From the WSJ:
U.S. Existing-Home Sales Reach Prerecession Pace
Sales of existing homes climbed in July to their prerecession pace, but low inventory and higher prices threaten to curtail those gains heading into the fall.
Existing-home sales rose 2% last month from June to a seasonally adjusted rate of 5.59 million, the National Association of Realtors said Thursday. Last month’s sales pace was the highest since February 2007 and 10.3% higher than a year earlier.
Despite relatively steady gains in home sales in the past year, thinning supply and high prices loom as headwinds that could slow the recovery. As well, mortgage rates could be poised to rise when the Federal Reserve raises short-term interest rates, potentially as soon as next month.
Total housing inventory fell 0.4% at the end of July to 2.24 million existing homes available for sale, 4.7% lower than a year ago. At the current pace of sales it would take 4.8 months to exhaust the supply of homes on the market, down from 5.6 months a year ago, the NAR said Thursday.
…
The median sale price for a previously owned home slipped slightly to $234,000 from June’s $236,300, but is still 5.6% higher than a year earlier. July’s prices mark the 41st straight month of year-over-year price gains.This combination of rising prices and thin supply has left some prospective buyers on the sidelines, especially as rising rents eat up a larger portion of incomes, making it harder to save for a down payment.
Mr. Yun noted that first-time buyers declined to 28% of all buyers, the lowest share since January. Sales are being driven largely by buyers who already own homes, he said.
Frist!
From the Star Ledger:
Foreclosure starts have jumped 76 percent in N.J. since last July
The foreclosure rate in the Atlantic City area stood at more than quadruple the national average in July, according to a new report released on Thursday.
One in every 258 housing units in the region had a foreclosure filing in July, the RealtyTrac report shows, the highest rate in the country among metropolitan areas with a population of at least 200,000.
The national rate in July stood at an average of one in every 1,057 housing units facing default notices, scheduled auctions and bank repossessions. That’s an increase of 7 percent from last month and 14 percent from a year ago, a bump RealtyTrac Vice President Daren Blomquist said “has been driven primarily by rapidly rising bank repossessions.”
Bank repossessions on the national level jumped 81 percent from a year ago, to 46,957 properties in July, according to the report. A total of 44 states, including New Jersey, posted increases in bank repossessions in July over a year ago.
But the state bucked another national trend: falling foreclosure starts.
While properties starting the foreclosure process decreased nationwide in July, New Jersey posted a 76 percent increase year-over-year on that front.
New Jersey’s foreclosure rate stood at one in every 520 housing units in July, the third highest rate among the states.
County Foreclosure Rate
Sussex 1/245
Atlantic 1/258
Cumberland 1/274
Salem 1/343
Camden 1/370
Essex 1/427
Passaic 1/442
Burlington 1/447
Gloucester 1/462
Union 1/505
Ocean 1/509
Warren 1/518
Monmouth 1/524
Mercer 1/589
Bergen 1/720
Middlesex 1/735
Hudson 1/787
Morris 1/809
Cape May 1/835
Hunterdon 1/1,032
Somerset 1/1,238
From the Star Ledger:
A look inside one of N.J.’s many abandoned homes
wow! NJ falling apart!!!
hurry y’all, let’s ban abortion!
grim says:
August 21, 2015 at 6:56 am
County Foreclosure Rate
Sussex 1/245
Atlantic 1/258
Cumberland 1/274
Salem 1/343
Camden 1/370
Essex 1/427
Passaic 1/442
Burlington 1/447
Gloucester 1/462
Union 1/505
Ocean 1/509
Warren 1/518
Monmouth 1/524
Mercer 1/589
Bergen 1/720
Middlesex 1/735
Hudson 1/787
Morris 1/809
Cape May 1/835
Hunterdon 1/1,032
Somerset 1/1,238
> The foreclosure process in New Jersey can take several years to complete. Once it does, that doesn’t necessarily mean the house will be listed for sale right away. In many cases, banks are holding properties off the market in hopes that housing prices will rebound.
Are they paying property taxes the entire time?
Usually, yes.
I’m pro life but wouldn’t dare suggest to abolish abortion. I haven’t heard anyone else suggest that either. In fact it warms my heart to know so many libs and progressives favor it, fewer of them around.
This is fantastic:
https://www.youtube.com/watch?v=GZpMJeynBeg
“hurry y’all, let’s ban abortion!” <— What do you call a simpleton with a sickness?
Does anyone have a clue? I have a none.
From yesterday:
“Cheap labor in the form of our guest workers who are defended by the likes of millionaire Geraldo Rivera are the biggest give away to the rich. I am no fan of Ann Coulter but she does have a point and so does Trump. If the Rich want the cheap labor the IRS should be going after them for the taxes and benefits of the UN-insured and those that are paid under the table, our system would be closer to solvency if the taxes were paid.”
Two points in there.
While I understand where you are going let’s discuss. Cheap undocumented labor isn’t a sop to the rich. It simply makes what would otherwise be a luxury good more affordable to everyone. In this sense it is a benefit to the less well off.
Example: Strawberries. I buy them when they are nearly overripe and on sale, $3. Regular price in my store $6, which I pass on. Fully priced, with no migrant labor? $7, $8, or more? Pricing an item using illegally cheap labor doesn’t benefit the rich, who can and will afford $8 strawberries. It makes the item more accessible. Conversely, using regulated and fully priced labor would turn many goods into more luxury like items. Run the same math for your favorite hotel room.
On your other point I don’t disagree, but I don’t know what it has to do with ‘the rich’. With fully priced inventory producer profits likely remain similar, which they are paying taxes on regardless. What does happen is the undocumented laborers begin to pay all the taxes they should – Medicare, SSN, income – and that does benefit the system.
In that sense maybe I owe Otto an apology. The poor are where the money is, at least when we are talking missing tax collection revenue which would benefit all citizens.
Grim, 9. Nice. Substitute China for Japan and he could make that speech again now.
I think the guy is a buffoon and would be an unmitigated disaster. On the other hand the entertainment value would be phenomenal.
Over all, and I really hate to say this, I may vote for the guy. It’s the only way to give the current structure a huge flip of the bird since they outlawed allowing “None of the Above” on the ballot when that line starting polling a plurality last election.
Won’t it be sad when the Simpleton flip flops and gets behind Bernie?
http://elections.huffingtonpost.com/pollster/2016-national-democratic-primary
leftwing,
When did they ban none of the above? He’s been my candidate for a number of years now. So what happens when you type it in? Does it reject your ballot?
I think there can’t be a line candidate, you have to write in. IIRC, somehow it appeared as a candidate choice in some jurisdictions and got removed as ‘not a natural person’. Then some guy went out and tried to legally change his name to NOTA and got shut down, LOL. Probably worth a google but I’m in the salt mines today.
I guess I’ll have to vote for Deez.
Why not add another fool into the mix.
Deez Nuts for President? Why Not, Says Iowa Farm Boy
The presidential candidate Deez Nuts was surging on Wednesday in a poll, albeit unscientific, in North Carolina.
Deez Nuts was also the No. 1 trending topic on Twitter.
For anyone who has fallen 24 hours behind the campaign news cycle, Deez Nuts is a registered independent, a supporter of a balanced budget and the Iran nuclear deal — and a 15-year-old farm boy from Iowa.
In registering with the Federal Election Commission last month, Deez Nuts listed an address in rural Wallingford, Iowa, that is the home of Mark and Teresa Olson. Mr. Olson, who farms 2,000 acres of corn and soybeans, said in an interview that Deez Nuts was his son Brady, who begins his sophomore year in high school next week.
http://www.nytimes.com/politics/first-draft/2015/08/20/deez-nuts-for-president-why-not-says-iowa-farm-boy/
I just researched it. NOTA will not appear on ballots anywhere except in NV. But there is nothing that stops one from writing it in.
I’m surprised so few know about Deez.
Did you know that Deez is a big fan of fitness.
Fitness in yo mouth.
First time in awhile I am thinking of buying some stocks. Maybe some low ball limit buy orders today. Any stocks in particular.
So far I have Apple, Disney, Hack, Citi, Bank of America, Netflix, Boeing, Google on shopping list for limit buy orders at around 3% below current price. Highfliers I missed hoping to get some during correction.
I say abolish abortion for the Fetus but abort the Mother and Father. Would clean up the inner city pretty quick and lots of good honest working folks would gladly adopt the kid.
I am running with Deez Nuts as Deez Dick
nwnj4Trump says:
August 21, 2015 at 8:54 am
I’m pro life but wouldn’t dare suggest to abolish abortion. I haven’t heard anyone else suggest that either. In fact it warms my heart to know so many libs and progressives favor it, fewer of them around.
Slow RE news day. I love new terms to describe people.
Where Are The Boomerang Buyers?
About 700,000 home buyers previously shut out of the mortgage market by events such as a foreclosure or short sale–often called “boomerang” buyers–could qualify for a mortgage again this year, credit bureau TransUnion said on Wednesday.
TransUnion’s report–which defined a boomerang buyer as someone who had a foreclosure, short sale, loan modification, 60-day delinquency or other similar event during the crisis–said that over the next three years, more than 1.5 million of the 7 million consumers who had such problems could meet the underwriting guidelines set by government agencies.
http://blogs.wsj.com/developments/2015/06/17/where-are-the-boomerang-buyers/
[20] Libturd
Thanks just laughed out loud
FKA…that’s an old one from the playground. Only you are supposed to say something like,”Man, you are buff…are you into fitness?” Then proceed with the,”Well Fitness in your mouth.” It works best with a Dice Clay gesture.
This story will not go away for Hillary. She will probably fight this to the end. Still boggles the mind for her to think this was okay. I’m guessing she didn’t pull this out her a, so there must be others that have set a precedent to do this.
‘Born classified’: Hillary Clinton’s best argument in the email scandal just got destroyed
For months, the US State Department has stood behind its former boss Hillary Clinton as she has repeatedly said she did not send or receive classified information on her unsecured, private email account, a practice the government forbids….The new stamps indicate that some of Clinton’s emails from her time as the nation’s most senior diplomat are filled with a type of information the US government and the department’s own regulations automatically deems classified from the get-go — regardless of whether it is already marked that way or not.
http://www.businessinsider.com/r-exclusive-dozens-of-clinton-emails-were-classified-from-the-start-us-rules-suggest-2015-8
JJ, feels like a falling knife. Having said that I did cover some short positions on the pigs get slaughtered theory.
Not sure I see anything to make this market go up appreciably. And quite frankly the Fed’s obsession with tightening has me concerned. Someone was actually on yesterday talking about the rate rise so the “Fed has bullets for a financial crisis in 2016”. Missing the elephant in the room on that one…..
At this point it’s a valuation buy in a declining market and I usually get my arse handed me when I venture in those waters early on.
Sorry, but the whole thing is very, very fishy. This is not an activity that accidentally or inadvertently happens. This is not something you explain away. I don’t care who it is, democrat or republican, because this kind of activity should immediately be filed under “dirty corrupt politician”. There is only 1 reason anyone would do this, and this is to have full control over the data and logs. This means having the ability to delete or alter data as they feel necessary. Not only to hide communications, but in some situations be able to hide the fact that those communications took place, and what they contained. In addition, possessing the ability to physically destroy the equipment, rendering recovery impossible.
It does but Disney at 95 or Exxon at 73 limit buy orders in the system long term that type of stuff worth a low ball buy order in case we get a mini flash crash type thing today.
leftwing says:
August 21, 2015 at 9:52 am
JJ, feels like a falling knife. Having said that I did cover some short positions on the pigs get slaughtered theory.
Not sure I see anything to make this market go up appreciably. And quite frankly the Fed’s obsession with tightening has me concerned. Someone was actually on yesterday talking about the rate rise so the “Fed has bullets for a financial crisis in 2016″. Missing the elephant in the room on that one…..
At this point it’s a valuation buy in a declining market and I usually get my arse handed me when I venture in those waters early on.
The majority of the examples will play out like this:
COGS / Retail Price = $6 / $12 (legal worker)
COGS / Retail Price = $2 / $12 (illegal)
leftwing says:
August 21, 2015 at 8:59 am
Cheap undocumented labor isn’t a sop to the rich. It simply makes what would otherwise be a luxury good more affordable to everyone. In this sense it is a benefit to the less well off.
Example: Strawberries.
I was looking up some compensation numbers for some public employees in NJ and I ran across the prior athletic director at Belleville High School who made $158K in 2014. Curious how he could make so much money, I looked into his past. His qualifications include c0aching the West Orange wrestling and football teams as well as teaching a special education class. He does have a prestigious degree from Kean College as well as his masters from there as well.
So digging deeper, I see he was promoted to the position of Director of Curriculum. Well we all know that this is a complete BS job and is saved for those who f up in their prior positions. In this case, C0ach D’elia only cost Belleville taxpayers $700,000 in a whistleblower settlement due to him forcing his athletic trainer to work after being harassed by a doctor on the sidelines of a football game and making the trainer refer injured athletes to that doctor. The trainer of course, was later fired by C0ach D’elia.
Where can I get a gig like this? WHERE?
http://php.app.com/edstaff/details2.php?recordID=38216
http://www.northjersey.com/news/crime-and-courts/boe-settles-whistleblower-sexual-harassment-suits-1.1230971?page=all
Shanghai Index (Local) dropped over 4% again and that’s with huge manipulation in their local stock market. The fallacy of China’s wealth is coming to the surface. Buy Apple with care. All of their growth has been in China.
Shanghai Index (Local) dropped over 4% again and that’s with huge manipulation in their local stock market. The fallacy of China’s wealth is coming to the surface. Buy App1e with care. All of their growth has been in China.
[28] Grim
Completely agree, it sticks to high heavens. My other thought is why is it being half heartedly being looked into? Barring Joe Biden jumping into the race and considering what’s happening on the right side, Hillary may be perceived as a walk in to the White House.
Who wants to go after her now and a lil over a year from now, she’s President. Would have to have some big balls. I mean nutz…
Libturd, I think the funniest part of that is that his prior experience teaching was in Special Ed. Then he becomes director of curriculum?
We need to pay good salaries and provide good benefits to attract and keep talent. After all, he might just go out and become a CEO, and we’ll lose that opportunity.
The scary thing Ben, is that this isn’t a hand-picked story. I was simply trying to find out how much Gray Russel’s Montclair’s Environmental Officer make. I happened upon this PE teachers salary since it showed up on the first page in Essex County. Then I googled it found out the rest.
There are stories like this in every town. It’s become such a joke. Costa Rica better get a handle on their petty theft situation. I may be down there sooner rather than later.
I bet Plumpy is not here today because he’s trying to manage the damage in his PLUG position.
9. It’s Trump vs Biden.
Local losers always seem to get a gravy gig (because of a relative) in a municipality then get fired, sue and/or go out on disability after a few years. I’ve seen it so much that examples would fill a small notebook.
I served in the military, went to college, established a successful career, married, bought a house(s), raised kids and… got paid little more then most of them. WISH I had a relative in local gov. growing up in NJ.
Back in highschool I should have majored in cutting class and smoking grass. What a dummy!
Eh, should have become a local cop as the two I went to HS with (I don’t know how they graduated) are now retired and living out of state in mansions and taking great vacations at exotic locations around the world.
Oh well, back to banging out code, docs. and trying to transition into becoming a FT landlord.
There are dozens of stories like that in each town. The thing is though, it’s no different than in private industry. Every workplace has these worthless morons that somehow fail upward at a lightning fast pace.
You are probably right Ben. But I have a dumb expectation of transparency in government. And to be honest with you, in my narrow window of the private workplace (same employer for 18 years), I haven’t witnessed it. But my company takes pride in running lean.
Ben says – it’s no different than in private industry…
The problem exists in both public and private sector, agree.
The solution in the private sector is – I sell that company stock, or I don’t buy their product, whatever the remedy, I control.
In the public sector – I have ZERO control – I just right the tax check and have to chalk it up as “Oh well” same thing happens in the private sector.
That logic does not resonate with me.
45
Yes.
It’s also incredibly easier to terminate an employee in the private sector. And lastly, if you happen to work in the same company with worthless morons being promoted around you… you can say something and if ignored look for employment elsewhere.
I am interested in the new Benghazi movie, that should be fun based on the trailer I saw.
http://www.imdb.com/title/tt4172430/
#42..my retirement goal is to not end up living near or vacation with a bunch of ex NY/NJ cops/public workers…..our life experiences are not similar……
Public sector does not have the checks and balances that the private sector has.
If a private sector company is running inefficiently, wasteful, etc – they will not be in business long.
If the public sector runs inefficiently, wasteful, etc – they just raise taxes.
“they just raise taxes.”
Or “You’re going to be given an opportunity to disclaim the currency,” Frye told Anderson. “To sign a form that says, ‘That is not my money. I don’t know anything about it. I don’t want to know anything about it. I don’t want to come back to court.’ ”
http://www.washingtonpost.com/sf/investigative/2014/09/06/stop-and-seize/
Cross off florida then, not that that’s necessarily a bad thing
1987 Condo says:
August 21, 2015 at 11:50 am
#42..my retirement goal is to not end up living near or vacation with a bunch of ex NY/NJ cops/public workers…..our life experiences are not similar……
I think Hillary needs to stop that movie, poor timing
re # 11 – Your strawberry analogy sucks.
The rich business owners are subsidized by the American taxpayer. We are required to subsidize illegal alien farm labor, and their healthcare. Example “health care for illegal aliens is costing California state taxpayers well over $1 billion a year. Eighty-four hospitals across California have already been forced to close because of unpaid bills by illegal aliens. ”
Here is an example of one rich business owner, who complained in the NY Times.
http://www.nytimes.com/2014/03/30/us/california-farmers-short-of-labor-and-patience.html?_r=0
Why should RICH business owners be allowed be allowed to externalize their costs to the taxpayers, by using illegal alien labor while keeping 100 percent of the profits?
Why isn’t the IRS going after them?
re # 26 and # 28 – The FBI could start by arresting Huma Abedin and any other State Dept employee who forwarded classified info to Hillary and her personal account over the pubic internet at her behest and then squeeze them them testify against her. They already have the evidence now it is time to start arresting people and squeeze Hillary.
Won’t happen however…..you will see….
“The majority of the examples will play out like this:
COGS / Retail Price = $6 / $12 (legal worker)
COGS / Retail Price = $2 / $12 (illegal)”
Agree as a first step joyce. Second step, the response to 40% decrease in gross profit, is the producer jacks up the price to maintain gross profit, not even margin. Keeping the example simple, say to $16. Price of strawberries goes up 33%. Demand contracts and the land that was used for berries either gets another crop planted or lies fallow.
Not many businesses, especially those employing migrant workers, can sustain a 40% hit to gross profit.
Stated differently, if you are the “rich” and you are using illegal migrant labor to pad profits to a high margin as opposed to just get by, you’re an idiot given the downside. Most of the “rich” didn’t get that way by being idiots. Which brings me back to the original point on migrant labor. It is not a sop to the rich, it is survival for both parties (owner and illegal labor) in low margin, usually high fixed cost, cr@p businesses. Drive out the illegals and you make the goods and services produced by them more expensive.
Nice rant JB but off point.
I don’t care about either party in this debate. “Rich” business owners or migrant workers.
I’m just pointing out a simple fact of immutable economic law. If you raise the cost of production – especially dramatically – of something the price of that item goes up. Either through contraction of supply or pass through of increased costs (usually both).
My sole point in replying to the OP was to divorce the politics (rich, migrant, illegal, etc) from the economics. In essence, to try to take the discussion from The Schumer/Pumpkin Graduate School of Business where actions have no consequences other than those intended by the author to the real world of what will actually happen on your store shelf and to your hotel bill.
Judgment on those outcomes – good, bad, or otherwise – is not my playground.
In the public sector – I have ZERO control – I just right the tax check and have to chalk it up as “Oh well” same thing happens in the private sector.
I disagree. Selling stock has zero effect on the decision making process. We have computers mindlessly selling them every nanosecond right now. I’ve seen soccer mom’s with an agenda run for the board and start rocking the boat. Problem is, they are usually only in it for their kids. It’s pretty easy to get a candidate you want elected to the board at the local level. I’ve seen high school students do the same thing when they turn 18. They run a simple campaign on facebook, get elected, next thing you know, they are trying to hammer everyone that pissed them off.
“I’ve seen high school students do the same thing when they turn 18. They run a simple campaign on facebook, get elected, next thing you know, they are trying to hammer everyone that pissed them off.”
Send me this kid. I don’t know how, where, or in what but if you get him to me I guarantee I can make him (and me) more money than he ever thought possible.
Love it.
Illegals are decimating middle-class jobs, such as in the construction industry, the landscaping industry, etc.
And the H1-B visas are decimating upper middle-class jobs, as the likes of Facebook, Microsoft, and the Fortune 500 install cheap overseas labor to replace Americans. Today’s CEOs don’t deserve to be scraped off the shoe of people like Milton S Hershey, who invested in his own people (Americans) and his own country.
Statler [59],
Can’t disagree with anything there.
55
I lost you in your first paragraph. A business always strives to price its product to what the market can bear to maximize total profits. If its input costs are forced to go up because say they actually crack down on illegal labor, the business can’t automatically get away with a increased retail price. One of many possibilities is less profit for the business. And/or many other things can happen…changes in demand, supply, disposable income, business closes, etc that will affect many more parties in the economy.
I would never say this benefits ONLY the employers, because others do as well to a lessor degree. Either way, once again the government by direct or indirect action is “picking winners and losers” and has no true authority to do so.
I can’t stand Hillary. I just can’t stomach her or the sound of her voice. “You mean wipe it clean with a cloth?” What an @ss. Ironically, I admire Joe Biden for personal reasons. The man had to endure many personal tragedies and for that reason alone, I admire him even though I disagree with him on political issues. As for Trump, at least he’s really telling it like it is and doesn’t give a sh1t who agrees or disagrees. All the other candidates should throw away the scripts.
57 – Ben, maybe I did a poor job explaining my point. Stock selling was just an example of how I can control my own destiny/participation in the private market.
The graft/fraud/thievery in the public market can continue en masse, I have no ability to control or limit my participation. In fact, I am forced, by threat of imprisonment/wage garnishment to participate.
My only chance at control is via 1 vote. I don’t view that has sufficient control for the dollars I am forced to contribute. So I bitch about it.
My buyers are so easy to work with otherwise, I think I’d have a stroke by now. My new purchase has some bumps to overcome and it just becomes taxing to the senses after a while. The paperwork and email exchanges and texts are endless all around!
Biden claimed to have been shot down over Iraq. He made a big deal about it. A few months later, it came out that his helicopter has engine trouble.
Just another trustworthy candidate with great character.
Eddie: https://brattyblogger.files.wordpress.com/2015/04/beevus.gif
I don’t think Trump is telling it like it is (his answers have negative substance).
Though, he is refusing to genuflect to the media over politically correct wedge-issue subjects… and because nobody does that, some perceive it as telling it like it is.
Gladwell tweets slam Ivy schools…
I liked this:
Yale’s endowment spent $480 million paying its hedge fund managers last year and $170 million on its students.
All the Wall Street analysts are in agreement: time for Yale to shed the declining legacy educating business
http://www.vox.com/2015/8/20/9184175/malcolm-gladwell-yale
My kids (and others) wanted Trump hats (“Make America Great Again”). E-mailed the D and asked for them…nothing. Guess the little town we live in don’t count. Whatever.
*My parents compare him to JFK. They say there was the same feeling (both ways).
If he had only served in the military…dude would be a shoe in. – Not saying I like him but compared to all the other candidates…at least he can’t be bought.
“Not saying I like him but compared to all the other candidates…at least he can’t be bought.”
You sure?
Bernie represents the can’t be bought. I have a feeling that Trump ain’t really running anyway.
“I have a feeling that Trump ain’t really running anyway.”
Me too but it’s a good show!
Essex:
I’m think I’m going to Dingbatz tonight to do the toxic waltz. Right after I sm0ke a jo1nt and do a shot of Jack.
What makes you think he can’t be bought? Is this the first time we’ve had a rich person run for office?
His Ego is too big. NO WAY the D is going NOT going do what HE wants. Guy’s a Narcissist (or somewhere in the cluster B spectrum).
#72 – Shot a Jack sounds good. Um, well, except that they lowered the proof and raised the price. I’ll go with Elija Craig – Bargain mid-range Bourbon (yes, yes, I know Jack is not Bourbon).
Humm…Rep. Jerrold Nadler on Friday became the first Jewish member of the New York delegation to back the Iran deal, though he did so tepidly, and admitted the deal has “flaws.”
“Me too but it’s a good show!” So was Ross Perot. Lookie that, history rhymes!
Ben, maybe I did a poor job explaining my point. Stock selling was just an example of how I can control my own destiny/participation in the private market.
The graft/fraud/thievery in the public market can continue en masse, I have no ability to control or limit my participation. In fact, I am forced, by threat of imprisonment/wage garnishment to participate.
My only chance at control is via 1 vote. I don’t view that has sufficient control for the dollars I am forced to contribute. So I bitch about it.
I get it. And believe me, I spend 10 times the amount that you do thinking and complaining about problems in public work because I’m immersed in it. When you dig up those salaries for people who do next to nothing you get mad. You should see the people that actually work in district that have been stuck at 50k a year for 6 years while they have to stare at that shit.
Wasn’t the selling point on Corzine at one time that he couldn’t be bought?
Joyce, as usual, don’t disagree.
Agree the significant increase in labor costs will be dealt with many ways. My point is inevitably the product is going to get more expensive – contraction of supply (producers go out of business) or push through of increased costs. The businesses we are talking about just cannot absorb that level of increase costs across the board and maintain supply at the new higher cost level without changing price. Stated differently, at the very least the marginal producers will fail.
Tangentally, that inevitable increase in price will likely then be exploited by the likes of Schumer, et. al. as profiteering by the producers while it is anything but.
The thing about Ross Perot was, he was genuine. If you watch those debates he had with Gore on NAFTA on CNN, Perot was right and Gore was the corporate shill as VP.
https://www.youtube.com/watch?v=5XEziSYRqhU
During the whole debate, Perot argued logically why NAFTA wouldn’t result in increased exports and would result in shipping jobs out of the US. He said business owners couldn’t wait to ship their jobs out of the US.
Gore just tried to paint him as an angry billionaire.
If you look at it in hindsight, everything Perot said came true and you got a taste as to how slimy Al Gore actually is.
re # 80 – Leftwing -Trump is right we need to send them home, they won’t be needed anymore robots will pick our strawberries.
http://www.wsj.com/articles/robots-step-into-new-planting-harvesting-roles-1429781404
Later dudes (and Dudettes) – I’m goin’ fishin’. Fresh trout for dinner. Last night’s rain brought the river up, cooled it down and made it a bit cloudy. #10 Conehead Muddler Minnow (that’s a fly) aughta do the trick.
Three block walk and then after capturing the quarry a beer (and a shot) on the way back. It don’t get better.
Gonna be a great weekend! Enjoy!
Non-Existing Home Sales at 8 year high
80
Remember though if you agree it’s possible that prices don’t initially increase, but assume it’s possible after supply contracts… you have to agree it’s possible that demand falls after the price increase, and then, and then, and then…
I know we can agree that some industries don’t have enough profit margin to absorb going from illegal to legal labor, while others wouldn’t have to skip a beat.
(slightly off topic rant >>> macroeconomics is bullsh1t)
85. Totally agree. Which comes full circle for me that the higher price/tighter supply finds its own new level of demand *but* from the suppliers’ perspective it’s at best a wash on profitability. The *beneficiaries* are not the evil rich but higher wages for the lowest skilled workers and higher prices for the consumer.
I would posit again that any producer using migrant labor for extraordinary profits is crazy or a figment of an overactive liberal imagination. Most of the migrant worker employers are already razor thin on profitability – sole hotel proprietors, smaller farmers, etc. Hilton and Purdue aren’t employing illegals. Mom and Pop are.
82 JB.
Without irony, you reap what you sow.
If we are going to have a porous border, amorphous immigration policy, and disdain for enforcement of existing laws guess what? You’re going to have fields of lowest common denominator migrant workers.
You don’t want illegal low wage workers? Reverse each of the above.
Boom go the markets.
Dow down 400.
Anyone who thinks we are not connected to China, better check again.
The market gives….the market takes away……beatches…
Nice buying opportunity. Put in 40 Low ball limit buy orders when Dow down 200 and 11 of them executed between 200 and 400 points down.
Apple and Hack might be two big pops on Monday. Although my Apple buy limit order at 105 never hit. Also my C and BAC never hit which surprised me.
Bought amzn, dis, f, goog, hack, iep, jnj, pg, spy, netflix and xom
Haven’t cracked BAC today but have actively traded it in past. There is nothing legit about an expiration Friday pricing of that stock.
On August 18, a group of hackers calling themselves “Impact Team” released a huge file of hacked data that included the email, profile names and personal information of Ashley Madison users.
Ashley Madison is an online dating site marketed towards people looking to cheat on their spouses.
NJ Advance Media found email addresses that span across several New Jersey public entity email domains, including:
There were 37 from New Jersey school or school districts, with 19 of them listed as working addresses.
Thirteen from New Jersey state agencies, with 10 of them listed as working addresses.
Nine addresses from New Jersey townships and cities. Eight of them are working addresses.
Ten addresses came from county governments. Five of them were listed as working addresses.
In addition, 14 addresses came from Port Authority email domains, and 10 of those were found to be working.
#90
“The Dude abides” (quote from the ‘Big Labowski”). – To hot for fishing. Did get one, though. Wife and kiddies will have to eat pizza or Chinese tonight. New asian joint over on RT. 519 just out of town and they have some Tai stuff….not bad but I prefer FRESH trout cooked MY way.
Holy Jesys 450?
We are in correction territory based on intra day
Down 500+..wash out?
Are the people whose names are purported to be in the hack list accused of a crime or is this just tabloid news? Slow news cycle?
86
LW
I agree, and I should have mentioned from the beginning that my comments were solely dedicated towards migrant farm workers (while your’s might have been). I was referring to them, those in construction, landscaping, and other industries (the list is too long), and H1B’s, int’l slave labor, etc etc.
98. All the world loves a list of morons.
Can you imagine if St Peter needed to see your browsing history prior to entry to the heavenly kingdom.
91. Bigger ballz than I going into a weekend. Basically neutral. Mondays post big move weeks are generally interesting. Good luck.
Throw some covered calls on?
Wow was that a fun close, even my low ball bids on DIA and SPY hit. Little scary. I had $200,000 in low ball bids spread over 40 stocks in play and hit on 16. If all 40 hit many that would be balls in as I rarely buy common stocks straight up balls in unhedged except in a free fall. Bought around $90,000 in stocks in four hour period.
Haven’t dusted this one off since 2008. Still feels so good!
http://youtu.be/q1ZV4Mx7tw8
Shanghai index is up 57% for the year ending today.
Way to go Marines!
Yes, and then they cash out, declare bankruptcy, and start up another crappy company that will fail and take advantage of social!sts policies (bankruptcy) while all the while claiming they hate social!sm.
Private sector has no accountability, esp when it comes to taxpayer contracts. I’ve met more people that are successful at business because they are corrupt crooks as opposed to running a successful “honest” business.
grim says:
August 21, 2015 at 11:57 am
Public sector does not have the checks and balances that the private sector has.
If a private sector company is running inefficiently, wasteful, etc – they will not be in business long.
If the public sector runs inefficiently, wasteful, etc – they just raise taxes.
Agreed. Joyce is usually always on point.
joyce says:
August 21, 2015 at 9:58 am
The majority of the examples will play out like this:
COGS / Retail Price = $6 / $12 (legal worker)
COGS / Retail Price = $2 / $12 (illegal)
leftwing says:
August 21, 2015 at 8:59 am
Cheap undocumented labor isn’t a sop to the rich. It simply makes what would otherwise be a luxury good more affordable to everyone. In this sense it is a benefit to the less well off.
Example: Strawberries.
Exactly!! I love how people blow this off and defend the bs practice of secretly pushing the cost on the taxpayer…..these defenders are usually the same people claiming we need to lower taxes (ironic, don’t you think?).
Juice Box says:
August 21, 2015 at 12:09 pm
re # 11 – Your strawberry analogy sucks.
The rich business owners are subsidized by the American taxpayer. We are required to subsidize illegal alien farm labor, and their healthcare. Example “health care for illegal aliens is costing California state taxpayers well over $1 billion a year. Eighty-four hospitals across California have already been forced to close because of unpaid bills by illegal aliens. ”
Here is an example of one rich business owner, who complained in the NY Times.
http://www.nytimes.com/2014/03/30/us/california-farmers-short-of-labor-and-patience.html?_r=0
Why should RICH business owners be allowed be allowed to externalize their costs to the taxpayers, by using illegal alien labor while keeping 100 percent of the profits?
Why isn’t the IRS going after them?
I’ve been saying this on this board for a while now, no idea why they don’t take it seriously. The insane no show jobs that take place in the private sector is disgusting.
Why are people oblivious to this?……because it’s a private company. How will the general public ever find out?
Ben says:
August 21, 2015 at 11:20 am
There are dozens of stories like that in each town. The thing is though, it’s no different than in private industry. Every workplace has these worthless morons that somehow fail upward at a lightning fast pace.
Post of the day! This guy gets it. Where are the Hershey’s of the corporate world? They are extinct. The new corporate world has no cares for communities or their country, they only care about profit (totally drunk off the greed).
Statler Waldorf says:
August 21, 2015 at 12:39 pm
Illegals are decimating middle-class jobs, such as in the construction industry, the landscaping industry, etc.
And the H1-B visas are decimating upper middle-class jobs, as the likes of Facebook, Microsoft, and the Fortune 500 install cheap overseas labor to replace Americans. Today’s CEOs don’t deserve to be scraped off the shoe of people like Milton S Hershey, who invested in his own people (Americans) and his own country.
Good post.
Ben says:
August 21, 2015 at 2:06 pm
The thing about Ross Perot was, he was genuine. If you watch those debates he had with Gore on NAFTA on CNN, Perot was right and Gore was the corporate shill as VP.
https://www.youtube.com/watch?v=5XEziSYRqhU
During the whole debate, Perot argued logically why NAFTA wouldn’t result in increased exports and would result in shipping jobs out of the US. He said business owners couldn’t wait to ship their jobs out of the US.
Gore just tried to paint him as an angry billionaire.
If you look at it in hindsight, everything Perot said came true and you got a taste as to how slimy Al Gore actually is.
Exactly, the proof is in the data. Bernie has been in govt for over 40 years and I’m worth more than him. I think he is only worth somewhere in the 300,000 range. Can’t remember the exact number. This guy needs to become President if we really want to shake things up with corruption in govt.
Libturd in Union says:
August 21, 2015 at 1:38 pm
“Not saying I like him but compared to all the other candidates…at least he can’t be bought.”
You sure?
Bernie represents the can’t be bought. I have a feeling that Trump ain’t really running anyway.
Exactly. Some govts are truly not corrupt in any way, they are just few and far between just like your company. If you saw what kind of corruption happens in these other companies, you would not hold the private sector in any higher regard than the public sector when it comes to corruption.
Libturd in Union says:
August 21, 2015 at 11:23 am
You are probably right Ben. But I have a dumb expectation of transparency in government. And to be honest with you, in my narrow window of the private workplace (same employer for 18 years), I haven’t witnessed it. But my company takes pride in running lean.
Yea
FDIC sues Citigroup, 2 other banks over soured mortgage-backed securities
NEW YORK, Aug 20 (Reuters) – The FDIC, a U.S. bank regulator, has sued three large U.S. banks to recoup some of the more than $695 million it lost from selling shoddy residential mortgage-backed securities once owned by a Texas bank that failed in 2009.
http://finance.yahoo.com/news/fdic-sues-citigroup-2-other-143420797.html
Why do we need the likes of the EPA? Because Big Business can’t be trusted to police itself.
Dredging of rivers affected by DuPont pollution ‘inevitable,’ expert says
http://www.nj.com/passaic-county/index.ssf/2015/08/dupont.html#incart_river
I’ll once again repeat that FabMax is the dumbest regular here. 1) No one, other than police departments and other govt agencies, has ever argued for self regulation. The other participants in the marketplace (broadly defined) are to be the regulators… as long as they’re not inhibited by said govt. 2) the EPA is one of many agencies created by Big Business. Who do you think comes up with things like “acceptable levels of _____.”
#118 Joyce
“I’ll once again repeat that FabMax is the dumbest regular here”
Please elaborate, I would be interested to know how you came up with that. Is it just your usual ad hominem( can I trademark that in here as an “Eddie Ray”) attack, or do you have something to back it up. Please post the evidence.
1) No one, other than police departments and other govt agencies, has ever argued for self regulation.
You miss the point I have continually made in here. I would be all for the conservative “small Government” if industry and others could show they could police themselves and not require intervention. But they can’t, and at that point the Gvmt has to step in to try and represent the rights of the people.
“the EPA is one of many agencies created by Big Business” ,
No it was actually created by Nixon. It’s surprising, in that, it is probably the best thing he ever did in his presidency. As for “acceptable levels of _____.” How about Zero! How much Mercury should DuPont be allowed to dump in a lake.
Can they follow the Scouts guidelines ?
“Carry In and Carry Out” and LEAVE NO TRACE!
Not defending duPont, but there were many practices that were relatively commonplace 60 years before the EPA was founded, that were later found to be a real problem.
Pretty much every manufacturer worked in these same ways, so any argument that attempts to inject malice, carelessness, or “big business” into the argument is off the mark. Everyone did these things, it was the way it was done, and little business was just as bad.
You know when oil tank conversions were first started, it was common practice to drain the oil into the storm sewer? By common practice I mean that the owner would call the fire department to come out and pump and hose down the oil.
Perhaps it’s time the municipalities pay up for the cumulative years of oil spills? Maybe we should go after anyone involved who is still alive? Bad big business, right?
Fact of the matter is, it’s extremely unlikely that executives and owners had any idea what machinists were cleaning parts and tooling off with. I see people make reference to cost and being cheap, but most of the kinds of industrial solvents we are talking about were not at all cheap, they were expensive, and they were used because they worked very well, better than anything else. Machinists, plant managers, workers loved the stuff. Again, nobody had any damn idea that this stuff was bad. It’s the equivalent of finding out in 50 years that olive oil causes cancer.
Mercury? How many mercury thermometers were broken and dumped down the drain and into landfills by American households? Probably more than industry ever did.
Again, not defending, but the context in which this is discussed is so off the mark.
Significant source of mercury pollution is cremation of dead bodies (Mercury amalgam fillings).
Where should we send the bill? We should get some legislation in place before the boomers all kick the bucket. Think of the potential tax revenue.
https://www.minnpost.com/politics-policy/2013/02/regulating-cremations-mercury-emissions-proves-hard-pulling-teeth