June Beige Book

From the Federal Reserve:

Beige Book – June 4, 2014 – New York

Economic activity in the Second District has continued to grow at a moderate pace since the last report. Prices of finished goods and services remained generally stable, and businesses report modest upward pressure on input prices. Manufacturers report that business activity has picked up considerably in recent weeks, while service sector firms indicate a mixed performance. Labor market conditions have shown signs of firming across a broad range of industries, with scattered reports of labor shortages. Both general merchandise retailers and auto dealers report that sales have been steady to stronger since the last report. Tourism activity has strengthened, no longer held back by harsh weather. Housing markets showed further signs of improvement, while commercial real estate markets were generally steady. Finally, banks report fairly widespread increases in demand for loans–especially mortgages; credit standards are little changed, while delinquency rates are steady to down modestly.

Economic activity in the Second District has continued to grow at a moderate pace since the last report. Prices of finished goods and services remained generally stable, and businesses report modest upward pressure on input prices. Manufacturers report that business activity has picked up considerably in recent weeks, while service sector firms indicate a mixed performance. Labor market conditions have shown signs of firming across a broad range of industries, with scattered reports of labor shortages. Both general merchandise retailers and auto dealers report that sales have been steady to stronger since the last report. Tourism activity has strengthened, no longer held back by harsh weather. Housing markets showed further signs of improvement, while commercial real estate markets were generally steady. Finally, banks report fairly widespread increases in demand for loans–especially mortgages; credit standards are little changed, while delinquency rates are steady to down modestly.

The labor market has strengthened further since the last report. A growing proportion of both manufacturers and service-sector firms say they have added workers in recent weeks, and considerably more business contacts plan to expand than reduce employment in the months ahead. Separately, two major New York City employment agencies report that hiring activity has continued to pick up, driven in part by the financial sector. One contact says hiring is stronger than it has been in six years. There continues to be a shortage of IT workers, while companies are also having increased difficulty finding other workers whose skills closely match the job description. While salary increases remain subdued, one employment agency contact notes that many candidates are getting multiple offers and that this may be starting to put some upward pressure on salaries.

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

117 Responses to June Beige Book

  1. funnelcloud says:

    first

  2. funnelcloud says:

    http://www.youtube.com/watch?feature=player_detailpage&v=SUZGkNAUSvY
    The video is called FDR’s Warning to republicans

    With the 70th anniversary of d-day approaching, I came across this interesting video of FDR’s 1936 Warning speech to republicans, It’s a political reflection of the divide between republicans and democrats that has carried on for almost 80 years later.

  3. funnelcloud says:

    I just find it sad that after almost 80 years that the elected leaders of the greatest country in the world can’t come to some sort of consensus and just do what is best for the citizens of the united states.

  4. funnel, it’s because they’re racketeers.

  5. grim says:

    It’s hard to do what’s best for the citizens when doing so means the worst for you. As a career politician, your livelihood is dependent on remaining a politician, so the most important interests end up being your own, not the public. Impose not only term limits, but overall public office limits as well, and I suspect you’ll see a return to normalcy. Politicians should come from the private sector to serve, and they should have proved themselves to be leaders and visionaries on their own time (and dime).

  6. Essex says:

    Best interest for a coal company for example or a mining community can mean something completely different to say an environmental group living on the west coast.

  7. Street Justice says:

    5 – I don’t know that there’s a real solution to that problem, but we could work to minimize it with your suggesstions.

    We first have to accept that human beings sometimes are selfish and flawed creatures.

  8. Street Justice says:

    INCOME INEQUALITY IN AMERICA
    Fact and Fiction

    http://www.economics21.org/files/e21ib_1.pdf

  9. grim says:

    Still racking my brain trying to understand why so many are fixated on the “link” between poverty and minimum wage … that doesn’t exist:

    “Only 11.3% of workers who will gain from an increase in the federal minimum wage to $9.50 per hour live in poor households…Of those who will gain, 63.2% are second or third earners living in households with incomes three times the poverty line, well above 50,233, the income of the median household in 2007.” (Sabia and Burkhauser, 2010)’

    http://cdn.theatlantic.com/newsroom/img/posts/Sabia_Burkhauser_SEJ_Jan10.pdf

  10. anon (the good one) says:

    leaders and visionaries come from all walks of life, so they shouldn’t only come from private sector. plenty of crooks, criminals, rapacious individuals in the private sector, even worse plenty of mad Fundamentalists like Ragnar.

    Reagan was a failed actor, Walesa a union leader, Havel a writer, Gandhi etc, etc.

    grim says:
    June 5, 2014 at 7:21 am

    Politicians should come from the private sector to serve, and they should have proved themselves to be leaders and visionaries on their own time (and dime).

  11. Juice Box says:

    And there you go. Now the EU bank is charging interest to hold your money. Think that will get people to invest in the stock market?

    Click here for the latest on the markets.
    http://www.cnbc.com/id/101733784

  12. jj says:

    The European Central Bank cut interest rates to record lows on Thursday and took its deposit rate below zero

  13. grim says:

    10 – You clearly do not understand the term “private sector”

  14. jj says:

    Unlike the US the Germans do not invest as much in the stock market. Remember pretty much every company went bankrupt as a result fo WWII than post war as we have a great recovery they trudged along for a few decades. Their DAX has been doing pretty well since the 1990s but a lot of folks wont join the party. Which is why they are called Sour Krouts.

    11.Juice Box says:
    June 5, 2014 at 8:14 am
    And there you go. Now the EU bank is charging interest to hold your money. Think that will get people to invest in the stock market?

  15. grim says:

    11 – ECB = Chase “Free” Checking

  16. grim says:

    By the way, Walesa was a poor electrician that actually worked as an electrician or was entirely unemployed through most of the time he was classified as a “union leader”. In fact, this “union leadership” got him fired from many positions, as well as thrown in jail. Nothing like America where these positions come with large salaries and benefits. Don’t misunderstand the use of the term “union” either, again, Solidarnosc bears little similarity to the Unions we have today.

    And unlike you, they fought against the socialist and totalitarian regime that you seem to be dreaming of. They fought the government, they didn’t worship it. The government was responsible for poor working conditions, food shortages, and oppressing the masses, not “capitalism”. You might want to read up on Gandhi’s history, you seem to have that one wrong as well.

    But hey, why let facts get in the way, right?

  17. All Hype says:

    Congrads to the ECB for driving billions of dollars to the banks in England and Switzerland from the European Club Med countries. My sympathies to the hard working German people.

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

    [16] grim,

    Feeding the troll? A pointless endeavor.

    I’ve concluded that the anons of the world are either delusional or committed toward working for a soc1alist utopia. The former is in need of medication, the latter in need of killing.

    Or he could just be an asshat. In any event, it’s just annoying noise and I am now devoted to ignoring his ilk until they start to show up in my locale, looking to redistribute. Then I’ll do my part to thin the herd.

  19. Marilyn says:

    medication or killing. I love your mind Comrade, you make me smile. This blog is very funny. Its a pleasure to lurk here.

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

    [19] marilyn,

    Happy to entertain. Tried to inform in the past but that didn’t work out too well.

  21. jj says:

    6.3 million homes underwater, 12.7% of homes with mortgages

    1 year ago was 9.8 million or 20.2%

    percorelogic

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

    Interesting premise that falls into possibly supporting the anon/Michael/ottoman camp. But I also can’t help but notice that it dovetails with an attitude I have seen resurge as of late, and that is the notion that states would like to be rid of their welfare populations so they roll out the unwelcome mat.

    http://www.cnbc.com/id/101733969

    “Lawmakers in many states have been trying to boost their post-recession economies by cutting income taxes, curbing aid to the long-term jobless or holding down the minimum wage. Some have pursued all of these steps.

    Whether such policies will spur businesses to expand as hoped isn’t yet clear. But collectively, the actions could ease the financial burden for the states’ most affluent residents while reducing the safety net for those at the bottom. . . . “

  23. Juice Box says:

    I am still waiting to hear back from the chief of twitter posts to let me know if 1 million per person x 40 million is the right math for reparations? Is 40 Trillion enough there Anon?

  24. Painhrtz - Checking privildge, Yep don't have any! says:
  25. Libturd in the City says:

    I want reparations for having to observe blue laws in Paramus. My day of rest is Saturday. Though, I come pretty cheap. You can pay me in pork products.

  26. grim says:

    25 – You are selling yourself cheap – and don’t forget about Egypt – perhaps you can sue the Met instead?

  27. Bystander says:

    “In times of economic uncertainty, never ever f*** with another man’s livelihood. Go have fun, now?”

    Second best movie quote after Goodfellas

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

    [24] pain,

    Nope, other side of the state, out in Pennsyltucky.

  29. Painhrtz - Checking privildge, Yep don't have any! says:

    Nom the one sided idiotic ramblings and an uptick in work are why I’m taking a break. Plus I just don’t have time or energy to fight the good fight anymore

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

    [28] redux,

    That story is just too bizarre. Where’s JJ when we need him?

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

    [27] bystander

    Guido, the killer pimp. That brings back memories.

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

    [29] pain,

    Same here. And on that note, gotta skate. Been fun wasting time but I have wasted too much of it and now I must atone.

    Just like Howard Beale.

  33. Libturd in the City says:

    I’ve recently been receiving mixed signals on the economy. We all have our own gauges and admittedly, most of them are probably anecdotal. But none the less, the trend they show is probably pretty accurate. One of the four hats that I wear at my current employ is to provide statistics in real-time to our executive team. Sure, most of us know Excel and how to create queries of large databases, but my background in illustration and graphic design allows me to better convey the message graphically than most. Well, there’s a monthly report which I’ve been producing since the financial crisis which measures pages processed in Premedia and pounds of paper through our web presses (does not include digital print which is taking up a lot of the slack). Every year since 2007, our pounds of paper used has declined by about 10% until 2013, in which the decline stopped. During the declines, the pages processed in Premedia mainly remained the same. Maybe there was a total of a 10% decline in 2008, but it recouped quickly and was actually trending upward slightly until this year. During our peak period of 2014 print was down almost 10% again, but premedia pages declined by almost 15%. This seems inline with the latest GDP numbers. Though, things have picked up in both areas in May. So what the heck happened during the first quarter of this year? Was this past Winter that bad? Was it the slowdown in the markets at the beginning of this year?

    Not only has May been booming when it is traditionally a slow month for us, but three long-term (15-25 years here) mid-level employees have left for greener pastures which definitely means the job market is improving.

    Any ideas? Can we blame it on the snow like everyone else? And for what it’s worth, my companies bottom line has always moved in sync with the US market.

  34. 1987 Condo says:

    #33…I think your indicator backs the negative GDP numbers for first quarter. I think it was a winter, that from weather stats, was bad but not terrible, but in real life was really bad as there was no break and at least I did not want to leave the house. Usually there is a thaw of some sort but it seemed it was just horrible….

  35. Libturd in the City says:

    Well glad to see everything bouncing back.

    On a more local view, the housing situation in GR is definitely on fire. Flippers are back in full force and the amounts I’ve seen people are paying once again is ludicrous.

  36. Libturd in the City says:

    are not is.

  37. Libturd in the City says:

    I sound like Bill Clinton.

  38. chicagofinance says:

    My flawed instincts suggest to me that leaders and visionaries don’t use Twitter…..

    anon (the good one) says:
    June 5, 2014 at 8:12 am
    leaders and visionaries come from all walks of life, so they shouldn’t only come from private sector. plenty of crooks, criminals, rapacious individuals in the private sector, even worse plenty of mad Fundamentalists like Ragnar.

    Reagan was a failed actor, Walesa a union leader, Havel a writer, Gandhi etc, etc.

    grim says:
    June 5, 2014 at 7:21 am

    Politicians should come from the private sector to serve, and they should have proved themselves to be leaders and visionaries on their own time (and dime).

  39. jj says:

    Except me as I rant and rave occassionally. Every cheerleader in NFL follows me for some strange reason and I am getting sick of the selfies. Really, the drapes match the curtains no need to keep sexting me stuff

    38.chicagofinance says:
    June 5, 2014 at 10:19 am
    My flawed instincts suggest to me that leaders and visionaries don’t use Twitter…..

  40. joyce says:

    Comrade
    18

    then 22?

  41. Street Justice says:

    26-

    Can the Irish and their descendants sue the North African nations for their slavery during the Ottoman empire and the Barbary wars?

  42. Libturd in the City says:

    Housing ‘crappy investment’: ‘Shark Tank’ pro

    http://www.cnbc.com/id/101732365?__source=yahoo|finance|headline|headline|story&par=yahoo&doc=101732365|Real%20estate%20a%20%27crappy%20inv

  43. ccb223 says:

    So the world isn’t falling apart? We won’t have to transfuse the cadaver? Things are actually looking up? Hmmm…..shocking.

  44. joyce says:

    The world was falling apart in 07/08, according to some.

  45. All Hype says:

    cb (223):

    The world is still falling apart. It is just dying by a billion cuts versus a total collpase all at once.

    Smart people are taking advantage of the slow death and the rest are going to suffer over the long term. We argue over this fact on a daily basis (rich vs poor).

  46. Street Justice says:

    Falling apart is the natural state of the world.

  47. ccb223 says:

    Debbie downers everywhere. I guess everybody has their vantage point but from where I am standing, for me, things are as good as they’ve been. Trying real hard not to have a depression era mentality going …because being miserably and constantly worried that the sky is falling is no way to go through life.

    If the sky does fall, I’ll deal with it then…in the mean time, have a drink and enjoy the summer.

  48. nwnj says:

    On the anecdote front, route 80 has been brutal during the commute. Everyone has to be going somewhere.

  49. joyce says:

    If the world starts to really fall apart again, no worries… the FED will be there to bailout it’s favored sons.

  50. jj says:

    Ben Bernakee AND Barack Obama back at bottom of stock market told folks to buy. Heck Ben went on 60 minutes.

    Joe Schmoe all he had to do was close his eyes and max out his 401K 100% in stocks and today he would have been pretty much set for retirement.

    Some Joe Schmoes kept their money in savings account and watched folks buy bonds, stocks investment properties during last five years at bargains while they earned zero and now they want to buy but everything is way up in price.

    49.joyce says:
    June 5, 2014 at 1:00 pm
    If the world starts to really fall apart again, no worries… the FED will be there to bailout it’s favored sons.

  51. joyce says:

    In 2011, 51 million American workers were active 401(k) participants.
    http://www.ici.org/policy/retirement/plan/401k/faqs_401k

    I know math is tough for you, but how many people does that leave in this country without a 401(k)?

    jj says:
    June 5, 2014 at 1:16 pm

    Joe Schmoe all he had to do was close his eyes and max out his 401K 100% in stocks and today he would have been pretty much set for retirement.

  52. joyce says:

    same link
    What is the average 401(k) plan account balance?

    The average account balance (net of plan loans) was $58,991 at year-end 2011, according to research released as part of the Employee Benefit Research Institute (EBRI) and ICI Participant-Directed Retirement Plan Data Collection Project, the largest database on participants in 401(k) plans.

    …………………….

    If that $58k is two and a half times larger as it is now 2014, that still doesn’t make them ‘pretty much set for retirement’ … strike two. (actually strike two thousand, but who’s counting).

  53. jj says:

    Problem is One 401k does not equal One Person.

    I personally have THREE 401Ks. I nevered Rolled over a few of my old companies. I also had three other 401Ks that I did roll over. So I have three now and could of had six.

    When they say average 401K balance that means squat. I also have friends who have IRAs, cash pension plans etc.

    If I stil had all six of my 401Ks still active according to your math I would have an average 58K balance in each and it would be around 350K if you add them all up.

    53.joyce says:
    June 5, 2014 at 1:40 pm
    same link
    What is the average 401(k) plan account balance?

    The average account balance (net of plan loans) was $58,991 at year-end 2011, according to research released as part of the Employee Benefit Research Institute (EBRI) and ICI Participant-Directed Retirement Plan Data Collection Project, the largest database on participants in 401(k) plans.

    …………………….

    If that $58k is two and a half times larger as it is now 2014, that still doesn’t make them ‘pretty much set for retirement’ … strike two. (actually strike two thousand, but who’s counting).

  54. jj says:

    Joyce there are also lots of folks with ONE MILLION dollar 401Ks.

  55. Juice Box says:

    JJ – my 401k is PHAT and I plan on keeping it that way. I will be posting market top when it is here, which I am coining as “peak buyback” when it arrives.

  56. Happy Renter - check your hate says:

    “Obama Opposes Scotland Independence”

    http://time.com/2827300/obama-scotland/

    He said his opinion on this subject was relevant because—if he had a country embedded in a parliamentary constitutional monarchy union with England, Wales, and Northern Ireland—it would look like Scotland.

  57. jj says:

    S&P Performance
    1 Yr +20.39% 3 Yr +15.09% 5 Yr +18.35%

    Joyce with this type of performance as of today someone who graduated school Spring 2009 and did max in 401K and just picked the plain old S&P 500 index at the tender age of 26 would have a really big 401k.

  58. joyce says:

    Since the average is $58k and some have $1MM, that indicates a skewed distribution and the median is even lower than $58k. You’re not helping your case, and my guess is you don’t even remember what it was.

    jj says:
    June 5, 2014 at 1:50 pm

    Joyce there are also lots of folks with ONE MILLION dollar 401Ks.

  59. jj says:

    Trouble is we now need a 8 figure 401K to retire.

    56.Juice Box says:
    June 5, 2014 at 1:51 pm
    JJ – my 401k is PHAT and I plan on keeping it that way. I will be posting market top when it is here, which I am coining as “peak buyback” when it arrives.

  60. joyce says:

    Really big compared to what? What was there starting salary? Any match? Are you talking about someone in Manhattan, Philadelphia, Idaho, or Florida or etc etc?

    jj says:
    June 5, 2014 at 1:56 pm

    S&P Performance
    1 Yr +20.39% 3 Yr +15.09% 5 Yr +18.35%

    Joyce with this type of performance as of today someone who graduated school Spring 2009 and did max in 401K and just picked the plain old S&P 500 index at the tender age of 26 would have a really big 401k.

  61. jj says:

    Whre are all the customers Yachts?

    59.joyce says:
    June 5, 2014 at 1:56 pm
    Since the average is $58k and some have $1MM, that indicates a skewed distribution and the median is even lower than $58k. You’re not helping your case, and my guess is you don’t even remember what it was.

    jj says:
    June 5, 2014 at 1:50 pm

    Joyce there are also lots of folks with ONE MILLION dollar 401Ks.

  62. Michael says:

    An idiot’s take on the stock market.

    I’m standing by what I said at the end of 2013. This market is not coming down for at least 2 years. The first leg of the run up was driven by the quantitative easing program. That is why this is not a normal recovery in the market. People are saying it can’t keep going, because based on history, we never had rally go for this long. Well, we never had a qe program like this before. The current rise in the market is now based on evidence that economic activity is improving. This run will be one for the ages. People in their 20 or 30s that jumped into the market at 2008, will be telling this story to their grandchildren till their ears fall off. Put it this way, everyone and their mother is looking for a reason for a market correction. Who knows how many people are losing on their short bets right now, but I bet it’s a lot. With all these negative mindsets hoping for the market to go down and expecting it to, we should be seeing it go down, but it’s not. That my friends, is the writing on the wall. If everyone and their mother is expecting the market to go down for over a year, and it still has not, jump on board. The fundamentals in our economy are not getting worst, they are improving from the point of almost being dead.

    jj says:
    June 5, 2014 at 1:16 pm
    Ben Bernakee AND Barack Obama back at bottom of stock market told folks to buy. Heck Ben went on 60 minutes.

    Joe Schmoe all he had to do was close his eyes and max out his 401K 100% in stocks and today he would have been pretty much set for retirement.

    Some Joe Schmoes kept their money in savings account and watched folks buy bonds, stocks investment properties during last five years at bargains while they earned zero and now they want to buy but everything is way up in price.

  63. joyce says:

    2011 $58k … 3 Yr +15.09% … equals $88k. Tim to retire

    jj says:
    June 5, 2014 at 1:56 pm

    S&P Performance
    3 Yr +15.09%

  64. joyce says:

    time to retire

  65. Juice Box says:

    Michael the end of cheap lending means the end of the bull run. Once companies can no longer lever up on cheap debt to the turn around and do stock buybacks the market will drop. It is in the tea leaves with on caveat another FED bailout and this time stocks instead of bonds.

  66. Michael says:

    Joyce, JJ is right. You could have bought any stock in 2009 and be killing it right now. You didn’t even have to know a thing about the companies. I almost hit it back in 2008. I was going to buy siri at .10. Figured that their satellites were worth more than that. Of course, I had to read a bunch of doom and gloom by a bunch of idiots, and it caused my wife and I to not pull the trigger. We really thought the market was dead, that it was over. Wish I just stuck to my principles and didn’t pay attention to the noise. I would have been sitting on a million dollars at age 32 off a 30,000 investment at 28.

  67. WestJester says:

    RE 38
    While I’m not particularly a Reagan fan, it seems unnecessarily parrot-like to label him a ‘failed actor’.

  68. joyce says:

    I’ve never heard anyone use the phrase “killing it” besides you and Jon Steward.

    My comment below is what started the back n forth. By saying “JJ is right” … you are defending the previous/on-going bailout. Well done once again, schizo

    joyce says:
    June 5, 2014 at 1:00 pm
    If the world starts to really fall apart again, no worries… the FED will be there to bailout it’s favored sons.

  69. jj says:

    Micheal you can got back five years and see me yelling put some junk in your trunk everyone buy buy buy buy buy. My prediction back then was the fed would do this
    Stabilize MBS
    Stablize Investment Grade
    Stablize Munis
    Stabalize Junk
    Stabalize Stock
    Stabalize Housing

    Just follow the Bread Crumb trail.

  70. jj says:

    I believe in Free Market Capitalism, God Bless Timmy and Ben who saved the world. And Goldman Sachs who are truly doing the Lords Work.

    If you want I will sell you my COUNTRYWIDE CAP III SB CAP-B 8.05000% 06/15/2027, currently trading at 124 I bought at 79. It is slightly used but in very nice condition. God Bless Bank of America for buying CountryWIde and selling me bonds at 78 cents on a dollar with a 8% coupon. Chifi snubbed his noise at this bond when I recommend it a few years back.
    70.joyce says:
    June 5, 2014 at 2:17 pm
    I’ve never heard anyone use the phrase “killing it” besides you and Jon Steward.

    My comment below is what started the back n forth. By saying “JJ is right” … you are defending the previous/on-going bailout. Well done once again, schizo

    joyce says:
    June 5, 2014 at 1:00 pm
    If the world starts to really fall apart again, no worries… the FED will be there to bailout it’s favored sons.

  71. Michael says:

    Yea, that’s the qe effect. I could see what you are saying, but I don’t think they will raise the rates till they see that the economy is truly on its’ feet again. Meaning, if you didn’t let the market crash in 2008, why let it crash now? Obviously, you know know a lot more than me, and you are prob dead right.

    Juice Box says:
    June 5, 2014 at 2:10 pm
    Michael the end of cheap lending means the end of the bull run. Once companies can no longer lever up on cheap debt to the turn around and do stock buybacks the market will drop. It is in the tea leaves with on caveat another FED bailout and this time stocks instead of bonds.

  72. Juice Box says:

    JJ is only partially right, printing money fixed the bond market and cheap lending fueled the S&P run up. Stock buybacks added the turbo boost to what has been estimated to have been an 80 percent rebound from the lows of 2009 to an actual 178 percent increase in the S&P 500. Stock buybacks folks, you don’t need PHD from a quant school to figure that out.

    Here is the chart bookmark and follow it. 80% of the S&P is doing buybacks right now, when the cheap lending stops it is time to rotate. You don’t need to be a graduate of the Booth School to know when to fold them.

    http://us.spindices.com/indices/strategy/sp-500-buyback-index

  73. Juice Box says:

    re # 72 – Your timeline is two years, mine is next year. I’ll wager without intervention this bubble does a spectacular pop next year.

  74. Michael says:

    I don’t watch john stewart. I hope you are not trying to describe me as a lefty. Being that john stewart group in northern nj, and myself growing up in northern nj, “killing it” has been used by jocks like me for a long time.

    joyce says:
    June 5, 2014 at 2:17 pm
    I’ve never heard anyone use the phrase “killing it” besides you and Jon Steward.

    My comment below is what started the back n forth. By saying “JJ is right” … you are defending the previous/on-going bailout. Well done once again, schizo

    joyce says:
    June 5, 2014 at 1:00 pm
    If the world starts to really fall apart again, no worries… the FED will be there to bailout it’s favored sons.

  75. ccb223 says:

    Party in the U.S.A.!!!

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

    [57] renter,

    No surprise there. Politically, no choice whatsoever. He opposed the Crimean referendum for the same reason, which is that it sets a bad precedent to express support for any segment of a democratic country that seeks to secede, considering that secessionist sentiment in this country hasn’t been this high in about 145 years.

    Also, it would tick off the Brits if he supported scottish self rule.

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

    [40] joyce

    Not sure where you are going with that. Rather, I have an idea but am too lazy to think about it. Care to elaborate?

  78. Michael says:

    I said at the end of 2013, two years. We might be on the same page. Honestly, though, I think this might even go to 2017/2018. That would be insane, but I wouldn’t say it’s impossible.

    Juice Box says:
    June 5, 2014 at 2:30 pm
    re # 72 – Your timeline is two years, mine is next year. I’ll wager without intervention this bubble does a spectacular pop next year.

  79. Michael says:

    Awesome! You must have been fun to hang out with when you were younger.

    ccb223 says:
    June 5, 2014 at 12:50 pm
    Debbie downers everywhere. I guess everybody has their vantage point but from where I am standing, for me, things are as good as they’ve been. Trying real hard not to have a depression era mentality going …because being miserably and constantly worried that the sky is falling is no way to go through life.

    If the sky does fall, I’ll deal with it then…in the mean time, have a drink and enjoy the summer.

  80. joyce says:

    Just a quick comment/question about you telling grim to stop feeding the trolls and then you reference them.

    Comrade Nom Deplume, a.k.a. Captain Justice says:
    June 5, 2014 at 2:33 pm

    [40] joyce

    Not sure where you are going with that. Rather, I have an idea but am too lazy to think about it. Care to elaborate?

  81. joyce says:

    There wasn’t a lot of Tennis jocks where I went to school

  82. Juice Box says:

    One more thing, the number of man hours worked annually is the same today as 1998, in other words there was no recovery from the job losses in 2002 and 2008. Those that are out of work are done for. 47 million on SNAP and 11 million on disability. The middle class dream is over. Welcome to the new Brazil.

  83. Fast Eddie says:

    Juice Box [83],

    Great! Can we now raise 30 yr. rates up 200 bps and kill off the cliff hangers?

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

    [81] joyce,

    Yes, I see now. I don’t agree that using their socks as shorthand for the left is somehow engaging them but so be it. Someone will engage and they aren’t going away so I used the easy way to describe the min wage/welfare state supporters camp. Besides, I know how much you hate the left/right labels I usually use.

  85. Fast Eddie says:

    By the way, have the problems with the VA been fixed now? (cough…) Or, did Oblammy deflect yet another failure of his with a new failure? 5 for 1 trade, anyone? And speaking of the VA disaster, you just got a taste of what Oblamma Care is going to look like in a decade from now.

  86. 1987 Condo says:

    #86..you are pretty much right about VA and Obamacare….

  87. Juice Box says:

    re # 84 – Eddie for allot of the towns you are looking in it will be feet first. I still hear people griping that they cannot get the price of what it was in 2007. My neighbor and I were taking last weekend about our neighborhood. He of-course still thinks he can get a heck lot more for his redone home, and he isn’t selling, will just keep the place along with his retirement place in Florida, and did I want to consider joining his golf club too. There is a shortage of “qualifed” applicants. Like I want to dump 25 grand a year chasing a ball around. I would rather be a guest of 50 different clubs than a member of one.

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

    [86] eddie,

    I’ve discussed comparisons between the VA and Obamacare in the past. I think that Obamacare is not yet to the point of the VA, however once we get single payer, that is pretty much how it is going to look, especially when entire hospital groups close up or go to nonemergency, and nonregulated, concierge care and insurers are freed up from ERISA and nondiscrimination mandates.

  89. Happy Renter - check your hate says:

    [77] It seems to me one available choice was to just keep his mouth shut on an issue of no concern to the U.S.

  90. Juice Box says:

    VA is just another jobs program for incompetents.

    From the WSJ..

    The VA’s central-office staff in Washington, they write, has “grown markedly – from about 800 in the late 1990s to nearly 11,000 in 2012.”

  91. Fast Eddie says:

    What a f.ucking scam. Did I just read recently that the highest average cost of a house is in the D.C. area? Geez, go figure. How can we clean slate and start over? A rudderless, muppet puppet for a leader elected by a bunch of doe-eyed @ss scratchers. What a stup1d country we’ve become.

  92. Fast Eddie says:

    Juice Box [88],

    I’m well aware. I’ve come to the realization that I’m going to be staying in my current house for a long time – G0d willing. It’s not the worse thing in the world but certainly confirms the fact that the housing market is truly f.ucked for many years to come.

  93. Fast Eddie says:

    Between 2001 and 2011, both low-skill and high-skill jobs rose as a percentage of the total labor market, while the percentage of middle-skill jobs fell by about 10%.

    http://finance.yahoo.com/blogs/daily-ticker/here-s-where-all-those-middle-class-jobs-went-113102720.html

  94. joyce says:

    Holy crap

    Juice Box says:
    June 5, 2014 at 3:15 pm
    The VA’s central-office staff in Washington, they write, has “grown markedly – from about 800 in the late 1990s to nearly 11,000 in 2012.”

  95. Ragnar says:

    Let’s applaud the great job NJ’s education ministry has delivered via ever higher real (inflation adjusted) spending per student:
    http://www.cato.org/publications/policy-analysis/state-education-trends#/NJ
    Spend over 150% more per pupil than back in 1972, and test scores, after declining, have nearly caught up to where they started.
    But undoubtedly our students’ self esteem, fear of global warming, and willingness to obey their Fuhrer is much higher than it was back then.

  96. jj says:

    Bill Gross does not own a cell phone and EU going to Negative Interest Rates and Rangers lost first game of Stanley Cup is enough news for me for last 24 hours

  97. Fast Eddie says:

    Ragnar [96],

    It’s for the children!

  98. ccb223 says:

    Eddie — just give in man, join the party…nobody likes a complainer.

  99. Ben says:

    The market will probably drop, but not before it gets extremely irrational and out of hand. I’m thinking we get a new parabolic run in the stock market based on pure fantasy followed by a crash. This market has gone one way and most bull runs usually ends with way too much run up in a short period of time.

  100. jj says:

    Stop buying Bonds but dont sell bonds, take coupons and buy the dips in stocks, when we hit the next bubble high in stocks SELL, rinse lather repeat

    101.Ben says:
    June 5, 2014 at 4:57 pm
    The market will probably drop, but not before it gets extremely irrational and out of hand. I’m thinking we get a new parabolic run in the stock market based on pure fantasy followed by a crash. This market has gone one way and most bull runs usually ends with way too much run up in a short period of time.

  101. Michael says:

    That’s insane. We are only at 1998 levels?!?! Nothing for nothing, I’m happy I’m on the right side of the field. With automation increasing at a rapid pace, these people with no skills or education are beyond screwed. Too bad they are too stupid to see the writing on the wall.

    Juice Box says:
    June 5, 2014 at 2:39 pm
    One more thing, the number of man hours worked annually is the same today as 1998, in other words there was no recovery from the job losses in 2002 and 2008. Those that are out of work are done for. 47 million on SNAP and 11 million on disability. The middle class dream is over. Welcome to the new Brazil.

  102. Michael says:

    You are the man!!! It’s sounds crazy, but it really is that easy. You can not let emotion rule over you, or you will lose. The best days on wall st have always been right at the darkest moments. Emotion, it creates beautiful opportunities if you have nerves of steel.

    jj says:
    June 5, 2014 at 5:11 pm
    Stop buying Bonds but dont sell bonds, take coupons and buy the dips in stocks, when we hit the next bubble high in stocks SELL, rinse lather repeat

    101.Ben says:
    June 5, 2014 at 4:57 pm
    The market will probably drop, but not before it gets extremely irrational and out of hand. I’m thinking we get a new parabolic run in the stock market based on pure fantasy followed by a crash. This market has gone one way and most bull runs usually ends with way too much run up in a short period of time.

  103. Michael says:

    103- people are always screaming and panicking when the market is in a major decline. They should be jumping for joy, a great buying opportunity is coming.

  104. Michael says:

    Thanks for the share. Great read!

    “Many workers fault globalization for the decline of decent-paying middle-class jobs, since big companies have moved many manufacturing plants and other types of operations overseas, where labor is cheaper. But the Dallas Fed sees that as a small factor in the loss of middle-skill jobs. A much bigger factor is the automation that has come with the digital revolution, since computers and other machines can now do many of the jobs once performed by humans. ATMs and smartphones, for example, now do much of what bank tellers once did. Travel sites such as Travelocity and Kayak serve as virtual travel agents — at no charge. There are no clerks when you check out at an e-commerce site such as Amazon (AMZN) or eBay (EBAY).”

    Fast Eddie says:
    June 5, 2014 at 3:39 pm
    Between 2001 and 2011, both low-skill and high-skill jobs rose as a percentage of the total labor market, while the percentage of middle-skill jobs fell by about 10%.

    http://finance.yahoo.com/blogs/daily-ticker/here-s-where-all-those-middle-class-jobs-went-113102720.html

  105. Michael says:

    105- Really awesome article. Look at our military. It’s not going to be for dumb people anymore. Infantry won’t be needed. Only highly intelligent soldiers for black ops or controlling/fixing advanced technology. It’s happening as we speak. They are lowering the military #s.

    “The first “jobless recovery,” in the early 1990s, was followed by nearly a decade of booming growth, which obscured its significance. That’s not likely to happen now. The development of advanced robots, drones, autonomous vehicles, artificial intelligence and other technologies could replace even more routine jobs in the future, and perhaps some nonroutine ones as well. Competing with the machines will only get more challenging.”

  106. Theo says:

    #102 Hours worked are at 1998 levels, but business sector output grew by 42% during the same time period. Therefore labor productivity increased by 42% over the time period accounting for allof the business sector growth for the period. 42% more stuff, but you don’t need any more people to produce it. during same time period population grew by 40 million. There is your reason for low wage/job groth.

  107. Michael says:

    You are spot on. That’s a direct causation to the low wage/job growth problem. Question is, when does the economy start to suffer the effects of these people not stepping up to the plate. Every time someone can’t find a job, they basically become a parasite. How many parasites can this economy handle? Sorry for the use of parasite, but it was useful in getting my point across.

    Theo says:
    June 5, 2014 at 5:54 pm
    #102 Hours worked are at 1998 levels, but business sector output grew by 42% during the same time period. Therefore labor productivity increased by 42% over the time period accounting for allof the business sector growth for the period. 42% more stuff, but you don’t need any more people to produce it. during same time period population grew by 40 million. There is your reason for low wage/job groth.

  108. grim says:

    Gandhi was a failed lawyer

  109. Juice Box says:

    re # 107- It’s BEA baloney that productivity increased. Labor hours have not grown since 1998 because many important sectors of the US economy have been shrinking.

    Read Stockman’s take.

    http://davidstockmanscontracorner.com/part-1-the-zirp-economy-unmasked-zero-growth-in-private-labor-hours-since-1998/

  110. anon (the good one) says:

    @BillMoyersHQ: When corporations break the law, fines aren’t enough, says @RBReich. We need to start sending executives to jail. http://t.co/00LoYkkuwx

  111. Whatever Robert Reich says, do the opposite.

  112. Gonna check out the latest Katy Perry and John Mayer talk on E!

  113. …just need to gouge my face a few times with this cheese grater…

  114. chicagofinance says:

    Clot…..I think I found footage of the result of that action…..see the end of the clip….
    http://www.youtube.com/watch?v=lR6vy0i_rRU

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