Flipping Revel?

From the Star Ledger:

Revel owner trying to flip closed casino to new buyer, power company says

The power company engaged in a prolonged legal battle over energy costs at the former Revel casino claims in a recent court filing that the boardwalk resort’s owner is trying to sell the property.

Lawyers for ACR Energy wrote in documents filed in federal court on Friday that Florida real estate developer Glenn Straub’s Polo North “refuses to pay for energy services, while it tries to flip the nonoperational complex to a new buyer.”

The filing further claims that Polo North has engaged in “knock-down-drag-out war rather than negotiate, leading one to conclude that Polo North is just not interested in operating any business or permitting any business to operate in the complex.”

Straub said he didn’t buy the Revel with the intention of flipping it.

“We didn’t buy it because we wanted to sell it,” he said. “We didn’t buy it if we weren’t going to develop it.”

But Straub also said if somebody makes an offer “that would turn our heads” on any of the properties or other assets his company owns, they’d consider it.

Polo North bought the former Revel Casino, which cost $2.4 billion to build, for $82 million in April. The casino was one of four to close in Atlantic City last year. Straub said then that the property may reopen as early as this summer.

It remains closed.

This entry was posted in New Development, South Jersey Real Estate, Unrest. Bookmark the permalink.

143 Responses to Flipping Revel?

  1. grim says:

    Come home Christie, Christie come home… From the Record:

    United CEO quits over internal probe of airline’s relationship with Port Authority ex-chairman

    The top executive of United Airlines and two other high-ranking employees stepped down Tuesday in response to an internal investigation into whether the carrier set up a non-stop flight route to curry favor with the former chairman of the Port Authority.

    Jeff Smisek’s abrupt resignation after five years at the helm of New­ark Liberty International Airport’s largest carrier is the most significant development yet in response to the controversy over what has become known as the “chairman’s flight.” The non-stop flight route between Newark and an airport in Columbia, S.C., about 50 miles from the weekend home of former Port Authority Chairman David Samson, has also been the focus of an ongoing federal investigation. United Airlines announced this year that it would conduct its own investigation into the flight after receiving subpoenas from federal authorities.

  2. grim says:

    From HousingWire:

    CoreLogic: National foreclosure inventory shrinks 28% since last year

    The national foreclosure inventory declined by 27.9% and completed foreclosures declined by 24.4% since July 2014, according to the latest foreclosure report from CoreLogic (CLGX).

    The number of foreclosures nationwide decreased year over year from 50,000 in July 2014 to 38,000 in July 2015, representing a decrease of 67.9% from the peak of 117,225 completed foreclosures in September 2010.

    As of July 2015, the national foreclosure inventory included approximately 469,000, or 1.2%, of all homes with a mortgage compared with 650,000 homes, or 1.7%, in July 2014. The July 2015 foreclosure rate is the lowest since December 2007.

    CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) declined by 23% from July 2014 to July 2015 with 1.3 million mortgages, or 3.4%, falling into this category. This is the lowest serious delinquency rate since December 2007.

    The five states with the highest number of completed foreclosures for the 12 months ending in July 2015 were: Florida (98,000), Michigan (47,000), Texas (33,000), California (27,000) and Georgia (27,000). These five states accounted for almost half of all completed foreclosures nationally.

    Four states and the District of Columbia had the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey (4.8%), New York (3.7%), Florida (2.7%), Hawaii (2.5%) and the District of Columbia (2.4%).

  3. grim says:

    On a more positive note, the rate of completed foreclosures has picked up pace in NJ in July, with an increase of roughly 20% year on year (10,018 vs 8,522).

    Big decline in the foreclosure inventory rate in the past year, down 1.1%, the second largest decrease of any judicial state (on a % basis) in the last 12 months.

    If we assume that this rate can keep going up by 20% annually, the foreclosure inventory will be cleared out in about 2 more years. Probably closer to 3 if the rate doesn’t increase at this pace.

  4. Fast Eddie says:

    I’m halfway through the process of selling/buying and the house agents have done their very best to f.uck it up as much as possible. They serve no purpose other than to aggravate, play games, stir sh1t and raise questions when none were required. They hate the fact that the lawyers call the shots and steer the ship. Their existence is to collect a fee for getting in the way. As if I needed further verification.

  5. grim says:

    I really don’t like lawyers that stir the pot to pretend to show their value to clients, though that seems to be commonplace.

  6. Fast Eddie says:

    Regardless, the lawyers know that a contract is a contract and a rider is a rider and they are binding. The house tour guides, on the other hand, think gossip and innuendo is applicable because it’s in their best interest.

  7. D-FENS says:

    If Christie ever wanted any shot at being president, his time to run was in 2012.

  8. Ottoman says:

    When lawyers start charging 5-6% of sales price per closed deal for doing little more than opening doors, shuffling papers, and making sure their agency is protected we can discuss their relative value in the average real estate transaction. Remember folks, real estate agents take on tons of overpriced listings and entertain tons of unqualified buyers and fund all that useless activity with your sale.

    grim says:
    September 9, 2015 at 7:56 am
    I really don’t like lawyers that stir the pot to pretend to show their value to clients, though that seems to be commonplace.

  9. grim says:

    Sellers attorney does little to nothing but collect a check.

    The fact that a typical buyers attorney fee is around $5000 is roughly in-line with the 5% agency commission on a per party basis.

  10. Libturd in the City says:

    “Remember folks, real estate agents take on tons of overpriced listings and entertain tons of unqualified buyers and fund all that useless activity with your sale.”

    I actually agree with Otto for a change.

    Additionally, I would add that if you are unfamiliar with the RE sales process, typical of a first-time home buyer, they CAN add great value. Of course, you have to find the right realtor who is actually interested in a long-term relationship and not just making a quick buck putting you into the first POS that fits your description. I admittedly, wish I had never purchased the multi we did. In the end, it’s working out okay. But I hate the house we chose.

  11. Libturd in the City says:

    The title thing needs to be revamped. How many times can a title search be performed on the same property?

  12. grim says:

    Title insurance is criminal

  13. Libturd in the City says:

    Grim, you ought to create a web app/site where anyone who uploads a completed title search is paid $25. Then offer to share the data to buyers at $100 a pop and include insurance to cover the slight chance that there is a claim on the land.

    Then invite me over for lobster on your yacht.

  14. Bystander says:

    Fast,

    My real estate agent was the typical middle age fat slob with a gunt. Her only reprieve was willingness to do whatever analysis she asked then we argued about it. She held her own but at end of day, it only mattered that millennial muppets outbid me on several occasions. No analysis can get around that. I got the home I wanted without overpaying and paid the big for it. She disliked me so much that she sent me .50 cent teabag holder for housewarming, two months later. My mortgage guy gave a great BBQ set though.

  15. leftwing says:

    4/Eddie

    First the disclaimer, no disrespect to the agents on this board whom I am sure by their posts and knowledge (and highly specific knowledge, eg 30yr) do not fall into the category below. I mean that.

    Eddie, if you have a door pusher, and I used one recently, shove them out of the way when you go to contract. Make sure you have a good lawyer and hopefully the other side does too. Route everything through the lawyers. You hit the crux of the issue, many (most) of these realtors do not have even a basic understanding of contracts or the concept of legally binding.

    Way too much to type and I would need some grey goose but I can walk you through a snapshot of my most recent. The brokers’ (used because they brought something else to the table for me) sole goal was literally stated to “keep everyone happy”. My goal on the other hand was to deliver what was prescribed under the contract so the transaction would actually close. Long story short, politely let the brokers know you want everything routed through counsel. Put it in writing to all parties, not by some cc:all to an existing email but in a separate letter. Ideally you are using your own attorney (and not the broker referred one). The former will listen to you and insulate you from stupidity. The latter will listen to the blue haired, unemployed housewife that referred them your business and you will be discussing irrelevant sh1te right to closing. Good luck.

  16. chicagofinance says:

    Lt Col Kilgore: “I love the smell NJ corruption in the morning. The smell, you know that gasoline smell, the whole hill. Smelled like victory.”

    grim says:
    September 9, 2015 at 7:20 am
    Come home Christie, Christie come home… From the Record:

    United CEO quits over internal probe of airline’s relationship with Port Authority ex-chairman

    The top executive of United Airlines and two other high-ranking employees stepped down Tuesday in response to an internal investigation into whether the carrier set up a non-stop flight route to curry favor with the former chairman of the Port Authority.

    Jeff Smisek’s abrupt resignation after five years at the helm of New­ark Liberty International Airport’s largest carrier is the most significant development yet in response to the controversy over what has become known as the “chairman’s flight.” The non-stop flight route between Newark and an airport in Columbia, S.C., about 50 miles from the weekend home of former Port Authority Chairman David Samson, has also been the focus of an ongoing federal investigation. United Airlines announced this year that it would conduct its own investigation into the flight after receiving subpoenas from federal authorities.

  17. chicagofinance says:

    FWIW – This United Airlines thing sticks to Christie big time……I don’t give a crap that he has no DNA…..look at the whole host of scumbags he hired as henchmen…….

  18. grim says:

    Median income for a real estate agent in NJ is something like $40,000.

    Unlike burger flippers, retail clerks, or wait staff, a real estate agent doesn’t even make minimum wage. Living wage? Hah. Why no uproar about this?

    In addition, they are responsible for a good portion of their operating costs – car, gas, insurance. Unlike municipal/public employees, there is no company car.

    Realize that closed transactions represent probably something like 20% of the total client base. Imagine if retail jobs were based on sales – Burger King didn’t sell enough burgers today? Nobody gets paid.

  19. Fast Eddie says:

    Sellers attorney does little to nothing but collect a check.

    The fact that a typical buyers attorney fee is around $5000 is roughly in-line with the 5% agency commission on a per party basis.

    Not from my experience at all.

  20. Fast Eddie says:

    Median income for a real estate agent in NJ is something like $40,000.

    When that gun is removed from their head, they can consider another profession.

  21. grim says:

    Buyers attorney handles settlement
    Buyers attorney handles hud
    Buyers attorney handles 1/2 the contract
    Buyers attorney handles disbursement of funds
    Buyers attorney handles closing funds/mortgage
    Buyers attorney handles title
    Buyers attorney handles deed
    Buyers attorney makes sure sellers are out in time
    Buyers attorney typically holds funds (this is usually my approach)

    Sellers attorney….
    Sometimes handles limited power of attorney for closing
    Reviews the HUD provided by the buyer’s attorney
    Sometimes helps argue about inspection issues (I’ve never seen them do more than any agent would do).
    Usually walks into the closing 5 minutes late with some stupid excuse about being stuck in court, both attorneys laugh, sits down and signs some papers.

    Rarely does the sellers attorney earn their keep unless there is some significant issue with regards to closing.

    I’ve had attorneys call me half an hour before closings asking me to get water meter readings or run documents between offices.

  22. Fast Eddie says:

    I’ve had attorneys call me half an hour before closings asking me to get water meter readings or run documents between offices.

    What was the agent doing at the time?

  23. leftwing says:

    Grim, I have no issue with brokers’ comp or lack thereof.

    They are service professionals and as such the senior ones eat what they kill. Don’t close, don’t eat.

    Very similar to lawyers, bankers, accountants, etc at the same level. The only difference is real estate brokers know they are going into a business that is entirely commission based. The other professions usually have some salary floor you can coast on – for a year or two – if you are not delivering.

    I feel for the ones pushing $450k ranches in marginal towns. Hard close and low fees. The ones that raise everyones’ ire though are the grandmas that take on a $1.8m listing in a town where houses are moving and bank $35k for an MLS listing. To people complaining about them, too bad. Don’t hire them, sell it yourself, or boycott the market.

  24. grim says:

    What was the agent doing at the time?

    No matter what, I get shit done.

  25. grim says:

    $450,000 Ranch – 5% Commission (assume even split)

    Sellers Agent – $5,625 (In the agent’s pocket)
    Sellers Broker – $5,625 (Typically covers business overhead costs, remainder is profit)
    Buyers Agent – $5,625 (In the agent’s pocket)
    Buyers Broker – $5,625 (Typically covers business overhead costs, remainder is profit)

    Given these are pre-tax numbers, I hardly think that anyone is killing it with these commissions.

  26. Fast Eddie says:

    No matter what, I get shit done.

    Certainly, because you get it and you have professional degrees and professional experience. 99% of the house guides don’t nor do they get it. Most are unethical and full of sh1t. You know, like sending threats that they’ll start showing the house again AFTER attorney review is concluded and AFTER all mortgage applications are complete.

  27. grim says:

    I’m no lawyer, but a real estate sales contract generally means shit. I’ve never heard or seen anyone in a non-commercial contract try to seek specific performance when things went south, likewise I’ve never personally heard of a seller keeping a buyer’s deposit if things went south the other way.

  28. grim says:

    For example, in my own transaction, sellers pushed the closing date nearly 2 months, I’m talking PUSHED, as in delayed the agreed upon, and inked, contractual close date. Turns out they hadn’t even started looking for a house until the deal was inked. Even at that point we had to really start pushing them hard to get out. I think they ended up moving in with one of their kids in the interim.

  29. Libturd in the City says:

    Gotta get a good one. It’s really that simple. The smart realtors eventually open their own shop, skim off the newbies and handpick the easy homes to sell.

  30. grim says:

    Also, keep in mind that the lawyers still get paid if a transaction falls apart.

    I paid my attorney $1,500 to represent us in a short sale that never went anywhere, and that was with professional courtesy.

  31. grim says:

    Attorneys get it. They can close down meaningless, mind numbing conversations and requests. In my experience brokers won’t.

    I’ve had two attorneys argue about the definition of “clean” across multiple correspondences.

  32. leftwing says:

    Grim, I said I have sympathy for the seller of $450k ranches.

    I will note, since so many of buddies wives have hopped the RE train, that even the least experienced of them is getting much better splits than you note above. If they are paying their own overhead even near newbies are 75% or better.

    50% is more a raw beginner being trained at expense of office, no?

    Again, it is a eat what you kill industry. If the broker can’t live on the projected commissions don’t do it. if the buyer is offended by the broker’s take, don’t buy the house.

  33. leftwing says:

    And your best friend if the sh1t hits the fan is a well drafted contract that *was actually followed*.

    All the more reason to avoid the non-attorneys. They can muck up otherwise good deals, delay closings with non-contracted inane requests, and worse case if there is enough non-compliance with the contract if the sh1t does hit the fan a court may toss other provisions if you have effectively ‘voided’ major parts of a contract otherwise.

  34. leftwing says:

    “I’ve had two attorneys argue about the definition of “clean” across multiple correspondences”

    Demonstrates a bad attorney, not a bad concept.

    If there were not a real issue there (eg, buyer trying to get a $2k discount at the closing table because my house wasn’t delivered ‘clean’) any attorney that I’ve ever worked with knows I would toss him out of the room and finish the deal myself if he pulled that sh1t with my money and time.

  35. grim says:

    My negative view on value of a sellers attorney is based on a single transaction where the sellers did not vacate on the closing date. More idiotic ambivalence and poor planning than malice (what, you can’t book a mover the day before the closing, you know how long it takes to pack?).

    They guy didn’t bother to talk to his clients, had no clue, it wasn’t until we showed up for the walkthrough that we saw they didn’t even f*cking start to pack.

    We had closing scheduled in something like 2 hours time.

    “What do you want me to do about it?” was his response.

  36. leftwing says:

    36. It’s amazing some people can feed and clothe their children. Who knows, maybe they are not.

  37. 3b says:

    The closing process in north jersey is mostly going to be handled by the title search company just like Monmouth co. I believe in Bergen it becomes effective in October.

  38. leftwing says:

    Hey Grim, how can I reach you by email? Was looking for a ‘contact admin’ button, did not see one. Thx

  39. Anon E. Moose says:

    Grim [9];

    Sellers attorney does little to nothing but collect a check.

    The fact that a typical buyers attorney fee is around $5000 is roughly in-line with the 5% agency commission on a per party basis.

    You’ve cooled my ire and opened my eyes when it comes to recognizing the value a good agent brings to the table. (On the whole, I still maintain the field is wildly over-compensated, and shows some glaring deficits with poor customer service). However, I paid only $1,000 to my attorney on the buy in 2012. That seems a common figure (Data point: Seller’s fee — $750; buyer’s fee $1,000)(Other anec-data).

  40. leftwing says:

    Grim, can you send me an email at my address? Thx

  41. grim says:

    40 – Didn’t you have the title company do the closing? I think you were the only deal I ever did that had title do the closing (which wasn’t any different from the attorney doing closing).

    Based on what 3b says above, it’s going to be interesting to see if that becomes the norm, since it will save folks a bit of money.

    Yeah 5 is a little on the high end.

  42. Anon E. Moose says:

    Grim [42];

    The title company did a lot of the closing paperwork, not my attorney’s office. My attorney helped me negotiate the contract and rider.

    He also did it twice for one fee. That first deal that fell apart when the seller got cold feet, my attorney did not take a fee for that. (I was planning to squeeze it out of the seller to break the contract anyway– as it was the seller paid my inspection and appraisal fees to get me to kill the deal.)

    Coda to my deal: The title company had to do a corrective deed — there was a mistake on the block or lot numbers to the second lot (they may have been reversed, I don’t specifically recall). I realized there was a problem when I got my tax assessment post card for 2014 on the second lot mailed to the name of the previous owner. The title company did the paperwork for that as well. The woman running the title company lived in my town (her office was in Hacketstown), told me she was then in the process of moving her business to Florida. Greener pastures, I guess.

  43. HeHateMe says:

    My title closer must have been Jewish as he took a tip

  44. Fast Eddie says:

    The attorneys have been diligent and a non-issue on both the buying and selling side. It’s been two of the four house guides in the four party transaction that have decided to create their own script. I’m trying to bite my tongue here.

  45. leftwing says:

    Many thanks Grim.

    When’s the next GTG. Owe you more than one beverage…..

  46. chicagofinance says:

    CAMDEN – South Jersey’s most impoverished city is known for plenty of irony – like this case of a city man dedicated to helping homeless drug addicts get treatment, and is now facing charges for running a drug den during his off-hours. The Courier-Post reports this program coordinator at a local shelter was selling heroin and crack cocaine at the same time he was leading the war on drugs. This guy was even lauded in a Courier-Post column in 2010, which gushed, “Through all the inaction and excuses, it is refreshing to find someone … who doesn’t focus on what’s not being done. He just does whatever it takes to improve the lives of Camden’s destitute.”

  47. chicagofinance says:

    Is 9/23/2015 10 years? Who gives a f….obviously not Mr. Sh!tbag.

    leftwing says:
    September 9, 2015 at 11:21 am
    Many thanks Grim.

    When’s the next GTG. Owe you more than one beverage…..

  48. chicagofinance says:

    Yes our lazy crazy summer is over…….(FlabMax Edition)….
    http://nypost.com/2015/09/09/irans-supreme-leader-no-talks-with-great-satan-beyond-nuke-deal/

  49. leftwing says:

    hahaha. red meat for trump.

  50. HeHateMe says:

    Thank God I have not aged a day and have gotten even richer and better looking. Plus on urban dictionary I am cross referenced under the phrase “hung like a donkey”

    chicagofinance says:

    September 9, 2015 at 12:01 pm

    Is 9/23/2015 10 years? Who gives a f….obviously not Mr. Sh!tbag.

    leftwing says:
    September 9, 2015 at 11:21 am
    Many thanks Grim.

    When’s the next GTG. Owe you more than one beverage…..

  51. joyce says:

    48
    Do you think the article headline reflects the quote accurately?

  52. Statler Waldorf says:

    Trump would love to see this video, how companies specifically avoid hiring Americans in favor of cheap foreign labor:

    “Our goal is specifically NOT to hire qualified and interested American job candidates.”

    “If an American candidate is highly qualified, bring them in for an interview and find reasons to disqualify them.”

    http://www.youtube.com/watch?v=TCbFEgFajGU

  53. Comrade Nom Deplume, the Answer says:

    [52] Waldorf

    The video is 8 years old. Query if EEOC or some other regulator has issued guidance or regulations to address this?

  54. Statler Waldorf says:

    It may be an older video, but I would bet over 99% of the population today has no idea such activity takes place, and are instead convinced there is a “shortage” of skilled American workers available.

    The presenters are attorneys, explaining in detail how to remain compliant with labor laws while specifically not hiring Americans, in favor of bringing in lower-paid foreigners.

    It’s a miracle the video exists, truly. Now who in Washington DC has the common sense to act upon it?

  55. leftwing says:

    As a businessman Trump is infinitely lucky he is in real estate and not manufacturing or services.

    No foreign labor issues, no plant location issues, no overseas tax subsidiary issues, etc.

    Really makes him unique. Aside from the fact that she is totally unqualified if Fiorina ever polls she’ll be destroyed. I can only imagine what HP looked like under her tenure on those issues. Similar to what they tried to do to Romney, with the ‘offshore’ accounts, tax havens, etc.

  56. Comrade Nom Deplume, the Answer says:

    [54] statler

    I’m not an employment or labor law attorney so I cannot say with any authority, but I am not sure it’s illegal. American citizen isn’t a protected class. But then again, I don’t work in that area so I cannot say.

  57. joyce says:

    56
    While I disagree, the fact that it truly is or isn’t against the law doesn’t matter. All that matters is which laws will they (selectively) enforce or not enforce… and how will said laws be (selectively) interpreted?

  58. Comrade Nom Deplume, the Answer says:

    [57] joyce,

    I’d be interested to know more on the legality of it if you want to do the research. As I said, it isn’t my area.

    Found this article from a few years ago. Goes into the history somewhat and it seems shameless now but early temp agencies openly advertised things that would result in social media flaming, protests and DoJ investigations today. Later, one of the interesting but expected developments is that the temp business got a huge boost from Obamacare.

    http://www.propublica.org/article/the-expendables-how-the-temps-who-power-corporate-giants-are-getting-crushe

  59. Comrade Nom Deplume, the Answer says:

    [54] statler,

    There are those who would act upon it but you would not like the result. That is why it isn’t acted upon. Not directly anyway.

  60. Statler Waldorf says:

    I never stated or implied the behavior in the video is illegal. The issue here is politicians are completely clueless about the nature of the problem, either by ignorance or lobbyist payoffs.

    How can we not act upon a deliberate effort by corporations, and the ‘ignorance’ of politicians, to ruin the country? It’s hard to believe the people in this video can sleep at night, not to mention the CEOs who intentionally sell out their country for a few extra bucks in profit.

  61. NJGator says:

    Chifi 17 – Sing Samson, sing!

  62. Comrade Nom Deplume, the Answer says:

    [60] statler,

    I submit that the cure is worse than the disease, at least right now. If you were to crack down on H-1Bs, corporations would simply outsource more. If you crack down on outsourcing, corporations may simply redomesticate. If you crack down on foreign corporations, you invite reprisals.

    At the end of the day, we may well return to a time when we had fewer choices, provided by heavily regulated but heavily protected oligarchies, and for a higher cost. But we may not have the wages to pay those costs because (1) we won’t be exporting and (2) at higher mandated wages, corporations will resort to more technology.

    We can’t go back to the Fifties and Sixties, no matter how much we want to.

  63. phoenix says:

    Crack down on H-1bs, at the same time tariff EVERYTHING that is not a necessity in the USA.
    No pain, No gain. Let the corporations sell their products to other countries with higher GDP for top dollar like Gilead prices Sovaldi.

    http://www.fiercepharma.com/story/gilead-sciences-prices-sovaldi-india-tiny-fraction-us-cost/2014-08-07

  64. NJT says:

    I’m doing my first contingency sale (of my home) starting next month. Seller is willing to wait…a year. Will be a cash deal with no attorneys or ‘realtors’. Of course I’ll need them both when selling mine, though. Well, maybe not. Think I’m going to list it FSBO for a while (I own it outright – yes, no mortgage – and will price it to MOVE).

    Seller (of the house I want to buy) already owns another with no mortgage and someone is living in and maintaing it. Divorced, kids grown and no ties to the area just wants to move on but likes us and what we are willing to pay with no hassles.

    If I can pull this off…

    *I’ve already had the house appraised and inspected (for free – friends). NO issues and it needs NOTHING.

    DREAM RE situation! What could go wrong? (ya never know).

  65. joyce says:

    62
    You’ve made that statement several times here, and you leave out many other parts of the equation. If the US were to put in place identical trade conditions as its largest current trading partners do (in addition to other reforms), we would be fine. If by “invite reprisals”, you mean even higher tariffs and other trade barriers that would hurt them more in the long run. Of course this would involve short term pain while our domestic economy restructures…

  66. leftwing says:

    “Crack down on H-1bs, at the same time tariff EVERYTHING that is not a necessity in the USA. No pain, No gain. Let the corporations sell their products to other countries with higher GDP for top dollar like Gilead prices Sovaldi.”

    Two thoughts here. The ‘tariff everything’ horse has left the barn. We’ve exported too much of what we need to throw up barriers.

    Conversely, on the second point, we should start charging ROW for the benefits of our services they internalize.

    You’re a Western European country and sleep well at night because we are boots on the ground and the world’s policeman? Pay up to normalize defense spending across all countries at a common %.

    We have market pharma pricing and you have controls? Transfer payment to us to normalize. Or tell the corporations ALL their R&D and production moves here or we go to the UK level of reimbursement.

    That’ll rattle a few cages.

  67. leftwing says:

    Which is why I’m infactuated with Trump. While he may not actually DO things like the above he is perceived as crazy enough that he may. Which is just as good.

    Normal politician wouldn’t touch such moves with a ten foot pole. Much easier to continue to spend your future tax dollars on credit.

  68. phoenix says:

    “We’ve exported too much of what we need”
    What I find is a strong disconnect between “what we need” and “what we want.”
    What we need is to become “resourceful” instead of “dependent.”
    Which is the reason when a foreigner comes to this country they eat our lunch.
    Americans are too focused about their “image” and are trained to compare objects and possessions. You can thank media and marketing for that…

  69. phoenix says:

    I think Trump does well for one reason
    Americans just wants what is good for America.
    Take care of our Veterans.
    Take care of our Citizens.
    Get jobs here.
    Keep the land, water and air clean for Americans.
    Globalization makes a few wealthy and drives things down for others.
    Standard of living?? What, bigger houses, faster cars? How about time with your children? How about going for a drive without someone calling on a cell phone-when you don’t answer they are angry-you know, there was a time when a phone had a cord and you were not bothered 24/7 minute to minute. This all adds stress.
    We have more junk and throwaway items. Who needs it.

  70. leftwing says:

    Phoenix, totally agree with you. 69 is post of the day.

    But…on the other stuff there is just too much that has moved away.

    Want any automobile? Guarantee you there are likely 10+ parts without which the vehicle will not run that are outside our jurisdiction and impossible to manufacture quickly.

    Long, long time ago I banked a ball bearing company. $uck@ss business then, moving offshore. Guarantee that even if every other part of that large earth mover is available in the US (they aren’t) there is something ‘small’ like a bearing that isn’t. How’s that $500,000 piece of equipment working for ya without bearings?

    Can’t put humpty dumpty back together. Those empty plants and warehouses lining railroad tracks from outside Newark through Albany, Syracuse, Rochester, and beyond will never again be more than the discount outlets they currently are. Shameful.

  71. phoenix says:

    lw,
    You would be surprised how quick we could ramp up production of anything if we HAD to.
    It’s time…..

  72. chicagofinance says:

    In my opinion, the video may very well be out of context…… My wife when she was director of employment at one of the bond rating agencies had to deal frequently with this exact issue.

    I’ll put it better this way to make it less provocative…it is not the same situation, but the general mechanism is the same….when I was at AT&T, they wanted to promote me….in order to do so, they first had to create a new position in their org chart. Then they had to run an internal call for resumes. Then they had to run an external job ad. Why? Corporate protocol. But bottom line, they simply wanted to promote me. However, this entire process took more than 6 months even though my group had hand selected an internal candidate to fulfill the role (i.e. me)….regardless, this exercise was form over substance.

    The lawyers in the video are doing the same thing…..they have found a similar inside candidate….as an example….a Canadian national in Toronto who wants to transfer to Chicago…they want to get the candidate in ASAP, but do not want to fun afoul of the regulations….HR people shake in their boots because it is so easy to make the company look bad if you screw up and in the press it gets misrepresented….I am not making excuses, but at the same time, try to be objective should there be reasonable grounds……

    Comrade Nom Deplume, the Answer says:
    September 9, 2015 at 2:46 pm
    [60] statler,

    I submit that the cure is worse than the disease, at least right now. If you were to crack down on H-1Bs, corporations would simply outsource more. If you crack down on outsourcing, corporations may simply redomesticate. If you crack down on foreign corporations, you invite reprisals.

    At the end of the day, we may well return to a time when we had fewer choices, provided by heavily regulated but heavily protected oligarchies, and for a higher cost. But we may not have the wages to pay those costs because (1) we won’t be exporting and (2) at higher mandated wages, corporations will resort to more technology.

    We can’t go back to the Fifties and Sixties, no matter how much we want to.

  73. Statler Waldorf says:

    This fits well with the above video…

    Sep 9 4:23 PM EDT

    Why US job openings are surging, while hiring plods

    Some economists say that a mismatch between the skills of many of the unemployed and the skills needed by expanding companies is a big reason that openings are rising more quickly than actual hiring. Openings are up 22 percent in the past year, while hiring has declined.

    “The data … now signal unambiguously that the labor market is unable to supply the people companies need,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note to clients. “Usually, that means wages will accelerate, though the evidence for that now is mixed.”

    Other economists say that the so-called “skills mismatch” is exaggerated. They argue that if businesses can’t find the workers they need, then wages would rise more quickly.

    http://customwire.ap.org/dynamic/stories/U/US_JOB_OPENINGS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-09-09-16-11-07

  74. Statler Waldorf says:

    Chicago, doesn’t sound like you watched the same video.

    The presenter clearly states “Our goal is specifically not to hire Americans, but instead to get visa candidates.”

  75. Essex says:

    73. ATT a collection of imbeciles, asshats, and islands of uncooperative data. You must have felt right at home there.

  76. Ragnar says:

    So this Caitlyn thing is all about Bruce trying to get locked up in a women’s prison?

  77. Essex says:

    Everyone I have met from ATT is a functional retard. They DO hire the exceptional.

  78. Alex says:

    So facebooking, twittering and texting all day aren’t developing the necessary skill sets employees need. Huh, imagine that.

  79. NJT says:

    #77 – “So this Caitlyn thing is all about Bruce trying to get locked up in a women’s
    prison?”.

    How much does that job pay and how often do I get RR? Eh, forget it, I don’t
    want to get divorced.

  80. NJT says:

    “We can’t go back to the Fifties and Sixties…”
    Or even the 90s.
    Ship is shot. You’re on your own. Position accordingly.

  81. NJT says:

    Still havn’t got Trump “MAKE AMERICA GREAT AGAIN” hats for the kids. EVERY time his people e-mail me I ask for them.

  82. Alex Bevan says:

    82

    They are on a slow boat from China.

  83. Alex Bevan says:

    Wife just got her health insurance out of pocket info for this year, she is a teacher.

    Pays about $7K out of pocket, 23% of the value of the policy. So much for those free bennies.

    Getting close to where it makes more sense from a strictly out of pocket perspective to go with my employers insurance. Insurance is worse, but we are healthy, kids are past the health issues stage, etc.

  84. The Great Pumpkin says:

    Sickening indeed, and then you have regular Americans defending this bs in the name of the free market. They applaud these moves and defend the corporation’s dirty actions…they are lost.

    Statler Waldorf says:
    September 9, 2015 at 2:14 pm
    I never stated or implied the behavior in the video is illegal. The issue here is politicians are completely clueless about the nature of the problem, either by ignorance or lobbyist payoffs.

    How can we not act upon a deliberate effort by corporations, and the ‘ignorance’ of politicians, to ruin the country? It’s hard to believe the people in this video can sleep at night, not to mention the CEOs who intentionally sell out their country for a few extra bucks in profit.

  85. The Great Pumpkin says:

    It really is as simple as that.

    phoenix says:
    September 9, 2015 at 2:56 pm
    Crack down on H-1bs, at the same time tariff EVERYTHING that is not a necessity in the USA.
    No pain, No gain. Let the corporations sell their products to other countries with higher GDP for top dollar like Gilead prices Sovaldi.

    http://www.fiercepharma.com/story/gilead-sciences-prices-sovaldi-india-tiny-fraction-us-cost/2014-08-07

  86. joyce says:

    Economics is never simple, Idiot. You taught us that.

  87. Comrade Nom Deplume, not enjoying Labor(ing) Day says:

    [87] Joyce,

    No it isn’t simple. Not in the least. And I don’t profess to have the answers. But I do have good instincts.

  88. joyce says:

    Comrade,
    You know my last post wasn’t directed you?

  89. joyce says:

    directed [at] you

  90. The Great Pumpkin says:

    It was directed at me.

    It is simple, Trump is right, we hold the cards. Too bad you have some sick individuals that are chasing short term profits by offshoring jobs and sucking our consumer base dry.

    We don’t have politicians strong enough to say no to the bribes, so the tariffs never get put in place. The tariffs would indeed help America. The world needs us more than we need them and that’s a fact. Biggest consumer market is right here with tons of resources to support it. That’s why it makes me sick that they became so greedy that they sold out our country by offshoring jobs and cheating the tax system. These people are criminals, they have no care for our communities or our people.

  91. Essex says:

    Apples is done without Jobs.

  92. The Original NJ ExPat says:

    Oh no! Pumpkin is becoming self-aware. Robo-pumpkin will soon be shaking down other people’s grandma’s for RE.

    It was directed at me.

  93. Comrade Nom Deplume, not enjoying Labor(ing) Day says:

    [90] Joyce

    Yes, I know. But you did comment directly earlier in the day.

  94. The Great Pumpkin says:

    “There’s a big reason to believe that the U.S. economy will be able to withstand the start of the Fed tightening cycle: There’s still plenty of pent up activity in the housing sector. And it’s hard to see the U.S. economy running out of steam with this much upside left in residential investment, according to some economists and analysts.
    Going back to the 1940s, the U.S. central bank has never embarked upon a tightening phase with housing having so much room to run to the upside.”

    http://www.bloomberg.com/news/articles/2015-09-10/the-u-s-economy-is-just-starting-to-tap-into-a-big-source-of-dry-powder

  95. The Great Pumpkin says:

    “There’s a big reason to believe that the U.S. economy will be able to withstand the start of the Fed tightening cycle: There’s still plenty of pent up activity in the housing sector. And it’s hard to see the U.S. economy running out of steam with this much upside left in residential investment, according to some economists and analysts.
    Going back to the 1940s, the U.S. central bank has never embarked upon a tightening phase with housing having so much room to run to the upside.”

    Bloomberg article from today….won’t let me post the link for some reason, keeps getting blocked.

  96. The Great Pumpkin says:

    “Neil Dutta, head of U.S. economics at Renaissance Macro Research in New York, noted that the relative strength of the labor and housing market makes for quite an abnormal dynamic.
    “What is interesting about this is that the housing market is accelerating at a time when the labor market is near full employment,” he said.
    He suggested that any shortage of construction workers could be remedied by displaced mining employees and higher wages to attract additional labor.
    The unemployment rate, which dipped to 5.1 percent in August, has rapidly converged upon the Federal Reserve’s estimates for the non-accelerating inflation rate of unemployment, which is a range of 5 percent to 5.2 percent. That is, monetary policymakers think that 5 percent is the lowest the unemployment rate can get before inflationary pressures start to arise.
    Labor slack has been eliminated at a rapid pace, though broader measures of the health of the jobs market suggest work remains to be done.”

    Bloomberg article from today….won’t let me post the link for some reason, keeps getting blocked.

  97. The Great Pumpkin says:

    never mind, now it’s going through.

  98. The Great Pumpkin says:

    cont- Pretty much agrees with what I have been predicting.

    “On a recent interview on BloombergTV, New River Investment portfolio manager Conor Sen indicated that the U.S. single-family housing market would enjoy a strong secular tailwind over the next 10 to 15 years as millennials formed households and shifted from renting to owning homes.
    Sen separately observed that single-family housing starts, as a share of the prime age population (25 to 54 years old), remain at very subdued levels. If single-family starts normalize to 1.25 million, more than 250,000 workers would be needed to erect them, assuming that the ratio between starts and residential construction jobs reverts to what it has averaged since the start of 1985.
    Dutta concurred with the demographic support for construction activity, pointing out that children born in the 1980s, when the birth rate was climbing, will make up the next batch of first-time homebuyers. He also noted that cyclical forces, such as easing lending standards and rising homebuilder confidence, buoy the outlook for the sector.
    “Bad things do not happen to America when housing is moving up and to the right while Americans are finding jobs,” said Dutta.”

  99. Libturd in Union says:

    “Pays about $7K out of pocket, 23% of the value of the policy. So much for those free bennies.”

    Welcome to the world that the rest of us have been living in since the mid nineties.

  100. Libturd in Union says:

    Be happy that your copays are not $30 and that prescriptions don’t start at $20. And rest assured, your supplemental (for now) remains intact.

  101. Libturd in Union says:

    Be happy that your copays are not $30 and that prescriptions don’t start at $20. And rest assured, your supplement@l (for now) remains intact.

  102. Libturd in Union says:

    Be happy that your co-pays are not $30 and that prescr1ptions don’t start at $20. And rest assured, your supplemental (for now) remains intact.

  103. Libturd in Union says:

    “Apples is done without Jobs.”

    I really couldn’t agree more, though done may take a while. I’m due for an upgrade on my iPhone 5, but the 6S is so underwhelming, I may wait another year.

  104. Libturd in Union says:

    Though, have been promising Gator Jr. that he gets my phone when he can prove he’s responsible enough for it. He’s gone a whole year without losing my old candy bar dumb phone, so I may just have to bite the bullet. Plus, my battery life is really suffering lately. At least Cook knows planned obsolescence.

  105. chicagofinance says:

    Unless grim puts an end to this thread, you are starting to dance on this topic….are you aware of the stealth nonsense coming down the Turnpike? ACA is really so much worse than you would ever expect…..

    POLITICS HEALTH POLICY
    ‘Cadillac’ Health Tax Fight Heats Up
    Levy of 40% under Obamacare could prompt employers to eliminate flexible spending accounts

    By STEPHANIE ARMOUR

    A looming tax on generous employer health plans could imperil flexible spending accounts, a popular benefit that lets employees set aside tax-free money for certain medical expenses.

    The Affordable Care Act’s tax on high-cost employer health insurance is scheduled to start in 2018, when it will impose a 40% levy on benefits that exceed a government-set threshold. Employers already are reviewing or trimming health plans to minimize the effect of this “Cadillac tax,” benefit experts say.

    The tax threshold takes into account not just the value of premiums, but also other benefits offered by employers—including money put in flexible spending accounts. by workers or their employers.

    Benefits consultants say that will prompt many employers to limit the amount workers can put in the accounts, commonly called FSAs—or do away with the accounts altogether. Few employers contribute to the accounts, but those that do could stop.

    The threat to flexible spending accounts has further stoked efforts by some in Congress to try to repeal the tax. The issue is expected to be taken up this fall.

    Paid Insurance Enrollees Decline
    “As employers seek to avoid the tax—as a significant number plan to do—[they] will first look to trim benefits including FSAs that are counted toward the tax calculation,” Rep. Joe Courtney (D., Conn.) said in a statement. “The clear result will be a reduction in the quality of insurance plans offered to employees, and increased out-of-pocket costs for their families.”

    Mr. Courtney’s bill to repeal the tax has 132 co-sponsors, including 14 Republicans. It also would change some parts of the tax code. A bill introduced by Rep. Frank Guinta (R., N.H.) has about 80 GOP co-sponsors.

    Some lawmakers and benefits managers are concerned the tax will hurt middle-class earners by taking away a benefit. Most large companies offer FSAs. Earnings that employees put into the accounts can be used for certain out-of-pocket medical expenses, as well as insurance copayments and deductibles.

    Workers and employers who contribute the maximum allowed by law to an FSA—a combined $2,550 a year—could push many company plans over the tax threshold. The threshold is $10,200 in health benefits for individual coverage and $27,500 for a family in 2018.

    “The Cadillac tax was created to discourage overly generous plans, but instead it’s kind of targeting the Corollas,” said Jody Dietel, chief compliance officer at WageWorks Inc., a provider of flexible spending accounts and other benefit plans. “It’s an unintended consequence.”

    Efforts to repeal the tax face an uphill battle. Lawmakers, who expect a budget battle this fall, would have to come up with ways to offset the more than $80 billion the levy is projected to raise for government coffers over 10 years. In addition, President Barack Obama has indicated he would veto legislation that would weaken the health law.

    A White House spokeswoman called the tax “a key part of how the Affordable Care Act improves the affordability, accessibility and quality of health care while reducing the deficit.” She said the administration is willing to work with lawmakers to improve the law but would oppose repealing the tax.

    Supporters of the tax say it will curb health-care spending by putting a brake on high-cost insurance plans. They say the levy will prompt employers to scale back such plans, which in turn will allow them to boost wages by using the resulting savings.

    “As a lot of employers are expected to hit the Cadillac taxI’d expect FSAs to vanish,” said Larry Levitt, a senior vice president at the Kaiser Family Foundation, a health-policy research group. “I was surprised by how big an effect FSAs have on reaching the [tax] threshold. Most people have been focused on premiums.”

    Jay Savan, a partner in Atlanta at Mercer’s Health & Benefits business, said that as the company works with clients on managing the tax, “the first place employers are looking is the flexible spending account.”

    Hackensack University Medical Center in New Jersey has been focusing on curbing costs of its health plan in part by encouraging its 7,600 employees to use its own services for medical care rather than outside providers. Everything is being reviewed, including flexible spending accounts, but no decisions have been made, said Paulette Wright, Hackensack’s director of population health and pension strategies.

    If the legislation fails and employers maintain FSAs, 26% of them would have at least one health plan that surpasses the individual threshold in 2018, according to a Kaiser analysis, with the number jumping to 42% in 2028. But just 16% would exceed the threshold if flexible spending accounts weren’t in place in 2018, based on the analysis that anticipates yearly premium increases of 5%. The Kaiser study didn’t tally the number of employees affected.

    “It’s going to be one of the first times employees will be negatively impacted by the Affordable Care Act,” said Katy Spangler, senior vice president of health policy at the American Benefits Council, which leads a campaign to repeal the tax called the Alliance to Fight the 40. “It’s going to discourage employers from making contributions and employees from donating just as more employers are moving to high-deductible plans.”

    —Louise Radnofsky contributed to this article.

  106. 1987 Condo says:

    #103..what is their PE? 12? Not really bad

  107. NJGator says:

    For JJ….This doesn’t count as legitimate concealed carry in TX?

    http://talkingpointsmemo.com/livewire/waco-texas-gun-v*gina-methamphetamine

  108. Libturd in Union says:

    How will this Cadillac tax impact public workers who are all in Cadillac plans? I’m betting that it doesn’t. Hmmmm.

  109. 1987 Condo says:

    #108: Options

    1. Cadillac tax gets nixed or revised or delayed (most likely)
    2. NJ Taxpayers pay the tax
    3. Next Governor works on an actual pension/healthcare reform solution that incorporates pension and the healthcare tax. Current Governor sort of poisoned the well.

  110. Libturd in Union says:

    I’m going with option 2.

  111. Comrade Nom Deplume, the Answer says:

    [105, 109]

    Hoodathunkit?

  112. leftwing says:

    From Lib, 109:

    Not just f’ed, but there is a pass the b1tch around the holding cell scenario:

    The Cadillac Tax fix specifically excludes collectively bargained public employee plans. No additional tax to taxpayers, no decrease in bennies for labor.

    Why not, the gubmint is well on its way making two classes of citizens under the law already.

    “The problem for taxpayers is that many, if not most government employees enjoy rich health benefits and already have policies that will be subject to the federal Cadillac Tax. By 2018, unless public employers hold down benefit costs, state and local taxpayers will have to pay the excise tax to the federal government for public employees.

    United Benefit Advisors (UBA) surveyed 11,000 employers last year. The report found that government-employer annual health care costs increased at double the rate of health coverage in the private sector. The survey also showed that private-sector employees have larger co-pays and higher out-of-pocket expenses than public workers. “

  113. Libturd in Union says:

    UBA didn’t need to perform a survey. They could have just asked me.

  114. leftwing says:

    Loss of FSA would really hurt mainstream. Remember when I had one it was a great to meet copays, deductibles, get things like eyeglasses, all with pre-tax dollars.

    Really helped when I was young and the tax savings on $2500 mattered…..

  115. Libturd in Union says:

    I do $500 a year since one year we didn’t even make it to $200 by December and Gator ended up buying like 2 years worth of disposable contact lenses. With my high copays and two kids, the $500 is a piece of cake. The pretax savings on $500 probably amounts to like $20 though. :P

  116. Comrade Nom Deplume, the Answer says:

    [115] leftwing

    You have until October 1 to make your feelings known directly to the regulator.

    http://www.irs.gov/pub/irs-drop/n-15-52.pdf

  117. Comrade Nom Deplume, the Answer says:

    [117] redux,

    In fact, why write. I’m sure she’d love to hear from you all.

    “The principal author of this notice is Karen Levin of the Office of Associate Chief
    Counsel (Tax Exempt and Government Entities). For further information regarding this
    notice contact Ms. Levin at (202) 317-5500 (not a toll-free call)”

  118. Comrade Nom Deplume, the Answer says:

    C’mon everyone. Lighten up. It’s for the children!

    “Our tiered healthcare system, which gives better care to those who can pay more, and the bare minimums to those who can’t, is inherently unfair. The Cadillac Tax seeks to disincentive the disparity between low-end and high-end health plans through taxation. It also ensures that those who can afford the best health plans contribute tax dollars to healthcare. The extra tax revenue from high end plans helps to subsidize cost assistance for lower end plans.”

    http://obamacarefacts.com/obamacare-cadillac-tax-excise-tax-on-high-end-plans/

  119. leftwing says:

    116. Haha, one year I had a lot left over in my account. Went into that next summer with some very nice prescription shades.

    117. I don’t like to poke the sleeping bear. Particularly when it is a three letter government agency.

    119. Nonsensical drivel worthy of the lowest common denominator usually posted here. Not even worth rebuttal, but:

    The wealthy will always have better things if they so choose – cars, houses, phones, vacations, and yes healthcare. They are different than you and me.

    How is the above ‘inherently unfair’? I love these sweeping conclusions issued by liberals as dogma without reason, logic, or support.

    Any thought of the ethics of denying better healthcare to someone who desires it to raise the level of healthcare of someone else?

    “Ensures those who can afford the best healthcare plans contribute tax dollars to healthcare” Because all those deductions from your paycheck to the gubmint go into the ether, and do not support healthcare.

    I mean how can they even publish this drivel with a straight face?

  120. leftwing says:

    116. Haha, one year I had a fair amount left over in my account. Went into that next summer with some very nice prescription shades.

    117. I don’t like to poke the sleeping bear. Particularly when it is a three letter government agency.

    119. Nonsensical drivel worthy of the lowest common denominator usually posted here. Not even worth rebuttal, but:

    The wealthy will always have better things if they so choose – cars, houses, phones, vacations, and yes healthcare. They are different than you and me.

    How is the above ‘inherently unfair’? I love these sweeping conclusions issued by liberals as dogma without reason, logic, or support.

    Any thought of the ethics of denying better healthcare to someone who desires it to raise the level of healthcare of someone else?

    “Ensures those who can afford the best healthcare plans contribute tax dollars to healthcare” Because all those deductions from your paycheck to the gubmint go into the ether, and do not support healthcare.

    I mean how can they even publish this drivel with a straight face?

  121. Libturd in Union says:

    “It also ensures that those who can afford the best health plans contribute tax dollars to healthcare. The extra tax revenue from high end plans helps to subsidize cost assistance for lower end plans.”

    Unless you are a public worker. In this case, it works in the complete opposite. Thank you for your blue vote.

    In other news, Gitmo it still open.

  122. Anon E. Moose says:

    Lib [104];

    I was surprised to find affordable replacement batteries for my HTC phone. Not mfr.-sanctioned of course — they’d rather have me buy a new phone. I also voided the long-expired warranty by opening it up, but the battery cost about one month of zero-interest payments on a new phone. I also still have my spouse’s old phone to hand down when my oldest hits middle school next year (if she’ll have it, that is).

  123. Libturd in Union says:

    I’m curious…does anyone buy the extended warranty coverage? I never have.

  124. Anon E. Moose says:

    Remember Krugman? Ex of Princeton, now scholar-ing away at the prestigious City University of New York.

    Paul Krugman Is “Really, Really Worried” That He Might Have Screwed Up Japan

    Perhaps ritual seppuku is in order?

  125. Anon E. Moose says:

    Lib [122];

    I don’t, because of the ridiculous deductible ($200, last I checked) on most plans. I can buy a replacement phone used for less than the deductible.

  126. Libturd in Union says:

    It’s kind of like a rider on an engagement ring. Once I repaid for 1/2 of Gator’s ring, I dropped it. Cheaper to just buy a new ring if the old one gets lost.

  127. Ben says:

    Welcome to the world that the rest of us have been living in since the mid nineties.

    Unfortunately, many in the field are still waiting for their salaries to approach what the private sector has enjoyed since the mid 90s.

  128. Libturd in Union says:

    See…this is where I think you might be wrong Ben. I manage a crew of 10 college grads. One of them actually has a masters in teaching music. My team member make from 45K to 70K. The average tenure on my team is 12 years. The range in tenure is from 22 years down to 2 years. Though not educating children, it’s a pretty high stress job with inflexible deadlines due to SEC deadlines. One mistake can cost you your job. There are no vacations allowed from February to April or for most of August. You are required to work occasional weekends and occasionally 12-hour days.

    I like you Ben, but so many of your ilk think everyone in the private sector is paid like a CEO (or an engineer realistically). When in actuality, many of us make 50 or 60k per year. Sure, you can get into management and make that 6th figure, but teachers have a pretty easy path into central office where the same salaries can be obtained too.

  129. joyce says:

    Are FSA’s still used by a lot of people? I thought the shift was from FSA to HSA (HSA being used for most healthcare expenses while the eligible expenses for your old FSA if you still have one were severely limited)?

  130. xolepa says:

    My company changed from FSA to HSA for 2015. HSA is far superior to FSA, however, my employer lowered the benefits slightly.
    Question: do HSA benefits fall under the Cadillac tax?

  131. Not Xolepa says:

    The issue for HSA is that they nickel and dime you to death.

    First Aetna HSA offered had free checking & debit and Vanguard Mutual Fund Money & Bond Fund choices. Now what they offered are expensive fee ridden mutual funds with fee ridden checking & debit card. You’ll lose at least $5 a month between all those fees. Likely double that if you have kids and will be using the debit card for purchases.

    Aetna will make off your HSA easily $50-100+ a year.

  132. joyce says:

    I can’t speak to the fees associated with the HSA mutual funds (I have no doubt believing they’re high), but if you just pay out of pocket and then transfer funds from HSA to your checking account you shouldn’t incur any additional fees (I don’t).

    Xolepa,
    In my opinion, I think HSA is only better than FSA because they stripped away all of the eligible expenses (maybe to push you into the HSA so wall street can get it’s management fees).

  133. Ben says:

    See…this is where I think you might be wrong Ben. I manage a crew of 10 college grads. One of them actually has a masters in teaching music. My team member make from 45K to 70K. The average tenure on my team is 12 years. The range in tenure is from 22 years down to 2 years. Though not educating children, it’s a pretty high stress job with inflexible deadlines due to SEC deadlines. One mistake can cost you your job. There are no vacations allowed from February to April or for most of August. You are required to work occasional weekends and occasionally 12-hour days.

    I like you Ben, but so many of your ilk think everyone in the private sector is paid like a CEO (or an engineer realistically). When in actuality, many of us make 50 or 60k per year. Sure, you can get into management and make that 6th figure, but teachers have a pretty easy path into central office where the same salaries can be obtained too.

    Obviously, we can all toss out our stories. I worked with a bunch of professionals who entered into teaching as a retirement jobs. One worked their way up by putting in the years and the other came in at max salary. Both would tell you, they made more money in the 80s than they do in teaching now. Your best teachers are very skilled individuals who go unrewarded for their skills and effort and end up escaping into the private sector because they employ their skills there and make a lot more money. A few lucky ones jump from district to district to negotiate a raise for themselves.

    Bottom line, the best teachers I’ve encountered usually last about 8 to 10 years in the profession before they fizzle out and go someplace where they are appreciated. The salary that the best teachers in NJ generally command is pretty pathetic because it has nothing to do with performance.

  134. NJT says:

    #122

    I bought a ‘everything’ covered warranty for my new Dell laptop last year figuring the wife or kids would do something to it. Nope, I spilled a glass of Bourbon onto/into the keyboard. Saved and save all my personal data to a USB drive but still…

    Had it back in a week and was able to track it on the way to the repair depot, status while there and shipping back. They even sent me a box overnight to return it in!

    Best $100 I ever spent (for the warranty/insurance).

    *You can even request to speak to an American when calling! (which, of course, I did). Funny, rep. told me I could have tossed it out the car window (Wish I knew as in that case they would have given me a new one). Hmmm… re-upped.

  135. Libturd at home says:

    I didn’t think anyone went into teaching for the money in the first place. Everyone I knew in college who went that route had some kind of altruistic desire to educate the future generations. Or they simply like working with kids.

  136. Ben says:

    I didn’t think anyone went into teaching for the money in the first place. Everyone I knew in college who went that route had some kind of altruistic desire to educate the future generations. Or they simply like working with kids.

    Exactly, which is why this narrative that teachers earn a lucrative living that I often hear needs to be expelled. Everyone sees a gym teacher who pulls in 105k and applies it to the poor twenty somethings or early 30s teachers hoping to one day crack 60k.

  137. Juice Box says:

    Bond Bubble primed for a bailout?

    http://www.wsj.com/articles/an-obscure-hedge-fund-is-buying-tens-of-billions-of-dollars-of-u-s-treasurys-1441704601

    A little-known New York hedge fund run by a former Yale University math whiz has been buying tens of billions of dollars of U.S. Treasury debt at recent auctions, drawing attention from the Treasury Department and Wall Street.
    Element’s activity has raised questions because the cumulative purchases far exceed the hedge fund’s $6 billion in assets under management. Treasury officials, who frequently meet with large auction participants, have asked Element about its activity, said someone close to the matter.
    “Their buying is eyebrow-raising,” said a trader who once worked for a firm that deals in government securities and witnessed Element’s bidding. These primary dealers often know the identity of other auction bidders. Element “never shared its strategy, but we often asked,” the trader said.
    Treasury likes to know who is buying its bonds and why, partly because it prefers long-term holders such as pension funds, insurance companies and central banks. Treasury officials fear purchases by trading-oriented funds could result in sales that increase market swings and potentially drive up borrowing costs.

    http://whtt.org/us-treasury-bondsthe…f-all-bubbles/

    The 30-plus-year-old bull market in US bonds, notes and bills may well be the most destructive man-made “Bubble” in all of recorded history. It will sooner or later implode because it is unsound to the core. A puncturing of the bubble may start when any of several huge holders sells. Its implosion will trigger the sale of other overpriced corporate, municipal and foreign bonds, and the dollar itself may well be replaced as the world reserve currency. The US bond bubble is the Godfather because it is so large that no other investment market can absorb the mass exodus which will come from it. It is logical that those who have worked so deliberately to create this debt bubble will fight even harder to prevent its collapse. When it implodes, it will probably bring down lesser bubbles and excesses, including the function of the dollar as a world exchange currency.

  138. Anon E. Moose says:

    Back to real estate (sorta)… an oldie but a goodie. NJ real estate can’t crach because of bleeding wealth and proximity to Manhattan, right?

    8.4 Million New Yorkers Suddenly Realize New York City A Horrible Place To Live

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