Uh Oh

From Bloomberg:

Manhattan Home Sales Tumble Most Since 2009 as Buyers Push Back

Home sales in Manhattan plunged by the most since the recession as buyers at all price levels drove hard bargains and were in no rush to close deals.

Sales of all condos and co-ops fell 25 percent in the first quarter from a year earlier to 2,180, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the biggest annual decline since the second quarter of 2009, when Manhattan’s property market froze in the wake of Lehman Brothers Holdings Inc.’s bankruptcy filing and the global financial crisis that followed.

The drop in sales spanned from the highest reaches of the luxury market to workaday studios and one-bedrooms. Buyers, who have noticed that home prices are no longer climbing as sharply as they have been, are realizing they can afford to be picky. Rising borrowing costs and new federal limits on tax deductions for mortgage interest and state and local levies also are making homeownership more expensive, giving shoppers even more reasons to push back on a listing’s price — or walk away.

While just a few years ago, bidding wars were the norm, “there’s nothing out there today that points to prices going up, and in many buyers’ minds, they point to being flat,” said Pamela Liebman, chief executive officer of brokerage Corcoran Group. “They’re now aggressive in the opposite way: putting in very low offers and seeing what concessions they can get from the sellers.”

Corcoran Group released its own Manhattan market report Tuesday, showing an 11 percent decrease in completed purchases and a 10 percent drop in sales that are pending.

This entry was posted in Economics, Housing Recovery, New Development, NYC. Bookmark the permalink.

134 Responses to Uh Oh

  1. grim says:

    From CNBC:

    Homeowners are sitting on $5.4 trillion in ready cash, the most ever

    Rising home values are making homeowners richer, a lot richer. Whether they choose to use it or not, the amount of equity today’s homeowners are able to tap is at the highest level on record, according to a new report from Black Knight.

    Over the course of 2017, the amount of money a borrower can take out of a home while still leaving 20 percent in it, which is what most lenders require, rose by $735 billion, the largest annual increase by dollar value on record. The brought the collective amount of so-called tappable equity to $5.4 trillion, which is 10 percent more than at the pre-recession peak in 2005.

    Unlike during the last peak, homeowners today are far more conservative and lenders are stricter. Last year, even with record equity, homeowners took out only $262 billion via cash-out refinances or home equity lines of credit, or HELOCs. While that is another post-recession peak in dollars, it is less than 1.25 percent of all available equity, a four-year low.

    More than half of borrowers who withdrew equity last year used cash-out refinances, thanks to near record-low interest rates. That is likely to change this year, given higher rates. Three-quarters of borrowers today with tappable equity have interest rates lower than the current rate, so will likely used second loans, HELOCs, instead.

    While borrowers tend to use home equity for a variety of purposes, including paying down debt and education expenses, the primary use is for home improvement. This is more true now than ever, as the critical shortage of homes for sale has more owners staying in their houses longer and choosing to renovate rather than upgrade to another home. The average homeowner now stays in their home for 10 years, an all-time high, according to the National Association of Realtors.

  2. Fabius Maximus says:

    A long read, but informative.

    “The Trump-Russia probe is the largest federal criminal probe of the last half-century. POLITICO estimates it features 285 major players, but the number is likely well over 400”
    https://mobile.twitter.com/SethAbramson/status/980503096945270785
    We have 5 of 19 indictments unsealed. Donnie is going hard to surpass Saint Ronnies 168 number.

  3. Grim says:

    Sure wish Obama’s Justice dept went after the actors in the financial crisis with the same fervor.

  4. Grim says:

    I forget though, it’s a crime to be Russian?

  5. Very Stable Genius says:

    @JohnJHarwood

    Dow Jones Industrial Average is down 1,111 points, or 4.4%, since Congress passed tax cut last December

  6. grim says:

    I mean, it seems like we’ve gotten to the point that if Ivanka ordered a Stolichnaya martini, she’d be accused of having a dinner meeting with a Russian.

  7. Very Stable Genius says:

    @paulkrugman

    Kind of amazing when you think that the tax cut was mainly targeted at corporations; stocks should have gone up even if the economy as a whole didn’t.

  8. Ex-Jersey says:

    Imbecile in Chief: President Donald Trump reportedly puts Fox News host Lou Dobbs on speakerphone during White House meetings.
    Trump reportedly tells Dobbs about the administration’s more sensitive issues, and asks him for advice.
    Trump and Dobbs hold similar views, and Dobbs defends Trump on TV while Trump praises Dobbs to his inner circle.

  9. grim says:

    Kind of amazing when you think that the tax cut was mainly targeted at corporations; stocks should have gone up even if the economy as a whole didn’t.

    Economists everywhere are ashamed.

  10. Very Stable Genius says:

    @paulkrugman

    The stock market is now several percent below its level before the 2017 tax cut. That’s remarkable, because the tax cut was largely focused on business, to the tune of roughly $130 billion a year 1/

    That’s roughly 8% of after-tax corporate profits. So the cut should have given stocks a significant boost, even if it did little or nothing to boost the economy as a whole. And there hasn’t been a lot of bad economic news; this is pretty much all Trump 2/

  11. 3b says:

    The stock market is not falling because of the tax cuts.

  12. Yo! says:

    http://www.nj.com/camden/index.ssf/2018/04/could_de-malling_be_coming_to_an_aging_shopping_ce.html

    $150 million recently invested in mall, property now worth zero, biggest taxpayer in town, so government moving to condemn it.

    Could happen to Willowbrook and Wayne. How will property maintain business with American Dream and next Garden State Plaza redevelopment? How will Willowbrook owner refinance $360 million mortgage (no typo) coming due soon? How will Wayne react when the $9 million (no typo) in property tax generated by the property heads to zero?

  13. Very Stable Genius says:

    @barronsonline

    “Investors are now more concerned about the threat of inflation and higher interest rates than the pace of earnings growth. Paulsen expects the consumer price index, which hit 2.2% in February, to rise to 3% by the end of the year.
    Paulsen is worried both about the potential for stagflation–higher inflation with a stagnating economy–and margin erosion–corporations earning less income for each dollar in revenue.”

  14. Grim says:

    If I recall, Willowbrook is fairly profitable and rarely ever has vacancies. Looking through a bunch of GGP annual reports, it looks fairly static at 100%, unlike other NJ malls (Woodbridge). The partition and sublease of Sears to Dave and Busters was genius. Also, the new movie theater will increase foot traffic versus the current (which will likely go out of business). I suspect if one of the major anchors like Macy’s left, there would quickly be someone who would want to jump in (Target, Walmart, etc).

  15. Xolepa says:

    Stoli is made in different countries outside Russia. I do not buy it if the label says ‘Made in Russia’.

    Then again, I received a copper still for Christmas. Heehee. I will attempt to make shine from kompot this summer.

  16. Very Stable Genius says:

    @paulkrugman
    The really amazing thing is how long markets have stayed complacent about having someone vengeful, corrupt, and ignorant in the White House. The stock market is not the economy or vice versa, but still …

    3b says:
    April 3, 2018 at 8:32 am
    The stock market is not falling because of the tax cuts.

  17. Yo! says:

    Grim, Willowbrook numbers have been strong. Question is do they stay that way with nearby mall owners investing a lot of $$$ in their properties (GSP buyer has €13 billion war chest for mall improvements) and American Dream adding 500 stores to market. What happens when W’brook owner needs to find $360 million to repay the mortgage?

  18. grim says:

    GGP invested $25 million or so a few years ago, if they were so concerned I suspect they wouldn’t be investing that much on non-expansion improvements. According to the last report, the $360 comes due in 2025, 7 years from now.

  19. grim says:

    I suspect American Dream will be more of a direct competitor against Garden State Plaza and the 4/17 Corridor.

    Nobody in their right mind east of the mall is going to fight traffic on a weekday to go to that mall, especially from out the 80/3/46 corridors.

  20. The Great Pumpkin says:

    Took the money and ran. Tax cut, huh? Good ol trickle down supply side garbage.

    Very Stable Genius says:
    April 3, 2018 at 7:52 am
    @JohnJHarwood

    Dow Jones Industrial Average is down 1,111 points, or 4.4%, since Congress passed tax cut last December

  21. Fast Eddie says:

    The stock market is not the economy or vice versa, but still …

    The definition of a weak, liberal male; he couldn’t hold true to his convictions. He’s spouting his anger, admitting that it’s personal but had to add the words, “but still” at the end of the statement. He acquiesced. Real men don’t concede, they don’t submit.

    I have nothing further, your honor.

  22. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Xanadon’t is not a mall. It’s more of an entertainment complex with stores. Though, the population is going to be much more ghetto than in Edmonton or Minneapolis. I really hope they have some real high level security there. If the Big M was turned into a casin0, it would be an unbelievable success. Without it, it will probably JUST make it.

  23. Njescapee says:

    I think Cheeca Lodge just reopened from Irma related damage. Wondering if it’s fully staffed.

  24. The Great Pumpkin says:

    Where did the money go?

    Lesson here, can’t trust greedy rich individuals to redistribute money on their own. It must be forced through taxation. That’s why they need to get rid of “pay to play” in our politics. They lobby the govt and nothing ever gets redistributed to the middle class.

    Just look at the revolts going on across the nation. Money is not being redistributed to them, it’s actually being taken from them in the name of tax cuts for the rich.

    Fast Eddie says:
    April 3, 2018 at 9:03 am
    The stock market is not the economy or vice versa, but still …

    The definition of a weak, liberal male; he couldn’t hold true to his convictions. He’s spouting his anger, admitting that it’s personal but had to add the words, “but still” at the end of the statement. He acquiesced. Real men don’t concede, they don’t submit.

    I have nothing further, your honor.

  25. The Great Pumpkin says:

    Teacher revolts.

  26. leftwing says:

    “We have 5 of 19 indictments unsealed. Donnie is going hard to surpass Saint Ronnies 168 number.”

    Amazing how that most resilient of parasites – DC – fights and rejects anything that tries to dislodge it from its host. Too bad the Dems don’t have a Donnie or Ronnie disinfectant…their ‘change’ was nothing more than an empty figurehead elected to allow liberals to check that box off their bucket list.

    Also too bad the SC mandate did not include all tampering with the election, instead of just Repub and Russia. I’d take the over on 168 on the DNC actions alone…..

  27. The Great Pumpkin says:

    Fear mongering some?

    Not everything can be bought or sold online. People need things to do.

    Retail should start charging a fee to come inside a location. People are going to come and use the store to physically examine a product, but buy online, well tell them there is a cost associated with that. Retail is close to bottoming out, so time for the survivors to evolve with the times.

    Yo! says:
    April 3, 2018 at 8:32 am
    http://www.nj.com/camden/index.ssf/2018/04/could_de-malling_be_coming_to_an_aging_shopping_ce.html

    $150 million recently invested in mall, property now worth zero, biggest taxpayer in town, so government moving to condemn it.

    Could happen to Willowbrook and Wayne. How will property maintain business with American Dream and next Garden State Plaza redevelopment? How will Willowbrook owner refinance $360 million mortgage (no typo) coming due soon? How will Wayne react when the $9 million (no typo) in property tax generated by the property heads to zero?

  28. leftwing says:

    Every so often there is a post that makes be bust a gut…that serious uncontrolled laughter, tears streaming down the face type.

    Usually comes – intentionally to produce said result – from Lib or such.

    Many thanks to you today Fabs. I do 150 situps daily and my gut is still hurting from LMAO on this one…

    Taking market analysis from Krugman…..hahahahaha, oh my, that’s priceless….

    “@paulkrugman
    Kind of amazing when you think that the tax cut was mainly targeted at corporations; stocks should have gone up even if the economy as a whole didn’t.”

  29. Fast Eddie says:

    Where did the money go?

    What was the FED rate when Trump got elected? What’s the FED rate now?

  30. leftwing says:

    “Xanadon’t is not a mall. It’s more of an entertainment complex with stores.”

    The epitome of the NJ swamp. Dress it up as much as you like, throw untold hundreds of millions at it. It’s still a fcuking jersey swamp.

    Lipstick on a pig.

  31. The Great Pumpkin says:

    Imagine Obama doing this with a cnn host?

    What happened to this country? Our leader is getting advice from a cable talking head from fox? Wow, just wow. Insanity. Wake me up when this Hollywood production of a presidency is all over. What a bad dream.

    Ex-Jersey says:
    April 3, 2018 at 8:09 am
    Imbecile in Chief: President Donald Trump reportedly puts Fox News host Lou Dobbs on speakerphone during White House meetings.
    Trump reportedly tells Dobbs about the administration’s more sensitive issues, and asks him for advice.
    Trump and Dobbs hold similar views, and Dobbs defends Trump on TV while Trump praises Dobbs to his inner circle.

  32. 30 year realtor says:

    Fast Eddie, Now you are going to tell us what “real men” do? Why is you politics so deeply related to your masculinity? If I disagree with you am I “less than”?

  33. The Great Pumpkin says:

    Why isn’t supply side economics working? I thought tax cuts are exactly what the doctor ordered?

    “Taking market analysis from Krugman…..hahahahaha, oh my, that’s priceless….”

  34. leftwing says:

    Noticeable number for me in all the Wayne/TRU headquarters postings is the tax rate on it.

    Did I read $38m assessed with $2m tax annually? That’s north of 5%?

    Does assessed reflect market value at current use (ie, corporate without any rezoning needed for residential or other uses)?

    Although not a large line item for a major corporate especially when running lease v own calculations, that is an eye-popping rate. Is that normal for ratable HQs?

  35. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Krugman is truly a hack. When the market is down, it’s Trump’s fault. I don’t remember him praising his decisions when it was breaking records just a few months ago. Really, the only thing worse than an economist that makes market-related prognostications based on the extreme short term is when that economist was supposed to be well regarded by his/her peers. Krugman continues to prove his Nobel was equally as fluky as Time naming Hitler Man of the Year.

    Can I get a harumph.

  36. The Great Pumpkin says:

    Lib,

    Why not attack trump for the same thing. When market was roaring, dude was taking all the credit. Now it’s tanking and he has nothing to do with it?

  37. leftwing says:

    “Krugman continues to prove his Nobel was equally as fluky as Time naming Hitler Man of the Year.”

    Or the participation trophy given BO. I still feel badly for him on that one. He knew, and acknowledged in his acceptance, that he did nothing to warrant it.

  38. Libturd questioning the gender of Hillary's Cankle fluid. says:

    I attacked Trump for the tax plan to no end. You are the one constantly calling for the greatest stock market rally that man has never seen.

  39. grim says:

    Or the participation trophy given BO. I still feel badly for him on that one. He knew, and acknowledged in his acceptance, that he did nothing to warrant it.

    He would have garnered worldwide respect had he turned it down.

  40. Fast Eddie says:

    He would have garnered worldwide respect had he turned it down.

    Ergo, a weak male.

  41. 3b says:

    Lib I don’t think people are paying enough attention to rates riding and the threat of stagflation CPI and PPI are both rising, wage gains still minimal. Credit card spending surged almost 10 percent last year and delinquencies are rising.

  42. Ex-Jersey says:

    Eddie’s delusional. See the idiots won. Watch em preen. Ted Nugent.

  43. The Great Pumpkin says:

    Yes, all symptoms of too much capital in a few hands.

    Riddle me this….gdp has risen how much in the past 20 years? Where is the trickle down?

    3b says:
    April 3, 2018 at 10:14 am
    Lib I don’t think people are paying enough attention to rates riding and the threat of stagflation CPI and PPI are both rising, wage gains still minimal. Credit card spending surged almost 10 percent last year and delinquencies are rising.

  44. grim says:

    wage gains still minimal

    You are smoking medicinal weed man.

    This is the single biggest problem facing US companies right now. Wage gains at the low-end are causing real pain. Nearly every day I talk with a potential client who would have never considered off-shoring, now issuing RFPs to move the business out of the US. American name brands that have previously sworn they would not do business off-shore.

    Latin America is hot, hot, hot right now.

    Every single company with back-office in NY State is leaving the state, if not the country, right now, due to the increase in minimum wage and overall wage pressures.

  45. leftwing says:

    “He would have garnered worldwide respect had he turned it down.”

    THAT would have been crazy. Totally agree.

    Hell, I would have been behind him if he had the balls to do that.

  46. The Great Pumpkin says:

    Just gave corporations and small business a huge tax cut on the back of claims it would create jobs and raises. Why not just give the tax cuts directly to the workers instead? Dirty!

  47. Comrade Nom Deplume, surfacing briefly for air says:

    “Very Stable Genius says:
    April 3, 2018 at 8:05 am
    @paulkrugman

    Kind of amazing when you think that the tax cut was mainly targeted at corporations; stocks should have gone up even if the economy as a whole didn’t.”

    I knew Moana doesn’t understand economics. I would have at least thought Krugs understood markets.

    The fact that this guy is a Nobel Laureate cheapens the brand. But then, Obama won a Nobel because of “hope”. And the committee even gave a Nobel to the EU for, well, it was never really clear why.

    At least the Fields Medal remains relatively untainted.

  48. The Great Pumpkin says:

    Why can’t they eat it for once?

    Why do they have to rely on ultra cheap labor to maximize profit?

    There has to be some kind of middle ground between profit and workers pay.

    grim says:
    April 3, 2018 at 10:18 am
    wage gains still minimal

    You are smoking medicinal weed man.

    This is the single biggest problem facing US companies right now. Wage gains at the low-end are causing real pain. Nearly every day I talk with a potential client who would have never considered off-shoring, now issuing RFPs to move the business out of the US. American name brands that have previously sworn they would not do business off-shore.

    Latin America is hot, hot, hot right now.

    Every single company with back-office in NY State is leaving the state, if not the country, right now, due to the increase in minimum wage and overall wage pressures.

  49. Ex-Jersey says:

    Stupidity is all the rage now.

  50. Comrade Nom Deplume, surfacing briefly for air says:

    Libturd,

    Harumph!

  51. Comrade Nom Deplume, surfacing briefly for air says:

    Ex-Jersey says:
    April 3, 2018 at 10:26 am
    Stupidity is all the rage now.

    As soon as I started at the top of the thread, that was apparent.

    Gotta get back to work now. Totally buried and I feel my BP creeping back up.

  52. The Great Pumpkin says:

    So what’s the point of putting up a 25 billion dollar wall when all the jobs are being created in Latin America? Why would they want to keep coming here, when jobs are coming to them?

    “Latin America is hot, hot, hot right now.“

  53. grim says:

    The people taking these jobs are not the people running across the desert. They have impeccable written and spoken english, and generally have college experience at a minimum, however most have college degrees. In Panama for example, these are considered highly desirable jobs.

    Contrast this with the US, where it’s impossible to retain an employee, who feels it’s a shit job with shit pay, who by the way barely graduated high-school.

  54. The Great Pumpkin says:

    Treason by American companies? Selling their own people out to gain a market edge over competition in the sleaziest way possible.

    grim says:
    April 3, 2018 at 10:46 am
    The people taking these jobs are not the people running across the desert. They have impeccable written and spoken english, and generally have college experience at a minimum, however most have college degrees.

  55. 3b says:

    Grim talk to mid level and lower upper level white collar types and most will tell you wage gains are minimal. If economy as in wages are booming why such reliance on credit cards. Even with wage gains for those who get them they in turn are eaten by rise in health care premiums.

  56. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “He would have garnered worldwide respect had he turned it down.”

    HRC would have also, had she dumped Billy in the White House after having been cheated on for the umpteenth time. She probably could have run against Bush and won at that point.

  57. Fast Eddie says:

    Every single company with back-office in NY State is leaving the state…

    Which jobs are back office?

  58. Ex-Jersey says:

    Stoopid Eddie – your job.

  59. Fast Eddie says:

    You know what I do for a living? Stoopid Ex-Jerky?

  60. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “Grim talk to mid level and lower upper level white collar types and most will tell you wage gains are minimal.”

    I don’t even get raises anymore. An occasional bonus and it’s very occasional. Raises cost too much over time. Pretty much every dollar goes to the executive class. Same as it ever was. And this is the class that pays our government dearly for it to stay this way. Hence, accelerating the eventual demise of our country. And the masses continue to bow down and lick the boots of politicians as if they care about anyone but themselves and the class that pays for their campaigns. There is a reason that SPACs and PACs are both welcomed by both parties and the contributors remain hidden. It will be nice to live in a country where the government is significantly smaller and much less corrupt. Heck, they don’t even have a military.

  61. Libturd questioning the gender of Hillary's Cankle fluid. says:

    The college loan bubble is what is really worrying me. Right now, jobs are plentiful. Gator was able to return to full time position relatively easily, but at a significantly lower salary than she was at when she quit. I think this is the REAL story. There are jobs out there for those with secondary educations. But the salaries suck so highly that one can’t barely pay off their loans with them.

  62. The Great Pumpkin says:

    Why is one group happy with the pay and the other spitting on it? Cost of living and healthcare have anything to do with it? Who can blame the American worker?

    And how much did this college degree cost the Panama worker?

    grim says:
    April 3, 2018 at 10:46 am
    The people taking these jobs are not the people running across the desert. They have impeccable written and spoken english, and generally have college experience at a minimum, however most have college degrees. In Panama for example, these are considered highly desirable jobs.

    Contrast this with the US, where it’s impossible to retain an employee, who feels it’s a shit job with shit pay, who by the way barely graduated high-school.

  63. The Great Pumpkin says:

    Knew it. Socialized and free.

    “Studying abroad doesn’t get much more affordable than in Panama, where living costs are relatively low and public universities are free … Panama has almost 90 higher education institutions, including large universities and smaller colleges.”

  64. Ex-Jersey says:

    10:55 whatever it is I doubt you are in front of clients.

  65. The Great Pumpkin says:

    Maybe if corporations footed the bill with taxes that paid for the education of its workers, these workers wouldn’t demand higher wages when they come out of college full of debt. Instead our corporations pay almost no taxes (aka do nothing to invest in workers and society) and then ship these workers jobs because they are asking for too much money. Can’t make this stuff up. How greedy are these American businesses? Truly treat workers as a commodity you pick up, use, and then throw away.

  66. Fast Eddie says:

    10:55 whatever it is I doubt you are in front of clients.

    That would be most of my day. Any other questions?

  67. 3b says:

    Fast back office on wall street is anything that does not produce revenue, as in operations and you can throw in legal and compliance.

  68. Bystander says:

    Grim,

    I always wondered about political risks of offshore model. These countries have little govt stability and limited military. I would imagine these government have to protect the plants from outside threats. Is our ever growing military budget arming these countries to protect US interests? Just wondering why companies would trust banana governments with major production? Is there a story here? Seems risky for average company.

  69. 3b says:

    Lib I would have thought college loan bubble would have popped by now ,but not yet. I attribute a lot of this to stupid parents.

  70. Ex-Jersey says:

    11:11 give me the firm I will short the shit out it. retards in front of clients? a sell sign.

  71. Fast Eddie says:

    11:11 give me the firm I will short the shit out it. retards in front of clients? a sell sign.

    I got a promotion six months ago, a step up in pay grade and a bonus funded at 100%. What do you do for a living again? Or, as I recall, you are unemployed and finding yourself?

  72. The Great Pumpkin says:

    How can you make hundreds of millions or billions in profit and then complain about the cost of workers?

    I could understand if these companies were losing money because workers pay, but they are not. They are simply competing to MAXIMIZE profit. They are playing a game of how much can we suck out of our workers. Lower the pay, the better. One day they will wake up and realize these workers were also their customers. Way to destroy your customer base in the long term, hence, why capitalism will always destroy the economy if left untouched in the long term.

  73. The Great Pumpkin says:

    These same individuals that demand lower worker salaries are also the people that see nothing with individuals worth 75 billion dollars. They yell that workers are greedy, but funny, they never look upon themselves as greedy. They only look upon the billionaire class as doing god’s work.

  74. The Great Pumpkin says:

    All owners of business are doing god’s work. God bless them! What would we do without them! (Dripping in sarcasm)

  75. D-FENS says:

    this is amazing

    “capitalism will always destroy the economy”

    I’m not saying to the other commenters here to address it but I think it’s incredible people can rationalize a statement like that.

  76. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Remember. Both parties support trickle down. I don’t recall Hillary making the growing income gap a part of her platform. Especially after getting paid extremely handsomely by Wall Street and then refusing to share the transcripts of her speeches with the public. Her critics were calling her stupid for doing it, but Hillary always knew what was best for the Foundation. There was one particular candidate who didn’t accept PAC money, had no foundation and made the income gap a cornerstone of his campaign. He was systematically shut down by the DNC. GOOOOOOOOOOO Dems!

  77. D-FENS says:

    I liked Bernie more than Hillary, but I feel that if I voted for him it would have been like putting Michael (pumpkin) in charge.

  78. The Great Pumpkin says:

    D,

    Sad that you can’t rationalize why.

    Breaking it down simply, just understand the premise of the game of monopoly. What are you trying to do to win the game, or better yet, how does the game come to an end? Capitalism will end this way every single time if left unchecked.

    Just think what would have happened in 2008 if we let it go bankrupt, truly let capitalism run wild? There would be nothing left, just chaos in the streets, and in its ashes, a new game would be created. Too bad this is reality, and no one wants to live through that kind of hell in the limited time we have on this planet.

  79. Libturd questioning the gender of Hillary's Cankle fluid. says:

    “Lib I would have thought college loan bubble would have popped by now, but not yet. I attribute a lot of this to stupid parents.”

    Perhaps it’s anecdotal, but many of my peers have not saved much at all for their kids college educations. We are just now entering the time period where the kids of the parents who witnessed the service economy took hold are heading off to college. The economy blew in 92-95. Then there was the short-lived tech bubble. This was shortly followed by the the financial crisis. Before then, lots of parents could save to pay for their kid’s education. Why? It was still relatively affordable and saving was still in vogue. Parents hadn’t forgotten yet about the high interest 80s. I remember how hard it was to qualify for a college loan when I was in school. Something changed in the late 90s. Everyone was able to get one and everyone did. Parents stopped paying for their kids college as they couldn’t afford it any longer due to the availability of loans and the major impact it had on tuition much like loans had on housing values during the RE bubble. I personally feel right around know is when the college bubble will start deflating. New parents today can barely afford housing. How are their kids going to be able to afford college? I’m not saying this will be a rapid breakdown like the RE Bubble ended up being. But I do see some potential pain for the banks.

  80. Ex-Jersey says:

    11:21 “…sabbatical….” that’s what I’m calling it. Either way, I can relate a lot to what some posters are saying regarding wages. Gator’s return to work. etc. etc. Me? I’m just sit-in’ here watchin’ the wheels go round and round….I spent saturday biking the alleys of Venice with a couple of fellas I have known for over 30 years. Kentucky boys. It’s actually been amazing. Thanks.

  81. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Know should be now. Sorry.

  82. The Great Pumpkin says:

    I think you are dead on. Good analysis.

    “I personally feel right around know is when the college bubble will start deflating. New parents today can barely afford housing. How are their kids going to be able to afford college? I’m not saying this will be a rapid breakdown like the RE Bubble ended up being. But I do see some potential pain for the banks.”

  83. Ex-Jersey says:

    11:57 Hopefully my Wall Street pedigreed Uncle will significantly grow the Flagship account he started for my kiddo. That or she’ll be going in-state. We’d take a loan to send her. It’s all about priorities besides one kid, how bad could it be (hahaha nervous laugh)

  84. Ex-Jersey says:

    Over share alert: No I’ll jump back into the fray soon enough, but man it has been amazing for my ‘dad bod’ to take the year off. My creaky bones are in better shape. The overall feeling of energy, way up. My biggest daily challenge? Which to take the bicycle, the longboard, the Harley…or just pack it all in the Subaru and go go go baby.

    You guys can have your corner offices (jj RIP) and your windowless cubes. You can hustle and flow and grow your portfolio. Me? I’ll be riding a wave with a cool buzz.

    Life goes by before you know it. Take a moment if you are able to. Breathe.

  85. nwnj says:

    Trump +10% with college educated sine last poll. . People are waking up to the existential threat the Democrat open borders poses. No wonder democrats now
    Distance themselves from DACA and will resume undermining our sovereignty privately.

  86. 3b says:

    Lib lots of parents would rather have the new car and the shore rental every year. Others encourage their kids to go to super expensive schools for the alleged prestige factor. I can’t tell you how many young people of know with six figure student loans and than for some law school loans on top of it yet 5 or more years out of law school and they are not practicing. There are ways of doing college on the cheap two years community than switch to state school or simply live at home and go 4 years to state school. But what would the neighbors think!!

  87. Blue Ribbon Teacher says:

    All owners of business are doing god’s work. God bless them! What would we do without them! (Dripping in sarcasm)

    Private enterprise has made it possible for you to earn a living wage while spamming a message board to death. Maybe it is the devil after all.

  88. Blue Ribbon Teacher says:

    Studying abroad doesn’t get much more affordable than in Panama, where living costs are relatively low and public universities are free … Panama has almost 90 higher education institutions, including large universities and smaller colleges.

    Obviously, the most educated population in the world. Panama.

  89. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Spam? How dare you! Hey Essex…how old are you? Just curious.

  90. Ex-Jersey says:

    Me? Fifty-One.

  91. Ex-Jersey says:

    Why do I feel like Lib is going to sell me life insurance.

  92. Bystander says:

    There is no wage inflation. It is simply stagnation. My buddy has been turning over any rock and probably would eat bugs to get a similar paying job. He can’t find even contract work in banking that is not a steep cut. Guy was let go last week and he knew about layoff 3 months ago. Going hard at it being 43, two kids and stay home wife..he is absolutely freaked. So am I as my time might end soon as well. Everything outsourced to India. In CT, Malloy was touting Infosys choosing Hartford for 1k jobs. Somehow, politicians, Aetna and Stanley are thrilled while rest of us cringe. Welcome to America.

  93. Libturd questioning the gender of Hillary's Cankle fluid. says:

    Not unless you got kids to support EX. Was just curious as to the timing of the Sabbatical. Trust me…I am so there. Probably 5 years away from retirement if the market does what Murphy says it will. I’m 47 now.

  94. Libturd questioning the gender of Hillary's Cankle fluid. says:

    As much work as Gator going back to work is now for me. It’s worth it for our retirement and security. I get the D in the morning. She gets the D in the evening. I just pray the commute into the city doesn’t kill her.

  95. Ex-Jersey says:

    Yeah, my retirement will probably come in the form of a pistol in the parking lot of the walmart where I serve as a greeter. The gun freshly purchased from the store that day along with a pair of pampers. As I bid farewell to mortal coil I will remember all of the money I spent on trinkets and granite counter tops. I’ll fidget for a second as I think about the life I am leaving….and then. Poooof. Its over and I come back as a snail. Or Eddie.

  96. leftwing says:

    Bought some SPOT, 160.50.

  97. leftwing says:

    By, what was his job in ‘banking’. Big universe.

  98. Hold my beer says:

    Ex-jersey

    You need to rethink your retirement plan. Walmart only carries long guns.

  99. Mike S says:

    Willowbrook will never go out of business. Rt 23 is backed up every weekend

  100. Bystander says:

    Left,

    Large scale project management, mostly accounting systems migration and decom.

  101. Very Stable Genius says:

    @paulkrugman

    But what adds to the problem is the persistent delusion of Trumpland politicians that they can solve a problem rooted in a human capital deficit by …. cutting taxes and slashing support for education. And now the cutting has reached its limits 5/

  102. Very Stable Genius says:

    @latimes

    Red-state revolt continues: Teachers strike in Oklahoma and protest in Kentucky

  103. Leftwing says:

    Smartest thing the admin could do right now is backthe teachers and toss the unions under the bus. Hire BRT as adviser

  104. nwnj says:

    DOE should be abolished. It’s only effectiveness is a tool of
    Coercion for the social engineers inside the beltway.

  105. The Great Pumpkin says:

    Spoken like the true conservative you claim you are not. I value all education.

    Blue Ribbon Teacher says:
    April 3, 2018 at 12:30 pm
    Studying abroad doesn’t get much more affordable than in Panama, where living costs are relatively low and public universities are free … Panama has almost 90 higher education institutions, including large universities and smaller colleges.

    Obviously, the most educated population in the world. Panama.

  106. The Great Pumpkin says:

    Of course, fight back attacking the messenger instead of the message. Childish, but what do you expect from some conservative trump supporter. All hail the mighty business man, who couldn’t have billions without sticking it in a$$holes like you.

    Blue Ribbon Teacher says:
    April 3, 2018 at 12:28 pm
    All owners of business are doing god’s work. God bless them! What would we do without them! (Dripping in sarcasm)

    Private enterprise has made it possible for you to earn a living wage while spamming a message board to death. Maybe it is the devil after all.

  107. The Great Pumpkin says:

    I hope you get the population of uneducated anachists your heart so badly wants. Napoleon came up with the model of public education. He saw first hand the chaos of the French Revolution. Education is not brainwashing, it’s developing a more thorough individual that understands the value education brings to society.

    nwnj says:
    April 3, 2018 at 3:12 pm
    DOE should be abolished. It’s only effectiveness is a tool of
    Coercion for the social engineers inside the beltway.

  108. The Great Pumpkin says:

    Conservative are sick how they bash education and accuse it of being some liberal propaganda machine. Just sick. So easy to manipulate a conservative.

  109. The Great Pumpkin says:

    The best conservative propaganda gets the individual to hate unions and embrace billionaires as doing god’s work. The union, which actually helps workers, is the devil, and the billionaire, who stomps on workers, is doing god’s work. What a sick fantasy.

  110. The Great Pumpkin says:

    Conservatives are quick to point out union corruption, while ignoring the same corruption by public/private business owners.

  111. nwnj says:

    I love. Education. It’s fundamental. I just don’t want bureaucrats who spend half the
    Day designing fender neutral bathroom signs getting in the way of it.

  112. Fast Eddie says:

    Unions love to exploit the lesser masses by creating resentment through identity politics and inequality. The uninformed are useful tools.

  113. The Great Pumpkins says:

    Is that why conservatives hate unions so much….because they actually provide some help to the workers they represent? If unions were really so bad for workers, why do unions and their workers receive so much vile hate from the right? 🤔

  114. The Great Pumpkins says:

    That’s the best when conservatives try to push a bill taking away the union’s ability to collect dues in the name of helping the worker. Hilarious.

    Almost as funny as BRT claiming he would be better off without a union. Good luck not being replaced by a board members family or friend without that union.

  115. Fast Eddie says:

    That’s the best when conservatives try to push a bill taking away the union’s ability to collect dues in the name of helping the worker.

    Satire, I get it. Very good, here’s a biscuit. I wish others on this board who attempt to debate you would get it, too. You should go back to being RE101 or whatever other handle you previously used.

  116. JCer says:

    Willowbrook is golden as long as Bergen county blue laws are in place. It adds an additional demographic besides the population centers in the immediate vicinity.

    As for wage inflation, cheap imported workers are effective at keeping wages down. Unless you do something significantly better than average you can be replaced by sanjeev from india, they’ll bring him over on an L1-B visa, pay him 50k a year(which to him is a kings ransom, he has an MBA and was making 8k in Pune) and he is basically an indentured servant for 2 years. If they blink the wrong way at their employer they will be sent back and likely their pay will be docked for significant travel expenses. So companies leverage this to keep median employees at a low pay.

  117. leftwing says:

    Eddie, I suppose I know who you are addressing.

    Don’t even reply (your non-reply is, in fact, a reply).

    I haven’t responded to one of his authored posts in at least four months. Skip right over most of them without even a scan anymore. Breath of fresh air. If everyone just stopped he’d disappear.

  118. 3b says:

    Well it turned into a shite show in here today. It was not my fault this time.

  119. Fabius Maximus says:

    I hope this Tasty Burger is tasty. I need to get something good from this trip

  120. Fabius Maximus says:

    Leftwing,

    I don’t post Krugman. VSG is someone else.

  121. Fabius Maximus says:

    Didn’t they knock half of Willowbrook down when Fortunoffs closed?

  122. leftwing says:

    Got filled on another order I had pending at 150.50. In now at 155.50. Let’s see.

    Suspecting 150 area is the floor (absent major market moves pulling everything down). Have to think MS derived the reference price at a typical 15% pop for an IPO even although no shares were offered. Don’t have the shoe for stabilization, but those can disappear in an instant with a bad pricing anyway….

  123. Pumpkin hypocrite says:

    We need more people educated with three secret degrees making decisions.

    We could also use more govermemt ripping people off with 12,000 dollar repair bills.

  124. leftwing says:

    Fabs, sorry, didn’t mean to insult you by saying you did :)

  125. chicagofinance says:

    But the stock market went up during the Obama Presidency…

    Very Stable Genius says:
    April 3, 2018 at 8:45 am
    @paulkrugman
    The really amazing thing is how long markets have stayed complacent about having someone vengeful, corrupt, and ignorant in the White House. The stock market is not the economy or vice versa, but still …

  126. chicagofinance says:

    Most of our colleges will not capitulate…… they will open the doors to foreign nationals that will pay full freight. Gutless and spineless bureaucrats….

    Libturd questioning the gender of Hillary’s Cankle fluid. says:
    April 3, 2018 at 11:57 am
    “Lib I would have thought college loan bubble would have popped by now, but not yet. I attribute a lot of this to stupid parents.”

    Perhaps it’s anecdotal, but many of my peers have not saved much at all for their kids college educations. We are just now entering the time period where the kids of the parents who witnessed the service economy took hold are heading off to college. The economy blew in 92-95. Then there was the short-lived tech bubble. This was shortly followed by the the financial crisis. Before then, lots of parents could save to pay for their kid’s education. Why? It was still relatively affordable and saving was still in vogue. Parents hadn’t forgotten yet about the high interest 80s. I remember how hard it was to qualify for a college loan when I was in school. Something changed in the late 90s. Everyone was able to get one and everyone did. Parents stopped paying for their kids college as they couldn’t afford it any longer due to the availability of loans and the major impact it had on tuition much like loans had on housing values during the RE bubble. I personally feel right around know is when the college bubble will start deflating. New parents today can barely afford housing. How are their kids going to be able to afford college? I’m not saying this will be a rapid breakdown like the RE Bubble ended up being. But I do see some potential pain for the banks.

  127. Grim says:

    Chi – down in red bank tonight – grabbing dinner and then over to the Basie to see Rent.

  128. 3b says:

    Chgo headlines on Boston Globe I believe a few days ago stating that small colleges are fighting to survive or something along those lines.

  129. chicagofinance says:

    Just saw this….. do a loop of the bars and convince them to carry Silk City!

    Grim says:
    April 3, 2018 at 6:04 pm
    Chi – down in red bank tonight – grabbing dinner and then over to the Basie to see Rent.

  130. Blue Ribbon Teacher says:

    That’s the best when conservatives try to push a bill taking away the union’s ability to collect dues in the name of helping the worker. Hilarious.

    Almost as funny as BRT claiming he would be better off without a union. Good luck not being replaced by a board members family or friend without that union.

    Once again, if I had relied on my own union to negotiate for me, over the course of another 15 years, I would be down a total of $500k in salary. That’s why I booked it and negotiated for myself.

    Moreover, my local union negotiated 2 pay decreases in a row.

    But, we know math isn’t your strong suit.

  131. Juice Box says:

    FYI – peak spending and traffic congestion in Orlando, Universal was swamped with mouth breathers from all parts of the world. I watched more than one couple wait in a 90 minute ride line with an infant or toddler when the ride height was 40 inches and then get turned away.Traffic is gridlock night and day.

  132. NJCoast says:

    Sorry to miss you at the Basie. I’m there just about every night. No food for the Rent cast. Enjoy.

  133. chicagofinance says:

    Does not fit narrative….must suppress:

    The woman behind Tuesday’s shooting at YouTube headquarters has reportedly been identified.

    Nasim Aghdam, of Southern California, is said to be the suspected gunman, according to NBC Bay Area’s Investigative team.

    Officials told the outlet that she is in her 30s.

    Aghdam’s boyfriend is reportedly one of the shooting victims, along with two women. The trio worked at YouTube headquarters, which is located in San Bruno.

    Sources told NBC that Aghdam appeared to have a YouTube channel — and may have also gone by other aliases.

    She reportedly posted videos under the name “Nasim Wonder1,” with some dating back to 2011.

    Her most recent post came three weeks ago and was titled “Leg Exercises At Home Fitness.”

    In another video, posted by NBC reporter Vicky Nguyen, Aghdam complains about being “discriminated and filtered on YouTube.”

    The clips have since been scrubbed and her account has been deleted.

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