Don’t blame it on the Boomers, blame it on Gen X

From HousingWire:

Generation X housing woes impact entire mortgage market

Generation X, people 35 to 49, got hit the hardest by the financial crisis and as a negative side effect are now prohibiting the rest of the market from making any progress.

Generation X homeowners are far more likely to be underwater on their mortgage than millennial and baby boomer homeowners, according to the second quarter Zillow Negative Equity Report.

As a whole, the national negative equity rate dropped to 17% in the second quarter, with more than 8.7 million homeowners with a mortgage owing more than their home was worth. This is expected to continue to drop, falling to 14.9% by the second quarter of 2015.

“On the surface, the housing recession did not overtly impact millennials’ housing wealth to the degree it did generation X and the baby boomers, as most millennials were likely too young to have purchased a home during the bubble years,” said Zillow Chief Economist Stan Humphries.

“But as this huge generation begins to consider buying homes, they’re entering a market still very much in recovery and far from anyone’s definition of normal. Because so many homes are stuck in negative equity or are effectively underwater, the inventory of homes for sale is severely constrained, leading to more competition for those that are available,” he continued.

To put it in perspective, approximately 42.6% of generation X homeowners are underwater on their mortgage, compared to 15.3% of millennial homeowners (20-34 years old) and 31.1% of baby boomers (50-64 years old).

The fed hopes that the housing market recovery would accelerate once employment growth revived and younger adults were able to get jobs.

But until that happens, the least expensive homes that millennials are more likely to buy are mostly underwater. Among all homes with a mortgage, 28.2% valued within the bottom third of home values were underwater in the second quarter, compared to 15.8% of homes in the middle tier and 9.2% in the top tier.

And then Baby Boomers who are trying to move out are also stuck since they are unable to find move up buyers for their homes.

This entry was posted in Demographics, Economics, Employment, Housing Recovery, Risky Lending. Bookmark the permalink.

101 Responses to Don’t blame it on the Boomers, blame it on Gen X

  1. Essex says:

    i blame young Jeezy.

  2. anon (the good one) says:

    i blame Hollande

    @Elena_Kappa: Montebourg: “The entire world is urging us to end these absurd austerity policies that are plunging the eurozone into an economic slowdown”

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

    [2] anon

    I know, right? That backpedaling SINO!

  4. The Original NJ ExPat says:

    Did we ever figure out if it was the original arsonist Bebo that bought the farm elevator surfing?

  5. Jim says:

    http://www.nj.com/gloucester-county/index.ssf/2014/08/gloucester_county_freeholders_ok_sheriffs_officers_contract_that_eliminates_salary_steps_bonuses.html#incart_river

    Baby boomers laughing all the way to the bank, new generation cops will make a pittance of what boomers got.

    Boomers crede ” I got mine FU”

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

    This one’s gonna get tossed in HuffPo’s face. I’d say MSNBC, but they are all in Ferguson right now, and it was HuffPo that castigated the BK-Timmy deal.

    http://www.cnbc.com/id/101946713

    Brilliant move on BK’s part; this effectively insulates the deal from criticism from Obama and Treasury, and ties the dem’s hands. Moreover, all of the other inversion deals are likely gonna skate now because it will be well nigh impossible to come down on those deals retroactively while somehow exempting this one.

  7. Libturd says:

    As for Bebo, I did about one hour of internet research and the research was inconclusive. If someone could figure out where his funeral was, I could probably prove it.

  8. The Original NJ ExPat says:

    I think this Bebo is still scratchin’ . BTW, Bebo speaks at about the 4 minute mark:

    https://www.youtube.com/watch?v=dXXacsF5-ZQ

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

    [5] jim,

    NJ towns are really between a rock and a hard place on cop salaries. There are few places in NJ that can reasonably do what many of our neighboring towns have done (and which ours might do), which is to boot the cops and go without local police. I suppose there are some in extreme northwestern or southern Jersey but I cannot think of any off the top of my head.

    Out here, it isn’t a big deal not having local cops. We don’t have Mount Laurel housing policies, and hoodlums don’t want to work that hard to travel into the semirural suburbs to look for targets. There is also a much higher likelihood of getting ventilated for their efforts. In Jersey, every community has its’ state-mandated quota of lowlifes and the targets are softer and more concentrated.

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

    Interesting.

    The link I posted in [7] has been modified in the last few minutes, and CNBC is backing off its statement about the positive tax benefit of the BK deal.

    Here is the original text:

    “Contrary to speculation about the possibility it would be a “tax inversion” by moving U.S. company headquarters to a foreign country, sources said, the U.S. would receive more money in taxes, not less.”

    Now it reads as follows:

    “Amid speculation that the deal was motivated to save taxes by moving U.S. company headquarters to a foreign country, sources said the U.S. would receive at least as much in taxes, not less, if Burger King moved its headquarters to Canada.”

    Without access to data or the time to analyze it, I am as dependent on reporting as everyone else so this sort of backpedal pisses me off. It’s still a good line to trot out, that this deal won’t cost the public fisc, but it is entirely different from it being a win-win with increased tax revenues.

    As for the rest of my post, I still think it was brilliant to bring in Buffett. Horton’s should pop this morning.

  11. NJT says:

    #11

    A couple years ago we had a choice: Raise property taxes (significantly) or cut services.

    We had to pick between eliminating free garbage pickup or the local police.

    Now we pay for garbage pickup.

    A more rural, less dense municipality would probably have chose doing away with local cops and relying instead on the staties. Several in Warren and Sussex do that now. We’re too close to Pburg (IMHO) and rural PA (just over the free bridge) to not have police patrolling constantly.

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

    So did Holder manage to find any settlements out in Ferguson? God knows the guy don’t know how to prosecute for shit.

  14. grim says:

    12 – I suspect it would be easier to eliminate the NJ Transit/Port Authority police and the State Police than the eliminate the County or Municipal police. Although ideally, the Municipal police would be folded into the County. The political will necessary to eliminate the Municpals is just too high, IMHO. Or alternatively, consolidate the county jail system to state level. Also, completely eliminate state prisons and instead establish a sending relationship with PA, NY or DE.

  15. Toxic Crayons says:

    Burger King and Tim Hortons announce merger. Company to be based in Canada and have 18,000 restaurants worldwide.

    http://money.cnn.com/2014/08/26/news/companies/burger-king-tim-horton/index.html

    No, no, no, this is not an inversion….what are you talking about?

  16. Toxic Crayons says:

    “Alleged” audio of Fergusen shooting.

    http://www.cnn.com/2014/08/26/us/michael-brown-ferguson-shooting/

    Could just be more misinformation though.

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

    [13] NJT

    All politics is local as Tip O’Neill used to preach. I found it interesting that your perspective of the badlands includes rural PA. I don’t doubt it, its just different from here where the “threat” comes from the more concentrated parts of the county (e.g., the slums of Coatesville and, to a lesser extent, WC and D’town) or the slums just outside the county (parts of DelCo and much of Wilmington, DE). I suspect those areas in Warren and Sussex are remote enough so that hoodlums aren’t really willing or able to go there en masse.

    I would imagine that some towns near where I was, like Warren, could go without local cops. Where I live is similar to Warren demographically and topologically, including having a major US highway going by it. What is probably very different however is that you could field a division here with all the gun owners. Not so in Warren.

  18. grim says:

    No, no, no, this is not an inversion….what are you talking about?

    Honestly, I’m a little upset I got almost no reaction to my Donovan McDonnegal story yesterday. Nom, that’s it, and only because he knows what the hell a Hurley and a Kerry is.

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

    [18] toxic

    The new audio raises more questions than it answers. There was much made of the “pause” of just over a full second. I will admit that it bears some analysis but, knowing what I know, it is likely less relevant than what isn’t being discussed about the audio.

    Like who the guy was talking to. It sounded like some sort of pron or hooker site. Again, not as relevant but will make it difficult to verify.

    Also, even though the shots were very clear, and must have been nearby to have been heard that clearly inside of a residence, the speaker never reacted or acknowledged them. It was like he didn’t hear them.

    Finally, in the back of my mind, there is this nagging feeling that it may be fabricated. If they do sound analysis and determine that the police weapon used sounds totally different, or they find evidence that the recording wasn’t made at the time of the shooting, this guy is in a world of hurt. And so is the case.

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

    More on Ferguson, blacks, shooting, and a rare (like Unicorn rare) moment of partial agreement betwixt me and the anon/cobbler/ottoman cabal.

    Last night, I was trolling and wound up on O’Reilly (really bad TV night). He did a piece on black perspective where interviewers asked people their opinions about Ferguson at a rally. All of the black interviewees said that Wilson should be convicted without trial. Only a white anon type thought there should be a trial (and conviction, natch).

    I fully expect O’Reilly’s team to get plenty of shiite about that piece. So easy to cherry pick and the question is a bit deceptive since so few Americans really know how gov and courts are supposed to work. Further, while I firmly believe that members of certain groups view the world through eyeballs that just function differently than the rest of ours, this piece made blacks look categorically uninformed, closed-minded, and living in an alternate reality. There was nothing to give the “report” balance, perspective or credibility, so it came across as a racist hack job.

    Some days I want to put our extremists and their extremists in a deep ravine together with a wide variety of weapons and let the issue settle itself.

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

    [20] grim,

    I thought it was funny as hell.

  22. The Original NJ ExPat says:

    grim – install “like” buttons if you need your ego fed. I liked it, btw.

    Honestly, I’m a little upset I got almost no reaction to my Donovan McDonnegal story yesterday. Nom, that’s it, and only because he knows what the hell a Hurley and a Kerry is.

  23. The Original NJ ExPat says:

    ^^^^ These comments are like the Academy Awards. You might bring the goods, but good luck getting a smile from other pro entertainers;-)

  24. The Original NJ ExPat says:

    From the Vanguard Report, this stuff really irks me. They quantified absolutely nothing in their section on “The return on education”. What they’re saying is simply, “The gap between earnings of college grads versus no degree is more now so that any asking price for a degree is worth it; i.e. there is NO point of diminishing returns, $100K, $500K, $1 million for a degree? Just pay it.”

    The return on education
    Although all segments of the U.S. labor
    market have suffered over the past several
    years, American workers with higher levels
    of education have, on average, notably higher
    income levels and lower jobless rates. If
    anything, these differentials have widened
    over the past decade.
    In an ever-more-competitive global economy,
    one could argue not only that returns on greater
    education and skills attainment will remain high
    in the future, but also that they may in fact
    increase over time.

  25. The Original NJ ExPat says:

    ^^^^ in response to [8] Vanguard also seems to think that college degrees always go up in price, just like what else was that thing that always went up in price?

  26. The Original NJ ExPat says:

    http://www.vanguard.com/pdf/ISGGMMSD.pdf

    “No bubble to burst: U.S. student debt is not housing” – Yeah just like houses never go down in price

    “Macro view: Student debt growth too small to repeat debt crisis like that of 2007–2009 “ – A trillion here, a trillion there, eventually it adds up to real money.

    “According to our estimates, all else equal, student debt lowers the probability of owning a home in one’s lifetime by –1.5 percentage points” – You just buy your starter condo at age 45 instead of 25, perhaps…except for the unlucky 1.5 per-centers, that is?

    sheesh

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

    I don’t get this move. JJ, care to comment?

    http://www.cnbc.com/id/101947564

  28. The Original NJ ExPat says:

    This should fan some flames:

    Attorney: New audio reveals pause in gunfire when Michael Brown shot

    http://www.cnn.com/2014/08/26/us/michael-brown-ferguson-shooting/

  29. The Original NJ ExPat says:

    Don’t do the crime, if you can’t do the dirt nap.

  30. The Original NJ ExPat says:

    [30] Nom – Meredith Whitney was right and there are already secret bailouts in the works?

    I don’t get this move. JJ, care to comment?

    http://www.cnbc.com/id/101947564

  31. The Original NJ ExPat says:

    [33] cont’d – or maybe to simply prevent a run on the muni market if when the big banks get in trouble again.

  32. The Original NJ ExPat says:

    How is it that we don’t really hear anything in the news anymore about Illinois and their crushing debt problems?

    http://online.wsj.com/articles/david-skeel-a-puerto-rican-solution-for-illinois-1407099069

  33. The Original NJ ExPat says:

    ^^^^ btw, everybody knows the trick to get around the wsj pay wall, right? search google for “puerto rican solution for illinois” and click on the google search result. WSJ lets you in if you are referred by Google.

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

    Seems the reporters were asleep at the switch. Here is a better, easily readable, explanation of the rule, which was proposed nearly a year ago.

    http://www.ncsha.org/blog/federal-reserve-approves-basel-iii-regulatory-capital-reforms

    The Bond Buyer has a better piece but more technical. Further, this one explains the fact that the regulators were considering stricter weighting of MBS but decided against it because it would adversely affect . . . . .wait for it . . . . “affordable” housing!!!!!

  35. grim says:

    “No bubble to burst: U.S. student debt is not housing”

    Snicker… Let’s jump the gun and just add that to the pundit timeline now.

  36. Juice Box says:

    ROFL

    Warren Buffett to Invest in Burger King’s Planned Deal for Tim Hortons
    Berkshire Hathaway Expected to Provide About 25% of Financing, Thrusting Billionaire Into U.S. Tax Debate

    http://online.wsj.com/articles/warren-buffett-to-help-finance-burger-kings-takeover-of-tim-hortons-1409012196

  37. Juice Box says:

    Gonna be one Whooper of a Special Dividend when the BKW and THI deal is done.

  38. Juice Box says:

    whopper dammit!

  39. grim says:

    I’m surprised BK is even still alive.

    McDonalds has clearly won the lower-price point war.

    Numerous burger chains have diluted the space. Mid-level options that didn’t exist previously.

    Numerous new dining options resonating with the millenials. Pho is cool, Filet o’ Fish is not.

  40. nwnj says:

    Buffett is a snake and a greedy old megalomaniac. He clearly had the pipeline deal killed a few years ago, and meanwhile tankers fully of oil are blowing up in people’s backyards. He comes up with this billionaire’s pledge nonsense(read the fine print) and he hasn’t given any of his money away. What a lowlife.

  41. Fast Eddie says:

    “But as this huge generation begins to consider buying homes, they’re entering a market still very much in recovery and far from anyone’s definition of normal. Because so many homes are stuck in negative equity or are effectively underwater, the inventory of homes for sale is severely constrained, leading to more competition for those that are available,” he continued.

    Once again, I had an agent admit it this weekend. The muppets got pilfered and the market is in a very dark place. How long have I been saying that this is not a normal market?

  42. Ragnar says:

    Here’s a good solution to the police/African American issue.
    End prohibition. Decriminalize drugs. All of them. I guess keep it illegal to sell to minors. The need for police and prisons will drop substantially.
    Phase 2: Make welfare payments contingent on passing regular drug tests. Or just massively cut welfare at the same time, while I’m dreaming.
    Instead of welfare, maybe a big temporary jobs program, so that a big % of the population learns how to set alarm clocks and go to work. Clean streets and plant flowers in the medians. People on disability can sort coins or something. Whatever. Have the government pay them to do something rather than nothing, just to demonstrate the principle that nobody should get something (from someone else) for nothing.

  43. chicagofinance says:

    The best way to describe what is happening in understandable terms to people is the NASDAQ……the NASDAQ peaked on March 10, 2000 at 5,132.52…..here we are 14 1/2 years later and we are sitting in the 4,500 range. The stock market is large, robust and liquid…..houses are not….the mentality of most people would be I WON’T sell lower than 5,132.52, or else I CAN’T sell below 5,132.52 because I borrowed all the money to buy at that price…..but it has been 14 1/2 years!?! Now spread that across the landscape individually house by house……

    Fast Eddie says:

    August 26, 2014 at 10:58 am

    “But as this huge generation begins to consider buying homes, they’re entering a market still very much in recovery and far from anyone’s definition of normal. Because so many homes are stuck in negative equity or are effectively underwater, the inventory of homes for sale is severely constrained, leading to more competition for those that are available,” he continued.

    Once again, I had an agent admit it this weekend. The muppets got pilfered and the market is in a very dark place. How long have I been saying that this is not a normal market?

  44. Toxic Crayons says:

    God Damnit I want a cheeseburger now.

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

    For me, this is the last word on the subject of international taxation for awhile. This article struck me because it says what I have been thinking (and perhaps saying) about Canada for some time now.

    http://finance.yahoo.com/news/why-more-u-s–companies-will-flee-to-canada-170750190.html

  46. joyce says:

    Ragnar,
    By the numbers: Without advocating this approach, I’m posting it to display how much less could be spent while better achieving the ‘stated’ social welfare goals.
    http://market-ticker.org/akcs-www?post=229024

    Ragnar says:
    August 26, 2014 at 11:02 am
    Here’s a good solution to the police/African American issue.
    End prohibition. Decriminalize drugs. All of them. I guess keep it illegal to sell to minors. The need for police and prisons will drop substantially.
    Phase 2: Make welfare payments contingent on passing regular drug tests. Or just massively cut welfare at the same time, while I’m dreaming.
    Instead of welfare, maybe a big temporary jobs program, so that a big % of the population learns how to set alarm clocks and go to work. Clean streets and plant flowers in the medians. People on disability can sort coins or something. Whatever. Have the government pay them to do something rather than nothing, just to demonstrate the principle that nobody should get something (from someone else) for nothing.

  47. The Original NJ ExPat says:

    [46] Chifi – Exactly. It’s also the same thing the less moneyed and less educated do with cars. They get a bad deal on a bad car with no money down and just keep making the payments because they can’t “afford” to get out from under their bad loan on an inferior asset, so they just keep making the payment and paying for substandard repairs (also financed with crappy terms via their credit cards). But…crappy cars and crappy car loans are gone in 5-7 years. Bad 30 year mortgages…not so much.

    The stock market is large, robust and liquid…..houses are not….the mentality of most people would be I WON’T sell lower than 5,132.52, or else I CAN’T sell below 5,132.52 because I borrowed all the money to buy at that price…..but it has been 14 1/2 years!?! Now spread that across the landscape individually house by house……

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

    And this is likely the last word from me today (Joyce rejoices)

    http://www.kiplinger.com/slideshow/taxes/T054-S001-10-least-tax-friendly-states-in-the-u-s/index.html

    NJ slips to No. 3

  49. NJT says:

    #19

    Most people (from the suburbs) think because a place is rural crime is lower. Not usually the case as much of it goes unreported or underreported (for various reasons).

    Rural areas have poverty too but, you don’t see it as its not concentrated in one small area and not on main roads. From the highway it’s all pretty farms cows and horses.

    Drug addicts and makers can thrive in many rural districts, especially those that lack local police departments.

    As far as gun ownership in my town…don’t know of any adult male that doesn’t have at least one (and knows how to use it) but then, I don’t associate with liberals ect.

  50. The Original NJ ExPat says:

    [51] Nom – Interesting how “Taxachusetts” is not on the list. I’ll also add, on gary’s behalf, that it’s another article that pretends away any consideration that property taxes should figure into anyone’s calculation of “Least Tax Friendly States”.

  51. Fast Eddie says:

    ChiFi [46],

    Exactly. I can’t tell you how many times I heard the term, “need to get.” Sorry Mr. seller, it doesn’t work that way. So, they “need” to keep making payments because most of us don’t care to bail them out. You fell for a bad deal and have a depressed asset that you need to make payments on. Too f.ucking bad, not my problem.

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  54. Juice Box says:

    No reclining for YOU!

    United jet diverted as fliers fight over Knee Defender device
    When one passenger was denied that bit of personal space Sunday, it led to a heated argument and the unscheduled landing of their plane.

    Airline passengers have come to expect a tiny escape from the confined space of today’s packed planes: the ability to recline their seat a few inches.

    Read MoreUnited Airlines revamps meals to lure top fliers

    When one passenger was denied that bit of personal space Sunday, it led to a heated argument and the unscheduled landing of their plane.

    The fight started on a United Airlines flight because one passenger was using the Knee Defender, a $21.95 gadget that attaches to a passenger’s tray table and prevents the person in front of them from reclining. United Airlines said it prohibits use of the device, like all major U.S. airlines.

    The dispute on United Flight 1462 from Newark, New Jersey, to Denver escalated to the point where the airline decided to divert to Chicago’s O’Hare International Airport, according to Transportation Security Administration spokesman Ross Feinstein.

    http://www.cnbc.com/id/101947118

  55. Essex says:

    Definitions

    McJob: A low-pay, low-prestige, low-dignity, low-benefit, no-future job in the service sector. Frequently considered a satisfying career choice by people who have never held one.

    Poverty Jet Set: A group of people given to chronic travelling at the expense of long-term job stability or a permenant residence. Tend to have doomed and extremely expensive phone call relationships with people named Serge or Ilyana. Tend to discuss frequent flyer programs at parties.

    Historical Underdosing: To living a period of time when nothing seems to happen. Major symptoms include addiction to newspapers, magazines, and TV news broadcasts.

    Historical Overdosing: to live in a period of time when too much seems to happen. Major symptoms include addiction to newspapers, magazines, and TV news broadcasts.

    Historical Slumming: The act of visiting locations such as diners, smokestack industrial sites, rural village — locations where time appears to have been frozen many years back — so as to experience relief when one returns back to “the present.”

    Brazilification: The widening gulf between the rich and the poor and the accompanying disappearance of the middle classes.

    Vaccinated Time Travel: To fantasize about traveling backward in time, but only with proper vaccinations.

    Decade Blending: In clothing: the indiscriminate combination of two or more items from various decades to create a personal mood: Sheila = Mary Quant earrings (1960s) + cork wedgie platform shoes (1970s) + black leather jacket (1950s and 1980s).

    Veal-Fattening Pen: Small, cramped office workstations built of fabric-covered disassemblable wall partitions and inhabited by junior staff members. Named after the small preslaughter cubicles used by the cattle industry.

    Emotional Ketchup Burst: The bottling up of opinions and emotions inside onself so that they explosively burst forth all at once, shocking and confusing employers and friends — most of whom thought things were fine.

    Bleeding Ponytail: An elderly sold out baby boomer who pines for hippie or pre-sellout days.

    Boomer Envy: Envy of material wealth and long-range material security accrued by older members of the baby boom generation by virtue of fortunate births.

    Clique Maintenance: The need of one generation to see the generation following it as deficient so as to bolster its own collective ego: Kids today do nothing. They’re so apathetic. We used to go out and protest. All they do is shop and complain.

    Consensus Terrorism: The process that decides in-office attitudes and behavior.

  56. Libturd in Union says:

    I really am not sure that the BK deal is about tax savings and Berkshire Hathaway has been involved in Burger Kind deals multiple times in the past.

    People are reading things the way they want them to appear.

    Since many companies have squeezed all of the earnings growth they can by reducing headcounts and through share buy backs. The next frontier is growth through acquisition. Sometimes the acquisitions are even international in nature. Look at LKQ for example. They doubled the size of their company two or three years ago by issuing debt and acquiring the largest auto parts manufacturer in Europe. Before then, they had no European business whatsoever. They are still headquartered in the US.

  57. Libturd in Union says:

    Great news for me. I will only need to commute to NYC twice a week going forward, and can even limit it to once a week if I change the leadership structure there. This is better than a raise!!!

  58. Juice Box says:

    re: double Irish & international taxation.

    It’s estimated 20% of Ireland’s GDP is from US companies domiciled and doing business and paying corporate taxes in Ireland. I am not complaining since I may want to retire there one day. I can buy a nice spread with a property tax bill of $300 a year and with acres and acres of property in the sunny south east where my viking ancestors are from and only a short walk from the pub my relatives have owned for generations. There is also favorable structuring of personal finances from say US income if done right. I could always get creative and open a business there too. I am sure the US suckers will be glad to Direct Deposit my SS check and forward onto a PO box mail I might setup in some low tax jurisdiction. Who knows, well I know it can be done.

    Here is a hurling joke for you told by the people from Kerry or anywhere else not in Dublin.

    A primary teacher starts a new job at a school in South Roscommon and, trying to make a good impression on her first day, explains to her class that she is a Roscommon fan.

    She asks her students to raise their hands if they, too, are Roscommon fans. Everyone in the class raises their hand except one little girl.

    The teacher looks at the girl with surprise and says: “Mary, why didn’t you raise your hand?”

    “Because I’m not a Roscommon fan,” she replied.

    The teacher, still shocked, asked: “Well, if you’re not a Roscommon fan, then who are you a fan of?”

    “I’m a Cork fan, and proud of it,” Mary replied.

    The teacher could not believe her ears. “Mary, why, pray tell, are you a Cork fan?”

    “Because my Mum and Dad are from Cork, and my mum is a Cork fan and my dad is a Cork fan, so I’m a Cork fan too!”

    “Well,” said the teacher, in a obviously annoyed tone, “that’s no reason for you to be a Cork fan. You don’t have to be just like your parents all of the time. What if your mum was a prostitute and your dad was a drug addict and car thief, what would you be then?” “Then,” Mary smiled, “I’d be a Dublin fan.”

  59. Toxic Crayons says:

    Apocolypse Nigh:

    American Named ‘Douglas McArthur McCain’ Dies (in combat) …………While Fighting for ISIS

    http://www.mediaite.com/online/american-named-douglas-mcarthur-mccain-dies-while-fighting-for-isis/

  60. Fast Eddie says:

    Juice,

    lol! :)

  61. All Hype says:

    Good for you Lib! Hurry up and change the leadership structure!

    Great news for me. I will only need to commute to NYC twice a week going forward, and can even limit it to once a week if I change the leadership structure there. This is better than a raise!!!

  62. jj says:

    https://www.airbnb.com/users/show/9565873

    OK by far if I was single this is where I would book a beach vacation.

  63. Ragnar says:

    JJ,
    She’s an “avid spinner”? What does that mean these days? I knew a bodybuilder who used the term “spinner” for a relatively small woman in which he could insert himself and then he could spin her around that central axis.
    I just checked Urban Dictionary, and that term “spinner” is still in use.

  64. Anon E. Moose says:

    Remember when were were talking about female teachers getting it on with male HS students, how they were all being arrested and prosecuted. While I certainly saw the need to get them out of the their positions (heh), I didn’t think it was necessarily a hanging offense. I concluded it was evidence that it was easier to convict a public employee than to fire one.

    Police Officers Facing Potential Felony Charges After Using Government Databases To Screen Potential Dates

    I’d have thought it was sufficient to fire the offenders, but apparently a felony conviction is a prerequisite to making that happen.

  65. jj says:

    Why do you think I want to stay there. Also in asia they suspend a geisha in wicker basket on a rope above you bed with a hole cut in bottom of basket.

    They slowly lower her onto you then you spin her. If that is included in rate I am impressed.

    Ragnar says:

    August 26, 2014 at 3:31 pm

    JJ,
    She’s an “avid spinner”? What does that mean these days? I knew a bodybuilder who used the term “spinner” for a relatively small woman in which he could insert himself and then he could spin her around that central axis.
    I just checked Urban Dictionary, and that term “spinner” is still in use.

  66. grim says:

    68 – What was that racist game we used to play as kids? Indian burn? I believe it’s also called “Chinese Burn”, which seems more appropriate in that situation. Seems like it would stretch the limits of modern lubrication technology, not sure how they pulled that off back then.

  67. Michael says:

    What is a normal market? IMO, there is no such thing. So I have no idea what you are talking about when you speak of a normal market. A market is based on fundamentals and that’s it. Sometimes there are loads of buyers, sometimes there is loads of sellers, and sometimes there is neither. So once again, what is a normal market and what does it look like?

    Fast Eddie says:
    August 26, 2014 at 10:58 am
    “But as this huge generation begins to consider buying homes, they’re entering a market still very much in recovery and far from anyone’s definition of normal. Because so many homes are stuck in negative equity or are effectively underwater, the inventory of homes for sale is severely constrained, leading to more competition for those that are available,” he continued.

    Once again, I had an agent admit it this weekend. The muppets got pilfered and the market is in a very dark place. How long have I been saying that this is not a normal market?

  68. Michael says:

    I’m glad people are finally realizing that billionaires are snakes and nothing more. Just ask yourself how do you accumulate 70 billion in 40 years? You can’t do it by doing the right thing or following the rules. You get there by breaking the rules and not getting caught. Then when you accrue so much money you actually become immune from laws. F these people. There is nothing good about them. When they act like they care about people, it’s a front. If they really cared about people, they could never ever become a billionaire. It’s impossible. You think buffet is the wizard of wall st, yes that sounds right if you are speaking of the wizard of oz. Its all a front. The dude has been on a 40 year bull run, not by following the rules, but by insider trading. You are a fool if you don’t think he trades with inside information. What a joke, the idols of our society are total scumbags.

    nwnj says:
    August 26, 2014 at 10:54 am
    Buffett is a snake and a greedy old megalomaniac. He clearly had the pipeline deal killed a few years ago, and meanwhile tankers fully of oil are blowing up in people’s backyards. He comes up with this billionaire’s pledge nonsense(read the fine print) and he hasn’t given any of his money away. What a lowlife.

  69. Michael says:

    Wow, I don’t like cops or their salaries, but this is wrong. Jesus, if this carries over throughout the state, we are screwed. You think cops are messed up now with high salaries, wait till you give a gun and badge to someone making 50,000 after 12 years, that just might end well. You bet your ass corruption will go through the roof. 50,000 after 12 years is a joke. This country is screwed, there is going to be 80% of the population making almost nothing if this trend continues. Clot will have his day, when this looks more like Iraq then America. Truly disgusted.

    Jim says:
    August 26, 2014 at 7:25 am
    http://www.nj.com/gloucester-county/index.ssf/2014/08/gloucester_county_freeholders_ok_sheriffs_officers_contract_that_eliminates_salary_steps_bonuses.html#incart_river

    Baby boomers laughing all the way to the bank, new generation cops will make a pittance of what boomers got.

    Boomers crede ” I got mine FU”

  70. chicagofinance says:

    Michael is like that person in the movie theater who cannot follow the plot and keeps asking her date questions….too loudly, so everyone cannot avoiding having to listen……

  71. juice (61)-

    That’s the first hurling joke I can recall at NJRER. The intellectual pool has been deepened here!

    The soccer version of that joke exists everywhere there’s a local derby, BTW.

  72. Michael says:

    73- are we really witnessing the downfall of America as we speak. It went from a nation of the free to a nation of slaves. You can’t open a small business anymore, almost impossible to compete with the 1% in investing, and there are almost no good jobs left. So what’s your choice, become a slave and perform some kind of low wage service job for the wealthy. Really sad with the direction that america is heading towards. America, the nation of the slaves, where hard work doesn’t even get you a raise or promotion, hard work gets you the comfortable feeling that you will have your slave job tomorrow. That’s it.

  73. I will now never be able to hear the word “spinner” again.

  74. toxic (78)-

    This, from the newspaper that employs Krugman.

    They are all crooks, every last one of these elected officials. The desire to stand for elective office is evidence of mental illness.

  75. joyce says:

    74
    Hilarious!

  76. Michael says:

    Did you come up with this one all on your own? It would be funny if we weren’t on a blog reading and writing. You can do better.

    chicagofinance says:
    August 26, 2014 at 5:49 pm
    Michael is like that person in the movie theater who cannot follow the plot and keeps asking her date questions….too loudly, so everyone cannot avoiding having to listen……

  77. Michael says:

    78- Here is your answer to how buffet is worth 70 billion. Who do you serve?

    “His opponent in the primary is Zephyr Teachout, a professor at Fordham Law School who is a national expert on political corruption and an advocate of precisely the kind of transparency and political reform that Albany needs. Her description of Mr. Cuomo as part of a broken system “where public servants just end up serving the wealthy” is exactly on point”

  78. Ragnar says:

    Apparently “spinning” to some women means riding a stationary bike while an instructor plays music and yells encouragement at you.
    http://www.sparkpeople.com/resource/fitness_articles.asp?id=1195
    I think they should have come up with a different name for that. Like bikeaerobics.

  79. Toxic Crayons says:

    Coincidence!

    @Hammonda1: After #qatar negotiates a US hostage release, #saudiarabia suddenly uncovers 8 #isis recruiters http://t.co/MKVGeT2JMy

  80. Ragnar says:

    80,
    These politicians keep on calling it “public service,” trying to convince themselves and others that what they’re doing is some sort of higher calling. Maybe 5% get into politics because they’re interested in applying good principles to government. Actually being a politician is indeed a sign of an unhealthy excessive interest in other people. Like some guy you met for one hour 5 years ago and then when you meet again he remembers your name, your kids name, and laughs at all your jokes just a bit too enthusiastically, and you start thinking whoa, what scam is this guy trying to play?

  81. grim says:

    86 – Pretty sure Anthony Weiner called it “pubic service.”

  82. Toxic Crayons says:

    Black Conservative Man: I could have been Michael Brown.

    http://americasblacksheep.wordpress.com/2014/08/26/i-could-have-been-michael-brown/

  83. NJT says:

    Ebola (#80)

    “The desire to stand for elective office is evidence of mental illness.”

    Good thing ‘Teddy’ Roosevelt was ‘crazy’.

    My first foray into ELECTED office will be next year.

    HAS to be done.

    Despite being in the Landlord business and involved with various environMENTAL groups for decades I”m sure it’ll be an ‘eye opener’ to say the least. At least nothing surprises me anymore. Well, I like to think that…

  84. The Original NJ ExPat says:

    [88] That was a decent and heartfelt account of what could have been a tragic situation. If he used spell-check it would have come off better, especially the ending of his penultimate paragraph:

    We need the community’s support before a mother and a father has lost their son, and before a law-enforcement officer finds himself or herself in a situation where they fill[sic] threatened, or fill[sic] the need to use fatal force on a citizen.

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

    [75] clot

    When I heard it, it was Yankees-Red Sox. Naturally, the young outlier fan was a Sox fan.

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

    [83] Michael

    As a proud Bostonian, I would love to see Teachout take out Cuomo. Di Blasio and Teachout running NY? Get me the extra large popcorn and fruity drink. I’ll bring my own chair.

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

    [79] clot

    My favorite officials are the Aussie Rules Football goal umpires. Some of them can ham it up.

    https://m.youtube.com/watch?v=7XKLm-r90S8

  88. Libturd at home says:

    Fruity for sure.

  89. Michael says:

    You know, this is a good question. This is a comment from that cop article about eliminating the steps. Thought it was worth discussing.

    “Poll,

    Should all workers salaries be capped at 2%. This included

    those in sales, ect. Why should those in certain fields get bonuses, profit sharing ect, what’s good for the goose is good for the gander.”

  90. NJT (89)-

    If you’re of sound mind, you will lose the election. If you win, check yourself into a loony bin. Forever. Your victory will be proof of your sociopathy.

    Teddy Roosevelt example doesn’t apply. There was a time when politics was a calling of the “best and brightest”, but those days are long gone.

    “My first foray into ELECTED office will be next year.”

  91. Protect your home, loved ones and maybe the immediate neighborhood (if you have neighbors who you think can function at a higher level than koala bears when TSHTF). Anything beyond that circle of concern will be in cinders within the first few days of the imminent collapse.

    I think Argentina 1998 is now a likely-case scenario. And I may be optimistic in that call. No cities in Argentina rival just the Jersey trifecta of Newark, Paterson and Trenton.

  92. They think Ferguson was a byatch? Wait until our fine Jersey urban areas start to get jiggy.

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