table

    So, the question beckons: who’s your buyer? Where’s the pant up demand?

  29. 3B says:

    Jill; Belows response is to your comment from yesterday. I don’t know if you saw it or not, so I am reposting it.

    131 Jill the listing says it is in a 500 year flood zone and apparently the owner has not had any flooding issues. Assuming that is true. Also a poster yesterday provided a fema map for flood areas from what I could tell the area where the house is is not a flood area. Although the map was not the easiest to read. I will research more. Thanks for the info.

  30. Brian says:

    Ah you should read it. It was a pain in the neck for me to find it. I had to weed throught dozens and dozens of debbie downer pessimistic articles to find it. It required some serious google search skills. It was a lot of work :)

    28.3B says:
    February 2, 2012 at 8:44 am
    #23 Brian: The article lost me at stormed back into the market!!!

  31. Brian says:

    Oooh found another one.

    http://njbiz.com/article/20120116/NJBIZ01/120119847/-1/enews_dailyT3

    Hmm. They’re interviewing that Otteau guy again.

  32. Brian says:

    Snip from the article:

    Multifamily home construction will still lead the way in 2012, according to Jeffrey Otteau, president of Otteau Valuation Group, but recent increases in the number of existing home sales may turn into 2013 a new-home construction boom.

    “There is a powerful indication there that the entry-level price range is beginning to churn,” Otteau said. That’s significant, he said, as “for a housing recovery to be sustainable, it must be rooted in first-time buyer purchases, because they in turn trigger trade up sales into higher price ranges.”

    Otteau said the increase in new-home buyers entering the market, without any major tax credits available, is a positive indicator.

    This Otteau guy seems pretty bullish.

  33. Jill says:

    3b #30: 500-year flood zone means nothing after 2011. My neighborhood never got water until Floyd hit in 1999; now everyone has a sump pump.

    I find it hard to believe that when Broadway from Lake to Lawrence was flooded waist-deep, this owner had no water issues. Caveat emptor, just sayin’.

  34. 3B says:

    #34 Jill: So it must be closer to center of town side, than the Piedmont Ave side. Magnolia is a big street. Have to look at that map again.

  35. Brian says:

    Irene was banannas. 10 plus inches of rain in a few hours. All while people were asleep, mostly unable to deal with it or see it coming.

    I have pictures of my side yard turned into a river. So much water was flowing down the streets, knee deep, into the storm drains that it was swirling down the drain like my kids bathtub. Municipal storm drains were completeley overwhelmed. I don’t think they were designed to handle that much water at once.

    Any one of my neighbors that had a basement with bilco doors and no sump pump was fukd. They took water up to their waists. I see the basement waterproofing creeps installing french drains and the heating guys putting new furnaces in.

    I opted for the sump pump with the battery backup that beeps like crazy when there was a problem. Some water trickeld in where the wall meets the floor and where the plumber did some work by the sewer pipe. The water table was crazy high. The pump ran continuously and bailed it out onto the street.

    34.Jill says:
    February 2, 2012 at 8:58 am
    3b #30: 500-year flood zone means nothing after 2011. My neighborhood never got water until Floyd hit in 1999; now everyone has a sump pump.

    I find it hard to believe that when Broadway from Lake to Lawrence was flooded waist-deep, this owner had no water issues. Caveat emptor, just sayin’.

  36. gary says:

    Otteau is speaking in anecdotal blurbs. He’s been doing so every year since 2006. When words like “indicates” and “suggests” are tossed around, you know he’s just full of sh1t. What’s the breakdown of the YOY 8% increase for the month of December? My point is that eventually the vultures are going to start nipping at the carcass.

  37. Brian says:

    He does seem particularly bullish on housing. He seems to have placed his bets. Just something to think about when you look at his charts.

    He’s human after all, and people generally don’t like to be wrong.

    38.gary says:
    February 2, 2012 at 9:19 am
    Otteau is speaking in anecdotal blurbs. He’s been doing so every year since 2006. When words like “indicates” and “suggests” are tossed around, you know he’s just full of sh1t. What’s the breakdown of the YOY 8% increase for the month of December? My point is that eventually the vultures are going to start nipping at the carcass.

  38. gary says:

    Brian [39],

    By 2016, he’ll be wrong 10 years running.

  39. 3B says:

    #39 Brian: Mine and gary’s contempt for Mr. Otteau is that he has been spewing the same nonsense for several years, and has been consistently wrong. And his use of words like ROBUST!!!!

  40. 30 year realtor says:

    Robust? Bust is more like what I am seeing. End of 2011 had a pop in the market but I think it has passed. Looks like more of the same as last year. Just sliding slowly down…

  41. Dissident HEHEHE says:

    “Meanwhile top Republicans say the plan is essentially “dead on arrival” in the House, meaning underwater borrowers of non-GSE loans will likely have to hang on until after the November elections.”

    – I don’t know what is funnier, the plan, or the fact that an underwater borrower would even expect that the plan would offer any real benefit

  42. Juice Box says:

    Still over 5K tickets for sale online for the Superbowl. Those scalpers better drive out to Indy and sell them in the parking lot.

  43. Blindjust says:

    Gary
    There are plenty of buyers out there if your house is in good condition and it’s priced some % below market value.

    I did a FSBO in Oct ‘2011, listed it in the MLS and my home went under contract in 2 weeks. The money I saved on the listing I simply gave to the buyers. It was a win-win and sold for 30% off peak.

    The home I purchased that month was 42.4% off peak.

  44. gary says:

    Blindjust [45],

    I agree; thus, my reason for saying the vultures eventually will start gnawing on the carcass.

  45. Comrade Nom Deplume says:

    [35] 3b,

    The CBO report has been out a couple of days. I looked but Fox, WSJ and Bloomberg were the only ones to report it.

    Wonder why?

  46. Blindjust says:

    I did all the leg work on our purchase and found a realtor that rebated 50% of his commission. We located the property, went out twice, submitted offers both times and the second offer was accepted. He made $10K for roughly 2 days work and we got $10K back at closing.

  47. Brian says:

    Dunno but, don’t give it too much credance anyway. Now that the transcripts from the fed are out from 2006, you can pretty much see how clueless they were at the height of the crisis. The brilliant minds in government don’t seem to have a great track record of predicting future economic conditions anyway.

    http://www.nytimes.com/2012/01/13/business/transcripts-show-an-unfazed-fed-in-2006.html?_r=1

    47.Comrade Nom Deplume says:
    February 2, 2012 at 9:43 am
    [35] 3b,

    The CBO report has been out a couple of days. I looked but Fox, WSJ and Bloomberg were the only ones to report it.

    Wonder why?

  48. freedy says:

    Just spoke to a friend of mine in FLA. He tried for 9 months to buy a short /REO.

    At the end , deal was suppose to close on the 27th of DEC. Guy selling files a BK.
    5k in legal out the window ,,,

  49. 3B says:

    #47Wonder why?

    We know Why, but we won’t say.

  50. The Original NJ Expat says:

    #52 chifi How to make money on the back of the fatso……

    BPIC at work (Big Pharma Industrial Complex?). Eliminate wars and what happens to MIC? Eliminate disease and what happens to BPIC? Keep both going and both get fat attending to the ongoing conditions.

  51. Jill says:

    3b #36: From what I was able to find on Google Maps, the house in question is on the dead end of Magnolia, just south of Lawrence St….backing up to the brook. I may do a drive-by for you, it’s only about 5 minutes out of my way.

  52. Brian says:

    What a wierd coincidence….my dad had the infamous defoliant agent orange squirted all over him at war in Vietnam. Now the VA says it caused his diabetes….

    Conspiracy?

    53.The Original NJ Expat says:
    February 2, 2012 at 10:16 am

    #52 chifi How to make money on the back of the fatso……

    BPIC at work (Big Pharma Industrial Complex?). Eliminate wars and what happens to MIC? Eliminate disease and what happens to BPIC? Keep both going and both get fat attending to the ongoing conditions.

  53. JJ says:

    There is a place in NJ and a place on LI that sells used kitchens. Homes facing forclosure where owners have put in gourmet kitchens, viking ovens, granitie countertops etc. theses companies buy them off owners before sherrifs sale remove them and resale them super cheap. You should buy it and put it in and make wifey and you happen.

    We need another sell off for fire sales in markets. I think this greek think will boil up again and scare credit markets which will be the next buying opportunity.

    Brian says:
    February 2, 2012 at 7:50 am
    JJ – Are you on the board yet?

    Where’s the next “blood in the streets” investment? I have a few grand left over from my bonus this year and I want to put it to work. I’ve gotta move though, our 70′s era countertops are peeling up like crazy and the wifey is going to want me to get to work renovating the kitchen and use the money there.

    I work for a mutual fund company, so I can get funds with no sales charge, no 12b1 fees, and advisor class shares. They have products that span most every part of the markets. Global bonds, Muni funds, Blue chip stuff, European funds, Emerging markets, Value stuff…most everything. I’m just not sure where to put the money. If you have any thoughts, I’d appreciate it.

  54. Anon E. Moose says:

    Grim [9];

    Meanwhile top Republicans say the plan is essentially “dead on arrival” in the House, meaning underwater borrowers of non-GSE loans will likely have to hang on until after the November elections. Investors in securities backed by high-interest mortgages should be relieved of any massive prepayment wave until then as well.

    “Hang on” they say. The worst thing about the never-ending string of doomed deadbeat bailout plans is not the plans themselves, nor the politicians that float them to pander to the weak-minded, its the false hope of superman flying in to save the day. Now entering year 6 after the peak of the bubble, wouldn’t it be more humane to say: there is no white knight coming to the rescue — so sell or don’t, eat the loss or bleed it out over the next 35 years, default or don’t — but whatever you do just $h!t or get off the pot already.

  55. Anon E. Moose says:

    Bocephus [21];

    Phil’s record is impressive overall.

    That’s because, like all sucessful guessers, he never says anything decisive.

  56. Brian says:

    56 – JJ

    “We need another sell off for fire sales in markets. I think this greek think will boil up again and scare credit markets which will be the next buying opportunity.”

    I was thinking something like that. I was looking at this fund: MEURX

    Mutual European.

    Either time my purchase right or use dollar cost averaging and trickle money into it.

  57. gary says:

    Moose [57],

    You just summed up what’s happening or will happen. What’s amusing, or scary, is that some actually believe otherwise.

  58. grim (9)-

    Even with required principal adjustments of underwater loans down to an LTV of 140%, these will be refinancings into loans where huge amounts of the balances are unsecured.

    This should work out really well. Nice to see FHA has been designated as the garbage can for these shit loans.

    They will be lucky if the default rate doesn’t exceed 50%.

    “Department of Housing and Urban Development Secretary Shaun Donovan said the bill would essentially shift the decisionmaking almost entirely to the homeowner when it comes to refinancing.

    ‘In the end, what the president wants to do is give families the choice, to give them the power to make the decision. The bank will have no ability to say no to homeowners if we get this bill passed and get this program established,’ Donovan said.”

  59. JJ says:

    By the way the plan is smart. You have to be current on mortgage for at least six months. While plan is up in air people will make mortgage payments. Hoping for bail out. As long as housing stays flat or even rises slighty each month mortgage paid the person has more equity in house. Maybe kicking can down road by the time this deal falls apart some of group will have enough equity to refinance or now after making 9 years mortgage payments on underwater house they have too much skin in game to default.

    Anon E. Moose says:
    February 2, 2012 at 10:29 am
    Grim [9];

    Meanwhile top Republicans say the plan is essentially “dead on arrival” in the House, meaning underwater borrowers of non-GSE loans will likely have to hang on until after the November elections. Investors in securities backed by high-interest mortgages should be relieved of any massive prepayment wave until then as well.

    “Hang on” they say. The worst thing about the never-ending string of doomed deadbeat bailout plans is not the plans themselves, nor the politicians that float them to pander to the weak-minded, its the false hope of superman flying in to save the day. Now entering year 6 after the peak of the bubble, wouldn’t it be more humane to say: there is no white knight coming to the rescue — so sell or don’t, eat the loss or bleed it out over the next 35 years, default or don’t — but whatever you do just $h!t or get off the pot already.

  60. 3B says:

    #54 Jill Thanks I would appreciate it. The other one on Magnolia not backing up to the brook, with the vintage kitchen, just dropped the price 50K after 2 weeks or so on the market.

  61. Otteau is an assclown. Can’t believe I used to defend him here.

    Extinction before recovery. Hurry, and refi your negative equity at taxpayer expense!

    We’re about to have negative rate UST auctions, a massive gubmint boondoggle into giving out unsecured loans against worthless assets, rising taxes and stagnating wages/job creation.

    Who the fcuk is going to buy a house, given the above?

  62. What kind of vig will the genius risk managers at FHA charge for insuring this avalanche of unsecured debt?

  63. Anon E. Moose says:

    Con’t [57];

    whatever you do just $h!t or get off the pot already

    I would say the same to the bank sitting on hordes of shadow inventory, but sadly experience tells us that they do have a white knight…

  64. The Original NJ Expat says:

    Under water home owners occupiers are merely a highly unreliable spigot of cash flow to the banks and CDO investors suckers. The end game is to sell hope and paper and whatever else to increase the reliability and flow rate of these clogged spigots.

  65. Shore Guy says:

    “That little rat dog is no better than the economists.”

    I dunno. With a nice Bearnaise sauce or maybe white wine and shallots, I hear they are pretty good. Served that way, they must be better than economist, which I suspect is pretty foul.

  66. joyce says:

    67

    Moose,
    Yet you save the overwhelming majority of your disdain and hatred for the deadbeats who owe 100,000’s not the ones who continuously get bailed out and owe 100,000,000,000’s (if not more than that).

  67. Comrade Nom Deplume says:

    Bloomberg reports that Petrochina buying into Canadian shale gas.

    That didn’t take long.

  68. Shore Guy says:

    “Just announced: Bruce Springsteen & The E Street Band will perform at The GRAMMYs on February 12 at 8:00 pm on CBS.”

    So, this can mean only one thing, rehearsals MUST be starting soon. I doubt he would schedule an appearance like that without at least a few days of rehearsal.

    Hey, Orion, do you see any signs of activity at Convention Hall? If you do, please let us know.

  69. Shore Guy says:

    “Petrochina buying into Canadian shale gas”

    Nom, this is good news. It sends all that yucky energy to China so we don’t have to deal with it. Clearly killing the pipeline has saved the Canadian environment. Once again, the Administration is right on top of things.

  70. Shore Guy says:

    “looking closely at allowing negative-yield auctions. ”

    Just wait until banks start this.

  71. Shore Guy says:

    I can see it now, something like, “C’mon in to Ball-C Bank where our negative 2% interest rate is the best in town for checking and savings accounts. Ball-C Bank, see what we can do to your savings.”

  72. The Original NJ Expat says:

    I guess Bernanke figures it should go like this:

    1. Force smart people to buy assets. check
    2. Inflate those assets. check
    3. Smart people use their inflated assets to hire dumb people. still waiting for that one to work.
    4.Dumb people use their new wages to buy assets, but using leverage.

  73. The Original NJ Expat says:

    James Grant:

    “The anachronism is today’s system,” he says. We have a “command and control, top down” system whereby the Federal Reserve imposes an interest rate on society. The Fed, in other words, tells us what the price of money should be. It is, Grant says, oddly at odds with the modern age. “We live in a world of collaborative social networks” of the Internet and Facebook, of Wikipedia instead of the old World Book, and so on. And yet when it comes to the price of money, we wait for a committee that sits in private to tell us what it should be.

    http://finance.yahoo.com/news/getting-back-gold-standard-050035801.html

  74. Shore Guy says:

    5. House of cards comes tumbling down.

  75. joyce (70)-

    That’s what happens when you’re a water-carrying, lickspittle toady for banksters.

  76. Mike says:

    Gary Number 29 A+ on your book report Gary Says:
    February 2, 2012 at 8:44 am
    1) 0% on any investments including equities which is a roller coaster for 10 years and counting
    2) The youngsters in their 20s and 30s have zero assets even if they do have decent paying jobs
    3) property taxes have risen 67% in the last 10 years
    4) Those who purchased from 2002 through 2007 are selling at a substantial loss or may need to bring a check to the table

    So, the question beckons: who’s your buyer? Where’s the pant up demand?

  77. expat (76)-

    What Bernank fails to take into account is that in his brave new world, we are all idiots.

    “I guess Bernanke figures it should go like this:

    1. Force smart people to buy assets. check
    2. Inflate those assets. check
    3. Smart people use their inflated assets to hire dumb people. still waiting for that one to work.
    4.Dumb people use their new wages to buy assets, but using leverage.”

  78. Brian says:

    At least the money will go to me this time! Wohoo! Bail me out big O. I swear I will vote for you if you do!

    70.joyce says:
    February 2, 2012 at 11:04 am
    67

    Moose,
    Yet you save the overwhelming majority of your disdain and hatred for the deadbeats who owe 100,000′s not the ones who continuously get bailed out and owe 100,000,000,000′s (if not more than that).

  79. Anon E. Moose says:

    Brian [82];

    Four years later, and still relevant:

    http://youtu.be/P36x8rTb3jI

  80. chicagofinance says:

    The End Is Nigh (Nom De Plume Edition):
    WSJ
    LAW
    FEBRUARY 2, 2012
    By JOE PALAZZOLO And JENNIFER SMITH

    Lawsuits accusing a number of law schools across the country of fudging post-graduate employment statistics were filed on Wednesday, amid mounting controversy over the high cost of tuition and grim job prospects for debt-laden graduates.

    The lawsuits, which were filed on behalf of 51 recent graduates of law schools in New York, California, Illinois, Delaware and Florida, are seeking tuition refunds as well as other damages.

    The allegations are generally the same in each lawsuit: the schools misled the students by advertising that a high percentage of their graduates were employed. What they didn’t advertise is that a chunk of those graduates were stuck in jobs that don’t require the pricey degree for which they paid, the lawsuits claim.

    The suits also allege that schools used salary information from a smaller number of high-earning graduates to create a falsely rosy picture of what graduates would make.

    “I don’t know anybody in my graduating class, at least in my circle, who has actually become a lawyer and found employment,” said plaintiff Adam Bevelacqua, who graduated last year from Brooklyn Law School in 2011 and said he has yet to find a job as a lawyer. In 2007, the year before he enrolled, the school advertised that 94% of its graduates secured jobs within nine months of graduation, according to the complaint.

    The employment rate for new graduates last year was 87.6%, the lowest it has been since 1996, according to the National Association for Law Placement’s report on employment and salary for the class of 2010. But only 68.4% had jobs that required passage of the bar exam, and nearly 27% of jobs reported were classified as temporary.

    The lawsuits allege the percentage of graduates working full-time in the legal profession may be as low as 60%. Wednesday’s complaints, most of which were filed in state courts, echo similar complaints filed last year against Thomas M. Cooley Law School in Michigan and New York Law School.

    The schools have moved to dismiss the lawsuits, arguing that they strictly followed American Bar Association rules and maintained accurate job-placement data. The schools say the complaints are better placed with the American Bar Association or NALP, which make the standards for law-school employment and salary reporting.

    David Anziska, who filed the complaints last year in Michigan and New York, teamed up with firms from around the country on the latest lawsuits, which seek to require schools have a third-party audit their employment and salary data. “We’ve put in place the architecture to sue,” he said.

    Mr. Anziska said the schools were selected in part because of their location in large cities “with a massive oversupply of lawyers,” where lower-tier graduates are less likely to be competitive in the job market.

    The institutions named in the suits include Albany Law School, Brooklyn Law School, the Maurice A. Deane School of Law at Hofstra University, Widener University School of Law, Florida Coastal School of Law, Chicago-Kent College of Law, DePaul University College of Law, the John Marshall Law School in Chicago, and Golden Gate University School of Law.

    A spokeswoman for Widener said the school “stands by its employment statistics and has provided the American Bar Association, our accrediting body, with truthful and accurate post-graduate employment data.”

    Albany Law School Dean Connie Mayer said students are “well aware of the realities of today’s economy and we believe the information we provide during the admission process does not mislead our applicants, nor differ in standards of reporting from any other law school the applicant may have considered.”

    Spokeswomen for Widener, Hofstra and Southwestern said they said the schools stood by their employment statistics and provide the ABA and other groups with accurate information in the manner in which is it requested.

    Officials with Brooklyn Law School, DePaul, University of San Francisco and the John Marshall Law School declined to comment, saying they have not seen the suits. The other schools did not immediately respond to requests for comments. The ABA declined to comment on the lawsuits.

  81. Shore Guy says:

    “That’s what happens when you’re a water-carrying, lickspittle toady for banksters”

    Clot,

    Are you okay? I have never heard you so effusive in your praise of Bernake. When did you suddenly become a fan of his?

  82. JJ says:

    Stocks have only been flat if you bought pre September 2008 and rode the deep dive down and back. Most people I know increased their 401K contribuions in 2009 and that alone really helped out. Also people in commodities or bonds have done very well. Also people who deleveraged stopped leasing cars, paid off mortgage or loans have a lot of free cash flow. Also whole population of including me trapped in starter homes in their 40’s who bought pre-bubble. They were ready to trade up in 2004-2009 but were priced out. These people can sell.

    My bigger issue is homes are no longer a way to make wealth or a status symbol. They are considered a dumb investment from the herd mentality crowd. I know people in my town who suprisingly make 300K to 500K who live in housed they paid 250K for in 1998 and have no intention of trading up as they have seen friends who left my neighborhood and traded up stuck with huge mortgage, taxes on underwater houses. Trade up homes, investment properties and putting ones whole life savings into a home anytime between 2004 and 2008 has caused huge financial loss, shame and marital stress. My neighbor who had bought a trade up home. Had a little tiny cape that inflated to 400K he had 200K equity, He bought a big split for 617K the week of peak. Now selling whole equity is gone and they are going to a rental as can’t keep up with mortgage payments. His door is shut, would not open for trick a treaters, xmas looked sad over there. Guy is like 45 bald with only a HS degree and is basically starting over again with zero savings. If he stayed in his little cape which has only fallen to 300K he would be about done with that mortgage soon. Instead he now has nothing. That story is enough to scare people from leverage and trading up. My wife included

    Mike says:
    February 2, 2012 at 11:45 am
    Gary Number 29 A+ on your book report Gary Says:
    February 2, 2012 at 8:44 am
    1) 0% on any investments including equities which is a roller coaster for 10 years and counting
    2) The youngsters in their 20s and 30s have zero assets even if they do have decent paying jobs
    3) property taxes have risen 67% in the last 10 years
    4) Those who purchased from 2002 through 2007 are selling at a substantial loss or may need to bring a check to the table

    So, the question beckons: who’s your buyer? Where’s the pant up demand?

  83. Shore Guy says:

    Nom,

    Sound familiar?

    http://online.wsj.com/article/SB10001424052970203363504577186913589594038.html

    Law firms are finally starting to recover from the recession, but they aren’t taking their young lawyers along for the ride.

    Even as profits return, cautious partners with one eye on damaged balance sheets and the other on stingy clients plan to hang onto the lean silhouettes they acquired during the downturn.

    That means little relief for young associates—who took on hefty law-school loans, only to run into layoffs and stagnant pay in the years since 2008—and fewer chances for new law-school graduates to get in on the ground floor. And the elusive brass ring of partnership has grown more remote.

    “What happens if Greece falls apart again?” says Greg Nitzkowski, managing partner at Paul Hastings LLP, an international firm that has reduced entry-level hires by about a third since 2008. “We just think it’s prudent to plan as if this coming year is going to be a relatively flat year.…We’re not planning for a big upsurge in demand.”
    snip

  84. The Original NJ Expat says:

    [86] JJ That story is enough to scare people from leverage and trading up.

    I think most people, especially those in good financial positions, have no intention of trading up. We have a very modest place, nearly paid off, bought in 2002 at 2001 prices. My family of 4 enjoys very low taxes, a tiny mortgage that we double pay but we are living in 900 square feet. We have high ceilings, hardwood floors and a fireplace, but it’s still a tiny apartment by today’s standards. We’re not moving, not even looking. On the other end of the scale are my sister and BIL. He makes $800K/year and they’ve always been huge savers. In 2006 they put down ~$600K on a $1.6MM house in NJ. They’re equity is gone as the house is close to $1MM in value and they have a $20K tax bill. Other than the house, they’re still doing great financially, no problem paying their $1MM mortgage (7 year ARM, resets next year, but that doesn’t look to be a problem). Well they’re disappointed with their investment, but they’re not moving either. I think the only nice houses you’ll see moving are the ones bought in the early 90’s or before that haven’t been levered up. Those older boomers want to or will want to get out soon with their equity. Take a look at all the mansions for sale in Sands Point.

  85. Anon E. Moose says:

    Meat [79];

    http://youtu.be/CiLKrDWgGYs?t=24s

    You’re really funny.

  86. Anon E. Moose says:

    Even the house organ WashPo can hardly muster enthusiasm for O’s latest deadbeat bailout proposal.

    >President Obama announced on Wednesday yet another attempt at helping financially beleaguered homeowners.<

  87. Brian says:

    Jesus, I’d heard rumors people really thought like that but I had a hard time believing it was actually true.

    Don’t worry, nobody’s paying my mortgage but me.

    But if I close on my new 4.5% mortgage with free closing costs…I’m votin’ O.

    YES WE CAN B1tch!

  88. Brian says:

    “The housing industry and market analysts gave mixed reactions to the mortgage refinance plan announced Wednesday by the Obama administration.”

    You’ve got till November. That’s it…

  89. joyce says:

    any bailout plan, whether claimed to help the deadbeats or not, will ultimately only help the bankers

    how does the saying go, if i loan you $100 its your problem… if i loan you $400,000 its my problem

  90. Brian says:

    Hey, I betcha that lady stopped paying her mortgage 3 years ago. And she’s probably still in her house! Yeeeeaaaah! She’s right!

    Party party! You can do it O! Let’s do the refinance dance!

    C’mon moose dance with me!

    Fill my glass Mike, I’m getting low!

    83.Anon E. Moose says:
    February 2, 2012 at 12:32 pm
    Brian [82];

    Four years later, and still relevant:

    http://youtu.be/P36x8rTb3jI

  91. A.West says:

    We just refinanced again in January, 3rd mortgage in 2 yrs. First was a jumbo above 5% when we bought from a seller just wanting to finally sell after watching price drop from 1.3 to 0.9mn over 2 yrs without selling. A year ago, we got the rate down to 4.5%, turned it into a 30 yr conforming. This year, with no yield in sight for the next few years, we decided to put more cash in and made it a 15yr, 3.5% with the same payment as previously. Now the property tax is about same as the mortgage.

    We could pay off the rest of the mortgage out of cash, but want to keep some flexibility if opportunistic investments come along.

    If there were investments with decent yields out there, our gameplan might be different.

  92. Anon E. Moose says:

    Joyce [93];

    any bailout plan, whether claimed to help the deadbeats or not, will ultimately only help the bankers

    Agree, the deadbeats are merely the bagmen in the bailout scenario, carrying the money to the banks. Sr. Schitzo mistakes my outrage at defaulting deadbeats being the unwitting beneficiaries of things like the Master Tobacc–…umm… Forecloseure Settlement as being in the pocket of the banks. I am amused by him being so wrong on that score, time and again.

  93. JJ says:

    sands point has high taxes and shares the school district with port wash where in manor haven every mexican lives. That plus it is furtherest point in town from train. Easy to see why it is hard to sell a house there.

    Everyone talks about opportunistic investments but in reality. I think one person followed me to buy 30 year Citi bonds at 50 cents on a dollar at 16% in March 2009, very few followed me into 7% tax free munits in December 2010. Opportunistic investments are usually short lived very out of favor investments. Bank Trups back in October 2011, Countrywide, Bear Sterns, Merrill Lynch Pref stock back in Nov 2008 (32% yeild in the 15% tax bracket). And yes they are still paying. REOs, tax liens, most people I tell about these things don’t buy. I had someone a few months ago ask me where I can get those 7% munis and 12% A rated bank bonds I was talking about one year ago. I was like why now, well they seem less risky now. It is a hard thing to do and like boxing even if you win you are going to get punched in the nose a few times. A few weeks ago I bought some A rated European bank bonds at 10%. Now that deal is ending. Most people are better off paying off all debt, getting six months living expenses in a save liquid place then start buying risk high yield assets with your free cash flow in a dollar cost averaging way. Other issue is you have to buy stocks, commodities, bonds, (Junk, investment grade, treasuries, MBS, munis etc.) and distressed properties depending on what asset class is out of favor and a bargain. Most people are gold bugs, bond nuts, RE experts, stock pickers. They suffer as the asset then only invest in goes through long period of loss or no returns yet they keep buying. Dealing with the rich sometimes they get stressed and worn out keeping up with their money. I can see why.

  94. joyce says:

    maybe if you referred to the banksters robbing the country blind as “deadbeats” or more aptly “criminals” once in a while it would be harder to make that mistake

  95. Comrade Nom Deplume says:

    [87] shore,

    Thats a repeating pattern. Seen it over and over.

    Best time for an associate to look for in house or gov work is when the firm is busiest.

  96. The Original NJ Expat says:

    Here’s a bargain in Sands Point, recently reduced by $32 Million:

    http://www.zillow.com/homedetails/24-Hicks-Ln-Port-Washington-NY-11050/31077719_zpid/

    I could live with the $100K taxes, but it is kind of far from the train.

  97. The Original NJ Expat says:

    I meant reduced by $10 Million, 32%.

  98. JJ says:

    For you yield people. Ten junk bonds you should start watching. If Junk ETFs have a sell off after big run off they will put big selling pressure on secondary market. These ten in a ETF sell off is worth buying directly if you can hold to maturity and liquidity is not an issue. I like American Axle best myself. They have a monolopy on car axles and sell it to all the major car makers.

    American Axle (AXL): Stable earnings margins, while net leverage in line with the company’s goal to be under 2x by 2013, which is more like investment grade credit levels. (7.75% senior notes due 2019 yield 7.2%)
    Boyd Gaming (BYD): Amid a recovery in Las Vegas, the “locals” market is finally starting to improve. Boyd generates free cash flow and credit measures are stable. (9.125% senior notes due 2018 yield 9.1%)
    Del Monte (FDP): High leverage near 7x due to a recent LBO, but GimmeCredit expects that to improve this year, and cites Del Monte’s “world class brands.” (7.625% senior notes due 2019 yield 8%)
    HealthSouth (HLS): growing core inpatient volume and market share. Leverage is low, particularly versus high yield hospital names, and free cash flow is stronger. (8.125% notes due 2020, 7.3% yield)
    Michaels Stores: Margins continue to benefit from improved operations, while liquidity remains solid and excess cash is being used to repurchase discount notes. (7.75% senior notes due 2018 yield 6.9%)
    New York Times (NYT): digital circulation gains are partially offsetting weaker traditional advertising, while the company is using cash to reduce debt and leverage. (5% senior notes due 2015 yield 4.4%)
    Plains Exploration (PXP): Reducing leverage and interest expense., with further reductions likely in 2012 and improving credit metrics. (6.75% senior notes due 2022 yield 5.5%)
    Rite Aid (RAD): positive same-store sales in recent quarters, improving earnings and adequate liquidity although leverage remains elevated in the near term. (8.5% senior notes due 2015 yield 12.3%)
    Terex (TEX): Strong revenue growth and profits that have exceeded market estimates plus sharply lower leverage. The 2017 bonds are up 20 points since October but GimmeCredit says “we think there’s more to come.” (8% notes due 2017, 7.8% yield)
    United Rentals (URI): on track for continued improvement that should be accelerated by its pending acquisition of RSC Holdings. (8.375% notes due 2020, 8.2% yield)

  99. Brian says:

    97 – JJ

    I’m thinking I might put the money in that European Value Equity fund and use dollar cost averaging. I don’t have the stomach or skills to time the market. Also looking at one that invests in US based Equities that pay high dividends.

    As for the kitchen, for now, it’s getting more glue. I do see fancy used cabinets on Craigslist that probably were ripped out of foreclosures. Looks like I have my next home improvement project.

  100. 3B says:

    Fllod Maps are not that easy to read;just saying.

  101. moose (96)-

    Nice try at changing your story. Now, disclose what you do for a living.

  102. 3B says:

    Sorry Flood maps.

  103. New in FL says:

    3B –

    I submitted this link a couple of days ago when the flood discussions were hot.

    This is a new FEMA flood map with a live GIS driving it. You can put in any address and the correct map will load. You can even zoom in to see the property lines, at least for the addresses that I’ve checked.

    I discovered it when I was doing research on places to live in southern Florida.

    https://hazards.fema.gov/femaportal/wps/portal

  104. JJ says:

    I agree with the europe thing, only thing I did with that is move more future investments to european funds in my 401K. Also rock sold european companies and bonds were unfairly punished if you can do the work. Some have great yeild.

    Brian says:
    February 2, 2012 at 2:59 pm
    97 – JJ

    I’m thinking I might put the money in that European Value Equity fund and use dollar cost averaging. I don’t have the stomach or skills to time the market. Also looking at one that invests in US based Equities that pay high dividends.

    As for the kitchen, for now, it’s getting more glue. I do see fancy used cabinets on Craigslist that probably were ripped out of foreclosures. Looks like I have my next home improvement project.

  105. 3B says:

    #07 Thanks. I forgot you ahd psoted that.

  106. The Original NJ Expat says:

    #102 JJ – High Yield Picks – Somebody else likes the exact bond issues that you do!:

    Michael Aneiro of Barron’s just wrote that GimmeCredit analysts Kim Noland, Vicki Bryan, Dave Novosel and Evan Mann are out with a list of ten specific credits they believe will outperform over the next six months.

    http://blogs.barrons.com/incomeinvesting/2012/02/02/gimme-credit-picks-10-favorite-high-yield-bonds/?mod=yahoobarrons

  107. Good Krieger rant today.

    “In a world of tight resources and centrally planned economies whose leaders need to keep their sheep fed, warm and on the highways, Iran’s oil will be sold. It’s actually comedic to see Europe taking the “offense” by saying they won’t accept Iranian oil. Europe of all places? Give me a break. Yeah, threaten one of the biggest oil exporters in the world as you plunge into a sea of poverty, social chaos and bankruptcy. Do everything in your power to throw them into the open arms of Russia and China. You wonder how an empire can decline so fast? It’s the Leadership, Stupid. History will remember the current crop of leaders in the Western world as the biggest collective of corrupt fools ever assembled on planet earth.”

    http://www.zerohedge.com/news/mike-krieger-explains-why-its-leadership-stupid

  108. Thundaar says:

    Keeping the good vibes going!! ;)
    Commercial real estate on the rebound…..

    http://www.msnbc.msn.com/id/46241577

  109. Mike says:

    Brian 94 I opened so many bottles so far and could tell you it’s exactly seven turns of the twisty before coming off. Try it for yourself.

  110. The Original NJ Expat says:

    ding! ding! ding! We have a winner!

    Federal prosecutors unveiled criminal charges against three former Credit Suisse Group AG employees, providing a window into the way traders allegedly invented inflated values for mortgage bonds during the financial crisis.

    Two of the three men pleaded guilty to criminal charges of conspiracy, admitting they attempted to conceal the scheme from managers in a bid to boost their bonuses.

    The guilty pleas mark the first successful criminal case against Wall Street in relation to the financial meltdown.

    http://online.wsj.com/article/SB10001424052970204740904577196810277469348.html?mod=WSJ_article_forsub

  111. HEHEHE says:

    William K Black:

    “Holder & Obama’s Propaganda is “Belied by a Troublesome Little Thing Called Facts”

    http://www.neweconomicperspectives.org/2012/01/holder-obamas-propaganda-is-belied-by.html

  112. The Original NJ Expat says:

    Serageldin, 38, who lives in the U.K. and led the securities department of Credit Suisse’s investment banking division, was named in an indictment unsealed yesterday in New York. Two of his former subordinates, David Higgs, 42, and Salmaan Siddiqui, 36, pleaded guilty in federal court in New York yesterday and said they’re cooperating with the U.S. in the probe.

    http://www.bloomberg.com/news/2012-02-01/credit-suisse-worker-surrenders-to-fbi-as-prosecutors-said-to-plan-charges.html

  113. The Original NJ Expat says:

    #115 HEHEHE – great article, I love William K. Black.

    from the article:

    The NYT did not make the point, but these facts represent multiple disgraces on the administration’s part that go beyond the substance of deal. First, there is the obvious impropriety of pressuring state attorney generals (AGs) who are Democrats to approve a deal so that the President can claim credit for it in the SOTU. Second, it is disgraceful that HUD Secretary Donovan met separately with Democratic AGs. Prosecutions and suits against banks must have nothing to do with political affiliation. Holding separate meetings with AGs based on their party affiliation brings the entire system into disrepute. Third, the idea of offering California a unique earmark in order to buy AG Harris’ support for a deal is as stupid as it was offensive.

  114. Mike says:

    102 & 110 Del Monte 8% yield for 7 year paper? I got their peas, carrots and corn in my cabinet? What’s up with them?

  115. The Original NJ Expat says:

    High leverage near 7x due to a recent LBO

  116. Every time William Black surfaces, something really bad usually happens soon after.

    “The fact that a NYT story could reveal this outrage without the authors even mentioning the impropriety of the actions described, without the administration feeling any need to respond to the impropriety, and without any scandal demonstrates how badly we have fallen as a society. While the President was reviewing drafts of a major address to the nation that emphasized that politics should never have a role in government service two of his cabinet officers, Attorney General Holder and HUD Secretary Donovan, were devising a partisan lobbying strategy aimed at getting the state AGs to approve a disgraceful surrender to five of the nation’s largest banks. He either did not notice the contradiction or did not feel any need to end the impropriety. Have we lost our capacity for outrage?”

  117. Comrade Nom Deplume says:

    [108] JJ,

    Looking at Siemens. Any thoughts?

  118. Shore Guy says:

    For anyone in DC tomorrow, this should be an interesting hearing filled with fiction and wishful thinking:

    The Homeland Security Subcommittee on Oversight, Investigations, and Management, chaired by Rep. Michael McCaul (R-TX), will hold a hearing entitled “Is DHS Effectively Implementing a Strategy to Counter Emerging Threats?,” tomorrow at 10 a.m. in Room 311 Cannon House Office Building.

  119. Shadow of John says:

    Even I cant figure out what theis device is for. Mabe the real JJ can fill us in.

    http://a2.sphotos.ak.fbcdn.net/hphotos-ak-ash4/405610_10150734241688496_216067833495_12200506_1307153482_n.jpg

  120. Proud to be an American where at least I know I'm free HEHEHE says:

    William Black is a progressive. I do not agree with most of the solutions that progressives espouse as I consider myself to be more of a libertarian. However, it is clear that a rational progressive or libertarian can obviously agree that the sheer scale of the &%#@*! crimes being perpetrated in broad daylight in this country, as the government either a) partakes in said crime or b) buries its head in the sand, boggles the f’g mind.

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