Are those rising prices on the horizon? Or just a mirage?

From Reuters:

Home prices close to bottoming, to rise in 2013

The relentless decline in home prices is nearing an end and prices should rise for the first time in seven years in 2013, but a possible new wave of foreclosures could threaten the recovery, according a Reuters poll of economists.

The median forecast of 24 economists polled by Reuters was for the S&P/Case-Shiller 20-city home price index to end the year unchanged. That was the same finding back in January for this house price gauge, which covers 20 cities.

“We are expecting a gradual improvement, but if we get a big wave of new foreclosures coming to the market, price declines could be even greater,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York.

The survey forecast the S&P/Case-Shiller home price index rising 2.0 percent next year, up from 1.5 percent in the January survey.

The housing market’s collapse pushed the economy into its longest and deepest recession since the 1930s. Historically, housing has led the economy out of recession, but it has been the weakest link in the recovery that started in mid-2009.

“The problem with the housing market is not necessarily that mortgages are expensive,” said Millan Mulraine, a senior macro Strategist at TD Securities in New York.

“It’s more the expectation that prices may continue to fall and cause a lot of potential buyers to sit on the sidelines to wait for more attractive entry points. I don’t think there is lot more mileage to be achieved from MBS purchases.”

“This gradual healing is encouraging, but we must tread carefully as the housing market is still far from a robust recovery,” Michelle Meyer, an economist at Bank of America Merrill Lynch in New York.

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

108 Responses to Are those rising prices on the horizon? Or just a mirage?

  1. Mike says:

    Good Morning New Jersey

  2. Mike says:

    Can we trade Obama for Booker?

  3. grim says:

    From the Philly Inquirer:

    Home Depot: No ‘real housing recovery’

    “They do not see signs of any real housing recovery,” Janney Capital Markets analyst David Strasser tells clients, after meeting with Home Depot cfo Carol Tome’ and other company officials.

    “They simply are not seeing it in their stores. There is stabilization, but not improvement. A clear sign of better housing will be higher lumber and gypsum prices, neither which have happened yet.”

    Though Home Depot is boosting sales and profits: “The abnormally warm spring is driving sales well above expectations” for outdoor paint, gardening, fencing, flooring and kitchens. Though appliance sales are “a bit light” as more Americans are “transitioning” from big front-loaded to smaller top-loaded washing machines.

  4. hoodafa says:

    Grim – the story is from Reuters (not Bloomberg)!

  5. grim says:

    Not enough coffee this morning

  6. hoodafa says:

    Sheriff deputy killed during eviction

    (CNN) — A California sheriff’s deputy serving an eviction notice was shot and killed Thursday along with a civilian who was helping in the eviction, authorities said.
    The incident, that occurred in Modesto California, continued late Thursday evening as the alleged shooter barricaded himself into the home and did not leave despite a large blaze erupting there.

    The incident started Thursday morning when Stanislaus County Sheriff’s Department Robert Paris tried to serve an eviction notice at an apartment. Paris was shot along with the civilian.

    More at: http://www.cnn.com/2012/04/13/justice/california-deputy-killed/index.html

  7. grim says:

    This one caught my eye yesterday, never got a chance to post it.

    From CNBC:

    ‘Shove It’ Indicator: More People Now Quit Than Get Fired

    The number of people quitting their jobs in February outnumbered the amount of workers that were laid off by companies for the first time since this economic recovery began, a sign that consumer confidence may be higher than investors currently believe.

    Fifty-one percent of all job separations were due to workers quitting, up from 49.8 percent of so-called separations in February, according to the government’s Job Openings and Labor Turnover Survey. This is the first time quitters (presumably confident they will find another job) were in the majority since September 2008. The recession officially ended in June 2009.

    “Quits go hand-in-hand with consumer confidence and for the first time of the recovery, quits represent a greater percentage of total separations than do involuntary layoffs,” wrote Nicholas Colas, chief market strategist at ConvergEx Group, in a note to clients that broke down the data.

  8. grim says:

    From the AP via CNBC:

    First-Time Foreclosure Notices Hit 6-Month High

    More U.S. homes are entering the foreclosure process, setting the stage for a surge in properties repossessed by lenders this year.

    The number of homes that received first-time foreclosure notices rose 7 percent in March from the previous month, foreclosure listing firm RealtyTrac said Thursday.

    That marks the third consecutive monthly increase this year and reflects stepped-up efforts by banks to take action against homeowners who fail to keep up with mortgage payments.

    “We’re not out of the woods yet with foreclosures,” said Daren Blomquist, a vice president at RealtyTrac. “There are more batches of foreclosures coming through the pipeline.”

    Rather than a large wave of bank-owned homes crashing onto the market at once, it’s likely the new crop of foreclosures will arrive in smaller waves throughout the year, Blomquist said.

    Still, many of the homes entering the foreclosure process now are properties with loans that have gone unpaid for a long time, not instances of borrowers just starting to fall behind. That suggests the possibility that the number of homes at risk of foreclosure could begin to taper off once banks tackle the crop of homes with long-overdue mortgage payments.

    “The faster we can move some of these old foreclosures through the pipeline, the faster the market can be in a place to recover,” Blomquist said.

    Banks took back 55,075 homes in March, down 14 percent from the previous month, and down 25 percent from March 2011. RealtyTrac expects banks will repossess close to 1 million homes this year. Last year, lenders took back 804,000 homes.

  9. Essex says:

    vuil-geboosted gangsta!

  10. Brian says:

    CBS 880 news reported this morning that home prices were still declining in Westchester. The reporter also noted that in many cases, property taxes would exceed the mortgage payment.

  11. Essex says:

    This real estate season will be freeky:

    http://www.youtube.com/watch?v=8Uee_mcxvrw

  12. grim says:

    That mad max afrikaans gangsta shit will get you booted out of Essex Co.

  13. Essex says:

    12. Hehehehe

  14. grim says:

    Check out Rebel Riot out of Burma

  15. The Original NJ ExPat says:

    10 – Westchester – My best friend moved from one house in Mamaroneck to a bigger house two blocks away in January 2007. He bought at $850K and Zillow has his house at $650K now. The real tragedy is that during the last 5 years his property taxes have gone from $8500 to $16,000!

  16. Wake me when it’s time to shoot the tax assessor.

  17. The Original NJ ExPat says:

    Whoops. I hadn’t checked Zillow in a while. Now they have his house at $615K.

  18. We’ll put the assessor and the process server against the wall and shoot them both.

  19. morpheus says:

    Anyone deal with window world…Got a quote of $8.5K to install 22 windows in my home. Is this a good deal? I know jack S**t about windows, so I am in over my head here… Any advice would be appreciated.

  20. borat the dictator says:

    Last

  21. borat the dictator says:

    Hi fiveeeeee

  22. grim says:

    2 – Sharpe James would have run in too, except he would have came out holding the womans wallet and her TV.

  23. Mike says:

    22 LOL

  24. The Original NJ ExPat says:

    If my friend would have just stayed in his completely updated smaller house he would be so much better off. He sold that one for $620K to buy the bigger one and that one has only dropped to a Zestimate of $553K. But even that house has gone from $7300 to $13,300 in property taxes over the same period. Also he’s now heating 2900 square feet of drafty 1890 Victorian instead of 1900 square feet of 1922 fully re-insulated “modern”.

  25. grim says:

    19 – Depends – All standard sizes? Any big windows? They doing any new flashing and trim outside? Casement or DH? Grilles?

  26. Mikeinwaiting says:

    “The relentless decline in home prices is nearing an end and prices should rise for the first time in seven years in 2013, but a possible new wave of foreclosures could threaten the recovery, according a Reuters poll of economists.”
    “More U.S. homes are entering the foreclosure process, setting the stage for a surge in properties repossessed by lenders this year.”
    “CBS 880 news reported this morning that home prices were still declining in Westchester. The reporter also noted that in many cases, property taxes would exceed the mortgage payment.” (Hat tip Brain)

    Guess I will see how things look this coming winter , no worry just rent. Owner bought & fixed up a foreclosure (had very little to do, love the place) can stay as long as I like. This slow bleed of foreclosures will just keep beating the market down in price every time it shows the slightest signs of life. Now let me go back to Brain’s post and figure out why I would even entertain such foolish thoughts about buying.

  27. Mikeinwaiting says:

    Hmmm..
    KB Home (KBH) slashes its quarterly dividend to $0.025/share from $0.0625. This cuts the yield on the stock from nearly 3% to 1.2%. (PR)

  28. Mikeinwaiting says:

    Oops bad China number , sky is falling day in the markets. Not to worry it will be all sh*ts & giggles in a day or two on some other news.

  29. The Original NJ ExPat says:

    The plot thickens – “A house owned by Newark Mayor Cory Booker caught fire early Friday morning, just hours after the mayor delivered his sixth “State of the City” address.
    Booker was trying to sell the three-story brick home on Court Street, which he had never occupied.”

    http://www.nj.com/news/index.ssf/2012/03/newark_mayor_cory_bookers_prop.html

    Also, the house Booker actually lives in, 19 Longworth, was picked up as REO for $171K. It last sold for $450K in July ’05. Hmmm

  30. Mikeinwaiting says:

    This is good for a laugh,
    Spain’s cabinet is set today to take steps to crack down on fraud as tax increases promise to make avoidance even more likely. Among the measures will be a ban on some cash transactions of more than €2.5K. It’s estimated the underground economy comprises 19% of GDP. Prediction: It’s about to go higher.

  31. Anon E. Moose says:

    ONJEx [26];

    If my friend would have just stayed in his completely updated smaller house he would be so much better off.

    When the count goes cold, you hunker down, squirrel some money off the table, and tread water until it comes back.

    The other lesson from the tables is that when the count is heavily in your favor and you make a big score, the next hand is probably much less so… time to back off, not let it ride. Bagholders made their biggest lever into the most expensive house at the top of the bubble.

  32. The Original NJ ExPat says:

    26 This slow bleed of foreclosures will just keep beating the market down in price every time it shows the slightest signs of life

    Any sign of life is manufactured, artificial, a mirage, or just plain BS. In *addition* to all the well and often discussed factors (taxes, foreclosures, credit standards, income stagnation, etc.) are these little discussed, but still major, problems:

    1. US Demographics – The boomers are done trading up. They will, in fact, be trading down with increased ferocity. This will crush the market from the top.

    2. Young adults – College debt, no jobs, perhaps a lost generation of screen zombies forming. Until you can buy a house with a click at the App Store, they will not be entering the market. Occupy Wall Street has become Occupy your parent’s basement. This will crush the market from the bottom.

  33. Anon E. Moose says:

    ONJEx [32];

    Occupy Wall Street has become Occupy your parent’s basement

    I don’t disagree in principle, but just remember that’s the same thing that bubble-cheerleaders (mostly GED-reject used house flacks) said about people like me because I dared say the King had no clothes in 2005.

    And don’t discount inflation. It will be done slowly, relentlessly, but our government will print its way out of this debt crisis. They can do it because the rest of the world is worse off. The result will be that the POS cape will sell for $500k again someday in the not-distant future, but a gallon of gas and a happy meal will each cost around $25.

  34. 3B says:

    #15&24 Yeah but prices are expected to rise in 2013, Yelena said so.

  35. Mikeinwaiting says:

    Expat 32 could not agree more.
    3b 34 Yea gonna make a move on her say so LOL.

  36. gary says:

    “The problem with the housing market is not necessarily that mortgages are expensive,” said Millan Mulraine, a senior macro Strategist at TD Securities in New York. “It’s more the expectation that prices may continue to fall and cause a lot of potential buyers to sit on the sidelines to wait for more attractive entry points. I don’t think there is lot more mileage to be achieved from MBS purchases.”

    Wrong. It’s because people are already saddled with crushing debt spawned by their own stup1dity along with out-of-control price hikes across the board. The other crippling issue is the lack of growth in real employment creating the inability to sustain adequate means to meet all financial obligations.

  37. gary says:

    “They simply are not seeing it in their stores. There is stabilization, but not improvement. A clear sign of better housing will be higher lumber and gypsum prices, neither which have happened yet.”

    Money talks, bullsh1t rhetoric walks.

  38. 3B says:

    #36 gary: And property taxes.

  39. Metroplexual says:

    Grim 3,

    Yeah we are not building houses at any significant level is what the gypsum sales mean. The real question is are people buying applinces or paint in any significant amount. I can tell you with 3200 square feet of someones idea of beatiful to cover, that we have bought alot of paint.

  40. NJGator says:

    Fight against emergency beach replenishment causing waves among shore towns

    OCEAN COUNTY — For the past 20 years, beaches have been rebuilt in dozens of communities along the New Jersey coastline as the U.S. Army Corps of Engineers has pumped sand onto the shore to push back against the tide.
    To complete the work, municipal officials must get permission from beachfront property owners. The landowners are often compensated at a nominal rate and in return, the Army Corps creates wider beaches and massive dunes to protect the beachfront, especially during storms.
    Over the years, however, there have been numerous lawsuits contesting everything from the height of the dunes to loss of privacy to the decline in property values.
    Perhaps the most significant of those cases played out last month in Harvey Cedars, where a decision granting a couple hundreds of thousands of dollars for their lost ocean view is having a ripple effect up and down the coast as mayors and officials evaluate the potential consequences.
    “When the government does a cost-benefit analysis of the projects, they have to take into consideration what the impact is on the property owners,” said Lakewood attorney Peter Wegener, who represented Harvey and Phyllis Karan, the Harvey Cedars homeowners. “There is a benefit, and everybody has to pay for the project one way or another.”
    In its ruling, a state appeals court upheld a $375,000 jury award for the Karans, who claimed a beach replenishment project in Harvey Cedars reduced the value of their home because it ruined their ocean view. The court said the Ocean County borough could not argue that the dunes were a special benefit for the Karans. The entire community received storm protection from the dunes, the court said.
    “People certainly have a right to be compensated when their property is taken,” said Anthony DellaPelle, an attorney who represented a couple dozen oceanfront homeowners on Long Beach Island.
    Although emergency beach replenishment has occurred in New Jersey since a devastating 1962 nor’easter, proactive projects have been ongoing since the mid-1990s either by the state Department of Environmental Protection or a DEP partnership with the Army Corps and individual municipalities.
    Harvey Cedars Mayor Jonathan Oldham said the borough will have to pay another $500,000 — in addition to its $1.1 million share of the project — to meet the financial demands of the settlements with the homeowners for construction easements.
    The borough is going to ask the state Supreme Court to take up the case, he said.
    “Something is missing here. Why should we pay this rich person more money to protect their house? It just doesn’t make sense,” Oldham said. “We have to protect the homes and then they get money from us to protect them. But they’d be the first ones screaming if their house gets washed away.”

    http://www.nj.com/news/index.ssf/2012/04/emergency_beach_replenishment.html

  41. Metroplexual says:

    This rising price mirage is just that. There are so many foreclosures to go through that it will be a slow bleed until that inventory is mostly back to normal. Judicial foreclosure states have had a slow but lengthened downward trajectory with their house prices while non-judicial foreclosure states’ house prices dropped like a rock to under replacement costs in many areas. I see prices in NJ just slowly dipping every year for a while.

  42. gary says:

    Metroplexual [41],

    We have this little issue of runaway property taxes adding fuel to the inferno, as well.

  43. The Original NJ Expat says:

    [33] Moose – Fully agree

    And don’t discount inflation. It will be done slowly, relentlessly, but our government will print its way out of this debt crisis. They can do it because the rest of the world is worse off. The result will be that the POS cape will sell for $500k again someday in the not-distant future, but a gallon of gas and a happy meal will each cost around $25.

  44. gary says:

    QE III – The Return of the Return of the Bernank:

    “It is amazing but it seems that people are just going to invest when the Fed is going to stand behind and backstops them,” says Paul Schatz, President of Heritage Capital”

    Like most investors, Schatz is of the mind that it’s not a matter of ”if” but “when” it’s going to act, and has been calling for multiple QE’s since the first one was floated in 2008.

    “We’re well on our way to a $5 trillion Fed balance sheet,” he says.

    All I know is I better get a f*cking pony.

  45. Comrade Nom Deplume says:

    [30] mike,

    Reportable transactions: coming to a country near you. That trial balloon was recently shot down but expect it to return.

  46. A.West says:

    Tic Tac Toe, three in a row. Houses for sale in my development neighborhood. 17, 19, and 21 Linvale Lane in Bridgewater, all with for sale signs up next to one another. And there’s one more just a genuine stone’s throw away. All looking for more than $800k, except the biggest one which seems to want over $950k.

    I suspect they will probably all have to close at about $100k under current asks.

  47. The Original NJ Expat says:

    Finished banging in my $22.5K 401k contribution for this year. Time to take another loan out and buy some more physical.

  48. The Original NJ Expat says:

    46 – A. West – Check out the turnover on Forest View Drive in Peapack-Gladstone. About 10 houses all built about 1993, IIRC. They used to be $1.6-$2.2 million at the peak, now they’re all $1.0 million or so and most have turned over in the last 18 months (some straight sales, at least one foreclosure), most of these families had equity. The good news, I guess, is that their taxes have gone down about 4 years in a row now, from above $25K to some below $20K now. Bargain!

  49. Fabius Maximus says:

    Not much time for posting this week. I bought my kid a box of 2008 UpperDeck trading cards from the clearance rack and came across this gem.

    http://www.flickr.com/photos/77232795@N08/6926664550/

  50. moose (33)-

    Nice to see you refilled your script for smart pills.

  51. mikey (35)-

    Yelena is some bucket shop shill.

  52. gary (37)-

    The best tell on how things really are is that the garbage/waste disposal business is sucking ass. Nobody is doing anything from which you get garbage as a byproduct. People are also saving/hoarding more stuff, too.

    Those are the numbers that don’t lie.

  53. Fabius Maximus says:

    Moose “You probably also dispute Pythagoras, Euchlid, and Newton ”

    The biggest difference is that unlike Laughing Boy, their theories were proved correct.

    Q.E.D.

  54. Mikeinwaiting says:

    Nom 45 do not doubt it for a minute, pigs at the trough.

  55. expat (48)-

    There are more people in that area who are hurting than anyone can imagine.

    Just down the road at Gill St Bernards, they will take any kid with a pulse whose parents can pony up even half the tuition.

  56. Wonder how much bad paper Hudson City & Peapack-Gladstone Bank are holding just in northern Somerset and Mendham/Chatham…

  57. Interesting to see families with 2 Range Rovers, 450 SL, etc shopping at consignment stores and living on ramen.

  58. NJGator says:

    Montclair is poised to approve an Assisted Living Facility and the loss of 80 parking spaces for the Central Business District.

    http://www.baristanet.com/2012/04/africk-trying-to-put-brakes-on-assisted-living-project/

    http://www.baristanet.com/2012/04/tonight-council-proposes-assisted-living-community/

  59. Mikeinwaiting says:

    Gator on the up side they will not be sending any kids to school. Businesses with apartment rentals on top would.

  60. gary says:

    Meat [57],

    They could sell the Range Rover and 450 SL but I know that will severely damage their image which, we all know is not an option. The other question is if they decide to sell their prestige vehicles, who the f*ck is going to buy them? In other words, “Sell? Sell to whom?”

  61. Mikeinwaiting says:

    Gary 60 sell, you mean default on leases.

  62. Juice Box says:

    Argentina is nationalizing Repsol assets after a large oil and gas find, that is going to hurt the recovery in Spain. Does Spain still have a Navy?

    The Argentine newspaper, Clarín, and DyN news agency have reported that Cristina Fernández de Kirchner, President of Argentina, is to send a project to her National Congress to nationalise YPF, the subsidiary of the Spanish multinational company, Repsol.

    It comes after Repsol announced a large find of hydrocarbons in Vaca Muerta last February. They said that the petrol and gas production capacity of Argentina could be doubled in ten years by the find.

    The report says that the text sent by the Argentine Government declares a public interest in 50.01% of the class B shares of the petrol company. It also includes the sacking of the current board, and says that the provinces with petrol and private shareholders will replace them.

    The Chairman of Repsol, Antonio Brufau, met with the Argentine Planning Minister, Julio de Vido, just hours before the reports emerged.

    Spanish Industry Minister, José Manuel Soria, has warned Argentina that ‘if in any part of the world there are hostile gestures against these interests, the Spanish Government will interpret them as gestures of hostility to Spain and the Government’.

    Six Argentine provinces have already withdrawn their exploration licences claiming that investment from the Spanish company is too small. Repsol has announced that it would be investing 15 billion pesos, some 2.6 billion €, in Argentina this year.

    YPF shares have rallied more than 7% on the Buenos Aires stock market following the news. Repsol has been trading down in Madrid today.

    The Spanish Foreign Minister has, today Friday, called the Argentine Ambassador, Carlos Bettini for talks at 1pm. Present at the meeting, the Minister for Foreign Affairs and Cooperation, José Manuel García Maragllo, and the Secretary of State for Latin America, Jesús García.

    The Secretary of State for the European Union, Iñigo Méndez de Vigo, has warned the Argentine Government that ‘breaking the rules of the game has a cost, and Argentina is going to become an international outcast.

    Repsol have said they have not been notified of the news. YPF cost them 13 billion €, and supplies half the production and crude reserves. It has launched Repsol to the summit of the oil business, and brings in a third of the gross profit of the company.

  63. gary says:

    Mikeinwaiting [61],

    LOL! You’re right! How silly of me to assume! :)

  64. NJGator says:

    But Mike – they’re not going to get any business in the central district out of this either. The 80 year old grannies are not going to be shopping at Anthropologie or walking to Raymond’s with their walkers. The underpaid staff won’t be shopping or eating anywhere on Church Street either. And well the families might not come a visiting as often either if they have no place to park. If they want residential without kids they should have an AA 55+ community…not a $10,000/month nursing home.

  65. Mikeinwaiting says:

    Gator 64 yes a 55+ that would be better.

  66. gary says:

    Juice – That link is blocked here at work? lol!

    I’ll check it out at home.

  67. Juice Box says:

    re # 69 – Think red stapler….

  68. When I think red stapler, I imagine that I’m using it to attach a note to Gluteus’ forehead.

  69. See you in Champions League, Glute.

  70. Fabius Maximus says:

    #72

    Well the Gooners will be there, you’ll be in the Europa league.

    Five to play and you have City, Chelsea and Everton to go through. Add in your bad GD and you won’t get a sniff of the 4th slot.

  71. Comrade Nom Deplume says:

    [72] meat,

    Bit early to be calling out glute, isn’t it?

  72. 3B says:

    #62 Juice:Does Spain still have a Navy?

    The Nina, Pinta, and Santa Maria!!

  73. glute (73)-

    Champions League. I hope we get you wankers in group play.

  74. Best of all, Van Persie will be in Madrid next year.

  75. NJGator says:

    A retiring German public employee thought it’d be a good idea to email his 500 coworkers and let them all know he had been paid to do nothing for the last 14 years. “Since 1998, I was only present but not really there. So I’m going so well prepared to retire,” the former public employee wrote in his farewell letter. He also made sure to mention that during all those years he did nothing, the city of Mendon (in the German state of North Rhine-Westphalia) paid him about $975,000. The retiree says that because of constant reshuffling at his job, he managed to get away with never having to work. Of course, according to Die Welt, he never mentioned any of this to his supervisors while, you know, he was being paid. Naturally, many people, most especially the mayor of Mendon, are furious (or in a “considerable pinch of rage,” as the mayor puts it) over the letter. “This kind of behaviour is very telling,” the mayor said, according to the Local. The retiree wasn’t expecting the farewell letter to get the type of attention it has received from the German press. So instead of it being a satisfying Johnny Paycheck moment, he has managed to tick off an entire county. “The 65-year-old thought he had had the last word before heading out of the office door for the last time — except his email was leaked to the regional media and he is now the focus of some attention,” the Local report adds. “I do not wish to say anything else,” he told his local paper. “That email was not intended for public view.” Well, that public money wasn’t intended to be wasted, so let’s call it even.

    http://news.yahoo.com/retiring-public-employee-500-colleagues-haven-t-worked-062017618.html

  76. Sure that wasn’t the PR of Montklair, Gator?

  77. Here’s an especially hopeful story.

    “In yet another sad reflection on the state of the Schrodinger-economy, USA Today notes that over 200,000 households will use their tax rebate this year to pay for (drum roll please) a bankruptcy filing and associated legal fees.”

    http://www.zerohedge.com/news/americans-cant-wait-their-tax-refunds-immediately-file-bankruptcy

  78. Fabius Maximus says:

    #78 Clot

    The bookies must be going broke offering 4-1 on the toon.
    http://www.oddschecker.com/football/english/premier-league/top-4-finish/best-odds/

  79. Comrade Nom Deplume says:

    Watched Martin Bashir just now. He suggested in unequivocal terms that Romney was a tax cheat for having offshore accounts. Did not use the actual term “tax cheat” but his choice of language leads to no other conclusion.

    So much for truthiness at MSNBC. But then, he isn’t a reporter so I guess it doesn’t matter.

  80. Comrade Nom Deplume says:

    [83] fabius,

    Don’t interpret my recognition of the odds as any lessening of my hope that the Gooners go down in flames.

  81. Comrade Nom Deplume says:

    [80] gator,

    SEIU wants to erect a statue of this German in Trenton.

  82. Juice Box says:

    Nom – He reported only 2k in interest income on his money that was in a Swiss Bank account, which may mean he kept millions there for perhaps a day or two before sending it off somewhere else.

    I know it is your stock and trade and all but it is fishy enough for you to go at least hummmmm, kind of like Barry’s college transcripts. What are they hiding?

  83. joyce says:

    Fabius,

    Does the Governor of NY have the authority to issue orders, without legislation behind it, to set up something such as that?

    Does the Governor of NY have the authority to issue orders, without legislation behind it, to set up anything?

    I was under the impression the executive branch was to only initiate, enforce, or uphold bills that were passed by the legislative branch.

  84. Nicholas says:

    If you were to obtain a security clearance they would be very interested in your foreign investments and transactions and require full disclosure. A country could put undue pressure on you by holding your assets making you subject to blackmail or coersion. Why is this different for the president of the United States? I am very concerned that Romney would not have the best interest of the US at heart when making decisions about the direction of the company when the vast majority of his families wealth is overseas.

    I think this will be a serious point of contention for me going into the election.

  85. Nicholas says:

    Joyce,

    Judicial
    Executive
    Legislative

    Executive has the power to put things to action.
    Legislative has the power of the purse strings.
    Judicial has the power of enforcement.

    The executive can decide to do something and the legislative has the power to not fund the project. The legislative can provide funding for something and the executive has the power to not spend it. The cops and courts have the power to compel or not compel (through inaction).

    The Governor can enact the exchange but that doesn’t mean that he has any money to keep it going. He probably has some executive slush fund that he can pull from but that will quickly dwindle. I’m not exactly sure how the state gov works in NJ but generally wherever I have gone the balance of power between the three arms of gov has stayed the same.

  86. Nicholas says:

    Direction of the company should read “direction of the United States”.

  87. joyce says:

    90

    Nicholas

    The executive branch carrys into action what the legislature passes.

    All legislative authority is with the congress (at all levels of govt). If a regulation, action, or order by the executive carrys the force of law… it’s unconstitutional because the legislature did not pass it.

  88. joyce says:

    To think the legislative branch (think: legislation… laws) only has the ‘power of the purse’ is wrong.

  89. Ugh I’m so disgusted with these banks and their unlawful foreclosures, it gives all of us bad reps in the banking industry

  90. The Original NJ ExPat says:

    Man-oh-Man. Wish I was bright enough to think of Dell Studio Battery as my handle, that’s excellent.

  91. Juice Box says:

    Nowhere in the MSM, what got Julius Caesar killed , the cancellation of debt just occurred in Iceland. Apparently 50% cram down.

    http://www.youtube.com/watch?v=uyxzg58JkYI&feature=player_embedded

  92. Brian says:

    Not that this should come as a surprise to anyone here:

    Flood of foreclosures to hit the housing market

    http://cnnmoney.mobi/primary/wk_article?articleId=urn:newsml:CNNMoney.com:20120413:foreclosures:1&category=cnnm_business&pagesize=10

  93. box (98)-

    Spain should know how this is done. Gotta jump ugly with the Argentines, while at the same time whipping up nationalist frenzy at home.

    That should provide an excellent diversion from their 51% unemployment and imminent sovereign default.

  94. Mikeinwaiting says:

    Meat it is perfect for them. Now if they only they where capable of landing troops they could get all that unemployed youth off the streets.

  95. Comrade Nom Deplume says:

    [87] juice,

    Not at all. He declared the accounts and the income and paid tax on it. From my perspective, there isn’t a hint of misdealing or evasion when you do that. And I defy anyone to show me where the illegality is.

    Yellow journalism shouldn’t be tolerated just because you agree with the messenger’s politics.

  96. Comrade Nom Deplume says:

    This has been foreseeable for decades, and I predict the demise of the USPS as we know it (really, it already is half dead) will provoke a new wave of soul-searching and neo-Ludditeism in this country.

    http://news.yahoo.com/half-u-mail-facilities-no-longer-needed-study-154516374–abc-news-topstories.html

  97. Comrade Nom Deplume says:

    [92] Joyce

    “If a regulation, action, or order by the executive carrys the force of law… it’s unconstitutional because the legislature did not pass it.”

    Not that simple, actually.

  98. Comrade Nom Deplume says:

    [89] Nicholas,

    “I am very concerned that Romney would not have the best interest of the US at heart when making decisions about the direction of the company when the vast majority of his families wealth is overseas.”

    A few points:

    1. I understand that the accounts represent a small portion of the family’s wealth. I am open to correction on that.

    2. If in trust, it isn’t really his, its’ the trustees.

    3. That is a valid point if we ever go to war with Switzerland or the Cayman Islands.

    4. It kinda sounds like the Kennedy-Catholic issue.

  99. Comrade Nom Deplume says:

    [82] meat,

    “200,000 households will use their tax rebate this year to pay for (drum roll please) a bankruptcy filing and associated legal fees.”

    I spent the day Thursday in the Taxpayer Assistance Center in Newark. Lots of taxpayers there requesting copies of their tax transcripts.

    Only two purposes I can think of for inner city residents to be getting tax transcripts: Proof of tax filings for getting a mortgage, and proof of 4 years tax filing as required by the bankruptcy code.

    One guess as to which one is the more likely event.

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