Fed: No idea why housing slowed down

From the WSJ:

Yellen, Fed Still Worried About Slowdown in Housing Recovery

The Federal Reserve remains concerned about the U.S. housing recovery–which began to slow down last year when mortgage rates spiked–and has so far has failed to regain much traction, Chairwoman Janet Yellen said Tuesday.

“The housing sector…has shown little recent progress,” Ms. Yellen said in remarks prepared for delivery before the Senate Banking Committee. “While this sector has recovered notably from its earlier trough, housing activity leveled off in the wake of last year’s increase in mortgage rates, and readings this year have, overall, continued to be disappointing.”

Her comment Tuesday reinforced a warning she offered when testifying before lawmakers more than two months ago. On May 7, Ms. Yellen told the Joint Economic Committee that “readings on housing activity–a sector that has been recovering since 2011–have remained disappointing so far this year and will bear watching.”

Several broad gauges of housing-market activity stumbled last year after mortgage interest rates rose when the Fed began discussing the end of its bond-buying program, which now is on track to end later this year. The average interest rate on a 30-year fixed rate mortgage rose from 3.35% in early May 2013 to 4.51% in mid-July 2013, according to Freddie Mac. Rates have come down since then, to an average of 4.15% last week.

But while the rise in rates is “the most obvious explanation for the weakness in the housing market over the past year,” it “seems unlikely that interest rates are the whole story,” according to the Fed’s semiannual Monetary Policy Report, also released on Tuesday. “Historical correlations between mortgage rates and residential investment suggest that the effects of last year’s run-up should have begun to fade by now, but housing activity has yet to pick up.”

It also said that “ongoing increases in house prices may indicate that constraints on the supply of new housing are binding more significantly than seemed to be the case.”

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

74 Responses to Fed: No idea why housing slowed down

  1. grim says:

    Gary please give Janet a call

  2. grim says:

    North Jersey is covered by the NY Fed, South Jersey is covered by the Philly Fed.

    From MarketWatch:

    Empire State index reaches four-year high in July

    A poll of New York-area manufacturers surged to its highest level in more than four years, according to data released Tuesday.

    The Empire State manufacturing survey climbed to 25.6 in July, up from 19.3 in June, the highest level since April 2010, the New York Fed said.

    Economists polled by MarketWatch had expected a 17.3 reading, in the gauge where readings above zero indicate improving conditions.

    The shipments index improved to 23.6 from 14.2, and the new-orders index rose to 18.8 from 18.4. Also of note, the prices paid index rose to 25 from 17.2, while the prices received only rose to 6.8 from 4.3.

    One downbeat part was that expectations for six months later fell noticeably, to 28.5 from 39.8 in June.

    The Empire State is the first of the regional manufacturing surveys to be released; the Philadelphia Fed survey comes out Thursday.

  3. grim says:

    Also reported that Employment is up to 17.1 from 10.8.

  4. grim says:

    Watch your wallets, Joey D may run for Governor. Suspect he’ll keep his other jobs. Large cone please, triple dip.

  5. grim says:

    Human sacrifice? Dogs and cats living together? Apple and IBM partner? Mass Hysteria. It sure ain’t 1984.

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

    Jack Lew reminds me a little of Jefferson Davis questioning the patriotism of runaway slaves.

    http://www.cnbc.com/id/101840373

  7. anon (the good one) says:

    you relentlessly bltch and moan about Newark residents breaking the law, but u r also OK with most corporations getting a free pass. you always have a stupld excuse why managers at Citibank and GM should not go to jail.

    “The car crash that killed Gene Erickson caught the attention of federal regulators. Why did the Saturn Ion he was traveling in, along a rural Texas road, suddenly swerve into a tree? Why did the air bags fail? General Motors told federal authorities that it could not provide answers.

    But only a month earlier, a G.M. engineer had concluded in an internal evaluation that the Ion had most likely lost power, disabling its air bags, according to a subsequent internal investigation commissioned by G.M.

    Now, G.M.’s response, as well as its replies to queries in other crashes obtained by The New York Times from the National Highway Traffic Safety Administration, casts doubt on how forthright the automaker was with regulators over a defective ignition switch that G.M. has linked to at least 13 deaths over the last decade.”

  8. Fast Eddie says:

    Waiting for the train and laughed out loud when I saw today’s topic. If this chick hasn’t a clue into the housing disaster, then how the fcuk did she get the job?

  9. anon (the good one) says:

    Gary, everybody at helpdesk will have to buy an iPhone

    @WSJ:
    Past enemies Apple and IBM now working together on apps, with IBM selling iPhones and iPads to corporate customers
    http://t.co/FKVQ1MvcBl

  10. grim says:

    Jersey City is the new Newark

  11. grim says:

    If I estimated in my budget a revenue number of $200 million, and only realized $63 million, I’d be fired. What happens in the public sector? You get a pension! The amount of revenue that should have been budgeted is $0, because that is where it’ll be in a year. Oh, at one point Christie and the Treasury Clowns estimated a billion dollars. We should have legalized pot instead.

    From the Star Ledger:

    Snake eyes: Fitch cuts estimate for NJ online gambling revenue

    A Wall Street credit rating firm that was among the most pessimistic about the prospects for Internet gambling in New Jersey has cut its already-conservative estimate on the state’s first-year online winnings by more than half.

    Tuesday’s move by Fitch Ratings comes a day after New Jersey reported a third straight monthly decline in the amount of money won by the state’s Internet betting operations, partnered with Atlantic City casinos.

    The online casinos won $9.5 million in June, and have taken in $63 million for the year.

    That prompted Fitch to cut its estimate of New Jersey’s 2014 Internet winnings to $120 million to $130 million, down from the $200 million to $300 million it had forecast in December.

  12. grim says:

    The least some of these online casinos could do is send a guy over with Dominos and a 6-pack after losing my mortgage payment in my living room.

    Same odds, no comps, what’s the point. What’s the story here Stu?

    Everything these guys touch seems to turn to shit … although maybe that’s the way it was supposed to work? Shitfinger?

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

    This quote and its author got me thinking of anon, Joyce, even Clot:

    “Freedom in capitalist society always remains about the same as it was in the ancient Greek republics: freedom for the slave-owners.”

  14. painhrtz - whatever says:

    Hey looks like everyone’s favorite economist is leaving Princeton

    http://www.forbes.com/sites/ralphbenko/2014/07/14/is-paul-krugman-leaving-princeton-in-quiet-disgrace/

  15. Libturd in the City says:

    Grim,

    Not the same odds at all. It’s considerably worse for most games. The cas1nos are being greedy.

    Bottom line with gambling is that the sheeple are not bright when it comes to math. They allot a certain amount of discretionary (hopefully) dollars to this hobby (addiction for many) and lose it with regularity. On line gambling is not doing as well as projected for the same reason AC continues to bleed revenue. Both outlets are not giving people enough entertainment in return for their gambling dollar. Online gives you nothing. AC at least will throw you a free or discounted room and a free meal, cash back, a leaf blower, Michael Buble tickets, etc. But it’s much less than it used to be. These incentives, if marketed correctly, keep people returning. Unfortunately, the bean counters are not bright and the short-term gain in profit from cutting incentives results in long-term losses of customers. Especially now that there are cas1nos much closer to where most people live. Of course, the sheeple are not aware of how bad the odds are in their backyard cas1nos. The reason the odds can’t match ACs is that all of these new gaming halls must pay significantly more in taxes to the state they are in. This is the deal the owners had to make to get the states to allow them to open. In some jurisdictions, the taxes are as high as 80%! AC is not subject to these taxes.

    For example, the greatest revenue generating casino in the U.S. is Gentings’s Resort World Casino at the Aquaduct. I think their tax rate is 50 to 60%. They are not a random chance casino. All of their games are VLT (Video Lotteree Terminals). Regardless of what you play, you will have an exact long-term return of 92%. That’s $8 for every $100 gambled. Outside of penny slots in AC, you will have a hard time finding any games in the cas1no that return that low. For comparisons sake, I play a game which has a 99.6% return and occasionally dabble with a less boring game with a 99.1% return. So I lose 40 cents to 90 cents per $100 wagered before promotions, comp and cash back reduce that number to the point where I actually will have the advantage. For example next Thursday I have a 10X comp multiplier. This turns the 99.6% game into a 100.9% return as the comp rate at Bally’s is .13%. But the sheeple are clueless. They just know that occasionally they win, but they usually lose. Eventually, as is the case with Resorts World in Queens, the people eventually just give up on gambling so often as they almost never win. Same thing with the online gaming. You will lose more often than in AC which most NJ residents would be comparing it to. Without any incentives to continue gambling, the novelty wears thin.

    Personally, I like the slow demise of AC. Cas1nos there are offering better promotion than ever in an effort to try to stay alive. As competition continues to heat up, the promos should get richer and richer. For example, I heard Showboat is offering a $500 loss rebate to keep people going there until they close. That’s a hell of a free shot at an easy grand with nothing at risk.

    I hope this answers your question Grim.

  16. Libturd in the City says:

    Grim…Cas1no answer is in mod. I am not surprised at all.

  17. Libturd in the City says:

    Today was the drive-in to the city test. Surprisingly, it appears it is both quicker and cheaper for Gator and I to drive into the city to commute than to take the train. And I’m guaranteed a seat and climate control. This does not speak very well to the heavily subsidized social program known as commuter rail. Which is really, really sad as privatized rail companies (freight) are making money hand over foot. Hmmm. I wonder what the difference is? How do they do it? I only know this as my investment club had made a measly 24.1% annualized return on our investment in Canadian National Railway since we bought it in the Fall of 2009. Only the government could figure out how to lose more money as ridership increases in one of the easiest industries to gain economies of scale.

    Look at this article. Notice which lines are losing ridership? Not the ones operated by Amtrak.

    http://www.app.com/story/news/2014/03/31/nj-transit-ridership-off-the-rails-/7136671/

  18. joyce says:

    Apple? You mean that evil corporation that aggressively supports tax loopholes, and employs slave-lite labor in China?

    anon (the good one) says:
    July 16, 2014 at 7:42 am

    Gary, everybody at helpdesk will have to buy an iPhone

    @WSJ:
    Past enemies Apple and IBM now working together on apps, with IBM selling iPhones and iPads to corporate customers
    http://t.co/FKVQ1MvcBl

  19. Libturd in the City says:

    Come on Joyce. Apple, Subaru, Whole Foods, Lululem0n, the New York Times and the Washington Post are never to be criticized. They are all on the progressive untouchable list.

  20. Pete says:

    #18,

    Light summer traffic. I highly doubt it will be quicker on average.

  21. Libturd in the City says:

    We’ll see. Traffic was actually pretty heavy today. The backup to the tunnel started at the split with 1/9. Additionally, with Pulaski being rebuilt, I figured it’s still heavier than usual. We’ll see. If the garage next to my office gets rid of their $20 tax included early bird, then all bets are off.

  22. Libturd in the City says:

    By the way. There are apparently train problems on my line again today. Just got a clever commute tweet mentioning it.

  23. JJ says:

    Young people dont want houses, flippers are still on sideline and Wall Street investors have slowed bulk buying that took place during financial crisis.

    Add in slightly higher mortgage rates and property taxes and fast increasing flood insurance and homeowners insurance and utility costs and it is not that suprising home sales have slowed.

  24. Pete says:

    Well supposedly the Route 3 construction is almost done which may help the traffic flow through Route 3 but will probably just increase the bottleneck at the tunnel.

  25. Libturd in the City says:

    Yeah…minor slowdown this morning there. Nice to see the government will finish that job only 9 months behind schedule.

  26. grim says:

    Isn’t the 3/46/Valley intersection due to start soon? That’ll be a 5 year disaster, but is the bottleneck in the other direction.

  27. Libturd in the City says:

    Yeah…that’s been a mess since the 80s. It is certainly needed. But I get on after it, so it shouldn’t affect me. Though, I know a lot of shortcuts on service streets to get around it.

  28. Pete says:

    #27,

    Yea, the bottleneck is much worse heading west but there is still one heading east. In both the am and pm rush. So I fully expect that construction to be a disaster.

  29. Ragnar says:

    Whole Foods cannot be criticized by liberals? Actually they do criticize, though they are conflicted about it. The founder has actively resisted unionization, called Obamacare “fascist”, and claims to be a fan of Ayn Rand and libertarian ideas. True leftists are fan of the mom and pop independent chains run by sickly proprietors holding lots of stale wheat germ and cod liver oil inventories.
    http://www.newyorker.com/reporting/2010/01/04/100104fa_fact_paumgarten

  30. Bystander says:

    JJ,
    You summed it up nicely but job security/pay is biggest problem. I tried to buy a home recently but stonewalled by many of the issues that you mention:
    -Walked in a nice open house…place was beautiful but then read 4k a year for flood insurance then walked out. No one else even looked disclosure..ooh granite
    -Another place listed 7,500 taxes (2012) on line but then disclosed over 9k for 2014
    -One had ancient oil furnace, no insulation, rotted windows. He spent over 800/mo to heat 1600 sq ft. Wanted top dollar though. Now only want gas heat.
    -Others were 30% overpriced, asbestos ridden, and moldy, wet basements complete

  31. Juice Box says:

    re: “True leftists are fan of the mom and pop independent chains”

    Since when does communism allow for ownership?

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

    [15] pain,

    Krug announced that months ago and it was pretty much assumed then that he was told his presence was no longer welcome. Why else leave Princeton for CUNY? I recall he said that he was moving so he could get better bagels or something to that effect.

    BTW, the Daily Princetonian usually announces retirements. Not for Krugs. And the only presser from Princeton was, as the article pointed out, curiously lacking in praise.

  33. JJ says:

    Gas only is a tough one. I would say just make sure they have gas on the street.

    RE taxes require a lot of research. $7,500 vs $9,00 is 1,500 a year not that bad a difference. However, if it went up cuase home assessment rose and you are paying less than assessed value it might be ok as you can easily grieve. If it went up cuase tax rates rose and you are buying it above current assessed value that is an issue.

    The 4k flood insurance I would say get your own quote. Flood insurance is all over place since the “patched” BW act of 2012. Some folks are getting good flood relief starting 10-1-2014 and some are not. If that house is scaring folks away due to 4k flood and you can find out the rate is signifantly falling on 10-1-2014 might be ok.
    Windows and furance can be expensive and a damp mold basement is ultimate wildcard could be a little fix or could be a massive six figure problem.

    Taxes are to the point today that ANYTHING under 10K a year in taxes realtor can advertise as LOW taxes. But things keep rising.

    My condo has $500 a month maint and believe it or not realtors call that lows. By comparison I have some old condo docs and in 1979 same building same unit maint was $41 a month. Units prices did not rise anywhere near that inflation rate.

    Landscaping, flood insurance, snow removal, homeowners insurance, D&O insurance, Electric and Water costs have all gone through the roof. Add in folks in 2014 dont care if they are deadbeats so some pay no maints which adds legal costs you get to an over 10x cost in maint.

    Property taxes where we guarantee 3% raises to all town employees plus free medical in a bunch of oil heated buildings taxes have to keep going up 3-5% just to keep up.

    Not a math major but even $7,500 in taxes compounded at 4% gets pretty pricey very quick.

    My favorite version of insanity a condo near me is listed for 360K with $500 a month maint and $500 a month taxes. With At 20% down with a 4% mortgage that will cost you $2,450 a month to own. Howver he also has it for rent for $2,050 a month. Who would buy that, I bet he would knock 100K off the price but even then who would buy it.

    Condos and Coops are still weak and plenty of folk like me are more than happy to rent them out. Why would a single or newlywed couple want to buy into something they will have to sell in next 5-7 years anyhow.

    31.Bystander says:
    July 16, 2014 at 11:04 am
    JJ,
    You summed it up nicely but job security/pay is biggest problem. I tried to buy a home recently but stonewalled by many of the issues that you mention:
    -Walked in a nice open house…place was beautiful but then read 4k a year for flood insurance then walked out. No one else even looked disclosure..ooh granite
    -Another place listed 7,500 taxes (2012) on line but then disclosed over 9k for 2014
    -One had ancient oil furnace, no insulation, rotted windows. He spent over 800/mo to heat 1600 sq ft. Wanted top dollar though. Now only want gas heat.
    -Others were 30% overpriced, asbestos ridden, and moldy, wet basements complete

  34. Michael says:

    Thanks for the share, great read.

    painhrtz – whatever says:
    July 16, 2014 at 9:28 am
    Hey looks like everyone’s favorite economist is leaving Princeton

    http://www.forbes.com/sites/ralphbenko/2014/07/14/is-paul-krugman-leaving-princeton-in-quiet-disgrace/

  35. Michael says:

    16- Great write up!! You def know your shi!. What games do you play?

  36. painhrtz - whatever says:

    Nom did not know that this was the first I heard of it. Krugnuts getting his comeuppance is a little bit of schadenfreude on my part

  37. Libturd in the City says:

    Video poker Michael. But if you want to get the advantage, you must be extremely disciplined and practice, practice, practice.

  38. joyce says:

    FRANKLIN COUNTY, FL — An inmate was locked in solitary confinement and repeatedly sprayed with mustard-colored gas until he died, an investigation has uncovered. Officials then allegedly covered up the death and claimed it was due to natural causes.

    The case has been buried for four years, until four Florida Department of Corrections (DOC) investigators came forth as whistle-blowers to reveal allegations of multiple cases of torture, abuse, corruption, and homicide.

    http://www.miamiherald.com/2014/07/07/4223414/prison-system-mired-in-corruption.html

    Veteran DOC investigator Aubrey P. Land is one of four speaking out, and claims to have been “bullied” through official channels. Of the corruption uncovered, Land found the death of 27-year-old Randall Jordan-Aparo particularly disturbing.

    “I’ve done this for 30 years. My skin don’t crawl very often,” Land said. “They killed that damn kid. He laid there for five days begging for help.”

    Mr. Jordan-Aparo was found dead in solitary confinement with a Bible next to his head, covered in yellow residue from the gas. He was serving an 18-month sentence for fraud and drugs.

    The death took place in September of 2010, and has been buried for years. At the time, the inmate’s father was told by prison officials and the Franklin County medical examiner that his son died from natural causes — an “infection.”

    As such, the incident was never treated as a homicide and no investigation took place. No one was ever disciplined or held criminally responsible.

    Investigators Aubree Land, John Ulm, Doug Glisson, and David Clark have filed a lawsuit against the state of Florida, alleging systematic abuse, corruption, and brutality inside the Department of Corrections. The lawsuit states that they were retaliated against for uncovering official misdeeds.

    This news comes as the warden of the Dade Correctional Institution, Jerry Cummings, was suspended as investigators probe the suspicious death of another Florida inmate who was allegedly cooked to death by torturous prison guards in a scalding shower until his skin began to peel off.

  39. joyce says:

    MIAMI — Miami Beach’s police chief has put a stop to lucrative off-duty assignments for officers at more than a dozen nightclubs, as the city investigates whether one of his sergeants was drunk while on detail.

    Police Chief Dan Oates’ announcement sparked immediate outrage from the city’s union leaders, who called it a “knee-jerk” reaction that will only serve to tax an already stressed-out police force even further.

    Club owners, however, gave a lukewarm response to the news, saying they will adjust. The new policy goes into effect Aug. 1, giving club owners some time to find alternative private security.

    “I am convinced that we need more safeguards and tighter rules before we can consider allowing this kind of work to resume,” Oates wrote in a prepared statement, saying that command staff will also seek input from club owners on how to move forward.

    Sgt. Mike Muley was relieved of duty Monday after an anonymous 911 caller complained he was intoxicated while working an off-duty shift at Mango’s Tropical Cafe — marking at least the fourth time a Beach cop had been accused of being drunk or drinking while in uniform over the past three years.

    The incident also comes just a month after an outside audit of the department policies recommended that the city change the way it assigns off-duty jobs to officers because of the likelihood of an officer developing “a sense of allegiance to a secondary employer and choose to ignore their sworn duty in order to protect a source of steady, supplemental income.”

    That income can be lucrative: Miami Beach police work 85,000 hours of secondary employment a year, the report noted, which is equal to 41 additional full-time officers in uniform. A starting cop on Miami Beach makes $49,000 a year. The clubs pay officers $45 an hour, with $10 of that hourly wage going to city coffers. Off-duty income also bolsters an officer’s future pension.

    Miami Beach has not made a major change to its police department’s off-duty policies since 2003 — after an officer was arrested on felony charges of stealing money from club owners and officers for coordinating off-duty jobs.

    Several other officers were disciplined after an investigation discovered they collected pay for jobs they hadn’t performed, or had taken home more than the maximum weekly pay allowed for off-duty shift coordinators.

    In the wake of that scandal, the city stopped allowing employers to pay officers directly for off-duty shifts.

    http://www.miamiherald.com/2014/07/15/4238164/miami-beach-police-chief-puts.html

    I’d love to meet the geniuses that thought the initial policies were going to be just fine and dandy. Or at least hear the crap they spouted in an attempt to justify it.

  40. Anon E. Moose says:

    Lib [16];

    RE: $500 loss rebate;

    I read the fine print on one such deal (don’t remember which property). Rebate was payable in four installments on four subsequent visits. Now you see why I didn’t bother to remember who offered it.

  41. Libturd in the City says:

    Moose. Yeah…haven’t gotten the details yet on the Showboat promo but will share them when I do. Revel’s rebate paid people back weekly for like 6 months or so. Only really useful for locals.

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

    Random Thought of the Day:

    If a corporation cannot be religious, how can it be unpatriotic?

  43. Toxic Crayons says:

    http://philadelphia.cbslocal.com/2014/07/16/tv-reporter-who-spoke-about-black-families-suspended/

    Reporter who spoke about black families suspended
    Josh Cornfield Associated Press
    CREATED: 07/15/2014 06:55:43 PM PDT0 COMMENTS

    NEWARK, N.J. (AP) — A white TV reporter who voiced his opinions about black families and relations with police during a segment about a fatal police shooting said Tuesday he was suspended from his station and won’t return.

    Sean Bergin said he was suspended from News 12 New Jersey without pay on Monday and with pay on Tuesday. Bergin, a contracted employee, said the station told him that his assignments would be cut to one a week and he declined to remain in the position.

    Bergin’s report, which aired Sunday, featured the widow of a black man who police say shot a rookie Jersey City police officer to death and who was then killed by officers responding to the shooting. The widow, Angelique Campbell, told Bergin that Lawrence Campbell should have killed more officers, but she later apologized.

    Bergin said in his report that the underlying cause of an anti-police mentality is young black men growing up without fathers.

    “It’s important to shine a light on this anti-cop mentality that has so contaminated America’s inner cities,” Bergin said after airing the widow’s comments and showing a memorial for her husband. “The underlying cause of all of this, of course, young black men growing up without fathers.”

    The TV station said that the response to Bergin’s report was being handled internally and that it doesn’t comment on personnel matters.

    “It is News 12’s policy that reporters must be objective and not state personal opinions on-air,” the station said in a statement Tuesday.

    Bergin said that he added his commentary just before going on air because he had heard from police officers outraged that the station was airing the widow’s comments.

    “If I had it to do over again, I would do the exact same thing,” Bergin said. “I broke the rules. I knew I was breaking the rules. But sometimes you have to break the rules to do the right thing.”

    He said that the issue of young black men without fathers deserves more media coverage.

    The National Association of Black Journalists’ president, Bob Butler, challenged Bergin’s connection between young black men growing up without fathers and anti-police sentiments and said that Bergin went beyond the standards of a news reporter by inserting his views on the story.

    “Are there problems in the inner city with kids without fathers? Yes. But does that make kids violent? No,” Butler said. “There are a lot of kids without fathers who go to college, graduate and become upstanding citizens. He’s talking about a social phenomenon where there’s lack of opportunity in communities.”

    Bergin, 49, said that he has worked for News 12 as a freelance reporter for seven years, for six or seven days a week. He said he made about $1,300 a week working on stories in New Jersey and in New York’s Long Island and Westchester County.

    He said the station told him Tuesday that if wished to remain he would be limited to one story a week on Long Island for $300.

    ———

    Reach Josh Cornfield on Twitter at http://twitter.com/JoshCornfield.

  44. JJ says:

    Random Question for anyone who owned a condo or is a realtor.

    Do must condos do regular meeting minutes?

    My condo does not have any. My old coop used to give out minutes of annual shareholder meeting but pretty much nothing else.

    Boards meet on and off to decide things but I dont see minutes. My place since I am on board I asked and was told honest folk dont care or want to see minutes other than annual financials and the 5-6 trouble makers in building in arrears want them so they they can use it to sue you.

    Important stuff we do vote via email and notify managing agent, lawyer etc via a email with whole board cc so we have a record.

    But I find it funny that someones biggest investment who is not involved can get very little info. And they are too lazy to join the board so they choose being left in dark.

  45. Theo says:

    #43 selling govt secrets to enemies of the state?providing money laundering services to anti-us terrorist organizations?

  46. Happy Renter says:

    [46] “selling govt secrets to enemies of the state?providing money laundering services to anti-us terrorist organizations?”

    Those are simply crimes – “patriotism” has nothing to do with it.

  47. 1987 Condo says:

    #45..not sure what the actual rules may be now…back when I had the condo and I started to ask questions, I was told if I wanted to know what was going on…join the board. So I did. We held an annual meeting in a conf room to distribute financials and answer questions. Eventually we stopped even doing that and just mailed the financials.

  48. grim says:

    Well, Revel really must be doing shitty because we didn’t gamble much at all, but still get post cards almost every week with free room offers.

  49. Toxic Crayons says:

    The story that got Sean Bergin suspended.

    https://www.youtube.com/watch?v=WOekY4FiGjU

  50. Njescapee says:

    jj, currently own both condo and townhouse in Fl. Both associations have regular meetings and distribute minutes. HOA is much more structured than condo association.

  51. Libturd in the City says:

    The story of Revel is a very pathetic one. It’s a great lesson in knowing your audience. By not catering to existing gamblers, smokers and Asian’s, Revel ruined any chance for success when they needed it the most. That gimmicky loss rebate ($100,000) didn’t help them much either. Even to this day, they continue to change the perks for each tier level in their rewards program. No established gambler is willing to risk play without knowing what they are getting in return. Sure the recreational folk could care less, but they are not the bread and butter.

    On the bright side, I have a feeling that Caesar’s buys the hotel and I finally get the nice property with the good restaurants to stay at. I hate that Boyd doesn’t honor anything earned at any of their other cas1nos at the Borgata. It’s a great place to gamble and eat, but their perks are next to non-existent.

  52. Libturd in the City says:

    Heck…if I’m Caesars. I make Bally’s part of Caesars Palace and buy the Revel maintaining 3 cas1nos in AC.

  53. Juice Box says:

    re: lead story

    So the the Fed professes a big I dunno on housing. Heck our resident open house addict can easily explain it to them. Got Demand?

    On the other side of the table we now also have inflation hawk Fisher.

    ‘DALLAS FED PRESIDENT FISHER SAYS ‘MARKETS ARE OVERSHOOTING’; CONCERNED FED MAY ‘BE STAYING TOO LOOSE TOO LONG’
    FISHER: I DON’T THINK YOU SHOULD ‘POP’ A BUBBLE, BUT SHOULD LET SOME SPECULATIVE STEAM OUT OF MARKETS .

    “let some steam out of the markets” They must be crazy. Did they forget recent history? The Fed must be delusional if they can control the rate of decent of a market when they could not control the “Irrational Exuberance”.

    The markets will not gently deflate in response to Fed actions. In response to any major Fed policy change this fall the markets will either pause or do nothing, then continue to climb. Then the Fed will try to tinker again and again the markets will again pause before continuing to rise. Only after the third or fourth attempt will the markets respond, and they will do so by we could see an uncontrolled panic. Human emotion will rule the day.

    It’s starting this fall so get more popcorn folks. It going to be a real episode this time no more reality TV needed to keep you entertained.

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

    [50] toxic

    I haven’t watched local or network news for decades now. Cable and print did a far better job, and now the internet makes them slow, superfluous and stupid. Of course, you have to tune out the op-ed trying to pass for news and turn up the BS filters more with some outlets, especially the internet primary ones, but getting news from a spectrum of sources is far more informative.

    Bergin may have been crusading but he made a major mistake by crusading against a taboo subject, especially for a reporter who isn’t black. Thus the foot fault of subjective, conclusory reporting will get called by the ref when, for other subjects, it is tolerated or even encouraged.

  55. grim says:

    53 – Interesting plan, but worthless without bulldozers.

  56. grim says:

    54 – Which bubble are we talking about? Debt, Stocks, or Housing?

  57. phoenix says:

    52 Lib,
    Aside from the Asians, how old would you say is the “regular” gambler?

  58. anon (the good one) says:

    In Gaza:
    Through July 15
    1,603 targets
    struck by Israel
    194 deaths

    In Israel:
    Through July 15
    1,147 rockets
    launched from Gaza
    1 deaths

  59. Libturd at home says:

    Anon…I hope an errant rocket lands on your house.

  60. montre guess says:

    la personne responsable dit qu’à l’heure actuelle, une charge électrique peut tre en attente de 8 jours. comme le propriétaire | Jeep de marque pour toile de bracelet de montre | de couleur verte de l’armée| | interprétation modèle série | montre guess montre | Jeep montre guess avec montre femme guess la modification de la configuration des tendances du marché et de la marque montre guess de montres, mais après correction de l’authe

  61. Libturd at home says:

    Hey Anon…what are the Palestinians targeting? So shut the F up.

  62. Libturd at home says:

    Most regular gamblers are either middle aged (like me) or pretty old. So 40-55 and then a big jump up to 70-90. There are a lot of college kids on Saturday night too. It also depends on the cas1no. Revel and Borgata have a younger (less informed on how to play the game) crowd. Borgata’s marketing is definitely to kids in their 20s.

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

    [60] juice

    ““I am not going to let a few residents pretend like they express the views of a great city like Jersey City.”

    A few residents?

    Has this guy traveled more than 600 feet from City Hall?

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

    [47] renter

    Theos point is well taken. Those things are sometimes done out of animus toward country.

    But your point is correct. Those are crimes regardless of animus or motivation. And I was asking about motivation, conviction, belief. When Bernstein and the left call out multinationals doing inversions as “unpatriotic” or “traitors”, it raises the question of what the corporation thinks or feels. Of corse, corporations don’t think or feel so they can’t be patriotic, unpatriotic, or treasonous.

    I just find it amusing, and more than a tad hypocritical, when the same crowd that says a corporation has no right to a religious belief because it isn’t a person, can nonetheless have unpatriotic sentiments. Or when the crowd that says the corp is really the alter ego of its owners (who should be prosecuted) when it comes to criminal intent, but the separate identity is solid and inviolate when it comes to Obamacare.

  65. joyce says:

    I find it amusing that individuals or groups of individuals should govt granted limited liability against personal decisions they make just because they incorporate.

    This goes for public and private corporations. And public doesn’t just mean publicly traded.

  66. joyce says:

    *should (have) govt granted…

  67. Libturd at home says:

    By the way? The drive home was as smooth as the drive in. Pretty close to the same amount of time as my rail commute. Just more comfortable.

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

    [67] Joyce,

    It’s a bit more complicated than that.

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

    Ahhh, finally getting to settle in and appreciate the labors of the sixteen men of Tain.

  70. Juice Box says:

    Re: #69 – tell us after labor day.

  71. joyce says:

    First, I need to know what your job is. That influences how grade appropriate the discourse must be.

    I could try to explain it to you. But that would be even more pointless than the prior comment.

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

    [73] Joyce

    Since you asked:

    Occupation? Tax attorney. Level of discourse? I’m hopeless with higher level statistics and quantum mechanics, and I can’t write code, but feel free to open the throttle . I’ll try to keep up.

    As for it being pointless for you to try to explain it, I agree with you.

Comments are closed.