Gettin risky with it

From HousingWire:

FHA is increasing lending to riskier borrowers

Citing rising risks among the mortgages it is backing, the Federal Housing Administration earlier this year announced that it was changing some of its lending rules to increase the prevalence of manual underwriting.

The idea behind the change is to look more closely at the FHA loans that are being originated in the market to try to lessen the risk facing the FHA’s flagship insurance fund.

And it seems like those changes may be more than warranted because new data released Friday by the FHA shows that the agency appears to be loosening its lending standards and backing loans for increasingly riskier borrowers.

According to the FHA’s quarterly report for its fiscal second quarter (which covers Jan. 1, 2019 through March 31, 2019), the average credit score for an FHA borrower fell to 665 in the second quarter.

That’s the lowest level since 2008, and is “well below” the FHA lending peak credit score of 703, which happened in 2011.

In fact, as the FHA notes in its report, the credit profile of the FHA borrower has shifted over the last several years.

According to the FHA report, the share of 680–850 credit scores continues to decline among FHA borrowers, while lending to borrowers with credit scores below 640 continues to rise.

The FHA report shows that in 2011, nearly 60% of borrowers had credit scores above 680. Now, only 34% of FHA borrowers have credit scores above 680.

Meanwhile, the share of FHA lending to borrowers with credit scores below 640 has increased to nearly 30%.

“This increase shows a much riskier population of mortgages being endorsed by FHA,” the report states. “Performance of these mortgages will be closely monitored to determine when policy changes should be implemented.”

Beyond that, FHA loans have also seen a sharp increase among loans with high debt-to-income ratios, meaning borrowers are taking on more debt compared to their income level.

This entry was posted in Economics, Housing Bubble, Mortgages, Risky Lending. Bookmark the permalink.

247 Responses to Gettin risky with it

  1. xolepa says:

    Now, a comment as to how Jerseyans are getting ripped off on gasoline:

    Drove from Florida last week to NJ.

    Florida gas prices averaged about $2.75 a gallon in April. In June, they were under $2.50. Lowest gas price I saw was $2.29 a gallon in SC. NJ prices were higher than everyone else.

    Thank you, gov, ex-gov and all the other rats. NJ makes, Trenton takes.

  2. grim says:

    Just wait until the new stormwater agencies get their hooks into us.

  3. Libturd, seen crazy things done with ping pong balls. says:

    We are all angry dragons.

  4. chicagofinance says:

    In other news, I drove down to AC and put table max on RED……

    leftwing says:
    June 10, 2019 at 3:49 pm
    “well then it is next a trip to the Tofu Isle where those sickly vegans hang out,then it’s all downhill from there.” LOL, that’s funny.

    BYND trade was a scratch off lottery ticket…cheap short term fcuk around play that expires Friday. From an investment perspective I’m still of my original opinion, which is stay away until it settles as it is wildly overvalued but everyone is leaning over the short side of the boat so it’s too crowded there.

  5. Libturd, can't say I didn't warn you. says:

    And BYND got the GS downgrade this morning and is down 10%. That’s how you make a call village idiot.

  6. leftwing says:

    From yesterday….

    Any details to share? Would be interested…

    TrueSue says:
    June 10, 2019 at 7:37 am
    Just flipped a home in Little Silver ….

  7. The Great Pumpkin says:

    Essex,

    Great share.

    This author nails it. The rich are out of touch and keep blaming the workers for the ills that come with more and more profit going only to the top. Education going down is simply a reflection of the middle class going down. Anyone saying otherwise is lying to themselves or naive. GDP up, profit at all-time highs, yet wages stagnate, and poverty increasing by the day. What a beautiful thing.. What do we do to address this taking of the economy by the 10%, we throw a huge tax cut to corporations and the rich, further deepening this inequality hole and the negatives that come with it in society….what a f’n joke.

    “Whenever i talk with my wealthy friends about the dangers of rising economic inequality, those who don’t stare down at their shoes invariably push back with something about the woeful state of our public schools. This belief is so entrenched among the philanthropic elite that of America’s 50 largest family foundations—a clique that manages $144 billion in tax-exempt charitable assets—40 declare education as a key issue. Only one mentions anything about the plight of working people, economic inequality, or wages. And because the richest Americans are so politically powerful, the consequences of their beliefs go far beyond philanthropy.

    A major theme in the educationist narrative involves the “skills gap”—the notion that decades of wage stagnation are largely a consequence of workers not having the education and skills to fill new high-wage jobs. If we improve our public schools, the thinking goes, and we increase the percentage of students attaining higher levels of education, particularly in the STEM subjects—science, technology, engineering, and math—the skills gap will shrink, wages will rise, and income inequality will fall.”

  8. Juice Box says:

    BYND downgraded by JPM to Neutral. Kramer now taking up a storm too about Vegans and Millennials.

  9. leftwing says:

    Re: BYND, chi, I admitted that upfront lol.

    Lib, thx, but not there yet. It’s pre-market back at $149…Yeah, if the music stopped right now I’m up 4x from yesterday…problem is I have four more days to expiry and this thing moves $30 a day and has a sh1tty bid/ask spread that can further handcuff me from getting out early…I’ll take a 2x and leave the rest on the table if I’m able.

    Fcuking cas1no stock.

  10. The Great Pumpkin says:

    Workers, get your skills up and you will be fine. LMAO. The only problem, there are not enough good jobs provided by the rich class. WE ARE ALL THE BIGGEST SUCKERS…sold a lie that we didn’t work hard enough, we didn’t get the skills that we need, and we didn’t make the right choices. Clearly, it’s all bs based on the stats below. The worker did do their part, they worked harder, got their skills up 36% of the population gets a degree for which there are only enough positions for 26%. They then use the h1b1 to further f’k the worker who they asked to get their skills up so that they can employ them….what a lie.

    “Some educationists might argue that the recent gains in educational attainment simply haven’t been enough to keep up with the changing economy—but here, yet again, the truth appears more complicated. While 34 percent of Americans ages 25 and older have a bachelor’s degree or higher, only 26 percent of jobs currently require one. The job categories that are growing fastest, moreover, don’t generally require a college diploma, let alone a STEM degree. According to federal estimates, four of the five occupational categories projected to add the most jobs to the economy over the next five years are among the lowest-paying jobs: “food preparation and serving” ($19,130 in average annual earnings), “personal care and service” ($21,260), “sales and related” ($25,360), and “health-care support” ($26,440). And while the number of jobs that require a postsecondary education is expected to increase slightly faster than the number that don’t, the latter group is expected to dominate the job market for decades to come. In October 2018 there were 1 million more job openings than job seekers in the U.S. Even if all of these unfilled jobs were in STEM professions at the top of the pay scale, they would be little help to most of the 141 million American workers in the bottom nine income deciles.

    EDMON DE HARO / MONKEY BUSINESS IMAGES / ISTOCK
    It’s worth noting that workers with a college degree enjoy a significant wage premium over those without. (Among people over age 25, those with a bachelor’s degree had median annual earnings of $53,882 in 2017, compared with $32,320 for those with only a high-school education.) But even with that advantage, adjusted for inflation, average hourly wages for recent college graduates have barely budged since 2000, while the bottom 60 percent of college graduates earn less than that group did in 2000. A college diploma is no longer a guaranteed passport into the middle class.”

  11. No One says:

    Punkin knows first hand that education doesn’t boost his skills. In one ear and out the other for him.
    I’ve got an entrepreneurial idea for you to break the chains of your decade of non-promotion from “financial analyst” – create an online trolling syndicate where you and your gang write so much dumb crap on places and then you set up a link where people can “donate” for your gang to forever leave them alone.

  12. The Great Pumpkin says:

    Look at how well they are doing at the top. A shift of 2 trillion dollars a year and they ask for a tax cut? ARE YOU F”N SERIOUS? They can’t create more jobs? Come on, that’s 2 trillion a year you greedy f’ks. Disgusting.

    “Meanwhile, nearly all the benefits of economic growth have been captured by large corporations and their shareholders. After-tax corporate profits have doubled from about 5 percent of GDP in 1970 to about 10 percent, even as wages as a share of GDP have fallen by roughly 8 percent. And the wealthiest 1 percent’s share of pre-tax income has more than doubled, from 9 percent in 1973 to 21 percent today. Taken together, these two trends amount to a shift of more than $2 trillion a year from the middle class to corporations and the super-rich.

    The state of the labor market provides further evidence that low-wage workers’ declining fortunes aren’t explained by supply and demand. With the unemployment rate near a 50-year floor, low-wage industries such as accommodations, food service, and retail are struggling to cope with a shortage of job applicants—leading The Wall Street Journal to lament that “low-skilled jobs are becoming increasingly difficult for employers to fill.” If wages were actually set the way our Econ 101 textbooks suggested, workers would be profiting from this dynamic. Yet outside the cities and states that have recently imposed a substantially higher local minimum wage, low-wage workers have seen their real incomes barely budge.

    All of which suggests that income inequality has exploded not because of our country’s educational failings but despite its educational progress. Make no mistake: Education is an unalloyed good. We should advocate for more of it, so long as it’s of high quality. But the longer we pretend that education is the answer to economic inequality, the harder it will be to escape our new Gilded Age.”

  13. Libturd, can't say I didn't warn you. says:

    Yet you support Murphy and the hidden financing (dark money) that funded both his campaign and now his ministry of information (New Directions). What rich guys are backing him? I’m certain it’s the same rich guys who backed HRC for future favor in 2016. You are a hypocrite and a fool. Or really. A simpleton. You know, Bernie doesn’t accept dark money. SHUT HIM DOWN!

  14. The Great Pumpkin says:

    Lib,

    Murphy maybe is lying to the middle class/lower class, but he seems to be about helping them. He is trying to raise their wages, he is trying to improve their education, and he is trying to help them create the opportunities to get ahead. Why is he such a bad guy? He can’t get anything done because they block him every step of the war. He tried to get the police to stop feeding off African Americans smoking pot, and they blocked him from that too…..this would have also raised tax revenue killing two birds with one stone. Instead, let’s keep ruining people’s chances at life by arresting them for pot. What a joke. How do these people live with themselves?

    So show me another candidate trying to help the middle class/lower class while at the same time making nj into a leader of tomorrow through investment in education, infrastructure, and small business (specifically in tech). Why is murphy so bad? Because he said he would raise taxes on millionaires to help pay for this? Oh that bad guy raising taxes by 2% on the filthy rich to help invest in this state and make it a better place to live for everyone. Let’s kill this guy!

  15. Libturd, seen crazy things done with ping pong balls. says:

    You systematically IGNORE and DENY every single negative fact I point out about him. Why would I bother wasting my time providing further evidence. Especially when I ask you to answer questions and you never do. This is why no one likes you here. I am a progressive when it comes to social causes. Murphy and the vast majority of the DNC are pseudo progressive. Though they want you to believe they have the middle class’ back. In reality, it is facade that suckers like you and the rest of the true blues fall for hook, line and sinker. For sixty years, the Dems have supposedly been working to help out the middle class worker. In reality, they have spreading the crumbs, speaking loudly, and enriching themselves. Murphy is no different. Buy artificially legislating wages, you are actually hurting the middle class to pay for the lower class. The upper class pays more, but they have wage growth. The middle class will continue to get fukced until a Bernie or similar is elected. But idiots like you and especially on the right will scream SOC1ALISM as they cash their soc1al security checks.

  16. JCer says:

    Pumps, no one is arguing extreme income inequality is troubling. Even more troubling is a shrinking middle class squeezed between wage deflation and goods and services inflation. Where there is a dispute is that increased taxation is the appropriate remedy and that straight asset transfer/appropriation/redistribution will correct the situation. I can tell you right now that it will not the government cannot really identify how taking in the extra money will really improve the situation other than creating an even bigger welfare state further disincentivizing productivity.

    Lets start with policy one that has created the out sized, disparity, Fed interest rate policy, blowing asset bubbles, and creating ample opportunity for the wealthy to take full advantage of leverage. Near zero interest rates favor capitalists against workers and actually stokes inflation in areas like Insurance.

    Next lets look at wages, wages are stagnant for the middle class. Why is this? Simple supply and demand. Skilled cheap labor is being brought in under the guise of need based immigration. Just look at your companies help desk, IT department, etc this used to be a good job attainable by people with a little training and motivation, not so much anymore. Technology is also automating many things so there is so much demand for people with high-end skills. I’ve noticed people with excellent technical skills are still in demand and can relatively easily get a good paying job and people with more run of the mill skills(not to say they aren’t proficient, they just aren’t rockstars) have seen longer periods of unemployment and are actually seeing wage reductions. Manufacturing, another bastion of typically middle class workers has been off shored. Some technology work as well has been sent overseas. Office work is being automated out of existence and also shifted offshore(see companies specializing in BPO). Reduced demand for the average worker in most fields has keep wages down. Inflation is real and has been stoked in housing, healthcare, insurance and education as a result of zero interest rate policy.

    Wages are low for low/no skill jobs precisely because of market forces. The businesses themselves cannot sustain a much higher wage. The pool of workers is actually huge the issue is finding workers who are reliable and willing to work, record low unemployment doesn’t count those who aren’t looking for work and those who have been unemployed for and extended time period.

    Education isn’t the answer because there are no jobs available and frankly better educating lower-avg intelligence people does little to increase their prospects in the job market, so in that respect the author is correct. There are a few things that could be done, policies that frankly disincentivize offshoring, the break up of some companies(there is defacto monopoly where 1-4 companies own 95% of a market and raise prices where there is no alternative), and people should be more cognizant of their consumerism. If the american person focused on buying goods only produced in the first world, supported by people in the USA you’d see more manufacturing jobs, a better job market etc. But the people have spoken cost is the primary concern, almost no one cares that it is made using slave labor, and capitalists have been more than happy to increase their margins while still selling goods at all time low prices. The big issue is now it doesn’t matter if it’s a $5, $50, $100, or $200 shirt it will still be made in China, Vietnam, Bangladesh, India, or Pakistan by someone earning less than a $1 an hour and living in poverty. The same thing goes for shoes and many other consumer goods.

  17. The Great Pumpkin says:

    Lib, you are older and smarter than me, so maybe you are right. I’m just looking for someone to help society. Make this a better place for everyone else.

    Coming up with ideas like affordable housing is my beef. This helps no one. It puts poor people in rich towns. So it kills the self-esteem of the poor while making the rich hate the poor even more. The only way we can help the poor is by making it safe where they live, giving them an opportunity at education, and the biggest factor, provide them with decent jobs where they can raise their family in a positive way. They will improve their lot through hard work and doing the right thing by society and their family….you know I’m a dreamer! lol

    The world could really be a better place if we allowed it to…

  18. Fast Eddie says:

    For sixty years, the Dems have supposedly been working to help out the middle class worker. In reality, they have spreading the crumbs, speaking loudly, and enriching themselves.

    I just finished reading “Fountainhead” by Ayn Rand. She uses the terms ‘liberal’ and ‘progressive’ long before they were popular idioms. She states that any so-called compassionate agenda to placate the masses is hidden in the guise of personal gain. In other words, the bleeding heart liberals don’t give a rat’s @ss about the poor and downtrodden. It’s a symbol, a gesture so that the consolidation of power goes unnoticed.

  19. The Great Pumpkin says:

    Jcer,

    That’s why this needs to be done. The upper class has to do a better job of taking care of the lower classes. They can’t shrug it off as “not my problem.” We are a country and we must take care of our people. They need to come up with ideas not involving offshoring of jobs, and instead come up with a business model that can handle the higher earnings Americans need to survive. The answer is simple, it’s right here…create jobs and meaning for these people. The only people that can do that, are the capitalists with all the capital…instead, they are focused on increasing their profit on the backs of workers(obsession with lowering the labor cost)….here is the source of the problem. They are greedy and only care about themselves, not willing to come up with creative ideas to help the worker.

    “The only way we can help the poor is by making it safe where they live, giving them an opportunity at education, and the biggest factor, provide them with decent jobs where they can raise their family in a positive way.”

  20. The Great Pumpkin says:

    Fast,

    No one cares, not just the rich liberals. Look at we treat workers. It says a lot.

    “In other words, the bleeding heart liberals don’t give a rat’s @ss about the poor and downtrodden. It’s a symbol, a gesture so that the consolidation of power goes unnoticed.”

  21. 1987 Condo says:

    From Lib:

    “For sixty years, the Dems have supposedly been working to help out the middle class worker. In reality, they have spreading the crumbs, speaking loudly, and enriching themselves.”

    One of the main reasons I went through the trouble of formally de-registering and then re-registering as an Independent.

  22. JCer says:

    Pumpkin this just shows you how out of touch you are. Here is the deal see the above. Murphy has no way to raise wages, setting a minimum will reduce the available Jobs. Education only helps those wishing to get educated, throwing money at corrupt political operatives pretending to be in education does nothing to help education, additionally it is not necessarily a key to employment. Finally the liberal obsession with arrest rates and incarceration rates for pot, people need to take responsibility for their actions. Everyone knows it’s illegal only the unlucky and the careless get pinched for smoking weed, most of the focus has been on dealers and harder drugs for years. If you can’t afford to get caught don’t do it or at the minimum be intelligent and minimize your chances of getting caught.

  23. Flyover says:

    Lib,

    Spot on. “Clowns to the left of me, jokers to the right here I am stuck in the middle..”

    Partisan politics is for schmucks. I love it when people get all worked up on behalf of their home team.

    PS – AOC challenged / invited Cruze to co-sponsor legislation that says once you are elected, you can never lobby in your life. AOC said she wants straight legislation nothing tagged on to it. Ted said yes, we will see where that goes.

    Term limits – POTUS has them, why not Senate and House? Also, 2 year house terms is stupid. Most of the time, they are raising money and running for reelection so how is that efficient use of time & capital. Make it 4 year term and limit it to 2 terms. Senate 2 terms and keep terms to 6 year.

    Get rid of citizens united – its screwing things up big time and figure out how to get the big money out of the election process, maybe ban Pacs and SuperPacs.

    People behave like, well people. Without structural changes like the above, if nothing changes nothing changes.

    Automation killed heavy manufacturing in flyover country. Not sure it could be avoided but its crushed the heartland.

    “I love the politicians that say tax the rich. I’ve gone on record and said take it all. Take all the money the rich pay in taxes and you will find that won’t run the country for very many days. America’s tax base rests on the tall broad shoulders of American working men and women and if they are not working, our economy goes into a tailspin in a hurry” – Ross Perot, Detroit Economic Club 1986

  24. Libturd, seen crazy things done with ping pong balls. says:

    Flyover:

    Exactly.

    Start with the end of PACs. Finish with a the election of a third party that sits in the middle of the extremes. Then marvel in the brilliance of the simplicity of it all. You can even sprinkle in some patriotism to really get the ball rolling.

  25. ExEssex says:

    I caught this fellow recently live:

    https://youtu.be/myi4rAh01tI

    At my core, i’m A hillbilly.

  26. ExEssex says:

    One more. This one will bring tears ya’ll:

    https://youtu.be/JV7c8V5XLk8

  27. Bystander says:

    Dummy, you think this is different than any other time in history.

    “They are focused on increasing their profit on the backs of workers”

    Again, no big product to sling and no new major regulations means banking does not spend, other than increasing bottom line. You dont see that stock market highs are tied to cheap interest rates and wage suppression? Powers that be want that and it will be near impossible to change. They will need to be dragged into spending their money. Still in austerirty mode. You should see grilling on got from our contract team for one outsourced resource got moved up a level (pay increase). I did not ask for it. Guy has 7 years and they wanted to keep him at L1 (2 years experience). It is crazy how we are micromanaged to the penny.

    While I think the very rich are not taxed properly via too many loopholes and low capital gains tax, the issue is with the politicians. They have offered nothing in terms of non-partisan support for American worker. You could easily stop a great wrong by limiting H1B. How about each state gets same allotment but they can resell to other states? This would force large metro areas to pay more for labor and also create cheaper tech opportunities in middle America. Right now, H1B all flow to metro areas, suppresses wages and middle America gets no IT bump from program.

  28. The Great Pumpkin says:

    Best post in a long time…the ending quote was a perfect way to end it. The economy and country are only as strong as its working class, we would be smart to take care of it instead of destroying it. I just don’t get what we are doing to this country…

    Flyover says:
    June 11, 2019 at 11:00 am

  29. The Great Pumpkin says:

    Good post.

    And no I do not think this is different. I look at history and see the same thing happen over and over to each society. The top eventually ignores the needs of the population, become richer and more autocratic than ever before, right before they lose it all to a revolution. The crisis is usually sparked by a famine. This has happened to almost every single society in the history of mankind.

    Bystander says:
    June 11, 2019 at 11:16 am
    Dummy, you think this is different than any other time in history.

  30. Libturd, can't say I didn't warn you. says:

    https://www.washingtonpost.com/news/wonk/wp/2013/05/25/this-is-a-massive-effort-to-attract-cheap-labor-why-sen-bernie-sanders-is-skeptical-of-guest-workers/?noredirect=on&utm_term=.c992bf1df54e

    2013 bitches. The dude is always right. Try to find a position in which he’s been in the wrong. He even supports sensible gun laws. Shame the press shuts him down at every opportunity. If the DNC put any of their might behind him. He’d win in 2020 in a landslide. Even Trump knows it and often said it. But the Dems are no harder to manipulate than the Deplorables. Hello Biden. Hello more corporatism. Continued wage stagnation for all except the rich. On the bright side, we’ll be able to murder the unborn children, which is a good thing, when you can’t afford to feed them.

  31. Libturd, can't say I didn't warn you. says:

    Again, if there is this great crisis which I am hearing about, that the American economy absolutely depends on having more high-tech workers, then the law of supply and demand is that when you need something, you pay for it, right? Didn’t you learn that in elementary school?

    What matters is that there’s a variety of reasons that the middle class in this country is disappearing. Real wages of millions of workers have gone down. For corporations to say, “Here’s what’s going on in other areas,” doesn’t answer the question. If you want high-skilled workers, you need to wage raises. But if you want cheap labor, you bring in workers from abroad.

  32. The Great Pumpkin says:

    The bottom line. (pathetic that over half of our nation’s students qualify for free or reduced lunch… appalling).

    “Indeed, multiple studies have found that only about 20 percent of student outcomes can be attributed to schooling, whereas about 60 percent are explained by family circumstances—most significantly, income. Now consider that, nationwide, just over half of today’s public-school students qualify for free or reduced-price school lunches, up from 38 percent in 2000. Surely if American students are lagging in the literacy, numeracy, and problem-solving skills our modern economy demands, household income deserves most of the blame—not teachers or their unions.

    If we really want to give every American child an honest and equal opportunity to succeed, we must do much more than extend a ladder of opportunity—we must also narrow the distance between the ladder’s rungs. We must invest not only in our children, but in their families and their communities. We must provide high-quality public education, sure, but also high-quality housing, health care, child care, and all the other prerequisites of a secure middle-class life. And most important, if we want to build the sort of prosperous middle-class communities in which great public schools have always thrived, we must pay all our workers, not just software engineers and financiers, a dignified middle-class wage.

    Today, after wealthy elites gobble up our outsize share of national income, the median American family is left with $76,000 a year. Had hourly compensation grown with productivity since 1973—as it did over the preceding quarter century, according to the Economic Policy Institute—that family would now be earning more than $105,000 a year. Just imagine, education reforms aside, how much larger and stronger and better educated our middle class would be if the median American family enjoyed a $29,000-a-year raise.

    In fact, the most direct way to address rising economic inequality is to simply pay ordinary workers more, by increasing the minimum wage and the salary threshold for overtime exemption; by restoring bargaining power for labor; and by instating higher taxes—much higher taxes—on rich people like me and on our estates.

    Educationism appeals to the wealthy and powerful because it tells us what we want to hear: that we can help restore shared prosperity without sharing our wealth or power. As Anand Giridharadas explains in his book Winners Take All: The Elite Charade of Changing the World, narratives like this one let the wealthy feel good about ourselves. By distracting from the true causes of economic inequality, they also defend America’s grossly unequal status quo.

    We have confused a symptom—educational inequality—with the underlying disease: economic inequality. Schooling may boost the prospects of individual workers, but it doesn’t change the core problem, which is that the bottom 90 percent is divvying up a shrinking share of the national wealth. Fixing that problem will require wealthy people to not merely give more, but take less.”

  33. The Great Pumpkin says:

    Lib,

    Exactly, pay them. It’s really this simple.

    “In fact, the most direct way to address rising economic inequality is to simply pay ordinary workers more, by increasing the minimum wage and the salary threshold for overtime exemption; by restoring bargaining power for labor; and by instating higher taxes—much higher taxes—on rich people like me and on our estates.”

  34. Blue Ribbon Teacher says:

    It’s silly to talk about famine when we have mastered agriculture in this country. Famine barely exists in the poorest nations today.

  35. PumpkinFace says:

    Not one word from this….bias is strong…..

    PumpkinFace says:
    June 10, 2019 at 1:26 pm

    Fundamentals of market economics do not lie…

    You do realize you only use this line when you agree with the outcome? If an outcome exists that you do not like, you refuse to attribute it to market fundamentals… it must be manipulated in some way, but never in the former case.

  36. No One says:

    Magically give everyone a 30k raise and we will find out that income inequality is also a symptom of other issues. Plenty of lottery winners end up worse than they started. How many run off to get a PhD?

    Even if the dream of income inequality was met, envious losers would next demand an end to inequality of hot s3xual partners, and an end to inequality of length and girth.

    In absolute terms, Americans at the poverty line live with incredible advantages and comforts kings of 100 years ago couldnt imagine. Thanks to the little bit of capitalism that still remains.

  37. Libturd, seen crazy things done with ping pong balls. says:

    Speaking of the end of famine. I have a 17 pound brisket that I am currently marinating, that I will put on the smoker at 6pm. It should be done around noon or slightly later tomorrow. It’s a choice brisket which cost $2.92 a pound. So, $50. After cooking and trimming the fat, there will easily be 10 pounds of pure delicious protein to be shared among 20 hungry people. $2.50 per person for your 100% daily needs for protein. It’s not quite chickpeas or lentils, but it’s getting surprisingly close. But more importantly, my family will be eating smoked brisket on rye sandwiches for the foreseeable future.

  38. The Great Pumpkin says:

    Pumpkinface,

    For example?

    That’s my position on the housing market, no doubt. More expensive the area, the more desirable. Market fundamentals. Are you implying that I should apply this to the labor market? IMO, human beings are not commodities and should not be treated as such. They are human beings and must be treated as such. You know there are more people than jobs. Under this dynamic, workers don’t have a chance. Unless they are given tools like collective bargaining.

    The big question here. Should they be punished because the number of people outnumbers jobs? That’s the bottom line and what this is all about…

  39. chicagofinance says:

    Famine exists because of corrupt government, and that will always be the case into the future….. but don’t tell climate alarmists…

    Blue Ribbon Teacher says:
    June 11, 2019 at 12:03 pm
    It’s silly to talk about famine when we have mastered agriculture in this country. Famine barely exists in the poorest nations today.

  40. Libturd, can't say I didn't warn you. says:

    I don’t think income equality should be a goal. But all boats need to rise when the tide comes in. (wage growth)

  41. The Great Pumpkin says:

    Def true, jealousy is as deadly as greed. Human nature is a b!tch.

    I don’t agree with your sentiment that the poor today live better than the kings of 100s a years ago. It’s about security and knowing you will have your next meal. That’s true luxury. It’s about being able to put a house over your head and give your family a decent living. IT’S ABOUT HAVING A PURPOSE.

    The poor experience none of this today, and they lost the one last thing that kept them going 50 years ago….HOPE. Hope that working hard and doing the right thing will lead to a better tomorrow for their family. You see none of this today. Just depression, anger, and resentment that leads to addictions and miserable lives.

    What happened to America and the American dream? Why could it work 60 years ago, but not today? What changed so much that this is not possible today?

    No One says:
    June 11, 2019 at 12:51 pm
    Magically give everyone a 30k raise and we will find out that income inequality is also a symptom of other issues. Plenty of lottery winners end up worse than they started. How many run off to get a PhD?

    Even if the dream of income inequality was met, envious losers would next demand an end to inequality of hot s3xual partners, and an end to inequality of length and girth.

    In absolute terms, Americans at the poverty line live with incredible advantages and comforts kings of 100 years ago couldnt imagine. Thanks to the little bit of capitalism that still remains.

  42. ExEssex says:

    Think of shifts right now, everyone is heading west. Stop.
    We’re full. M

  43. The Great Pumpkin says:

    I think that’s the bottom line. No one wants socia!ism. They only want hard work to be rewarded. No one wants to eliminate the rich or poor. We just don’t want people willing to work hard, working hard, and staying poor. That’s bs and how you destroy a society over the long run. Hard work needs to be rewarded or people stop working.

    If someone wants to be lazy and do nothing, then be poor. That’s more than fair. If someone wants to work, has 2 or 3 jobs, and is still living in poverty….that’s a problem. That’s what people are experiencing today. Not cool.

    Libturd, can’t say I didn’t warn you. says:
    June 11, 2019 at 12:57 pm
    I don’t think income equality should be a goal. But all boats need to rise when the tide comes in. (wage growth)

  44. PumpkinFace says:

    What happened to America and the American dream? Why could it work 60 years ago, but not today? What changed so much that this is not possible today?

    You’ve studied everything civilization and society throughout history. Use logic.

  45. Libturd, can't say I didn't warn you. says:

    The American Dream still exists. At exit 16W.

  46. The Great Pumpkin says:

    Face,

    I know what happened. The upper class sold the lower classes out after they no longer needed their labor. Simple as that. They chose more money over humanity.

  47. Libturd, can't say I didn't warn you. says:

    I’d be happy if my Whopper and Cheese hold the mayo, was actually made without the mayonnaise. I’m a simple man!

  48. The Great Pumpkin says:

    When you say that I am running a profitable company, but can make more money by offshoring the job or automating…..society is f’ed. Humans are greedy by nature and they will act on this as they did…

  49. Libturd, can't say I didn't warn you. says:

    They never chose humanity. Though, they did choose Jack and Bobby because they were available. Today they choose Raj and Deepak, because today, they are available. Leave humanity out of it. Robert Moses, who I am sure that the Pumpkin’s of that era revered as a progressive god, died as a monster.

  50. Blue Ribbon Teacher says:

    has 2 or 3 jobs, and is still living in poverty….that’s a problem

    There’s no such thing.

  51. ExEssex says:

    All of your heroes were monsters.

    Now they all have butt implants.

  52. Libturd, can't say I didn't warn you. says:

    I see we are going back to grossly over-paying school superintendents again. What a friggin’ joke. All they do (really) is call snow days (and do a terrible job of it) and serve as the voice of the school system. Nearly everything they do is state mandated. We could easily assign an elementary school lunch aide do the job and they’d probably do just fine. This state is so fukced.

  53. Nomad says:

    Bridge & Tunnel…

    https://sherrill.house.gov/media/press-releases/sherrill-challenges-transportation-secretary-chao

    Should one of the tunnels fail, what if any workaround could there even be?

  54. Libturd, can't say I didn't warn you. says:

    The last super Montclair paid nearly a quarter of a million a year to left abruptly once they found out he was lying about his achievement gap gains. No problem. He is now a nightmare in Rye, New York. You DON”T get what you pay for. Though, I guess, anyone making 250K in a school district is really, really smart. Lord knows he’d have to work his ass off in the private sector to come close to that amount.

  55. The Great Pumpkin says:

    That’s a problem…jack and bobby paid taxes here, and raj/deepak do not.

    American society cannot sustain this….much lower taxes for corporations, offshoring workers not paying taxes, automation that replaced workers not paying taxes, no estate tax, and corporate gifts in the form of tax breaks to keep their corporations in your town.

    HOW IS THIS SUSTAINABLE?

    Libturd, can’t say I didn’t warn you. says:
    June 11, 2019 at 1:35 pm
    They never chose humanity. Though, they did choose Jack and Bobby because they were available. Today they choose Raj and Deepak, because today, they are available. Leave humanity out of it. Robert Moses, who I am sure that the Pumpkin’s of that era revered as a progressive god, died as a monster.

  56. PumpkinFace says:

    Try to focus. Try hard.

    Try harder.

    The comment was about what you refer to as market fundamentals. Do market fundamentals apply/exist in the labor market? There is no “should” in the discussion right now. The answer is yes, they do. You insinuate as much yourself (i.e. “more people than jobs”), hence lower wages.
    Since you are not happy with this, you refuse to acknowledge it. Agreed? Just say, yes. Say you were wrong. Don’t change the subject and ask if it should be this way.

    Now on housing. You attribute pricing, population density, etc. to market fundamentals. Yes, that’s correct. But will you admit government policy (tax code, et al) affect housing… just like it affects the labor market (visa programs and illegal immigration)?

    The Great Pumpkin says:
    June 11, 2019 at 12:56 pm
    Pumpkinface,

    For example?

    That’s my position on the housing market, no doubt. More expensive the area, the more desirable. Market fundamentals. Are you implying that I should apply this to the labor market? IMO, human beings are not commodities and should not be treated as such. They are human beings and must be treated as such. You know there are more people than jobs. Under this dynamic, workers don’t have a chance. Unless they are given tools like collective bargaining.

    The big question here. Should they be punished because the number of people outnumbers jobs? That’s the bottom line and what this is all about…

  57. Libturd, can't say I didn't warn you. says:

    Nomad,

    She is going places. Sadly, everyone else on the Blue team is spending all of their time and efforts either making fun of Trump’s mislabeling of planets or making sure society doesn’t mislabel drag queens.

  58. The Great Pumpkin says:

    Lib,

    I doubt any of us could get a superintendent job in Montclair. That’s no easy task. You don’t just get hooked up with that kind of position. You have to build up your reputation so that the people of Montclair will actually accept you into that position. It’s all about reputation…aka lots of hard work to get to that level. Once you get there, not so much work. Same thing happens in companies. People bust their butt to get to the top and once there, making big money while not working as hard. Just the way it is…

    Libturd, can’t say I didn’t warn you. says:
    June 11, 2019 at 1:48 pm
    The last super Montclair paid nearly a quarter of a million a year to left abruptly once they found out he was lying about his achievement gap gains. No problem. He is now a nightmare in Rye, New York. You DON”T get what you pay for. Though, I guess, anyone making 250K in a school district is really, really smart. Lord knows he’d have to work his ass off in the private sector to come close to that amount.

  59. PumpkinFace says:

    I HAVE A SERIOUS QUESTION. I HAVE A SERIOUS POINT TO MAKE. I AM A SERIOUS PERSON. TAKE ME SERIOUSLY.

    I’M SMART. NOT LIKE EVERYBODY SAYS, LIKE DUMB.

  60. leftwing says:

    Today is painful. Why do you people even try…Lib, he is gaming you, from 11:00a on…I bagged the blog last week/weekend when you tried to debate him…I don’t care, easy for me to just tune out, but what are you doing man?

    You must have taken at three hours over the last ten days with this fool…you will never get those hours back…ANYTHING would have more productive for you than debating the idiot – chronic masturbat1on, self cutting, name it….

    Seriously, read his foolishness today. It is a fool or troll. Why would engage either?

    This is what you are trying to debate:

    “You have to build up your reputation so that the people of Montclair will actually accept you into that position. It’s all about reputation…aka lots of hard work to get to that level. Once you get there, not so much work. Same thing happens in companies. People bust their butt to get to the top and once there, making big money while not working as hard. Just the way it is”

    Fcuking seriously, this is how you want to spend your time?

  61. Libturd, can't say I didn't warn you. says:

    Let me trace Alvarez background. I know his wife was a kindergarten teacher in the district.

    Dr. Alvarez comes to Rye after serving nine years as Superintendent of Schools for Montclair, New Jersey. Previously, he was superintendent in the River Vale and North Caldwell, N.J. school systems.

    He’s a Montclair State grad.

    What the fukc am I doing wrong?

  62. The Great Pumpkin says:

    Okay, I was wrong.

    I should have approached it like this. They are human beings. I don’t think we should make them suffer more than they have to because we must adhere to market ideology. I think adjustments should be made and given. I see more billionaires than ever, I see record gdp, and so I ask, can we do better? Do we have to treat lower class people like this?

    Or should we ignore humanity, lack empathy, and just say that it sucks for you?

    PumpkinFace says:
    June 11, 2019 at 1:52 pm
    Try to focus. Try hard.

    Try harder.

    The comment was about what you refer to as market fundamentals. Do market fundamentals apply/exist in the labor market? There is no “should” in the discussion right now. The answer is yes, they do. You insinuate as much yourself (i.e. “more people than jobs”), hence lower wages.
    Since you are not happy with this, you refuse to acknowledge it. Agreed? Just say, yes. Say you were wrong. Don’t change the subject and ask if it should be this way.

  63. Libturd, seen crazy things done with ping pong balls. says:

    Sorry.

    Back on ignore. I do it to entertain myself. He is so dense it’s laughable.

  64. Libturd, seen crazy things done with ping pong balls. says:

    By the way, he left Rye in disgrace two years early to pursue work outside of the educational sector. Sure seems worth 250K a year to me. Lot’s of hard work? Or non-stop failure upwards in a sector that is in need of massive reformation.

  65. Mike S says:

    $200-$250K doesn’t even get you much these days after all taxes, health care costs, mortgage on a modest house, 2 non luxury cars, and maxing 401K…
    You live comfortably, but you are in no way wealthy

  66. Pumpkin Pumpkin Peter Eater says:

    Had a wife and couldn’t keep her;
    He put her in a pumpkin shell,
    And there he kept her very well.

    All of my posting is a cry for help, after a dozen years as marginal clerical worker I’m still not promoted, my BMW is getting old, some asian guy is talking about building a ping pong palace across from my heavily mortgaged highway home, and my wife is starting to unfavorably compare my size to some buck from Paterson. If only some of those Beyond Burger Billionaire Bucks could just trickle down to meeeeee without me having to get better at my work or study to get a CPA that gets in the way of my rich and deep social life in the heart of NJ’s cultural scene. There’s no meat in canned pancakes either!

  67. The Great Pumpkin says:

    Wtf? So then tell me Mr. know it all, how do get it? You have to build up a professional reputation that is respected or you are not getting this job. Just go get the job, it’s so easy m, right? Do you see how towns grill the applicants and then you have the nerve to claim these individuals are nobodies…. keep eating your own bs. Piss on me for pointing the truth out.

    “You have to build up your reputation so that the people of Montclair will actually accept you into that position. It’s all about reputation…aka lots of hard work to get to that level. Once you get there, not so much work. Same thing happens in companies. People bust their butt to get to the top and once there, making big money while not working as hard. Just the way it is”

    Fcuking seriously, this is how you want to spend your time?

  68. ExEssex says:

    1:48 yeah the whole system is filled with schmucks.
    It’s the default setting. Sure, you May find the exception.
    But really the fish rots from the head down.

  69. The Great Pumpkin says:

    Would any educated smart individual belittle someone? Take a look in the mirror again…

    PumpkinFace says:
    June 11, 2019 at 1:57 pm
    I HAVE A SERIOUS QUESTION. I HAVE A SERIOUS POINT TO MAKE. I AM A SERIOUS PERSON. TAKE ME SERIOUSLY.

    I’M SMART. NOT LIKE EVERYBODY SAYS, LIKE DUMB.

  70. 3b says:

    Not surprised the young people like Bernie Sanders and you cant blame them.

  71. leftwing says:

    “…and then you have the nerve to claim these individuals are nobodies…”

    As you have for well over five years now to everyone on this board you attribute statements to me I have never made. Find where I said that. Ever. Once.

    You, sir, are the epitome of a fcuking idiot.

  72. Bruiser says:

    It is nice to dream, but two things will never ever happen:
    1) companies will not suddenly see the worth in their American workers thus bestowing $29,000 raises upon them
    2) companies (and their owned politician lickspittles) will never end the H1B cheap labor gravy train

  73. The Great Pumpkin says:

    Infer

    “Seriously, read his foolishness today. It is a fool or troll. Why would engage either?

    This is what you are trying to debate:

    “You have to build up your reputation so that the people of Montclair will actually accept you into that position. It’s all about reputation…aka lots of hard work to get to that level. Once you get there, not so much work. Same thing happens in companies. People bust their butt to get to the top and once there, making big money while not working as hard. Just the way it is”

    Fcuking seriously, this is how you want to spend your time?”

  74. Libturd, can't say I didn't warn you. says:

    Sad but true Bruiser and Left and 3b.

    People need to get out of the country at some point and realize that it is not material items that make us happy.

    It’s warm weather, shelter, affordable health care, food and wealth stability. At least we’ve got food here.

  75. Libturd, seen crazy things done with ping pong balls. says:

    Pumps. Explain the PARCC-Promoting, Charter-School loving super that replaced Alvarez then. Google Penny MacCormack.

    Just shut the fukc up already. Everyone here is right, but you. Why am I even trying. It would serious be easier to teach an anchor to float.

    “You have to build up your reputation so that the people of Montclair will actually accept you into that position. It’s all about reputation…”

    Talk of lack of self awareness.

  76. The Great Pumpkin says:

    This is what I was trying to explain to “no one.” It’s all about stability. Being poor serves none of that. I don’t care if you live in a mansion, living pay check to pay check is a living hell. Living in constant debt is a living hell. Having to use your credit card to get by each month is a living hell. There is nothing good about being poor no matter what an upperclass bias might perceive from the outside. I know what it’s like to be poor and I will never go back. Hell no!

    You can make yourself feel better by telling yourself the poor have it good and live like Kings, but it’s far from the truth.

    “It’s warm weather, shelter, affordable health care, food and wealth stability. At least we’ve got food here.”

  77. 3b says:

    I hope Bernie wins just like I wanted him to win last time. It will scare the hell out of the bought and paid for feckers on both sides. They have destroyed this country.

  78. Bystander says:

    Bruiser,

    We finally agree. I know the Orange clown at 1600 talked big about ending it but if he won’t do it there is little hope.

  79. leftwing says:

    “People need to get out of the country at some point and realize that it is not material items that make us happy.”

    Spent better than a third of my professional career in two separate assignments living overseas. London and Continental Europe. Never been happier. If I weren’t so attached to my sons I’d have been back there long ago.

    Hell, didn’t want to leave, tried to stay, mom pulled the plug.

  80. 3b says:

    The economy is great and yet we need another hit of low interest rates to pump things up again. At some point the whole thing collapses. And then we have Clot times!!

  81. 3b says:

    The orange clown won’t end the visa scandal and neither did his predecessor, God’s annointed one.

  82. Libturd, can't say I didn't warn you. says:

    The orange one won’t even hire Union labor.

  83. joyce says:

    If you look at medians and income ranges whether across the country or just in NJ, you are very wealthy at $200-250k. Furthermore, if you’re making that as a superintendent, you have the better benefits.

    Mike S says:
    June 11, 2019 at 3:14 pm
    $200-$250K doesn’t even get you much these days after all taxes, health care costs, mortgage on a modest house, 2 non luxury cars, and maxing 401K…
    You live comfortably, but you are in no way wealthy

  84. Comrade Nom Deplume, who should be IN drugs says:

    OT alert

    Got a memo about an orphan drug/gene therapy coming to market and advising plans to consider whether to cover.

    Memo described a “seven figure price point.”

    Damn

  85. Grim says:

    US healthcare system is hell bent on imploding itself.

    Nationalized single payer here we come.

  86. 3b says:

    My health care coverage in the mid to late 90s for full family coverage including dental was under 28 bucks twice a month. And people are surprised young people find Medicare for all appealing?

  87. 3b says:

    Twice a week garbage pickup starts this week only for the summer then back to once a week after Labor Day. Yep!! Those high taxes are justified if you want the services!!

  88. Libturd, can't say I didn't warn you. says:

    Same with college and housing. Let the government meddle in it and it’s doomed to fail miserably.

  89. joyce says:

    grim,

    US healthcare system is hell bent on imploding itself.

    Agreed.

    Nationalized single payer here we come.

    If we implement single-payer with the current cost levels, we’re fcuked either way.

  90. joyce says:

    Was the employer covering most of the costs or was it $56/mo all-in?

    3b says:
    June 11, 2019 at 4:57 pm
    My health care coverage in the mid to late 90s for full family coverage including dental was under 28 bucks twice a month. And people are surprised young people find Medicare for all appealing?

  91. 3b says:

    Joyce: I honestly don’t know. I assume now that you ask my employer paid x amount and my contribution was 28 bucks a pay check. The only reason I remember is because I found an old pay stub from my employer back then when I was going through old boxes in the basement. Trying to de clutter. I do know that none of us friends family complained about cost of our health insurance or how crappy it was.

  92. 3b says:

    The founder of the 401k said in an interview a few years back he regretted ever coming up with the idea as it was never supposed to replace pensions. I believe it was John Bogle the founder of Vanguard if I am not mistaken.

  93. grim says:

    No worries, your benefit manager is focused helping to deliver optimized health outcomes though innovation and big data analytics.

  94. chicagofinance says:

    Bystander: You out there? Colts Neck dad got whacked by IB IT….. would you be willing to e-mail me at chicagofinance@yahoo.com ? Just trying to be good neighbor….. he says he wants to move away from IB’s ….. sounds like you have some good war stories and maybe some contacts….

  95. JamesJed says:

    Great Work From Home Business Advice For Busy Lifestyles

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    Ensure your internet business won’t obstruct your family’s routine. It could be needed to adjust your plans should you realize that your intended industry is disruptive to your mode of just living.

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    https://www.pinterest.com/pin/811914639053141915

    oody

  96. Bystander says:

    Yep, Chi. No problem. Will send tonight. Honestly, I have suggestions on how to approach market but really tough finding experience roles.

  97. The Original NJ ExPat says:

    3b, joyce – I suspect that plan was majority employer paid. In 1997 we moved to New England and both my gf (future wife) and I were paying bull COBRA out of pocket. My payment, single with dental was $130 total per month. my gf’s full COBRA without dental was about the same. I know for a fact that the family rate would have been $250 per month for my plan. The reason I remember is because I joked with my gf, “Can you imagine paying $250 per month out of pocket every month?”

    Flash forward just about 10 years later and I was paying $1700 per month out of pocket for COBRA family rate while I was consulting.

    Using 3b’s numbers of $28 per paycheck, that works out to $61 monthly from the employer. I suspect that plan was 2/3rds employer paid, making it $183 per month all in for family coverage?

    Joyce: I honestly don’t know. I assume now that you ask my employer paid x amount and my contribution was 28 bucks a pay check. The only reason I remember is because I found an old pay stub from my employer back then when I was going through old boxes in the basement. Trying to de clutter. I do know that none of us friends family complained about cost of our health insurance or how crappy it was.

  98. The Original NJ ExPat says:

    meant $61 monthly from the employee

  99. chicagofinance says:

    thx bystander

  100. 1987 condo says:

    Father of the 401k was Ted Benna

  101. 3b says:

    1987 Then I assume it was him who
    Said it.

  102. The Original NJ ExPat says:

    Recent interview with Benna:

    I’ve been quoted saying I would wipe out the whole thing. Really, what I was referring to was the investment structure, not the 401(k) entirely. I’ve documented the history of these and how participants have been impacted, and it’s not a pretty picture. It went from all fees being paid by the employer to everything getting bundled and dumped on employees.

    https://www.barrons.com/articles/the-inventor-of-the-401-k-thinks-it-has-gone-awry-1542413142

  103. The Great Pumpkin says:

    Just know that I’m in and have been in the 1% for my age cohort and still maintain my position on the rich. So understand when I take my positions, I’m really addressing my future self. This is self inflicted, I’m not advocating this for someone else because I’m unaffected.

    “In Why People Who Openly Declare They Are Rich Should Pay More For Everything, a friendly reader mentioned she did not believe a 26 year old making $250,000 a year was a big deal. I responded that telling everyone you make $250,000 as a 26 year old puts him in the top 1%.

    Then she replied, “$250k is not in the top 1% even in 2011, according to CNN Money. I have seen numbers as high as $585k to qualify. I am unsure why his age has anything to do with him being in the top 1% or 5% at that?”

    Instead of citing CNN Money, there’s an authoritative article highlighting how much the top income earners make by percentage right here on Financial Samurai. It takes time to work your way up to higher income amounts. If you are making $250,000 as a 50 year old while supporting four kids and a spouse in Manhattan, then $250,000 is no big deal. But to make the same amount at 26 is killing it!”

    “Let’s Discuss The Age Groups

    Ages 27 – 31: You are in the top 1% if you make roughly $170,000. You are in the top 0.1% if you make roughly $300,000. Airbnb’s Haseeb Q told the world he makes $250,000 a year, therefore, he is definitely in the top 1%, especially since he’s only 26. Case closed.

    Ages 32 – 36: You are in the top 1% if you make roughly $210,000. You are in the top 0.1% if you make roughly $570,000. We are now in the ideal income zone of $200,000 – $250,000 a year per person where maximum happiness is achieved and increases no further the more you make.

    Ages 37 – 41: You are in the top 1% if you make roughly $260,000. You are in the top 0.1% if you make roughly $820,000. I’m a little surprised that making only $260,000 at this age puts you in the top 1%. Given the median age in the US is around 34-36 and the median income for the top 1% for all income levels is around $380,000.

    Ages 42 – 46: You are in the top 1% if you make roughly $320,000. You are in the top 0.1% if you make roughly $1.1M. This age group finally breaks the $1M income barrier. Nobody is going to deny someone making over $1M a year is rich.

    Ages 47 – 51: You are in the top 1% if you make roughly $360,000. You are in the top 0.1% if you make roughly $1.5M. $360,000 is a level which makes the most sense as a top 1% income earner based on IRS data and multiple media reports.”

    https://www.financialsamurai.com/the-top-1-percent-and-top-0-point-1-percent-income-levels-by-age-group/

  104. Multiple all cash bids above asking says:

    It is finally blowing up. Story broke here on Njrereport. I informed senior officials in Australia and none acted.

    Multiple all cash bids above asking says:
    June 5, 2013 at 12:22 am

    US Masters is pouring $$$ raised from Australia individuals into Hudson County residential real estate. When Austrialian finance people invest Australian money outside their country, they tend to lose most if not all of it. US Masters will continue the tradition. Westfield bucked the trend, however.

    Tracking what US Masters is up to is easy because the company’s stock is listed on the Australian Securities Exchange, requiring disclosure of detailed financial statements at regular intervals. Plus, the company releases details of each property it buys and what rent it expects. In addition, online tax records make their purchases easy to track. By now, active Hudson County real estate agents know them, and these agents can be helpful sources of information.

    US Masters is raising money faster than they can spend it. They are overpaying with impunity, then launching renovations on which they spend too much and take too long. Rent targets are being missed right and left. Ultimately, the Australian finance guys running this vehicle will have to choose between cutting the dividend or evolving into a Ponzi scheme in which existing investors are paid with the proceeds of newly recruited investors. Perhaps it is a Ponzi scheme already. This stock is going to zero. If I could short it, I would.

    The single family rental model just doesn’t work at scale in the Northeast. It is unmanageable, as Redbrick found out several years ago. A bunch of “really smart guys” with fancy educations raised money to buy homes in places such as Trenton and New Haven. They dramatically underestimated the vacancy loss and the expenses involved in operating the properties and supervising the people operating the properties – just as US Masters is doing today. Things like cleaning up after murder victims weren’t in the pro-forma. Redbrick lost most of its investors money and quietly disappeared.

    The logical owner of single family rentals in the Northeast is a local entrepreneur with:

    1) construction background – repairs and maintenance are cheaper if you can do the work yourself
    2) second language ability – makes it easier to supervise cheap immigrant labor
    3) relationship with building and housing inspectors – many of them are bribeable, especially in Hudson County
    4) muscle – need to kick out drug dealers and other low quality tenants

    Neither the Redbrick nor US Masters masterminds possess these attributes.

  105. The Great Pumpkin says:

    Love this place….what a call!

    Pretty amazing how many correct calls are made on this blog…

  106. The Great Pumpkin says:

    “& Co. is raising its bet on fixer-uppers.

    The investment house known for corporate takeovers has agreed to pump another $250 million into Toorak Capital Partners LLC, which buys short-term loans made to real-estate investors who purchase, renovate and resell residential properties.

    KKR already has $250 million invested in New Jersey-based Toorak. By borrowing from banks on top of KKR’s investment, Toorak currently holds about $1.5 billion of so-called flip loans on its books. Now, with $500 million in total equity from KKR, Toorak can effectively double the volume of loans that it purchases from regional and online lenders, said John Beacham, Toorak’s chief executive.”

    https://www.wsj.com/articles/kkr-doubles-down-on-house-flippers-11560331806?mod=hp_lead_pos4

  107. D-FENS says:

    It’s not really getting much press but….

    https://www.marketwatch.com/story/trump-administration-preparing-executive-order-on-health-cost-disclosure-regional-hospital-monopolies-2019-05-24

    Grim says:
    June 11, 2019 at 4:53 pm
    US healthcare system is hell bent on imploding itself.

    Nationalized single payer here we come.

  108. The Great Pumpkin says:

    A small but growing number of Republican lawmakers are urging action on climate change, driven by shifting sentiment among GOP voters and the effects of global warming, from stronger hurricanes to more-destructive wildfires.

    The group backs policies rooted in what they consider GOP principles, favoring market-based solutions rather than government regulations. Many are loyal supporters of President Trump, but they part with him on climate change, which he has dismissed as hyped.

    Republican Rep. Matt Gaetz of Florida says the GOP needs to advance sound conservative proposals to combat climate change and embrace science, or risk long-term political damage.

    “How can we as a party stand up to the generational challenges we face with globalization and automation and climate change if we don’t look credible to the body politic,” Mr. Gaetz said in an interview.

    https://www.wsj.com/articles/some-republican-lawmakers-break-with-party-on-climate-change-11560337010?mod=hp_lead_pos7

  109. The Great Pumpkin says:

    Smart to keep it out of the main headlines. Don’t want to give their lobbyists time to plan and act on it.

    This could be huge if this goes through…

    D-FENS says:
    June 12, 2019 at 9:22 am
    It’s not really getting much press but….

    https://www.marketwatch.com/story/trump-administration-preparing-executive-order-on-health-cost-disclosure-regional-hospital-monopolies-2019-05-24

  110. Juice Box says:

    Grim my comment in Mod Please release…….

  111. PumpkinFace says:

    Does anyone else picture a child saying “I call shotgun” when pumpkin idiot says calls calls my calls great call blah blah blah. Has he ever used the words anticipate, expect, predict, forecast or anything other than the word “call’?” It’s like a nervous tick.

  112. Bruiser says:

    The Great Pumpkin, D-FENS,

    I am pretty sure that minutes after the Executive Order is signed, the Healthcare Industrial Complex lawyers will file suit, and yet another #resist sympathetic judge would issue and injunction against the EO, or just strike it down outright.

  113. Fast Eddie says:

    PumpkinFace,

    You just don’t get it!

  114. JCer says:

    Chi, I’ve worked in IB, Fintech, AM, WM tech for nearly 20 years. Frankly I’ve never seen the job market so dead and so many firms cutting. Let me guess the guy worked at MS, they have been cutting tech people it’s apparently a blood bath over there, which is sad as they used to have the best tech organization on the street. They are importing TCS people(From India) into Mexico and Canada to replace the US work force. It doesn’t work but it will take them a full cycle(Approx 3-5 years) to realize the approach has failed. The productivity from non-local resources might approach 25%, the thought is same time zone will improve experience vs. India as the experience with the vendors has been much better with on-site vendor resources. What the dumb management in the IB’s haven’t realized is that the personnel sent to the US is the very best TCS/WIPRO/Infosys/EPAM has to offer so it’s not just a matter of time zones and location but the actual resource themselves are the differentiator.

    In years pasts I’d get head hunter calls 2-3 times a month and at least 1 unsolicited job offer a year from people I know in the industry. I haven’t heard a peep from any of my former colleagues or headhunters I’ve used in the past in almost 2 years. I heard from a headhunter I know a few months ago, she was looking for a developer on a contract basis for a laughable rate and was asking if I knew of anyone.

    My wife is at GS and the story is the same there cutting projects and expense. Many people being laid off of leaving and landing at jobs with a lower salary. For such a booming economy where everyone is trying to increase their prices in the banking industry the situation is bad and we are being squeezed.

  115. Juice Box says:

    JCer – H4 EAD visas are under fire. DHS planning to revoke work permits perhaps as soon as next month, and they added biometrics to the system to reduce fraud which was challenged in court. That is about 100,000 work permits for spouses of which about 90% are women from India. The backup plan (as seen on twitter) for many is to move to Canada and contiue to work remote.

    Interesting back and forth on twitter that is for sure.

    Also legislation from Big Tech-friendly (on the take) congress critters to open the flood gates more. Example.

    https://www.congress.gov/bill/116th-congress/house-bill/1044

  116. leftwing says:

    JCer, By……

    When you guys say you are tech in IBs, what does that actually mean?

    Please, ELI5…

    Do people in your role manage most systems company-wide? Are they clinet facing systems and interfaces, eg. what I see as a customer when I log onto MS? Or is it back office systems…client reporting, trade management, P/L, exposure tracking? Is it away from the business line support and into things like HR?

    Seriously interested…I’ve seen you guys discuss “IB tech” for so long and never really understood exactly what that means.

    Thx

  117. chicagofinance says:

    Not a techie, but I spoke with the guys for about 20 minutes yesterday…… he is the goods…. JC’er also bystander, just trying to cast a bigger net for him…. anyone feel free to contact me at chicagofinance@yahoo.com I will disclose more details there, not on a wide forum…..

  118. Libturd, can't say I didn't warn you. says:

    Mower is pretty funny, but record should have to be made while actually cutting grass to impress me.

  119. 1987 Condo says:

    sad news for audiophiles and the rest of us. Most master recordings were lost back in 2008.

    “In another confidential report, issued later in 2009, UMG asserted that “an estimated 500K song titles” were lost.”

    https://www.nytimes.com/2019/06/11/magazine/universal-fire-master-recordings.html?searchResultPosition=2

    https://www.nytimes.com/2019/06/11/us/master-recordings-universal-fire.html?searchResultPosition=1

  120. leftwing says:

    Don’t doubt they are real, just by what they post here.

    My question is more general and reflects my lack of knowledge about business tech/systems…I fundamentally don’t know what someone in that role actually does inside the organization in which they are working.

  121. 1987 Condo says:

    Partial list:

    The lost works most likely included masters in the Decca Records collection by Billie Holiday, Louis Armstrong, Duke Ellington, Al Jolson, Bing Crosby, Ella Fitzgerald and Judy Garland. The fire probably also claimed some of Chuck Berry’s greatest recordings, produced for Chess Records, as well as the masters of some of Aretha Franklin’s first appearances on record.

    Almost of all of Buddy Holly’s masters were lost, as were most of John Coltrane’s masters in the Impulse Records collection. The fire also claimed numerous hit singles, likely including Bill Haley and His Comets’ “Rock Around the Clock,” Etta James’s “At Last” and the Kingsmen’s “Louie Louie.”

    The list of artists affected spans decades of popular music. It includes recordings by Ray Charles, B.B. King, the Four Tops, Joan Baez, Neil Diamond, Sonny and Cher, Joni Mitchell, Cat Stevens, Gladys Knight and the Pips, Al Green, Elton John, Eric Clapton, Jimmy Buffett, the Eagles, Aerosmith, Rufus and Chaka Khan, Barry White, Patti LaBelle, Tom Petty and the Heartbreakers, the Police, Sting, Steve Earle, R.E.M., Janet Jackson, Guns N’ Roses, Mary J. Blige, No Doubt, Nine Inch Nails, Snoop Dogg, Nirvana, Beck, Sheryl Crow, Tupac Shakur, Eminem, 50 Cent and the Roots.

  122. leftwing says:

    If I can add value for anyone….please dear lord don’t use market orders particularly for quickly moving, small float shares…

    Watching CRWD which just started trading…stock was solidly between 59-60 and boom a trade goes through stamped at 64 and the next trade is immediately back down below 60…not on volume either….if you place a market order during the nanosecond market depth dries up you get filled at best, even if it’s nearly 10% up from the trades on either side of it.

    Poor fcuker, started out down $4 on a $60 stock the second he clicked ‘buy’.

  123. JCer says:

    Left, I’m a Software/Hardware Engineer by training. I’ve been a developer and manager of developers on projects in different areas. Trading, settlements, client reporting, portfolio analytics, risk reporting, CCAR/VAR exposure reporting, SEC reporting. Obviously there is a lot of data required so supporting areas as well(Securities, organization, legal entity, etc). Not an expert at finance by any means, but generally knowledgeable and a technology expert. Some folks tend to stick with one area, I’ve kind of jumped around but it is literally all you’ve listed(minus HR, I’ve never met anyone supporting those systems at the banks). There are also infrastructure people and implementation engineers for integrating vendor products who are also considered tech.

  124. Libturd, can't say I didn't warn you. says:

    Left. Learned that lesson back in the tech bubble days. E-Trade actually refunded me the difference when I threatened to pull my portfolio over it. Always LIMIT!

  125. Libturd, can't say I didn't warn you. says:

    I now use Ameritrade, btw.

  126. leftwing says:

    Thanks JCer…

    Why is your job market so fcuked? I understand the visa and outsourcing issues you discuss here…why else, are there other factors, are software/hardware engineers in non-financial companies experiencing the same thing?

    Do the compensation/offshoring issues have anything to do with working with established legacy systems (not sure if that’s the right terminology but I hope you know what I mean)?

    What are software/hardware engineers at organizations like Ford and such experiencing? Wouldn’t investment banks be the high payers in the market? Are similar guys outside the finance world hitting your issues as well?

    I guess I’m trying to reconcile the apparently strong tailwinds for companies/services like Salesforce with the headwinds you have internally, especially in the generally high paying financial services sector…would seem to me that a product like Salesforce is just one function stripped from internal systems and repackaged as a standalone product…why as a product does that company/service have so much value but internally so little attention/compensation?

    Thanks for the feedback and patience…I feel kind of like I’m wandering around a dark room feeling for the switches, not even sure which questions to ask.

  127. The Original NJ ExPat says:

    🎃( ͡° ͜ʖ ͡°)🎃
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    Colfax Road
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  128. Libturd, seen crazy things done with ping pong balls. says:

    ha ha

  129. The Original NJ ExPat says:

    🎃( ͡° ͜ʖ ͡°)🎃
    _________________________________
    Colfax RoadHighway
    _________________________________
    👲🏓👲🏓👲🏓👲🏓👲🏓👲🏓👲🏓👲🏓
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  130. Juice Box says:

    re: “Medicare for all” and “your benefits manager and analytics”

    Self-insured places like us love the analytics, the benefits manager can squeeze out a few more cents on pres*cri*pt*ions so we flip from provider to provider to provider.

    Optum R***X coming next month, was Express Scripts but since they merged with Cigna in a 67 Billlion dollar merger well the prices have to go up to pay for that! A friend who works out of the Franklin Lakes/Mahwah campus for Express Scripts the former Medco campus is worried Cigna may shut it down, and more prime real estate to become another vacant campus in New jersey, just more prime real estate to be re-developed into Mixed/Use housing. At least Franklin lakes got some of the property back, 84 acres in a massive property tax lawsuit settlement a few years ago.

  131. The Great Pumpkin says:

    How many killy things do we need before our country is safe from invasion? The United States defense budget is enormous–it’s larger than the next eight largest countries combined, most of which we’re buddies with.

    But military spending is only partially designed around our protection. A significant portion of America’s defense tab is caught up in the military-industrial complex. Politicians love to send federal money and jobs back to their district, and defense contractors eagerly soak up the cash. The $400 billion F-35 program, for example, is the most expensive weapons program in history. Yet it might be obsolete by the time it’s finished.

    https://reason.com/video/mostly-weekly-defense-spending/

  132. The Great Pumpkin says:

    “It takes only a few minutes to see that the “peace through strength” doctrine is a racket intended (by some of its advocates at least) to gull the unsuspecting populace into supporting whatever the war party and the Pentagon want. It is handy for parrying the antimilitarist’ charge that its espousers are dangerously reckless, if not outright warmongers. “We’re not warmongers,” they can reply. “A military second to none will prevent war and promote peace. We’re the peaceniks. You doves are the promoters of war.” They are also likely to quote (without knowing the source) Publius Flavius Vegetius Renatus’s De re militari, “If you want peace, prepare for war.”

    Brilliant!—but the doctrine encases a racket just the same, much as “war is a racket,” as the highly decorated U.S. Marine Maj. Gen Smedley Butler put it. I’d like to meet the grifter who thought it up.”

    https://reason.com/2018/02/18/peace-through-strength-is-a-racket/

  133. The Great Pumpkin says:

    Now you know where all the tax money goes…corporations should pay this themselves since they are the ones that benefit from it. This is not helping joe public…but he gets stuck paying for it.

    “But that is an understatement because the Pentagon budget is far from the total amount the U.S. government spends on “national security.” Robert Higgs wrote in 2007:

    Hardly anyone appreciates that the total amount of all defense-related spending greatly exceeds the amount budgeted for the Department of Defense. Indeed, it is roughly almost twice as large….

    Lodged elsewhere in the budget, however, other lines identify funding that serves defense purposes just as surely as—sometimes even more surely than—the money allocated to the Department of Defense. On occasion, commentators take note of some of these additional defense-related budget items, such as the Department of Energy’s nuclear-weapons programs, but many such items, including some extremely large ones, remain generally unrecognized.

    Thus when George W. Bush formally proposed to spend $583 billion on the military in fiscal 2008, Higgs calculated the real tab at $934.9 billion. The story is the same today. We may reasonably ask: how can Trump know the military isn’t already powerful enough to deter any would-be attacker and how can he know that spending less would make Americans less safe? What we have here is a knowledge problem, which politicians and bureaucrats are likely to exploit in favor of more spending.”

  134. Juice Box says:

    re: “How many killy things do we need before our country is safe from invasion?”

    Ask your grandparents the ones in Italy and here.

  135. Bystander says:

    Left,

    JCer nailed it again. Not sure what to add but broadly I have supported middle office operations and back office like tax/ product control /accounting. I am now compliance tech globally so all areas IB, Wealth Mgt etc.
    Simply put, Sales force (and fin tech or hedge funds) have little to no regulatory considerations. Easy to be nimble when you don’t need to worry about FINRA, SEC, HMRC, FINMA etc. I am not developer like JCer but manage delivery and planning for IT so have to know concepts. What I saw last year and what JCer alludes to, is lack of leverage in labor market and elastacity of hiring timeline. When I was hired late last year, my boss said 4 more US perms were needed here. That has been thrown out and we are now Pune only and can’t get Wipro or Infosys to source one decent candidate for 7 roles. Lots of liars and frauds once get to interview stage. We will not hire in US at all, no matter how initiatives get delayed. That said, there are roles but your timeline for experienced jobs and decent pay has to be 6 months out. You may get lucky earlier but the amount of bs contract rates and arrogance / silence from recruiters is staggering. I am unprepared mentally at first, given I was told it was greatest economy in history of mankind. Not again. I still will repsond to any decent looking role even today but I will be upfront with numbers. It is absolute crickets above $75 hour. Just stuningly bad given basic testers were $100 hr about 10-12 years ago. You want a job then list Agile, RAD, AI, Robotics, Block chain, Cloud / Kubernates on profile. Of course, that is all lies mostly but most banking mgt. wants to be told lies about how to shed more employees. That is where money is.

    On visa and H1 front I am as close as can be. My whole team around me in impacted if rules change. Even have h4 wife on staff. Nothing has changed except chattering. Will post if it does.

  136. BennieIceme says:

    301 Moved Permanently [url=https://www.918online.today/category/ace333/]More info…[/url]

  137. JCer says:

    Left, salaries in IB were much higher than other industries. IB’s historically have started kids out of school at around 100k, pay scales go up from there most developers fell in the 150-200k annual comp range some guys were pulling 300-400k annually as developers. Managers 200-400k range for people directly managing software developers. Especially front office technology for IB. The pay was slightly higher and in line with what Google/Apple, etc are paying in Silicon Valley. Simply put some of the highest engineer compensation anywhere.

    The situation today is everyone wants to cut expenses. Anyone who isn’t at the highest level is expendable and their job can be shipped offshore. There is a cull going on and besides the most talented everyone is fair game and the pay seems to have stagnated. No one is hiring in the banks domestically, vendors rule the day(they pay poorly). People are jumping ship and taking a pay cut to leave the industry. NYC tech scene is not the biggest and to most start-up tech companies having an IBank on the resume is a negative not a positive. Whereas in the old days if you weren’t happy with your project/team you could float the resume and if you were at morgan you

    Wipro/Infosys/Tata/HCL/LTI/EPAM, et al are a bunch of frauds they’ll tell the senior management that for 250 per day they can get any and all types of technologist and skills until you actually try to fill the role when it become apparent you can get basic SQL developers, bad Java developers, and awful web developers. There are no magic beans to get good developers even in India or Eastern Europe seems to cost 30-40k minimally. It seems to run a 1/3rd the cost of this market and even still the qualifications of the offshore folks isn’t up to the standards here. So you tell me how would an outsourcing company make any money at $250 per day? that’s 50k for an employee including all overhead and remember 35% is the desired margin for the outsourcers. Assume 30% that leaves $35K to cover salary and overhead(sales, engagement leads, office space, equipment, training, downtime, etc) it basically means the offshore employee needs to make approximately 12k per year on average per employee. They need to give you a lot of freshers making 8k per year to make the numbers work. I’ve thought about opening a near shore consultancy(Midwest or even Alabama I’ve heard, hire right out of state universities locate in a college town) and it’s hard to make the numbers work.

  138. leftwing says:

    Guys, thanks for putting up with my newbie questions.

    I think I understand the back office support like tax and accounting. BY, what is compliance tech, if you can elaborate? What would be the output/reports or system function be?

    I brought up Salesforce because when I was in banking there were really only three ‘tech’ support items the most important being the CRM ‘system’. Hugely valuable to the front end of the bank, constantly being re-worked and upgraded. It seems interesting that function is the one stripped out of corporations into freestanding SaaS companies?

    How does the typical internal Software/Hardware PM operate? Are ‘projects’ identified and tackled? Is it an ongoing process in the tech area of the IB, kind of like rolling system updates? Or are the projects driven by the needs of internal ‘customers’, eg. accounting identifies certain output/report needs due to changes in tax laws and a project team is put together to address?

    Again, thanks in advance. I’m floored on the IB clamp down. Having witnessed some of the most ridiculous internal/external spending in pursuit of revenue the idea that IBs are scaling back expenditure – in a balls to the wall bull market no less – is perplexing.

  139. JCer says:

    Left I know people at GS, MS, JPMC, BOA, Barclays, and UBS. All are actively laying off, shipping people/jobs to value locations and have frozen hiring in NYC. It is unusual typically certain areas had license to spend in the past have all seen cuts. So much of it seems to be driven by the ability to short term show better numbers as bank stocks aren’t doing well.

    Projects fall into a few categories a lot of firms have mothballed strategic projects. That’s modernization type projects, reference data projects, data lakes, foundational projects.

    In general anything that can be shipped to vendors is in most orgs(MS and GS both have NIH and therefore tend to do more building) is. If something can be bought rather than built that tends to be the direction at most banks as they have realized they are inept when it comes to technology.

  140. Bystander says:

    Left,

    Compliance tech includes a variety of applications for employees to disclose conflicts of interest and well as cross border activities that FINRA requires. You know banking folks can’t day trade right? Every trade has to be approved which takes days and you have restricted trading lists. Can’t short or buy leveraged ETFs. It really hampers ability to make money in market. Jealous of all advice here because many of us can’t do it.

  141. Bruiser says:

    Everything JCer has said about IB tech is true in tech shops outside of banking, just 5-10 years earlier in the timeline. We went through this 2008-2010 and have already been eviscerated. Management has Head-Up-Their-Azz-itis everywhere. Everyone except those at the top are expendable. Wages suppressed to fund management bonuses. Lay off all the American talent, bring in the 800-numbers to the Indian shops, who are all underqualified and all liars about what they can do. Why pay to do something right the first time, when our offshore “partners” can do it in 4 times the amount of time it used to take, and do it with crappy code ripped from github & go0gle. I am feeling my own career mortality recently, and checked my LinkedIn network. Pretty much everyone I knew has left the industry, or got busted down to a low level position, living mostly off their wife’s good job. Basically, if even the banks are chopping IT heads, the entire industry is toast. Banks always paid their people & always seemed to have high relative headcounts compared to other industries…they had the money lol. But yeah, I may need to go back and get my electrician’s license if the BSD IB’s aren’t even paying for IT anymore.

  142. The Great Pumpkin says:

    I wonder the long term impact on American technology landscape as “talent” is replaced by cheap gimmicks in the form of foreign labor? Can’t be good.

  143. The Great Pumpkin says:

    Numbers sure look good in the short term though…smh

    “Why pay to do something right the first time, when our offshore “partners” can do it in 4 times the amount of time it used to take, and do it with crappy code ripped from github & go0gle.”

  144. Bystander says:

    Bruiser,

    Which is why I can’t stand the puffing idiotic statements coming Orange idiots lie hole. Something is wrong..very, very wrong with NYC labor market. If IT and accountants can be boiled down and sold off like unskilled waste then what hope is there on horizon. I got no bump from tax break. My current IB gave almost no bonus last year and below inflation wage increase. I sit on calls where a woman cries because they took her budget, installed travel ban and she waits for guillitone. ED level..pretty sad. Who is keeping all this freaking money??

  145. The Great Pumpkin says:

    Just sucking our economy dry. Taking capital from our consumer base and shipping it to India. How stupid and greedy can these people be?

    “Who is keeping all this freaking money??”

  146. The Great Pumpkin says:

    Anyone offshoring should be shot in the name of treason.

  147. leftwing says:

    I was an IBer.

    We had two thresholds with compliance when we were involved with a listed client…for the first, forget the exact name, if we were active in specific discussions but not engaged we had to put the client on what was basically a ‘pitch’ list; if we were actually engaged it was a ‘black’ list when we were retained.

    The latter shut down trading across IBing, the former closed trading to a sub-group. We had 90 day minimum holds, obviously anything in my sector was entirely off-limits even if we never worked with the company. No options.

    Approvals were easier, your (internal) broker knew you well, you followed the rules, he followed what compliance said (presumably the lists). There may have been software running in the background, but nothing I was aware of, trading was same day. Actually, probably was some software, I recall a couple young guys getting flagged and pulled into the office because of too broad a portfolio (a lot of individual positions) which was not against the rules but ‘discouraged’. Me, I took my company stock/options and put my cash in SPY. Both long term. Probably the best returns I’ve had, proving no less than five basic tenets of investing lol.

    Back to you guys. I’m just perplexed hearing about recent grads around town and, ironically enough as I type, from CBS News about the explosion of high paying jobs in CS in the US….Direct contrast to your guys’ experience. Feel for you.

  148. leftwing says:

    GO BLUES!!!

    Fcuk Marchand.

    Time to hit DraftKings. Thoughts?

  149. The Great Pumpkin says:

    Boston is the play. They are the goon squad and built for game 7 hockey.

  150. Bystander says:

    Left,

    CBS news is full of shit. Here is email today. My only contact in two weeks. This is a program manager, meaning you will manage multiple stream with multiple projects. Agile expert which is now buzzword which means “we outsourced our IT to India but want someone to manage it. Also, we want to pay you like Indian labor” This role involved heavy skills in coordination and influence. See rate at bottom. This is very typical contact.

    HI! Are you looking for a new opportunity? I’m looking for a Program Manager for an Insurance company who will be responsible for organizing and developing programs to support the Transformation of IT in alignment with the IT Strategy. This includes capabilities in to Manage IT like a business, Manage the IT Budget, Manage IT for Business Value, and Manage the IT Capability. The Program Manager will coordinate efforts between different projects, and between different programs. The Program Manager will lead the overall program with strong attention to strategy, implementation, and planning, Agile transformation experience in an organization that had little to no agile practices in place is a plus! The salary is between $55-$75 per hour and this is a 2 year contract.

  151. The Great Pumpkin says:

    Billington who? Stole the game.

  152. JCer says:

    Left there are still high paying CS jobs just not at the banks anymore. If you have the skills, ie nothing commoditized. We are working with AWS expert consultants whose billing rates are $450 an hour and we needed to fly them in from the west coast. These guys are still getting paid as are the folks at the bank who are really running the dev teams. A buddy of mine runs 15 people offshore, meanwhile he produces more code than anyone on his 2 offshore teams. The issue is that it used to be enough to be a competent developer, or project manager and that isn’t the case any longer. Even worse is being the brain trust that’s left, running offshore teams is horrible work, all the responsibility with a team of imbeciles incapable of delivering anything without direct supervision and a lot of handholding. Over 80% of the offshore resources I’ve dealt with were bad.

    Something no one in management seems to realize is that the university system in India is at the same standard as us community colleges. My friends sister in law went comp sci to a local school and couldn’t get a job. The truth is when hiring in the US the standards have traditionally been very high at the banks. But now we are turning the reigns over to a bunch of people who took some basic computer training at BITS, the Bangalore institute of technologies.

    I’m not even at a bank but on a huge project for a bank at a fintech and we are hiring what I can only describe as desperate contractors at cut rates. And we have been getting a lot of resumes from the MS layoffs a few weeks ago as well as the JPMC migration folks who don’t want to move.

    Also bystander how many of these opportunities are purely for show to US immigration. The number of H1B petitions I see in the office I’m working at is insane. Meanwhile the reality is there is plenty of us labor available to fill the roles just not at a janitors wage….

    Additionally the ask is for the dev folks to put in massive amounts of extra effort and take on the role of international team lead for the same money. Seriously 7am phone calls.

    I kid you not my offshore team has 20 people and when I had 3 people in the US we were getting the same output. Tell me again how much we are saving?

  153. The Original NJ ExPat says:

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  154. The Original NJ ExPat says:

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  158. The Original NJ ExPat says:

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  159. grim says:

    I kid you not my offshore team has 20 people and when I had 3 people in the US we were getting the same output. Tell me again how much we are saving?

    Have a small team in the US that is more productive than offshore by 10-20x. It’s not even close.

  160. BennieIceme says:

    Car Tuning – GTP Motorsports [url=https://gtp.com.my/home/auto-tune-services/car-tuning-services/]Click here…[/url]

  161. chicagofinance says:

    Kielbasa Represent…… fcuking Yankees fans are capable of anything —- degenerates…

    It’s unclear when and how Rivas Clase fled Pennsylvania, but the Berks County Sheriff’s Department told the network they believe he’s also connected to the Ortiz shooting Sunday at the Dial Bar and Lounge in Santo Domingo.

    Meanwhile, local authorities in the Dominican Republic on Wednesday revealed they had six people in custody for the botched hit job.

    The would-be assassins were offered just $8,000 to gun down Ortiz, who was shot in the back.

    In another twist, Rolfi Ferreira Cruz, 25, who confessed to shooting Ortiz, may also be wanted for a pair of 2017 robberies in Clifton, New Jersey, according to a report on NJ.com.

  162. Libturd, can't say I didn't warn you. says:

    “They are the goon squad and built for game 7 hockey.”

    Another brilliant call by the village idiot.

  163. Leftwing says:

    It’s amazing not just how little he knows about everything but how flat out wrong he is on so many things

  164. The Great Pumpkin says:

    Blah blah blah…I follow hockey. I play fantasy hockey. I think I know a thing or two. I made the right call, but that’s why they play the game, the better team does not always win. Better yet, the better team hardly wins when it comes to American sports playoff format. It’s underdogs winning more often than not. 1 seeds hardly ever win in any American sport.

    Boston is the ideal playoff team. You can’t build a better hockey playoff team. Too bad it doesn’t mean sh!t, ask tampa bay about that. Best team I have witnessed in my life didn’t even win a playoff game this year…

  165. The Great Pumpkin says:

    That’s the thing with hockey, devils know all about it. If your goalie becomes a wall, you can’t lose. Billington will never play this good again in his life.

    Boston came out hard, but he kept them in the game. Same thing with game 5, boston destroyed them, but billington saved the day.

    You need a hot goalie to win in the nhl playoffs…

  166. The Original NJ ExPat says:

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  167. Bystander says:

    JCer,

    Yes, I would agree. These recruiters know exactly who they are targeting and it is not us. I talked about cultural dynamic of managing team in India. An older white bread PM with no outsourcer experience will be eaten alive by India friendliness – ‘no issue today’ and ‘on target’. It is a culture of ‘yes’ and lack of confrontation…and reason we are two months behind on basic deliveries. I have never delivered a project on time without some conflict. Even our solution delivery lead, who worked at Wipro for 15 years, very savvy and smart can’t push them. He keep telling mgr. that we need mgt there. He wants to go back to India. Doubt they will let him. He is too valuable here with all other CTO initatives and nonsense. They want analysis and impact on every flimsy idea. And yes, I am sick of constant 7am calls. My boss easily works 13 hrs a day. I refuse that type of lifestyle just to get f’ed like he has. He lives in woods of CT and will do anything to keep from going to city. My commute would suck but I would do it if they try to get 60 hours here. Not worth it. Location has people by balls and mgt knows it.

  168. The Great Pumpkin says:

    And I’m happy for the Blues….Boston has won enough sports championships esp with the Patriots. Glad they took Boston out. That city can use some good vibes…

  169. The Original NJ ExPat says:

    I’m the one guy in Boston who loves it when Boston(any team) loses.

  170. Juice Box says:

    History Rhymes – In the next recession who gets cut first in Information Technology?

    A million+ IT jobs whet poof by the end of 2002 at the end of that dot com boom. Declining business investment, especially in information technology goods and services became one of the dominant factors in that recession. Companies slashed capital spending, particularly on high-technology contracts, before turning to their payrolls to cut costs.

    I was sitting on a fat contract at the time, was handed a new rate and I was told take it or leave it and I told them I would not cross the river for that kind of money, project went south and never recovered. I walked into the hallway and made one phone call and took a full time and never went back to contracting. It’s been a good run here, but that could end soon so I am working on Plan B.

    I will be at Gartner Conference next week in DC to work the crowd. Haircut, new clothes, fresh smile, and a winning personality. Hopefully I can line up a new gig somewhere large and in charge so I won’t be the one waiting on the unemployment line, won’t be at an IB either, they have always been brutal, the B-School folks running those places just don’t care about anything but the numbers and unless you are in the protected classes you can forget about it when the next recession comes around.

  171. Libturd, can't say I didn't warn you. says:

    Bystander, JCer, Leftwing.

    Vote for Bernie. You’ll get your high paying jobs back as he is the most anti H1B, only to see your difference in pay go to the less deserving. :P On the bright side, the money will stay in the country.

  172. The Great Pumpkin says:

    This is great and sad at the same time. Avg American is probably better off moving to Canada. Wtf happened to this country?

    “3) The Best Life Hack For Americans: Taking Advantage Of Canada: Plenty of Canadians come to America to take advantage of our robust job market then return home once they’ve had their fill because Canada’s social safety net is stronger. Canadians are also one of the top property buyers in Hawaii and Florida given their harsh winters.

    Since we allow Canadians to freely take advantage of America, it’s only fair that Americans freely take advantage of Canada by retiring there. We’ll save ourselves the hassle of accumulating a fortune to pay for healthcare.

    What I bet many of you don’t realize is that the average annual tuition at the best Canadian universities costs less than $7,000 a year while the average acceptance rate for these universities ranges from 40% – 60%!

    For readers who have children, there is no longer a need to stress about your kid’s future. Forget about having them apply to Harvard University with a 5% acceptance rate and $48,000 annual tuition bill when the Harvard of Canada has a 42% acceptance rate and costs $6,200 a year.

    To enjoy these benefits, however, you will first have to formally immigrate to Canada. Even if you pay international tuition, the cost is still ~$9,000 a year cheaper.

    Always take advantage of arbitrage opportunities to make life easier. Otherwise, you’re just going to expend unnecessary energy fighting the masses.”

  173. Bruiser says:

    Juice, i like your comment on “how you wouldn’t cross the river for that kind of money…” We have a slightly different dynamic nowadays. Here, we have onsite contract teams (and also our internal & external audit teams) who are technically working “across the river” in NYC for NYC premium rates, but are all NJ peeps who convinced management to let them work out of the Central NJ branch office daily. Nice work if you can find it. Probably also explains why our balance sheet is in the terlet.

  174. xolepa says:

    Re: The Talk of Job Security

    I was a self employed IT guy for over 20 years when I decided to go f/t around 2003. It was definitely getting tougher in the business . Then about 3 years later, as I was turning 50, I had a talk with my wife..needed a b/u plan because in IT I’m not surviving past 60. We bought our neighbors quick lube place (he was retiring and moved to FL) and I ran it as a side business. The great recession blew away my ‘rich man’ fantasies, but hey, I had to do what I had to do. Either way, 2 months after I turned 60, the company that I worked f/t for 13 years gave me the boot.

    It was a blessing from God.

    I went to my side business f/t and boosted sales immediately by 40%. That was in January couple years back. December of the same year, I guy pulls up and asks me if I’m willing to sell.

    I said ‘it depends’.

    As I said, a blessing from God.

    Moral of the story: Have a back up plan. Well in advance.

  175. Juice Box says:

    I work very differently now as well, a few days home, few in office and a few trips a year since we have locations all over, very little OT, nights or weekends. The main difference is I don’t get my hands dirty anymore programming or managing programmers or any kind of operations. It isn’t worth the drama and hours. Our agile program went bust and allot of heads rolled with it, we now have hundreds overseas doing mostly QA work while trying to take over operations! Funny how they were all hired as programmers but cannot do the basic programming work. The best remote programming work we are getting now is from Pakistan in VR tech, they are really hungry for it since they want to raise their standard of living too. I am hopefully far removed from a layoff since I now do work that most can’t or won’t do since they just don’t have the personality or confidence for it.

  176. Thursday ByStander says:

    ByStander,

    Dont’ worry. You’ll have your “revenge of I told you so, no pay me to fix it”.

    All those H1B, are also very highly bribeable. I expect other countries’ intelligence services have plenty of them as “ready to pay & do the dirty deed contract sleeper agent”.

    These are the guys that are the weak spot in the technological security chain. These are the guys that will ensure if there is any conflict (and a few tankers are now on fire in the gulf of oman) occurs they will take out the corporate world’s electronic capabilities within.

  177. Libturd, can't say I didn't warn you. says:

    “Moral of the story: Have a back up plan. Well in advance.”

    I have one. Opening a BBQ joint in Costa Rica. Probably name it, “Comida Pura Vida.”

  178. Juice Box says:

    re: H1B – “they will take out the corporate world’s electronic capabilities within”

    I once hired two married Chinese nationals who came here via Singapore on H-1Bs. Both were experts in Java programming for an Asian bank at the time. We are talking J2SE 1.2 days back in 1998 during the dot com boom.

    Both came as a team and at the time I did not know but they were wealthy too. Turns out his dad ran a car company for the party back in China, and they expropriated their mainland wealth into Singapore via real estate purchases, condos in high rises they rented out. His sister was into AI, worked for several high profile projects here, but was unmarried she had a face only a mother could love.

    I always suspected they were some kind of sleepers for the CCP, turns out they were among the the best and brightest that just wanted out of the communist hell hole, neither work in IT these days and are raising a family in LA of all places.

  179. Nomad says:

    Not an IT person but is a Sr. Software Engineer job stable at a larger NYC based FinTech and if so, at what age would they start pushing a person doing this kind of job out? Is a Software Engineer a programmer? Will AI obsolete programmers.

    Just found out IR guy at hedge fund laid off late 40s and struggling to find work, ivy sheepskin to boot.

    Another person I know 2 years short of a half century in the compliance space (consumer financial services) just got shown the door and two kids < 7 with a stay at home. Lots of paper sent, not even a phone screen. Probably about to have pretty big change in lifestyle.

    Trader at one of the big banks for two decades, good track record got boot at 53. Said he will never get another job in the industry again, too old and program trading was his death knell.

    People commented that 3 good US people can do more and better work that 20 outsourced developers. Why would not big US company just hire 3 good peeps in the US? Easier, less politics / inefficiency with smaller teams, doesn't make sense to me but I'm not in IT.

  180. The Great Pumpkin says:

    I was just thinking. How do we believe any economic data? How many people work for cash? So how can you believe numbers or projections based on bs?

    For example, over half of the students in American qualify for a reduced or free lunch. How can we believe that? How many are scamming the system by saying they make nothing while working for cash? How many small or large businesses actually report the actual revenue they make?

    So I’m just asking, how can we believe anything we are told?

  181. Kevinrah says:

    Are you familiar with the revolutionary product that has changed the rules of learning for students?

  182. Juice Box says:

    Nomad – “Will AI obsolete programmers” Aristole created the syllogism over 2000 years ago and we just got here now. I would be more worried if AI would obsolete all of us. Right now Type 3 or Type 4 AI is science fiction. The Type 2 AI we have today, Natural Language Processing (NLP),Predictive Analytics (PA),Machine Learning (ML), Automation (A) requires massive amount of programmers hense have a PLAN B. Learn something new you are never too old.

  183. The Great Pumpkin says:

    False data

    And now let’s get to the bigger problem: false data. When the Greek debt crisis emerged back in 2009 it became obvious that the truth about the impending fiscal disaster had not become public knowledge up to that point in part thanks to the complicity of the national statistics agency, (Hellenic Statistical Authority, ELSTAT). At the behest of the Greek government, the agency was happily producing false data, with the obvious intention of hiding the truth about the huge fiscal hole for as long as possible.

    More recently, right after Mauricio Macri was elected President of Argentina, one of his first moves was to get new staff in the national statistics agency, (INDEC). His goal is to recreate credibility for economic data published by his new pro-growth government. It is clear that the previous administration routinely published false (or distorted) data in order to convey the message that the tottering Argentine economy was in fact doing well under their stewardship.

    Just a few bad apples?

    Well, these are some of the cases we know about. But are these just a few exceptions? Are all other governments around the world complying with high ethical and professional standards when it comes to reporting economic statistics? I would not be so sure. For example, a major country in Africa, beyond inflating GDP growth statistics, cuts the actual total number of its very large population in order to show a higher per capita GDP, this way trying to show a sign of economic progress that is not really there.

    And then we have impeachment procedures against Dilma Rousseff, the President of Brazil, accused of manipulating public accounts in order to show a healthier fiscal situation. And what about India’s GDP numbers? Most experts argue that they are inflated, even though it is not clear by how much. In other words, India is also under suspicion of “cooking the books” in order to create a brighter economic picture. To make things even worse, The Financial Times recently published the results of surveys indicating that many citizens in most European countries do not trust the official economic statistics published by their governments. Please note: this about European countries, theoretically run according to high legal and ethical standards.

    China’s GDP numbers

    And, finally, the real monster: China’s GDP growth figures. Nobody believes the official Chinese data anymore. No, China does not grow at almost 7% a year. The question is: how big a lie is this? Is the real GDP growth 6%, or is it 3%? We simply do not know. There are many theories but no hard facts, simply because nobody trusts the official Chinese data.

    Now, think about all this for a moment. China is the second largest economy in the world. And yet most experts and analysts argue that the official agencies routinely publish unreliable or indeed fake data. But why would China do this? It is quite simple. In China positive economic statistics are necessary tools to strengthen the regime’s political legitimacy. Inflated growth numbers tell everybody a good story: the Communist Party leadership is doing a splendid job.

    What about everybody else?

    Once again, are we talking about just a few cases of rogue governments that do not play by the rules? Or is this fraudulent manipulation of sensitive economic data far more extensive?

    I would say that the likelihood of data manipulation increases with the degree of authoritarianism. A government not held accountable by any one is not motivated to enforce high standards of truth and transparency. You can bet that it will say whatever it can to make itself look good. As there are not that many accountable democratic governments around the world, we can safely conclude that much of what is published and is then used by analysts as “data” is at least inaccurate, in some instances totally false.

    Bad consequences

    And data manipulation has really bad consequences. Unless a company operating in any given country enjoys the benefits of political favors, it is hard for its management to make major economic decisions when they literally “do not know what’s going on”, since the government is in the habit of manipulating important economic data. Likewise, it is hard to attract serious foreign investors when you cannot reassure them that the destination country is ruled according to proper transparency standards.

    Data driven world, with many lies

    So, here is the thing. We live in a very strange and paradoxical world. The IT experts tell you that they are able to capture millions of pieces of information on consumers, their preferences, their habits and buying patterns. And all this data drives major strategic decisions and investments plans by large corporations.

    At the same time, we see how statistics are often fraudulent. And, even when correct, they are routinely manipulated in order to fit a preordained (and often dishonest) narrative. As noted above, if you want to make the case that the US economy is doing fine, you can point to hard data: 5% unemployment, 2% GDP growth, historically high stock market valuations, low inflation.

    But if you want to paint a different and probably more accurate picture, you will point to other hard data. 2% GDP growth is 1/3 below the historic U.S. 3% GDP growth norm. On the basis of other real data, you will say that most of the new jobs are part-time gigs that at best provide survival wages, without creating any chances of upward mobility. You will argue that there are millions of part-time workers who would rather have full-time jobs but cannot get them. And you will also say that, based on hard data, (real corporate earnings for instance), the US stock market is overvalued, thanks to Fed policies.

    No reliable data without accountable governments

    Once again, regarding the wider world, you can rest assured that in every non-democratic regime in which leaders are not held accountable –and there many of them– economic numbers are either false or heavily manipulated, so that they can be used by the leaders to support a self-serving political narrative.

    Yes, this is a data driven world. And data analysts can indeed perform wonders, provided however that they have real facts to work with. And this is not always the case. At least not in large parts of the world.

    In the end, there is no chance to have true data driven decision-making processes without true democracy, real accountability and transparency. In the final analysis, good governance is a key precondition for getting good data, and therefore a reasonably accurate picture of what is really going on.

  184. Juice Box says:

    Also – hedge fund layoff. Having an ivy sheepskin does that really make you smarter than your average bear? Happens all the time, work for a small shop they have a bad quarter and then redemptions hit, time to cut the staff.

  185. The Great Pumpkin says:

    Feel like I did when I first found out Santa Claus is not real…my god, our entire globalized world is a charade. A false illusion created by people in power to remain in power. Wish I didn’t start looking into this… a world driven and focused on data that is pure bs.

  186. leftwing says:

    Sheepskin is irrelevant after your second job change or five years out, whichever comes first.

    If you are in finance you learn one truism on day one:

    “You are only as good as your last deal” [or trade for those on desks]

  187. The Great Pumpkin says:

    Combine that with the sad stories being told on here the past few days of people losing their jobs with no chance at recovery while having to figure out how to take care of their wife and kids….pumpkin is no longer feeling like an optimist.

  188. leftwing says:

    “For readers who have children, there is no longer a need to stress about your kid’s future. Forget about having them apply to Harvard University with a 5% acceptance rate and $48,000 annual tuition bill when the Harvard of Canada has a 42% acceptance rate and costs $6,200 a year.”

    You are a fool.

  189. D-FENS says:

    Mexican president selling his ‘luxurious presidential plane’ to pay for US immigration deal

    https://www.washingtonexaminer.com/news/mexican-president-selling-his-luxurious-presidential-plane-to-pay-for-us-immigration-deal

  190. D-FENS says:

    Mexico IS the wall

  191. leftwing says:

    “I think I know a thing or two. I made the right call…”

    LOL. The insecure little boy is right even when he is wrong…

    Even better, he goes on to explain why – in hindsight – he SHOULD have made the OPPOSITE call…

    The only bigger fool on this board is anyone who tries to intellectually engage this idiot.

  192. The Great Pumpkin says:

    Bystander,

    I’m sorry for not understanding this sooner and being more empathetic. I was looking at all the positives thrown in there to convince people like me that everything is fine. You were right all along, and I’m sorry for being blinded by optimism and the thought that the data is was generally “real.” Look at this, this is your exact position you tried to get me to see the light, but I kept telling you the data doesn’t lie….smh

    I’m sorry once again, I am man enough to know when I am wrong.

    “Data driven world, with many lies

    So, here is the thing. We live in a very strange and paradoxical world. The IT experts tell you that they are able to capture millions of pieces of information on consumers, their preferences, their habits and buying patterns. And all this data drives major strategic decisions and investments plans by large corporations.

    At the same time, we see how statistics are often fraudulent. And, even when correct, they are routinely manipulated in order to fit a preordained (and often dishonest) narrative. As noted above, if you want to make the case that the US economy is doing fine, you can point to hard data: 5% unemployment, 2% GDP growth, historically high stock market valuations, low inflation.

    But if you want to paint a different and probably more accurate picture, you will point to other hard data. 2% GDP growth is 1/3 below the historic U.S. 3% GDP growth norm. On the basis of other real data, you will say that most of the new jobs are part-time gigs that at best provide survival wages, without creating any chances of upward mobility. You will argue that there are millions of part-time workers who would rather have full-time jobs but cannot get them. And you will also say that, based on hard data, (real corporate earnings for instance), the US stock market is overvalued, thanks to Fed policies.”

  193. Bystander says:

    Not sure on my revenge. India now has banking by the balls. They have shifted every role possible and uprooting whole thing would be risky and expensive. It took 10 years of planning to get to this point, it would take a decade or more to deleverage from India. Shoot, I will nearly be 57 at that point. Only hope is another credit bubble where banks care about time to market. Those $1000 a day contracts would be sweet. Right now, they want you to grovel and eat ramen.

    Also, Blumpy, Canadians hate Americans guts. They are nice when here but there is no more Anti-American cities that Montreal and Vancouver. Proximity and familiarity breed contempt, plus French influence. They like our companies but hate us.

  194. The Great Pumpkin says:

    Dude, why do you have to put me down to make yourself feel better? You come off as a pompous elitest that can do no wrong. Save the world since you know it all…

    I’m not perfect. I’m not always right. I made some great calls on this blog that I’m very proud of and I also made some bad calls like with wage inflation and pancake in can. It happens, you learn from it, and move on.

    leftwing says:
    June 13, 2019 at 11:26 am
    “I think I know a thing or two. I made the right call…”

    LOL. The insecure little boy is right even when he is wrong…

    Even better, he goes on to explain why – in hindsight – he SHOULD have made the OPPOSITE call…

    The only bigger fool on this board is anyone who tries to intellectually engage this idiot.

  195. The Great Pumpkin says:

    To say I’m an intellectual simpleton is wrong. I wouldn’t have been able to make the calls that I did way back in 2012/13 if I wasn’t a smart individual. I wouldn’t be in the 1% for my age cohort throughout most of my life if I was an idiot. I beat out 99% of the people in my age cohort, so lay off…

  196. The Original NJ ExPat says:

    I thought we going to name it la Estúpida Calabaza?

    “Moral of the story: Have a back up plan. Well in advance.”

    I have one. Opening a BBQ joint in Costa Rica. Probably name it, “Comida Pura Vida.”

  197. leftwing says:

    “Dude, why do you have to put me down to make yourself feel better?”

    I “put you down” because you are bereft of intellect and analytic capabilities, shallow and consumerist, hypocritical and blind to the fact, possess zero ability for self reflection and introspection, and contribute nothing to this content except incessant tautological “predictions” that you trumpet to boost your fragile ego.

  198. Juice Box says:

    Left – Nope the bigger one in the Harbor think of Information technologies bogeyman.

  199. The Great Pumpkin says:

    Kind of makes me feel better that you call this guy a fool. Go read up about the
    blog “financial samurai.” You would see that he is no fool.

    leftwing says:
    June 13, 2019 at 11:23 am
    “For readers who have children, there is no longer a need to stress about your kid’s future. Forget about having them apply to Harvard University with a 5% acceptance rate and $48,000 annual tuition bill when the Harvard of Canada has a 42% acceptance rate and costs $6,200 a year.”

    You are a fool.

  200. Juice Box says:

    Never argue with fools they will be you with experience or something like that Mark Twain said or didn’t.

  201. Juice Box says:

    yeah “be” as in you will be them if you stoop to their level.

    Never argue with stupid people, they will drag you down to their level and then beat you with experience.” attributed to Mark Twain or Monty Python….

  202. The Great Pumpkin says:

    “2018: the year of fake economic data
    Unreliable statistics are giving official number crunchers a bad name

    Today, the Financial Times reveals the fake gross domestic product data routinely released from many northern Chinese regions. There, solid alternative evidence suggests the authorities have “smoothed” the economic growth figures. They artificially boosted growth figures between 2012 and 2016, masking a real downturn, and last year covered up a genuine recovery.

    Chinese growth figures have long been known to be artificially smooth, but now the economy is easily the world’s largest on purchasing power exchange rates, the statistical massages have wider consequences.

    Everyone was hugely cheered that global greenhouse gas emissions were flat between 2014 and 2016, even though recorded global growth was OK. The trouble is that this wasn’t the improvement in global economic efficiency everyone celebrated, but just a slowdown in northern China. As this part of the world recovered its economic mojo in 2017, carbon dioxide levels began to rise again.

    In other words, we’ve just had a false dawn on the climate change front.

    Closer to home, fake official data are just as prevalent. The UK’s Office for National Statistics on Tuesday reported that British inflation, measured by its longstanding retail prices index, rose to 4.1 per cent in December. This number is nonsense and the ONS knows it. It tells people the RPI “does not meet the required standard” to be given a quality stamp, yet it has refused since 2012 to take steps to improve the measure and bring it closer to the lower headline measure of 3 per cent.

    The consequences are more parochial than those of Chinese data distortion. British law requires the ONS to produce the RPI and, given that it refuses to improve the measure, its fiddling affects hundreds of billions of pounds of contracts which continue to be linked to the RPI.

    British statisticians’ unwillingness to correct known errors in the clothing price component of the RPI redistributes many billions every year from students, recent graduates, taxpayers and rail commuters to index-linked UK government bondholders, wealthy pensioners with RPI-linked pensions and rail companies.”

    https://www.ft.com/content/c8aa1f1c-faae-11e7-a492-2c9be7f3120a

  203. Bystander says:

    Think about it dufus. Numbers drive every financial decision in the world and therefore control the stability of the world. You really think government don’t have every reason in world to manipulate stats for their purposes. Look at markets now, they perked back up on bad news and actually pricing in 16% chance that Fed will cut rate 3 times this year. They will do anything to keep charade from ending.

  204. Bruiser says:

    Nomad, the 3 U.S. based developers will want to get paid a fair wage, will require benefits, etc. However, the 20 outsourced noobs will work for a bowl of rice. The shareholders are still making out like banditos.

  205. Yo! says:

    https://www.reuters.com/article/us-walmart-jet-com/jet-com-falls-by-wayside-as-walmart-focuses-on-its-website-online-grocery-idUSKCN1TD2PS

    Jet leases 200,000 sf in Hoboken. They just took 40,000 sf a few months ago but looks like Walmart has decided to wind it down.

  206. leftwing says:

    “Kind of makes me feel better that you call this guy a fool. Go read up about the
    blog “financial samurai.” You would see that he is no fool.”

    Dumbass, you are just proving my first point that you entirely lack analytical ability. Pull your head out of some blog, I don’t care whose, and use some common sense if your Maker were good enough to endow you with some.

    Harvard is Harvard BECAUSE it has a 5% acceptance rate. Not because of geography. High acceptance rate is not a sign of quality, low acceptance rates are.

    If you want to apply your borrowed blog logic, forgo the “Harvard of Canada” with its 42% acceptance rate and $6k tuition.

    Do better. Just go straight to the “Harvard of Warren County”. Warren County Community College. 98% acceptance rate and $3k tuition.

    Stupid fcuk. You don’t have enough idiocy of your own, now you need to plagiarize someone else’s?

  207. The Great Pumpkin says:

    I’m sorry once again, I am man enough to admit I was wrong. You were right, it’s all a charade.

    You really have to just enjoy each and every day. Take nothing for granted because this will all come crashing down once people stop naively believing the stats that are thrown at them. I was there, but I took the pill (matrix) and going to have trouble believing any stat thrown my way for now on. I’m just going to be grateful for what I have, understand I am fortunate, and know that it all can be gone in a blink of an eye when it comes crashing down.

    Bystander says:
    June 13, 2019 at 1:17 pm
    Think about it dufus. Numbers drive every financial decision in the world and therefore control the stability of the world. You really think government don’t have every reason in world to manipulate stats for their purposes. Look at markets now, they perked back up on bad news and actually pricing in 16% chance that Fed will cut rate 3 times this year. They will do anything to keep charade from ending.

  208. The Great Pumpkin says:

    Lefty,

    I understand that their best college is not the equivalent to Harvard. I think the author’s point was that you can take advantage of Canada, and go to their best school for pretty much nothing….leaving you in a much better financial position. That was his point…

  209. The Great Pumpkin says:

    It’s that cheap for the citizens of Canada. It’s only 9,000 cheaper than Harvard for foreign students.

    “If you want to apply your borrowed blog logic, forgo the “Harvard of Canada” with its 42% acceptance rate and $6k tuition.”

  210. chicagofinance says:

    “Who is more foolish? The fool, or the fool who follows it?” Obi Wan Kenobe

    Juice Box says:
    June 13, 2019 at 12:11 pm
    Never argue with fools they will be you with experience or something like that Mark Twain said or didn’t.

  211. Mike S says:

    Ib tech is definitely interesting. I can’t hire anyone good in the USA cause they are all working for tech companies. At this point you need strong tech skills, strong communication skills, and strong domain knowledge or forget it..

  212. leftwing says:

    “I think the author’s point was that you can take advantage of Canada, and go to their best school for pretty much nothing….leaving you in a much better financial position. That was his point…”

    Jesus Christ….you really can’t be this daft…

    Then “take advantage of Warren County, and go to their best school for pretty much nothing….leaving you in a much better financial position”

    Oh wait, there is a poser here (‘t’ intentionally omitted) who argues every day against moving to the cheap hinterlands…

    Dumb fcuk.

  213. leftwing says:

    “leftwing says:
    June 10, 2019 at 11:56 am
    OK, so this is not an investment in any sense of the word but I was bored…

    Took a short on BYND after the 30 up today….

    Did it through a butterfly expiring Friday…very low cost, defined risk play…I break even [at] $157 and 132….max at a five bagger if she closes Friday at 145.”

    BYND at $142…..

    Between this and TSLA I have such a boner I think I’m going to lose consciousness…

  214. ExEssex says:

    Fuuuuuuuck Harvard.

    Bring on the ultra-violence.

  215. leftwing says:

    For clarity, I’m out of BYND as of this afternoon….A little better than a 2.5x….

    Mixed feelings, wanted to have ba11s to hold through tomorrow but was kind of reckless to hold this long, disciplined me should have exited at up 75%-100%…..

    Feeee-uck…..

    Still looking for shorts to have in my back pocket…..

  216. leftwing says:

    Any recs?

  217. leftwing says:

    I have few regrets in life. A couple hurt…..

    Wish I saw Bowie live before he passed. Damn.

  218. Libturd, can't say I didn't warn you. says:

    Any cheapo furniture brands that haven’t reported since the tariffs started? You might find something there. Look at HOFT who reported yesterday.

  219. The Great Pumpkin says:

    It’s alright, the concept is over your head…we get it.

    leftwing says:
    June 13, 2019 at 2:59 pm
    “I think the author’s point was that you can take advantage of Canada, and go to their best school for pretty much nothing….leaving you in a much better financial position. That was his point…”

    Jesus Christ….you really can’t be this daft…

    Then “take advantage of Warren County, and go to their best school for pretty much nothing….leaving you in a much better financial position”

    Oh wait, there is a poser here (‘t’ intentionally omitted) who argues every day against moving to the cheap hinterlands…

    Dumb fcuk.

  220. leftwing says:

    Alright, I’m out. Visiting a friend who got yanked off a stress test on monday and multi-stented on tuesday. Then a dinner.

    Someone else curb stomp the idiot.

    By, JCer, Juice, Bruiser….TY on the industry insights. Appreciated.

    Cheers all.

  221. The Great Pumpkin says:

    Is Canada incompetent? Their best school means nothing? Yes, but then let’s compare the best of warren county with the best in Canada. You also forgot to mention that warren county is more expensive than the best college in Canada for their citizens. Again the point the author was trying to make you dumb fu!k.

  222. The Great Pumpkin says:

    And how is moving to Canada the equivalent of the hinterlands. Obviously, you are going to move to one of their expensive cities.

  223. leftwing says:

    “It’s alright, the concept is over your head…we get it.”

    Yes, the fact that ‘best’ is relative and the cost of living is cheaper outside the metropolitan area yet many people choose the same are difficult concepts to understand.

    Especially when you can’t comprehend the sarcasm of using an extreme argument to illustrate the foolishness of your (contrary) assertions.

    Go ride a tricycle, simpleton.

  224. leftwing says:

    You guys knock around the idiot, I’m out.

  225. The Great Pumpkin says:

    Jesus Christ.

    The author of the article was simply throwing out the idea to take advantage of Canada for retirement healthcare costs and college costs. Two things Americans struggle heavily with and stress over. So he is throwing out the idea to not stress and go take advantage of Canada and the system they have in place.

    You have to go take this in totally different direction just to bash me so you can make yourself feel better. So be it.

    I’m not as stupid as you think…you are playing yourself.

  226. The Great Pumpkin says:

    The man has a point..

    “I didn’t hear JPMorgan Chase CEO Jamie Dimon criticizing social!sm when Wall Street begged for the largest federal bailout in American history—some $700 billion from the Treasury and even more from the Fed. After Wall Street’s greed, recklessness and illegal behavior created the worst financial disaster since the Great Depression—with millions of Americans losing their jobs, their homes and their life savings—Wall Street’s religious adherence to unfettered capitalism suddenly came to an end.”- Bernie Sanders

  227. No One says:

    The claim that “Canada’s Harvard” accepts 46% of applicants is misleading.
    They (McGill) accept a much lower percentage of applicants from the US, for one thing, because the average gets pushed up by a higher % acceptance rate of Quebec natives.
    But the key issue is that they go right out and state what their minimum GPA, required classes, and minimum SAT/ACT subscores are. So unlike in the US, they don’t get “stretch” applicants (from US or Canada) because they just hang a sign out saying “don’t bother”. Pumpkin and pumpkin seed don’t even get to apply, get it?

    But feel free to dream on that Canada has world-leading “free” health care with no waits, super-affordable housing, and nearly half their kids can go to “Canadian Harvard” if they like. That’s the sort of gullibility that leads to people thinking that “from each according to their ability, from each according to their need” actually works.

  228. The Great Pumpkin says:

    No one,

    He’s speaking to the parents going nuts, stressing out over how to pay for Harvard. If their kids can make Harvard, their kids can make into there.

  229. The Great Pumpkin says:

    And free healthcare has a cost…you have to wait. Everything has a cost, but it must be nice to not have insurance eating away at your paycheck like Americans experience. Healthcare in America is like the ultimate tax, you pay out the a$$ for it. I rather wait and have lower costs. If I really need the medical attention then I’ll fly to America to some other country or hit up the black market to get it done.

    For these reasons, single payer is a no brainer…

  230. No One says:

    Why can’t you just admit that you circulated misleading bs that you don’t actually understand, like you do nearly every day?

    Almost nobody in America is stressing out regarding how to pay for Harvard.
    Only about six thousand kids get admitted per year.
    Most of the parents of those kids admitted can afford to pay.
    For the parents that cannot pay, Harvard has a huge endowment that helps with the cost.
    McGill is probably going to cost them just as much, if they are not Canadian nationality.

  231. The Great Pumpkin says:

    Hope Murphy is able to stop this…they are making it difficult. What a weasel move…

    “Despite 1000’s protesting outside the Assembly Commerce and Economic Development voted to extend deadline to 2020 for the dubious tax incentives Gov Murphy wants investigated.”

    https://amp.northjersey.com/amp/1433677001

  232. The Great Pumpkin says:

    How was it misleading? You are not being fair.

    No One says:
    June 13, 2019 at 6:11 pm
    Why can’t you just admit that you circulated misleading bs that you don’t actually understand, like you do nearly every day?

  233. The Great Pumpkin says:

    No one,

    Why are you so mad that Canada’s system is working better than ours? You can’t accept that people can be happy under socia!ized healthcare and education. Well, they are. They are happier than us…says a lot.

    Are there extremely wealthy people in Canada under this? Yes. Are they happy? Yes. So why can’t we give it a try. It’s working for them, why not us?

  234. The Great Pumpkin says:

    What do we have to lose at this point?

  235. The Great Pumpkin says:

    The private sector just isn’t cutting it. They rigged the market to the point you can’t even compare prices. Enough is enough. Let us at least try to see if we can lower costs with a single payer system. We have nothing to lose..

  236. PumpkinFace says:

    How was it misleading?

    Not only was this explained numerous times, it was explained by using the phrase “__________ is misleading.”

    It doesn’t get clearer than that. Do you want to admit to being a troll, stupid or a stupid troll?

  237. Blue Ribbon Teacher says:

    Pumpkin, care to explain why Asian Americans in New Jersey live longer than Asian Americans in Canada or even Japan…the country with the highest life exptancy?

  238. ExEssex says:

    8:44 cause they soooo haaaawwwwwney.

  239. ExEssex says:

    Faaaaawk Haaaaaaawvard. Btw

  240. Libturd, seen crazy things done with ping pong balls. says:

    Me love you lawng time.

  241. The Original NJ ExPat says:

    Look him up, maybe you’ll get your first facebook friend?

    The Great Pumpkin says:
    June 13, 2019 at 11:48 am
    Kind of makes me feel better that you call this guy a fool.

Comments are closed.