Sorry about your home prices

From the NY Times:

How New Yorkers Would Lose Under the Republican Tax Bill

The tax bill approved by the Senate is many things, offering a huge tax cut for corporations, lower rates for the wealthy, and a big victory for Republicans and the White House.

It is also an economic dagger aimed at high-tax, high-cost and generally Democratic-leaning areas — most notably New York City and its neighbors.

The bill, if enacted into law, could send home prices tumbling 10 percent or more in parts of the New York area, according to one economic analysis. It could increase the regional tax burden, complicating companies’ efforts to attract skilled workers. It could make it harder for state and local governments to pay for upgrades to the transit system and other infrastructure. And it could force cuts in federal programs that help immigrants, the elderly and other low-income residents afford the region’s high cost of living.

Most significantly, the bill would eliminate the deduction for state and local income taxes, and would cap the deduction for property taxes at $10,000.

That wouldn’t matter to the more than two-thirds of households nationwide that take the standard deduction, which would be nearly doubled under the bill. But in the New York area, high state and local taxes change the equation. In Manhattan and wealthy suburban counties, close to half of households itemize their deductions, and many could see an immediate tax increase.

“We’re worried and we’re wondering what are we going to tell our kids,” said Cynthia Metcalf, who lives with her husband and the youngest of their four children in Mount Kisco, an affluent commuter town. “I just feel like it’s an attack deliberately set against people from the Northeast or from other blue states.”

Ms. Metcalf, who teaches history at Westchester Community College, said she had tried to use TurboTax software to estimate how their tax returns would be affected. Currently, they can deduct the more than $20,000 a year they pay in school and town taxes, and the 7 percent of their income that goes to state taxes. Losing those deductions means the family could wind up paying considerably more, Ms. Metcalf said.

That prospect has the Metcalfs rethinking their financial future. Ms. Metcalf said she dreaded the prospect of telling her youngest child, Genevieve, a high school senior, that the college of her choice was beyond their means. And she said she and her husband might have to accelerate plans to relocate once all their children have left home. Then again, she added, selling their home could become more difficult.

“Now I’m starting to think, who’s going to want to buy our house here in New York?” Ms. Metcalf said. “The whole game has shifted.”

The most immediate threat could be to the region’s housing market. The tax bill would eliminate or make less valuable the tax breaks that encourage homeownership. That would probably have a minor impact on home prices nationally, but potentially a big one in the New York area, with its expensive homes and high property taxes.

An analysis of the Senate bill by Moody’s Analytics concluded that home prices in Manhattan could fall nearly 10 percent in the coming years because of the bill. Some New York and New Jersey suburbs could be even more vulnerable because property-tax rates are higher there and prices are still recovering from the bursting of the housing bubble.

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262 Responses to Sorry about your home prices

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    Sampling Grims Dark Rum for the first time. It was a long day.

    Overall, very nice, very fragrant, very drinkable. Downside is that its a bit light. I would say while technically a dark rum, but it doesn’t quite get there. Next batch, put me down for a Firkin, age it for a few years so its dark as my boot.

    Best distilling is always Pot Still! Maybe instead of the F150 you can you defer my taxes here? http://www.corsondistilling.com/stills/

    Thanks I appreciate the input. Drinkability in rums is a big factor for us. We have no time machines so we need to work within the constraints of maturation timeframes. We are going to start laying down rum in a big way, for the long haul, so in the next few years we’ll be pushing the age much further. I wish we set aside an extra barrel of that first batch, it would be close to the 2 year mark at this point and I’m sure would be markedly improved.

    I would say though, careful with using color as a proxy in rums, most rums contain a good amount of caramel color, even very mature spirits. The darkest black rums, contain a significant amount. A good portion of their dark sugar, caramel, burnt sugar, molasses flavors come from the coloring.

    Corson is out of business I believe, they’ve been sued by everyone for not delivering. One of their stills blew up over the past year, nearly killed the distiller, but killed his two cats. A solid American manufacturer? Vendome. The next $250k in free capital I have will go towards buying a 500 gallon Vendome. The next $250k after that, will go towards buying a Forsyths from Scotland.

  3. Hold my beer says:

    Lots of folks will see their taxes go up. Family of 4 making 150k on salary a year living in a 550k house with 2 car payments I have some advice. Goodbye Whole Foods , hello Aldi .

  4. grim says:

    Strongly suspect that income gap in NJ is going to skyrocket in the next few years.

  5. Juice Box says:

    From last thread.

    Now we are talking..

    Don’t forget about the billion Trump owes to China.

    https://www.bloomberg.com/news/articles/2017-12-05/deutsche-bank-is-said-to-have-received-subpoena-on-client-trump

  6. Juice Box says:

    Income gap? Pumpkin says wage inflation is coming….

  7. grim says:

    Dynamic in the Trump household will be interesting when Kushner goes to prison.

  8. grim says:

    Perhaps that was Ivanka’s plan after all, wonder how the prenup was structured.

  9. Gabriel says:

    NJ & NY sell your home now and rent. At least you will lock the profits. Later you can relocate.

  10. Gabriel says:

    As people move from high tax states to low tax states, some of them will turn blue sooner.

  11. grim says:

    Now we’re talking.

    N.J. should lift its own limit on your property tax deductions, lawmaker says

    New Jersey should lift its own $10,000 limit on how much you can deduct in property taxes as a Republican bill backed by President Donald Trump takes aim at state and local deductions on federal income taxes, a state lawmaker said Monday.

    Sen. Joe Pennacchio, R-Morris, introduced a bill (S3598) Monday that would expand the tax break to allow New Jerseyans to deduct all property taxes for their primary residences from their New Jersey gross income tax.

    Pennacchio’s bill comes as leaders of such high-tax states as New Jersey, New York and California push back on a Republican federal tax reform bill that would limit the amount taxpayers could deduct from their tax liability to $10,000.

    Gov.-elect Phil Murphy said on a media call with reporters that a quarter of New Jersey property owners pay more than $10,000 in real estate taxes. The average property tax bill here last year was $8,549.

    The average tax bill in four New Jersey counties exceeded $10,000 last year.

    In a statement, Pennacchio said it would be “completely outrageous to express outrage over limiting the federal deduction to $10,000 for property taxes without doing anything to increase the state deduction that already has such a limit.”

  12. No One says:

    Then Ivanka can start eating bacon again.

  13. Grab them by the puzzy says:

    @kurteichenwald

    The Joint Committee on Taxation, long respected by the GOP, says the tax bill won’t pay for itself, but will pour another $1.5 trill into debt.
    Does GOP stop and say, let’s rethink?
    Nope. It attacks the JCT.

    No matter what lies you tell, the truth stays the same.

  14. Juice Box says:

    Do we hear a peep from eichenwald during Obama’s trillion dollar deficit years?

  15. D-FENS says:

    I would have thought at first glance that home prices go down when interest rates go up. But Grim posted examples of the opposite on this very blog.

    Maybe the elimination of SALT deductions won’t be as bad as we think.

  16. Grab them by the puzzy says:

    @kurteichenwald

    When our children ask “Why did you cut taxes when the economy was strong and there was already a massive debt? All economics says this is suicide. Why did you do this to us?”

    What will we answer? “My tribe needed a win.” “I hate libtards.” “Donors wanted it.” “We’re stupid.”

  17. Sima says:

    Just to clarify (from yesterday) – Most contract workers that we know (laid off pharma workers) are now short term W-2 workers (not directly from the company they work at, but with a recruiting/consulting firm). This is so that when the contract ends they can collect unemployment while they look for the next contract job (and it can take months).
    So a medical deduction in taxes is incredibly important in surviving tough times.
    The negative is that they can’t take self-employed business deductions.

    By the way, banks allow contract W-2 workers to get HELOCS and refinance mortgages even with employment gaps, but if they’re self-employed they have to wait 2 years (and employed the whole time) to be able to do so. (this happened to a “self-employed” contract neighbor of ours)

    (Leftwing: …” if you are 1099 speak with a good accountant. Even now, I’m getting to deduct healthcare costs.”)

  18. Grab them by the puzzy says:

    @kurteichenwald

    Folks, this isnt about if rich become richer under tax bill.
    Ok, they are.
    Its about structural deficits becoming worse, and unfixable, with no economic strategy. We are headed to a spiral of interest payments on debt as % of budget in our kids lifetimes.
    Then there is no way out

  19. Hold my beer says:

    Eichenwald is real? I thought he was a character from the Howard stern show.

  20. Grab them by the puzzy says:

    @kurteichenwald
    All I have to say is, while middle class people now will be limited on the amount of medical costs they will be able to deduct, thank GOD we still have tax cuts for owners of private jets and golf courses. Literally. MAGA?

    Sima says:
    December 5, 2017 at 8:09 am
    Just to clarify (from yesterday) – Most contract workers that we know (laid off pharma workers) are now short term W-2 workers (not directly from the company they work at, but with a recruiting/consulting firm). This is so that when the contract ends they can collect unemployment while they look for the next contract job (and it can take months).
    So a medical deduction in taxes is incredibly important in surviving tough times.
    The negative is that they can’t take self-employed business deductions.

    By the way, banks allow contract W-2 workers to get HELOCS and refinance mortgages even with employment gaps, but if they’re self-employed they have to wait 2 years (and employed the whole time) to be able to do so. (this happened to a “self-employed” contract neighbor of ours)

    (Leftwing: …” if you are 1099 speak with a good accountant. Even now, I’m getting to deduct healthcare costs.”)

  21. D-FENS says:

    Proposed bill makes posession of bump stocks in NJ a crime subject to 5 years in prison and fine of $15,000. (Pssssttt…they’re already technically illegal…)

    http://www.nj.com/politics/index.ssf/2017/11/nj_moves_closer_to_banning_this_gun_accessory_used.html

  22. leftwing says:

    “Now we’re talking. New Jersey should lift its own $10,000 limit on how much you can deduct in property taxes as…Sen. Joe Pennacchio, R-Morris, introduced a bill (S3598) Monday…”

    Just NJ Repubs trolling NJ Dems for their hypocrisy. Never happen.

  23. leftwing says:

    Fabs, in all seriousness, you should stop posting this guy Eichenwald. I’m not kidding he reflects poorly on you.

  24. grim says:

    Epic troll

  25. Sima says:

    The other day I checked Zillow and was surprised by all the pre-foreclosure and auction real estate in our western Essex county town. People are already hurting.
    What will happen when middle-class people have to for over another $300. to $500. per month in federal taxes due to loss of deductions?
    How many will just decide to leave?

  26. Daddy Deported says:

    That was my game in the mid-90’s. I was on a W-2 with great benefits (health, dental, matching 401K, even 1 week paid vacation for every 1000 hours worked). My M.O. was that I would rack up a 6 figure income in 9 months and then do 3 months on unemployment and COBRA (back when COBRA was $130 per month!). I used to make it clear to my company not to find me another contract for 90 days because those 3 months were “me” time. Good times, good times. BTW, even low 6 figures was a pretty great income for 9 months work 20+ years ago.

    I even had an ESOP at that company where I put 20% of my gross pay in for a 15% discount purchase on company stock. I used to short the stock in my brokerage account at the same time that it was being purchased for me to lock in my gain (no holding period) then hand deliver the shares to Schwab to close out my short position.

    guaranteed win ESOP, matching 401K at 5% of salary (Say $5K-$6K per year), Health, Dental, etc. I used to even get time-and-a-half overtime which worked out to $120/hour. Those were really great times to do project work.

    Just to clarify (from yesterday) – Most contract workers that we know (laid off pharma workers) are now short term W-2 workers (not directly from the company they work at, but with a recruiting/consulting firm). This is so that when the contract ends they can collect unemployment while they look for the next contract job (and it can take months).

  27. Juice Box says:

    Liesman on squawk talking about Helocs no longer being an ATM, confidence since 2008 crash low for the wealth effect to kick in again.

    Where’s the bigger beta going to be for spending or close to full employment

  28. Juice Box says:

    We are close to Full Employment where is the next bump in the stock market going to come from?

  29. Daddy Deported says:

    ^^^ I remember I met the CEO of that company (we were publicly traded on the NASDAQ) when he came to visit my work site in NY. My co-workers at the client company(EDS) gave me such heat for kissing the CEO’s ass and telling him how great a job he was doing, etc. Guilty as charged.

  30. Grab them by the puzzy says:

    @barronsonline
    via @randallwforsyth

    A Major Risk of Tax Reform: Rising Inflation
    Signs of inflation could push the Federal Reserve to aggressively raise interest rates and tip the economy into recession.

    Juice Box says:
    December 5, 2017 at 8:41 am
    We are close to Full Employment where is the next bump in the stock market going to come from?

  31. Daddy Deported says:

    Let me know how that move to Alabama works out at the polls.

    As people move from high tax states to low tax states, some of them will turn blue sooner.

  32. Sima says:

    Daddy Departed: Those high hourly contract rates are no more – due to the thousands of laid off white-collar well paid employees in the Great Recession.
    We’ve noticed that contract jobs that paid $55. per hour and higher in 2011 and 2012 have gradually inched lower to $28 to $35 per hour and hundreds of desperate people are still applying for them (especially after the unemployment insurance runs out).
    (One recruiter told my husband that when any business contract job is posted, up to 250 people can apply in one day – no matter how low the salary.)

    J & J is really nasty how they handle these jobs – they’ll interview in person the “top 20” candidates for a $30 per hour pharma business contract job, and keep people hanging for weeks while they play their games. In reality, it’s all nonsense – every one of those 20 people could do the work with no problem.

    (And by the way, yes – my husband is working at a contract job and has been for months – and thankfully not at J&J.)

  33. Daddy Deported says:

    With lowered corporate tax rates companies, particularly domestic, will have increased earnings. This should be preceded by upward revised earnings estimates and guidance imminently. Multi-nationals will repatriate cash and buy back stock and increase dividends. Unless they fumble the tax bill in the red zone we have 6 great months in front of us in the US stock market.

    We are close to Full Employment where is the next bump in the stock market going to come from?

  34. Daddy Deported says:

    BTW, what is the (presumably corrupt) thinking behind the Senate wanting to delay corporate tax cuts until 2019?

  35. 3b says:

    As per the article: what will we tell the children? Seriously? As for the woman’s daughter and her college of choice,really? Where she’s goes to school will now be based on the loss of these deductions? Tell your child she will go to where you and her can afford. You are a teacher in a community college not the CEO of a major company. This whole thing of its really where they want to go is more nonsense. If you can’t afford it without massive loans you can’t go. It’s only 4 years in most cases get in get out get on with their lives.

  36. grim says:

    The coming triple digit billion pharma opiate class action settlement will all but destroy pharma sales.

  37. Daddy Deported says:

    “That’s what I love about these high school girls…I get older, they stay the same age.”

    https://www.youtube.com/watch?v=eEFB4nVuPLU

  38. Grab them by the puzzy says:

    @ianbremmer

    Countries with most external debt (2016)

    1 US $18.3t
    2 UK $7.5
    3 France $5
    4 Germany $4.9
    5 Netherlands $3.9
    6 Luxembourg $3.8
    7 Japan $3.4

  39. Yome says:

    $1.5T deficit will be paid by surplus on SS when they do something about the so called “Long Term Sustainabilty of SS” By the Spring, Government will still owe $2T from the last time Reagan increase SS contribution. This debt on paper will never be paid. More debt on paper will accumulate when they change the law in Spring. What Deficit? Reagan playbook

  40. grim says:

    Democrats care about debt now?

  41. Fast Eddie says:

    Democrats care about debt now?

    Only when their side is losing

  42. Yome says:

    9:06 US debt to Foreign Govt is $6t not $8.3t

  43. Yome says:

    $18.3t

  44. Hold my beer says:

    40,000 New Yorkers have 45% of new york’s Taxable income.

    Average salt for Essex county is $23,700. Add 16k for personal exemptions and 12 for mtg interest and typical salaries family making 160k will see their deductions drop from around 55k a year to 24k. Probably looking at $500 or so a month increase in federal taxes.

  45. Daddy Deported says:

    In the words of a former president, “Elections have consequences.”

    Average salt for Essex county is $23,700. Add 16k for personal exemptions and 12 for mtg interest and typical salaries family making 160k will see their deductions drop from around 55k a year to 24k. Probably looking at $500 or so a month increase in federal taxes.

  46. Hold my beer says:

    Oprah has sold her majority stake in OWN to discovery for $70 million. Wonder if she is getting ready to run for public office in 2018 or president in 2020.

  47. leftwing says:

    Sima, I understand better now.

    Sounds like your sector has juggled current regs best they can. It has maintained options for workers to retain unemployment and medical benefits while retaining mortgage-ability. Who covers insurance premiums?

    Sector may need to change, or even better can you take more control?

    If you currently have home/mortgage you don’t need that W2 benefit. How are you paying insurance premiums? If you are responsible for a substantial portion I have to imagine right now you would be better off not under the W2. Unemployment, not sure what the number is there, nor how frequently you can dip into it. Could you with better notice of when a contract job ends shorten the down period? Would it be more beneficial to you personally getting assignments (from a corporate or agency) as a 1099?

    Where I’m going is that maybe it is time to sit down with a spreadsheet and lay out some options side-by-side. You may be see some alternatives to the status quo, especially with prioritizing what is important to you. Only when I moved from corporate to my own business did I understand fully the options available with the latter. Even without the tax law changes it’s not a bad idea to re-evaluate the big picture occasionally. With the changes I definitely would suggest doing so. Hopefully you will positively surprised in total. Change can mean opportunity. Good luck!

  48. Juice Box says:

    re: ” This debt on paper will never be paid.”

    I learned that lesson at a young age when I lent my “friend” some money three decades ago. Years and years later I have not been paid back and there is no mention of it when we meet. If I were to calculate interest due it would be enough to buy myself a nice vacation by now.

    When you see headlines like this you know the bankers were successful when they declared at Davos nearly a decade ago now they intend to lend out another $100 Trillion to the emerging markets.

    “Worldwide debt has risen to a record $226 trillion – more than three times global annual economic output”

    What is a few hundred trillion between friends?

  49. Blue Ribbon Teacher says:

    I learned that lesson at a young age when I lent my “friend” some money three decades ago. Years and years later I have not been paid back and there is no mention of it when we meet. If I were to calculate interest due it would be enough to buy myself a nice vacation by now.

    The best is when they owed you $20, and you manage to borrow $5 from a few weeks later them and then they comeback the next day asking for the $5.

  50. Juice Box says:

    re: “Oprah running for office”

    Obama declared the other day that bitches are better bosses.

    https://www.cnbc.com/2017/12/04/barack-obama-says-women-make-better-leaders-and-data-shows-hes-right.html

  51. D-FENS says:

    Democrats are now the party of the rich — so why not tax the rich?

    http://www.washingtonexaminer.com/democrats-are-now-the-party-of-the-rich-so-why-not-tax-the-rich/article/2642320

    As the tax reform bill goes to conference and congressional leaders look for revenue to solidify the coalition of Republicans supporting tax reform, the Democrats are fully engaged in their decades-old attack on the GOP for “cutting taxes for the rich.”

    This line of political attack dates back to at least 1982, when the Democrats ran their “Tin Cup vs. Champagne Flutes” ad in Reagan’s first mid-term election. Whether run as a TV ad in the eighties during “Knight Rider” or seen today as a segment on “The Rachel Maddow Show,” the narrative is not hard to decipher – Republicans are cutting taxes for their rich cronies at the expense of the poor and middle class.

    Entrepreneur Elevator Pitch Ep10: ‘I Don’t Think We’re the Right Investors’
    Watch Full Screen
    While this narrative is probably good for Maddow’s ratings, the data show that it is not accurate; Census findings from 2016 show that the Democrats are actually the party of the rich.

    Democrats represent nineteen of the twenty-five congressional districts with the highest median income. The remaining six seats held by Republicans are all swing districts being targeted by the Democrats in 2018. This is not surprising, since these twenty-five districts gave Hillary Clinton 62.6 percent of the vote on average – 14 percentage points more than her share of the national vote.

    In contrast, Republicans hold 59 percent of the middle class congressional seats, as middle class is defined by the Pew Research Center. Republicans also hold 44 percent of the lowest-income congressional seats.

    Republicans are looking for revenue to lower taxes for the middle class, and are taking a political beating for defending tax cuts for the rich. The rich, however, are increasingly voting for Democrats, whose policies under Obama gave us lower than 1.5 percent annual economic growth on average and a declining middle class.

    Congressional Republicans can solve two problems at once. First, increase taxes on the wealthy, and let their Democrat colleagues bear the political burden of advocating for lower taxes for their affluent constituents. The GOP can then use the revenue to further ease the tax burden on the middle class and small businesses.

    One of the most burdensome taxes to middle class Americans is the so-called Cadillac Tax provision of Obamacare. Scheduled to be implemented in just two years, this 40 percent surtax on healthcare plans above a certain threshold would eventually hit all 178 million Americans who receive healthcare benefits through their employers.

    A study by the City University of New York School of Public Health shows that the Cadillac Tax will most negatively affect Americans earning an income between $38,550 and $100,000 (in 2009 dollars) annually – a big chunk of the middle class. On average, it will take 5 percent of their income – between $1,900 and $5,000.

    A study published in Health Affairs shows that small businesses, because they have less purchasing power, pay on average 18 percent more in healthcare premiums than large corporations. Small businesses, another key GOP constituency, will get taxed first and pay more under the Cadillac Tax.

    Republicans can use tax reform to find the revenue, and the end-of-year tax extenders package to repeal the Cadillac Tax. While the main driver behind tax reform should always be good economic policy, we might be living in a time when good politics is good policy.

    Steven Moore is public affairs consultant and a former chief of staff to a member of the House Ways and Means Committee. He is also a member of the Alliance to Fight the Forty, opposing the taxation of healthcare.

  52. leftwing says:

    “@barronsonline
    via @randallwforsyth
    A Major Risk of Tax Reform: Rising Inflation
    Signs of inflation could push the Federal Reserve to aggressively raise interest rates and tip the economy into recession.”

    Great insight. Give the author the Nobel in Economics.

    Thanks for reminding me why I cancelled my Barrons subscription in the late 90s.

  53. leftwing says:

    “@ianbremmer
    Countries with most external debt (2016)
    1 US $18.3t
    2 UK $7.5
    3 France $5
    4 Germany $4.9
    5 Netherlands $3.9
    6 Luxembourg $3.8
    7 Japan $3.4”

    Without context, one of the dumbest posts ever. OMG, I have $750k in debt. The guy in East Orange has $20k. I must be bankrupt and he must be soooo credit worthy.

    Thanks for reminding me why I don’t have twitter.

  54. leftwing says:

    Our serial re-tweeters are really knocking the cover off the ball today.

  55. JCer says:

    What the writer from barrons fails to realize is that moderate inflation is the GOAL, they only give lip service to controlling inflation when you have borrowed more money than you can reasonably pay back. Savers aren’t a priority(or even a thought), reducing the risk of default still IS the overall goal of the monetary policy.

  56. Hold my beer says:

    I bet Oprah would have beaten trump and Clinton

  57. No One says:

    Both sides want to expand the debt on their watch to reward their backers. So both sides are against debt expansion when they aren’t the ones doing the expanding. Anyone who doesn’t realize this hasn’t been paying attention for long.
    What never declines is govt spending.
    Democrats prefer expanding debt by directly spending more on the least productive and sending future government spending trajectories ever upward.
    Republicans prefer expanding debt by allowing government programs to continue growing at a moderate pace while cutting taxes and pretending government spending isn’t out of control.

  58. Libturd, AKA Dr. Howie Feltersnatch says:

    “I learned that lesson at a young age when I lent my “friend” some money three decades ago. Years and years later I have not been paid back and there is no mention of it when we meet.”

    I kind of figured that out when the Treasury limited the purchase of savings bonds from 30K to 5K. With half of the public portion of the debt now owned by foreigners, politicians can use the excuse to keep the military industrial complex going strong.

  59. Libturd, AKA Dr. Howie Feltersnatch says:

    “I bet Oprah would have EATEN trump and Clinton”

  60. Sima says:

    leftwing: We’ve gone over the numbers, and long-term (several years or more) being a W-2 has definitely been beneficial. Because for contract workers the contracts can last from 3 months to 1 year, renewal is rare, and a person can be let go for any reason (budget cutback, new department head, etc.) with less than 5 minutes notice. (In other words, the contract length is meaningless as a worker protection). My husband knows a worker laid off the same day for asking to be paid for actual extra hours worked.

    Many contract workers we know are out of work a few months each year (the in-between contract job times – it also takes several weeks to do paperwork, lab tests, etc before each new job). So unemployment insurance is a life saver for them.

    Medical insurance – people generally get their own full-price insurance, have retiree subsidized insurance, or are on COBRA – so monthly costs are generally between $1000. to $2000. per couple with no dependents. Or people do without when unemployed and pray they don’t get sick (we’re surprised how many people do this), and sign up for something when they’re earning again.

    Currently there is no possibility of conditions improving for white-collar contract workers in NJ – there are too many well-educated, experienced laid-off (pharma) workers desperate to work at any price, and pharma knows this (which is why the hourly rates have been going down in general over the past 7 years).
    This is why the new tax plan may push many contract workers in leaving NJ – they’re already on really thin ice and definitely cannot afford to lose their deductions.

  61. Blue Ribbon Teacher says:

    We are headed to a spiral of interest payments on debt as % of budget in our kids lifetimes.

    This is true…but it was denied for the past 10 years

  62. Blue Ribbon Teacher says:

    If I were running the fed, I print up a quick 100 trillion and buy every cryptocurrency. We could pay off the national debt via pump and dump.

  63. Daddy Deported says:

    I think she’ll just stick to running for pie.

    Oprah has sold her majority stake in OWN to discovery for $70 million. Wonder if she is getting ready to run for public office in 2018 or president in 2020.

  64. Daddy Deported says:

    Shhhh!

    If I were running the fed, I print up a quick 100 trillion and buy every cryptocurrency. We could pay off the national debt via pump and dump.

  65. No One says:

    I recently read a very good academic survey of government debt theory called “The Political Economy of Public Debt” by Richard Salsman. The author is very much a free-market economist, but he shows there’s no evidence to suggest that a country in the position of the US couldn’t bear even twice the debt load it’s currently covering.

    There won’t be a default – the end game is a combination of greater interest burden and monetization via inflation in the future. Japan carries a much bigger debt load than the US does. The UK carried a bigger debt load for a century, even without the ability to monetize.

    Don’t I remember just a few years ago Krugman writing that deficits don’t matter?

  66. Daddy Deported says:

    I lent a friend $10K probably in 2002 or 2003, supposedly a two week loan. Surprisingly, about 3 years ago he repaid me $5K, just out of the blue and unexpectedly. That’s it so far, but more than I expected.

  67. Daddy Deported says:

    I wonder which one would have gripped Oprah’s ears the longest aka the “ten pound hat”?

    “I bet Oprah would have EATEN trump and Clinton”

  68. Daddy Deported says:

    How to build an amateur p0rn collection and get paid while doing it:

    https://nypost.com/2017/12/04/people-keep-finding-hidden-cameras-in-their-airbnbs/

  69. Daddy Deported says:

    I predicted this here days ago. Why would an old corrupt lecher give up any money? Truth be told, every single Dem could stay home full time and accomplish the same end. If you’re going to automatically vote no on everything, why even show up to vote?

    Currently facing multiple allegations of sexual harassment, veteran Congressman Rep. John Conyers, D-Mich., announced he is retiring today.

    Conyers, 88, confirmed the news on the Mildred Gaddis radio show, calling in from a hospital in Detroit recovering for a stress-related illness.

    https://www.yahoo.com/gma/rep-conyers-wont-seek-election-current-term-family-104505874–abc-news-topstories.html

  70. Fabius Maximus says:

    Left Eichenwald is not me.
    I only post under my own handle

  71. leftwing says:

    Sima, not being argumentative, trying to help. Please take the following in that c0ntext.

    I don’t have the background specifically in your sector sales or c0ntract work. I do have the experience of being in a role that wasn’t working for me and doing a Uturn into well outside my comf0rt zone.

    Sounds like your sector as structured isn’t working great for you and your husband right now and prospects for any turnaround in that sector are dim to non-existent. Two opti0ns. You and your husband obviously have marketable skill sets and likely those skill sets may be better utilized (ie compensated) else where. Or, if you choose to remain in the sector you need to overcome personal headwinds and the sector decline.

    If you choose to stay in the sector is there anything that you or your husband can leverage personally? Specific contacts at specific companies? Certain d1sease state experience? Is there any benefit to being a ‘team’ in the same sector? Being a ‘team’ under a different umbrella than W2s? Can you leverage the fact that you are both experienced in this sector into your own highly specific c0ntract company with a few other peers? Other similar options, especially during your down periods?

    I encourage you to think larger and explore out of the box options if you stay in the sector.

    Also, look at your healthcare. I went to individual c0verage and thought I would get crushed. It was the opposite. I’m on BC/BS Silver for $1000 or so a month (includes two kids), for you two that would be a grand. I’m covered on a cheap co-pay basis (NOT 80-20 coinsurance) for top end care. And my premiums are deductible. Bottom line, with a lot of spec1alist work and four or five d1agnostic imaging scans for some cardi0 stuff this year I paid after taxes $6k in premiums and about 15 copays of $30-100 each for an after tax total of about $7k.

    I compared with a c0rporate friend of mine, top tier US name employer. He has $8k of premiums (unsure if he deducts them), a $6k family deductible, and a 80-20 coinsurance. For less services this year he was out of p0cket over $10k.

    All I can suggest is work your situation. From the earnings (revenue) side since you are obviously swimming upstream with a declining sector and from a cost/tax perspective. There has to be something there. Good luck.

  72. Bystander says:

    To Sima’s point, Trump is going to have to follow this up with major H1 visa limitation and punitive penalties for outsourcing. If major economic growth is expectation after tax cuts then he needs to make sure benefits come back here to US citizens. The number of Indians working at my complex has to be 50/50 now. No way they are all US residents.

  73. Grab them by the puzzy says:

    @kurteichenwald

    Fools will now look at stock market go up and say “LOOK! Tax cuts great.” They don’t understand: corporate stock buybacks with new cash, which just makes rich richer, is anticipated and will go into stock prices. It’s a shell game. Reckoning will come.

  74. Sima says:

    leftwing – Thanks for the input.
    We’re actually somehow doing OK – my husband is one of the few who can say he’s been a successful contract worker (and with an excellent resume). And we have retiree health care (from his old pharma co.) that we absolutely don’t want to give up, even though it’s expensive.

    But…I write about contract workers in NJ and their experiences because it seems they are a forgotten sector when the NY metro area economy is discussed.
    This blog seems to have a large number of well-off participants (especially business owners), and I want to contribute another economic side to what I’m seeing on this site. There are so many contract workers (thousands were laid-off from pharma) in NJ that how they do (will they find consistent work or will they flee the state?) will play a part in NJ’s future.

  75. Sima says:

    (cont.) Those who own their own business do OK and work as long as they want, but what I’m seeing is that MOST people who are employed by Big Pharma are pushed out the door by their late 50s.
    Latest example is a friend at Colgate – she’s 58 and single, will be laid off at the end of this month. And we all know that no one will hire people full-time at that age. And I doubt she’ll try contract work.

  76. leftwing says:

    Thanks on the perspective. Different is important.

    Best advice for the general, struggling contract worker you refence who has decades left in their career……Move. Move industries. Move locations. Just move.

    Why? The second any service sector goes from ‘bespoke’ to contract the employers in that sector are telling you loud and clear they have devalued your work output to commodity level. No one does well performing commodity work. The headwinds are huge since the financial goal of anyone using a commodity is to try to drive that commodity’s price (ie, contract employee compensation and numbers) as low as possible.

    The good news is that sometimes that move is just a sidestep. Won’t bore you with the details but a good friend was in the restaurant business (GM of high end suburban restaurants in the Metro area). High turnover, low value added job, long hours. He wasn’t happy or well compensated. Long story short he learned his value in his role and in that sector was improving ops dramatically, and that was what he actually liked. He’s a one man business now, giving up the employed GM role to come on as a temp GM/advisor to underperforming restaurants and taking a piece of the upside. Last gig was on LI at a place that was a bit of a train wreck. He came in and moved the run rate from $1m to $2.5m. He was incentivized based on results and walked away with $250k for about seven months work. More importantly, despite the need to continually find clients himself he is actually more secure in employment/finances than previously and actually enjoying himself.

    Follow the money in the sector. If it leaves one place, it can usually be found in another. Find it.

  77. leftwing says:

    Good luck to your friend. Know someone with a similar profile who just got exited from Nestle’s HC business.

  78. Grab them by the puzzy says:

    “got exited”

    wtf is that?

  79. leftwing says:

    Uh, let go? Involuntarily?

  80. Libturd, AKA Dr. Howie Feltersnatch says:

    Moana,

    There’s hope for you.

    https://tinyurl.com/moana-hope

  81. Daddy Deported says:

    Where’s Nom these days? I’d like to know if there’s a recent substantial increase in the GDP of the small country known as Washington DC law firms over the last 18 months?

  82. Daddy Deported says:

    Riddle me this, Batman. What do Dems have more of? Their own proposed bills or….press conferences?

  83. Daddy Deported says:

    Aren’t we getting close to 2018 predictions?

    1. Dems are going to get stung again in 2018.
    2. Ant1fa will dress up and do their black skinny jeans dance again. Then they’ll go back to playing XB0x.
    3. Coastal elites will still not believe that the larger majority still has no interest in their platform of open borders and higher taxes.
    4. Economy will boom and Dems will ignore it as a non-event…or claim that Obama did it.

  84. Daddy Deported says:

    BTW, either XB0x or Ant1fa are no-go words.

  85. Daddy Deported says:

    When the government gets involved in a witch hunt, they always find a witch. Show me the man, I’ll show you the crime.

  86. Fast Eddie says:

    I just read that DOW is up 41% since Trump took office. And now with the tax breaks, corporations will buy back shares, increase dividends and expand their businesses.

    Thank you, President Trump!

  87. 3b says:

    Are skinny jeans still a thing??

  88. Daddy Deported says:

    Excellent! Not enough sellers, too many buyers who can’t afford to purchase take on more debt.

    Realtors Predict Tax Bill Will Cause Housing Prices To Drop In Every State

  89. The Great Pumpkin says:

    I don’t know, maybe I’m wrong, but I don’t see how this tax reform will impact high tier home prices in a negative way. It’s the mid tier and low tier that will get killed. If anything, higher tier homes should see an increase with the elite getting all this cash thrown at them in their investment income.

    Stand by my call….it’s the middle class and lower that will get killed by this tax reform in their home values. Blind theft at its best.

    D-FENS says:
    December 5, 2017 at 2:15 pm
    Yeah sorry

    Realtors Predict Tax Bill Will Cause Housing Prices To Drop In Every State

    https://www.forbes.com/sites/kellyphillipserb/2017/12/01/realtors-predict-tax-bill-will-cause-housing-prices-to-drop-in-every-state/#2777220e30fb

  90. The Great Pumpkin says:

    Who uses mortgage deduction? New buyers! It’s inevitable that low tier and mid tier will get killed by this. It’s directly impacting the buyers in these two tiers. Upper tier is usually paid for in cash.

  91. Daddy Deported says:

    You are. You always are.

    I don’t know, maybe I’m wrong

  92. The Great Pumpkin says:

    Daddy,

    Keep telling yourself that. Please explain to me why upper tier homes will go down by 10%. Please explain.

  93. Daddy Deported says:

    The homes that go down in the value will have two distinct characteristics:

    1. Taxes much higher than $10,000
    2. Sub-prime properties, like those situated on very busy streets.

    Sorry Son. You meant good.

    Daddy,

    Keep telling yourself that. Please explain to me why upper tier homes will go down by 10%. Please explain.

  94. Daddy Deported says:

    Does anybody want to bet on Occam’s Razor, vis-a-vis the Mueller investigation?

    Maybe Mueller finishes up soon, with, “All done, that’s all we got.”

  95. Daddy Deported says:

    ^^^ News coming across the wire right now that there is no subpoena of Deutsche Bank Trump records. More fake news.

  96. Daddy Deported says:

    Can you imagine the pumkin froth that will occur when the highway house on Pumpkin X. Boulevard dives in value right as wage inflation kicks in?

  97. D-FENS says:

    https://twitter.com/jaketapper/status/938143527808192512

    Trump attorney @JaySekulow tells CNN: “We have confirmed that the news reports that the Special Counsel had subpoenaed financial records relating to the President are false. No subpoena has been issued or received. We have confirmed this with the bank and other sources.”

  98. Daddy Deported says:

    Pumps – Maybe you should sell now and see if you can find a place to rent in Paterson or Clifton while you save for a(nother) down payment. In a few years maybe you’ll be able to afford a nice house on a quiet street in Wayne close to your brother’s house?

  99. Daddy Deported says:

    Woo-hoo! My favorite time of day – Sarah Sanders press briefing? Can you believe what a slvt-shamer Chelsea Handler turned out to be?

  100. Libturd, AKA Dr. Howie Feltersnatch says:

    I wouldn’t mind being a Chelsea Handler handler.

  101. No One says:

    Roy Moore fans might enjoy buying the Alabama Man doll this X-mas featured at 0.52
    http://southpark.cc.com/clips/151509/test-marketing

  102. 3b says:

    I can’t. Pete is watching but simply unbelievable!!

  103. Libturd, AKA Dr. Howie Feltersnatch says:

    Winter tires on the the two cars. Looks like both of my batteries need replacement. Who makes the most reliable battery today?

  104. The Great Pumpkin says:

    Crickets!

    Of course no one can explain to me why or how high tier homes will go down in value because of the elimination of a mortgage deduction and salt. Please do continue to call me the idiot though.

  105. The Great Pumpkin says:

    Know what’s nice? The ability to sell your second home and be mortgage free at the ripe old age of 37.

    Daddy Deported says:
    December 5, 2017 at 3:40 pm
    Pumps – Maybe you should sell now and see if you can find a place to rent in Paterson or Clifton while you save for a(nother) down payment. In a few years maybe you’ll be able to afford a nice house on a quiet street in Wayne close to your brother’s house?

  106. No One says:

    Some will, and then you’ll get the negative attention you crave.
    “Of course no one can explain [anything] to me [because I’m mentally handicapped]. Please do continue to call me the idiot though.”

  107. The Great Pumpkin says:

    No one,

    Again, belittle me with no explanation.

    Crickets!

  108. Nomad says:

    Lib,

    No idea who makes the best battery but the best deal on tires from my experience has been tire rack. They can mount winters on steel wheels and ship to your door or ship directly to a certified tire rack installer who provides guaranteed work and prices up front. I assume you already know about tire rack but figured I would write it anyhow. PS – wtf with independent mechanics and charging for an estimate in NJ. I know, Firestone…

  109. JCer says:

    The truly high end will be fine, demand will continue unabated, the pretenders will be crushed. There will be another property bust, prices are getting too frothy in certain markets. The rich are getting a tax break, the rest of us are getting whacked most likely………

  110. No One says:

    Libturd,
    I just looked up, Consumer Reports pretty consistently gave “Everstart-Maxx” their “best buy” awards. Cheaper than average, with above average scores.

  111. Hold my beer says:

    Libturd,

    Do you have AAA? They have great warranty and service. I think they are made by interstate. They might even deliver and install in your driveway.

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  113. No One says:

    P. It’s all self explanatory to nearly everyone but you. Your idiocy, that is.
    As far as housing prices, that’s something with many explanatory variables so I’m making no forecasts. But your assertion that low income people are hurt most by loss of SALT makes no sense given that said people rarely itemize.

  114. 3b says:

    Nomadic the truly wealthy will be fine sure they would utilize the mortgage deduction if it made sense but if it’s gone they will buy the house anyhow because they can and they want it. But there are from what I can see many in that 600m to 1000m range who absolutely need that mortgage deduction. They as you say will get crushed. It will affect all ranges too because it was always used as a reason to buy and a reason to overpay. It will no longer be the case.

  115. JCer says:

    Tirerack is rarely the cheapest anymore, usually can find other sites offering comparable or lower pricing with free shipping. Most batteries are made by the same 2-3 companies(Exide, JC, and East-Penn Deka). I think the everstart batteries are made by Johnson Controls, same as interstate. The differences don’t seem to be enough to worry about buy the cheapest known brand(AGM is likely worth the upcharge if it is available for your car) and toss it after 4-5 yrs.

  116. The Great Pumpkin says:

    JCER,

    That’s pretty much how I see it. I’m watching this country head towards a Brazil type society at a pretty quick pace. Rich and poor, middle class is dead. It’s funny, the tax reform bill predicated on helping the middle class will be the final nail in the coffin for that class in this country.

  117. The Great Pumpkin says:

    And the man and party the middle class put their faith in to save them are the ones hammering in the final nails to their coffin.

  118. The Great Pumpkin says:

    When did I say low income are hurt most by salt? Their housing will be hurt big time by mortgage deduction because that’s the class of buyer that uses a mortgage. It’s okay, they have no shot to own anyhow. The rich will buy out all their housing in search of passive income. The lower class and middle class will become renters as we head towards brazilification.

    No One says:
    December 5, 2017 at 5:01 pm
    P. It’s all self explanatory to nearly everyone but you. Your idiocy, that is.
    As far as housing prices, that’s something with many explanatory variables so I’m making no forecasts. But your assertion that low income people are hurt most by loss of SALT makes no sense given that said people rarely itemize.

  119. 3b says:

    Just think of all the old locusts who will no longer be able to get 500k for their pos crap shacks that have not been touched since nixon was President!

  120. The Great Pumpkin says:

    Think about it. Take away a key tool (mortgage interest deduction) to helping lower and mid income individuals buy their first homes. Now why? So you can force them into becoming permanent renters by taking away incentive/help to purchase a home. . The rent will still maintain its current value, allowing the rich to buy out the houses (at a discount?)these people were supposed to buy and then rent it out to them instead.

  121. Grim fan says:

    Re: car battery: Last month bought an Everstart-Maxx at Walmart for under $100 (after the $12 core charge return) to replace the 7 year old Everstart in my wife’s Accord. The old battery’s voltage tested fine but was leaking at the terminal so decided to replace b/c I was tired of cleaning the green terminal crust every few months. By far the best deal I found locally and the size was in stock – OTOH the battery in my Hyundai is a less common size that WM generally doesn’t carry so when it goes I expect to pay another 35-50% more elsewhere.

  122. The Great Pumpkin says:

    Truly wealthy don’t take out mortgages. It’s the lower and middle class that does.

    3b says:
    December 5, 2017 at 5:03 pm
    Nomadic the truly wealthy will be fine sure they would utilize the mortgage deduction if it made sense but if it’s gone they will buy the house anyhow because they can and they want it. But there are from what I can see many in that 600m to 1000m range who absolutely need that mortgage deduction. They as you say will get crushed. It will affect all ranges too because it was always used as a reason to buy and a reason to overpay. It will no longer be the case.

  123. The Great Pumpkin says:

    Take away the lower and middle class key deduction to give a tax break on estates and private planes….lmao

    Writing is on the wall.

  124. The Great Pumpkin says:

    Pretty good idea by founders of Ben and Jerry’s Ice Cream.

    “The plain fact of the matter is that Congress has been bought and paid for by corporations and the 0.1 percent. The GOP tax plan passed this weekend is a massive payoff to the corporations and special interests that finance campaigns and elections. This plan is another example of systemic corruption and pay-to-play politics that Our Revolution is fighting against. That’s why we support Our Revolution and that’s why we’re teaming up to hack at the root of injustice by stamping big money out of politics.

    Ben started the Stamp Stampede to harness that power of people over dollars. There’s now over 80,000 of us that are legally rubber-stamping paper currency with messages like “Stamp Money Out of Politics” and “Not to be Used to Bribe Politicians.” We’re turning money into media—using money to get money out of politics. Money is the original viral marketing medium. A stamped dollar gets seen 875 times as it gets passed from person to person. By tagging dollars with our message we demonstrate overwhelming public demand to pass legislation and amend the Constitution. And it has staying power. The average bill that gets stamped stays in circulation for 2 1/2 years. The numbers are astounding. Just one person stamping 3 bills a day for a year creates a million impressions.

    They may have gobs of money on their side, but we have the people.

    Support Our Revolution, join the fight to end big money politics, and help create a better democracy. That’s what we call a win-win.

    In solidarity,

    Ben Cohen and Jerry Greenfield
    Co-founders of Ben & Jerry’s Ice Cream
    Head Stampers at StampStampede.org”

  125. 3b says:

    Truly wealthy ain’t defined by 600k to 1000m mortgages.

  126. Hold my beer says:

    Pumpkin,

    This will hurt the middle class more. Lower income either don’t own homes or are retireees who own their house outright and are living in a pension and soc sec and probably take the standard deduction anyway.

    I have a friend still in N.J. who is a huge trumper. He and his wife own a 600k house with a mtg, gross about 180-200kb year on salaries and have 2 kids. They will take a huge hit and lose at least 30k in deductions.

    Meanwhile a retired couple who own their house outright live off pensions/retirement funds and soc security and earn maybe 1/3 what my friend earns and take standard deduction. their taxes will go down a few grand.

  127. Libturd sporting Tiger Wood says:

    Before coming back here I saw the CR reviews and had a $25 Walmart gift card to use up. Went with the Everlast Maxx and it is made by JC, a company I respect. My car needed a new battery too. Both were kind of odd sizes, but were selling for $93. Not too bad. We’ll see how they do. Also, by ordering online with my discover card, got 5% more back. Also might have gotten some Upromise dollars, but that’s if they Walmart doesn’t report my Discover cash back.

  128. Yo! says:

    Executive at national home builder saying today: “And if you’re at $800 to $1,000 a foot in Hoboken and Jersey City, you’re going to crush it, which we have over the last year in both locations.” Same exec talked up sales momentum at Jersey City condo they’re doing.

  129. grim says:

    Ben and Jerry sold out to big business for BIG MONEY.

  130. grim says:

    $326 million to Unilever.

  131. 3b says:

    Hold and that’s how it goes Hold maybe now he gets it!!

  132. Yo! says:

    Daddy Deported 3:23pm – the homes losing value are the homes in South Jersey and Sussex County. Taxes and busy streets have nothing to do with it.

  133. Daddy Deported says:

    Predicting the past is easy.

    Daddy Deported 3:23pm – the homes losing value are the homes in South Jersey and Sussex County. Taxes and busy streets have nothing to do with it.

  134. ex-Jersey says:

    If the homes out here keep on burning, they’ll never build enough to meet demand. Smells like the worst leaf fire ever outside. Thomas Fire 50,000 acres Ventura to the Ocean. Burned to a crisp.

  135. The Great Pumpkin says:

    “It is my understanding that Governor Elect Murphy of Nj is planning a lawsuit along with the Governors of several other states that will likely be negatively impacted by this tax proposal. I’m not a lawyer. However, I seem to recall that the United States Supreme Court in McCulloch v Maryland under then Chief Justice John Marshall ruled that the “Power to Tax is the Power to Destroy.” Consequently, it prohibited the states and the federal government from taxing each other. It would seem in that the Trump/GOP tax plan will be very harmful to certain states that possibly this precedent might apply.”

  136. The Great Pumpkin says:

    God bless!

    Cali is a beautiful place. Just loaded with landmines in terms of real estate vs Mother Nature. Northeast—-house lasts centuries if well constructed and maintained l.

    ex-Jersey says:
    December 5, 2017 at 11:47 pm
    If the homes out here keep on burning, they’ll never build enough to meet demand. Smells like the worst leaf fire ever outside. Thomas Fire 50,000 acres Ventura to the Ocean. Burned to a crisp.

  137. Daddy Deported says:

    Poor Pumps, none of his investments work out.

  138. grim says:

    NJ has gotten considerably wealthier despite high SALT, so how exactly does this theory make sense?

  139. Hold my beer says:

    Everything will be fine, until it’s not

  140. Grab them by the puzzy says:

    @Kaepernick7

    Thank you very much to Sports Illustrated for the honor of the Muhammad Ali Legacy Award. I am humbled and honored to share this with the people.

  141. Daddy Deported says:

    Is that the award they give to whoever has the most shaky Legacy?

    Thank you very much to Sports Illustrated for the honor of the Muhammad Ali Legacy Award. I am humbled and honored to share this with the people.

  142. NotPredicting says:

    My prediction for how Trump is likely to end.

    -Trump will get assets frozen + eventually forfeited, because of money laundering + tax evasion
    -Trump might or might not get impeach, depends how much the GOP establishment guts are on it. And the whole country over party or party over country sentiments.
    -The usual suspects around him will get hit with federal and state charges, he’ll pardon them from federal charges, but they will serve time on state charges.
    -A week from now the democrat Jones will be the Senator elect from AL. This is going to make Bannon’s world of influence smaller.

    -Unknowns – When are the Clinton and their machine finally going to dissapear from the democratic party world. Rumors of Chelsea Clinton being prepared. As long as they have a link, the democrats are moribund and lifeless.

  143. Hold my beer says:

    He’s better than geno Smith. Of course probably so are half the posters on this site.

  144. Daddy Deported says:

    NotPredicting – Are you taking prognostication lessons from Pumps?

  145. Daddy Deported says:

    I wonder if Pumps used to have a better mind before he bought his highway house 3000 feet from a radioactive landfill.

  146. D-FENS says:

    M&M Mars opening a new HQ in Newark.

  147. NotPredicting says:

    Prognostications comes from analyzing facts. Not fake news, just like yesterday -someone posted that Deutsche Bank did not get subpoena.

    They did get subpoena for Trump’s transactions. you can confirm it in another of Murdoch’s paper (WSJ).

    I like facts, real facts. Not manipulated propaganda.

  148. Grab them by the puzzy says:

    @washingtonpost

    Beyoncé thanks Colin Kaepernick for his “personal sacrifice” while presenting Muhammad Ali Award

  149. No One says:

    Grim,
    I suppose you could compare NJ’s economy to it’s counterfactual low-SALT state and argue it would be wealthier in the alternative case. Or at least not be seeing falling credit ratings.

  150. Grab them by the puzzy says:

    interesting. is this subject to the middle class tax increase, upward tax redistribution, becoming law? cause only then gop no longer needs the gropper in chief as its vassal

    NotPredicting says:
    December 6, 2017 at 8:22 am

    My prediction for how Trump is likely to end.

    -Trump will get assets frozen + eventually forfeited, because of money laundering + tax evasion
    -Trump might or might not get impeach, depends how much the GOP establishment guts are on it. And the whole country over party or party over country sentiments.
    -The usual suspects around him will get hit with federal and state charges, he’ll pardon them from federal charges, but they will serve time on state charges.
    -A week from now the democrat Jones will be the Senator elect from AL. This is going to make Bannon’s world of influence smaller.

    -Unknowns – When are the Clinton and their machine finally going to dissapear from the democratic party world. Rumors of Chelsea Clinton being prepared. As long as they have a link, the democrats are moribund and lifeless.

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  152. Steamturd supporting the Canklephate says:

    “It is my understanding that Governor Elect Murphy of Nj is planning a lawsuit along with the Governors of several other states that will likely be negatively impacted by this tax proposal.”

    More divisive politicking. Blue vs. Red. Carry on.

  153. leftwing says:

    “Beyoncé thanks Colin Kaepernick for his “personal sacrifice” while presenting Muhammad Ali Award”

    Why not? Our former Commander in Chief received a Nobel Prize as a participation award.

    Stu, re: a NJ lawsuit, that quote is from the comment section of the Dalio article with the poster starting with “I’m not a lawyer but…..”. Consider the source lol.

  154. D-FENS says:

    I hear Newark is Millennial friendly and walk-able.

  155. D-FENS says:

    Makes sense. The link I submitted was from CNN’s Jake Tapper.

    NotPredicting says:
    December 6, 2017 at 8:29 am
    Prognostications comes from analyzing facts. Not fake news, just like yesterday -someone posted that Deutsche Bank did not get subpoena.

    They did get subpoena for Trump’s transactions. you can confirm it in another of Murdoch’s paper (WSJ).

    I like facts, real facts. Not manipulated propaganda.

  156. nwnj says:

    The “threat” from Murphy and Cuomo is a joke. How many federal taxes does NJ allow you to deduct? What is the limit for NJ’s RE tax?

  157. Steamturd supporting the Canklephate says:

    “Newark is Millennial friendly and walk-able.”

    Plus you can’t be carjacked sans car.

  158. leftwing says:

    Here’s a prediction, and I’ll take odds on this one:

    Trump fires Mueller over leaks of his personal financial data from the IC office.

    These liberals can’t help themselves. Their hate of Trump overrides everything. Some attorney associated with the investigation with access to the Deutsche or other financial info will put it out there. Major issue, leaking personal financial information obtained during discovery, not to mention that info is of the Pres of the US. Trump will use that transgression as cause to boot Mueller and replace him with someone else. Will get away with it given the gravity of the transgression.

  159. Hold my beer says:

    Steamturd,

    Those walking millennial better hope there isn’t a market for used birkenstocks and fedoras and twilbys like there is for ironic T-shirts

  160. JCer says:

    Steam that article is crap, NJ isn’t millennial friendly for one big reason, cost. We have plenty of places millennials would like to live but they cannot come close to affording it and other places that would be millennial friendly(think Newark, Camden, etc) are too perceived as too dangerous to be livable(there is some truth there it is pretty gross in most places). NJ has old communities with traditional town centers and transit in abundance both north and south and those places have robust property markets(see the strength in essex suburbs, summit, ridgewood, westfield, collingswood, haddonfield, etc). Towns built out in the 50’s-80’s with tract housing, strip malls, etc are not desirable but are still somewhat pricey compared to a Millennial salary despite not having high performing real estate markets. Couple housing costs with high tolls, transit costs, car insurance, and taxes it becomes obvious it is a hard place for someone to live who doesn’t have a healthy income.

  161. JCer says:

    Who do we think is snapping up 500k shacks in Glenridge, Montclair, Maplewood, etc. It’s 30 year olds who had a kid making the migration from Hudson county, and Brooklyn who cannot afford a bigger place. That 500k price point if it is livable(no 1950’s kitchens please, move in ready) seem to sell in less than a week, one by my house sold for 90k over ask in 3 days, sign on lawn Thursday, realtor putting under contract sign up Sunday removing the open house sign.

  162. The Great Pumpkin says:

    Poster boy for the Republican propaganda movement. Of course it’s all a conspiracy by the democrats with no factual substance.

    leftwing says:
    December 6, 2017 at 10:15 am
    Here’s a prediction, and I’ll take odds on this one:

    Trump fires Mueller over leaks of his personal financial data from the IC office.

    These liberals can’t help themselves. Their hate of Trump overrides everything. Some attorney associated with the investigation with access to the Deutsche or other financial info will put it out there. Major issue, leaking personal financial information obtained during discovery, not to mention that info is of the Pres of the US. Trump will use that transgression as cause to boot Mueller and replace him with someone else. Will get away with it given the gravity of the transgression.

  163. Steamturd supporting the Canklephate says:

    I’m not debating you. I just found that article interesting. I’m still pretty certain my theory that Millennials weren’t having kids until recently (since the economy blew and they simply couldn’t afford them as well as it crammed their entitled lifestyle) holds true.
    Our club bought Carter’s stock about 4 months ago based on this premise. It’s now our best performing stock of 2017. I’d argue that our Hooker Furniture stock is also moving based on the same affect. The move back to the burbs is on. At least in train towns. And who wants to raise their kids in the city anyhow besides a Meathead?

  164. leftwing says:

    Pumps, you are instructed to leave me out of your posts. Get it?

  165. Fast Eddie says:

    Isn’t it wonderful how the left is just melting in the flames of their despair? Can it be any more glorious to see their rudderless agenda careening into walls? I almost want them to find hope just to watch this marvelous destruction become prolonged so that the producers of this country can be entertained! Look no further than the anger and frustration of the left-leaning powder puffs on this blog! What other source of relaxation can one ask for but to see the left stabbing themselves repeatedly?

  166. Steamturd supporting the Canklephate says:

    Bask away Gary. Chances are, it’ll only be another 3 years. Some Dem friends of mine are starting to get it.

  167. Fast Eddie says:

    Some Dem friends of mine are starting to get it.

    They’ve been trying to convince themselves for 50 years. Or, by you saying that they’re starting to get it, you mean that they realize they need to walk away from issues like a gender-less society, social justices in the name of covering up inadequacies , wanting to feel loved, revisionist history and disdain for the country they live in, then I’ll agree. Otherwise, it’s a party of misfits and lay-a-bouts seeking to push their failures upon the backs of others. When the democrats start listening to the truck drivers and ditch diggers and less to the toys on misfit island, I’ll begin to listen myself.

  168. JCer says:

    Steam, the thing is a lot of Millennials DO want to raise their kids in a city(not the ghetto nice neighborhoods of Brooklyn, JC, Hoboken, of course Manhattan), most cannot afford it, going to the biggest 2 bedroom barely suits one child(and when they are toddlers becomes even less suitable…) at a cost north of 4k per month or 1m, 3 bedrooms are 1.5m minimum.

    Walkable looses it’s luster when it is really only a reality in nice weather and toddlers aren’t fun walking, they want in the stroller, out of the stroller, etc. For a single person walkable is more convenient but with a kid or kids give me the car any day.

  169. Fast Eddie says:

    Can anyone point me to a calculator that will allow me to punch in my numbers to see how this new tax plan will affect me? I still can’t visualize it.

  170. Steamturd supporting the Canklephate says:

    Gary…starting to realize that their agenda is failing.

  171. Hold my beer says:

    Pumpkin,

    Mars candy. Sometimes you feel like a nut.

  172. chicagofinance says:

    The End Is Nigh (Stu Edition):
    MONTCLAIR – Local residents are having a cow after a local ice cream shop unveiled its new logo – a hyper-sexualized female cow. The shop, Dairy Air Ice Cream Co., ran into some resistance from demure merchants who have asked Dairy Air to cover up their wares. The owners, according to NJ.com, have agreed to reconsider their branding, but will still sell such fan favorites as “Backside Banana Split,” “Keister Key Lime” and “Coconut, Peanut Butt’r Booty.”

  173. Steamturd supporting the Canklephate says:

    I’m more concerned about Murphy than this Trump tax deform. I have a feeling that Drop Trow just pushes his far left agenda through regardless and destroys NJ’s already impossible affordability. It’s already insane to live here. He’s gonna make it much less desirable. On the bright side, your kid’s teachers will retire like kings or queens in Florida. His janitor’s too.

  174. Steamturd supporting the Canklephate says:

    Chi…It’s all over the local blogs and Facebook. Here is my response.

    See Gary…read the comments and you’ll see, they are starting to wake up. Don’t read the letter. :P

    http://baristanet.com/2017/12/dairy-air-ice-cream-causes-stir-montclair/

  175. chicagofinance says:

    I to

  176. Fast Eddie says:

    I found a calculator, in fact two of them but it seems they don’t let you subtract FED taxes and lumps it in as what is owed. It’s a bit hard to read.

    Use this calculator, put in example numbers and then summarize:

    https://www.marketwatch.com/story/the-new-trump-tax-calculator-what-do-you-owe-2017-10-26

  177. chicagofinance says:

    I told my Uncle and his response was that the entire kerfuffle was udder nonsense.

  178. leftwing says:

    I object to the female merchant who first raised the objection of the Dairy Air.

    “It is offensive and sickening,” Tingle wrote. “A hyper-sexualized, obviously female cow with her ass upended and poking through a circle, tail raised up, waiting for what?”

    It is very offensive that Ms. Tingle sees an ‘obviously female’ cow. Who’s to say that the cow is not transgender or genderqueer or non-binary. Or is a male cow that identifies as female. Or, a female but in this instance is identifying as a hypersexualized male?

    Very closed minded thinking, not what I would have expected from Montklair.

  179. Hold my beer says:

    I wonder how many hipsters will get that logo as a tattoo

  180. Hold my beer says:

    We don’t have a cow. We’ve got a bull.

    Kingpin was hilarious

  181. Steamturd supporting the Canklephate says:

    One of the funniest lines on film ever.

  182. leftwing says:

    Franken being called on to resign by Dem power structure.

    I need to find time to look at more closely but wasn’t he a darling of the Establishment?

    If so, are they throwing their ‘best and brightest’ overboard to court the female vote hard? Make the distinction that even if one is accused and denies they will toss, unlike Repubs?

    Can’t figure this one out. His seat isn’t up until 2020 so no rush to exit him personally now. The incumbent up this year is a Dem woman, not much risk there?

    Thoughts?

  183. The Great Pumpkin says:

    No, they are doing the right thing instead of what’s good for the team.

    “If so, are they throwing their ‘best and brightest’ overboard to court the female vote hard? Make the distinction that even if one is accused and denies they will toss, unlike Repubs?”

  184. Juice Box says:

    Franken will be replaced by another Democrat, their Govenor Mark Dayton is very liberal otherwise they would never call for his resignation.

  185. leftwing says:

    Hahahahahaha. Weinstein fcuked.

    Six woman file a lawsuit. Class action for racketeering, alleging that a group of companies and Weinstein conspired to perpetrate and cover up his crimes. They actually name it the Weinstein Sexual Enterprise in the suit.

  186. Steamturd supporting the Canklephate says:

    I wonder if he’ll write a book about the experience blaming everyone but himself? I already heard some left wing press praising how he didn’t delay his apology and how perfectly he handled his “awkward” situation by getting out in front of it. Oy vey!

  187. Steamturd supporting the Canklephate says:

    You down with WSE?
    Yeah you blow me!

  188. abeiz says:

    nice arse on that cow.

    Has anybody considered the purchase of an EV? I’ve been sniffing around and one can purchase a 3 year old BMW i3 (these usually have very low miles <24k for 3 years) for just about the price of a new i3 three year lease.

    I'm admittedly sort of a fan of good industrial/product design and like the i3 quite a lot. $15K for a NYC metro runabout with 100 mile range? Right in the neighborhood of a sparsely spec'd Outback with ~50k miles.

  189. 3b says:

    Steam sorry I am not buying the back to the suburbs theory not yet any how. I am on N.J. Rancid Transit trains everyday and all I see are 40/50 and older types with a smattering of what appear to be recent college grads living at home. Just not seeing those millennials.

  190. Steamturd supporting the Canklephate says:

    Wait for Honda’s fuel/hybrid Clarity is my EV advice (early next year). It looks a little strange, but from initial reports, it’s the real deal! Read about it before purchasing anything else.

    3B, who is buying up all of those apartments in the transit villages? Though, I can’t completely dismiss your findings cause the train did look a lot like a rolling morgue last week. I’m back on the train tomorrow. Prepare for a derailment.

  191. Steamturd supporting the Canklephate says:
  192. Yo! says:

    The reason Millenials don’t want live in New Jersey is because the state’s job market sucks. The trend has nothing to do with a lack of walkable mixed use neighborhoods. New Jersey has more of these neighborhoods than most other states.

  193. Grab them by the puzzy says:

    @ianbremmer

    % of Americans who say Trump should be impeached

    Black 72%
    Hispanic 52%
    White 31%

    Women 48%
    Men 31%

    Overall 40%

    (PRRI)

  194. chicagofinance says:

    How about groceries with stroller? Yeah…..

    JCer says:
    December 6, 2017 at 11:07 am
    Steam, the thing is a lot of Millennials DO want to raise their kids in a city(not the ghetto nice neighborhoods of Brooklyn, JC, Hoboken, of course Manhattan), most cannot afford it, going to the biggest 2 bedroom barely suits one child(and when they are toddlers becomes even less suitable…) at a cost north of 4k per month or 1m, 3 bedrooms are 1.5m minimum.

    Walkable looses it’s luster when it is really only a reality in nice weather and toddlers aren’t fun walking, they want in the stroller, out of the stroller, etc. For a single person walkable is more convenient but with a kid or kids give me the car any day.

  195. Grab them by the puzzy says:

    @_cingraham

    NEW: The richest 1% now own an astonishing 40% of the country’s wealth, their highest share in over 60 years.

  196. Juice Box says:

    Commuting to work in LA these days.

    https://i.imgur.com/IuS83DO.gifv

  197. abeiz says:

    Yeah 3b, I went into NYC for a networking event recently. Secaucus to Penn and back out of Penn around…oh, I don’t know, 7:30pm?

    I sat next to a guy who was on his iPhone – mid/late 40’s, traditional suit/tie – he was asking his wife if the homework was done and teeth were brushed and fcuk… I’m not as old as most of you guys, and perhaps somewhat naive, but damn there’s got to be a better way to live your life than that. The legions of suits leaving to their bedroom communities at 7PM are just sad, one look at their faces confirms this.

    What’s that money going to? A hedonic treadmill comprised of a house you’re never in and $150k to a school of junior’s choosing?

    Naw.

  198. leftwing says:

    “I’m not as old as most of you guys, and perhaps somewhat naive, but damn there’s got to be a better way to live your life than that. The legions of suits leaving to their bedroom communities at 7PM are just sad, one look at their faces confirms this.

    What’s that money going to? A hedonic treadmill comprised of a house you’re never in and $150k to a school of junior’s choosing?

    Naw.”

    Smart. Do the math on the weekday free time. Maybe three quality hours daily after door to door commute, getting ready in the morn, and sleep?

    After which your top end compensation (nationwide) provides little to no savings?

    So you get no free time and no savings? That’s not wealth, it’s indentured servitude.

    Wealth is lifestyle, not earnings. Let me repeat – wealth is lifestyle, not earnings.

    The entire SALT debate comes down to the above point. NJ salarymen have collectively convinced themselves they were wealthy based on income. Having to face the numbers and the return for that lifelong effort is opening some eyes and they don’t like what they see.

  199. 3b says:

    Abeiz that’s why I don’t think there will be a rush back to the suburbs. When my kids were young and it was not that long ago most of the moms were stay at home for many reasons one big reason it was doable. Not so much today. With both parents working today almost mandatory I don’t see both working until 6 or later and then doing a 1.5hour or more commute home. As for strollers and apartments it was done all the time in the Bronx when I was growing up. We had a house but there were lots of kids in apartments too.

  200. D-FENS says:

    It took seven accusers. For a long time there were only six. They waited until after they might have needed his vote on the tax bill. Now that that’s over, they can dump him and claim the moral high ground when criticizing Moore from Alabama. The timing is not an accident.

    If they were really honest they’d demand that Menendez resign immediately too.

    leftwing says:
    December 6, 2017 at 12:34 pm
    Franken being called on to resign by Dem power structure.

    I need to find time to look at more closely but wasn’t he a darling of the Establishment?

    If so, are they throwing their ‘best and brightest’ overboard to court the female vote hard? Make the distinction that even if one is accused and denies they will toss, unlike Repubs?

    Can’t figure this one out. His seat isn’t up until 2020 so no rush to exit him personally now. The incumbent up this year is a Dem woman, not much risk there?

    Thoughts?

  201. Fast Eddie says:

    NEW: The richest 1% now own an astonishing 40% of the country’s wealth, their highest share in over 60 years.

    Ask yourself how you can get a piece of the action. Or is that a capability not indigenous to your kind? I ask rhetorically.

  202. 3b says:

    Left well said.

  203. Fast Eddie says:

    3b,

    A house comes on the market in my area and the surrounding towns and it’s gone. Just saying. Somebody is buying them.

  204. JCer says:

    Eddie the people I see are in what I call working prime 30-45 yrs old with kids, sales are brisk. Most of my friends in Jersey City with kids are looking in suburbs, ridgewood, montclair, glen ridge, maplewood or westchester/LI

  205. Fast Eddie says:

    JCer,

    You’re in the RE business? Or associated? All I know is that these upper Bergen towns are obviously still where the money is going. It was that way when I was a kid and it really hasn’t changed. As for the Hudson County phenomena and growing up there practically my whole life, I find it amusing the amount of dollars being spent to live in JC/Hoboken while needing to send the kids to private/parochial schools. That’s a whole other discussion.

  206. D-FENS says:

    Have you guys seen the new Remington 870 DM?

  207. The Great Pumpkin says:

    This is the price to pay to retire early with lots of money. You can have lots of time off, but you won’t retire with money.

    “I’m not as old as most of you guys, and perhaps somewhat naive, but damn there’s got to be a better way to live your life than that. The legions of suits leaving to their bedroom communities at 7PM are just sad, one look at their faces confirms this.

    What’s that money going to? A hedonic treadmill comprised of a house you’re never in and $150k to a school of junior’s choosing?

    Naw.”

  208. Juice Box says:

    Going full whiskey tango with my Christmas decorations this year. Just bought 2200 multi color outdoor lights and a 10 ft tall inflatable frosty the snowman, plus a laser light show to go with what I already have including the 18 ft long Santa and his sleigh. I may put the 10 ft tall frosty and Santa on the roof for that over the top P@iss off the neighbors special effect. Oir neighborhood Christmas party is next weekend too…about a 1/3 rd of the 150 houses in our development usually show up..

  209. nwnj says:

    Sad to see Trump getting swindled by the neocon sect. Another reason for me to dislike Kushner too, would love to see him go.

  210. Daddy Deported says:

    JCer – I think you may be out of touch with what kids want today. They want small places to live, small places to gather, all the time staring at their small screens. Starting off with a car and a condo is so 1980’s because driving is a hassle when you can’t take your eyes off your phone. I doubt they even go to big clubs or actually dance.

    In the 1980’s the formula was simple. Get a job, get a car, get an apartment, then drive to a club and see what happens. Now it’s all about small bars,somebody’s Dad’s Uber car, small apartments near each other, and Starbucks. That’s all they want.
    There aren’t any millennials opining, “I wish I could get an apartment in Glen Rock so I could walk to the Glen Rock Inn every night and drink with my parents’ friends, but they’re just too expensive.”

    Steam that article is crap, NJ isn’t millennial friendly for one big reason, cost. We have plenty of places millennials would like to live but they cannot come close to affording it and other places that would be millennial friendly(think Newark, Camden, etc) are too perceived as too dangerous to be livable(there is some truth there it is pretty gross in most places). NJ has old communities with traditional town centers and transit in abundance both north and south and those places have robust property markets(see the strength in essex suburbs, summit, ridgewood, westfield, collingswood, haddonfield, etc).

  211. 3b says:

    Fast the same in my town. Except what I am seeing are a lot of new immigrants first generation immigrants with extended families buying. I am not seeing the young newly married like in my day. I also see a good few older Russians buying as well.

  212. 3b says:

    Personally I don’t know why anyone in their mid to late 40s would want to take a big mortgage on with a big property tax bill.

  213. Steamturd supporting the Canklephate says:

    Oil dropped 4% today. I guess the Arabs still don’t are much about the Palestinians. Or is it just fracking?

  214. Steamturd supporting the Canklephate says:

    “Personally I don’t know why anyone in their mid to late 40s would want to take a big mortgage on with a big property tax bill.”

    BAM!

    They are selling their home the moment Graydon graduates anyway!

  215. JCer says:

    deported I’m closer in age to the “kids” than you are, but in essence millennials aren’t car crazy in general, night clubs? they have tinder don’t need to dance with a crowd of people and spend $20 a drink. Nobody wants a condo in Glen Rock, houses yes when they have kids. The youths would rather not commute and have come to realize that they spend NO time at home hence the idea that a closet with a bed in it is a good idea because it can help them afford to live where they need to be and never spend anytime at home anyway.

    Millennials in NJ are looking for places in Hoboken, Jersey City, Harrison, Red Bank, sometimes apartments in Montclair or Ridgewood, maybe even Newark. By and large the majority are not financially stable enough to buy anything and are looking to rent.

    My observations are based on people I know and who I see buying homes in my neighborhood. Deported this is the rare time I agree with pumps and not you and that is when millennials have kids they can’t live in a shoe box anymore, need schools and seek housing compatible with raising a family, budget constraints make certain NNJ suburbs(the more urban in nature) appealing to millennial families.

  216. Hold my beer says:

    Pumpkin,

    Define early retirement.

    Also the people Making 7 figures who commute from nj drive or take a car service. The people crammed into nj transit on a daily basis are most likely the posers who make 100-200k a year and will be pounded by the new tax structure

  217. The Great Pumpkin says:

    Anyone that buys bitcoin and holds will get what they deserve. Pure bubble mania. Play the bubble by treating bitcoin like a penny play. Just go for quick 10-20% gains and take your money. Rinse and repeat, till it crashes. Older and more experience I get with playing markets, the easier it is to make money. I wish I could short the sh!t out of this.

  218. Hold my beer says:

    Steamturd,

    Graydon? I thought the name was Madison? It’s gender fluid too.

  219. D-FENS says:

    Keep fracking boys…..we need that oil and coal and natural gas to run our power plants so we can hang so many christmas lights it can be seen from space.

    For the baby Jesus you know.

    Juice Box says:
    December 6, 2017 at 2:44 pm
    Going full whiskey tango with my Christmas decorations this year. Just bought 2200 multi color outdoor lights and a 10 ft tall inflatable frosty the snowman, plus a laser light show to go with what I already have including the 18 ft long Santa and his sleigh. I may put the 10 ft tall frosty and Santa on the roof for that over the top P@iss off the neighbors special effect. Oir neighborhood Christmas party is next weekend too…about a 1/3 rd of the 150 houses in our development usually show up..

  220. The Great Pumpkin says:

    Hold my beer says:
    I’m 37. I could prob sell both properties, move to Florida, and retire right now. Won’t be extravagant, but I could be retired already. Obviously, I would never raise my daughter in Florida, and I still have to pay for her college, so I will hanging around and working in this beautiful state for at least 20 more years. Retirement will be sweet indeed…..big thanks to the nyc metro area economy for providing the education and opportunity to get ahead in life. High property taxes aren’t stopping my wife and I.

    December 6, 2017 at 3:25 pm
    Pumpkin,

    Define early retirement.

    Also the people Making 7 figures who commute from nj drive or take a car service. The people crammed into nj transit on a daily basis are most likely the posers who make 100-200k a year and will be pounded by the new tax structure

  221. The Great Pumpkin says:

    Crap, my post is under “hold my beer says.”

  222. 3b says:

    Well then there are a lot of kids down here stuffed in shoe box apartments and many I see are at least middle school or late grammar school age in addition to high school age. So are they suddenly going to wake up at this stage and rush to the suburbs for a few more years of schooling and then back to the city? Seems to me they would have left already.

  223. 3b says:

    Stu are you going to be one of those poser losers stuffed into a NJ rancid Transit train tomorrow? Don’t you know winners are all taking car services from their lush upper Bergen County houses?

  224. 3b says:

    Lots of millennials in my job. Early 30s living in Manhattan Brooklyn Hoboken JC most not married from what I can tell no significant others either. It could be 10 years or more before they have a child maybe two tops. Then they will all be almost middle aged old geezers who are going to run out to the suburbs for 12 years or so and then run back to the city?

  225. Hold my beer says:

    Pumpkin,

    57 isn’t early retirement. It is involuntarily retired if you get laid off at that age.

    I worked in nyc for 5 years. The number of men I worked with who dropped dead or went on disability in their 40’s or early 50’s was astounding.

  226. JCer says:

    3b exactly the folks I know who are married are starting to have kids or have recently had, those who aren’t are looking to buy apartments in cities. Average age to suburbs is 36-40, most will stay 15 years or so and then sell. Where do you work, Millennials don’t like corporate jobs and tend to only work among themselves.

    Yes the 7 figure crowd either drive or have drivers and a reserved spot at work, all tend to get in super early and out early to avoid traffic in and out of NYC, guys with Phil Murphy money take helicopters. People at GS say he was a real pr*ck when he worked there and knew he was there when the helicopter came to 30 Hudson.

  227. Hold my beer says:

    Working for corporate in nyc. Take 16 hours worth of work, shove it into a 10-11 hour day, and then slap 1.5-2 hours commute on each end of the work day. That’s commuting from njnsuburba to nyc is.

  228. JCer says:

    Work kills…….It’s true. One needs to prepare to be expendable at 55. That being said it’s early retirement if one can afford to live at that point.

  229. Blue Ribbon Teacher says:

    I had my kids at 31/33. The toll that the sleep deprivation took on my body was ridiculous. I already have 2 bad knees and feet from all the running I did in my 20s (bad bad move) and the weight I put on sent me spiraling downhill. Only managed to get a grip on it last year once both kids became more self sufficient. Basically spent the entire summer in physical therapy.

    If I could do it over again, I’d opt for kids in my 20s over running. I’d have a healthy lower body and there’s a biological reason for your ability to stay up at insane hours of the night. Apparently, it wasn’t for drinking.

    Between my millenial siblings and sister in law, none of them looks like they are ever having kids.

  230. Blue Ribbon Teacher says:

    They are selling their home the moment Graydon graduates anyway!

    9th year teaching, never had an Aiden until this year…I have 3. Expecting about 40 over the next 2 or 3.

  231. Blue Ribbon Teacher says:

    Anyone that buys bitcoin and holds will get what they deserve. Pure bubble mania. Play the bubble by treating bitcoin like a penny play. Just go for quick 10-20% gains and take your money. Rinse and repeat, till it crashes. Older and more experience I get with playing markets, the easier it is to make money. I wish I could short the sh!t out of this.

    I’m going to buy $20 worth and let it ride….wooohoo!!!

  232. The Great Pumpkin says:

    Lefty,

    Two more quotes for you from the comment section of that article. How does it feel to know that liberals drive the economic engine of this country? And you think they are the problem?

    “You are actually wrong. High tax states already subsidize the rest of the country because of “progressive” or tiered income tax structure which taxes the high cost of living to a greater degree. So, in this case, many “blue” states will go from subsidizing red states “a lot” to “even more”. If we had a flat tax, you would be correct, but it’s all about how much each state gets back on the dollar…”

    “This analysis found that CT was one of the least federally subsidized states in terms of federal aid as a percentage of state general revenue, as were a number of other high SALT locations. – https://taxfoundation.org/states-rely-most-federal-aid/

  233. abeiz says:

    a friend took a job downtown (finance, salaried, AML group) and then immediately bought a house right by route 80 in a town comprised of POS capes (and I mean right by route 80). The next logical step was to have his wife stay home with the baby.

    NJ mortgage.
    NJ $10K+ tax bill.
    NJ commute.
    NJ noose.
    Done.

    Is this how middle age is made? Even 35-50K per year more does not make up for a lifetime of this… we’re all smart and honest enough with each other here to know that.

    People who are processed through Penn at 7:30PM are not winners, they’re all <$200K, which if the other spouse is staying home pays for the salty tax fcuking, the crib and the monthly train and parking bill.

    Also, off topic: are tax changes effective immediately (i.e. for the next filing cycle?)

  234. abeiz says:

    co-worker has a monster crib in Haworth with a 21K tax bill. I was rather surprised to learn that she considers it a part of her retirement package and plans on selling to fund her retirement.

    My landlord is considering selling the house that her father had build for $50K way back when. It’s a meticulously maintained 3fam in the rt5 portion of Fort Lee. Right now the $6K rent roll is paying for her son’s college tuition. But, let’s be honest, if she was winning like everyone else there, don’t ya think her father would have wanted her to keep this RE in the family and give her kids a leg up?

    Pumps, if by retiring early you mean liquidating and moving on, leaving your kids to have to go through the same ish…that’s not wealthy

  235. JCer says:

    abeiz, why sell unless she was going to 1031 into another property? That’s foolishness, unless you can get stupid money for it, it’s better to not realize the gain. The big house is just a placeholder, as someone who has one if I can get my money out in 20 years when I go to sell it’s a win, if the price remotely approaches inflation even better, I wouldn’t dream of owning such a liability without the income stream I have from being employed.
    I wish my grandparents hung onto their 3 apartment buildings in Jersey City rent roll would probably be 25k per month, sold them in the 70’s for peanuts when the place went to sh*t.

  236. 3b says:

    Commenting on a number of posts combined!! I worked for Goldman for many years and yes there was the helicopter crowd but just as many took public transportation. May have changed there today different place. When I left it was just going public. When I still lived in the city I used to see Weinberg and Whitehead two legendary leaders of Goldman on the lex ave uptown 5 train all the time. And later in Jersey Leon copper man on the path train all the time.

    As for age I won’t say to much everybody is has to do what they feel best. But we were done by 29 and 30 with kids and no regrets. I would not want to be in my late 40s just starting out. I know someone who is 56 with a year old!! As for going to the suburbs for 12 to 15 years does not make sense to me. Having the commuting convenience for all those years and then two late 40s or older slogging back and forth to the suburbs has to be tough. And agai who wants to take on mortgages at that age plus colleges. Does not sound appealing.

  237. Grab them by the puzzy says:

    @StevenTDennis

    Holy Age Gap Batman!

    Trump Approval
    19-34: ***19%***
    50-64: 46%

    Disapproval
    19-34: ***74%***
    50-64: 48%

    Age gap: 53 points!!

  238. Grabthembythe Weinstein says:

    Those age related poll numbers show what I have said before.

    The Trump phenomena is a product of the arrogance, self-righteous, we are above the law, above nature and tendency to lower the bar in anything they touch of the self-centered locust boomers.

    Boomers don’t get that the country is really not that divided politically as is generationally. Just like the boomers were problematic and radioactive to the their parent’s generation (the ww2/cold war crowd -remember the boomers spewing don’t trust anyone over 35 ) they are the same to anyone younger than 55 or so.

    What we need is a culling of boomers. That is why Medicare has to go.

  239. The Great Pumpkin says:

    It’s not about leaving your kids with monetary wealth, it’s about giving them the ability to make it on their own. Brings so much more meaning to life to be able to make it on your own instead of being handed it all. Don’t get me wrong, def want to help, but my life purpose is not to save everything and give it to my child when I die. I want to live too, didn’t work this hard to just focus on giving it all to my child while I enjoy nothing.

    “Pumps, if by retiring early you mean liquidating and moving on, leaving your kids to have to go through the same ish…that’s not wealthy“

  240. Blue Ribbon Teacher says:

    My grandfather was the tax collector for a few villages in China during the communist takeover. He collected all the funds for the common good and fled to Hong Kong with it in his pocket. He bribed his way into the country for $10k and they opened up a restaurant in Teaneck. He had a 2nd restaurant in Fort Lee. Basically, they were millionaires by 1970. He was cheating on his taxes the entire time so eventually the IRS came knocking and forced him to sell the Fort Lee property (probably worth 10-15 mil today). He raised 3 deadbeat sons who leeched off of him for 30 years and died dirt poor.

    My father went to med school in Mexico and made it big eventually as a physician, pulling in $500k a year. He was racking in the dough and scooping up properties left and right. Eventually, he lost both of his hospital contracts and ended up not being able to service the debt that he took on. Everything got foreclosed on.

    Your goal in retirement should not just be to go out with a bang. It should be to establish some real wealth that’s passed on to your family.

    Meanwhile, I’ve watched people with normal everyday jobs operate with discipline for 70 years and leave their kids upwards of $750k on stocks and bonds.

  241. Blue Ribbon Teacher says:

    It’s not about leaving your kids with monetary wealth, it’s about giving them the ability to make it on their own.

    So you don’t want to pay it forward and let your grandson buy your home that everyone stops to take pictures of at a 20% discount?

  242. Libturd sporting Tiger Wood says:

    My goal is to raise my kids 100% independent, like my parents raised their seven kids. None of us got sh1t. Gator ain’t getting sh1t and I don’t expect to get sh1t, though I know I will get something from my folks, probably about the time I retire. Best way to teach your kids to be screw ups is to give them money. Especially before their career has started. My goal is not to leave a penny to my next of kin, of course after the D has enough saved to cover medical issues.

  243. The Great Pumpkin says:

    I’ll help, but I’m not just giving it away. It will do more harm than good.

    That’s the hypocrisy of the wealthy republicans. They claim welfare causes more harm than good by taking away the motivation of the recipients to help themselves. In the same context, they rally around ideas about repealing the estate tax so that they can provide massive welfare to their kids/grand kids. So it’s hsrmful to give poor welfare, but it’s not harmful to give your offspring enough money to never be motivated a day in their life.
    .

    Blue Ribbon Teacher says:
    December 6, 2017 at 7:01 pm
    It’s not about leaving your kids with monetary wealth, it’s about giving them the ability to make it on their own.

    So you don’t want to pay it forward and let your grandson buy your home that everyone stops to take pictures of at a 20% discount?

  244. 3b says:

    As opposed to the hypocrisy of caring about the poor as long as they don’t live in one’s town.

  245. 3b says:

    Should have said 56 years old with a 2 year old . They are a wealthy couple but still that in my mind is just too old.

  246. Blue Ribbon Teacher says:

    That’s the hypocrisy of the wealthy republicans. They claim welfare causes more harm than good by taking away the motivation of the recipients to help themselves. In the same context, they rally around ideas about repealing the estate tax so that they can provide massive welfare to their kids/grand kids. So it’s hsrmful to give poor welfare, but it’s not harmful to give your offspring enough money to never be motivated a day in their life.

    Actually, your job should be to raise responsible, respectful hard working children. By the time it comes to leave them something when you die, they’ll be 50 and possibly expecting grandkids soon.

  247. The Great Pumpkin says:

    Jeez, the videos of the fires in cali are pretty crazy. Essex, your town in danger?

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  249. Daddy Deported says:

    LOL. I wonder if anyone else gets this except me. There was some channel on, I *think*, broadcast TV in the mid 90’s that we used to get in Bloomfield and Nutley. You had to call up a 900 pay number to request videos, they were all hip-hop.

    You down with WSE?
    Yeah you blow me!

  250. D-FENS says:

    Only one Democrat in NJ voted to table the resolution to impeach Trump.

    http://njtoday.net/2017/12/06/one-new-jersey-democrat-wont-impeach-president-trump/

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