From NJ Business Magazine:
80% of CPAs Concerned NJ Budget Will Leave Economy Worse
Eighty percent of the 350 certified public accountants (CPAs) surveyed by the New Jersey Society of Certified Public Accountants (NJCPA) after Gov. Phil Murphy proposed his $58.1 billion budget for fiscal year 2026 on Feb. 25 said the budget will leave the state’s economy either marginally worse or significantly worse over the long term. Forty-seven percent said the economy would get “significantly worse” and 33% said it would get “marginally worse.”
With the looming threat of federal cuts to Medicaid and NJ Transit funding, 80% of the respondents also said the governor should have made additional cuts to prepare for the worst-case scenario. Survey respondents flagged several areas for cost-cutting measures that the Murphy administration should have focused on, which include government spending on non-core services, the state’s pension obligations, not paying out unused vacation pay to legislators upon retirement, eliminating duplication in municipal services, reducing taxes on personal income and real estate, making state spending more efficient and privatizing NJ Transit. They also recommended lowering corporate taxes to attract more companies to the state.
In his final budget address in office, Murphy highlighted having a proposed budget surplus of $6.3 billion. The proposal also includes a $7.2 billion payment to the pension system; $4.3 billion in property tax relief to New Jerseyans under its Direct Property Tax Relief program and $2.4 billion for the continuation of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program; tax increases for the highest tier of realty transfer fees, sports betting, alcohol, adult-use marijuana and cigarettes, along with a new exemption for small business investment; $12.1 billion for K-12 schools; $1.23 billion for critical investments in state and local highway and bridge projects and $767 million for NJ Transit capital projects.
The governor discussed many initiatives for building New Jersey’s future, including the creation of its Economic Council, which provides a regular forum for the business community and state government to work together; providing $20 million in additional funding to attract innovative businesses and talented workers to New Jersey through Strategic Innovation Centers, the state’s program to cement leadership in the industries of tomorrow; and the success of its Cannabis Regulatory Commission, which has overseen billions of dollars of legal cannabis sales, including more than $1 billion in 2024.
1
By Tyler Pager
Reporting from Washington
March 10, 2025
As a presidential candidate, Donald J. Trump promised an economic “boom like no other.”
But eight weeks into his presidency, Mr. Trump is refusing to rule out a recession — a striking change in tone and message for a man who rode widespread economic dissatisfaction to the White House by promising to “make America affordable again.”
His comments come as the stock market is tumbling — the S&P 500 fell 2.7 percent Monday after falling 3.1 percent last week — and business leaders are spooked about the uncertainty over his tariffs. Even some Republicans, who fear retribution if they cross Mr. Trump, have started to raise concerns about his levies.
“It’s necessary”
Because how else will the oligarchs rape and pillage the US?
Passaic real estate just got a whole lot more valuable.
Passaic takes steps to allow townhouses to be built in parts of the city
The city has taken steps that will allow for the construction of townhouses in areas currently zoned for one- and two-family homes.
The City Council introduced an ordinance geared to increase housing opportunities in the city, Mayor Hector Lora said. The mayor said he initiated the plan and sent it to the members of the council for consideration.
“As mayor, I am committed to making Passaic a more affordable community for everyone, from tenants to property owners,” he said.
The idea, Lora said, is to allow townhomes to be built on existing lots in those zones, as well as on large lots where single- or two-family homes have been torn down. He said this plan will work well when combined with the city’s current 20% affordable housing requirements.
The R-1 and R-2 zones, currently allowing for one- and two-family homes, are in the 2nd and 3rd wards. The ordinance, which passed on second reading by the city’s Planning Board, would add much-needed housing to the city’s stock, Lora said.
Musk may have the biggest kill switch with DOGE, but there are smaller players as well
https://www.bleepingcomputer.com/news/security/developer-guilty-of-using-kill-switch-to-sabotage-employers-systems/
Shooting down in Bayville.
Be nice to your neighbors. Or don’t.
‘murica Gunz a blazin’
UPDATED
TUE, MAR 11 2025
9:50 AM EDT
Stocks slip as selling pressure continues on Wall Street:
Live updates
Lisa Kailai Han
Sean Conlon
America continues to win…
If you can’t win a war from the outside, wage it from inside – Putin’s mantra.
Another meeting with Russia that won’t have meeting notes
https://www.themoscowtimes.com/2025/03/11/trump-envoy-witkoff-plans-second-meeting-with-putin-reports-a88314
BREAKING NEWS!
TUE, MAR 11 2025
10:23 AM EDT
Dow extends losses, falls 400 points as Trump hits Canada with more tariffs:
Live updates
Lisa Kailai Han
Sean Conlon
Trump is going to buy a Tesla to help Elon.
Lol.
Another reason for consumers to not buy Teslas. That statement probably did more harm than good.
“Illegal boycott” … Right, as we descend into being a third-rate dictatorship.
Someone needs to get Dow 35000 on a red hat.
Still waiting for the greatness.
So far, since Trump was elected:
Gator lost her job and two of her coworkers were also fired and took their own lives.
D’s great transport driver was likely deported and has been replaced with three new drivers all of whom have sucked.
My 401k is down and likely the economy is collapsing.
Eggs cost a small fortune.
About the only positive is that my BIL no longer works from home and I’m enjoying the silence.
“Trump is going to buy a Tesla to help Elon.”
The show must go on. Meanwhile DJT approaching 18 now and $trump hit the mid 9s in after hours and is just above 10 now.
Just watch the show get crazier and crazier as both continue to drop to zero. At 5 DJT will get the delisting warnings.
I don’t see any turnaround happening unless Donald is gone. And he’s not going without a kill switch.
I’ve reached out to my broker to change up the portfolio. I’m sure he will resist and ask that I “stay the course”. How is everyone playing defense?
I see our trade war with Canada is yielding great benefits.
UPDATED
TUE, MAR 11 2025
11:06 AM EDT
Dow tumbles 500 points as new Trump tariffs rekindle market rout:
Live updates
Lisa Kailai Han
Sean Conlon
My company gets most of our printing paper from Canada. Good times ahead. We do have a few offices up in Canada, so maybe that will help. I doubt it.
Depeche Mode
Libturd says:
March 11, 2025 at 10:53 am
I’m enjoying the silence.
Words like violence
Break the silence
Come crashing in
Into my little world
Painful to me
Pierce right through me
Can’t you understand?
Oh, my little girl
All I ever wanted
All I ever needed
Is here in my arms
Words are very unnecessary
They can only do harm
https://youtu.be/aGSKrC7dGcY?si=rnPwEzfn5EJypP24
Rent, if there is one thing the market hates, it’s uncertainty. There are few ways to defend your portfolio outside of treasuries and money market funds when the market is THIS unpredictable. Add in the fact that you missed the first 10% of this correction and you are screwed if the market bounces.
Personally, and I’m not a financial advisor like Pumps claimed to be, I would move have your equity portfolio into a MMF if it’s not taxable or half into treasury etf/fund if it is. Let the other half ride hoping that something positive economically comes out of all of Trump’s indiscriminate government program and employee cuts. Though, having a financial advisor is a good bet for someone like you. You are probably too politically biased to drain out the noise from reality.
Chi,
I thought of you as I typed it.
It’s a horrific situation
It will get much, much worse
from WSJ:
“There is no Gary Cohn to throw the Peter Navarro memo in the trash can. The people who are there are resigned to the fact that he’s going to do what he wants on tariffs,”
Libturd says:
March 11, 2025 at 10:53 am
Still waiting for the greatness.
So far, since Trump was elected:
Gator lost her job and two of her coworkers were also fired and took their own lives.
D’s great transport driver was likely deported and has been replaced with three new drivers all of whom have sucked.
My 401k is down and likely the economy is collapsing.
Eggs cost a small fortune.
About the only positive is that my BIL no longer works from home and I’m enjoying the silence.
A lot of it (but not all) is taxable.
I had an initial conversation a few weeks ago – all of this was anticipated but yea, I did not move fast enough. That’s okay… I’m more concerned about the future. His advice was to move the tax deferred into money market/ emerging/ bonds. But I did not get my act together and give a go ahead.
Are we great yet Gary? Eh?
https://abcnews.go.com/Politics/live-updates/trump-2nd-term-live-updates-trump-defends-tariff?id=119625202&entryId=119673426&cid=social_twitter_abcn
Canadians in US for over 30 days will be required to register with government
Canadians who are in the United States for 30 days or longer will soon have to register their information with the United States government, according to a notice obtained by ABC News.
Traditionally, Canadians who cross the northern border by land and stay for longer than 30 days do not have to register with the federal government, but the secretary of Homeland Security can unilaterally change that rule.
Doubling down on stupidity. But to be expected of the party of hate.
I heard somewhere that Canadian businesses are jacking up prices of local canadian goods as well. Opportunity breeds greed I guess.
That coupled with all the additional defense spending, we are leading the way in making the world a worse place.
Maybe if we make the whole world shitty we’ll feel great?
Lib,
You keep invoking Gary but there’s no reasoning with MAGA folks, and you know this. Gary would sooner lose his own job than admit that a lot of this is starting to look and feel a little unhinged.
Cape May and Wildwood are going to be a bit quieter this summer without the Canadians.
Fools and fanatics aren’t going back.
They want to see the world burn
Boomer Remover says:
March 11, 2025 at 1:10 pm
Lib,
You keep invoking Gary but there’s no reasoning with MAGA folks, and you know this. Gary would sooner lose his own job than admit that a lot of this is starting to look and feel a little unhinged.
It’s that Trump Delusion Syndrome again.
UPDATED!
TUE, MAR 11 2025
1:10 PM EDT
Dow tumbles 600 points as new Trump tariffs rekindle market rout:
Live updates
Lisa Kailai Han
Sean Conlon
Now we get the real Find Out, let the carry trade unwind!
unusual_whales @unusual_whales
BREAKING: Canada files to sell USD bonds, size undisclosed
The worst part of all of this is that you know the cult supporters had all of the fate in their dictator leader and none of them made money moves and they will be suffering financially something horrible. Worst yet, all of their government services are being decimated to add to the sob story.
I know I looked like a dickhead with a major case of TDS starting in January, but even Stevie Wonder could have seen this coming. I really hope most of you protected your wealth. It’s only going to get uglier from here.
Picking a fight with out two largest trade partners was about as politically stupid as appointing someone who is overtly hostile to science, modern medicine and the agencies responsible for Americans’ health and well-being.
Modern medicine has saved countless lives with everything from antibiotics to new cancer and heart treatments. Vaccines alone have saved more lives than any other measurable intervention in human history.
Yet Kennedy has promoted numerous debunked anti-medicine conspiracies, including that childhood vaccines cause autism; that COVID-19 vaccines are more lethal than the virus itself; that the coronavirus pandemic spared Jews and Chinese people; that chemical exposure is linked to gender dysphoria; that antidepressants cause school shootings; and that HIV is not the cause of AIDS.
He promotes raw milk, which can be dangerous to consume. He has said that Wi-Fi signals can cause people to develop cancer. He wants to remove fluoride from tap water. And in the early 2000s, he said that “factory meat integrators are more threatening to democracy than Osama bin Laden.”
None of these claims is supported by science and could cause mass harm to the American public if used as the basis for public policy.
And all of the savings that Doge has found is equal to a drop in the Gulf of America when compared to the amount of lost revenue our government is going to take in as a result of Donnie’s failed economic policies.
You were warned you were duped during during the campaign. And you were warned after you failed to listen to my rantings post election.
THIS is MAGA.
Krasnov OrangeTurd is the ramming bar to the rule of law and the brand of “The Constitution of the United States of America”.
The real fight is between the self appointed ideological saviors of christian nationalists and the techlord libertarian that want to make you bend to their self righteous will to enslave you. My money is on the religious nuts, they don’t mind making their world into Afghanistan equivalent as long they are the top preachers.
BTW – Elmo is such a nerd that his AI computer is called Colossus. If any is old enough, I remember seeing the movie “Colossus, The Forbin Project” after school in channel 9.
From Business Insider
Peter Thiel has won.
Behind the chaotic first month of the Trump administration lies a sweeping political vision laid out by Thiel, the billionaire tech investor, cofounder of PayPal, and destroyer of Gawker. Sure, Project 2025 drafted the blueprint for Donald Trump’s war on government. Yes, Elon Musk is targeting federal workers with the same chopping-block zeal he brought to Twitter. But Thielism predates all that.
Way back in 2009 — right after Barack Obama took office, back when serious thinkers were solemnly prophesying the end of both racism and the Republican Party — Thiel wrote an essay for the Cato Institute titled “The Education of a Libertarian.” In it, he laid out almost everything that Trump and his followers are putting into practice today. It’s all there: the wholesale gutting of government agencies, the attempt to erase diversity from the historical record, the ratcheting back of regulations and public aid, even the obsessive love affair with cryptocurrencies. Thiel’s essay “presaged the need to slash and burn all federal programs,” says Becca Lewis, a researcher at Stanford who studies the rise of what she calls “techno-authoritarianism” in Silicon Valley.
In his essay, Thiel argued that the great task facing the world was “to find an escape from politics in all its forms.” For Thiel, that doesn’t just mean bad government — it means any government, even the democratic kind. He blamed what he viewed as the sorry state of things on two culprits — “the vast increase in welfare beneficiaries” and “the extension of the franchise to women.” The growing ranks of poor and female voters, he lamented, had made it virtually impossible for libertarians to prevail at the ballot box. The solution? Reject the “unthinking demos” and create a world “not bounded by historical nation-states.”
Think I’m exaggerating Thiel’s position? Here’s the money quote: “I no longer believe that freedom and democracy are compatible.”
Who would build this new, democracy-free world? Why, tech entrepreneurs, of course. “The project of techno-libertarianism in the 1990s was not just saying these technologies are cool and they’re going to spread,” says Dave Karpf, a researcher at George Washington University who studies tech culture. “It was also saying that we need to keep government out of it. Because the engineers, investors, and entrepreneurs of Silicon Valley will build the future. No taxation or regulation, and the future will arrive — if we allow it.”
One step toward this government of, by, and for corporate interests was what Thiel sought to create with PayPal: “a new world currency, free from all government control and dilution — the end of monetary sovereignty, as it were.” Take away government-backed money, and you take away government’s power of the purse. It’s easy to see in this sentiment why the Trump administration is touting the deregulation of cryptocurrencies. The connection is direct: David Sacks, now serving as Trump’s crypto czar, went to college with Thiel and was a cofounder of PayPal.
Putting an end to democracy, in the Thielist view, also requires putting a stop to diversity. Back when Thiel and Sacks were at Stanford and the term for “woke” was “political correctness,” they cofounded The Stanford Review, a right-leaning student newspaper that took aim at multiculturalism. They even wrote an anti-diversity book called “The Diversity Myth.”
The anti-woke seeds Thiel planted were soon sown throughout the Valley. “As Thiel and the other PayPal folks built out their startup networks, they incorporated that same ethos,” Lewis says. “It was very much a white, male workforce, often very conservative, because they were drawing on networks from The Stanford Review. There is a real politics of aggrievement underlying it, and any time their power gets challenged, that aggrievement comes back out.”
Thiel’s main reason for opposing government, as Max Chafkin’s biography of him makes clear, is that it hinders the freedom of tech titans like him to do what they will. In his 2009 essay, Thiel opposes “confiscatory taxes” and “totalitarian collectives.” Two years later, in an article for National Review, he was even more explicit about why he hates democracy. “I am not aware of a single political leader in the US, either Democrat or Republican, who would cut health-care spending in order to free up money for biotechnology research,” he wrote, “or, more generally, who would make serious cuts to the welfare state in order to free up serious money for major engineering projects.” How dare people prioritize health and welfare above technology? (Thiel blamed the intransigence on hippies.) “When technology’s unregulated,” Thiel once told a reporter, “you can change the world without getting approval from other people. At its best, it’s not subject to democratic control, and not subject to the majority, which I think is often hostile to change.”
So: no government, no regulations, and a bunch of tech CEOs in charge of steering the world, without having to consult with anyone who doesn’t look and think like them. And if your goal is to get rid of democracy, then trying to use the public schools to advance your cause is a waste of time. “The broader education of the body politic,” Thiel wrote in his essay, “has become a fool’s errand.”
Thiel’s vision of a world freed from the tyranny of democracy proved influential. His essay helped jump-start the creation of the “intellectual dark web,” a loose affiliation of techno-libertarian online forums, podcasts, nonprofits, and academic institutions, many of which Thiel helped to launch. (The man who coined the phrase “intellectual dark web,” in fact, was an investor working for Thiel.) That’s because if you think you’re smart and special, you want more than a big bank account. You want an intellectual-sounding rationale for why you deserve it.
Thiel was the “alpha throughline” of the new movement, according to Gil Durán, a journalist who has reported on the tech industry for years. Thiel mentored the Facebook founder Mark Zuckerberg, founded the military contractor Palantir, and handed out $100,000 checks to hundreds of “Thiel Fellows.” He funded the entries into politics of Sens. Josh Hawley and Ted Cruz, as well as Vice President JD Vance. He was a major donor to Trump, and it was the sale of PayPal that launched the fortunes of Musk, the techno-libertarian fellow traveler who is now grinding up the entire notion of government — just as Thiel prescribed. As Karpf recently wrote, “Musk and Thiel’s latest acquisition is, effectively, the United States government.”
Back in 2009, when Trump was just a fledgling birther on the margins of politics, Thiel seemed to intuit that the world would arrive at its current inflection point. Even as tech appeared to be on the verge of creating the utopia it had promised us, brimming with cool gadgets and thrilling social networks, Thiel cautioned against believing that the war had been won — “the notion that technology has a momentum or will of its own.” Instead, he warned, we were engaged in “a deadly race between politics and technology” — and only technology could ensure our freedom. Indeed, the very notion of “democratic capitalism” seemed to him “an oxymoron.” And when it came to the battle between the public sector and private wealth, Thiel was clear which side he was on.
“The fate of our world,” he wrote, “may depend on the effort of a single person who builds or propagates the machinery of freedom that makes the world safe for capitalism.”
Adam Rogers is a senior correspondent at Business Insider.
DJT 18.66
$TRUMP 10.32
DNA 6.60
So much for the Roarin’ 20s.
1:38, remember that JD Vance was propped up by Thiel. Otherwise Vance is a nobody.
And I know this personally having met him and know of his immediate circle.
Oh yasss. A little rain in soCal today.
I dunno about you guys but I think that this blog…..make AmEriCa GReAt aGain
I may have lost some money today… but it was a great day for a bike ride.
Meanwhile. Political Whiplash:
The United States “will immediately lift the pause on intelligence sharing and resume security assistance to Ukraine,” the US and Ukraine said in a joint statement about their meeting in Jeddah, Saudi Arabia.
Kyiv also “expressed readiness to accept the U.S. proposal to enact an immediate, interim 30-day ceasefire, which can be extended by mutual agreement of the parties, and which is subject to acceptance and concurrent implementation by the Russian Federation,” the statement said.
“The United States will communicate to Russia that Russian reciprocity is the key to achieving peace,” it said.
The two sides have met for more than eight hours in the Saudi port city Tuesday.
Press Secretary just said Canadians would benefit from becoming the 51st state. And I swear, I thought I heard a faint cackle mid sentence. She did deliver it with a straight face. Crazy. US Press Secretary from the White House pulpit quotes a Truth Social post and states Canadians would be much happier as the 51st state.
What a wild time to be alive!
IMO, all of this is just our brains on social media steroids. There’s no going back.
We’ll go back but only after Trump trashes everything he can lay his hands on.
If you are lucky enough to make it out the other end. Elections in the midterm will be chance to turn clowngress around and put accountability back into place. Otherwise, yeah, it will be a looooong four years with an uncertain outcome.
Steve Liesman:
“I am going to say this at the risk of losing my job, but what President Trump is doing is insane”
CNBC used to be a legit news source….
There is no such thing as a legit news source, besides Tangle News.
Nasdaq is up.
Trump is great again!
What are the odds of a gubmint shut down?
Now that the market has rallied back to positive on the day, shall we declare Trump a financial genius? Or if the market closes lower we are we back to Trump is a buffoon who is destroying the world? I can’t wait.
There was always going to be a face ripper rally.
Market rallied on Ukraine signing deal in principle.
Odds of a government shutdown this time around are greater than ever.
Beeep beeep beeep bop = This AI has filtered out the noise from the panic..
30-day ceasefire in Ukraine now on the table…supplies lines and intel have been restored
Canada now in panic mode as they will have to go back to mushing sleds and skinning pelts if the tariffs aren’t lifted…
Mexico’s president is celebrating as she herself has won concessions from Trump by kissing the ring, chances for tariffs on Mexico have diminished.
Markets roiled by uncertainty…people have in fact become too complacent and went too long in equities anyway…a shakeup now is better that a big bust later…
More to come perhaps even passing the continuing resolution in the house today..
This Guy….CNBC host Jim Cramer went off on President Donald Trump for fueling recession fears and cratering the stock market, noting competitor markets are “crushing us” and accusing Trump of potentially “manufacturing” a recession — or worse.
The Dow Jones Industrial Average dropped over a thousand points Monday and closed at -890 points amid fears fueled by Trump’s repeated refusal to rule out the possibility of an impending recession over the weekend — first during a Fox News interview that aired Sunday morning and then during a press gaggle on Air Force One.
The plunge followed similar drops last week amid scattershot implementation of Trump’s trade policy.
Beep beep beep bop = more bending of the knee this time from the North.
“Ontario Premier Doug Ford said he was temporarily suspending his province’s planned 25% surcharge on electricity exported to the United States.
Ford said U.S. Commerce Secretary Howard Lutnick agreed to renewed trade talks.
The premier spoke hours after U.S. President Donald Trump escalated an already hot trade war by saying he would raise tariffs on Canadian steel and aluminum imports to 50%”
Using 2022 as a model, 1st bounce of the decline would bring SPY possibly to 590 before the sell is resumed.
Big hand….
The New Jersey Supreme Court ordered a longtime municipal judge removed from the bench Monday for touching his clerk’s leg without consent during a boozy encounter at his beach home.
After Hoffman invited his staff to his shore home, his clerk, identified in the ruling only by her initials, accepted the offer on Oct. 15, 2022. Once there, they drank beer and shots of liquor until the woman, then 27, got drunk, while Hoffman, then 75, quizzed her about her sexual relationship with her boyfriend and urged her to dump him, according to the ruling. He then touched her twice, on her knee and inner thigh, prompting her to leave “within 5 seconds” and report the encounter to her supervisor the same day, the ruling notes.
She told the supervisor Hoffman slid his hand up her inner thigh to her crotch, but Hoffman told court investigators he didn’t know where he touched her leg.
“I don’t know. I wasn’t watching. I’m patting, not watching, but I’ve got a big hand,” he told them. “These (were) reassuring taps … Why do I need permission for that?”
Trumps newest hire 19 year old known as big balls , lost his intern job due to leaking classified info to a competitor. Lol he now is head of IT for state dept.
Excellence beyond a doubt
6:55 grandfather was a kgb agent
Only way you invest in emerging in this environment is if you are hedged. Even then, one false move and your face gets ripped off…… seriously, invest in emerging market debt right now? At least wait until you see Trump start to sweat…..
I was getting heat from a client because their son-in-law was telling them to buy TSLY for the dividend. I said do you understand what it is? Anyway, fast forward 3 months, and they just shunted me an extra $500K for caring enough to really explain the whole thing in detail.
R3n7L0rd says:
March 11, 2025 at 11:41 am
His advice was to move the tax deferred into money market/ emerging/ bonds.
Jeez, checking in after a busy day at the office and I see it’s been a nonstop stooge-fest; don’t any of you Dem duds work? By the way, this one’s for Unstable; yet another example of the current admin fixing problems that SlowJoe left behind, and making things better for law-abiding, tax-paying citizens…
Egg Prices Plummet – https://www.newsweek.com/price-eggs-rising-falling-cost-2042992
Dedicated to LAX:
https://www.youtube.com/shorts/h5RoAGw76O4
Chi, Could you send me a message to my burner email jdoe.aw@icloud.com with your number please. Also let me know of a good time to call you. Thanks!
Did you see FESAC was disbanded by Trump? A whopping $120,000 in annual savings since it’s an all volunteer group that improved economic statistic taking. After all, who needs numbers if you don’t understand them or in Trump’s case, always choose to ignore them.
The destruction of our once great republic continues.
Let there be a revival
https://youtu.be/dL3-BkIsGto?si=gkfYNYb7OJmkSHY4