Sandy won’t be kind to the NJ housing market

From the WSJ:

N.J. Home Deals in Gridlock

Even before Sandy ripped through the Northeast coast last month, the region’s housing market had been among the weakest in the nation.

Now, damage from the storm is raising new concerns in coastal communities about falling home prices and more foreclosures as weary homeowners—some upside down on their mortgages or still reeling from last year’s Tropical Storm Irene—decide whether to stay or go.

The problems are especially evident in New Jersey, which has been largely left out of the housing recovery that has taken hold in much of the rest of the nation.

New Jersey home values declined 1.8% in September from a year earlier, according to real-estate data firm CoreLogic Inc. CLGX +0.47% Only Rhode Island and Illinois posted bigger declines. Nationally, prices were up by 5%, with 43 states seeing year-over-year gains.

Meanwhile, nearly one in six New Jersey homeowners with a mortgage is upside down, or owes more than their properties are worth. And the state has the second-highest foreclosure rate in the country—after Florida—with some 12.7% of loans that were three months past due or in foreclosure as of September, up from 11.9% one year ago, according to the Mortgage Bankers Association. Nationally, the share of seriously delinquent loans fell to 7%, from 7.9% one year earlier.

The fallout from Sandy could make a bad situation even worse. “Anybody who was about to buy a house and needed to get a mortgage, that is stopped in its tracks,” said Dana Miller, a real-estate agent with Weichert Realtors in Rumson, N.J.

Economists say that over the past decade, hurricanes have generally prompted a surge in mortgage delinquencies but not necessarily foreclosures because lenders tend to give borrowers time to catch up on payments after natural disasters.

Still, Sandy is one of the first major storms to hit a region with so many borrowers who already owe more than their homes are worth. “The foreclosure piece injects a lot of uncertainty into a market that was already dealing with a lot of problems,” says Lawrence Friscia, an attorney in Newark, N.J., who represents homeowners facing foreclosure.

“Let’s put it this way: a lot of these folks may make the calculus that they don’t want to throw good money after bad,” he says. If that happens, “the effect on these submarkets can be profound.”

Lawrence Yun, chief economist of the National Association of Realtors, says he expects that cancellations in home sales in New Jersey, New York and Connecticut during November will lead to a small decline in the national home-sales figure that will be reported next month.

Even in shore communities that didn’t sustain much damage, real-estate agents say higher flood-insurance costs could tamp down demand.

Tom Marino is going ahead with a $352,500 purchase of a three-bedroom split-level home in Brigantine, N.J., on the shore, even though the home was flooded. He was initially set to close on the vacation-home purchase three weeks ago, but had to wait until repairs to the home’s walls, heating systems and flooring have been made.

The sellers, who have flood insurance, finished those repairs and the home will be reappraised Friday. Mr. Marino, a 60-year-old professor of anatomy, hopes to close next week. He brushes aside concerns about declining property values. “Brigantine is a gem,” he says, “and it’s just going to be even better when it’s rebuilt.”

This entry was posted in Economics, Housing Recovery, New Jersey Real Estate, Shore Real Estate. Bookmark the permalink.

205 Responses to Sandy won’t be kind to the NJ housing market

  1. grim says:

    From Forbes:

    Housing Market Recovery Accelerating, Now 47% Back To Normal

    Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: construction starts (Census), existing-home sales (NAR), and the delinquency+ foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.

    In October 2012, all three housing measures improved: construction starts increased again, existing-home sales rose, and the delinquency + foreclosure rate dropped considerably. Even though construction and sales declined month-over-month in the Northeast region, stronger activity in the rest of the country outweighed the impact of Hurricane Sandy.

    Averaging these three back-to-normal percentages together, the housing market is now 47% of the way back to normal–compared with 25% in October 2011. In the past three months, Trulia’s Housing Barometer has risen from 34% to 47%, which is the largest quarterly increase since we started tracking the recovery eighteen months ago. Not only is the housing market closer to normal than at any other point since the crisis, the recovery is also accelerating.

  2. grim says:

    From the Fed, Beige Book:

    Second District–New York

    Economic activity in the Second District has weakened since the last report, largely reflecting widespread disruptions from Sandy. Prices of finished goods and services have generally been stable. The labor market is difficult to gauge at this point–while hiring activity tapered off noticeably due to the storm, relatively few business contacts indicate that they plan to reduce headcounts in the months ahead. Retailers report fairly strong sales for October but indicate that business in the last two weeks has been severely hampered by storm disruptions; auto dealers in upstate New York report some softening in auto sales in October. Tourism activity in New York City was fairly strong prior to the storm; hotel business tapered off only modestly in early November, as the adverse effects of travel cancellations were partly offset by increased demand from local residents without power or access to their homes. Residential real estate markets were generally firm through the latter part of October, though the storm has caused a substantial slowing in sales activity in and around New York City. Finally, bankers report some weakening in loan demand and increased delinquency rates in the consumer and commercial & industrial loan segments; for residential and commercial mortgages, both loan demand and delinquency rates are little changed.

    Construction and Real Estate

    Residential real estate markets in the District were mixed but generally firm prior to the storm, and its effects on the market remain unclear at this point. Manhattan’s rental market remained on a positive trajectory in October, with rents up roughly 5 percent from a year earlier and vacancy rates continuing to decrease. Sales markets in both Manhattan and the outer boroughs were fairly active in October, with prices steady and the inventory of available homes characterized as low. On the other hand, housing markets in the Buffalo area showed signs of softening in October. An expert on New Jersey’s housing sector notes that conditions were improving gradually prior to Sandy and expects that post-storm rebuilding will boost multi-family construction.

    The storm caused a noticeable slowdown in sales activity throughout the New York City metropolitan region, but this is expected to be temporary. With many homes along the New York City, Long Island and New Jersey shorelines severely damaged or destroyed, the lean housing inventory is a concern, as displaced residents seek short-term rentals. There is some concern as to how much of the shore communities will be rebuilt and how quickly, but one industry expert anticipates that residents in the severely-damaged areas will be strongly motivated to return and rebuild. Some of the biggest potential challenges are likely to be shortages of construction equipment and materials, and steeper prices for insurance.

  3. grim says:

    I know Apple pops up here every once in a while as an investment topic, so I want to throw in my 2 cents.

    Given the absolute horrorshow that is Windows 8, I fully expect the retail computer consumer to go running straight to the Apple Store to pick up a new iMac. Complete disaster. If you are buying a PC this holiday season, I’d recommend you stay far away.

    From a corporate perspective, I simply can not see Windows 8 adoption being even a remote priority on any CIO’s list in 2013.

  4. Brian says:

    fourth

  5. Peace, Love, Dope says:

    phifth

  6. Peace, Love, Dope says:

    grim – in your humble opinion, are we in a full-fledged housing recovery or is it a head fake?

  7. 3B Buying says:

    Briagatine is a gem, that guys says so, so no worries for the people in Brigatine.

  8. grim says:

    Not sure how to quantify “full-fledged”, but we are in a recovery, one that is much slower than anyone would like.

  9. Peace, Love, Dope says:

    fair enough. do you think prices continue to rise slowly or do we take a “step-back” at some point…and if so, to what degree?

    i am just curious. personally i plan to keep renting for the next year or 3 (or longer). for myself, i have an excellent rental, great landlord, etc and just can’t find the value in taking my cash out of AAPL and others to put into a home. not yet, at least.

  10. Painhrtz - Not like you can dust for vomit says:

    Brigantine is a dump 8 months out of the year. signed Brigantine resident 94-95.

  11. Mike says:

    Good Morning New Jersey

  12. The Original NJ ExPat says:

    [8] grim – I think you’re choosing to measure in dollars, which like reaching for a ruler in your desk drawer that changes length every time you pull it out to use it.

    Not sure how to quantify “full-fledged”, but we are in a recovery, one that is much slower than anyone would like.

  13. Brian says:

    3 –
    More people at work are bringing their macbook air laptops to me wanting to use them in and out of the office. They’d rather buy their own equipent over using the chunky windows laptops we generally provide to them.

  14. Brian says:

    3 –
    Also we are just finishing the windows 7 rollout. A few holdouts are still clinging to their XP machines.

  15. The Original NJ ExPat says:

    I have a colleague at work, he’s pushing 40, two young kids, he has a Ph D in Physics, both he and his wife work. He and his wife own a modest townhouse way out in Ashland (about 30 miles West of Boston). They just paid off their mortgage. I congratulated him and asked him how low his monthly housing nut is now. The answer is about $1000/month in taxes, condo fee, utilities, etc.

  16. Painhrtz - Not like you can dust for vomit says:

    Brian this will make you feel good, We are on HP laptops, XP, IE6, and office suite 2003. As an added bonus lotus notes included. I feel like I am in a time warp everytime I log in.

  17. jcer says:

    Pain, that is a corporate staple in most places.

  18. Brian says:

    16 –
    Every business upgrades at their own pace. I recently walked into a branch of the bank I used to work at and saw Dell computers and CRT monitors I installed 6 + years ago w/XP on them. Still in use.

    They’d hang on to servers for many years there too. If they had two of the same model server, and one was retired, they’d keep the old one for parts and hang on to them for as many as 8 years.

    Many of the ATM machines had IBM computers in them running OS2 warp. Many of them are still in use….I hated when they broke…NCR still worked on some of them and we’d work with them to scrounge up parts and hope the OS would load on them again when they broke.

    Just because a manufacturer releases an OS doesn’t mean everyone is going to rush to upgrade.

  19. Peace, Love, Dope says:

    speaking of Apple…the new totally revamped iTunes is supposed to drop today

  20. The Original NJ ExPat says:

    I used to be a cutting edge PC guy. All of my PCs at home are XP, our entire company is still XP. I can’t believe I’ve been enjoying a single OS for over a decade. I do have some modern macs, though.

  21. Brian says:

    I would also add that just because Microsoft retired support for windows 2000 officially doesn’t mean they still don’t support them. We paid them for years for an extended support contract even after “officially” they said they no longer support them.

    One of the recent projects I worked on we had to finally get rid of all of them and replace them, consolodate them, or just migrate them to 2003 server or 2008 server before the contract renewal was up…..the goal was not to renew the contract and have to pay Microsoft millions of dollars.

  22. reinvestor101 says:

    More stinking RINO defections and this time it’s closer to home with the damn turncoat Peter King. HE WANTS TO COOPERATE WITH OBAMA. This jerk is now getting into it with Grover Norquist after he was called out on trying to weasel his way out of the damn no tax pledge and has the damn nerve to have his damn wife threaten Norquist because talked about his stinking wife. Hell, as far as I’m concerned, Norquist didn’t go far enough. He needs to talk about King’s momma. If we have to, we need to go on a damn pogrom against these damn RINO’s. They need to be driven from our damn party and our politics—these dirtbags are starting to pop up all over the damn place. I hate them.

    http://www.politico.com/news/stories/1112/84328.html?hp=l7

  23. Fast Eddie says:

    The problems are especially evident in New Jersey, which has been largely left out of the housing recovery that has taken hold in much of the rest of the nation.

    New Jersey home values declined 1.8% in September from a year earlier, according to real-estate data firm CoreLogic Inc. CLGX +0.47% Only Rhode Island and Illinois posted bigger declines.

    Meanwhile, nearly one in six New Jersey homeowners with a mortgage is upside down, or owes more than their properties are worth. And the state has the second-highest foreclosure rate in the country—after Florida—with some 12.7% of loans that were three months past due or in foreclosure as of September, up from 11.9% one year ago, according to the Mortgage Bankers Association.

    Tell me again about having a taste for wine on a beer budget… which, isn’t even the case. But I love when some of you angry motherf.uckers think you know my or anyone’s situation who views the absurdity that is still the North Jersey housing market. There’s a reason why I have a nice chunk of dry powder because I didn’t, nor will I buy into the fact that it’s “different” in Upper Smoopyville.

  24. Peace, Love, Dope says:

    what towns are under the “Upper Smoopyville” and Upper Haughtyville” umbrellas?

  25. Brian says:

    Tenafly

  26. Peace, Love, Dope says:

    yes, of course, I know that. that is why i live there. i meant the others; i need to see the other Joneses to keep up with.

  27. chicagofinance says:

    Dope: My opinion? Not that you ask or care. We are full-on stimulus. There is no greater push right now to draw people in to buy more. What you are seeing broadly is the result of all of this work…..so eventually they need to take their foot off the gas, and the market has to stand on its own. Since we deal in the daily blow-by-blow here, we can easily lose the broad picture. I think the intention is to smooth out the results of what in theory should be a bumpy ride. The fortunate thing for us is that we get to see everything real time here and dissect it (thank you papa grim). Most people do not have the benefit of seeing beyond the platitudes served up by the media and the nonsense spewed by realtors on the front lines.

    Since you ignored the prior paragraph…..in short….no rush, follow the course based on what your circumstances dictate. I will argue that the Obamunists being in charge (I apologize for the pejorative) is going to buy you more time. That is neither good or bad. It’s just that there will be a tendency to want to coddle the market versus allowing things to crash and burn a la Ernest Meat or whatever his name is….

    Peace, Love, Dope says:
    November 29, 2012 at 8:41 am
    fair enough. do you think prices continue to rise slowly or do we take a “step-back” at some point…and if so, to what degree?

    i am just curious. personally i plan to keep renting for the next year or 3 (or longer). for myself, i have an excellent rental, great landlord, etc and just can’t find the value in taking my cash out of AAPL and others to put into a home. not yet, at least.

  28. 30 year realtor says:

    Housing recovery? No doubt about it. It may be slow and only impacting transactions in our area, but it is a recovery none the less. Prices still have a slow leak but that will eventually stop.

    Foreclosed property inventory will begin to impact the New Jersey market in 2013. The impact will be greatest in urban areas and less affluent suburban areas. This will cause the slow leak will continue for the foreseeable future .

  29. Fast Eddie says:

    Peace,

    what towns are under the “Upper Smoopyville” and Upper Haughtyville” umbrellas?

    Any town that has a seller with an asking price a la 2006, with a built in pool, 80K car in the garage and a house that looks and smells like sh1t. Generally, that includes 2 out of 3 homes currently listed for sale. They have close to zero net worth and are looking for a TARP-like bailout at your expense. Basically, those with a little hat and dead cattle.

  30. Dan in debt says:

    Since I saw the computer talk above, I need to replace my dying laptop which now freezes up every other time I turn it on as the bottom of the computer feels like it’s going to melt. Should I pay the premium for the Mac or is there a good windows based laptop/desktop to get instead. I surf obviously but I need to log on to work once or twice a week for some hours too and when I’m away.

  31. Fast Eddie says:

    Most people do not have the benefit of seeing beyond the platitudes served up by the media and the nonsense spewed by realtors on the front lines.

    Frame that statement!

  32. Peace, Love, Dope says:

    appreciate the opinion. i am in no hurry…and may never buy again. i asked my LL about possibility of renting for 10 years. i like to say “it is my house, it is LL’s headache.”

  33. grim says:

    I firmly expect the S&P Case Shiller for NY Metro to turn positive, year-over-year, over the next 2 or 3 months. I believe once the spring season is underway, we will see consistent (albeit low %) positive prints.

    I do not, in any way, expect a continual series of positive prints, but what i’m talking about is noise/variability, and not head fakes.

    Realize that bottom calling is a sport where the winners and losers are revealed 14 or 16 months after the fact.

  34. grim says:

    I will also admit that Sandy is a complete wildcard. I have no idea how it’s going to impact sales and prices long term for impacted communities.

    Short term, there will be a massive downward spike in contracts and closing, but in many non-impacted areas these represent delays, not cancellations.

  35. grim says:

    S&P Case Shiller for NY Metro – Condos – Has already turned positive year-over-year, up 4.5%.

    Mid Tier sales (from $269,876 to $443,800) are essentially unchanged, year over year, with a decline of only 0.54%.

    If prices hold flat at this point, mid tier will turn positive in the next 1-2 months, and low tier (Under $269k) will go positive in 2-3. High Tier (Over $443k) will be the last to turn).

  36. Fast Eddie says:

    High Tier (Over $443k) will be the last to turn

    From the seller’s cold, dead, f.ucking hands…

  37. Essex says:

    23. I’m in ur head now…..;-)

  38. Fast Eddie says:

    We toured this one over the weekend. It is a main street but I would consider it based on the scenery, nice properties, etc. It really does have nice views. The yard was a little tight but the house is beautiful. Of course, new construction, how could it not and it appeared to me to be quality construction. All in all, just too big, too much to heat and cool, too much space. No one has 5 kids anymore and if they did, they better have the income to support it all. The big negative, open foyer; I mean really open and sky high. They should’ve closed the foyer up. If this one had about 700 sq. ft. less foot print, I might’ve given it a thought.

    http://www.trulia.com/property/3101359748-614-Lafayette-Rd-Harrington-Park-NJ-07640

  39. Fast Eddie says:

    grim,

    unmod me.

  40. grim says:

    High Tier (Over $443k) will be the last to turn

    I’m talking like January/February, and certainly by Spring.

  41. Brian says:

    You most likely have a cooling fan that’s failed. Possibly the one that cools the processor. That would cause it to overheat and crash. I once had a lady fall asleep with one on her lap. She had a blanket on her lap and air couldn’t get into the laptop from the bottom. It melted all of the keys on the keyboard above the Processor.

    I have no oppinion either way about Windows vs Apple. They each have their advantages. You will find equipment made by Apple more expensive though.

    If you go the windows route, try to stick with windows 7. Also, if it’s a laptop, I’ve had good luck with the i5 and i7 processors. Generally, don’t cheap out on a laptop and expect to upgrade it later. If you cheap out, you’ll be unhappy in a shorter amount of time and most people never get around to upgrading the RAM…so pay for the good graphics card/RAM/CPU up front. People are reporting to me that the solid state hard drives are awesome too. Much faster….

    30.Dan in debt says:
    November 29, 2012 at 9:36 am
    Since I saw the computer talk above, I need to replace my dying laptop which now freezes up every other time I turn it on as the bottom of the computer feels like it’s going to melt. Should I pay the premium for the Mac or is there a good windows based laptop/desktop to get instead. I surf obviously but I need to log on to work once or twice a week for some hours too and when I’m away.

  42. grim says:

    When I say turn, I’m not saying that they are bottoming and starting to move upwards, I’m saying that prices will be HIGHER than one year ago.

  43. Fast Eddie says:

    grim [40],

    You’re telling me there’s this pant up demand?

  44. Phoenix says:

    It’s okay to rent. This is the new norm. Companies are renting more equipment now instead of purchasing it, or buying used. Gone are the jobs that created the middle class, — steady work, pension plan, gold watch at retirement. Youth paying into Social Security, Medicaid and Medicare, only to be told that money is lost forever and you are not getting it back. Kids today may be working on the east coast one year, the west coast the next. Children are becoming baggage to the affluent, this is why it’s foreigners and the poor that are multiplying. Why purchase? You rent a movie, a zip car, a power drill. The stability that built the middle class in the USA is dwindling. Exploit or be exploited, that is the question.

  45. Fast Eddie says:

    When I say turn, I’m not saying that they are bottoming and starting to move upwards, I’m saying that prices will be HIGHER than one year ago.

    Of course! $629,000 wasn’t high enough for a gas mask special. Let’s push it up to $649,000.

  46. grim says:

    Looking at the Seasonally Adjusted Tiered Index (I hate the SA indices btw), prices in the Mid and High Tiers have already turned positive for the year. Granted, given the SA, it could just as likely be noise, but putting that aside.

    From January – September
    Low Tier – Down 1.5%
    Mid Tier – Up 1.3%
    High Tier – Up 0.5%
    Aggregate – Up .95%

  47. grim says:

    From MarketWatch:

    Pending home sales rise in October

    Pending home sales rose 5.2% in October in the most recent data signaling a recovering housing market, the National Association of Realtors reported Thursday. The pending-home-sales index rose to 104.8 in October from 99.6 in September, the trade association said. Pending sales were up 13.2% from October 2011, for the 18th month of annual gains. “We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive,” said Lawrence Yun, NAR’s chief economist, in a statement. By region, October saw gains in the Midwest and South, which more than offset declines in the hurricane-hit Northeast and West. A sale is listed as pending when the contract has been signed but the transaction has not closed, and an index of 100 is equal to the average level of contract activity during 2001.

  48. grim says:

    From CNBC:

    Pending Home Sales Surge to Five Year High

    Buyers are coming back to the housing market in ever greater numbers, as an industry index measuring contracts to purchase existing homes surged 5.2 percent in October from September.

    The monthly gauge of pending home sales from the National Association of Realtors was also revised higher in September and is now up 13.2 percent from October of 2011. This is a forward looking indicator for closed sales one to two months from now.

    “We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation and rising consumer confidence about home buying now that home prices have clearly turned positive,” wrote Lawrence Yun, chief economist for the NAR in a release.

  49. Phoenix says:

    Eddie,
    The type of house that you are looking for, in perfect condition, in Haughtyville, is still in demand as there are plenty of potential buyers with what you call “dry powder.” Some of them have more “dry powder” than you do. Plenty of baby boomers/retirees with pensions, paid off homes, etc that don’t want or need what they consider a “lowball offer–and can wait it out or lose it as you can’t take it with you. There are some that will want to bail, or have to bail, these would be your targets, but you will have to be patient as these will be rare and hard to come by-the realtors will keep these for themselves and their families. Cold calling on the houses you see that you like might get you one-I know a friend who did this in Mountain Lakes and scored-beat out many realtors on the deal.

  50. Fast Eddie says:

    Phoenix,

    Cold calling on the houses you see that you like might get you one-I know a friend who did this in Mountain Lakes and scored-beat out many realtors on the deal.

    It’s the next step. And you’re right, that “desirable” house is gone in a flash. And yes, there are those with more “powder” than me… a lot more. I’m willing to stretch, but again, there’s no inventory. There’s nothing worth choosing. The next step is to target a house and/or neighborhood and stuffing a letter in their door handle.

  51. 3B Buying says:

    #48 Job Creation? Just saying.

  52. Peace, Love, Dope says:

    there was inventory in The Fly all Spring and Summer…and it got snatched up quick. Many needed a lot of work but the potential was there. Now, all the crap is left or homes that are overpriced, as reported.

  53. Comrade Nom Deplume says:

    Smoopyville???

  54. 3B Buying says:

    #42 grim: I don’t see it in the NY metro area, but what do I know.

  55. Brian says:

    This is anecdotal but recently I’ve noticed a lot more openings in my field. I even had someone contact me for a phone interview (I don’t even remember applying to them). They must have found my old resume on a job website or something.

    That said, I do know someone who was recently laid off….the company is treating him like crap…he has to train his Indian replacements if he is to recieve his severants….

    What I see may not be a trend for the overall job market I suppose.

    51.3B Buying says:
    November 29, 2012 at 10:50 am
    #48 Job Creation? Just saying.

  56. xolepa says:

    “The next step is to target a house and/or neighborhood and stuffing a letter in their door handle.”

    A realtor told me this 30 years this ago and it still rings true: Never solicit a house to buy directly from the homeowner. It typically won’t work. You take the hard edge off instead by asking the same person if he/she is ‘aware of a neighbor or acquaintance who is looking to sell’. It’s a tough game. You have to talk in person, as if you were passing people on the sidewalk in the town you are interested in. Only hard work will get you in on a deal. But it does happen. Ask me how I know.

  57. Comrade Nom Deplume says:

    Bloomberg radio had a reporter on who sounded a lot like Christie, talking about flood zones and the fact that the map may get redrawn. Report said bad news for people who want loans or flood insurance in areas not previously on the map.

  58. yome says:

    GO RU!!

  59. Libtard at home says:

    I recently purchased an ASUS Ultralight with an i7 and SS drive (work gave me a Macbook, but IT renders it useless for anything but work). With all the deals I could find, it came out to about $1150 at Staples. The sound is better than a MacBook and the display is comparable. It’s actually a lot quicker than anything Mac. Where it blows is in the quality of the parts. The keyboard is terrible, the touchpad is useless (almost returned it, but settled on a $5 wireless mini mouse) and the input for the power adapter is already loosening up. It came with the free Windows 8 upgrade, but I’m not going to do it since I heard it blows from all my IT buddies. I love the MacOs, but if you are the hacking/cracking type or if you use proprietary software, it’s not going to work well for you. Whatever you do, don’t buy a Dell laptop. The Lenovo’s are still decent quality (at least the last two I’ve used), but I haven’t researched their ultralights. I hope some of this helps you decide.

  60. Libtard at home says:

    Will anyone else here be at the big game tonight besides me?

  61. Ernest Money says:

    The housing market has been the beneficiary of the most massive stim/kick-the-can job in human history. All that huffing and puffing has triggered is a recovery that is barely a blip.

    Once the stim ends- and it has to- the buried fraud, bad loans, shadow inventory, etc will drag the market right back down into the shitter.

    The bad and unpayable debt must be acknowledged and written down. Until that time, there will be only pain.

  62. Libtard at home says:

    Here’s my latest PC
    http://www.buy.com/prod/asus-ux21e-dh71-11-6-zenbook-intel-core-i7-2677m-1-80ghz-4gb-ddr3/225167384.html?listingId=-1

    I bought it about 4 months ago. I’m impressed that it has not dropped in price much.

  63. Ernest Money says:

    Oh…and could anyone here who believes the following please make yourself known:

    – The Fed will buy 40bn of MBS every month until the end of time.
    – The 1.2 trill of MBS currently owned by the Fed is all AAA/minty fresh.
    – FHA is a stalwart of financial prudence and will never become a bankruptcy/bailout.

  64. The Hiring Manager says:

    Fast Eddie,
    There was a chance you could finesse staying but to be honest, move on is best for both of you. Overall, you took a job at a reduced rate for the stability of full time and are now jumping ship for a better gig. The fault here lies with the old company, harsh as it may sound, they should not have hired you in the first place. Leaving aside the 120 to 1 hiring process. The reality is that the remuneration they offered was not enough to stop you jumping, that shows that you were not the candidate they were looking for. The 25% rebuttal offer reflects that they are going to have to go back to the 120 to refill the spot and retrain the next one up to the point you are at now. Hopefully they will not make the same mistake and either up their base or pick a candidate that will accept the salary.
    I have hired people for jobs were I have to complete with the big players were I can’t match the money. One of the judgment calls I have to make is, will this person jump. If I get someone in from a big player who got downsized, chances are, unless I have a personal recommendation, I will probably pass on them they are a flight risk. I would rather see a mediocre player that sees my job offer as a step up, than a high flyer that sees it as a step down.
    Also be ready to explain this situation in an interview as short gigs in your CV are a big red flag.

  65. Ernest Money says:

    Companies- large or small- that play the salary arbitrage game are scum, and anytime an individual worker can get over on them or turn the tables, it’s fair play.

    I don’t care what the industry is: if the dominant comp idea is “how little can we get away with paying” vs “we want to pay as much as we can”, the company is, or will be, dead man walking.

  66. Punch My Ticket says:

    Given the absolute horrorshow that is Windows 8 ..

    I’d like to see that opinion fleshed out. I just picked up half a dozen 3 year old Lenovo desktops from a small office that was closing up shop for about $350 (total, not each). Dual core 64 bit Intel CPUs, not beat up, 80GB hard disks. Windows XP Pro on all.

    Microsoft charges $40 for a Windows 8 upgrade. All in, they could be $100 Win8 machines and, from what I read, Win8 can be made to look and act like Win7.

    Is there a good reason not to?

  67. Libtard at home says:

    Punch, I couldn’t describe the issue more than the hosts on Squawk Box were laughing at initial reviews of 8 this morning. Also, my department just went through the XP to Win 7 migration yesterday. I asked the IT guys when we would be going to 8. In unison, they both said, “Never!”

  68. grim says:

    from what I read, Win8 can be made to look and act like Win7.

    I believe this was only possible in the pre-release versions by modifying some registry settings to disable some of the MetroUI components. Even so, it didn’t entirely function like Win7. Hearing from folks that MS eliminated the ability to disable MetroUI in the release version.

  69. Fast Eddie says:

    Manager [64],

    The new gig seemed to care less about this short gig or any short gigs in the CV (contracts, etc.). The new gig has three slots to fill and I just landed one of them. They asked me if I know of anyone for the other slots which means they can’t find someone with soft skills coupled with technical skills. Or, perhaps it’s just that my salary requirements are reasonable. Who knows. BTW, the old gig asked me this morning if I had a counter offer to their higher offer presented yesterday. The CEO of the company stopped me in the hall a few weeks ago and said he’s getting raves from the client’s regarding my support. I told my Director about it and he said the CEO doesn’t acknowledge anyone! Go figure.

  70. Sima says:

    #55
    The news stories say hiring is up – maybe in certain fields. But what I am seeing is that people (at all age levels) are only getting contract jobs and not “real” jobs with benefits in the fields of banking, insurance, pharma, IT, video production.
    And Big Pharma is still contracting by dribs and drabs, with remaining workers now doing the job of 3.
    Real story: contract workers (all highly skilled pharma workers who had been laid off from other pharma jobs) in one department at a big pharma company told in early November that their contracts are renewed and that there is work for all of 2013.
    Two weeks later they are told – well no, the company is now going to have lay-offs and all contract worker jobs in that department will end as the contracts end within the next few weeks to months. The remaining 3 employees will then do their jobs plus the work of the 8 contract workers. Happy holidays to all.

  71. Ernest Money says:

    I can look out my window at work every day and watch slaves from halfway around the world, trudging to and from their cubicle-jockey jobs. They are paid little, and they deliver little in return to companies who exist only through the gubmint’s largesse and/or fraud.

    The only difference between this and Charleston or Savannah in the 1800s is the skin color and occupation of the slaves.

  72. Ernest Money says:

    An intellectual slave is still a slave.

  73. yome says:

    Companies complaining about not finding workers trained enough is not true. The truth is you need to increase salaries to find highly trained workers. Paying a salary for neophyte will not attract highly experienced workers. They may find someone like Gary then leave when other opportunities present itself. Was it worth the cost for the short term help?

  74. Fast Eddie says:

    I don’t care what the industry is: if the dominant comp idea is “how little can we get away with paying” vs “we want to pay as much as we can”, the company is, or will be, dead man walking.

    Pretty much cemented my decision, among other things.

  75. Ernest Money says:

    gary (69)-

    Looks like they’re a day late and a dollar short.

  76. Comrade Nom Deplume says:

    The Sixth Circuit has ruled that severance package payments are not subject to payroll taxes. IRS and at least one other circuit disagree. This could go to the Supremes.

  77. Fast Eddie says:

    Meat [75],

    They f.ucked themselves and they know it.

  78. Dan in debt says:

    Brian/Lib,

    Thanks. I suspected a cooling fan but am I fixing it myself? No. I’ll check in on the big game tonight from home.

  79. Ernest Money says:

    Anyone think the college conference realignment has anything to do with pooling resources to fight football head injury lawsuits?

  80. Ernest Money says:

    Boehner shanking the markets in 3…2…1…

  81. grim says:

    57 – FEMA redraws will be disaster for anyone that finds themselves in a new flood zone.

    Not only will you need to pony up for flood insurance, increasing your housing costs, but your property will now be stigmatized as flood and can easily lose 25% of its value, or more, in a single, precipitous, drop.

  82. grim says:

    81 – Perhaps a new cottage industry for lawsuits? Can you sue FEMA over the new flood maps? And Win?

  83. grim says:

    They asked me if I know of anyone for the other slots which means they can’t find someone with soft skills coupled with technical skills.

    What, I don’t get a referral?

  84. 30 year realtor says:

    What type of listings are selling? Elderly sellers looking to downsize/relocate to warm climate, estates and renovated flips are the only motivated sellers I see on a consistent basis. All of the listing I take where the seller will only sell if they get enough money to buy the move up home expire.

  85. grim says:

    Lib – I was so disgusted at Win 8, I went out an bought an iMac off of Craigslist yesterday. Not for work/productivity, but as the communal/kitchen PC. (White 24″ iMac, Core 2 Duo, 2.16gHz, 4gb, Lion, new style keyboard, $350).

    I’ve been a Mac hater for years, but I’ve got to admit, it’s pretty nice, and it looks absolutely wonderful on a desk. Certainly didn’t at all perform like a 6 year old PC.

    My work laptop is Win7, and my personal work desktop is Win 8. I’m about to format the Win 8 box and reinstall 7, it’s completely useless from a productivity standpoint.

    If you at any point need to have multiple applications/windows open on your PC to do “work”, Win 8 will not work for you. Imagine trying to do your day to day job on an android tablet, that’s Windows 8.

  86. Ernest Money says:

    The overarching plan of TPTB all along has been to get people to borrow to the hilt for housing
    , then shank the value of the underlying asset, trapping the occupants in their houses- or the unpayable debt it causes- for life.

  87. grim says:

    renovated flips are the only motivated sellers I see on a consistent basis

    I am continually surprised by the number of renovated flips that I see going under contract, week after week. Not even talking about high quality flips, some of these are real crap jobs.

  88. The Hiring Manager says:

    I think of it more in sports terms. If I am GM of White Sox, do I risk taking ARod knowing that his is likely to invoke a trade clause and jump to the Dodgers or Mets. Is it worth the disruption or do I hunt for a good 3rd base prospect.

    By the way I have a friend that has some open recs for Linux SA’s It is a very interesting gig. He says he is having a hard time finding talent. Anyone interested contact me through Grim.

  89. Libtard at home says:

    Thanks for buying that Mac. I added to my AAPL holdings on this recent price drop. I’ve also noticed a lot of MacBooks in places they would have never been just a couple of years ago. I noticed the broadcast crews at sporting events now have them as well as about one in three commuters on the train. I used to be the only one. So Windows 8 is essentially this years Vista?

  90. grim says:

    gary – 389 Monroe in Wyckoff – Remember that one? Renovated Tudor, in foreclosure, shitty layout and a disaster of a kitchen.

    Closed at $590k, $15k over ask…

  91. Lauren says:

    50. Fast Eddie / Gary

    Thanks to you and 3B for keeping me sane. Husband and I are still looking in Monmouth County…same minimal inventory that you report…houses so rank that I’d be depressed if they were given to me for free. I was wondering if it was my imagination since the reports are so rosy. It’s comforting to hear that you’re having a similar experience. Question…do you really think the letter approach will work? I have a friend who keeps suggesting it to me but I have so little faith that anyone will be willing to sell a reasonable house at a reasonable price.

  92. Sima says:

    #93
    I know someone who gave letters to homeowners of homes she liked on several target streets (this was about 10 years ago) . One elderly homeowner did respond and she wound up buying that house. Private sale at a fair price.

  93. Sima says:

    oops, I meant #92

  94. Peace, Love, Dope says:

    The Onion always nails it:

    Congressman Torn Between Meaningless Pledge To Anti-Tax Zealot, Well-Being Of Nation

    http://www.theonion.com/articles/congressman-torn-between-meaningless-pledge-to-ant,30539/#

  95. Hughesrep says:

    61

    Big game was last weekend in Columbus.

    Didn’t Rutgers get beat by a MAC team?

    Welcome to the Big 10. Enjoy your last couple of decent seasons.

  96. Fast Eddie says:

    Grim (90),

    What was the original list on that one? It sat for a long, long time and drifted down on price. Why in the world would it then go over ask price? It makes absolutely no sense.

  97. Fast Eddie says:

    Lauren,

    Keep the faith. I don’t know if the letter concept works but since nothing else is working, why the he11 not!

  98. grim says:

    96 – Once Hudson City took it back? $659,989

    Pre-foreclosure? Hit the market at $998,000 in 2009.

    Looks like it got some interest at $599k, went BOM and dropped the price, but picked up another bid quickly, so it sounds like there were multiple bidders at that point.

  99. chicagofinance says:

    Does it help that this incident occurred during what would be considered cyclically a quieter period?

    grim says:

    November 29, 2012 at 9:49 am

    I will also admit that Sandy is a complete wildcard. I have no idea how it’s going to impact sales and prices long term for impacted communities.

    Short term, there will be a massive downward spike in contracts and closing, but in many non-impacted areas these represent delays, not cancellations.

  100. chicagofinance says:

    Just a question…..what would be your preference for Samsung exposure?

    Libtard at home says:
    November 29, 2012 at 12:16 pm
    Thanks for buying that Mac. I added to my AAPL holdings on this recent price drop.

  101. chicagofinance says:

    clarify….not IF, not HOW?

    chicagofinance says:
    November 29, 2012 at 1:08 pm
    Just a question…..what would be your preference for Samsung exposure?

    Libtard at home says:
    November 29, 2012 at 12:16 pm
    Thanks for buying that Mac. I added to my AAPL holdings on this recent price drop.

  102. chicagofinance says:

    HOW…not IF

    :-P

  103. grim says:

    I’ve got two closings that were pushed off due to Sandy.

    The first required a new appraisal, and was held up in underwriting as a result. Closing was pushed off at least a week. This was a done deal pre-storm.

    Have another that’s going to be pushed off at least 2 weeks due to mortgage application delays, we were trying for a quick closing and the deadlines were very tight. On the buyer side we lost a week pulling together docs, on the lender side as well, since they were completely swamped/backlogged once they got up and running.

  104. 3B Buying says:

    #84 #30 year: Agreed from what I am seeing too. ALthough there was one nicely done reno/flip in WT, but it is still sitting. I believe it is price 469K for a renovated cape on small property is a lot IMO. It is so bad I am even resigned to having to stay in Brigadoon, as it increases the little inventory pool that there is currently available.

  105. 3B Buying says:

    #63 Ernest: I believe the one below. If they don’t than bye by so called recovery.

    The Fed will buy 40bn of MBS every month until the end of time.

  106. grim says:

    Christie’s current estimate is 30,000 homes or businesses destroyed by Sandy, I believe another 42k damaged.

    Let’s just say we split the difference and call it 15k homes removed from the local housing stock. This represents roughly 6-9 months worth of sales for these areas.

    Monmouth/Ocean saw 1,368 homes sold in Q1 of this year, and 2,131 in Q2.

  107. 3B Buying says:

    $55 Brian: Not on the “street”.

  108. Ragnar says:

    Peace, (94)
    Sorry to see the Onion go the way of the Daily Show. Ten years ago I watched the Daily Show and occasionally laughed. Then they evolved to the point that every joke was based on leftist premises, so I stopped watching.

  109. Anon E. Moose says:

    Windoze 8 looks like a Pinterest bastard child. How can anyone take it seriously as a business tool/platform.

  110. Anon E. Moose says:

    Grim [85];

    I’m about to format the Win 8 box and reinstall 7, it’s completely useless from a productivity standpoint.

    I’ve heard this tune before. MS did everything but hire Lawrence Yun to spin the notion that punting Vista wasn’t a ‘downgrade’. Mac even made a commercial about it.

    http://www.pcworld.com/article/2015107/downgrading-from-windows-8-to-7-what-you-need-to-know.html

  111. grim says:

    ALthough there was one nicely done reno/flip in WT, but it is still sitting. I believe it is price 469K for a renovated cape on small property is a lot IMO

    The very nicely done reno on Hoover (#474 – expanded ranch), closed at $521k. I’d say that was a good price given the quality of the renovations, it was all done top notch, no skimping, no home depot specials.

    That one hit the market at a reasonable $529k (not off the mark at all). Caught a bid first week, but looks like the deal fell apart for some reason, they got another offer two weeks later, and closed it up.

    Biggest complaint anyone might have was that they either didn’t care for the layout (master on main), or they didn’t like that it was a corner lot.

    Essentially a new house, 100×100 lot, 4br/2.1ba (two down, two up), very nice finished basement, and a sub $10k tax bill.

  112. Libtard at home says:

    Chi:

    As you obviously already know, Samsung doesn’t trade on a US exchange. If you have access to a large enough broker, they could buy it on the Korean Exchange or you can expose yourself to some Forex risk and buy from Frankfurt through many of the smaller brokers such as IB. Personally, I think we might be a bit past that trade as the hottest smartphones usually have a shelf-life of one of JJ’s condoms. Their HD televisions used to be in a class of their own, but Sharp and even Visio have caught up. Plus, Apple is pushing hard into Asia. And if the iPhone ever gets a foothold in the enterprise market, look out. Personally, I think Apple is drastically undervalued. If they play their cards right and AppleTV does to the digital streaming world what the iPod did to the recorded music world, lookout. My guess is that they are the only company who can seamlessly get the consumer up and running in the cloud, which is way overdue. Every other attempt (i.e. Amazon) has been too wonky. I don’t mean to sound like Steve Jobs, but imagine missing the latest Homeland on Sunday and being able to automatically watch it on your iPhone/Macbook on your flight out to Chicago without even telling your TV that you wanted to record it. Apple is the only company who will successfully pull it off since they know how to make the interface that even your grandmother (who couldn’t set the clock on her VCR) could navigate. If Apple ever strikes a deal with a Redbox/Amazon/Netflix, you’ll know they are close. My analysis has Apple at $2,000 in 5 years. For everyone who says that sounds incredulous, well Apple was at $200 5 years ago and $50 five years before that. But back to Samsung, I would just add some Korean ETF to my portfolio since Samsung will most likely make up from a fifth to a quarter of any Korean fund. Personally, I think you’re only interested in Samsung due to your Gangnam Style infatuation.

  113. The Original NJ ExPat says:

    [85] grim – I bought an Intel Mac Mini running Tiger on ebay about 5 years ago just to see if there was anything to this Mac stuff. Shortly thereafter Apple came out BootCamp beta, so I installed Windows XP on that same Mac and it became my fastest PC too. That sold me forever right there. I’m surprised how most people don’t know that when you buy a Mac you have a PC too. Load whatever other operating system(s) you want and you can have your Mac, Windows, Linux all on one machine running natively, not even virtualized (unless you want to), just reboot hold down the command key and pick what OS you want to boot. Now my old mini is in the kids’ room still running great and I have new Mac Mini running OS X server with two internal 500GB drives configured as RAID 0 and driving two giant monitors using the Thunderbolt and HDMI ports, that’s my main home workstation. Remember that OS X is Unix under the covers, so bring up Terminal and you can pretty much do whatever you want.

    I’ve been a Mac hater for years, but I’ve got to admit, it’s pretty nice, and it looks absolutely wonderful on a desk. Certainly didn’t at all perform like a 6 year old PC.

  114. jcer says:

    That’s my point, yes it’s a tad more expensive but the hardware is just so nice, esp the macbooks.

  115. Painhrtz - Not like you can dust for vomit says:

    Lib — Hey sexy ETF whoop whoop whoop short em gangam style?

  116. Comrade Nom Deplume says:

    [94] dope,

    I overheard someone talking about the Norquist pledge and the speaker was wondering my Norquist was the issue. He commented that if you are thinking of cheating on your wife, are you breaking a promise to your pastor?

  117. Comrade Nom Deplume says:

    Yet another example of how folks who say we only want to go back to Clinton era tax levels are full of it:

    http://go.bloomberg.com/political-capital/2012-06-05/tax-bulletin-pease-amendment-lurks/

  118. Fabius Maximus says:

    #38 Gary,
    I know that house and that is a smoking crack price and a very funny story. Did you notice (how could you not) the house next door 622. It was a beautiful stone cottage that they blew out. The builder ran out of money tried to sell it as an ongoing renovation, it went as an auction this time last year. I assumed it sold to another builder as work started straight up and the house was finished. Tax records show it sold for $1. Suddenly about six weeks ago work stated on the new house. It looks like they split the lot and built the new house in the front lawn of the old house. The houses are about 15ft apart. I’m sure its zoned correctly but it looks very cramped. It reminded me of those McMansions on I think Mountain View in Montclair. It had the bathroom window looking at the siding on the house next door. There was about 10ft between the houses.
    Further down you have 529 Lafayette. It is the same house on a bigger lot. It has finally gone under contract after two year slow crawl from an $800K initial list to I assume a low six sale price if it goes through. Maybe Grim can pull the last list price.

  119. Comrade Nom Deplume says:

    [117] redux,

    errata: meant to add qualifier for folks above 200K. Hit enter too quickly.

  120. grim says:

    Maybe Grim can pull the last list price.

    $699k – Estimated close is 11/30

  121. Fast Eddie says:

    Fabius,

    If they want to take 650K for the house, I’d be willing to take a sniff.

  122. Peace, Love, Dope says:

    116 – I don’t have a pastor…and I have an open marriage so I am not even sure what your post means.

    The Onion hasn’t changed one bit. It calls out hypocrisy wherever it sees it.

  123. grim says:

    From Patch:

    Westfield Ranks 6th Among Most Expensive Markets in NJ

    The following is a list of the most expensive markets in New Jersey:

    Market Average Price Home Listing Report Rank
    Bernards Township $817,264
    Franklin Lakes $789,009
    Chatham $773,533
    Madison Boro $743,677
    Upper Saddle River $730,938
    Westfield $726,974
    Warren Township $715,980
    Wyckoff $706,614
    Ridgewood $706,443
    Mendham Boro $688,823

  124. Peace, Love, Dope says:

    Norquist is just a front. He is funded by billionaires. The only way he can threaten people with a primary is because he is fed money by Kochs, Rove, etc.

  125. Fabius Maximus says:

    #120 grim

    Found a video. http://www.youtube.com/watch?v=H7EmfJ3lmuM

    So we have
    529 $699
    622 $517K
    614 looking $799 has no chance.

  126. Anon E. Moose says:

    Grim [123];

    [sniff!] No one told me I was buying on the wrong side of the tracks! I thought this was Haughtyville Heights! [jk]

    Seriously though, Bitchin’ Betty (my GPS) took me through Mendham and Bernardsville recently and if was duly chastened by the estates passed.

  127. DBS says:

    This isn’t exactly the right time of year for it, but when I was in Fast Eddie’s situation last spring I considered trolling garage sales. You figure some of them are cleaning out prior to listing? You could even scan craigslist and contact them without getting in the car if the location is right. I’m really not that nervy, but I was getting desperate.

    We ended up buying our home in a private sale because I complained enough about what a crock it was that we were in a “buyers market.” A family friend, who lives in town, was looking out for us and hooked us up with the sellers. Turns out, they found their home through a friend of theirs. The friend did some work on the house they purchased prior to it being listed.

    I wonder how prevalent this is lately due to the abysmal inventory.

  128. 30 year realtor says:

    Grim #106 – Of those 72,000 damaged and destroyed homes how many owners owe more than the home was worth pre-Sandy? I would guess 10% would be a light estimate. Guess those owners will be enjoying that insurance money as they walk away from those homes. Underwater literally and figuratively!

  129. AG says:

    “I can look out my window at work every day and watch slaves from halfway around the world, trudging to and from their cubicle-jockey jobs. They are paid little, and they deliver little in return to companies who exist only through the gubmint’s largesse and/or fraud.

    The only difference between this and Charleston or Savannah in the 1800s is the skin color and occupation of the slaves.”

    Or how about driving by those sad faces at the bus stop at 6am. You only live so many years. Don’t spend them on a bus or a train. Modern day slavery. Work your butt off for some fiat trash then give 15k for the right to squat on some land. One thing I will make sure to drill into my kids. Be your own man. Probably the best thing I can offer them other than paying for college indoctrination.

  130. AG says:

    91,

    Lauren,

    You mean to tell me that there aren’t any available circa 76 bilevel sh_tboxes for sale in Monmouth County? I love 70’s architecture.

  131. grim says:

    128 Isn’t the loss payee on a homeowners insurance policy typically the lender? I was always under the impression that under situations of catastrophic damage, the lender was protected as funds would not be released directly to the borrower to be absconded with.

    I seriously doubt a lender is going to endorse a claim check to a defaulted borrower without playing an active role in the monitoring of said repairs, even to the extent of being the party who pays the contractor.

  132. toomuchchange says:

    I feel like I should pass this along in case anybody here knows someone can benefit by this. I am afraid the eligibility guidelines are such that many who could benefit will not.

    http://www.nj.gov/humanservices/dfd/programs/njsnap/dsnap.html

    This is about D-SNAP, which gives people who went through a disaster a month’s worth of Food Stamps. Anybody already getting Food Stamps is not eligible.

    “New Jersey is offering Disaster SNAP – a onetime, federally-funded, electronic food stipend for all residents in 16 counties and by zip-code in two other counties. It will be offered in Atlantic, Bergen, Cape May, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, Union and Warren counties as well as in the following zip codes of Burlington and Cumberland counties: 08224, 08010, 08016, 08515, 08075, 08511, 08562, 08068, 08041, 08088, 08215, 08046, 08562, 08323, 08320, 08311, 08345, 08321, 08315, 08349, 08348, 08324, 08314, 08327, 08329, 08316.

    To be eligible for D-SNAP, you must meet the income guidelines AND have spent more than $100 on disaster-related expenses between October 28 and November 26. The cost of replacing food cannot be counted toward the $100, but restaurant expenses are allowed. Under the guidelines, for a family of one, the income limit is $2,268 with a benefit of $200; a family of two is $2,965 limit with a $367 benefit; a family of three is $3,416 limit with a $526 benefit; and, a family of four is $4,034 limit with a $668 benefit.

    If any of the costs were charged to a credit card, the resident must be able to document that they paid the credit card bill for these items by November 26th.

    Applications for the program will begin on Monday, November 26 and run for seven business days, concluding on either Monday, December 3rd or Tuesday, December 4th, depending on whether a particular county processes applications on Saturday, December 1st. ”

    Although New Jersey not longer counts savings and other assets when awarding Food Stamps, under D-SNAP applicants are “To calculate your “Disaster Income,” add the take home (net) income received by all household members between October 28 through November 26 to any liquid assets – cash, checking, and savings – that you have. If the two numbers combined are less than the income limit in the chart below for your household size, then you may be eligible for D-SNAP.”

    Also note applicants who charged any expenses charged by November 26 to a credit card are to bring along proof that they had paid for the charged items by November 26. This is clearly crazy. Maybe the counties will not require applicants to meet this ridiculous requirement.

    Or maybe not. Here’s still more stupidity, in another related link:

    “-Application rules and eligibility for D‐SNAP have been modified based on lessons
    learned after Tropical Storm Irene in September 2011. County office staff and
    elected officials should encourage residents to review the criteria carefully
    and only apply if they think they may be eligible in order to avoid long lines
    and unnecessary disappointment.
    o Enrollment for people is taking place according to the alphabet. This
    means that on the first day, for instance, each site will take applications
    for all potentially eligible people whose last name is AF.

    – This year, strict criteria must be met in order for people to qualify. …
    o Pay stubs and bank statements (cash, checking and savings) for the 30 days
    from October 28th through November 26th.”

    http://jerseycitynj.gov/uploadedFiles/Homepage/DSNAP%202012%20talking%20points%2020Nov12.pdf

    Looks to me like the “experience of Tropical Storm Irene” made somebody in charge of this program lose their mind. They are offering only a brief window to apply and then say that you may apply only one particular day based on where your last name falls in the alphabet.

    I don’t think this is what President Obama had in mind when he talked about bureaucracy being pushed aside to get help to people, do you?

  133. Sima says:

    Ag:
    Or how about how the soul is sucked out of disposable workers, that is contract workers (laidoff employees now desperate to do anything in order to pay the mortgage/rent/put food on the table).
    Our children are watching and learning from this….and the message is not good.

    Now that Gary/Fast Eddie will have an even better “real” job, when will he be happy?
    He now has (once again) achieved the American Dream. Or not?

  134. 250K says:

    #123 So is this the officially accepted “list” of Haughtyville towns for NJREReport?

    Is half a years worth of data enough?

    Can someone refresh my memory as to the pseudonyms these towns go by on here?
    Bernards Township =
    Franklin Lakes =
    Chatham =
    Madison Boro =
    Upper Saddle River =
    Westfield = Brigadoon
    Warren Township =
    Wyckoff =
    Ridgewood =
    Mendham Boro =

  135. grim says:

    134 – Nah, that list is garbage really, I believe it’s made up only of Coldwell Banker listings. Biased by office location and current inventory.

    I just posted it to annoy Gary, since it included Wyckoff.

  136. Fast Eddie says:

    grim,

    Start looking in Bernards Township… only the best for me! ;)

  137. jcer says:

    136, my sister lives there and the current buyers are on crack. My sister almost sold her place for a profit, a place she bought in 06 at a ridiculously inflated price, but didn’t because she lost the 1960’s crapshck that was almost a million. I don’t get it, it is not exactly convenient.

  138. grim says:

    Forbes 2012 Most Expensive Zips List is where the players hang.

    (This list is really by ZIP, not by Town, look at the list to get the right zip)
    2. Alpine, NJ
    32. New Vernon, NJ
    67. Short Hills, NJ
    87. Far Hills, NJ
    129. Englewood Cliffs, NJ
    133. Saddle River, NJ
    139. Mantoloking, NJ
    187. Spring Lake, NJ
    188. Rumson, NJ
    190. Franklin Lakes, NJ
    197. Sea Girt, NJ
    206. Essex Fells, NJ
    235. Bernardsville, NJ
    276. Monmouth Beach, NJ
    286. Tenafly, NJ
    288. Mountain Lakes, NJ
    322. Beach Haven, NJ
    325. Demarest, NJ
    334. Warren, NJ
    347. Longport, NJ
    355. Fair Haven, NJ
    356. Mendham, NJ
    364. Ho Ho Kus, NJ
    375. Chatham, NJ
    376. Wyckoff, NJ
    378. Summit, NJ
    384. Watchung, NJ
    391. Woodcliff Lake, NJ
    407. Holmdell, NJ
    411. Barnegat Light, NJ
    440. Florham Park, NJ
    448. Allenhurst, NJ
    455. Montvale, NJ
    462. Kinnelon, NJ
    481. Allendale, NJ
    486. Bedminster, NJ

  139. Peace, Love, Dope says:

    108 – Rags

    “When you look at this final agreement that we came to with the White House, I got 98 percent of what I wanted. I’m pretty happy.”

    – John Boehner, last time around the debt ceiling/fiscal cliff bullshit. Boehner described the nearly $40 billion in spending cuts in the government shutdown deal as “largest real dollar spending cut in American history.”

    Now this clown is saying the other side “hasn’t gotten real about spending cuts.” This will affect you and me more than it will affect these douche-bags.

  140. joyce says:

    Expat,
    I’m not familiar with the Boston area. How do these numbers compare to other towns in the surrounding area? Just doing some napkin math (to NJ)… I figure a couple hundred for utilities, same for condo fees, 500+ for taxes, whatever for insurance. Seems in the ballpark. Maybe it depends on what you supposedly get for your monthly dues? I’m just curious; I know some people in townhomes in Morris & Essex counties with no mortgage, and am trying to compare to them.

    15.The Original NJ ExPat says:
    November 29, 2012 at 8:58 am
    I have a colleague at work, he’s pushing 40, two young kids, he has a Ph D in Physics, both he and his wife work. He and his wife own a modest townhouse way out in Ashland (about 30 miles West of Boston). They just paid off their mortgage. I congratulated him and asked him how low his monthly housing nut is now. The answer is about $1000/month in taxes, condo fee, utilities, etc.

  141. Jill says:

    #69: Are they looking for a network admin or desktop support? If so, please e-mail me at brilliantatbreakfast-at-gmail-dot-com.

  142. McDullard says:

    Grim, Alpine is missing from the list.

    It’s Coldwell banker’s listings only, only listing price, and is average price (which is not a robust metric — it can shift badly if someone lists a 1 bedroom crap shack for a trillion dollars).

    It may be the math Westfield Patch uses to make their readers feel better :)

  143. McDullard says:

    Grim, oops, your #138 makes my post obsolete…

  144. Painhrtz - Not like you can dust for vomit says:

    Dope – I want to go over the cliff. When people see how little impact the cuts have in conjunction with the painful tax increases maybe we will get some actual real change. All the postering between team idiot and team moron is only highlighting how there is no difference between them.

    Crap I can think of 5 departments they could eliminate and no one would notice. Starting with:

    Departments of energy, education, commerce, transportation, and homeland security

  145. Essex says:

    136. Glug….glug….glug

  146. The Original NJ ExPat says:

    [138] grim – I have a Haughtyville zip code data set with total wages, estimated population, tax returns filed. When I sort by total wages/estimated population I get all of the same towns but i also have a Jersey City zip code, 07311, way up in the top 10.:

    Total Wages: $48,309,410
    Estimated population: 430
    Tax returns filed: 292

    Anybody know anything about 07311 in JC? I can’t find a boundary map for that zip and it’s a standard zip, not a PO Box or Unique in my data set.

  147. The Original NJ ExPat says:

    http://newjersey.hometownlocator.com/zip-codes/data,zipcode,07311.cfm

    It says 07311 is contained within 07303. One waterfront condo complex maybe?

  148. Fabius Maximus says:

    #147 Expat
    Exchange Place. High Rise condos and offices.

  149. chicagofinance says:

    Have you ever done a DCF where you didn’t sanity check it against the balance sheet two, three, five, ten years out? I am not making a commentary on this company, but rather your thought process. Don’t just become a fanboy, and then extrapolate into the future, while what you suggest may seem in fact ludicrous if fact checked in a world ten years from today.

    Think about the strategic implications of what you are saying, market segmentation, foreign markets et al…….believe me, I am in your camp on the execution and the vision-thing….but you really have to cover all bases. Remember, you self-identify as “low risk”. In technology, margins are fleeting…..they always go asymptotic to zero before you ever predict…..ask RIMM, Dell, HP, Intel, Kodak, Xerox…….one of the only true visionaries has been IBM who had the foresight to dump PCs on Lenovo…..mint!

    Libtard at home says:
    November 29, 2012 at 2:14 pm
    Chi: Personally, I think Apple is drastically undervalued.

  150. Ragnar says:

    According to this chart below, in PA, a single mom earning nothing gets $45k in benefits. A single mom working to earn gross wages of $45k, gets to keep $40k, and gets another $2k in benefits. To net $10k more than not working at all, she would need gross income of over $65k.
    Who coined the expression “a safety net not a hammock”? Though of course I’m an extremist who wants to make the safey net private.

    http://divisionoflabour.com/archives/2012_11.php#008089

  151. AG says:

    133,

    Sima,

    Contract work is the way of the future and a window of opportunity. Obamacare amongst other reasons will make the overhead for employees too much to handle for many businesses. The problem of course for domestic labor is outsourcing to 3rd world _ssholes.

    Its all going to turn to sh_t anyway. Just make real money while you can. Capital will flee to where it is fairly treated. Unfortunately for us that isnt in the USA.

  152. Happy Renter says:

    Every once in a while, I get the fleeting notion that our kulture is not imploding. Then I read something like this.

    Single People Should Get to Have Weddings, Too – Or some other kind of party that involves gifts, toasts, and lots of friends

    http://www.theatlantic.com/sexes/archive/2012/11/single-people-should-get-to-have-weddings-too/265689/

    “Back in 2003, Sex and the City identified a cruel reality about single life: There’s no single-person’s equivalent of a wedding—a time when people travel from afar to bring you gifts and toast your life decisions.

    Carrie Bradshaw said, “If you are single after graduation, there isn’t one occasion when people celebrate you” besides birthdays, which we all enjoy.

    Despite a proliferation of single adults, little has changed since that episode aired nearly a decade ago: trips are not planned when we’re promoted at work, nor crystal glassware gifted when we buy our first homes . . . . ”

    Oh, the humanity.

  153. AG says:

    144,

    Pain,

    I agree with you philosophically but we all know what will happen when Bernanke is faced with deflation. The Fed g_v is foolish. The free market will always maneuver around it. Even if that means capital flight.

    If I was in charge I would eliminate the income tax entirely. Then you will see real growth.

    I am just a pawn on the chessboard. How much cotton shall I pick masta?

  154. 3B Buying says:

    #111 grim: Hoover ranch was nice. The one at 469K (cape) still sitting there; forget the street, but it is still on the mls system.

  155. Anon E. Moose says:

    Sx [145];

    Are you mental?

  156. Essex says:

    155. Yeah baby.

  157. Fabius Maximus says:

    Even with Labatts at 89c/24oz vs $2 chuck, wine still comes out a snob.

  158. relo says:

    Gary,

    Congrats and good luck with the new gig. Good to see that the worm has turned. Hopefully you’re not one of those guys who is only happy when he’s miserable.

  159. livinginpa says:

    Lauren and Gary, letters work. I know from personal experience. Out of 6 letters, 3 real responses. All willing to talk, and in the comp ballpark. Sellers thrilled to be avoiding commission. Just do some homework on specific properties before sending letters.

  160. Ernest Money says:

    sima (133)-

    Gary is/will be fine, because he has resisted buying into the Amerikan Pipedream.

  161. Ernest Money says:

    gary (136)-

    Oh yeah, I can see you now at Ridge field hockey games. I think this year’s team had about eight Ellerys.

    OTOH, it would be fun to see a pack of parents react to you as though you had an active case of ebola.

    “grim,

    Start looking in Bernards Township… only the best for me! ;)”

  162. Ernest Money says:

    expat (146)-

    My guess is that it’s an ultraluxe waterfront high rise, like Crystal Point.

  163. Ernest Money says:

    gluteus (148)-

    Sorry, didn’t read down one. Exchange Place’s lower floors are now on the way to the Bahamas.

  164. Anon E. Moose says:

    TooMuchChange [];

    To be eligible for D-SNAP, you must meet the income guidelines AND have spent more than $100 on disaster-related expenses between October 28 and November 26. The cost of replacing food cannot be counted toward the $100, but restaurant expenses are allowed.

    This is the behavior government is rewarding:

    Situation, a superstorm just knocked out power for weeks and all perishable food in your house spoiled. Do you A) hit the grocery store daily for small baskets and guard your resources carefully; or B) live it up at the nearest functioning Crapplebee’s?

    If you said B, Congratulations! Here’s your prize. If you said A, p!ss off.

  165. Anon E. Moose says:

    RE: Beer budget…

    Funny thing is, when I was in Germany, the beer (and good beer, with the truck route of the Flensburger Brauerei) was cheaper than American sodas. So over there would it be Coca Cola taste and beer budget? Give me the beer.

  166. Peace, Love, Dope says:

    I’m all for going over the cliff as well

  167. Ernest Money says:

    I’m all for pushing Clowngress over the cliff and living a better life without those turds.

  168. Painhrtz - Not like you can dust for vomit says:

    Yep world is coming to an end seif and I agree on something

  169. Comrade Nom Deplume says:

    [165] moose,

    And in France, they are hiking taxes in beer again. It is already more expensive than wine. Wine was so much cheaper there, it was all I drank. That and coffee.

  170. Fabius Maximus says:

    #163 Clot

    I suspect that there may be a re-occurance of the sink hole problem Hoboken faced a few years back. It came from Salt water rotting the pylons as they didn’t think the water would get that high. You will see that the surge will now rot out a whole new set of foundations all along the Gold coast.

  171. Fabius Maximus says:

    Clot,

    There is good news for you. They lowered the entry bar so someday you may actually qualify!

    http://www.bbc.co.uk/sport/0/football/20523405

  172. Essex says:

    164. “snap” indeed.

  173. Essex says:

    gary’s dying to buy in Meat. That’s what I like to push his buttons. He knows it. But hey wtf. he’s a Les Paul guy so he can’t be all bad.

  174. McDullard says:

    Ragnar #150,

    That chart seems to be pulled out of thin air (and the math doesn’t seem to pass). This whole notion of “somone is financially better off without making any money” is like the “a couple will pay lower taxes if they separate and maintain two residences.”

    May be in theory (I doubt that too, the chart has no information — how many kids does that hypothetical single mother has, are some benefits time-limited, etc.) The “obama phone” stuff makes no sense when we are talking about numbers in excess of 30k. I’d wager that the single mother with 50k income would have been better off financially with better family planning, will have more self esteem, can have career advancement, and be much happier in the long run. Unless the job is a soul-crushing one (I can relate to that!), I doubt many people choose to be dependent on welfare. Also, note, the words “benefits worth 45k” and “keeps 40k of income” are used to imply that the former is desirable than the later. If you think both are the same, you should really clean up all the sales that sell stuff “valued at over $1000” for $50.

    Considering that you are very successful (based on what you said, it looks like you are over 250k AGI with your income alone — which means the pay can be much much higher). Your spouse can choose to work or not (in an economy where people that want to work can’t find jobs, and those that want to take a step back cannot do so out of fear that they will not be able to get a job later). Why feel bad by obsessing over some poor woman that may get a free phone? If it is a moral crusade, why not pick a fight with someone in the big leagues — bonuses at TARP banks for starters, no-show jobs in local townships? Why be like the PETA folks that harrass frail women in fur coats, but tolerate bikers in leather jackets?

  175. Comrade Nom Deplume says:

    [171] fabius,

    Better dead than Red.

  176. Ernest Money says:

    Toon up, Gooners down. All the rest is noise.

    We have King Kev, Asprilla, Alan Smith, Barton and Shearer…plus about 100 other great former players who had as much drive and personality as anyone who ever played in England.

    Gooners have Thierry Henry, who was last spotted handing over a free kick at the 18- at the end a of a playoff game where his team was behind- to a shit reserve player from Costa Rica.

  177. Ernest Money says:

    …and The Invincibles choked up the Champions League that year to a very average Barca side.

  178. Peace, Love, Dope says:

    168 – we also both like “Twist” by Phish.

    I am sure we can agree on some brews and scotches as well.

  179. Peace, Love, Dope says:

    174 – well said

  180. The Original NJ ExPat says:

    [140] Joyce – I think he said 400 condo fees, 3 or 400 taxes, 200 utilities, I’m not sure about insurance. I live in Boston proper and everyone who owner- occupies in Boston gets a flat $1500 or so off their tax bill, which is nice. When we bought in 2002 our taxes after the owner-occupy subsidy (it’s actually called residential exemption) came out to like $800 per year, which I just couldn’t believe. Our place is only 900 square feet, but we have great location, high ceilings and fireplace in our 1928 brick building with nice gardened courtyard and Chestnut Hill Reservoir as our back yard. Also our original condo fee was like $200/month and it includes heat. I told my wife back then that if we paid off our mortgage our largest monthly expense would be Comcast cable and internet. 10 years later, our taxes are more than doubled at $2000/year after the subsidy but our condo fee is now $600/month, so add in electric and cooking gas and our basic monthly nut would also be around $1000/month if we paid off our mortgage today. Even though our expenses are reasonable, I still find it bothersome that a paid off home still requires monthly expenses akin to rent.

    Expat,
    I’m not familiar with the Boston area. How do these numbers compare to other towns in the surrounding area? Just doing some napkin math (to NJ)… I figure a couple hundred for utilities, same for condo fees, 500+ for taxes, whatever for insurance. Seems in the ballpark. Maybe it depends on what you supposedly get for your monthly dues? I’m just curious; I know some people in townhomes in Morris & Essex counties with no mortgage, and am trying to compare to them.

  181. Ragnar says:

    McDullard in Greenbrook,
    }If it is a moral crusade, why not pick a fight with someone in the big leagues — bonuses at TARP banks for starters, no-show jobs in local townships? Why be like the PETA folks that harrass frail women in fur coats, but tolerate bikers in leather jackets?”
    Actually, I do pick a lot of fights with the concept of TARP and TBTF banks, at least at work. But others on this board do such a thorough job of that. I’m disgusted by JJ’s attitude as well – he felt entitled to his bailout, and then proceeded to invest in the “welfare queens” of the corporate world, counting on taxpayers to bail out his investments. My approach to investing is much the opposite.

    The reason I pick on entitlements is that this is where the bulk of the money and deficit goes. TBTF is disgusting, but it’s a fairly small portion of the ongoing spending. And excepting JJ, most of them don’t go around crusading that it’s their moral right to take from others to support their living. Instead, they guiltily evade the issue. In contrast, we now have crusaders for “the undeserving poor” as J.B. Shaw called them, where they say in essence: “you have something we want, we’re going to take it from you, and we’re going to spit on you rather than thank you for it, because what you have is ours by right”. To that I say “perish in and of your own void.”

  182. The Original NJ ExPat says:

    [150] Ragnar – I’ve posted this reasoning in the past, right here, and I think I came up with $65K as the line in the sand; If you can’t get there and past, you’re better off not trying. When everyone earning $50K and below realizes this, we’ll be in it deep.

    According to this chart below, in PA, a single mom earning nothing gets $45k in benefits. A single mom working to earn gross wages of $45k, gets to keep $40k, and gets another $2k in benefits. To net $10k more than not working at all, she would need gross income of over $65k.
    Who coined the expression “a safety net not a hammock”? Though of course I’m an extremist who wants to make the safey net private.

  183. The Original NJ ExPat says:

    I watched most of the first half of the Rutgers game while I was in Boston waiting for my daughter to finish her performance in the Nutcracker. Picked her up at the stage door, got back home and Rutgers has been choking ever since. Grrrr.

  184. Fabius Maximus says:

    #177 Clot

    Thierry is a Gooner to the core. Will be back in January for his third signing.

    http://www.arsenal.com/history/gunners-greatest-50-players
    This list brings so many memories. My favorite is No. 10, but there is a special place in my heart for Rocky at No.10 and Michael at No. 37 (best finish to a league EVER). Cashly at 25 should not bere there, but I’ll accept the voice of the masses.

    Point of trivia. I was behind the goal when Ian Wright (#4) scored his last goal against Arsenal when he was playing for Crystal Palace. It was a beautiful through ball from Mark Bright and that was one of the best partnerships I have ever seen in football.

  185. NJGator says:

    Clot 162 – along those same lines, I know a number of people willing to pony up a portion of the membership fees for us, just to see other members react to Lib setting foot in the GR Country Club.

  186. joyce says:

    (181)
    Expat,
    I agree it is very disheartening. Obviously, utilities can never be avoided… and $600/mo for dues is pretty steep. I assume it’s a really nice place and/or you have some nice amenities. But tripling in a decade? What gives there?

    (182)
    Ragnar,
    I agree the majority of the budget goes to “entitlements.” However, the monetary system as a matter of how it naturally functions is just continuously funnels money to the banksters et al… *which is on top of QE, TARP, etc). Without this, no one would be complaining about bonuses or CEO pay because it would be much more moderate.

  187. Ragnar says:

    Joyce,
    Agreed, which is why I favor gold as money, and government out of the banking business. As an investor, I demand good corporate governance and seek companies that pay for performance, align incentives, etc.

  188. Anon E. Moose says:

    McDullard [174];

    That chart seems to be pulled out of thin air (and the math doesn’t seem to pass).

    Translation: That chart disproves my worldview so I’ll tell myself (and others) its false. Perhaps you should take it up with the source of the chart — Gary D. Alexander, Secretary of Public Welfare (PA), http://www.dpw.state.pa.us Maybe Nom can introduce you, he’s a citizen there now.

    Let us know if you get him to recant.

  189. The Original NJ ExPat says:

    [187] joyce – we do have a nice place and it’s well maintained with many of our 50 units occupied by long term residents, some go back to the original conversion in 1978, one of the earliest conversions in Boston. Since condo fees include heat, the cost of oil has been a big driver. Even though our reserves are pretty sizeable, Fannie Mae came out with “guidelines” a few years ago saying that it doesn’t matter how big your reserves are, you need to be adding to the reserves at a rate of 10% of collected condo fees, so that was another driver. We had a huge project this summer into fall converting both our 2 furnaces and 2 hot water heaters to gas, so that was a big capital expense too. I think we just happened to buy when the condo fees were probably inadequately low, they probably should have been $300-$350 back then, and sure enough, soon after we bought, they were. Hopefully with the projected savings from the gas conversion we won’t need to raise the fees again for a long time. We’ve had some pretty big assessments along the way too. $12,000 per unit to repoint our brick exterior and install complete new roofs. $7,000 per unit to Thermocrete line our terracotta tiled chimney flues (48 units have fireplaces, plus we Thermocreted the two furnace chimneys) and now the flues are warranteed for life. Gardening & Landscaping, Cleaning staff, Snow Removal, etc. It all adds up.

    (181)
    Expat,
    I agree it is very disheartening. Obviously, utilities can never be avoided… and $600/mo for dues is pretty steep. I assume it’s a really nice place and/or you have some nice amenities. But tripling in a decade? What gives there?

  190. chicagofinance says:

    CHICAGO — Bears wide receiver Brandon Marshall says he has heard of players using V!agra in an effort to gain an edge on the field.

    Marshall made the comment Wednesday when he was asked about a growing number of suspensions tied to amphetamines, including the ADHD drug A+derall.

    Marshall said he didn’t know much about A+derall, but then suggested V!agra, which is used to treat impotence in men, could be seen by players as a way to boost their energy.

    “I know guys, it’s such competitive league and guys try anything just to get that edge,” he said. “I’ve heard of guys using V!agra, seriously, because the blood, it’s supposed to thin . I don’t know. Some crazy stuff. It’s kind of scary with some of these chemicals that are in some of these things, so you have to be careful.”

    Marshall said he doesn’t take medication “of any sort” and noted that the NFL’s drug policy is strict.

    “Any time you take anything over the counter, if you don’t approve it with your training room, you can get popped,” he said. “Some of it’s fair, but some of it kind of puts you in a tough spot as a professional athlete. Because the only thing you’ll see is getting busted for PEDs, but it could be something over the counter for a little sickness. You just have to be on top of your Ps and Qs.

    NFL spokesman Greg Aiello said V!agra is not a banned substance and declined further comment.

    Since the start of last season, more than 10 players suspended for failing drug tests have publicly blamed it on taking A+derall, a stimulant experts say could provide a competitive advantage by increasing concentration and possibly aggression.

    But an impotence drug? Bears offensive coordinator Mike Tice seemed surprised by Marshall’s comment.

    “V!agra?” he said. “I’ve never heard of such a thing. He’s making that up. He’s got to be making that up. You’ve got to be kidding me.”

  191. McDullard says:

    Moose #189

    I found the full presentation. For starters, both hypothetical people are working full time. There is 20k in child care plus child health insurance (so, if they both have help from parents or church or if the kids are old enough, that 15k or so in child care “benefits” doesn’t exist anymore). As soon as the kids are over certain age, the CHIP stuff disappears. Then, there is a big difference in longer term pay, retirement benefits, perks, etc.

    Any inflections on the graph should start a debate on how they can be smoothed out, rather than on why we should cut off medicaid and child care support for working poor.

    What’s your take, should the society provide some additional benefits to a single mother with two kids making 65k (child care, CHIP, etc.), or should the society take away those benefits from a single mother that makes 29k?

    One has to be an ideologue to believe that rational people choose a 29k pay over a 65k pay (both are full time jobs) because there is some free child care. The presentation ranks up there with some “think tank” articles against mundane things like employer provided health insurance (their logic being that if colonoscopies and radiation treatments just require a small co-pay, everyone will line up to have them day after day).

  192. Sarah Sileby says:

    Comrade Nom Deplume: The fact that charitable donations are taxed in general is disgusting….

  193. Ernest Money says:

    Freddie Ljungberg above Overmars? I’d also put Bergkamp at #1.

    This list had to have been put together by some brain-dead Gooner fan.

  194. WickedOrange says:

    Rutgers… not ready for the big 10.

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