March Existing Home Sales

From Bloomberg:

U.S. Existing-Home Sales Probably Rose

Sales of previously owned U.S. homes probably increased in March as a drop in mortgage rates propelled demand to its strongest quarter in almost two years.

Purchases climbed 0.7 percent to a 4.62 million annual rate from 4.59 million in February, according to the median estimate of 72 economists in a Bloomberg News survey. Sales in the first three months of the year would average 4.61 million at an annual pace, the best since April through June 2010. Jobless claims declined last week, other data may show.

An improved labor market, mortgage rates near historic lows and cheaper properties are shoring up an industry that’s been the economy’s soft spot. At the same time, further progress in residential real estate is being challenged by distressed properties and the threat of more foreclosures.

“Better jobs, better income, better affordability and lower mortgage rates mean you will sell more homes,” said Stuart Hoffman, chief economist of PNC Financial Services Group in Pittsburgh.

The National Association of Realtors’ data are due at 10 a.m. in Washington. Economists’ estimates range from 4.5 million to 4.75 million.

Existing-home sales, tabulated when a contract closes, climbed to 4.26 million last year, from 4.19 million in 2010. Demand peaked at 7.1 million in 2005 during the housing boom. In 2008, sales totaled 4.1 million, the least since 1995.

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

154 Responses to March Existing Home Sales

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    From the Philly Inquirer:

    Continuing modest economic recovery seen for New Jersey

    New Jersey should expect to add 48,000 jobs this year, led by the construction and service sectors, as it continues its postrecession recovery, economists at Rutgers University said Wednesday.

    While the Garden State’s economy has “definitely” come out of the recession, continuing problems in the U.S. and global economies, including rising oil prices, the federal budget deficit, and the housing downturn, will keep the state’s comeback modest, said Nancy H. Mantell, director of the Rutgers Economic Advisory Service.

    “The economy is really growing this year, but we won’t get back to as many jobs as it had at the peak of early 2008 until 2016,” she told the semiannual R/ECON conference. “We believe the pace of recovery and expansion in the state, as well as the nation, in this business cycle will remain modest.”

    New Jersey’s unemployment rate has dropped from 9.3 percent last year to currently 9 percent, higher than the national rate of 8.2 percent.

    Mantell said New Jersey’s unemployment rate should drop to 8.6 percent by the end of 2012, in part because of expected growth in casino employment in South Jersey.

    She cited the opening of new casinos in Atlantic City, including the $2.4 billion Revel, as well as others on the drawing board, as fueling job growth for that area.

    Mantell forecast that southern New Jersey would record a 1 percent average annual job growth from 2010 to 2021, compared with an average annual decrease of 3.1 percent for the region from 2007 to 2010.

    All sectors of New Jersey’s economy, except manufacturing and information should record growth, she said in her presentation. She said construction and service jobs will see the most growth.

  3. Brian says:

    Mikeinwaiting and 3b,

    On the subject of property tax reductions vs income tax reductions:

    Steve Adubato interviewed Assembly speaker Sheila Oliver this morning. They talked about how an income tax reduction of 10% in NJ would affect people. She says that for a family making $50,000 a year, it would result in an $80 reduction over three years. That doesn’t sound like it would stimulate much of anything.

    That statistic is again stated in this article:

    http://articles.philly.com/2012-04-17/news/31355783_1_property-tax-relief-property-tax-rebates-property-tax-system

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

    gets them a 1/2 a tank of gas in their bloated SUV they should have never bought.

    some economy

  5. Grim says:

    How much in taxes is a family making 50k in NJ actually paying?

  6. gary says:

    All sectors of New Jersey’s economy, except manufacturing and information should record growth, she said in her presentation. She said construction and service jobs will see the most growth.

    Would anyone care to define “information” in the statement above?

  7. Brian says:

    5 –

    I’m all for tax cuts. I understand that sometimes economists theorize that cuts sometimes generate more economic activity and can therefore actually increase overall revenues but, c’mon $80?

    I know I’m biased because I’m a homeowner (er mortgage bagholder…whatever), but it doesn’t seem like the best way to help people.

  8. JJ says:

    People like Mitt Romey want to greatly reduce tax rates. But remember, deductions for State and Local Income taxes, Property Taxes, Mortgage Interest Deduction, 401ks/IRAs and employer sponsored Health Insurance must go. Plus everyone should pay. Maybe have a rate that runs from 5% to 25% but no deductions.

    Brian says:
    April 19, 2012 at 8:40 am

    5 –

    I’m all for tax cuts. I understand that sometimes economists theorize that cuts sometimes generate more economic activity and can therefore actually increase overall revenues but, c’mon $80?

    I know I’m biased because I’m a homeowner (er mortgage bagholder…whatever), but it doesn’t seem like the best way to help people.

  9. Brian says:

    I know that if I had an extra $80 I would immediately drive to Atlantic City and spend it in one of the casinos!

    Although, Sands in Bethlehem, PA is a bit closer….

  10. A.West says:

    Keep in mind that income that people earn is theirs by right. A move in state income taxes from 10% to 8% isn’t “giving” anyone anything. It’s taking less away from them.
    We already saw what happens when the state relieves voters of the trouble of keeping an eye on their local spending and property tax. As long as people think their property tax will be rebated by the state, they say, go ahead and build those bike paths, pay our teachers and municipal workers all you want.

    The hidden cost of high income taxes are all of the companies that never arrive in NJ because they see that it’s a high cost, high tax, highly regulated destination. So people intending to make a million per year, start a business, and hire people, tend not to locate in NJ. And you end up with NJ looking like Greece.

  11. Brian says:

    10 –

    That is a concern. I think the dem’s plan would be to pay for the property tax cut by increasing taxes on millionaires and redirecting the money.

    When they do that it starts looking more like a transfer payment than a tax reduction.

  12. seif says:

    on a RE note:

    I am seeing tons of listings popping up over the last few weeks in the Bergen County towns I watch. I am also seeing a lot that are listed at the same or a premium to where they were bought in the last 5 years. There are a few that close early May to June and I am very anxious to see where they trade.

    A co-worker of mine says there are more listings in his town than he has ever seen and he is a bit stunned by some of the offer prices he is seeing…he is an owner and said “looks like i’m taking a bath on my house.” I am stunned that he was either clueless that prices have dropped quite a bit or maybe he suffers from ‘i know RE is down but my house/town is different’ syndrome.

  13. 3B says:

    JJ: I am all for tax reform too, and I agree for real tax reform everything must be on the table. The problem is everybody wants somebody else to pay for it. If there is going to be pain, then the pain has to be shared by all.

  14. NJGator says:

    Gary – You’ve got mail from Stu…

  15. Juice Box says:

    re#12 “there are more listings in his town than he has ever seen”

    Short memory perhaps every crap shack in NJ had a for-sale sign back in 2006 with a mid 6 figure price tag.

  16. 3B says:

    12 seif: Below is a 2 bedroom house that sold in Sept of 2003, for 350K, on the market now for a few weeks asking 359k. 10k property taxes. Blue ribbony Bergen train town.

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1208926&dayssince=&countysearch=false

  17. gary says:

    seif [12],

    Is it that these people are trying to get out without having to come to the closing table with a check? Are sellers starting to see the handwriting on the wall and think they’re early enough to escape? Are they trying to recoup as much as possible? What are some of the towns you are looking at? Another possibility is that these sellers know what’s happening but are trying to “hook” a buyer. Or, maybe they are just totally clueless and think it’s “different” here.

  18. Dissident HEHEHE says:

    At home sick today, allergies migrated to full on sinus/respiratory infection. Write me some tales of some of you past escapades JJ. I need the entertainment until my doctors appointment this afternoon.

  19. 3B says:

    #12 seif:Another one below. One of the nicest blocks in town 4 bedroom 2 bath house. Sold in May of 2004 at 519K. Just came on at 500k, taxes 12k a year.

    http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1213956&dayssince=&countysearch=false

  20. gary says:

    NJGator,

    I’ll check as soon as I get home this evening. I don’t have access from work. :)

  21. 3B says:

    #17 gary:Or, maybe they are just totally clueless and think it’s “different” here.

    Some of them really are totally clueless, and live in a bubble, and not just on real estate. I am shocked that some people have made it into their 40′s and older and are as dumb as sh@t!!! Then when something hits them in the face, like Gee who knew college was so expensive, they cry!!!!

  22. Juice Box says:

    3B – tax reform, I remember when Ginrich promised with his Contract for America that you could do your taxes on and index card, that was 1994.

    Politicans are going to promise, promise, promise and none will deliver tax reform. None will deliver anything. There is no political will do any of this, just like having voters show ID on election day, it is never going to happen.

  23. 3B says:

    #22 Juice: Agreed all around. It is just the fact that so many Americans continue to believe them, whatever their political persuasion.

  24. Juice Box says:

    Need more coffee this morning….I feel like Meh, perhaps it is the allergies or all of the Cabernet I drank last night.

  25. seif says:

    I watch Norwood, Closter, Tenafly, Demarest, Old Tappan.

    My feeling is that these people who are listing now see the writing on the wall and want to get out before it gets worse…many probably have the kids grown and moved out and others bought off more than they can chew.

    I said to my co-worker “wait until a couple of empty-nesters get low ball offers and realize that they are not gonna get what they think. Then they say ‘we just want out…faq it’ and take the $825K offer (plenty for them to enjoy their new $125K condo home in FLA) they actually got instead of the $950K they listed at and were hoping for. Then the rest of the neighbors are left in shock and the prices readjust from there.”

    At least that is how I see it going down.

  26. gary says:

    3B [21],

    Now, when I look at listings and see taxes under 10K per year, I wonder what the new taxes really are. It’s amazing, a monthly tax bill is as much as the mortgage payment and yet, it rarely seems to be mentioned when discussing RE transactions in our area. People should be storming with pitch forks and yet, they seem to have an “oh well” attitude. I really see prices dropping substantially more and feel like this is still just the beginning. Just imagine what property taxes will look like in 5 years from now. What “middle class” family is going to be able to afford to buy anything?

  27. gary says:

    seif [26],

    Thanks… good analysis.

  28. chicagofinance says:

    I used to follow the NHL, but now not so much. How ever, here is the latest and greatest…..I think it is good…..
    http://www.youtube.com/watch?v=Uuv36SNZApU

  29. Juice Box says:

    re: # 24- 3B – Question was posted Sunday to Treasury Secretary Geithner about tax reform, he talked about reforming corp taxes and basically skirted the question by saying only Congress can reform the tax code, and then complained about the politics of the deficit ceiling as he stumped for Obama on all of the Sunday morning talk shows.
    He knows a make or break Obama re-election debate is only few months away as Congress will deny him an increase in the deficit ceiling and the government might even shut down.

    Geithner’s cognitive dissonance can been seen on his face as he has to simultaneous carry water for out of control spending, unsustainable deficits, print and borrow while talking up tax reforms, no wonder his is floating his own exit strategy for the end of the year.

    Here is a nice little video of Congress asking him how much? As in how many more trillions do we need to borrow.

    “Geithner is questioned on how much we may have to raise our national debt ceiling $20 trillion $50 trillion?”

    Watch his reaction as his Neo-Keynesian mask is revealed.

    http://www.youtube.com/watch?v=UFJca11j4A0

    The should change all of the signs at the Airports to say this.

    http://t3.gstatic.com/images?q=tbn:ANd9GcQkB0JQMTyaJd5LPOQNbEzR8EPVojXtfCD8qh9swGzP4SM-AhRyQw

  30. Brass Balls says:

    There is a doctor in Greenwich Village who can bang that mucus right out of you.

    Dissident HEHEHE says:
    April 19, 2012 at 9:11 am
    At home sick today, allergies migrated to full on sinus/respiratory infection. Write me some tales of some of you past escapades JJ. I need the entertainment until my doctors appointment this afternoon.

  31. 3B says:

    #27 gary: I agree, property taxes in the land of the Unicorn have increased over 60% in 8 years (much of it as you know from me always going on about it from self inflicted out of control spending by residents) As far as RE people now finally seem to be waking up and many are really concerned; however it is too late.

    When I look at listings now, the first thing I look at is property taxes. Anything 10k and under and I am pleasantly surprised.

    Throw in demographics and I too think prices will continue to fall. I know alot of young people from 22 to 30, many are still getting on their feet job wise, and others have no intention of marrying or starting a family any time soon.

    When I was 27 I was married, house, and a kid. And so were most of my friends. Those days are over.

  32. B says:

    #30 Juice: I have never seen anyone look as uncomfortable as Geithner when he gives a speech. That is what happens when you don’t believe a word you are saying.

  33. Shore Guy says:

    And houses?

    http://online.wsj.com/article/SB10001424052702304818404577350030559887086.html

    To Pay Off Loans, Grads Put Off Marriage, Children

    Between the ages of 18 and 22, Jodi Romine took out $74,000 in student loans to help finance her business-management degree at Kent State University in Ohio. What seemed like a good investment will delay her career, her marriage and decision to have children.

    Ms. Romine’s $900-a-month loan payments eat up 60% of the paycheck she earns as a bank teller in Beaufort, S.C., the best job she could get after graduating in 2008. Her fiancé Dean Hawkins, 31, spends 40% of his paycheck on student loans. They each work more than 60 hours a week. He teaches as well as coaches high-school baseball and football teams, studies in a full-time master’s degree program, and moonlights weekends as a server at a restaurant. Ms. Romine, now 26, also works a second job, as a waitress. She is making all her loan payments on time.

    They can’t buy a house, visit their families in Ohio as often as they would like or spend money on dates. Plans to marry or have children are on hold, says Ms. Romine. “I’m just looking for some way to manage my finances.”

    High school’s Class of 2012 is getting ready for college, with students in their late teens and early 20s facing one of the biggest financial decisions they will ever make.

    Total U.S. student-loan debt outstanding topped $1 trillion last year, according to the federal Consumer Financial Protection Bureau, and it continues to rise as current students borrow more and past students fall behind on payments. Moody’s Investors Service says borrowers with private student loans are defaulting or falling behind on payments at twice prerecession rates.

    snip

  34. gary says:

    Ms. Romine’s $900-a-month loan payments eat up 60% of the paycheck she earns as a bank teller in Beaufort, S.C., the best job she could get after graduating in 2008.

    She should move to the NJ/NY metro area where everything commands top dollar. We’re exempt here.

  35. JJ says:

    The last thing a 27 year old today would want is a wife, house and a kid. When I was 27 I had a junior job, started my MBA part-time, moved back home, had a junky job, and went out to Hamptons, Skiing, chasing Girls and Happy Hours. At best if I married, and yes I had a GF who wanted to marry me who I broke up with the best I could afford was a basement apt in Astoria, I could not imagine me in a dumpy small Queens apt with a pregant wife while all my friends were off having fun. At 29 I did buy a coop and move out and got engaged at 35 and finally bought a house at 37.

    If I got married younger, I would not have finished MBA, would not have had summer houses, vacationed, met celebs, nor would I be rich. Married life with kids is an anchor for a 24-34 year old person. How can he work late, go to bars for happy hours, network at work, do his MBA, that time of life is for fun. Most people today only seem to have two kids. If you are only planning on having 1-2 kids and are a man really no point of getting married till you are almost 40. The younger folks who marry seem to live the DINK lifestyle for many years and dont pump out their 1-2 kids till their mid-thirties anyhow.

    Families are a drain. I just got back from Bahamas, last time I was there was 25 years ago. I would have shot myself in head by day two if I went 25 years ago with a wife and three kids, the expense, the whining and inability to go to clubs or get drunk or even lay in lounge chair and relax would have been horrible. When I went 25 years ago we got a liberty travel super saver package, jammed four guys in one room, shared cab and cost almost nothing which left money for partying. This time I paid for five flights, two hotel rooms and did not get to disco, bars or casino at all.

    Please do not wish marriage upon anybody before 30 it is a huge mistake. Mens brains barely work until they are almost 40,.

    3B says:
    April 19, 2012 at 9:49 am

    #27 gary: I agree, property taxes in the land of the Unicorn have increased over 60% in 8 years (much of it as you know from me always going on about it from self inflicted out of control spending by residents) As far as RE people now finally seem to be waking up and many are really concerned; however it is too late.

    When I look at listings now, the first thing I look at is property taxes. Anything 10k and under and I am pleasantly surprised.

    Throw in demographics and I too think prices will continue to fall. I know alot of young people from 22 to 30, many are still getting on their feet job wise, and others have no intention of marrying or starting a family any time soon.

    When I was 27 I was married, house, and a kid. And so were most of my friends. Those days are over

  36. JJ says:

    She is fat, ugly, tattoed, engaged, renting an apt and her fiance is in a dead end job too with student loans and she went to a second tier school.

    If she was in shape, single, non-tattoed went to a better school and moved to NYC or moved home after graduation the $900 bucks a month would not be a big deal. Fat, Stupid and Ugly is no way to go through life.

    gary says:
    April 19, 2012 at 10:20 am

    Ms. Romine’s $900-a-month loan payments eat up 60% of the paycheck she earns as a bank teller in Beaufort, S.C., the best job she could get after graduating in 2008.

    She should move to the NJ/NY metro area where everything commands top dollar. We’re exempt here.

  37. B says:

    #37 JJ: I did all that you did and more and still got married , bought a house and had a kid at 27. I have probably been to Europe more times than you have been to the Hampton’s, which I did too, Boardy Barn, Belmar, the Catskills all the party places back in the 80′s. Did my best grad school work on the number 6 train. The Post House, Il Mileno, La Cote Basque, Peter Lugar’s,. Tickest to very any game I wanted Broadway Shows Golf , did it all. Did not miss a beat!!!!

    I cannot help if I was able to pack in more than you did. And I worked at GS back when it was a partnership and fun!!!! Just stashed the money baby!!!. Now the kids are almost done (college etc.), and I can do what I want!!!! To each his own!!!

  38. B says:

    #39 3b That is!!!

  39. Brass Balls says:

    Sales of previously owned U.S. homes in March unexpectedly fell for the third time in the last four months, showing an uneven recovery in the housing market.

    Must have been the good weather.

  40. Brass Balls says:

    How many kids do you have. Only regret I have about getting married later is I wanted a fourth kid and ran out of time. I personally dont see point of traveling and going to Hamptons with a wife or GF. Ants to a picnic type thing. “Broadway Shows, Fancy Restaurnats and Golf” when you were single? WTF. I have never in my entire life played 18 holes of Golf, it is expensive, takes up time and I cant get laid doing it. The only thing my white balls were getting hit against was a nice lady cave fish fry.

    B says:
    April 19, 2012 at 10:37 am
    #37 JJ: I did all that you did and more and still got married , bought a house and had a kid at 27. I have probably been to Europe more times than you have been to the Hampton’s, which I did too, Boardy Barn, Belmar, the Catskills all the party places back in the 80′s. Did my best grad school work on the number 6 train. The Post House, Il Mileno, La Cote Basque, Peter Lugar’s,. Tickest to very any game I wanted Broadway Shows Golf , did it all. Did not miss a beat!!!!

    I cannot help if I was able to pack in more than you did. And I worked at GS back when it was a partnership and fun!!!! Just stashed the money baby!!!. Now the kids are almost done (college etc.), and I can do what I want!!!! To each his own!!!

  41. AG says:

    Some people, like myself, actually like my kids. If you are good at what you do word spreads quickly and the money follows. Real men work for themselves. Networking and sucking the bosses d-ck is best left to women. Not men.

  42. 3B says:

    #43 I have Never payed for golf, and Hamptons and all the rest was before getting married. Golf, games and Broadway, all part of the wining and dining that was part of the landscape back in the day. As you know the drinking age at one time was 18, so you should know as a Bronx boy that meant 16!!!

  43. Jill says:

    Shore #35: I fail to understand why this means they can’t marry. Maybe they can’t afford the $35,000 Bridezilla Extravaganza, but they could have a dozen people at mom & dad’s for brunch and be just as married.

    I believe wholeheartedly that the success of the marriage is INVERSELY proportional to the amount spent on the wedding.

  44. seif says:

    43 – JJ, I used to play golf with B; we never paid for a round and we always had 2 girls in the cart and two more at every other hole (insert your own joke there). When you are as rich as us the exclusive golf clubs will let you get away with anything…and often provide it.

  45. Shore Guy says:

    “I believe wholeheartedly that the success of the marriage is INVERSELY proportional to the amount spent on the wedding.”

    Agreed. Many seem to forget that what matters is the marriage not the wedding or the party after.

  46. chicagofinance says:

    “lady cave fish fry” for JJ a throwaway line….for me pure gold….

  47. Fabius Maximus says:

    I am with JJ on this, kids are better later in life. While its nice that your kids are coming out of college, I like that I am now fairly settled and secure with enough disposable income to really enjoy life with my kids.

    I have a bunch of work friends that partied around the world with me. We all got married in our 30s. All are now married for 10+ years and are going strong. 27 without kids gave me an unbelievable freedom. While I was still on a grunt pay scale. I lived in company provided accommodation, I had a nice per Diem and a flight allowance to in theory fly home every two weeks. As I was single and unattached, and didn’t have a permanent base, it was where are we flying this weekend to party. We got to star in our own version of the Hangover twice a month.

  48. chicagofinance says:

    jj: would you go to this? or is it a waste of time?
    http://img.en25.com/Web/StandardandPoors/Muni%20Forum%20Agenda_6016.pdf

  49. Anon E. Moose says:

    3B [32];

    When I was 27 I was married, house, and a kid. And so were most of my friends. Those days are over.

    For the people living on the coasts, they sure are (kind of like having more than 1 — or at most 2 — kid(s), discussed yesterday) . However, in the rest of America that is not (for lack of a better descriptor) Urban/Blue — i.e., where $50k makes one middle class, as compared to $100k on the coasts — getting married and starting a family in ones 20′s is still possible, probable, even fashionable.

    On the coasts where there are so many more applicants than jobs, employers can afford to pick the ivy league graduates for mail room jobs, thus a $200k pedigree becomes the de facto ticket to entry, regardless of the inherent value of the underlying education. In middle America, comparatively speaking, you are more likely to get a decent paying job with a State U. degree.

    I highly recommend Karlgaard’s “Life 2.0″, andparticularly the discussion of the urban surcharge.

  50. gary says:

    “There are signs of pent up demand,” Yun said during a press conference. “People are very hesitant to enter the market because of price declines.” A stabilization in prices would bring first-time buyers into the market, allowing current owners to move up in the market, he said.

    Yun added ” “I think we are very near to the end of the housing downturn,” Yun said.

    - Lawrence Yun, July 2008

  51. gary says:

    “With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year,” Lawrence Yun said.

    Is this guy a f*cking scream, or what?

  52. 3B says:

    #50 Fab: Like I said to each his own. I was well paid in my 20′s and still got to enjoy many things and have the strength and energy to keep up with all of the kids activities. We traveled and saw and did many things.

    I too know people that did the marriage and kid thing later, and it has worked well for them . I know others who waited and they are overwhelmed.

    Worrying about jobs, kids house, college, retirement, all at the same time, can be overwhelming for some. As I said to each his own as to how they choose to structure their lives, and I am not saying one path is better than the other.

    The point of my original post was twofold.

    1. Back in the 80′s lots of people got married and had children in their 20′s. We were the perfect people for the starter houses etc. With more choosing to wait, a large part of that first time home buying segment is gone. That IMO does not bode well for housing in general.

    2 JJ Was not the only one out there having fun!!!

  53. gary says:

    Libtard [54],

    Why wasn’t any of the $878,000,000,000 stimulus money slated to be used for the ARC project? Wouldn’t that be considered a “shovel ready’ endeavor?

  54. gary says:

    3b [56],

    There was a time when college and a starter home was possibly because everything was affordable with a little combo of patience and savings. Now, it’s just one big f*cking smash and grab where everything is so out of reach, the only option is to reboot. Everything now is focused on deception and distraction. Every model that used to work has become useless.

  55. JJ says:

    Funny now with youtube, face book, smartphones, twitter people dont party as much as they used to. The days of sucking face at a company party with the hottie in HR are over as it would all be filmed on some jerks smartphone and up on youtube and facebook in five minutes. I dont think kids have as much fun today.

    Fabius Maximus says:
    April 19, 2012 at 11:33 am

    I am with JJ on this, kids are better later in life. While its nice that your kids are coming out of college, I like that I am now fairly settled and secure with enough disposable income to really enjoy life with my kids.

    I have a bunch of work friends that partied around the world with me. We all got married in our 30s. All are now married for 10+ years and are going strong. 27 without kids gave me an unbelievable freedom. While I was still on a grunt pay scale. I lived in company provided accommodation, I had a nice per Diem and a flight allowance to in theory fly home every two weeks. As I was single and unattached, and didn’t have a permanent base, it was where are we flying this weekend to party. We got to star in our own version of the Hangover twice a month.

  56. JJ says:

    If it is free I might go, I have some stuff with MSRB and I could use some buzz words

    Chicagofinance says:
    April 19, 2012 at 11:34 am

    jj: would you go to this? or is it a waste of time?

  57. 3B says:

    #52 Anon: From what I see. A college degree (regardless of where it came from), is a must in any field today. For the top jobs on Wall St an Ivy League degree used to be a must, not so much in other areas. I was non-Ivy League under grad, Ivy League grad. I received a good education from both.

    Will Wall St continue to attract the Ivy Leagues? A recent WSJ article said Apple, Google, and Facebook etc are considered the new prestige jobs in the world of Ivy League.

    IMO Get the undergrad at a good state school, and the MBA/Law Degree at one of the top tier schools. I am told that if you want to make it in big law today , you have to graduate from one of the top 10 law schools (perhaps Comrade, can discuss more on that).

    At the end of the day however, IMO discipline, hard work, and focus will determine ones success. The college degree is just the ticket in the door.

  58. Shore Guy says:

    Those of you who once lived in fear of ruler-wielding nuns, or could have been put in that position at the whim of your parents, might find this familiar sounding:

    NAR: Today’s first reading comes from the Yun’s Letters to the Gullible:

    “I think we are very near to the end of the housing downturn.”

    All: Thanks be to Yun.

    **************
    NAR: Today’s second reading is from Yun’s Letters to the Oblivious:

    ““There are signs of pent up demand”

    All: Thanks be to Yun.

    ***************
    NAR: May the Yun be with you.
    All: And also with you.
    NAR: A reading from the Holy Gospel according to Yun:

    “People are very hesitant to enter the market because of price declines. A stabilization in prices would bring first-time buyers into the market, allowing current owners to move up in the market.”

    Praise to you, Yun.

  59. Libtard in Union says:

    Gary (57): “Wouldn’t that be considered a “shovel ready’ endeavor?”

    Nope…we had seals to save in SFO and wooden arrows to support.

  60. 3B says:

    #59 JJ I dont think kids have as much fun today.

    I agree 100%!!!

  61. Shore Guy says:

    “The college degree is just the ticket in the door.”

    It is the first filter.

  62. 3B says:

    #58 gary: There was a time when college and a starter home was possibly because everything was affordable with a little combo of patience and savings.

    I agree. And it was not that long ago.

  63. Shore Guy says:

    When the gap between wage inflation (if any) and tuition inflation (seemingly exponential) is growing so wide, why should it be a surprise that college debt is strangling graduates?

  64. JJ says:

    My favorite weekend was the one we went Ryan Mcfaddens Friday night, the Irish Fest up in Hunter Mountain on Saturday then drove to the Hamptons at four am and slept on Neptune beach till 12 noon Sunday till Crazy John the DJ woke us up, partied at Neptunes, went to Bordy Barn and then Eds Bay pub and got home at 11pm Sunday night all without a hotel room.

    A few days later someone told us they saw me at the Irish Fest in the Catskills and another person saw me at Mcfaddens and another saw us at Bordy Barn all on same weekend. I just said Hey it was a busy weekend. Money is not what you need in your 20s, you will have that later. The 20′s is about energy and freedom. The Convertible always had a cold case of what ever was on sale in the trunk every weekend in summer and we knew how to avoid the cover everywhere. I still have a ton of energy. But not the energy to get home at 2am Friday, drive to Catskills at nine am, party till 4am, hit diner and then drive 3.5 hours to Hamptons to get to beach at 7:30am to nap a few hours then drink another 12 hours and go to work the next day. That super energy level is from 18-29.

  65. Shore Guy says:

    When I was 25, I craved having the ability to buy a house. With the benefit of hindsight, were I 25 again, I would not have the slightest interest in owning a house.

  66. 3B says:

    #65 Shore: One final point. IMO to parents today. If you want to do your kid a favor, and prepare them for the real world. Skip some of the tons of year round sports, travel teams etc, music lessons, and all the rest. And have them get a part time job in the summer. It was eye opening for my kids.

    One thing I am amazed at today, is the fact that I see kids well into their 20′s who have never, ever, worked in any capacity at all.

  67. JJ says:

    I think bigger issue is kids think they deserve to go to expensive schools. I talk to kids and tell them community college college is a good deal and SUNY and CUNY is only like 4k a year. But they are like I got a 91 GPA and got accepted to some school that costs 45K so I will just take out loans. Meanwhile their parents in a second would pay 100% of tuition at a cheap school, but they would rather take the 10K they get from Mom and Dad and just borrow another 30K a year. If Mom and Dad got 10K go to a 10K school and be thankful they gave you anything at all.

    Shore Guy says:
    April 19, 2012 at 12:27 pm

    When the gap between wage inflation (if any) and tuition inflation (seemingly exponential) is growing so wide, why should it be a surprise that college debt is strangling graduates?

  68. 3B says:

    #69 JJ We used to drive down from the Catskills to Belmar early Sunday morning partied all night no sleep.

    Ryan Mc Fadden’s bar on 42nd street is still there. If those walls could talk

  69. JJ says:

    Why would you work a part time job in summer. I always worked a full time job in the summer. Two of my kids 11 and 10 are getting jobs this summer. They are too old just to be sitting around. My wife is soft though she is driving them to work. I am like make them walk. Kids should be working full time from day they turn 10 in summers.

    3B says:
    April 19, 2012 at 12:30 pm

    #65 Shore: One final point. IMO to parents today. If you want to do your kid a favor, and prepare them for the real world. Skip some of the tons of year round sports, travel teams etc, music lessons, and all the rest. And have them get a part time job in the summer. It was eye opening for my kids.

    One thing I am amazed at today, is the fact that I see kids well into their 20′s who have never, ever, worked in any capacity at all.

  70. JJ says:

    McFaddens is there. A guy bought their name when owners retired. Elvis is the owner who originally bought it. Story is he tried to buy the name Ryan McFaddens but Ryan was holding out for more money. McFadden already agreed to sell. Elvis said screw it McFaddens is enough renamed place McFaddens from Ryan McFaddens and Ryan screwed himself out of money and his name on the sign.

    3B says:
    April 19, 2012 at 12:34 pm

    #69 JJ We used to drive down from the Catskills to Belmar early Sunday morning partied all night no sleep.

    Ryan Mc Fadden’s bar on 42nd street is still there. If those walls could talk

  71. JJ says:

    Chris Christie fell asleep at a Springsteen concert, funny stuff.

  72. 3B says:

    #72 JJ Kids today cannot take out the loans, mom and dad have to co-sign them. I know some one just finding that out!!!

    The biggest selling point for those schools and there are more than a few in the tri state area, is that they fashion themselves as almost like an Ivy, sort of like and Ivy, close to an Ivy, the ambiance of an Ivy campus.

    There is no such thing as almost. It is either Ivy League or not.

    I know someone who went to one of those, 40k year all on loans by parents. They are now in Grad School in a good state school that is know for their program in this specialty (not a money maker, but the kid has a passion for it). And of course more loans. Ironically though when the kid goes for a job their credential will be from the state school that is known for this particular program not the 40k year undergrad school. Long story short total cost grad/undergrad over 200k. It could have all been done in the state school for half the cost. Makes absolutely no sense.

  73. 3B says:

    #75 JJ Steve Mc Fadden was always a character, but one shrewd guy.

  74. Brian says:

    He wasn’t asleep he was concentrating. He was thinking about how to lower everyones taxes.

    76.JJ says:
    April 19, 2012 at 12:39 pm
    Chris Christie fell asleep at a Springsteen concert, funny stuff.

  75. Shore Guy says:

    The interesting thing about many of the exceptional colleges (or at least exceptional names) is that:

    1) If one is wealthy, price is no barrier to attendance, as one will just cut a check;

    2) if one is poor or from a family that earns less than $100,000, price is no barrier to attendance, as the schools will make need-based grants to fill the gap between what the parents and student have available and the cost of school; however,

    3) if one has assets and a decent income, the schools will basically say “use your home equity, stop making retirement contributions, and spend all your savings.”

    I have been listening to colleagues talking about their trips to colleges and meetings with admissions and financial aid officers and the story is the same. The schools have all but abandoned merit scholarships in favor of need-based scholarships and unless the kid of a person with some means is a National Merit Scholar/finalist, the schools will not give merit aid to their kids.

    Frankly, the states spend a good bit of money on higher education and it is possible to get an excellent education at a state school. In the final analysis, the quality of the education rests more on the student than the institution the student attends; not that being a motivated student with great grades from an Ivy hurts when it comes to grad school admissions or the job search.

  76. 3B says:

    #74 JJ I agree full time, but some might be horrified at that thought. I wanted to go easy. Have your kid work at some low paying job, and they see things in a whole new light, especially after growing up in the sissy suburbs. They see men and women in their 30 and 40′s doing these jobs kids etc. and they are horrified. It is a great motivator.

    Forget about the travel team. Your kid ain’t going pro.

  77. Shore Guy says:

    “There is no such thing as almost. It is either Ivy League or not.”

    The thing about the Ivys is that the names speak for themselves. Having the degree from one of them obviates the need to explain the quality of the school, the department, the degree. An ivy diploma is a self-authenticating document.

  78. 3B says:

    #82 Shore: Correct.

  79. Shore Guy says:

    If one is not attending a state school, I disagree with the advice to work large numbers of hours to earn money. Say one is attending a school that costs $40,000/year in tuition, $10,000 room and board, and another $5,000 in books, fees, etc, one is spending $60,000/year.

    Little Johnnie or Janie should be spending the summer between Jr. and Sophmore year in HS taking two general education classes at a community college. After graduating in June, they should take three classes (one in the first session, and two in the second session, or the other way around). This is the equivalent of one semester as a full-time student. If the next two summers they take two general education classes, they will have all but eliminated a full year of tuition. If they take one class in the evening during the spring semester of their senior year, and take the other classes I suggest, they will have saved themselves $60,000 in school costs, which cost $100,000 in pre-tax earnings. They also enter the workforce a year early; even if they get a first job at $30,000/yr, spending summers taking general education classes will “earn” them $130,000 — far more than they can ever hope to make working over three summers (unless they are John).

  80. POS cape says:

    38 JJ:

    “She is fat, ugly, tattoed…”

    C’mon JJ, you’d have hit it back in the day, don’t lie.

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

    81 3B worked like a charm for me. Working with fat lazy DPW workers for 7 bucks an hour is a great motivator. Hell I worked two jobs 4 days a week in the summer. Went from one right to the other for 4 years junior year of HS straight to Sophmore year of college. It sucked but came out of college with minimal student loan debt. Profligate spending on credit cards was another matter but the lack of student loan debt enabled me to get loans to go to grad school which despite the cost has paid for itself.

  82. chicagofinance says:

    Shhhhh…don’t tell Fab that Lautenberg and Menendez are just as much scum as Christie. Meat is right…they are all against us…..
    http://www.app.com/article/20120418/NJNEWS/304180104/Tables-turned-senator-toll-hearing

    Libtard in Union says:
    April 19, 2012 at 12:06 pm
    Why you can’t trust any rag…

    http://www.politifact.com/new-jersey/statements/2012/apr/19/jennifer-beck/arc-tunnel-project-overruns-would-have-been-new-je/

  83. grim says:

    88 – Blame it on Reagan

  84. 3B says:

    #86 Pain: I worked in the mail room of a law firm on the street. After school in HS, and 30 hours a week in college. Most of the employees were adults, some married with children. Talk about some people mad at the world!!! Best part was Saturday mail delivery. It was assumed to deliver and the sort the mail (from the US Post office) for a large law firm it would take the whole day. It took me 2 to 3 hours. Since it was a Saturday the pay was time and a half. Plus reimbursement of $5.00 for lunch and car fare.

    The other guys did not want it because it was a Saturday. I could choose to do it Sat or Sun, as long as it was all done before 7.00 A.M. Monday morning.In college I would stay out all night, hop the subway down be there at 7 or 8, done in a couple of hours, home before noon.

  85. Brian says:

    I heard that on the radio this morning. Reading it doesn’t do it justice. Lautenburg was blubbering his speech he was so annoyed! It was great!

    87.chicagofinance says:
    April 19, 2012 at 1:14 pm
    Shhhhh…don’t tell Fab that Lautenberg and Menendez are just as much scum as Christie. Meat is right…they are all against us…..
    http://www.app.com/article/20120418/NJNEWS/304180104/Tables-turned-senator-toll-hearing

  86. scribe says:

    http://online.barrons.com/article/SB50001424053111903835404577350331776735096.html?mod=BOL_hps_dc

    Housing Is Bouncing Along the Bottom of an Abyss

    By RANDALL W. FORSYTH
    The Beatles were prescient about today’s U.S. housing market: It’s getting better because it can’t get no worse.

  87. 3B says:

    #87 Lautenberg and Menendez , Dumb and dumber.

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

    3B Try working in an environmental lab after college it was were the unmotivated science degree grads go to die. I was working circles around the older staff in 2weeks manager thanks to attrition in 2 months and took all the overtime i could handle

  89. Comrade Nom Deplume says:

    Listening to an attorney from the US Trustees Office; he says that NJ leads the nation in Chp. 7 bankruptcy filings.

  90. Libtard in Union says:

    Shore (84):

    Great advice. I took a few GE requirements at Middlesex County College. The funny thing was that the course was twice as tough as my average course at the state school. Though, it was nice to be able to complete a course in 4 weeks rather than 4 months.

    I graduated with out receiving aid nor loans, though my folks did cover my first year. It helped that I worked every job I could find on campus that eventually provided a stipend for my room and board. I drove forklifts over breaks and summers for the rest.

  91. Anon E. Moose says:

    Chifi [87];

    Kind of reminds me of the auto bailout hearings: Senators call the CEOs on the carpet for flying in on their private jets to beg for handouts; CEOs say “Yes, senator, I flew in on the same Gulfstream jet that you and I took to Aspen last month…”

  92. Anon E. Moose says:

    File this under Rogers, Will, “Be thankful we don’t get all the government we pay for”

    Obama’s mortgage unit is AWOL
    http://www.nydailynews.com/opinion/obama-mortgage-unit-awol-article-1.1063094

  93. 3B says:

    #96 Lib: You, I and others here all did it. The problem today is the parents don’t want their kids to work as the friends and neighbors will think they are poor. I mean do you really want people saying they saw Lil Gator working in Starbucks or Rite-Aid?

    Ironically when I worked at GS many of the Partners kids had jobs in the summer

  94. Brass Balls says:

    Too bad I was “overqualified” to work at GS. I might have partied with you.

    3B says:
    April 19, 2012 at 1:48 pm
    #96 Lib: You, I and others here all did it. The problem today is the parents don’t want their kids to work as the friends and neighbors will think they are poor. I mean do you really want people saying they saw Lil Gator working in Starbucks or Rite-Aid?

    Ironically when I worked at GS many of the Partners kids had jobs in the summer

  95. 3B says:

    #00 You might have partied with me and neither one of us knew it!!! There were lots of muni firms back then!! Most of them are no longer around.

  96. Brass Balls says:

    “It’s kind of like talking to my dog,” Watkins said of his conversations with folks in Washington. “If [there’s] not a piece of legislation that needs to be resolved this week, they look at you like, why are you here?”

    Watkins said folks in Washington often don’t realize that municipal bonds finance “bricks and sticks” infrastructure projects. Lawmakers often get information from young staffers who have little understanding of the muni market, he said.

  97. Brass Balls says:

    Yet crooked David Lerner is still around’

    3B says:
    April 19, 2012 at 2:06 pm
    #00 You might have partied with me and neither one of us knew it!!! There were lots of muni firms back then!! Most of them are no longer around.

  98. chicagofinance says:

    free

    JJ says:
    April 19, 2012 at 12:19 pm
    If it is free I might go, I have some stuff with MSRB and I could use some buzz words

    Chicagofinance says:
    April 19, 2012 at 11:34 am

    jj: would you go to this? or is it a waste of time?

  99. Libtard in Union says:

    3B (99): Funny, my brother the lawyer who has more money than he knows what to do with, makes his son work at CVS down in Moorestown (just sayin’). In high school, I used to work in the automotive department at K-mart. My favorite thing to do would be to embarrass the hell out of the JAPS who would occasionally get dragged along by their parents to my store. As soon as I noticed they were in the store, I would announce their name over the PA. Good times. K-mart was crazy. They used to pay us in cash. Not by check.

  100. seif says:

    105 – wealthy or not, having your kids understand work and the value of money is just good parenting.

  101. Dumb Money says:

    I thought money came from an ATM machine?

  102. Libtard in Union says:

    Chi,

    Here’s a photo of JJ so you don’t have to run around the conference searching for the scent of Vidalias on someones crotch.

    http://tinyurl.com/JJ-image1

  103. Brass Balls says:

    Where you went to college used to be irrelevant. Back pre-1996 your applied in person for jobs add networking was done in person. No linkedin or on-line job groups.

    If you were young, good looking, presentable, had gift of gab and a firm handshake you could sweet talk your way into an interview easily. Now we are all just pieces of paper with no picture on it. HR can only see school, GPA, work history etc. Snot picking chubbie, clammy hand no common sense idiots can get jobs much more easily cause it is based on what they see on paper to bring you in for an interview. The old way I could meet a girl at the seaport in HR or trading desk, or simply walk into HR in a crisp suit and a fresh white hankie and a nice tan and get an interview. Sadly those days are over.

  104. Brian says:

    It’s the opposite in IT.

    You have to put on your glasses, show off your pimples, make sure your cell phone is on your belt clip, and wear your pocket protector or they won’t even let you in the interview.

    It also helps if you have a good yoda or chewbacca impression. Lightens the mood in the interview.

    109.Brass Balls says:
    April 19, 2012 at 2:34 pm
    Where you went to college used to be irrelevant. Back pre-1996 your applied in person for jobs add networking was done in person. No linkedin or on-line job groups.

    If you were young, good looking, presentable, had gift of gab and a firm handshake you could sweet talk your way into an interview easily. Now we are all just pieces of paper with no picture on it. HR can only see school, GPA, work history etc. Snot picking chubbie, clammy hand no common sense idiots can get jobs much more easily cause it is based on what they see on paper to bring you in for an interview. The old way I could meet a girl at the seaport in HR or trading desk, or simply walk into HR in a crisp suit and a fresh white hankie and a nice tan and get an interview. Sadly those days are over.

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

    Ahh David Learner praying on senior citizens with the middle ground of investing

  106. AG says:

    Re: Work ethic and 20 year olds,

    I had a paper route when I was 10. Started seasonal labor at 14. Worked part time in high school. Worked 70 hour weeks and took 4 credits at the community college during the summers. Growing up poor has its benefits. You gain work ethic.

    Growing up rich you get college tuition. Education + debt + no work experience/ethic = unemployable bum.

  107. AG says:

    That being said. Life isnt all about work either. Maybe these kids actually see the economic fraud for what it is. A bunch of programmed worker bees running around like rats for a piece of unbacked fiat.

  108. seif says:

    109 – but wouldn’t it be so much easier if Goldman could have told you via email that you are overqualified? you could have saved the $0.25 subway fare.

  109. AG says:

    91,

    Brian,

    I think Menendez is going to lose the next election. He barely one the last one.

  110. AG says:

    95,

    Nom,

    I see a lot of Mercedes, BMW’s, and other fancy dancy cars on the Parkway driving recklessly. You mean these are leased vehicles? lol. Bunch of f_ckin losers trying to play rich.

  111. AG says:

    Gary,

    Dont fret. In due time this house of cards is going to come crashing down followed by massive wealth destruction. A lot of my wealth will be destroyed as well. I have accepted this though. The key is not to get wiped out and to be in a position to capitalize on the opportunity of a life time. You are only wealthy if the next guy is poorer than you.

  112. cobbler says:

    shore [80]
    unless the kid of a person with some means is a National Merit Scholar/finalist, the schools will not give merit aid to their kids.
    You wish… all my daughter got from her top choice school (being a finalist) was $500 per year.

  113. Shore Guy says:

    At least $500 is more than $0. Colleges are actually bragging that they do not base aid awards on academic achievement. What the…?

  114. cobbler says:

    Well… hard to get excited about a 1% discount on anything, no?

  115. Anon E. Moose says:

    Brian [118];

    Notice they all have a price on them… meaning they are all for sale. I guess their visionary owners would now rather have the cash.

  116. njescapee says:

    Levon Helm of the Band dies at 71

  117. JJ says:

    I had a 1NS with a chick who worked at GS. In order to keep me allowing her some additional bootie calls she said she could get me a great job at GS. Anyhow I walked down block at lunch do a few interviews and had lunch with her at the GS cafeteria. People looked uptight and overworked. When I hear dinner was free every night and they would send me home for free in a town car every night I was like WHOOAA. When they told me no, I was oddly relieved. First I would be stuck behooved to that girl and second I had no desire to be working till nine pm and with nerdy people all day.

    seif says:
    April 19, 2012 at 2:59 pm

    109 – but wouldn’t it be so much easier if Goldman could have told you via email that you are overqualified? you could have saved the $0.25 subway fare.

  118. chicagofinance says:

    Lib: favorite JAP story from Ithaca Wegmans circa 1989…..behind said girl on line; cashier asks paper or plastic (bags) and she says “oh, I’ll pay cash”…..

    Libtard in Union says:
    April 19, 2012 at 2:21 pm
    3B (99): My favorite thing to do would be to embarrass the hell out of the JAPS who would occasionally get dragged along by their parents to my store. As soon as I noticed they were in the store, I would announce their name over the PA. Good times. K-mart was crazy. They used to pay us in cash. Not by check.

  119. chicagofinance says:

    Lib: did you see fcuking CHSI again?

  120. chicagofinance says:

    New story……in a committee meeting I was sitting next to a late career manager of a local media outlet…..she starts talking about how she sold her empty nest house to rent. “…..everyone is doing it….” I was going to say “you go girl”…..but I didn’t want to draw attention to the fact that she seemed to be one of the few in the room whose synapses fired regualry…….

  121. chicagofinance says:

    regularly

  122. Brass Balls says:

    That story is false. I dated a few Jap girls in my day and they never take out their wallets.

    chicagofinance says:
    April 19, 2012 at 4:09 pm
    Lib: favorite JAP story from Ithaca Wegmans circa 1989…..behind said girl on line; cashier asks paper or plastic (bags) and she says “oh, I’ll pay cash”…..

  123. Double Down says:

    The value of an ivy league degree is vastly overstated. In my experience few ivy grads are impressive when the rubber meets the road.

    Something like 95% of Harvard students were high school valedictorians; how many valedictorians are well-adjusted human beings? Not many.

  124. AG says:

    Shore,

    At the endof the day these kids aren’t going to have what it takes. Save the 200k and buy a chicken coup that they can attend to. Female studies and art appreciation have no place in the world we r headed to. History is cyclical not linear. They don’t teach that in college.

  125. New talent in demand: ability to squeeze off quality head shots.

  126. ag (134)-

    Most colleges just teach you how to fail.

  127. grim says:

    Grew up working, remember my first paper route well, remember even better when I realized I could deliver for two papers on the same route, and make double the money riding the same number of miles. From there I went on to mow lawns before you had to be an illegal to do that, realize that by taking cash, I was the wetback illegal, oh well. In high school I moved onto a part time job, weekends, 7am-3pm in the back of the local Italian joint. Never forget making coffee for the gradient-tint-glasses crowd (nicest way I could describe it) on Sunday mornings. Ran pizza at night for another joint for some extra cash. Never laugh at a pizza boy at a busy local joint, a bad Saturday for me was $500 cash in tips alone. Every week we would get into fist fights over the same two deliveries, the first was to the local basement casino/poker room, where the tip was an easy hundred dollar bill, and the second was to the crazy lady who always seemed to be just running out of the shower to get the door. Bought my first car (that wasn’t mom’s hand-me-down I was using), a red soft top wrangler, cash (literally, a stack of $100 bills).

    Freshman year in college I took my first corp job, programmer “trainee” part-time, even though I knew more than just about ever coder at the company. I’d started coding on a Vic-20 back during romper room, and those ex-mainframe guys were just no match for me. I moved “full-time” in my soph year, since they let me be flexible with my schedule. By junior year, I was just about running the department, and was the technical lead on just about every cutting edge product we had. By the end of my junior year I’d cracked into the “six figure” realm, not too shabby for college kid in 1997 (yes, I’ll brag about it), 3 years out of high school (where my guidance counselors told me I shouldn’t even bother going to college). Damn it felt good to be a gangster making more than my parents, my professors, and just about everyone else I knew. I did good work, and we did good business (we were public well before the .com boom). For the IT geeks out there, I wrote software that web-enabled mainframe CICS applications and built “CRM” systems before anyone even knew the acronym.

    Took a sabbatical senior year to head out west to work on a research project with a PhD program I was shooting for (I turned it down). All it took was a few weeks with the post-docs to realize that I’d never be happy in academia, besides, I was probably making more money than the lot of them combined. Seeing the dot com guys in their Ferraris didn’t help either. When I graduated with my shitty *BA* from Willy P, I not only had zero debt, but I had done pretty well financially, and had a darn fun career lined up. Never out of work during the dot com blowout. Graduate degree debt? Huh? Was too busy working days and studying nights. Walked out of Rochester with an MS a few hundredths away from a 4.0. A few years back I decided to do my MBA as well, again, no debt there either, walked away in better financial shape than I started. Was it hard to juggle 3 full time degrees and work? Hell yes. I didn’t have time to drink or go to parties. Now I’m a few years out and I feel like a slacker for running a blog instead of doing a Doc or a JD, I would have been done by now. (and I would be the jerkoff that signs his email Dr. J. or Grim Esq.) That and I should have bought the 4 family I had an opportunity to back during my senior year, who knew. Oh, one more, our video sharing startup Splooge was too late to catch the file sharing wave, and too early to catch the internet porn wave. So close to being an internet millionaire, damn!

  128. 30 year realtor says:

    With regard to all the comments early in the thread on listings/pricing/seller attitudes: I have never seen a wider spread between list price and reality in my entire career. Been going on 4 or 5 listing appointments a week lately. Typical seller has their feet dug in at 10% to 20% above market for their desired list price.

    “My house is different!” Clear evidence of the value of their castle is ignored. They claim to want to sell, but that involves accepting market value and they are just not ready.

    For those who price right, there are ready, willing and able buyers ready to pounce.

  129. Comrade Nom Deplume says:

    [116] ag,

    Not sure where I read it but supposedly NJ also leads the nation in car leases. So there might be something to that.

  130. AG says:

    138.

    30 year,

    In my neck of the woods sellers are capitulating. The key is property taxes. F_ck the sell price. Tell me what your taxes are. I may bite the bullet and move to Bay Head just because they dont have a high school to support. Whats the lesser of 2 evils?Paying for a bunch of migrant _ssholes or paying a premium for a house in a town that doesnt have to worry about it?

  131. NJGator says:

    Have your tickets yet, Shore? I’ll be there on the 19th in GA.

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

  132. AG says:

    139.

    Nom,

    I know from personal experience that most of the fancy cars on the Parkway are leased. Got to keep up appearances despite 4$ gas. Stay the course.

  133. caljn says:

    #140 AG
    Exactly which bunch of migrant _ssholes are you referring to and what are you paying for?
    And where are your kin folk from? Don’t tell me, your ancestors came over on the Mayflower. Right.

  134. relo says:

    Give your kids opportunities to feel a sense of their own accomplishment. Whether it’s through jobs, sports, academics, whatever they enjoy. Put them in positions to succeed? Absolutely. Do it for them? Not so much.

  135. Comrade Nom Deplume says:

    [143] caljn,

    The Mayflower descendants are still in Mass. I knew a number of them when I worked in a couple of bank trust departments. Very nice people but I didn’t forget that I was still the hired help.

  136. NJCoast says:

    Married/kids early or late- life is what you make it. Married at 23. Two kids and a house at 25. Downsized, kids out of college/grad school paid with house proceeds at 47. The whole time working with and befriending really cool entertainers. No mortgage. Lots of traveling. Good times.

  137. NJGator says:

    Chifi: Yeah Catalyst health is crazy. My club is impressed by the acquirer. No debt and their earnings are mainly of the organic variety. I’ll let you know what we do. We bought in at 41 BTW. Now we’re over 90. Wish the position was larger or one I held in my personal portfolio. Not complaining though. Our Gilead is going wild too. Still not reverting to mean by the way. It’s been such an incredible run for us that our club is being profiled in the Better Investing magazine and next week our portfolio is being reviewed during “dashboard diagnostics” at Manifest investing. Since 2005, our return has been 10.4% annualized and with as little risk as possible for an all equity portfolio.

    Grim…Vic20? How far back didja go? Were you a Trash-80 programmer?

  138. Libtard at home says:

    Yup…gator was on my laptop again.

  139. Shore Guy says:

    Gator,

    We may go to the Saturday show. Right now I am scheduled to be traveling that week. If I will be around, I will likely just wait to see if there is a ticket drop the week of the show. I need a hit of the E-Street Band. I think BC was at the Newark show.

  140. Shore Guy says:

    NJC,

    No mortgage is a nice feeling.

  141. AG says:

    143,

    Migrants are migrants. I dont discriminate. If your intentions are to bait me into a politically motivatd conversation then be advised that I may hurt your feelings on purpose. I dont buy into social engineering.

  142. chicagofinance says:

    FCUK YOU ASSHOLE!

    Double Down says:
    April 19, 2012 at 5:34 pm
    In my experience few ivy grads are impressive when the rubber meets the road.

  143. caljn says:

    151

    You’re all over the place. Lame threats? Migrants are migrants? Social engineering?
    What are you talking about?

    (still waiting to hear how you’re “paying for them” and exactly who “them” are)

  144. bdnews24 says:

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