No housing recovery without a jobs recovery

From CNBC:

How weak job participation rips the housing recovery

The December jobs report speaks volumes about why the housing recovery is not as robust as it should be, given still historically low mortgage rates and still relatively low home prices. Specifically, the weak job participation rate, falling to the lowest level since 1978, according to the U.S. Bureau of Labor Statistics, explains why so many are barred from home ownership and why others in trouble on their mortgages are unable to save their homes.

More young adults are going back to work, with employment rising from below 75 percent earlier last year to just above it in December. Still, the number is well below where it should be. Wage growth also came in at just 1.8 percent for all of 2013, below the inflation rate, according to the BLS.

“Millennials have a long road ahead: The employment rate of 75.4 percent in December was closer to the low point during the recession, 73-74 percent, than to the pre-bubble normal, 78-80 percent,” noted Jed Kolko, chief economist at Trulia.

The weak job participation rate also provides an answer to what seems at face-value like a puzzling phenomenon: The number of homes in the foreclosure process that actually have positive equity has jumped dramatically in the last year, but the homes are still being lost.

At the end of 2013, 31 percent of all residential properties in foreclosure had some positive equity, according to a new report from RealtyTrac, an online foreclosure sales and data company. That is up from 24 percent just three months before. The gain is due to fast-rising home values.

Homes in foreclosure that do have equity, have on average about 27 percent equity, which is enough to qualify for a refinance that could offer a lower monthly payment. That amount of equity could also allow these borrowers to sell without any hit to their credit, such as happens during a short sale.

“Whether many of these homeowners want to take advantage of these options, or know that they have these options, is less clear, especially given the fact that so many have not yet done so,” added ReatyTrac’s Daren Blomquist.

Why? The trouble is, in order to qualify for a refinance or loan modification, the borrower needs to have a job. There are also thousands of borrowers who have not made a mortgage payment in well over a year. Just because their home suddenly has equity on paper does not mean they can make up all those missed mortgage payments.

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

66 Responses to No housing recovery without a jobs recovery

  1. Comrade Nom Deplume, a.k.a Captain Justice says:

    Frist!

  2. grim says:

    In Whiskey news this morning, Suntory to buy Beam brands. Another fixture in American Bourbon turns Japanese.

  3. Street Justice says:

    If the jobs picture continues to be bleak, do you still think interest rates will rise going forward?

  4. grim says:

    Documents released this morning indicate that Bridgegate investigation is political retribution against state republicans.

  5. anon (the good one) says:

    GOP at its best

    @Slate: The self-described “Cuccinelli conservative” who wants to ban teenage oral se in Virginia:
    “Ken Cuccinelli may have lost his bid to be governor of Virginia, but the dream lives on. And by “the dream,” I mean the hope that one day, Virginians, at least some of them, will be subject to arrest and imprisonment for private, consensual oral…”

  6. A Home Buyer says:

    4- Grim

    Source Article?

  7. Street Justice says:

    4 – Glad to see politicians reaching across the aisle to work together.

  8. Street Justice says:

    6 – I think it’s a joke…(based in truth unfortunately)

  9. grim says:

    8 – bingo

    NJ Politicians: 1
    NJ Residents: 0

  10. POS cape says:

    In the Sunday Times weekly feature “The Hunt”, Columbia University professor Maria Chudnovsky gives the reason for rejecting a $1.6 million apartment in her home search: “There were markers of children’s heights on door frames,” Dr. Chudnovsky said. “These are other people’s lives. I want my own life.”

    And this woman won a MacArthur grant.

    http://www.nytimes.com/2014/01/12/realestate/striking-while-the-iron-is-hot.html?ref=realestate&_r=0

  11. chicagofinance says:

    When I read garbage such as this quote, it makes me thank fate for setting up shop here, because it could have just as easily been in NYC with these oppressive narcissists…….it sucks all the oxygen out of the room…….the flip side is that I would be 30 pounds lighter than I am due to more walking and also the beneficial effect of chronic vomiting in these peoples’ face…….

    POS cape says:
    January 13, 2014 at 8:04 am
    “These are other people’s lives. I want my own life.”

  12. 1987 Condo says:

    #11 would something called “paint” fix that?

  13. JJ says:

    Even more amazing the couple paid 1.6 million dollar and one single wall need a paint touch up and a handiman needed to be called to fix a sticky dryer door and they did neither. Too cheap to do a $50 repair but yet buys a 1.6 million apt

  14. chicagofinance says:

    I left out one important adjective…..
    “…the beneficial effect of chronic PROJECTILE vomiting in these peoples’ face…”

  15. nwnj says:

    She’s probably pestering her husband for a new construction place.

  16. njescapee says:

    grim, here’s something up your alley:
    Running The Rum

    The stills, the water tanks, the machinery are in full mode, churning away for 14 hours, six days a week. With Paul Menta at the helm, the Key West First Legal Rum Distillery is producing 420 bottles (750 ml) of 80-proof rum a week.

    You can stop by the 2,500 square foot building at 105 Simonton St. and purchase a limit of two bottles a year for $27.95 including tax. If you wish, Menta will even autograph the bottles for you. The bulk of the product, however, will be distributed to local restaurants and bars, he said.

    During its open hours of 10 a.m. to 6 p.m., the distillery is collecting moderate but a steady stream of tourists who, if of legal age, can sip the product as well as browse through the establishment, which includes a bar, historical pictures and plaques as well as souvenirs and books for sale. Everything, including the distillery room, is neat as a pin.

    “This has been like being on a hamster wheel,” said Menta, as he broke from an hour telephone conversation with state licensing people one recent early afternoon and discussed what all has gone into his project. Much of it obviously has been getting local, state and federal approval. “The state wants everything,” he said.

    “If you cause trouble here,” said bartender Cassie McGee, pointing to her area, “we call the Key West police. Do it in there,” pointing to the distillery room, “we call the feds, the FBI.”

    Menta received the distillery license on Nov. 15, but the label application wasn’t approved until Dec. 21. It was the culmination of a plan that was three years in the making.

    “We did our first business plan three years ago, even got partners,” recalled Menta. “Then we tore up the plan and started over.” Chris Holland, who operates Ibis Bay on North Roosevelt and has become a mentor to Menta, told him tearing up the first plan was the smartest thing he had done. “I have two gurus,” said Menta. “Chris Holland and Tom Sawyer. Tom has guided me forever, opened doors for me in Key West.”

    His business partner is Tony Mantia from southwestern Ohio. “He and his wife Jill put my ideas together,” said Menta. “I had an idea how I wanted the bar and the attraction area to look. They put it together. They built it in their warehouse, built the bar and had it all shipped down here.”

    Besides McGee, Steven “Doc” Pike is Menta’s only other employee. Menta, who will be 48 on March 1, is single with a 20-year-old son, Paul IV. He grew up in Philadelphia and attended a Quaker school. When he was 15, the Quakers sent him to Key West for a two-week trip, thinking it might be a place where he could adapt. “It was a good fit,” he recalls. “I didn’t get along well with concrete. I knew that Key West was the place I wanted to be.”

    After attending a community college, he graduated from the Philadelphia Restaurant School and soon headed to Europe, where he spent two years cooking with chefs. By 1988, he was living in Key West, leaving for summers in other areas, such as South America, improving on his talents as a chef. In Key West, he was at the Uptown Diner in 1998, worked with Tommy Daniels at Beamonte’s, as a chef at Sunset Key, at the Grand Café in 2006. In 2008, he owned the Cuban Coffee Queen. From 2010 until late 2013, he was at Amigo’s Tortilla Bar.

    “You’ll notice there’s a six-year gap in there,” Menta said he listed places he had been. “From 1999 to 2006, I went on tour as a professional kite boarder.” He became so engrossed with that sport that, as one of its pioneers, he wrote the “how to” book.

    But now he’s gone back to roots, what he learned in 10th grade science class at the Quaker school: how to distill rum. The distillery business has come a long ways since the days of prohibition, which lasted from Jan. 16, 1920 until the 21st amendment was ratified on Dec. 5, 1933. If that history interests you, you’ll find that, too, at the Simonton street building. Stories, pictures, murals and artifacts are also part of Menta’s business.

  17. Richard says:

    Even more amazing the couple paid 1.6 million dollar and one single wall need a paint touch up and a handiman needed to be called to fix a sticky dryer door and they did neither. Too cheap to do a $50 repair but yet buys a 1.6 million apt

    I wouldn’t be surprised if she was a flake or a model or something, but a math professor? Yikes.

  18. grim says:

    Nobody ever got rich overestimating the intelligence of Americans.

  19. JJ says:

    I will tell you my favorite stupid story.

    So I met a girl drunk in a bar and I tell her the church invited me to see the pope next week, I am way in the front. She then said are you close to church, I go yes. Then she goes on she did something that can get her excommunicated from the church. She then asks am I allowed to do confessions? So since I am drunk and trying to get laid I say yes. She proceeds to tell me how she had two abortions and she fears she cant go to heaven. I am waiting for candid camera, anyhow of course I give her three hail mary’s and one our father. I then tell her I will say a special prayer for her in the pressence of the Pope to ensure she is fully absolved. This girl is hugging me and had a face like a five year old girl at xmas. I quickly moved on an my friends are what the f, I am like I just heard her confession and foregave her. I swear, people are stupid, I think I could have got her to give me her car or something. Anyhow, in a messed up way I was happy I played along. However, God is going to punish one of us in end and I hope it is not me.

  20. Comrade Nom Deplume, Guardian of the Realm says:

    [18] grim

    Didn’t Damon Runyon say that? Or was it Mencken? I have to check now.

  21. JJ says:

    That is the motto of the National Association of Realtors
    grim says:
    January 13, 2014 at 10:20 am

    Nobody ever got rich overestimating the intelligence of Americans.

  22. Comrade Nom Deplume, Guardian of the Realm says:

    Sources attribute it to Mencken, already a rich vein of Clotesque quotations.

    I found this to be evidence that what goes around comes around:

    “[the President] was always… finding new victims to loot and new followers to reward, flouting common sense, and boldly denying its existence, demonstrating by his anti-logic that two and two made five, promising larger and larger slices of the moon. His career will greatly engage historians, if any good ones ever appear in America, but it will be of even more interest to psychologists. He was the first American to penetrate to the real depths of vulgar stupidity. He never made the mistake of overestimating the intelligence of the American mob. He was its unparalleled professor.”

  23. Comrade Nom Deplume, Guardian of the Realm says:

    [19] JJ

    “However, God is going to punish one of us in end and I hope it is not me.”

    It will be you. You passed on the easy layup.

  24. Comrade Nom Deplume, Guardian of the Realm says:

    Spine Snapper re-quote of the day:

    “Under democracy one party always devotes its chief energies to trying to prove that the other party is unfit to rule — and both commonly succeed, and are right”

    H.L. Mencken

  25. Comrade Nom Deplume, Guardian of the Realm says:

    [19] JJ

    Was her name Maria Chudnovsky?

    Back to the salt mine (hey, Shore doesn’t use that line anymore so its fair game)

  26. Street Justice says:

    25 – Sadly, that is so true and especially relevant lately…

  27. Street Justice says:

    Sorry Nom, meant your comments in post 24….

  28. JJ says:

    Yes me and her did some math one night. We coined the term google while trying to count how many times my nine inches went into Marie that night?
    http://www.columbia.edu/~mc2775/
    Comrade Nom Deplume, Guardian of the Realm says:
    January 13, 2014 at 11:14 am

    [19] JJ

    Was her name Maria Chudnovsky?

    Back to the salt mine (hey, Shore doesn’t use that line anymore so its fair game)

  29. Charlie says:

    Staging 101 indicates to remove personal items from plain view. Pictures, religious signs, self pleasuring artifacts…You may want to pile it up on la Chudnovsky, but I think the seller and his/her realtor were quite careless in not doing a better clean up

  30. grim says:

    29 – I’d say a full 85% of homeowners would be insulted by such a suggestion. They all feel that they are fabulous decorators and that the fact that their faces are plastered on every wall will appeal to a sense of family or homeyness, which will be unquestionably beneficial. Yes, yes sir, I understand you paid $25,000 to do every room in your house a different shade of maroon in venetian plaster, but I’ll suggest that perhaps not everyone shares your impeccable taste, perhaps we can repaint a room or two more neutral? Yes sir, I’ll go f*ck myself straight away.

    Then, you have a full 15% who refuse to do anything at all. An occasional unmade bed would be no problem, I’m talking about dirty undergarments on the floor, filthy bathrooms, made and ate dinner immediately before showing but didn’t bother to clean up a pot or a dish, etc etc.

  31. grim says:

    Was in a gem of a place where they’d let their sons spray paint their rooms (they lacked any kind of creative merit at all, not even banksy-in-training sort of stuff, hell, not even Paterson gangster sort of stuff, we’re talking idiots who can barely finger paint kind of stuff). Perhaps you might consider painting that one over? No? Ok, great. Is that a hole in the closet door too?

  32. grim says:

    Or the time the owner let us have free reign, steps out to the back deck, but doesn’t inform us (or anyone else in the house), that we are there. Suppose maybe we shouldn’t have assumed. Swore he said something like, “I’ll give you some privacy.”

    Now, this was an odd-layout place, sort of a mother daughter linked by the family room. Think of the house as having two wings. No idea if the female was a renter, daughter, or what, but she proceeds to walk from the bathroom, to her bedroom across the hall, completely nude, dripping wet. About one stride into the hallway, she looks right, freezes, jaw drops, and she screams and jumps (dives might be more appropriate) the rest of the way and slams the door. Guess we weren’t going to see that bedroom.

    We couldn’t stop laughing, poor girl. Suppose maybe we should have walked around banging a pot.

  33. chicagofinance says:

    for clot:

    THE AMERICAS
    Argentina’s Crumbling Economy
    Officially, inflation is 10.5%, but skeptics think it’s much higher. Capital flight is accelerating.

    By MARY ANASTASIA O’GRADY
    On a visit to Buenos Aires in November I noted a sense of foreboding hanging over the city. With the economy in a stall, consumer prices rising and capital fleeing the country, porteños from every walk of life seemed to be bracing for a storm—and resigned to the hardship it would bring to this harbor city.

    The city infrastructure looked defeated too: The wide boulevards and grand 19th-century buildings are now tired and grungy and the streets smelly. Angry graffiti and tattered posters deface walls, adding to the general feeling of lawless decay. It takes a long time to destroy a nation’s wealth but a decade of kirchnerism o—government by President Néstor Kirchner and now his widow, Cristina —seems to be doing the job.

    In recent weeks things have gotten worse. The way out also looks more difficult. Three big developments in December raised the specter of descent into full-blown chaos. The first occurred when the police in the provincial capital of Cordoba suddenly walked off the job to protest low salaries. Hooligans took the work stoppage by law enforcement as an invitation to sack the city. More than 1,000 stores were looted and two people killed.

    Enlarge Image

    Argentina’s President Cristina Kirchner Associated Press

    The national government could have helped Gov. José Manuel de la Sota, who is not an ally of Mrs. Kirchner. But it was unresponsive, instead suggesting that the violence was part of a plot to destabilize the president. His back against the wall, the governor gave the police a 33% salary hike. They returned to work. But police in 20 other provinces learned a lesson. Strikes across the country followed and so did looting and violence. Look for more pressure on public-sector wages.

    Behind the difficulty in paying provincial employees a decent wage is the same old problem that brought Argentina to its knees in 1989: inflation. According to the Foundation for Latin American Economic Research (FIEL), based in Buenos Aires, inflation for December was 3%, driving the total for 2013 to 26.4%. Food and beverage prices were up 28.9%, FIEL says, despite “repeated freezes” mandated by the government.

    The government claims annual inflation is 10.5%. But there is widespread distrust of official figures. In 2011 one of Mrs. Kirchner’s henchmen fired the head of the institute charged with measuring the price level because he didn’t like its inflation findings. Even the International Monetary Fund took note. In February 2013 it censured Argentina for its failure to divulge accurate inflation data to the public.

    Money-printing by the central bank has Argentines selling pesos whenever they can. Capital controls in effect since 2011 make that harder than it used to be but not impossible. They have accelerated capital flight. More sellers than buyers drives down the price of the peso where it trades freely. While the official exchange rate is now 6.6 pesos to the dollar, it now takes almost 11 pesos to buy a dollar in the black market.

    The weakening exchange rate reflects a dramatic decline in the central bank’s international reserves, which were down by about 30% in 2013. But kirchnerismo has also destroyed capital by signaling investors that there is no sanctity of property rights or contracts. The capital-intensive energy business has been hit especially hard. The 2012 expropriation of the Spanish multinational Repsol’s REP.MC -0.11% share of the Argentine oil company YPF YPFD.BA +2.26% is one example. Chevron CVX -1.24% recently decided to make an Argentine investment but many other investors are staying out.

    Rate freezes have curbed power-company investment, resulting in more frequent electricity outages. Last month as summer temperatures soared, large parts of Buenos Aires experienced blackouts for days at a time.

    When riots, looting, blackouts and soaring inflation descend on a nation, free people look to their leaders to restore calm and order. But Mrs. Kirchner is lying low. Perhaps it is because in December investigative reporters at the Argentine daily La Nación broke a series of stories alleging that she and her husband, who died in 2010, got rich off a public-works scheme in Santa Cruz, their home province.

    The reporters allege that a Kirchner-family frontman took control of a handful of Santa Cruz construction companies and subsequently secured a series of overpriced public-works contracts. La Nación further alleges that the same contractor gave the Kirchners sizable kickbacks by laundering the money through hotels in Santa Cruz owned by the first couple. Mrs. Kirchner has denied all this and said that the charges come from fascists.

    After 10 years of Kirchner rule, the executive branch now controls most of the judiciary. Calls for transparency are unlikely to go far. On the other hand, an inflation spiral creates a short fuse, and a population that feels as powerless as Argentines do today will eventually make itself heard.

  34. Anon E. Moose says:

    Grim [32];

    That could be a recruiting story to get more men into the field…

  35. Sima says:

    So true about the weak job recovery, at least in NJ, esp. due to the loss of pharma and finance jobs since 2008.

    My husband spoke to a recruiter on Friday about a 6 month contract job in NJ that was posted Friday morning.
    By that afternoon she had received about 250 resumes for the job (assume that they were from unemployed New Jerseyans).

  36. Happy Renter says:

    [33] This cannot be. I was told on this blog that Argentina was a beautiful, vibrant country that the U.S. would do well to emulate. Well, we’re certainly trying.

  37. Happy Renter says:

    [33] Cont.

    “Mrs. Kirchner has denied all this and said that the charges come from fascists.”

    Taking a page right out of the MSNBC playbook, I see. Have they lost that tingly feeling down there in Buenos Aires?

  38. Only two things of worth that Argentina produces are meat and soccer players. Aside from that, it’s a Third World cesspool…and more vicious and violent than most.

  39. Happy Renter says:

    Motor monkeys at it again.

    http://nymag.com/daily/intelligencer/2014/01/more-motorcycle-madness-in-washington-heights.html?mid=google&google_editors_picks=true

    I wonder how the motor monkeys in Argentina compare to our home-grown variety?

  40. Only in Argentina can a fascist call others fascist.

    Oh…wait…

  41. Street Justice says:

    http://spectator.org/blog/57345/de-blasios-horse-drawn-carriage-ban

    The Spectacle BlogDe Blasio’s Horse-Drawn Carriage Ban
    Is it really about campaign cash?

    By Robert Stacy McCain on 1.6.14 | 3:06AM
    SmallerLargerPrint Article
    UPI
    Mayor Bill de Blasio’s promise to ban New York City’s iconic horse-drawn carriages could backfire, exposing what the newly-elected mayor’s critics suggest is a corruption scandal masquerading as an animal-rights crusade. Defenders of the carriage industry point to a real-estate executive who is one of de Blasio’s major campaign donors as the driving force behind the effort to abolish the carriages.

    “It’s got everything a scandal could ever want,” says Eva Hughes, vice-president of the Horse and Carriage Association of New York City. Hughes spent 16 years driving carriages, her husband still drives a carriage, and she says they are fighting a “David and Goliath” battle against the mayor and his big-money backers.

    The bad guy in this drama, according to the carriage drivers, is Steve Nislick, former chief executive officer of a New Jersey-based real-estate development company, Edison Properties.* The company “employs legions of lobbyists to influence city decisions on real estate and zoning in its favor,” journalist Michael Gross reported in 2009, pointing out that two of Edison’s businesses “have multiple locations in the same Far West Midtown neighborhood as the stables where the Central Park horses are housed.” An anti-carriage pamphlet Nislick circulated in 2008 made this interesting observation: “Currently, the stables consist of 64,000 square feet of valuable real estate on lots that could accomodate up to 150,000 square feet of development. These lots could be sold for new development.”

    Gross asked the obvious question: “What are the odds that good neighbor Nislick, the out-of-state real estate developer, simply covets those valuable, underdeveloped New York lots — and has teamed up with ambitious pols to use the emotions of animal rights activists as fuel for their own agendas?” Nislick founded a 501(c)4 group called New Yorkers for Clean, Livable and Safe Streets (NYCLASS) that spent big money to elect de Blasio mayor, as Chris Bragg of Crain’s New York Business reported in October:

    Two major supporters of Democratic mayoral nominee Bill de Blasio, including his biggest campaign fundraiser, gave heavily to an outside group that targeted his primary rival City Council Speaker Christine Quinn, newly released records show.

    The group, New Yorkers for Clean, Livable and Safe Streets (NYCLASS), spent nearly $124,000 on anti-Quinn phone banking and leafleting for the September primary election, which Mr. de Blasio won with more than 40% of the vote. NYCLASS also gave an above-the-legal-limit, six-figure donation to the anti-Quinn group “New York Is Not For Sale,” which spent more than $1 million to defeat Ms. Quinn, and played a role in knocking the speaker from her frontrunner status early in the race. …

    AD FEEDBACK
    In March, Mr. de Blasio, who also has taken direct donations from NYCLASS founder Steve Nislick and close associates, promised to the ban horse carriage industry in Central Park on his first day as mayor, a top priority for NYCLASS. …

    The newly filed records at the Campaign Finance Board also list the American Society for the Prevention of Cruelty to Animals as making a $50,000 contribution to NYCLASS in March. Nonprofits registered as 501(c)3 entities such as the ASPCA are barred from giving political donations because charitable contributions to a 501(c)3 are tax-deductible.

    This apparent alliance between radical animal-rights activists and powerful real-estate interests may not be illegal, but the horse-and-carriage folks certainly view it as shady. Nislick is “like a villain straight out of Central Casting … an evil genius,” says Hughes. “He’s got the animal-rights people doing his bidding.”

    Mayor de Blasio’s willingness to do the bidding of his anti-carriage backers has puzzled many observers, who can’t fathom why he would make the issue such a focus. “What makes him think this subject is important enough to occupy his first days in office?” asked New York Times editorial page editor Andy Rosenthal. Evidently, reporters at Rosenthal’s newspaper can’t be bothered to do the kind of “follow the money” investigative journalism that might provide an answer to that question, although supporters of the Carriage Association have created a Web site — SaveNYCHorseCarriages.com — to expose what they’re calling the “CarriageGate” scandal.

    “We were screaming it from the rooftops, but we couldn’t get anybody to pay attention,” Hughes said of her organization’s fight to save the horse-drawn carriages that are popular with tourists who visit Manhattan. A handful of journalists have reported on some of the “backroom deals and intrigue” behind the anti-carriage campaign, Hughes said, “but nobody’s connected all the dots yet.”

    Hughes was encouraged that Rush Limbaugh took notice of the carriage industry’s plight on his nationally syndicated radio show last week. Limbaugh mocked the liberal mayor: “Why do you think the new mayor of New York is going to get rid of the horse-drawn carriage? … Keep in mind, these people think that automobiles and fossil-fueled vehicles are destroying the climate and would love to take us back to the horse and buggy days, except the new mayor of New York thinks it is cruel and inhumane for horses to pull carriages with people in them.”

    The inhumane irony is that the left-wing mayor — “Comrade De Blasio,” as Matthew Vadum calls him — claims to have the interests of New York’s working class at heart, but has decided to abolish several small businesses that employ the city’s working class.

    “This is a a blue-collar job,” said Hughes, a native of Queens who points out that she has only a high-school education. “I got into this because I love horses.”

    De Blasio’s plan (promoted by Nislick’s NYCLASS, of course) is to replace the horse-drawn carriages with electric replicas of antique cars. After learning of this plan via a pro-carriage Twitter campaign, I remarked last night: “Electric cars. That’s going to be a real romantic treat for honeymooners, isn’t it? ‘Oh, we went to New York and rode the electric cars!’”

    *This post has been amended to reflect the fact that Steve Nislick is no longer the CEO of Edison Properties, having stepped down in August 2012, according to a spokesman

  42. Street Justice says:

    Argentina here we come. Our politicians are going to run us into the ground.

  43. xolepa says:

    It’s funny. Edison Properties was one of my brother’s clients from his consulting business. The family is strict Jewish. They own massive $$ real estate including the lots for Prudential parking in Newark. As part of Edison’s ongoing business, they confiscate cars that are left in lots, tow them to some unknown places until the owner pays up. Some cars never get paid up. One was a 1989 S-class Mercedes with only 28k on the odo. Well, Edison didn’t pay their bill from my brother. The compromise was that shiny car still sitting in my brothers 4 car garage.

    The family did not want anything German that reeked of WWII vintage. I guessed they suffered.

    Just as much as my family did under Stalin.

  44. Libturd in the City says:

    As in Edison ParkFast.

  45. Michael says:

    33- great read…thanks for posting it

  46. Michael says:

    32- please tell me she wasn’t fat

  47. Comrade Nom Deplume, a.k.a Captain Justice says:

    [28] JJ,

    “Yes me and her did some math one night. We coined the term google while trying to count how many times my nine inches went into Marie that night?”

    Google is another term for 45?

  48. Bystander says:

    Sima,

    I am seeing more consultants being let go, less being hired and existing ones being told to wear three hats for any projects this year. My resume was updated on all major sites and so far, in two weeks, only two contacts about NYC area jobs. They were donkey level, short term, and pay was laughable…but housing market will be on fire in spring. There is no correlation to actual jobs.

  49. Essex says:

    Naw, some folks are still killin’ it. Bonuses — etc.

    I thought programmers were getting top dollar these days. I guess you gotta be suited for the right projects.

  50. Bystander says:

    Nah, most people are not killing it..and most people are not programmers. I work with developers every day and they need direction on what client actually wants rather than their own short-sighted view. I thought I had a skill set but market is telling me no, at the moment.

  51. Street Justice says:

    Middle class need not apply…

  52. chicagofinance says:

    Shh…don’t tell FlabMax….he is still pursuing his Tel Aviv Boulevard spent nuclear fuel initiative ……

    Rising Coal Use Reverses Three Years of CO2 Declines

    By Cassandra Sweet

    Here’s the bad news: Increasing coal use in U.S. power plants has contributed to the first annual increase in energy-related carbon dioxide emissions in three years.

    The good news? The trend is unlikely to continue past 2015 when new federal limits on coal plants kick in, the U.S. Department of Energy predicted on Monday.

    U.S. carbon dioxide emissions caused by burning fuel to generate energy jumped 2% in 2013, over the previous year, likely due to an increase in coal use, the U.S. Department of Energy predicted.

    The jump in CO2 — a gas that scientists around the world have blamed as a major contributor to global warming – comes as a blow to the Obama administration’s pledge to cut greenhouse-gas emissions using an “all of the above” energy strategy.

    Power plant operators used more coal to generate electricity this past year after a rise in natural gas prices made coal more competitive. Coal had lost market share in 2012 following a drop in natural gas prices to historically low levels amid a boom in gas production from shale-rock formations in Pennsylvania and other states.

    In 2013, coal regained some ground, as U.S. facilities used about 924 million short tons of coal, a 4% increase over 2012, according to a forecast the DOE issued last week.

    But the party won’t last, according to the department. U.S. coal use is likely to drop by nearly 3% in 2015 when new federal limits on mercury emissions become effective, the DOE predicted. Several older coal plants that don’t have emission-control equipment are scheduled to shut down next year.

    CO2 emissions from fossil-fuel use are expected to rise again in 2014, although by less than 1%, and in 2015 they’re likely to level off, the DOE predicted. Carbon emissions in 2013 were about 10% below 2005 levels, according to the DOE.

    The administration aims to cut carbon emissions to 17% below 2005 levels by 2020.

  53. cobbler says:

    chi[53]
    I hope they still have ability to add 2+2 and stop the fountainhead of LNG export terminal licenses. What works well in Qatar economy is not necessarily so here…

  54. anon (the good one) says:

    @AngryPets: In 5 years those of us who love our Nests today won’t be surprised at all that Google is killing it.
    http://t.co/VO0O4rfWE6

  55. Grim says:

    IMHO – news on nest is a negative for apple

  56. Before the Argentina-bashing really gets started here, I think we should pause to understand that the Argentine outcome is a best-case scenario for Amerika.

    One thing Argentina can be counted on to do is default in the blink of an eye. That’s a major plus for any country in the brave new world of racing to the bottom.

  57. I, for one, can’t wait until I can take a $99 flight to Buenos Aires, eat $4 steaks, drink $4 a bottle Malbec and sit at midfield in the Bombanera for 99 cents.

  58. anon (the good one) says:

    @BenedictEvans: @dgelles Apple would never have bought Nest. Too focused.

    @BenedictEvans: Parallels between Google today and Microsoft 20 years ago just keep getting stronger and stronger. Sell signal – when Larry writes a book.

  59. chicagofinance says:

    clot: I sent the UNC article to Mushnick at the NY Post and he wrote an article on it…

    ________________________________________
    From: Mushnick, Phil
    Sent: Thursday, January 09, 2014 7:42 PM
    To:
    Subject: Re: Not sure whether you saw this article from Bloomberg……

    Oh, yeah. Thanks.

    Sent from my iPhone

    http://nypost.com/2014/01/11/unc-is-a-stark-example-of-colleges-warped-priorities/

  60. FRTR says:

    #59 – Spine:

    $99 Flights to Buenos Aires? And I thought trout fishing there (for me) was a pipe dream. Somebody lemme know when the prices hit that low.

    BTW – Argentina has some of the best trout fishing in the world. Of course it’s nowhere near Buenos Aires, though.

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