Finally a good time to sell?

From HousingWire:

Consumer attitudes on housing signal healthier purchase market ahead

Americans’ outlook toward the current home selling market and the future of home rental prices may bode well for purchase activity this year, according to results from Fannie Mae’s June 2015 National Housing Survey.

Amid continued strong job and income growth, consumers are looking more favorably on the current selling climate, perhaps portending an uptick in the existing home supply.

“Our June survey results show the positive impact on housing of job and income growth,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The expectation of higher rents is a natural outgrowth of increasing household formation by newly employed individuals putting upward pressure on rental rates. A complementary rise in the good time to sell measure suggests that limited inventory, which is putting upward pressure on house prices, gives an increasing advantage to sellers.

“Together, these results point to a healthier home purchase market, with more renters likely to find owning to be more cost-effective than renting and more sellers likely to put their homes on the market,” Duncan said.

Among those surveyed, the share who believe now is a good time to sell a home reached a new survey high, increasing three percentage points to 52% and crossing the 50-percent threshold for the first time in the survey’s history. At the same time, the share who said they expect home rental prices to go up in the next 12 months rose four percentage points to 59%, also an all-time survey high.

Here are some highlights:

The average 12-month home price change expectation fell to 2.6%.

The share of respondents who say home prices will go up in the next 12 months fell to 47%. The share who say home prices will go down rose to 7%.

The share of respondents who say mortgage rates will go up in the next 12 months rose 3 percentage points to 50%.

Those who say it is a good time to buy a house fell to 63% – tying a survey low – while those who say it is a good time to sell rose to 52% – a new survey high.

The average 12-month rental price change expectation fell to 4.2%.

The percentage of respondents who expect home rental prices to go up rose to 59% – a new survey high.

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

162 Responses to Finally a good time to sell?

  1. grim says:

    From the NYT:

    The Case for New Hudson River Rail Tunnels

    Across the country, competition is stiff for the most dilapidated bridge, tunnel or train system.

    But a plan for a pair of new passenger tunnels under the Hudson River, called Gateway, surely ranks one, two and three in terms of urgent rail projects.

    Passenger traffic under the Hudson River — and by association a hefty chunk of the nation’s economy — relies on a couple of broken-down, century-old tunnels strained to capacity. They serve Amtrak and New Jersey Transit trains that at rush hour have come to resemble the Marx Brothers’ stateroom scene.

    Tracks run under the James A. Farley Post Office, which is across Eighth Avenue from Penn Station and the Garden.Critic’s Notebook: Penn Station-Madison Square

    Gateway, which has been pushed by the Obama administration, calls for two new passenger rail tunnels feeding into Pennsylvania Station in Manhattan, the nation’s busiest and most disgusting transit hub, not to mention a potential fire trap. In 2010, Gov. Chris Christie of New Jersey killed a plan called ARC to add tunnels. Despite federal assurances to the contrary, he claimed potential cost overruns could leave his state holding the bag. Instead, Governor Christie directed money already set aside for the tunnels (including billions from the Port Authority) to roadway projects. Considering the Hudson is a chokepoint for passenger rail traffic all the way from Boston to Washington and even beyond, that move left the whole Eastern Seaboard transportation network in a highly precarious position.

  2. grim says:

    From MarketWatch:

    J.P. Morgan Chase seeks to move 2,150 jobs from NYC to Jersey City

    J.P. Morgan Chase & Co. is looking to move 2,150 jobs from New York City to Jersey City, the latest expansion of the financial institution across the Hudson River.

    The New Jersey Economic Development Authority Thursday is expected to consider offering the bank JPM, the second round of tax credits in about a year to create jobs in the Hudson County city.

    The jobs were described by people familiar with the negotiations as information technology positions that are presently housed in various bank offices in New York. The move would allow the New York City-based company to consolidate the jobs in one place.

    New Jersey provided the most attractive package of incentives, according to these people. High-level members of the Christie administration had been involved in discussions with the bank for months, they said.

    J.P. Morgan Chase’s move is the latest salvo in a continuing battle between New York City and New Jersey over financial sector jobs.

  3. grim says:

    May CoreLogic HPI out yesterday:

    New York-Jersey City-White Plains, NY-NJ CSBA
    Up 5.0% YOY including distressed
    Up 5.5% YOY excluding distressed

    NJ Statewide
    Up 2.8% YOY including distressed
    Up 3.3% YOY excluding distressed

    Currently 21.4% below peak including distressed, 17.1% below peak excluding.

  4. Comrade Nom Deplume, Land Snark says:

    [2] grim

    “J.P. Morgan Chase’s move is the latest salvo in a continuing battle between New York City and New Jersey over financial sector jobs.”

    I’m happy to see NJ take jobs and tax $$$ away from NYC, but there are other states (and countries) who would be more than happy to poach them from NJ.

    NJ has to worry not just about NY or CT (which isn’t much of a competitor anymore), but DE. JPMC has been expanding its presence in Wilmington for over a decade and is building on Astra Zeneca’s huge campus in North Wilmington, just across the PA line. My old law colleagues head a few state agencies and understand what it takes to get them there.

    Fortunately for NJ (and unfortunately for us), the new PA governor is showing little interest in poaching NJ business. His sole olive branch to the private sector was a corporate tax rate cut that has so many strings attached, I can’t see it ever getting passed.

  5. D-FENS says:

    Donald Trump will be living proof that you cannot buy an election with money alone.

    The Great Pumpkin says:
    July 7, 2015 at 8:48 pm
    Yup. They have to eliminate the influence of money on govt. We are at the point where you don’t even get a choice on Election Day. The only choice you are presented with is the best money can buy. Winning elections shouldn’t be about how much money is in your war chest. It’s insanity to have your country run by individuals who came to power based solely on the ability to collect political donations.

  6. anon (the good one) says:

    @thenation: We’re entering peak Chris Christie lie-palooza time, right alongside a full-on Trump meltdown

  7. The Great Pumpkin says:

    Come on now. Such a bad example, but you are correct. You need a party to back you. It’s politics, you have to play the political game along with having a war chest for the election. Donald is not a serious candidate.

    D-FENS says:
    July 8, 2015 at 7:51 am
    Donald Trump will be living proof that you cannot buy an election with money alone.

    The Great Pumpkin says:
    July 7, 2015 at 8:48 pm
    Yup. They have to eliminate the influence of money on govt. We are at the point where you don’t even get a choice on Election Day. The only choice you are presented with is the best money can buy. Winning elections shouldn’t be about how much money is in your war chest. It’s insanity to have your country run by individuals who came to power based solely on the ability to collect political donations.

  8. The Great Pumpkin says:

    Just replace this with….I hate jersey.

    Comrade Nom Deplume, Land Snark says:
    July 8, 2015 at 7:50 am
    [2] grim

    “J.P. Morgan Chase’s move is the latest salvo in a continuing battle between New York City and New Jersey over financial sector jobs.”

    I’m happy to see NJ take jobs and tax $$$ away from NYC, but there are other states (and countries) who would be more than happy to poach them from NJ.

    NJ has to worry not just about NY or CT (which isn’t much of a competitor anymore), but DE. JPMC has been expanding its presence in Wilmington for over a decade and is building on Astra Zeneca’s huge campus in North Wilmington, just across the PA line. My old law colleagues head a few state agencies and understand what it takes to get them there.

    Fortunately for NJ (and unfortunately for us), the new PA governor is showing little interest in poaching NJ business. His sole olive branch to the private sector was a corporate tax rate cut that has so many strings attached, I can’t see it ever getting passed.

  9. anon (the good one) says:

    yes, and save the rambling

    The Great Pumpkin says:
    July 8, 2015 at 8:11 am

    Just replace this with….I hate jersey.

  10. anon (the good one) says:

    @realDonaldTrump:
    Thx to all the people who called to say they are cutting their @Macys credit card as a protest against illegal immigrants pouring into US

  11. phoenix says:

    4. Tax all of these corporations on a federal level so hard that they can’t escape to any state for relief.

  12. Tsipras:


    “The money that was given to Greece never went to the people,” Mr. Tsipras said, drawing a mix of booing and applause. “The money was given to save Greek and European banks.”

    Shocker.

  13. anon (the good one) says:

    it was the same here during the Global Financial Crisis.
    upward redistribution

    The Original NJ ExPat says:
    July 8, 2015 at 8:26 am
    Tsipras:

    “The money that was given to Greece never went to the people,” Mr. Tsipras said, drawing a mix of booing and applause. “The money was given to save Greek and European banks.”

    Shocker.

  14. The Great Pumpkin says:

    exactly

    phoenix says:
    July 8, 2015 at 8:25 am
    4. Tax all of these corporations on a federal level so hard that they can’t escape to any state for relief.

  15. The Core Logic report states that the MA CBSA is down, and MA as a whole is down, but Boston prices are at an all time high. At least in the non-gun play neighborhoods. Here’s a glaring example from today:

    https://www.bostonglobe.com/metro/2015/07/07/sale-raises-questions-about-university-president-housing/pNLpTNuawvzTlzU3hPZGhM/story.html

    Outgoing University of Massachusetts president Robert L. Caret, who drew on his taxpayer-funded housing stipend to pay the taxes, fees, and monthly costs of a jumbo mortgage, made a six-figure profit from his sale of a Boston Harbor-front condominium.
    Caret, who officially stepped down July 1 to become the University of Maryland chancellor, collected $1.345 million for the sale last month of the condo that he bought four years earlier for $880,000.
    The transaction was all aboveboard. His contract provided him with a $60,000-a-year housing stipend, an amount that helped cover the payments on his $704,000 mortgage, city property taxes, and condo fees.
    But Caret’s profit provided embarrassing optics for the university and its trustees who voted the day before the condo sale was recorded to raise student fees and tuition.

  16. yome says:

    There is another option, yes. It’s not one that European policymakers are really considering, but perhaps they could: Become more like the United States. Here in the US, as in Europe, we have states with weaker economies that require endless financial assistance. Only in the US we don’t call them bailouts, and we don’t treat it as a crisis.

    Every year in the US, richer states pay more in federal taxes than they get back in federal spending, and poorer states get more in federal spending than they paid in federal taxes. South Carolina, for example, gets $5.38 back in federal spending for every dollar it gets in taxes, according to a WalletHub analysis. Last year, it was $7.87. But we don’t consider that money a bailout and we don’t demand that South Carolina impose crushing austerity measures. The arrangement is quite stable; it’s been well over 150 years since South Carolina last formally considered an exit from the union.

    Now, the US is a political union as well as economic union, and the EU is only the latter. But the goal of European integration is to get it there, and one thing that entails is real fiscal union, including huge, unlimited, never-ending transfers from rich areas of the union to poor ones. It’s politically tough to stomach, but that’s the deal.

    If European lenders really cared about the European project, they’d be trying to persuade their countrymen to move closer to European super-statehood, big transfer to Greece and all, rather than punishing Greece. And the more spending and tax policy Europe takes on as a whole, the less it has to rely on the Greek government’s poor tax collectors and corrupt bureaucrats. The reforms the lenders want so desperately would come naturally. They just need to lend Greece a hand.

    http://www.vox.com/2015/6/30/8867939/greece-economic-crisis

  17. phoenix says:

    14. Next tariff every single thing brought into the USA from the outside. Let the corporations sell to the Greeks.
    Next, end this crap, severely cut immigration, end H-1B visas.
    http://www.uscis.gov/green-card/green-card-through-job/green-card-through-investment

  18. anon (the good one) says:

    so the entitled right wingers wishing NJ looked more like the south is like Germans wishing to look more like Greece

    yome says:
    July 8, 2015 at 8:49 am
    There is another option, yes. It’s not one that European policymakers are really considering, but perhaps they could: Become more like the United States. Here in the US, as in Europe, we have states with weaker economies that require endless financial assistance. Only in the US we don’t call them bailouts, and we don’t treat it as a crisis.

  19. JJ says:

    junky back office jobs moving to JC to be filled up with broke dick SI and Newark types

  20. phoenix says:

    Met a man the other day who lives in my town. He owns 2 pizza shops and a construction company. We started to talk about houses. His is 6000 sq ft, mine is 1600.
    Before I mentioned the size of my house, he said he wished he bought a 1500 sq ft house but that his wife wanted a big house.
    He said it is too much work to maintain. Did not complain about taxes at all….

  21. phoenix says:

    Dollars are just paper who’s value can change in a heartbeat by their masters.

  22. Ragnar says:

    I see the lefties on the board have unlimited tolerance for government spending, corruption, inefficiency, and indebtedness, and are forever willing to sacrifice the interests of the productive, efficient, and wealthy, to prop up institutionalized failure.
    Because being a statist bootlicker means one must always bow to the lowly.

  23. Libturd in Union says:

    Despite federal assurances to the contrary (<—this is a FOX-sized lie), he claimed potential cost overruns could leave his state holding the bag. Instead, Governor Christie directed money already set aside for the tunnels (including billions from the Port Authority) to roadway projects. Considering the Hudson is a chokepoint for passenger rail traffic all the way from Boston to Washington and even beyond, that move left the whole Eastern Seaboard transportation network in a highly precarious position. (<— and this is why the New York Times is better suited to wiping ones butt with).

    Baa!

    At this point, I'd rather listen to the biased lies on Foxnews told by M1LFy reporters, rather than read the biased lies written in the NY Times and Washington Post written by ugly bearded superstars of Academia who have never worked a day at a real job.

  24. Comrade Nom Deplume, Thankfully Not Greek says:

    its only 9:30 and our resident brace of left wing dunces (yeah, I know, redundant) have already polluted the board beyond its natural capacity to self cleanse.

    Good thing I have work to do.

  25. Libturd in Union says:

    “The Government Accountability Office, the nonpartisan investigative arm of Congress, did the report at the request of Senator Frank R. Lautenberg of New Jersey, a Democrat who is the chairman of the Senate subcommittee on surface transportation, an ardent supporter of public transportation and a critic of Mr. Christie.”

    Can we move on from this lie now Anon?

  26. [21] And their masters are oil. That’s why we have so many guns trained on the masters.

    Dollars are just paper who’s value can change in a heartbeat by their masters.

  27. Good news! Anyone who has a take-home income of $34,000 or more is in the top 1% of world income earners.

  28. D-FENS says:

    Mark J. Perry ‏@Mark_J_Perry 22h22 hours ago
    Report: Fracking To Help U.S. Manufacturing Costs To Fall Below China http://www.manufacturing.net/news/2015/07/report-fracking-to-help-us-manufacturing-costs-to-fall-below-china#.VZW-pp24-ek.twitter

  29. JJ says:

    Was it on Grinder?

    phoenix says:
    July 8, 2015 at 9:03 am
    Met a man the other day who lives in my town. He owns 2 pizza shops and a construction company. We started to talk about houses. His is 6000 sq ft, mine is 1600.
    Before I mentioned the size of my house, he said he wished he bought a 1500 sq ft house but that his wife wanted a big house.
    He said it is too much work to maintain. Did not complain about taxes at all….

  30. jcer says:

    US dollar looks real good right now, it is the currency of oil and compared to the EURO we don’t have structural issues and our FDIC insurance will actually pay. I can’t wait to see what happens in a Greek default, does the ECB pay out the deposits to the 100k limit in a bank failure, do depositors get Drachma…how will this work(Based on the ironclad EU membership I’d think the Greeks get to keep their Euros)? This raises real questions about the banking system in the EU, questions that started in Cyprus with the haircut. If the US banking laws weren’t so miserable I could see marketing dollar denominated accounts at US banks to Europeans because clearly the ECB cannot be trusted and total Euro currency collapse could occur making the US a good safe haven now that the Swiss have negative interest rates.

    Oh yeah and the ARC tunnel was a crap project, why should Jersey pay to help Amtrak? Maybe the feds could have ponied up and paid for the whole thing. Federal infrastructure spending is totally misdirected, lets not spend the dollars on the most important economic regions with the greatest needs.

  31. Banco Popular Trust Preferred Shares says:

    You beat me to the punch on this one…..spot on……I was going to post a variation on this…..and if it is such a priority of Obama….how come we are seven years on and there is STILL nothing….he spent more time talking about rail in CA than an ACTUAL HEAVILY USED and profitable rail system….

    Libturd in Union says:
    July 8, 2015 at 9:26 am
    Despite federal assurances to the contrary (<—this is a FOX-sized lie), he claimed potential cost overruns could leave his state holding the bag. Instead, Governor Christie directed money already set aside for the tunnels (including billions from the Port Authority) to roadway projects. Considering the Hudson is a chokepoint for passenger rail traffic all the way from Boston to Washington and even beyond, that move left the whole Eastern Seaboard transportation network in a highly precarious position. (<— and this is why the New York Times is better suited to wiping ones butt with).

    Baa!

    At this point, I'd rather listen to the biased lies on Foxnews told by M1LFy reporters, rather than read the biased lies written in the NY Times and Washington Post written by ugly bearded superstars of Academia who have never worked a day at a real job.

  32. grim says:

    Despite federal assurances to the contrary

    So just run this as a federal project.

  33. Bystander says:

    #8,

    blumpkin, what industry do you work in again? This post relates to the biggest problem facing tri-state area which is which state wins the junky middle and back office jobs battle? (ie the backbone of the region) I work near Stamford and so many condo development projects are underway that it is astounding. They started before UBS said they were leaving, before RBS announced they were going back to UK, before GE Capital sold off and before Bridgewater canned plans to build their new HQ in Stamford. So, who will pay 3k month. for 1 bd apts. being built? Not on Connair or NBC sports salaries. Lots of hedge funds and private equity firms here but they are mostly small operations. It appears that JC is winning the battle regionally. The stakes are high and the tax break incentives will become astronomical. Our idiot gov. Malloy nearly chased out Aetna and GE with his new tax plan. Watch him back track and do anything to get companies into Stamford. UBS and RBS have huge offices sitting on 95 that are ghost towns. I have not heard a peep as to anyone replacing UBS when they move to RBS building.

  34. Libturd in Union says:

    “ACTUAL HEAVILY USED”

    Actually, the Northeast Corridor between NY Penn and Newark Penn is the busiest passenger rail conduit in the world! The fact that the ARC plan did not include 4 lanes across the portal bridge was extremely foolish and had all of the rail experts up in arms. Why run 4 tracks from New Brunswick to New York Penn (with 4 tubes into the city) but only have a portal bridge with two tracks. This would make adding the two tubes almost useless. You won’t read about this little detail in the New York Times. It simply doesn’t fit the narrative. Baa!

  35. Libturd in Union says:

    I may be wrong on the busiest in the world. It’s the busiest in the US though. I think some Chinese and Japanese routes have us beat.

  36. phoenix says:

    35. Who was behind the design of the ARC tunnel? Why did it have major flaws like this?
    Where are the corporate leaders of today like Cornelius Vanderbilt and Alexander Cassatt?

  37. grim says:

    Dead, along with Frederick Law Olmsted.

  38. Libturd in Union says:

    The problem with transit in our area is that there are too many separate rail agencies. After 9-11, there was a fantastic opportunity to connect the WTC Path with the Green 456 lines. Both lines run on the same voltage and with little modification the PATH could have run directly from Grand Central Station all the way down to EWR. (Extending the PATH from Newark Penn to EWR would have been extremely easy). Of course the MTA and NJT balked. None of the individual agencies are willing to give up revenue. Heck, if you saw the grants that NJ Transit are giving developers to build transit villages all along their routes, they probably could have made the downpayment for ARC. So to answer your question, bad decisions are made due to politics as per usual.

  39. Fabius Maximus says:

    Spent the 4th in the Hamptons and Uber was a big talking point. The towns passed ordinances that effectively shut them down. They started waiving the $400 fines for those drivers already charged when Uber agreed to pull the plug. Got to love the NIMBY clout!

    http://www.27east.com/news/article.cfm/General-Interest-EH/109634/Uber-Gives-Up-On-Montauk-East-Hampton-Shuts-Down-Its-Mobile-Dispatching

  40. phoenix says:

    39. There is the reason
    “None of the individual agencies are willing to give up revenue. “

  41. Fast Eddie says:

    Fabius [40],

    I was in the Batman outfit. Besides, I already passed out by that time. It was the other psycho I was drinking with. I like the other strories on that link: Mahwah man half naked, yelling obscenities in a hotel lobby; a drug raid in Dumount. Bergen County prices and taxes are justified. :o

  42. jcer says:

    39, it has always driven me crazy that they didn’t extend the airtrain to Newark Penn. This was so they could build that boondoggle of an airtrain in Queens. Lets see we could have run a mile and a half of monorail track and had the airport connect directly with downtown newark and a regional transit hub instead of the EWR NJT station. Connecting the PATH to Grand Central would have been brilliant but then the broke PATH would have needed to add track capacity on the Jersey side to support the increase in trains and to add needed capacity to the system by creating express routes. The other issue with that plan is that the MTA cannot effectively run the 456, I used to ride it every day it was always delayed and the PA cannot effectively run the PATH, I cannot imagine the outcome of a combined system.

  43. Libturd in Union says:

    The Airtrain in Jamaica is annoying. The walk from the LIRR to the airtrain platform is impossibly long with bags and half the time the elevators on the LIRR platform don’t work. Why they couldn’t build it directly above the LIRR platform is beyond me. Well not really. I’m sure the PA and the LIRR wouldn’t work together. You know, that government thing not working again.

  44. JJ says:

    It is mainly cause folks dont know how LI Taxis work. My town we have a taxi cab at the train station. He pays a fee to be a licensed taxi company, every car pays a fee all to my town. In turn he is licensed to pick up at the train station with waiting cabs. So it is a bit of a monopoly. However, the town gives him a set fee schedule. In town trips are subsidized, he is forced to give a senior rate and forced to take welfare/medicare vouchers and in peak times cant raise fairs. In return he gets a good profit on train station runs and airport runs etc.

    Uber can cherry pick and just undercut his few high priced runs and skip out on the low priced runs he is forced to take. Uber also pays no fees to town and Uber is not required to be on call all the time. My cab at train is required to have cabs on call 24/7 at the train. Even though there are slow points. Uber can just skip the slow parts.

    So the cab company would call cops and tell them to enforce rules and say look they want to be a cab company and deal with BS I have let them. But dont steal my high price customers and leave me the low price customers if you are an illegal business.

    Fabius Maximus says:
    July 8, 2015 at 10:42 am
    Spent the 4th in the Hamptons and Uber was a big talking point. The towns passed ordinances that effectively shut them down. They started waiving the $400 fines for those drivers already charged when Uber agreed to pull the plug. Got to love the NIMBY clout!

  45. joyce says:

    46
    or just remove the partnerships between govt & businesses

    PS. You act like LI Taxis are the only ones that work that way.

  46. JJ says:

    Airtrain originally was going to go to Wall Street, then when it hits Jamaica since it driverless MTA unions wont let it go down MTA or LIRR tracks.

    My biggest pet peeve is between Amtrack, LIRR and NJ Transit you could have a non-stop train from Jamaica Queens right to Meadowlands stadium. But the unions dont allow it.

    Disesl trains cant run out of Penn which causes Secacus junction switch.

    However a deseal train from LIRR in Jamiaca can cross Hells gate bridge on amtrack line and go right to Meadowlands non stop

    Libturd in Union says:
    July 8, 2015 at 11:17 am
    The Airtrain in Jamaica is annoying. The walk from the LIRR to the airtrain platform is impossibly long with bags and half the time the elevators on the LIRR platform don’t work. Why they couldn’t build it directly above the LIRR platform is beyond me. Well not really. I’m sure the PA and the LIRR wouldn’t work together. You know, that government thing not working again.

  47. JJ says:

    Uber has the problem.

    East Hampton said Uber can buy a single taxi license covering its cabs and employees. But claim uber drivers are not their employees.

    The Uber drivers refused to buy a East Hampton license for each of their cars

    That is why they got busted.

    joyce says:
    July 8, 2015 at 11:21 am
    46
    or just remove the partnerships between govt & businesses

    PS. You act like LI Taxis are the only ones that work that way.

  48. 1987 Condo says:

    #47…heard that there is some sort of $800,000 medallion fee in NYC for cabs…

  49. jcer says:

    UBER and Lyft are great, they take drunks of the road. Our pols need to recognize the licensed taxi business is out of control. I see the need for some new regulation for this business model but the old Taxi way of doing things needs to go.

  50. Libturd in Union says:

    That’s about right condo.

    The medallion owners make a ton, the drivers not so much. Taxi companies should improve technology to compete with Uber, but they’ve enjoyed their monopoly for so long, they don’t know how to compete.

  51. jcer says:

    50, yes Taxi medallions in NYC are very expensive. Every uber/lyft in NYC is a fully regulated taxi hence they cost 2-3x more than in Hudson county.

  52. yome says:

    Who do you sue for your injuries when in an accident riding a Uber? Car is not Insured for commercial. Uber claims the Driver is not their employee. Uber is basically a Colorum

  53. joyce says:

    Yeah, gov creates (semi) monopolies and you find fault elsewhere. I’m stunned.

  54. joyce says:

    The biggest problem is “who do I sue?” God Bless America

    Correct me if I’m wrong, Comrade… but the answer is (always) EVERYONE!

  55. grim says:

    Uber and Airbnb are going to fall apart I think, once the model resembles a swiss cheese geography, those services become less useful for regular travelers. Not to mention the contractor/employer and liability issues.

  56. yome says:

    The main way taxes harm the economy is by causing people to change their behavior. Raising the income tax can cause people to work less; a higher sales tax can make people spend less. But the only way to avoid a property tax increase is to sell your property, and even then, you have to find a buyer who’s willing to take on the tax burden you’re giving up.

    Real property is an excellent tax base because it can’t be moved and it lasts a long time. In the case of land, it usually lasts forever. We, as economic actors, cannot respond to a higher tax on land by reducing the amount of land that exists. We may change what buildings to construct and where, but once a building exists, it’s not likely to move in response to tax changes.

    http://www.nytimes.com/2015/07/05/business/the-inevitable-indispensable-property-tax.html?abt=0002&abg=0

  57. grim says:

    it has always driven me crazy that they didn’t extend the airtrain to Newark Penn.

    Few weeks ago was coming back through philly and my flight was cancelled. Ended up haulting it over to Amtrak and taking the train back late that night instead of waiting for a flight the next morning. Missed the last train that stopped at EWR, so I got off at Newark Penn. Ended up taking a cab to the airport instead, Newark Penn and Path seemed way too sketchy for me after midnight.

  58. joyce says:

    58
    “But economists like property taxes for the same reason taxpayers hate them: they’re hard to avoid.”

    Considering most economists are here to justify something the government wants to do… yeah, that sounds about right.

  59. yome says:

    CNBC.com‎ – 13 mins ago
    Trading halted on NYSE floor. CNBC.com staff | @CNBC. 3 Mins Ago Breaking News. SHARES. This story is developing. Please check back for further updates.

  60. richard says:

    Nice vid of NJ’s finest Blues Brothers style car chase. Not sure what took them so long.

    http://www.liveleak.com/view?i=836_1436308932

  61. [59]grim – Newark Penn is exactly the dividing line between sketchy and safe. From Newark Penn if you walk into the Ironbound (especially Ferry St.) you’re perfectly safe. If you walk the other way it’s more like sketchy squared.

    Newark Penn and Path seemed way too sketchy for me after midnight.

  62. The Great Pumpkin says:

    bs stat if cost of living is not incorporated into it.

    The Original NJ ExPat says:
    July 8, 2015 at 9:39 am
    Good news! Anyone who has a take-home income of $34,000 or more is in the top 1% of world income earners.

  63. JJ says:

    Funny I drove to bars regularly between the age of 17 and 35 and never killed anyone know kids need uber

  64. grim says:

    The cab was not any less sketchy by the way, and this deal the cab drivers have with the homeless “concierge” service doesn’t make it any better.

  65. Juice Box says:

    Tax Credits for JPM? All Smoke and Mirrors, few actually collect.

    http://www.nj.com/opinion/index.ssf/2015/05/the_numbers_behind_nj_economic_development_authori.html

    Wasn’t there an issue with the New Jersey Economic Development Authority and the tax rebates intead of tax credits? Dosen’t NJ owe businesess $650 million since the legislature keeps removing the BEIP rebate funding from Christie’s Budget?

  66. Juice Box says:

    BTW when compaines RELO from NYC to NJ they are just shaking the tree and trying to get rid of all of the Long Island dead wood.

    Friend of mine has been interviewing lots of JPM folks lately. These are Senior people making decent $$, but like JJ says there aren’t too many working over 50 years old.

  67. D-FENS says:

    Now available at home depot from Dremel. Start building your AR-15 lowers today!

    http://www.homedepot.com/p/Dremel-Idea-Builder-3D-Printer-3D20-01/205448581?N=5yc1vZc7mrZgr?cm_mmc=ola|carat|8528012|117781406|291758546|63410040

  68. The Great Pumpkin says:

    Bingo, anyone busting nj’s balls should thank them for being the least dependent state on the fed govt in the union. They won’t talk about that though.

    yome says:
    July 8, 2015 at 8:49 am
    There is another option, yes. It’s not one that European policymakers are really considering, but perhaps they could: Become more like the United States. Here in the US, as in Europe, we have states with weaker economies that require endless financial assistance. Only in the US we don’t call them bailouts, and we don’t treat it as a crisis.

    Every year in the US, richer states pay more in federal taxes than they get back in federal spending, and poorer states get more in federal spending than they paid in federal taxes. South Carolina, for example, gets $5.38 back in federal spending for every dollar it gets in taxes, according to a WalletHub analysis. Last year, it was $7.87. But we don’t consider that money a bailout and we don’t demand that South Carolina impose crushing austerity measures. The arrangement is quite stable; it’s been well over 150 years since South Carolina last formally considered an exit from the union.

    Now, the US is a political union as well as economic union, and the EU is only the latter. But the goal of European integration is to get it there, and one thing that entails is real fiscal union, including huge, unlimited, never-ending transfers from rich areas of the union to poor ones. It’s politically tough to stomach, but that’s the deal.

    If European lenders really cared about the European project, they’d be trying to persuade their countrymen to move closer to European super-statehood, big transfer to Greece and all, rather than punishing Greece. And the more spending and tax policy Europe takes on as a whole, the less it has to rely on the Greek government’s poor tax collectors and corrupt bureaucrats. The reforms the lenders want so desperately would come naturally. They just need to lend Greece a hand.

    http://www.vox.com/2015/6/30/8867939/greece-economic-crisis

  69. The Great Pumpkin says:

    Exactly, if they wanted to end the unfair tax system, they could. They like the way it is, they paid good money to avoid taxes.

    phoenix says:
    July 8, 2015 at 8:52 am
    14. Next tariff every single thing brought into the USA from the outside. Let the corporations sell to the Greeks.
    Next, end this crap, severely cut immigration, end H-1B visas.
    http://www.uscis.gov/green-card/green-card-through-job/green-card-through-investment

  70. Libturd in Union says:

    “Bingo, anyone busting nj’s balls should thank them for being the least dependent state on the fed govt in the union. They won’t talk about that though.”

    Nor will they talk about how much of my local tax dollars go directly to Newark and East Orange.

  71. The Great Pumpkin says:

    Amen, if you are bitching about the taxes, you can move to another state and pay 300 a year. Your choice. No one putting a gun to your head. Your quality of life will drop dramatically, but hey, you pay 300 a year in taxes….so be happy, if cheap taxes are what you really want.

    phoenix says:
    July 8, 2015 at 9:03 am
    Met a man the other day who lives in my town. He owns 2 pizza shops and a construction company. We started to talk about houses. His is 6000 sq ft, mine is 1600.
    Before I mentioned the size of my house, he said he wished he bought a 1500 sq ft house but that his wife wanted a big house.
    He said it is too much work to maintain. Did not complain about taxes at all….

  72. Fabius Maximus says:

    #46 JJ

    You just summed up the argument against Charter schools and vouchers.

  73. The Great Pumpkin says:

    You are right. We take care of a lot of poor people in this country and state. It would be nice if it was appreciated.

    Libturd in Union says:
    July 8, 2015 at 12:31 pm
    “Bingo, anyone busting nj’s balls should thank them for being the least dependent state on the fed govt in the union. They won’t talk about that though.”

    Nor will they talk about how much of my local tax dollars go directly to Newark and East Orange.

  74. The Great Pumpkin says:

    lmao…you are so right!!

    Fabius Maximus says:
    July 8, 2015 at 12:40 pm
    #46 JJ

    You just summed up the argument against Charter schools and vouchers.

  75. yome says:

    he idea of the American freeloader burst into the public consciousness when #47percent started trending on Twitter. And while the notion is senselessly insulting to millions of hardworking Americans, it is true that some states receive a far higher return on their federal income tax contributions than others.

    Just how pronounced is this disparity, and to what extent does it alter our perception of state and local tax rates around the country? WalletHub sought to answer those questions by comparing the 50 states in terms of four key metrics. Our findings, as well as expert commentary and a detailed methodology, can be found below.

    http://wallethub.com/edu/states-most-least-dependent-on-the-federal-government/2700/

  76. joyce says:

    Easy when there were no penalties and no enforcement. Why arent you still drinking and driving today?

    JJ says:
    July 8, 2015 at 12:16 pm
    Funny I drove to bars regularly between the age of 17 and 35 and never killed anyone know kids need uber

  77. Libturd in Union says:

    I was recently in Mississippi. It’s not helping.

  78. joyce says:

    Luckily, it’s still a flawed argument.

    Fabius Maximus says:
    July 8, 2015 at 12:40 pm
    #46 JJ

    You just summed up the argument against Charter schools and vouchers.

  79. joyce says:

    started well before then

    yome says:
    July 8, 2015 at 12:50 pm
    [T]he idea of the American freeloader burst into the public consciousness when #47percent started trending on Twitter.

  80. Juice Box says:

    NYSE tells SIFMA it has no timetable for resuming trade: WSJ

    Time to take a vacation?

  81. Juice Box says:

    Uber is so yesterday, who needs a ride?

    “THE RED-HOT MARKET for rides is getting hotter, with a surprising new entry in the race. Google-owned online mapping company Waze is piloting a carpooling service in Israel, focusing on commuters who pay drivers a fee for a ride to or from work.

    The service, which was revealed in a blog post by the company, is available through Waze’s mobile app. Passengers in Israel without the app can also book a ride through a separate, new app called RideWith.”

    http://www.wired.com/2015/07/googles-waze-launches-ridesharing-service-israel/

  82. Grim says:

    Isn’t that just hitch hiking?

  83. Grim says:

    Going to start a hitchhiking app where the only accepted payment options are ass, gas, or grass

  84. Grim says:

    Sorry my bad, that little guy was a left over from last weekends urban biathlon finals.

  85. 1987 Condo says:

    #86….but everyone pays!

  86. if you are bitching about the taxescost of living, you can move to another stateBiafra and pay 300 a year.

    bs stat if cost of living is not incorporated into it.

  87. nobodyridesforfree.com ?

    Going to start a hitchhiking app where the only accepted payment options are ass, gas, or grass

  88. When I saw this my first thought was that Lib had a cold streak at the c@sinos and had to tone down this Summer’s beach plans;-)

    Gator in the mighty passaic?

    http://www.nj.com/bergen/index.ssf/2015/07/officials_search_for_alligator_in_passaic_river.html#incart_river_mobile

  89. Libturd in Union says:

    Well I am in a bit of a cold streak (still up over 40K this year), but I don’t throw Gator into the river until I turn negative (which I will not let happen).

  90. Marilyn says:

    86, First laugh of the day!

  91. No Jobs for the Young, No Retirement for the Old

    http://www.oftwominds.com/blogjuly15/jobs-age7-15.html

    1. Employment in the 16-19 age cohort has been dropping for 35 years, and fell off a cliff in 2008.

    2. Employment in the 20-24 and 25-54 age cohorts topped out in 2001 and has yet to recover the pre-recession levels of 2008.

    3. The only age cohort with employment growth since 2000 is the 55 and older group.

    There are many theories as to why youth employment has plummeted while 55+ employment is rising, but demographics and financial insecurity likely play major roles. Back when Social Security was established, few people lived beyond their 60s. A retirement age of 65 meant most people lived only a few years beyond retirement.

    Now people live into their 80s, and medical technologies are enabling many to remain active even in their advanced years.

    As people live longer, those reaching retirement age (early to mid 60s) often have elderly parents in their 80s who need care and financial support. People living into their late 80s, once a rarity, are now commonplace.

    As the economy has stagnated, financial demands on their own children (in their 30s and early 40s) have increased, leaving many of those reaching retirement age with two generations needing help. Retirement is not much of an option when every scrap of income is needed.

    Over the past 35 years, defined pension plans that were once common benefits of corporate employment have vanished and been replaced by 401K plans which transfer the risk to the employee. As the stock market has soared and crashed twice in the past fifteen years, those approaching retirement can no longer trust that their pension fund is secure.

    The Federal Reserve’s Zero Interest Rate Policy (ZIRP) has destroyed low-risk yields on retirement funds (401Ks, IRAs, etc.), greatly reducing the yield on retirement savings. As a a direct result of Fed policy (designed to recapitalize banks at the expense of savers and retirees), those hoping to retire have been forced to put their savings at risk (investing in risky assets such as junk bond funds) or working longer because the low-risk yield on retirement savings are now meager.

    The reality is that financial insecurity is rising for everyone heading into retirement.

  92. JJ says:

    They closed out all open trades in the system. If they cant get it fixed by 3:15 pm or so they have to call it a day, they wont restart market and risk another glitch and too late to close out open orders a second time.

    Also folks have turned off NYSE off their smart order routers. Folks this late in the day are not adding NYSE back in the smart order router tool this late in the day and risk hung trades that could cause losses. So NYSE order flow is dead today no matter what they do. Reopening and risking another issue late in day is a big risk for little profit

    Juice Box says:
    July 8, 2015 at 1:00 pm
    NYSE tells SIFMA it has no timetable for resuming trade: WSJ

    Time to take a vacation?

  93. grim says:

    Landscaping as a service has resulted in the elimination of an astronomical number of jobs for 12-17 year old males. The number of landscaping trucks I see driving around these days is mind boggling. How did we manage to take care of lawns for the 50 year year history of suburbs prior to landscapers?

  94. POS cape says:

    48 JJ:

    Here’s one I don’t understand – instead of extending the 7 train to Javits Center, why not extend it to La Guardia on the other end instead? Which would benefit the most people?

  95. Libturd in Union says:

    Shame the Shanghai local exchange isn’t having the same issues.

  96. JJ says:

    looks like shooting 245pm open

  97. D-FENS says:

    The stock market of China is in a free fall, and critics both inside and outside the country are accusing its Communist government of doing virtually everything wrong in its efforts to contain the crisis, risking the creation of Great Depression-level crash.

    The implosion began about a month ago, when the Shanghai Composite Index closed at a high of 5,166, more than twice its value from last October. That extreme bull market was enabled by regulatory changes, with the government reducing trading fees and taking other steps that made it easier for both individuals and companies to take on debt in order to buy up stocks. But now the bubble is popping even faster than it inflated, and Beijing has been powerless to stop it. Today, the Shanghai Composite is down to 3,507, a drop of 33 percent in less than a month.

    Want To Read Our Site Without Ads? Click Here!

    The Chinese government has made a number of aggressive moves to try and halt the drop. It is investing hundreds billions of dollars from the state’s pension fund, and then forbidding fund managers to sell. It has blocked any new initial public offerings, banned short selling, and pressured financial firms to buy shares which they are pledging to hold until the market has risen at least 20 percent.

    The country has also tried to stem the rapid sell-off by simply banning major shareholders and corporate executives from selling their stakes in certain companies for six months, an approach that Wells Fargo financial expert Brian Jacobson told Bloomberg would simply never happen “in the U.S. or in any other developed market.”

    Most dramatically, China has allowed over 1,300 companies to halt trading in order to “self preserve,” in the words of Chinese state media. As of this writing, over 40 percent of China’s equity market has frozen up.

    But rather than improving the situation, many experts say China is simply making things far, far worse. Hong Kong-based business experts (who can speak more freely than their mainland colleagues) have pointed out one glaring problem with China’s meddling: Their actions have made it impossible for investors to get any accurate handle on the value of Chinese assets.

    Read more: http://thelibertarianrepublic.com/chinas-market-is-crashing-and-its-doing-literally-everything-wrong/#ixzz3fKGBHc00
    Follow us: @TheLibRepublic on Twitter

  98. Essex says:

    86. Genius

  99. Essex says:

    In a webcast for investors on Tuesday, DoubleLine Funds’ Jeff Gundlach raised concerns about Americans borrowing lots of money against their homes.

    Home equity lines of credit (HELOC) are revolving loans, like credit cards, that are backed by the value of a borrower’s home. The credit line tends to be available to the borrower for a fixed amount of time, generally ten years. At the end of that period, the line can sometimes be renewed, or the borrower may need to pay back any outstanding balance.

    This chart from Experian shows the amount of money Americans borrowed against their homes in each year going back to 2000.

    The fact that outstanding HELOC balance levels are returning to housing bubble levels tells Gundlach that consumers may be entering a borrowing frenzy.

  100. Anon E. Moose says:

    Essex [91, prev thread]

    They don’t necessarily have to educate your kids “Ragnar”. But you know that I would imagine. You can send your child anywhere you can afford to and they can gain entry.

    How nice of a statist like yourself to permit someone to educate their kids outside the union-controlled K-12 indoctrination camps. Merely coincidental that you insist the state keep his school tax money.. as a matter of fact I’m sure those who are the most direct beneficiaries of the jobs program cum school system would rather get paid for doing nothing, since they (like you) will insist the get paid either way.

  101. Essex says:

    103. You have two or three points twisted in there so let me try to address them each.

    1. Whatever.

    2. Sure.

    3. Yeah right.

  102. Ragnar says:

    So yome is in favor of cutting federal tax rates so that NJ (i.e. high income earners) will not have to send so much of my income to D.C. for redistribution to other states?

  103. Ragnar says:

    Moose,
    Yes it would be a great business model if you can force everyone to pay for your services, whether they use them or not, don’t have to worry about dissatisfied customers, and all of your competitors in the marketplace have to pay a second time to try to get a better quality product.

  104. Essex says:

    106. But it’s not a business. See? It’s a societal obligation and you get services if you need them. If you aren’t satisfied or if for some reason you want to something else, you pay for it. But once again. Not a business.

  105. Anon E. Moose says:

    Tool [13];

    it was the same here during the Global Financial Crisis.
    upward redistribution

    Yet you mock the only group that seriously opposed it, the tea party. Go check the roll call vote — you would have voted for any of those D’s if given the chance.

  106. joyce says:

    Essex,
    Would you like a second chance at replying?

  107. Fast Eddie says:

    Moose and Ragnar,

    It’s for the children! What about the children!

  108. Anon E. Moose says:

    Essex [107]

    If it was simply an obligation to educate kids, and the public school system was there only as a default measure to those without the means, you would have no objection to dollar-for-dollar tax credits on private/parochial school tuition. After all, the kid is getting educated, right?

  109. Fast Eddie says:

    But once again. Not a business.

    I agree. It’s extortion.

  110. Anon E. Moose says:

    Eddie [110];

    It’s better with this.

  111. Fast Eddie says:

    Moose,

    Yes, the children! Omg, the children!!

  112. joyce says:

    “…but it’s not a business.”

    If it was possible to have a better less costly education system open to those with and without means, BUT someone would be making a profit… would you oppose it?

  113. nwnj says:

    #108 Things really unravel quickly for the retweeter when he attempts to post something original(see posts #13 and 18).

  114. Essex says:

    I’ve always said that it would be great if money made it to the classroom, but firms like Edison have tried to make $$$ delivering learnin’

  115. Essex says:

    ….

  116. joyce says:

    this was my favorite part of that nytimes article earlier:

    “The federal government deals with revenue volatility by borrowing money. But states and cities are supposed to balance their budget every year.”

  117. grim says:

    No cyberattack conspiracy theory here?

  118. Juice Box says:

    re# 120 – Software update is the official news. Who runs a software update on a live system at 11 AM?

    For the Tinfoil crowd.

    Real time cyber attack maps.

    http://map.norsecorp.com/

    http://www.digitalattackmap.com/

    https://www.fireeye.com/cyber-map/threat-map.html

    http://cybermap.kaspersky.com/

  119. Juice Box says:

    Software update at 11 AM nothing to see here move along.

  120. Juice Box says:

    grim unmod 121 please.

  121. Essex says:

    MORRISTOWN — A suspended teacher at West Morris Mendham High School was “seeking out sex and propositioning high school students for sex,” a Morris County assistant prosecutor said Wednesday during a pretrial hearing.

    Assistant Prosecutor Christopher Schellhorn described alleged activities by the onetime English teacher, Nicole McDonough, as he successfully argued to uphold the decision by the prosecutor’s office to deny McDonough admission into Pretrial Intervention, a probationary program that allows charges to be dismissed without a guilty fi

  122. yome says:

    The EU can not exist as a Union if they are not ready to accept some Countries (in the US ,States) do not have Prosperous Economy as others. When one falls the the answer is not hurting their economy more by calling for austerity but economic growth. South Carolina taking more than 5x for every Fed Tax Dollars they provide is help to grow their economy. We are not telling them to tighten their belts but to find ways to produce more.

    Ragnar says:
    July 8, 2015 at 2:55 pm
    So yome is in favor of cutting federal tax rates so that NJ (i.e. high income earners) will not have to send so much of my income to D.C. for redistribution to other states?

  123. JJ says:

    They do software updates the night before but sometimes you miss something that only happens under certain circumstances.

    They are supposed to be fully redundant and have fall back procedures in place. Also they need to diagnose this quicker.

    Software issue does not mean falling back to back-up center. It just means you notify SEC and members you have an outage, then you bring down system, close out all open orders in system, fall back to prior release of system and restart system. That should take one hour. Three hours means an issue

  124. joyce says:

    yome,

    You’re right. The fiscal union was meant to ultimately force government union. Good that it isn’t working. More local control = better

  125. Ragnar says:

    123,
    That teacher is pretty hot. And the student was apparently 18.
    If she started a private all-boys high school, there would be some interest, and she could keep scratching that itch.

  126. Ragnar says:

    125,
    I hear Keynesian Greek debt lovers rolling out this narrative. But that’s not how the US or the world actually works. The EU was explicitly set up to prevent countries from free-riding on the productivity and balance sheets of other EU countries. Greece borrowed on their own, they can pay on their own.
    All this anti-“austerity” talk is just another way of saying – keep on lending me money so I can keep wasting it, rather than engaging in unpopular structural reform.
    NJ will be playing the same game, but the rest of the country isn’t going to help NJ pay its bloated liabilities without demanding structural rerforms, if they have any brains.
    If you are anti-“austerity” does this also means being against future calls to raise taxes on the rich in NJ when it hits the fan here too?

  127. joyce says:

    Thanks, Gator.

    JJ,
    What’s would happen to people at your job for doing that?

  128. joyce says:

    According to Gothamist, the incident happened in January, but police only obtained a warrant for a DNA sample from Iscenko yesterday

  129. Banco Popular Trust Preferred Shares says:

    Reform? Remember that we only get $0.41 on the dollar back from DC. In a sense, it is a little galling to say the “rest of the country” is helping us, when all that is happening is that we are NET handing DC $0.59 for nothing…….all we would be doing is asking to let us keep some more of our own pennies……oh, but shame…shame on NJ…ranked #50…..

    Ragnar says:
    July 8, 2015 at 4:45 pm
    NJ will be playing the same game, but the rest of the country isn’t going to help NJ pay its bloated liabilities without demanding structural rerforms, if they have any brains.

  130. Banco Popular Trust Preferred Shares says:

    A sad sack of old white guys….

  131. yome says:

    NJ can file for bankruptcy and stay in the Union.Besides, how can it be debt if the Leaders and the Supreme Court says it is not. They can simply Re organize the debt and call it debt until they decide it is Tax. Like they did with SS. Increase the age of retirement cut benefits until it is collecting surplus. Surplus is spend and do it again when it is in deficit. Then call it intolerable choose who gets paid. What debt?

    “NJ will be playing the same game, but the rest of the country isn’t going to help NJ pay its bloated liabilities without demanding structural rerforms, if they have any brains.
    If you are anti-”austerity” does this also means being against future calls to raise taxes on the rich in NJ when it hits the fan here too?”

  132. joyce says:

    “NJ can file for bankruptcy”

    No, it can’t.

    (136)
    What the fk did you just say?

  133. yome says:

    137
    “NJ can file for bankruptcy”

    No, it can’t.

    Why not?

    What did you not understand?

  134. joyce says:

    The law

    Everything

  135. jcer says:

    134, that list of the wealthiest New Jerseyans is incomplete. My father knows a few guys worth in excess of 150 Million who live in Jersey and are not on that list. Then again they aren’t broadcasting how much money they have only due to some asset sales which are public knowledge is the scope of their wealth known.

  136. yome says:

    139
    The Law is interpreted by the Courts. What the court rule can always be appealed, go higher up until it goes to the Supreme Court. The Supreme Court will be the decision maker. Saying NJ can not file for bankruptcy is not true. It needs to go to the Court system.

  137. yome says:

    Gov. Christie on Tuesday claimed a significant legal victory in a yearlong battle with public-sector unions over pension funding, even as analysts warned that the state’s long-term fiscal condition remained precarious.

    The New Jersey Supreme Court ruled that the state could not grant public workers a legally enforceable contract to greater pension funding, even though Christie signed a 2011 law establishing just that.

    In a 5-2 decision, the justices said that the state constitution prohibited the governor and the Legislature from establishing such a contract without voter approval, because it would create a long-term debt.

    Writing for the majority, Justice Jaynee LaVecchia described the unions’ arguments as morally “unassailable” and said, “The loss of public trust due to the broken promises made through” the law was “staggering.”

    http://articles.philly.com/2015-06-11/news/63270397_1_pension-system-pension-funding-unfunded-liability

  138. jcer says:

    129 Ragnar, normally I agree with you but on Greece I think you are wrong. The issue is the Greek economy needs to liberalize in order for there to be growth. The austerity measures do nothing of the sort besides reducing domestic demand and throwing may Greeks into abject poverty. Austerity is not the answer, structural reforms are the answer, they have cut as much as they can from the pensions. What needs to happen is economic growth and for that to happen the EU needs to incentivize economic development especially in Southern Europe. By creating a special economic zone to attack the severe unemployment companies might open facilities and hire, lowering the tax rate is fine because if it is actually new activity 5% of something is better than 30% of nothing. The narrative is nonsense, while the Greeks may drink more Ouzo than the Germans they also work harder for far lower pay if they have a job. The issue is half the country is unemployed or employed-ish on the Black Market much like Southern Italy(There is a huge barter economy, no VAT and no income tax). The lack of credit after the initial financial crisis was a crushing blow to small Greek businesses and Greece does not have the presence of large foreign corporations operating on Greek soil. When you couple this with antiquated labor and Tax laws you have a recipe for high unemployment and when you add in being euro based there is an even bigger issue. There was an interview in Die Zeit with former finance minister Joscka Fischer, and he really nails it. There needs to be a haircut, ECB bonds, and structural reform if Greece is to stay in the Euro. The Euro economies need to reach some level of structural economic parity if they are going to use the same currency, otherwise it just cannot work.

  139. Ragnar says:

    Banco Popular,

    I keep on requesting to keep my own pennies. I pay roughly a 40% federal tax rate.
    Yet the people who talk about wanting to keep NJ money in NJ, are pretty much the people who say my federal tax rates shouldn’t go down.

    I guess their dream is to cut the federal tax rate to 20% from 40% and raise the NJ tax rate from 9% to 30%, so they can focus on redistributing my income within the state rather than across the country. But then at other times they come to the support of Greece by saying that inter-state transfers are good.

    I think what they are really after is 100% government control of everything, all activity and all income. Then they won’t have to deal with percentages or borrowing or logical contradictions. Just government commands and individual obedience.

  140. Ragnar says:

    jcer,
    Yes, Greece needs structural reform. Namely pro-capitalist liberalization. The communists in the Greek government are the ones that want to pretend they will service their debt with higher taxes. Didn’t the EU negotiators reject that because they knew that higher taxes would never actually produce the projected revenue? The Greek communists don’t want to liberalize their economy. They don’t want to fix labor laws or open their economy. They want the state to continue dominating their economy, and to keep people on government support and pensions, and they want the rest of the EU to finance it.

    “Austerity” is a false concept. It’s a curse flung at anyone who tells policymakers that they cannot forever expand the state at someone else’s expense.

  141. yome says:

    #139
    Even if NJ will be ruled not able to for Bankruptcy
    Based on Supreme Court Ruling
    “The New Jersey Supreme Court ruled that the state could not grant public workers a legally enforceable contract to greater pension funding, even though Christie signed a 2011 law establishing just that.

    In a 5-2 decision, the justices said that the state constitution prohibited the governor and the Legislature from establishing such a contract without voter approval, because it would create a long-term debt.”

    The decision will go to the Voters of NJ. A Vote is needed to decide to fund the unfunded pension.
    So,What debt?
    Unless the Voters vote to Fund the Unfunded System.
    Knowing NJ voters, this can happen

  142. grim says:

    Stu – ev going back, filed for lemon law and settled in mediation. They are giving us $5k back. Cost for 24 months was $65/mo. Factoring in the free collision, charging station, and fuel savings, they paid me.

    Not bad, was a good run, but no reason to deal with having to carry jumper cables around in an electric car.

  143. Ragnar says:

    Which make & model was it again?

  144. Libturd at home says:

    So it truly was the steal of the century. Man they need to work on how weather impacts the range of those batteries. It speaks loudly for shorting Tesla.

  145. The Great Pumpkin says:

    Will I have a job?

    The Original NJ ExPat says:
    July 8, 2015 at 1:20 pm
    if you are bitching about the taxescost of living, you can move to another stateBiafra and pay 300 a year.

    bs stat if cost of living is not incorporated into it.

  146. D-FENS says:

    The MSM was saying the Chinese must have hacked us. So, no way they did it. Too obvious.

    grim says:
    July 8, 2015 at 4:14 pm
    No cyberattack conspiracy theory here?

  147. The Great Pumpkin says:

    Jesus, education is a service everyone benefits from whether you realize it or not. If you think you can privatize it and expect people to willingly educate their children on their own, you are naive. They won’t educate their kids. Now think of what type of long term problem you create for your country with a bunch of people unable to read or write. What are you advocating for the dark ages? You want society to go backwards, where muscle rules because people are incapable of understanding anything but muscle because they lack an education.

    Education is not a business. Stop treating it like it is. Education is for the well being of society, which you are obviously against.

    Ragnar says:
    July 8, 2015 at 3:01 pm
    Moose,
    Yes it would be a great business model if you can force everyone to pay for your services, whether they use them or not, don’t have to worry about dissatisfied customers, and all of your competitors in the marketplace have to pay a second time to try to get a better quality product.

  148. The Great Pumpkin says:

    interesting. Always thought it was like that.

    jcer says:
    July 8, 2015 at 5:38 pm
    134, that list of the wealthiest New Jerseyans is incomplete. My father knows a few guys worth in excess of 150 Million who live in Jersey and are not on that list. Then again they aren’t broadcasting how much money they have only due to some asset sales which are public knowledge is the scope of their wealth known.

  149. grim says:

    Honda Fit ev

  150. grim says:

    151 – diversion for the real hack that we didn’t hear about

  151. joyce says:

    yome,
    You’ll be the first to fly back from the Philippines to protest the govt “interpreting” away your legally protected social security.

  152. yome says:

    Regarding SS ;they are screwing us right in front of our eyes. We are just too stupid. In 1983 Reagan reformed SS that will not start having deficits until 30 years later. The surplus of that reform is $2.5 T today. Without paying that amount, they will reform SS again like 1983. The surplus will be spent again until we are near a deficit. Until they will reform again. How much will they owe that will never be paid? In the books it is 120%debt to gdp but not really if you never intended to pay. What debt?

  153. joyce says:

    The surplus (if any) was and always will be stolen as soon as it comes in.

  154. Banco Popular Trust Preferred Shares says:

    Have you ever visited Greece? It is appalling…..corrupt and lazy populace with no ambition, and a completely bankrupted moral compass…..their current economic situation is identical to their societal one……at the end of the day, however, it is Germany’s abject greed and frighteningly pragmatic imperialism that has created this morass. The only objective voice is the UK……France (as usual) is compromised by their hypocrisy and self-interest…..disgusting pigs the entire lot of them……..

    jcer says:
    July 8, 2015 at 5:54 pm
    129 Ragnar, normally I agree with you but on Greece I think you are wrong. The issue is the Greek economy needs to liberalize in order for there to be growth. The austerity measures do nothing of the sort besides reducing domestic demand and throwing may Greeks into abject poverty. Austerity is not the answer, structural reforms are the answer, they have cut as much as they can from the pensions. What needs to happen is economic growth and for that to happen the EU needs to incentivize economic development especially in Southern Europe. By creating a special economic zone to attack the severe unemployment companies might open facilities and hire, lowering the tax rate is fine because if it is actually new activity 5% of something is better than 30% of nothing. The narrative is nonsense, while the Greeks may drink more Ouzo than the Germans they also work harder for far lower pay if they have a job. The issue is half the country is unemployed or employed-ish on the Black Market much like Southern Italy(There is a huge barter economy, no VAT and no income tax). The lack of credit after the initial financial crisis was a crushing blow to small Greek businesses and Greece does not have the presence of large foreign corporations operating on Greek soil. When you couple this with antiquated labor and Tax laws you have a recipe for high unemployment and when you add in being euro based there is an even bigger issue. There was an interview in Die Zeit with former finance minister Joscka Fischer, and he really nails it. There needs to be a haircut, ECB bonds, and structural reform if Greece is to stay in the Euro. The Euro economies need to reach some level of structural economic parity if they are going to use the same currency, otherwise it just cannot work.

  155. Ragnar says:

    Libturd,
    Tesla will get theirs someday. Lots of fantasizing in that share price. Their future requires a sequence of unlikely events to happen.

  156. Libturd at home says:

    I fantasize about having the chutzpah to short them. It’s the most obvious short in the market today.

  157. joyce says:

    Sponsor an Executive:
    https://www.youtube.com/watch?v=qDC0qcf0kzE

    You won’t just be saving a life; you’ll be saving a lifestyle.

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