Axe falls on Jersey jobs

From NJBIZ:

In dramatic reversal, N.J. posts 12,000 job losses for July

New Jersey employers shed 12,000 jobs in July after months of gains, while the state’s unemployment rate ballooned to 9.8 percent, pushing it further above the national unemployment rate of 8.3 percent.

“The national economy has been sluggish and, realistically, we can’t be exempt. Given the national softness and the strength of our job gains in May and June, some fallback was likely,” said Charles Steindel, chief economist for the New Jersey Department of Treasury, in a statement. “Considering we have seen job growth in nine out of the past 11 months, we anticipate that job growth should resume and start to put some downward pressure on unemployment.”

Both the private and public sectors posted job losses in July, and June estimates were revised down by 2,600 jobs, for a gain of 7,300. However, Steindel noted April to June was still the largest two-month job gain in 12 years, and the state’s “labor force participation rate and the percentage of our population who are employed remain above the national averages.”

James W. Hughes, dean of Rutgers University’s Bloustein School of Planning and Public Policy, said the state had outpaced stagnant national job growth until July’s jobs numbers were released today, which he said shows “it’s possibly payback time.”

“We just had big jumps on a month-to-month basis, and that’s always problematical. We take one and a half steps forward and then one step backward,” Hughes said. “As of last month, we almost matched total job growth in 2011, but now we’re behind. If we bounce back in August like we did in April, we will probably exceed last year’s job gain, but we may only barely surpass it.”

The professional and business services sector recorded the largest employment drop in July as it lost 3,900 jobs, which Steindel said resulted from cutbacks in administrative support and remediation. Other industries in the private sector that shed payrolls were manufacturing, which lost 3,000 jobs; construction, down 2,700; and financial activities, down 400.

All three levels of government squeezed payrolls in July, shedding a total of 4,900 public-sector jobs.

This entry was posted in Economics, Employment, New Jersey Real Estate. Bookmark the permalink.

95 Responses to Axe falls on Jersey jobs

  1. grim says:

    President Christie sounds whole lot less likely today…

  2. grim says:

    From the Philly Inquirer:

    Dems hammer Christie with new unemployment numbers

    Using new data that indicates New Jersey’s economy may be getting worse, Gov. Christie’s political opponents are seeking to bloody him up before he heads down to the Republican convention to deliver the keynote speech.

    The state Department of Labor reported today that the preliminary unemployment rate has inched up to 9.8 percent in July, up from 9.6 percent the previous month. If those numbers hold – they are sometimes adjusted up or down when new data comes in – they would represent the highest monthly rate since April 1977, according to state records.

    The figure is also higher than the national unemployment rate of 8.3 percent. The state said 12,000 jobs were lost, mostly in the private sector.

    As the Republicans’ keynote speaker at their national convention in Tampa at the end of the month, Christie is expected to tout his success turning around the New Jersey economy while arguing that former Massachusetts Gov. Mitt Romney is the candidate best able to put Americans back to work. Christie has been using the term “New Jersey comeback” for months now to tout his success in New Jersey, and Romney recently began calling himself and running-mate U.S. Rep. Paul Ryan “America’s comeback team.”

    Christie is on vacation at the Jersey Shore this week, but his office reiterated that the figures are preliminary and only represent one month. Overall, the state is experiencing job growth, according to a spokesman, with positive job numbers having been reported in nine of the last 11 months. Since February 2010, the first full month of Christie’s term, 79,000 private sector jobs were added.

  3. njescapee says:

    That’s Showbiz!

  4. Libtard at home says:

    The dems probably just want more public sector jobs added. That’s where they get many of their votes from anyway.

  5. Mikeinwaiting says:

    Stu 4 yes, & payed by whom with that level of unemployment.

  6. Mike says:

    Good Morning New Jersey

  7. Brian says:

    C’mon guys don’t flame Christie. After all it’s Bush’s fault.

  8. Young Buck says:

    Can anyone recommend an experienced 203K lender? I’m pre-approved with one guy, but he’s already slacking with getting back to me on things. If I’m going to go through this crazy 203K process I want to deal with someone who has experience and comes recommended. Thanks.

  9. freedy says:

    What NJ needs is more illegals to line the streets each morning to show that NJ cares.

    “We don’t need no stinking jobs”

  10. Mikeinwaiting says:

    Essex nice place to say the least a little over the top for me. Grim did you catch the micro-bevel on the wood floors, prefinished or engineered not raw wood that was finished. Gorgeous never the less.

  11. freedy says:

    http://nj1015.com/labor-unions-to-rally-outside-meadowlands-mall/

    Yes, NJ needs more retail. More Malls . Keep them occupied

  12. All Hype says:

    Essex (11):

    That house will be a lot less attractive when Lake Mead dries up. At least they can use the pool for a future skate park.

  13. Ragnar says:

    What reform has Christie made in the last year? I cannot think of any. Last thing I can remember was the annual property tax raise cap. Good start, but there are about 1000 more major structural reforms left for NJ. But since then, he’s been politicking, rather than reforming, as far as I can tell. He still hasn’t fixed the problem that NJ is an extremely unattractive location in which to locate a private sector business.

  14. grim says:

    From Reuters:

    ‘Sharpie Parties’ Fuel Rampage on Foreclosed US Homes

    In the age of Facebook and Twitter, a new crime has hit America: “Sharpie parties,” gatherings of revelers armed with “Sharpie” magic markers and lured by social media invitations to wreak havoc on foreclosed homes.

    Five years into the U.S. foreclosure crisis, Sharpie parties are a new form of blight on the landscape of boarded-up homes, brown lawns and abandoned streets. They are also the latest iteration of collective home-trashing spurred by social media.

    At least six Sharpie parties were reported in one California county in recent months, where invitations posted online drew scores to foreclosed homes.

    The partygoers are handed Sharpie pens on arrival by their hosts and urged to graffiti the walls – a destructive binge that often prompts other acts of vandalism, including smashing holes in walls and doors, flooding bathrooms and ripping up floors.

  15. chicagofinance says:

    The End Is Nigh (Client #9 Edition):

    Ashley Dupre has given a lot of happy endings in her day, but now the former Eliot Spitzer call girl has one of her very own.

    Dupre is seven months pregnant, Page Six can exclusively reveal, and engaged to be married to New Jersey asphalt scion Thomas “TJ” Earle.

    “On the record, yes, I can confirm I’m almost seven months,” Dupre, 27, enthused when we contacted her yesterday. “I can’t tell you when the wedding date is just yet.”

    In four short years, Dupre’s gone from Client No. 9 to Husband No. 1, and now owns Femme by Ashley, a lingerie and swimwear shop in Red Bank, NJ, which she tells us Earle helped her open in May.

    Customers have been noticing lately that Dupre’s been “wearing a big rock” and “carrying a bun in the oven.”

    But when asked if her new baby will be a boy or girl, Dupre — who formerly wrote an advice column Sundays in The Post — said, “That’s a secret.” And of her pregnancy, “So far so good!”

    Dupre and Earle were first linked mere months after Dupre’s scandal with Spitzer broke. The Emperors Club VIP escort and the then-married exec at asphalt and road construction outfit The Earle Companies flirted at a Jersey Shore restaurant in 2008, prompting Earle to reportedly brag to a pal at the time, “I could have had her for free!” (Judging by the size of the diamond we’re told Ashley’s sporting, turns out he couldn’t.)

    The pair embarked on a steamy affair, which TJ then said publicly was “a grave mistake.” But Earle and his wife, Alisa, have since divorced, and the break, we’re told, was “amicable,” paving the way for impending marital bliss with Ashley.

    “TJ and his wife divorced over a year ago,” Earle’s lawyer, Mitchell Ansell, told us. “They divorced amicably. She has moved on, and he has moved on.

    “There’s nothing scandalous. No one’s running around,” Ansell said. “[Ashley] is pregnant, and [TJ and Ashley] are planning on getting married.”

    “We’ve all moved on and [are] doing great,” Dupre said. “Everyone is looking forward to the future.”

  16. Bystander says:

    Hey..when the number don’t look great just focus the dataset. What county had the best unemployment rate? Write article on that county’s recovery. Trading volume down to decade lows? Just write about Dow highs. Need a housing recovery? Focus on sales from one of the worst years on record, not normal volume years. Micro is always there when you need it. Forget the unwashed macro masses.

  17. Ragnar says:

    Chifi,
    “There’s nothing scandalous”.

    Nothing scandalous in the asphalt industry in NJ, I’m sure.
    Nothing scandalous in being more certain about your due date than your wedding date.

  18. raging bull jj says:

    I am back from DC, looks like the bull mkt shall continue. I am really starting to miss late 08 and early 09. I work my best in a crisis. This normal market is so boring

  19. Essex says:

    16. Good thinkin! I like the floors. $3M here or there? That is the question. If of course you have $3M.

  20. nwnj says:

    The best thing that Christie has done is improve perception from outside NJ. He talks a big game — and I enjoy his rants — but beyond talk radio it doesn’t matter much. And like any good politician, you have to watch what he does and not what he says, and it hasn’t been much.

    For actual reform, he’s been a failure. The best he’s done is nibbled(no pun intended) at the edges. He couldn’t eliminate tenure for teachers — LIFO still in place — and the property tax cap is a soft cap with holes big enough to drive a truck through. There’s been no tax reduction, and acutally been a massive increase with the elimination of rebates.

    He’s still filling patronage jobs left-and-right — taking care of the insiders. So, IMO, as someone who voted for him and would again, he’s been a big(again NPI) disappointment.

  21. Fabius Maximus says:

    JJ uncovered

    NSFW
    http://tinyurl.com/cckdxsk

  22. Fabius Maximus says:

    #24 nwnj

    CCs only other acheivement is to dig the penion hole bigger by under funding it.

  23. Fabius Maximus says:

    Just for Chi

    I can’t wait to get my ‘Alec for mayor’ badge.
    http://www.huffingtonpost.com/alec-baldwin/gasland-fracking-natural-gas_b_1795400.html

  24. raging bull jj says:

    We no longer can bitch about falling stock and home values, I dont know what I will do with all the free time

  25. Leah says:

    Interesting facts… never knew about these sharpie parties.

  26. nwnj says:

    #26

    That doesn’t bother me. If the benefits are unsustainable and no one will get serious about reform until the checks stop showing up, then that date can’t happen soon enough.

  27. Fast Eddie says:

    More private sector jobs gone and I still need to endure 629k p1ss holes for sale in order to fund fat f*cking Mary and Joe’s life style. And please, spare me about the vast selection of houses for sale in the 400 range. I didn’t sell my house just to buy it back again. To repeat once more, a house listed at 600k, even in so-called haughtyville, shouldn’t require an additional 100k in renovation so that I could unshield my eyes from the horror.

  28. raging bull jj says:

    you are a slimy bottom feeding bastard. actually I am quoting what an owner told me on the phone when I presented how much I wanted to pay.

    Fast Eddie says:
    August 17, 2012 at 10:48 am

    More private sector jobs gone and I still need to endure 629k p1ss holes for sale in order to fund fat f*cking Mary and Joe’s life style. And please, spare me about the vast selection of houses for sale in the 400 range. I didn’t sell my house just to buy it back again. To repeat once more, a house listed at 600k, even in so-called haughtyville, shouldn’t require an additional 100k in renovation so that I could unshield my eyes from the horror.

  29. All Hype says:

    Fast Eddie (31):

    The increase in the state unemployment rate should give home buyers pause before agreeing to buy a 600k starter home with 100k in repairs. I just barely survived the cuts here at Roche and there is no way I would buy a house that expensive right now. The economy is rolling over again in this ongoing depression and those who think that they are immune are deserving of the beating they are about to get.

  30. Fast Eddie says:

    JJ, let them all say whatever they want as they write yet another monthly check on their underwater sh1t hole.

  31. Ragnar says:

    Fast Eddie,
    I think you cand find the house you’re looking for in that price range out in PA.
    Just rent a lot of audio books.

  32. Fast Eddie says:

    Hype,

    I agree, unless there’s more inventory after Labor day putting some price pressure on these dumps. And if everyone is fearful of job loss or insecurity, you would think prices would fall regardless.

  33. Fast Eddie says:

    Ragnar,

    Or, I could just blow my f*cking brains out and get the same effect.

  34. raging bull jj says:

    All the houses I bid on in July or were monitoring sold quick. People have tons of cash built up and interest rates are low. Anyone saving for a house these past four years have had MASSIVE tailwinds to booster their savings. Like me people feel homes are at or near bottom and bonds are at a peak and stocks are getting near a near term peak. People who in 2008 were way over invested in RE are much less invested in RE. Heck in 2005 my house was worth maybe 575K today it is worth maybe 425K, so therefore I reduced my allocation to RE by 150K. You cant buy more of your own house. So I need to buy another place to keep RE at same percentage. Now money put into bonds and or stocks last four year has really moved up. My down payment account crossed 7 figures a few months ago. Really, how could it not. Extremely easy to earn 25% a year these last four years, stocks are up around, 100% Junk Bonds up 100% and munis, treasuries and investment grade are also pretty far up. If only invested an extremely modest 5K a month in their house account every month for last 48 months in stocks it already would be a pretty good amount. Maybe around 360K.

    Fast Eddie says:
    August 17, 2012 at 11:22 am

    JJ, let them all say whatever they want as they write yet another monthly check on their underwater sh1t hole.

  35. 1987 Condo buyer says:

    #38, while I love JJ, saying market is up 100% last 4 years works well if you started putting your money in then (as he did and is well documented and deserves all kudos), however, if you had $1,000,000 in 2007, possible you only have a bit more than $1,000,000 now

  36. chicagofinance says:

    WSJ Editorial
    REVIEW & OUTLOOK

    The Solar-Painted Desert

    Interior gives an environmental pass to its business friends.

    Who says President Obama isn’t pro-business? The trick is being a business he likes.

    Several weeks ago in a remarkable but little-noticed policy directive, the Interior Department announced that it will allow construction permitting on 285,000 acres of public land in Arizona, California, Colorado, Nevada, New Mexico and Utah for solar energy projects. Even more remarkable, Interior said that energy firms can petition Interior to build solar installations “on approximately 19 million acres”—a larger land mass than Connecticut, Massachusetts, New Hampshire and Vermont combined.

    Interior boasts that “this represents a major step forward in the permitting of utility-scale solar energy on public lands throughout the west.” This means opening up huge chunks of U.S. desert and wilderness to the installation and long-term placement of hundreds of thousands of solar panels. The dirty secret of solar and wind power is that they are extremely land intensive, especially compared to coal mining, oil and gas drilling or building a nuclear power plant.

    That’s only part of the special treatment for solar companies. Interior says it plans to expedite solar-project approval and cut up-front costs for developers. The agency is also streamlining National Environmental Policy Act approval and facilitating the linking of solar electricity generation to transmission lines that will carry the electricity to substations. All of this is on top of the $9 billion in taxpayer handouts for solar and wind projects that were approved between 2009 and 2011.

    In short, green energy is getting an EZ Pass through the Administration’s costly regulatory tolls. Since taking office in 2009, the Obama Administration has approved 17 major solar projects on public lands. All of this is facilitated through a program called the “roadmap for solar energy development.”

    What’s surprising is that few if any nature groups are protesting this regulatory rush to approve renewable energy projects. Environmental groups have never hesitated to block a dam to save a snail darter, or oppose a forest-clearing to save an owl, but desert tortoises and bighorn sheep are apparently expendable as sacrifices to the gods of green energy. So much for protecting wildlife from big, bad profit-making industry.

    Meanwhile, the Institute for Energy Research notices that the new solar policy is “in sharp contrast to the Obama Administration’s canceling lease sales for oil shale deposits in Colorado, Wyoming and Utah early in the President’s term and significantly downsizing development plans for those resources since then.”

    This is roughly the same list of western states that got the green light for solar, but with different results. Oil shale—not to be confused with shale oil, which is extracted through hydraulic fracturing—is recovered by heating rock at high temperatures, which releases petroleum. The U.S. has the largest oil shale deposits in the world, totaling a little under one trillion recoverable barrels, or about 150 years worth of supply. But most of it is located on public lands and is still off limits.

    Consider the 2005 Energy Policy Act that authorized oil shale leasing on public lands. In 2008 the Bush Administration issued rules on oil shale exploration, but in February 2009 Interior Secretary Ken Salazar said those rules would be delayed. Only this year, says Mary Hutzler, former acting administrator of the Energy Information Agency, “did the Interior Department announce its plan for shale drilling, but the administration closed off 75% of the federal land containing oil shale resources that were to be offered for lease under the Bush rules.”

    The solar industry’s environmental pass fits the Obama pattern of interpreting the law one way for friends and another for those in businesses it doesn’t like. Maybe if Mr. Obama treated every American industry the way it does solar and wind power (subsidies aside), the U.S. economy would be growing faster and the unemployment rate would fall below 8.3%. Just a thought.

    A version of this article appeared August 14, 2012, on page A14 in the U.S. edition of The Wall Street Journal, with the headline: The Solar-Painted Desert.

  37. chicagofinance says:

    Fab: The key issue is not fracking in itself. It is the irresponsible and closeminded attitude the Obamunists have shown to a critical and clearly beneficial solution. Their position has been to stonewall and hope it goes away, instead of embracing it and making sure it is done in a manner that Baldwin would support.

    Fabius Maximus says:
    August 17, 2012 at 9:57 am
    Just for Chi
    I can’t wait to get my ‘Alec for mayor’ badge.

    Natural gas prices drive CO2 emissions to 20-year low
    By The Associated Press

    In a surprising turnaround, the amount of carbon dioxide being released into the atmosphere in the U.S. has fallen dramatically to its lowest level in 20 years, and government officials say the biggest reason is that cheap and plentiful natural gas has led many power plant operators to switch from dirtier-burning coal.

    Many of the world’s leading climate scientists didn’t see the drop coming, in large part because it happened as a result of market forces rather than direct government action against carbon dioxide, a greenhouse gas that traps heat in the atmosphere.

    “There’s a very clear lesson here. What it shows is that if you make a cleaner energy source cheaper, you will displace dirtier sources,” said Roger Pielke Jr., a climate expert at the University of Colorado.

    In a little-noticed technical report, the U.S. Energy Information Agency, a part of the Energy Department, said this month that total U.S. CO2 emissions for the first four months of this year fell to about 1992 levels. The Associated Press contacted environmental experts, scientists and utility companies and learned that virtually everyone believes the shift could have major long-term implications for U.S. energy policy.

    While conservation efforts, the lagging economy and greater use of renewable energy are factors in the CO2 decline, the drop-off is due mainly to low-priced natural gas, the agency said.

    A frenzy of shale gas drilling in the Northeast’s Marcellus Shale and in Texas, Arkansas and Louisiana has caused the wholesale price of natural gas to plummet from $7 or $8 per unit to about $3 over the past four years, making it cheaper to burn than coal for a given amount of energy produced. As a result, utilities are relying more than ever on gas-fired generating plants.

    Both government and industry experts said the biggest surprise is how quickly the electric industry turned away from coal. In 2005, coal was used to produce about half of all the electricity generated in the U.S. The Energy Information Agency said that fell to 34 percent in March, the lowest level since it began keeping records nearly 40 years ago.

    The question is whether the shift is just one bright spot in a big, gloomy picture, or a potentially larger trend.

    Coal and energy use are still growing rapidly in other countries, particularly China, and CO2 levels globally are rising, not falling. Moreover, changes in the marketplace — a boom in the economy, a fall in coal prices, a rise in natural gas — could stall or even reverse the shift. For example, U.S. emissions fell in 2008 and 2009, then rose in 2010 before falling again last year.

    Also, while natural gas burns cleaner than coal, it still emits some CO2. And drilling has its own environmental consequences, which are not yet fully understood.

    “Natural gas is not a long-term solution to the CO2 problem,” Pielke warned.

    Mann called it “ironic” that the shift from coal to gas has helped bring the U.S. closer to meeting some of the greenhouse gas targets in the 1997 Kyoto treaty on global warming, which the United States never ratified. On the other hand, leaks of methane from natural gas wells could be pushing the U.S. over the Kyoto target for that gas.

    Even with such questions, public health experts welcome the shift, since it is reducing air pollution.

    “The trend is good. We like it. We are pleased that we’re shifting away from one of the dirtiest sources to one that’s much cleaner,” said Janice Nolen, an American Lung Association spokeswoman. “It’s been a real surprise to see this kind of shift. We certainly didn’t predict it.”

    Power plants that burn coal produce more than 90 times as much sulfur dioxide, five times as much nitrogen oxide and twice as much carbon dioxide as those that run on natural gas, according to the Government Accountability Office, the investigative arm of Congress. Sulfur dioxide causes acid rain and nitrogen oxides lead to smog.

    Bentek, an energy consulting firm in Colorado, said that sulfur dioxide emissions at larger power plants in 28 Eastern, Midwestern and Southern states fell 34 percent during the past two years, and nitrous oxide fell 16 percent. Natural gas has helped the power industry meet federal air pollution standards earlier than anticipated, Bentek said.

    Last year the Environmental Protection Agency issued its first rules to limit CO2 emissions from power plants, but the standards don’t take effect until 2014 and 2015. Experts had predicted that the rules might reduce emissions over the long term, but they didn’t expect so many utilities to shift to gas so early. And they think price was the reason.

    The boom in gas production has come about largely because of hydraulic fracturing, or fracking. Large volumes of water, plus sand and chemicals, are injected to break shale rock apart and free the gas.

  38. chicagofinance says:

    Well more…..

    1987 Condo buyer says:
    August 17, 2012 at 11:57 am
    #38, while I love JJ, saying market is up 100% last 4 years works well if you started putting your money in then (as he did and is well documented and deserves all kudos), however, if you had $1,000,000 in 2007, possible you only have a bit more than $1,000,000 now

  39. Fast Eddie says:

    JJ (38),

    Yeah, and if my aunts had b@lls… The bottom line is there is no inventory because too many can’t sell unless they bring a check to the table which they don’t have. And who can save if they’re underpaid or unemployed? The scenario you propose is like from another planet.

  40. Ernest Money says:

    nwnj (24)-

    Christie is just another crony/insider hack politico who is part of the gubmint’s war to destroy us all and steal everything we own. He is even more insidious than a confisc@tory collectivist like Pelosi, because he proclaims so loudly that he’s on our side. The net effect of his “reforms” is absolutely zero. The only thing left to like about him is that he’s a least not as much of a douchenozzle as Corslime.

    Need any more proof than Christie that the only vote that counts is a vote with a bullet?

  41. Ernest Money says:

    Gluteus’ intellectual bankruptcy is exposed simply by the fact that he would post the mental diarrhea of a rageaholic actor.

    Enjoy your relegation battle, pal. Van Persie should fit in quite nicely at Old Trafford.

  42. Ernest Money says:

    Vote with a Weight Watchers points chart.

  43. raging bull jj says:

    I know lots of people who in January 2009, 2010, 2011 and 2012 was Pissed off who worked at many of the big banks and Broker Dealers who got most of their comp in restricted stock. Guess what, with only 2-3 year vesting periods and a huge rally they are sitting on a huge cash stream. Also anyone who stayed the course and kept maxing out their 401Ks and 529s have made up huge ground. And guess what someone with one million in 2007 most likely has a lot more than one million today, he was most likely a saver and someone who reinvests interest and dividends. He would of from August 2008 to August 2012 have bought cheap. And no I did not get into market after 2007. I started investing in 1987. House I bought in 1999 was dumb luck as I sold my stocks to buy, but from there I buy cheap stuff and never waste a crisis. I bought 100K worth of European stuff earlier this year, in 2001 Whitney debacle bought 200K worth of munis, in 2009 junk bond crisis bought 300K junk bonds.

    Still lots of opportunities, look at Sprint, GMAC and Nokia bonds these last two weeks, way up. European bank bonds and pref stocks last money. People are still making money. Housing costs will rise alone based on money growing. I am up 13.5% YTD, like most people who are all in stock, junk and high yield munis. Just because you left money in cash does not mean everyone has. .

    chicagofinance says:
    August 17, 2012 at 12:18 pm

    Well more…..

    1987 Condo buyer says:
    August 17, 2012 at 11:57 am
    #38, while I love JJ, saying market is up 100% last 4 years works well if you started putting your money in then (as he did and is well documented and deserves all kudos), however, if you had $1,000,000 in 2007, possible you only have a bit more than $1,000,000 now

  44. cobbler says:

    chi [40]
    I see much more damage to the landscape from solar panels placed say on a formerly beautiful lawn of Bell Labs in Murray Hill, than from solar farms built in the uninhabited desert; I don’t understand the author’s indignation.
    To recover the crude substitute from oil shale you need to burn more than half of its energy potential, and move huge amount of dirt and rock. There is essentially no mining of oil shale on the private land, because it is uneconomical. Talk about acreage of federal land permitted or closed for the oil shale development is a red herring because no development happens, anyway. When the crude is $200 a barrel, and privately owned shale deposits are getting mined, I am sure the permits will be granted.

  45. Bystander says:

    JJ,

    Can you teach me your ways, oh great one? I am but a lowly employee at a European bank who does not get stock comp, or 200k bonuses, or even regular raises. I am but a simple cash hoarder looking to change his way.

  46. Libtard in the City says:

    Solar/wind farms are a waste of time but they make the Prius buyers cream in their drawers. It’s time for NG. Too bad their lobby isn’t quite as powerful as the oil and coal lobby. Our government is a joke. Then again, corruption always does that. So who is investing in Corzine’s new hedge fund?

  47. Boom Chuckalucka says:

    Three points:

    1) Clearly, Christie is a thorn in the side of the Obama administration. Christie shall key-note at the GOP convention.
    2) As one who is ‘not a friend’ of the administration, the Dept of Labor surely didn’t send any of the $100 MM to NJ to stave off the eventual unemployment here. Cali, NV and FL got much of that money that will delay the inevitable U6 & U3 increases to each of those states.
    3) Clearly, w/ unemployed in NJ being at or above the 9.6%, it is only rational and logical that the home prices keep going up, especially as 10-yr interest rates backed up 40 basis points from 1.4% – 1.8% (that’s a 28.57% increase in the cash flow requirement for interest cost to debt principal borrowed). As such, it is only logical that homes in NJ sky rocket back to their 2007-08 halcyon-highs.

    RESET will happen when the banks are forced to mark to market and cover solvency the way it was measured prior to the Mar 2009 changes and the farcical 2009 April stress test results after those changes were applied.

    Until then, enjoy!

  48. Libtard in the City says:

    “RESET will happen when the banks are forced to mark to market ”

    There won’t ever be a reset. See JJ’s comments for the reason why. Wall Street always wins.

  49. chicagofinance says:

    The End Is Nigh (Earl Weaver Edition):
    SEC charges ex-Baltimore Oriole Eddie Murray in insider trading case

  50. hoodafa says:

    From CNN Money:

    No-fee mortgage option is on the way

    Lenders would have to offer potential home buyers an option to get mortgages with no fees, under a rule proposed by the Consumer Financial Protection Bureau. Generally, homeowners pay fees and points in exchange for lower overall interest rates on mortgage loans.

    …While good news for consumers, the mortgage proposal is actually easier on lenders. Lawmakers banned extra fees and points on mortgage loans in cases when the originator makes a commission — which happens with most mortgages. Under this proposed rule, the bureau would allow lenders to keep offering consumers options to reduce their mortgage interest through fees and points, as long as those fees and points actually reduce the overall interest rate on the mortgage. Lenders must offer the no-fee mortgages as well….

    More at: http://money.cnn.com/2012/08/17/real_estate/mortgage-fees/

  51. Boom Chuckalucka says:

    LITC,

    JJ isn’t the end all be all. Nor am I. But I been edjumacated & experienced, and more importantly, I can think for myself.
    There’ll be something. Some fool somewhere will want to opportunize on the crisis that’s a coming.
    A mulit-tier currency (e.g., yuan & remnimbi)? One for domestic, one for ex-im.
    Or cascading dominos (central bank failures) a la the 30’s (check out Bernanke’s oh-so boring book published by the Princeton University Press) will cause something somewhere to tip.
    QE3+ is heating up again, as are rumors of Europe troubles once they get back from Aug vaca’s.
    Subtle hype for crisis arising from the drought and the incredibly stupid decision to merge food-fuel pricing depenencies. What maroon thought of that one?! Same fools who tried to perp the – dare I disclose it? – ‘global warming’ BS. (Yep, I wrote it.) That crap was crap in the late 80’s and is still crap and won’t change from ever being crap. Heck, the Russians and Chinese hacked the emails just 2 Novembers ago on the eve of their hypster-conference, and yet, nary a word from the kool aid drinkers, who, for the time being have only changed their flavor. I digress.
    Yes, it’s about king dollar, and yes, there’ll be crises. And yes, some sort of reset will occur. A standard of living producing the wonderous youth of today (sarc) has consequences.

    Enjoy.

  52. joyce says:

    53

    Didn’t read the article… but isn’t that just hilarious? Eddie Murray charged with insider trading. Millions of ones to choose from on any given week, and he gets chosen.

    Great end to the week

  53. Libtard in the City says:

    Joyce…any different than Martha Stewart? They choose these individuals because they are fodder for the sheep. Yet Corzine/Mozillo/Moody’s walk free. Vote for Romney. Vote for Obama. Yup…that’s what we should all be wasting our time worrying about.

  54. cobbler says:

    Yeah, the the UE number in NJ became the highest from all the states in the region. I guess CC does something right, right?..

  55. 30 year realtor says:

    Young buck #9 – John Minicozzi 201-394-4440. All he does is rehab loans for Wells Fargo.

  56. joyce says:

    Libtard,

    Identical to Stewart… it’s just that I can’t fathom how long the dog and pony show goes on until people realize it?

  57. AG says:

    Eddie,

    Just be patient. You are right the inventory sucks for the price range. A 70 year old structure made of wood on an overtaxed plot of land is what it looks to be. A money pit. Don’t buy someone elses problem.

    I would change the geography of the area you are looking in. Nom just landed an outstanding deal out in PA and gains mobility which is huge. Honestly, his deal sounds good to be true. I want to know the downside.

    Trust your gut bro. 2013 isn’t going to be pretty.

  58. Comrade Nom Deplume says:

    I don’t see Bolt competing in France anytime soon . . .

    “As the post-Olympics glow fades, U.K. policy makers are trying to figure out how to keep the flame of British sports burning. They could start by changing Her Majesty’s tax laws. After Jamaican sprinter Usain Bolt won his third gold in London last week, reporters asked him why he doesn’t compete in the U.K. more often. “As soon as the [tax] law changes I’ll be here all the time,” he said.

    Punitive tax policy had kept the world’s fastest man from competing in Blighty for the past three years. Explaining Mr. Bolt’s decision to skip a 2010 race in London, his agent told reporters: “He will earn a lot less by competing in Britain if he maintains his current endorsement level.” … Britain takes a cut of an athlete’s worldwide endorsement earnings—that means overseas sponsors in addition to those in the U.K.—proportional to the time spent in Britain. By comparison, the U.S. only taxes nonresident athletes on endorsement fees paid by American sponsors. …

    So if in a given year Mr. Bolt ran in six races, one of which was in Britain, Her Majesty’s government could collect income tax on one-sixth of his total income from sponsorships. Given that Mr. Bolt’s contract with Puma alone is worth $9 million annually, the final U.K. tax bill for a single London race could dwarf his appearance fee, which has been in the range of $150,000 to $250,000. . . .”

    /snip

  59. AG says:

    33,

    600k for me means waterfront property with deep water dock, easy access to ocean, minimum 1/4 acre, 4 bdr 2 bath, solar panels, and a swimming pool. The roof and windows better be perfect too.

    You aren’t a miser for expecting that. 600k is a lot of federal reserve notes for a dwelling. For that much I expect luxury.

  60. Comrade Nom Deplume says:

    [61] AG,

    Downsides are (1) we are renting so we are limited in what we can do/enjoy; (2) we are kind of in the middle of nowhere even by local standards; (3) the deal is sweet in the short term but goes market after one year so it won’t last; and (4) we will be looking at yet another move most likely.

    Interestingly, I theorized that with our front-end loaded lease, which benefits the landlord because he gets lots of money up front, and benefits us because we aren’t paying it, the landlord can capitalize by exercising the option to get us out as early as 6 months and then renting at market price (in winter, good luck with that). But we would benefit as well because if he does that, we get 6 months (our original intent) in a 7 room, 4 bed expanded cape on 10 acres at an average rent of $1,083 per month.

    I’m going to feel like Chevy Chase in the movie “Funny Farm.”

  61. AG says:

    34,

    Eddie,

    Half those losers are paying that monthly nut on an interest only loan. There is no equity to be had. They are looking for a sugar daddy to bail them out of their mistake. You want to see armageddon? Just wait until rates go up. Thats why I bet we see 2.5% 15 year mortgages before any meaningful rate rise.

  62. AG says:

    44,

    Clot,

    Voted for Steve Lonegan.

  63. raging bull jj says:

    Ha ha ha, 600K house is where the guy who bags your groceries at trader joes lives. You just described a three million dollar home.

    AG says:
    August 17, 2012 at 4:12 pm

    33,

    600k for me means waterfront property with deep water dock, easy access to ocean, minimum 1/4 acre, 4 bdr 2 bath, solar panels, and a swimming pool. The roof and windows better be perfect too.

    You aren’t a miser for expecting that. 600k is a lot of federal reserve notes for a dwelling. For that much I expect luxury

  64. AG says:

    50,

    Libtard,

    NG is great but solar panels are better than municpal bonds. Plus theres silver in them solar panels. My air conditioner runs at a crispy 67 degrees in July and my power bill is 40 bucks a month.

  65. AG says:

    “Ha ha ha, 600K house is where the guy who bags your groceries at trader joes lives. You just described a three million dollar home. ”

    Maybe in la la land. Anyone that puts that much money in a dwelling better have some perks beside a zip code surrounded by commies.

  66. Ernest Money says:

    If interest rates for any number of products rise by even .5%, the whole derivatives market will implode and we’ll be on the Thelma & Louise track back to the 16th century.

  67. AG says:

    Libtard,

    “Wall Street always wins.”

    For now. You know what I mean.

  68. raging bull jj says:

    My first boss on wall street once told me you can’t save money you can only make money. Solar panels are like that, you are not making money. In fact you are losing money, you be better off sweating your balls off for free and have invested that money in munis in 2011. You be up 40%. Plus sweaty balls turn on the freeky chicks

    AG says:
    August 17, 2012 at 4:21 pm

    50,

    Libtard,

    NG is great but solar panels are better than municpal bonds. Plus theres silver in them solar panels. My air conditioner runs at a crispy 67 degrees in July and my power bill is 40 bucks a month.

  69. Young Buck says:

    Thank you.

    30 year realtor says: August 17, 2012 at 4:06 pm

    Young buck #9 – John Minicozzi 201-394-4440. All he does is rehab loans for Wells Fargo.

  70. Comrade Nom Deplume says:

    The IRS, in an interesting case of coincident timing, started going after conservative 501(c)(4)s after Citizens United in order to get their donor list. The idea was to hit donors with gift taxes. Because it was so blatantly political, IRS backed down.

    Now CRS is trying to give IRS some cover:

    http://electionlawblog.org/wp-content/uploads/CRS-Report-501c4s-and-the-Gift-Tax-Legal-Analysis.pdf

    To be clear, large individual donations are understood to be the exclusive province of the right. So an effort to impose a gift tax liability on donations to 501(c)(4)s, which would also hit dems but with almost no discernible effect, is clearly targeted at conservative groups.

    We hear about how this is the most politicized DoJ in recent memory. For my $0.02, this is the most politicized IRS in my memory — imposition of gift taxes on 501(c)(4)s is clearly an attempt to use the tax code to silence critics.

    Obama = Nixon. I said it. I stand by it.

  71. AG says:

    64,

    Congrats regardless. Thats a deal worth getting excited for and luck for you that the commute isn’t an issue. I expect you to file for your concealed carry immediately. If fishing in the Delaware river make sure you don’t cross over the 50 yard line.

  72. AG says:

    72,

    JJ,

    My balls smell like A1 steak sauce. Does that qualify me for VP of JP Morgan?

  73. raging bull jj says:

    At JP Morgan AVP in 1990s = VP in 2000’s = SVP 2010’s

    title inflation you my sir are an SVP

    AG says:
    August 17, 2012 at 4:38 pm

    72,

    JJ,

    My balls smell like A1 steak sauce. Does that qualify me for VP of JP Morgan?

  74. Comrade Nom Deplume says:

    [75] AG,

    Ha, thanks. Does anything live in the Delaware River still?

    As for concealed, yes, that is my second thing to do (first is to go to Wal-Mart or Cabelas and buy something black).

  75. Marilyn says:

    There is also the Route 23 Corridor option if you like banjo’s , dogs, and light beer!!

  76. Marilyn says:

    We call our development instead of the Country Club its the Kennel Club , but the taxes are cheaper than Bergen County. Just remember SPECTICS CLOGGED!!!!

  77. Marilyn says:

    and you can always cop an oxy off the kids!!!

  78. Marilyn says:

    meant septics clogged!

  79. Marilyn says:

    there is a lovely stench in the air !!

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  82. Richard says:

    Hey JJ if the grocery bagger at Trader Joes lives in 600k houses and and your house is 425k does that mean you’re looking to upgrade?

  83. Comrade Nom Deplume says:

    [75] AG,

    Just for grins, I went on Cabela’s site. They now have tactical gear, something they did not use to stock but I guess they see a buck to be made off of Obama and the dems.

    Anyway, I saw this and went Holy Sh1t!

    http://www.cabelas.com/product/Home/Misc-Shooting/Tactical-Firearms%7C/pc/105625080/c/106032780/sc/108413280/Bushmaster-50-BMG-Bolt-Action-Rifles/708194.uts?destination=%2Fcatalog%2Fbrowse%2Fhome-misc-shooting-tactical-firearms%2F_%2FN-1104890%2B4294751770%2FNe-4294751770%3FWTz_st%3DGuidedNav%26WTz_stype%3DGNU&WTz_l=Unknown%3Bcat108413280

    Too much power and too much money for my use/taste. But damn!

  84. Mocha says:

    10 acres calls for some serious firepower.

  85. Ernest Money says:

    Any questions?

    “The dramatic rise in FHA insured loans in a time of historically low rates demonstrates two key aspects of the current American economy. The first point is that many US households have the inability to save for an adequate down payment on housing. Forget about the historical 20 percent down payment but many households cannot scrimp up even a modest 10 percent down payment. The second point is the American economy is still living on leverage. Debt is an elixir best served in moderation but as we are seeing with the low mortgage rates, the country is now setting a threshold where low rates are expected. As a case and point we now see FHA insured loans playing a major role in the housing market. Since Q2 of 2007 the number of FHA insured loans outstanding has more than doubled. This would not be such an issue if they weren’t defaulting in mass.”

    http://www.zerohedge.com/contributed/2012-08-17/resurgence-low-down-payment-market

  86. Comrade Nom Deplume says:

    [89] mocha,

    yeah, but 50 cal is overkill. We aren’t at war and I’m not so good a shot that I should be expending expensive ammo.

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