From the New York Times:
Economy Fitful, Americans Start to Pay as They Go
For more than half a century, Americans have proved staggeringly resourceful at finding new ways to spend money.
In the 1950s and ’60s, as credit cards grew in popularity, many began dining out when the mood struck or buying new television sets on the installment plan rather than waiting for payday. By the 1980s, millions of Americans were entrusting their savings to the booming stock market, using the winnings to spend in excess of their income. Millions more exuberantly borrowed against the value of their homes.
But now the freewheeling days of credit and risk may have run their course — at least for a while and perhaps much longer — as a period of involuntary thrift unfolds in many households. With the number of jobs shrinking, housing prices falling and debt levels swelling, the same nation that pioneered the no-money-down mortgage suddenly confronts an unfamiliar imperative: more Americans must live within their means.
“We don’t use our credit cards anymore,” said Lisa Merhaut, a professional at a telecommunications company who lives in Leesburg, Va., and whose family last year ran up credit card debt it could not handle.
…
The shift under way feels to some analysts like a cultural inflection point, one with huge implications for an economy driven overwhelmingly by consumer spending.While some experts question whether most Americans, particularly baby boomers, will ever give up their buy-now/pay-later way of life, the unraveling of the real estate market appears to have left millions of families with little choice, yanking fresh credit from their grasp.
“The long collapse in the United States savings rate is over,” said Ethan S. Harris, chief United States economist for Lehman Brothers. “People are going to start saving the old-fashioned way, rather than letting the stock market and rising home values do it for them.”
…
For the 34 million households who took money out of their homes over the last four years by refinancing or borrowing against their equity — roughly one-third of the nation — the savings rate was running at a negative 13 percent in the middle of 2006, according to Moody’s Economy.com. That means they were borrowing heavily against their assets to finance their day-to-day lives.By late last year, the savings rate for this group had improved, but just to negative 7 percent and mostly because tightened standards made loans harder to get.
“For them, that game is over,” said Mark Zandi, chief economist at Economy.com. “They have been spending well beyond their incomes, and now they are seeing the limits of credit.”
…
Even after the “stock market as money machine” line of thinking proved bogus, extra spending continued. The Federal Reserve cut interest rates to near record lows, banks marketed mortgages with exotically lenient terms and another fable of wealth creation took hold: the notion that housing prices could go up forever.The come-ons for stocks were replaced by a new crop of advertisements. A house was no longer a mere place to live; it was a checkbook that never required a deposit. Between 2004 and 2006, Americans pulled more than $800 billion a year from their homes via sales, cash-out mortgages and home equity loans.
“People have come to view credit as savings,” said Michelle Jones, a vice president at the Consumer Credit Counseling Service of Greater Atlanta.
…
“Partly because of desire, partly because of optimism, partly because lenders have been free to invent useful borrowing tools that minimized shame and bother,” he added, “I think it will take a great catastrophe, greater than the Great Depression, to wean Americans from their reliance on consumer credit.”
————————————————————–
Save the Date!
We’ll be meeting up on Saturday, February 9th in Morristown NJ.
6pm Sharp!
Grasshopper off the Green
41-43 Morris Street, Morristown NJ
————————————————————–
From Reuters:
Credit markets not expected to recover this year
Wall Street’s biggest mortgage investors and bankers aren’t betting on a recovery in U.S. credit markets any time soon.
Instead, they’re searching for ways to restore investor confidence in the so-called securitization market, which has emerged as the epicenter of the U.S. subprime mortgage crisis, while bracing for further hits in commercial mortgages and credit-cards, according to experts gathered on Monday at the American Securitization Forum’s (ASF) meeting in Las Vegas.
Roughly 50 percent of ASF professionals recently polled by the group — whose members helped fuel the U.S. housing-finance industry’s boom and bust — don’t believe that current credit market troubles will dissipate in 2008.
From Reuters:
Bank losses from monolines seen up to $7 billion: analyst
Financial institutions are likely to take only around $5 billion to $7 billion in losses from their exposure to bond insurers, far below recent estimates of as much as $70 billion, Morgan Stanley said on Monday.
Morgan Stanley also said a bailout of the bond insurance industry is not in the economic interest of banks, though analysts at CreditSights said late on Sunday they now view a bailout as more likely.
Monoline bond insurers are under review by credit ratings agencies and may lose the “AAA” ratings vital to their business.
From the Philadelphia Business Journal:
Real estate wrap: Building permits down in Pa., N.J., Del. last year
In a reflection of the slumping housing market, there was a steep decline in residential building permits issued in Pennsylvania and New Jersey in December and all of last year, according to the latest Census Bureau data.
In the November to December period, Delaware was a bright spot, with permits up by 12 percent. Pennsylvania saw a 16 percent drop over that period, New Jersey fell 7.2 percent. Nationwide, the decrease was 13.5 percent.
Year-over-year, Pennsylvania had a 40 percent dip in permits issued, compared with a decline of 7.9 percent in New Jersey and 21.1 percent in Delaware. Nationwide, the decrease was 34.2 percent.
The number of total permits fell in Pennsylvania in 2007, marking the third consecutive annual decline. they fell for the second year in a row in New Jersey, Delaware and nationwide, according to the Census Bureau.
From Bloomberg:
United Capital’s Devaney Says a Major Bank May Fail
John Devaney, the bond broker and hedge-fund manager who sold his yacht after wrong-way bets on mortgage securities, said there’s as much as a one in five chance that a “major international investment bank” will fail.
Mortgage bonds that lack guarantees from government-linked entities such as Fannie Mae and aren’t backed by subprime mortgages may lead to more losses for banks, Devaney, the chief executive officer of Key Biscayne, Florida-based United Capital Markets Holdings Inc., said today.
“It’s getting worse and worse every day,” Devaney said during a panel discussion at the American Securitization Forum’s annual conference in Las Vegas. The price drops “may be more of a problem than the subprime crisis,” he said.
From the WSJ MarketBeat Blog:
Never Mind That Mortgage
For years — basically, since human beings gave up their nomadic existence for something more permanent — the idea of a family unit giving up its domicile willingly was just, well, unfathomable.
But that’s how far this housing crisis has gone now, and not only are public company CEOs, such as those from Bank of America and Wachovia, citing this as a problem, but for the first time a rating agency has used this as part of its reasoning behind a potential downgrade of mortgage-backed securities.
Friday, Fitch Ratings put $139 billion in 2006 and 2007-vintage subprime mortgages on watch for a downgrade later on, citing expectations for larger defaults, as they now expect cumulative loss expectations for those vintages to rise to 21% and 26%, respectively. “The apparent willingness of borrowers to ‘walk away’ from mortgage debt has contributed to extraordinarily high levels of early default, which is particularly noticeable in the 2007 vintage mortgages,” they write.
Analysts at Bianco Research, in commentary this morning, say that this is “more than an interesting curiosity,” and acknowledgement from the credit-rating community would seem to confirm that. “Homeowners used to ‘beg borrow and steal’ because they thought home prices only went up,” they write. “So, greed drove them to do whatever was necessary to pay their mortgage in order to hold onto their home. Now that they have little-to-no equity and do not believe home prices are going to rise anytime soon, they are walking.”
so,
now that the monolines loss numbers are starting to pop up, how long until the total crosses 100 billion? 6 months, 1 year? this is starting to sound like a broken record. We lost 10 billion, oops i mean we lost 20 billion oops…….
From Reuters:
Fitch plans CDO overhaul, sees 5-notch downgrades
Fitch Ratings said it planned to change its methodology for rating corporate collateralised debt obligations (CDOs), resulting in an expected average downgrade of five notches for static synthetic transactions.
The proposed change follows criticism that rating agencies were partly to blame when investors failed to appreciate the risks of the complex products, which played a major role in creating the U.S. subprime debacle and the credit crisis.
…
Fitch said numerous tranches of synthetic CDOs currently rated AAA were likely to be affected.
“With the structured credit markets under unprecedented stress, Fitch wanted to proactively challenge existing CDO rating assumptions,” said John Olert, managing director of the credit ratings agency, in a statement on Tuesday.
“The intention is to provide CDO ratings that perform similarly in terms of default risk and ratings migrations with the markets’ expectation for other asset classes,” he added. “This is particularly true for AAA and other highly rated CDO tranches”.
…
“Static synthetic CDOs are expected to be the most affected by the revised criteria, with an average expected downgrade of five notches,” Fitch said.
I’ll have January prelim sales data up tomorrow.
Not pretty.
A question about yesterday’s FHA inquiries:
Are FHA properties still as highly scrutinized as they were in the past? I can remember when the “home” had more trouble getting qualified than the borrower. Probably because I lived in an area of older homes where so many upgrades were necessary to make the property conform to FHA quidelines. Anyway, banks used to say “just go conventional – it is much easier to qualify.” And that was with 20% down. Maybe they just didn’t want to fill out the paper work. Just curious…
RE 5
Is it perhaps that the system’s dependence on homeowners’ loss aversion was at the root of the expectation that they would not abandon their commitments rather than on any credit worry or moral concern in the minds of these homeowners?
4 new listings today in my area today 1 priced 17% below 06 comps another 7% below.
This is going by low end of price for this type of home.Going to be an interesting spring selling season.Aa usual some are still priced 20 to 25% or higher for these homes.The race to the bottom begins.
Clarification on question posed last night:
We’re buying from a bank. The won’t make repairs, but will give us money (on order of $10k) in lieu. We’re not sure weather to take a price reduction or cash back credit at closing. Decision does not impact our mortgage rate or amount. We will need to use the money to make the repairs.
Will a lower sale price help us during the next tax revaluation? We’re talking Bergen Co, and taxes are still in 4 digits. The house seems overtaxed currently as compared with other houses on the block, but we think that may be from the inflated sale on the house in 2005.
And/or will sale price impact our asking price when we sell in say 7 years? FYI, we don’t intend to sell, but you never know – stats are against us staying 30 years.
$10k is pretty minimal as compared to the sales price (~1%), but every bit helps if it could lower our taxes in a few years.
Saturday @ 6 PM is the tail end of our 3 year old’s birthday party. PGC will be itching to get out, but with our friends 6 PM sharp is highly doubtful.
Newsweek did a “futures” thing a few months ago. They asked the question whether a drop in the housing market or Americans saving more would have a more detrimental effect on the US economy. They came up with the answer of increased savings having more effect.
They never appeared to realize that it is all connected.
I think this coming year will show more people walking away from there car and credit card debt as well and opting for bankrupcy.
I think people who have made mistakes in there credit choices (the average american has 8 cards) and made a late payment and have caused all there balances to be raised to high interest rates and while trying to pay them down will just give up and write them off and decide to go for bankruptcy.
I think many people will return to the days of no credit cards.
(16) Daytona Beach
“I think many people will return to the days of no credit cards.”
If they go to Consumer Credit Counseling, they will make them cut up their credit cards.
A couple of years ago if you were a renter or pointed out that housing was out of control you were “bitter” or “behind the curve” or “failing to recognize that there is now a new paradigm – it is different this time”.
Now I’ve noticed on a lot of boards talk about entitlement. As in “Buyers today have a sense of entitlement. They want it all and they want it now. If a house doesn’t have stainless steel and granite countertops it isn’t good enough”. (Although funnily enough few buyers I know like that stuff – most of the granite comments seem to come from REALTORS (TM) insisting that buyers want that stuff).
This is all from sellers who appear to have absorbed the concept that it is perfectly reasonable to expect to be paid ridiculous amounts just for living in a house. Taking their own sense of entitlement and reflecting it outwards on to anyone they can strike out at.
Is this the anger phase?
Saturday @ 6 PM is the tail end of our 3 year old’s birthday party. PGC will be itching to get out, but with our friends 6 PM sharp is highly doubtful.
Sharp isn’t necessary, I’m sure we will be there for a few hours.
I can’t stand granite counters and stainless steel appliances. In 10 years, it will look dated. Your house will always look current if you use neutral colors, white/beige appliances, etc
Feb. 5 (Bloomberg) — GMAC LLC, the lending company that General Motors Corp. sold to a hedge fund manager, lost $724 million in the fourth quarter because home buyers didn’t keep up with their mortgage payments.
The net loss compared with profit of $1 billion a year earlier, the Detroit-based company said in a PRNewswire statement. Results included a $921 million loss at the Residential Capital LLC mortgage unit.
GMAC has vowed to make money this year, even after falling home prices and record U.S. foreclosures forced ResCap to cut 5,000 jobs, or a third of its staff, in 2007. The auto finance business remained profitable, overcoming a 6.1 percent decline in GM’s North American auto sales last year.
#12 – mikeinwaiting
what area are you in? I’m looking in hunterdon county and see nothing… prices not moving, and nothing new.
#18
Lisoosh,
With the easy credit, buyers wanted more. Many weren’t interested in the small bungalow or cape that needed updating as a starter home. What I would consider a move-up home was what they were buying because they could buy with no money down.
My parent’s progression was first a small bungalow. From there they bought a cape with an unfinished upstairs then to a dutch colonial (three bedrooms, sunporch, 1 bathroom) on a somewhat busy street with a shared driveway. The last house was bought in 1978 – it is a 1936 colonial with 3 bedrooms, 1 1/2 bathrooms on a desirable street. This was not supposed to be the final house but it has turned out that way. Their neighbors across the street are a young couple who bought a similar house as their starter house. It seems that you have to keep up with the Joneses and buy what would have been your move-up house as your starter house.
The Canyon of Heroes is buzzing.
You guys are pretty gloom and doom, not all companies are down and out, look at NYSE plus they got the giants ringing the opening bell today. Lots of companies are blowing out record numbers QUIETLY, the Citi’s and the Merrill’s are making the headlines as that what sells newspapers, everyone likes to say the subprime purchasers.
But those with money ain’t buying till we get it cheaper, heck I am going rug shopping this weekend at Fortunoffs Bankruptcy sale of carpets at 80% off! But I spent next to zero at christmas time. Same goes for housing the people with money ain’t going to spend it if we know it will be cheaper down the road.
LONDON (MarketWatch) — NYSE Euronext’s fourth-quarter net profit more than tripled, boosted by its expanding global presence and volatility-driven growth in trading volume, the stock-exchange operator said Tuesday.
4NYX 82.73, +1.45, +1.8%) (FR:NYX: news, chart, profile) reported earnings of $156 million, or 59 cents a share, up from $45 million, or 29 cents a share, in the final three months of 2006. The latest quarter’s total revenue rose 79% to $1.18 billion.
Absolutely LOVE the NYT story. Savings rate is rarely discussed in the media. The spend culture is very, very sad (says the guy praying the new iphone comes out sooner than this summer because my current phone blows).
Regarding trends, I think the media is usually six months behind (maybe more). And this means they will also be about six months behind when the market turns.
My guess is the media ‘thinks’ things in RE/economy are getting bad, when in reality, things have been been BAD for months.
The drumbeat of negativity continues. Why all the gloom and doom? There’s happiness in the world and it needs to be grabbed and appreciated! Just set aside all negative thoughts and believe that the economy and real estate will be just fine. Consumer spending will be just fine.
As to people not using credit cards, that’s a natural consequence of the credit crunch. If you can’t get credit, you’re not going to use a credit card, it’s just that simple. That doesn’t mean that people will not continue to buy stuff and enjoy life. Sure, people may be a bit more frugal, but this isn’t going to usher in a period where people don’t spend.
The Fed is moving in the direction where they need to be, however, they’ve not gone far enough. We need those rates as close to zero as we can get them. Paulson needs to look at encouraging longer amortization periods on mortgages to help people out.
After the recent swoon, the stock market has stablized and that’s good news! Everything will be fine. There’s plenty of good news out there!
BC Bob,
I’m on the Jersey side, I won’t be able to go… d*mn!
lisoosh (18)-
“Is this the anger phase?”
I’m beginning to think there’s a missing phase:
the dumbass phase.
“I’m on the Jersey side”
Gary,
Tonight i’m gonna take that ride
Across the river to the jersey side
The Boss.
ready (22)-
Just a suggestion: forget the asking prices. Go find what you like, and make the offer that makes sense to you. Leave it on the table, if you must.
The low offer you make might shake some sense into a stupefied seller…especially when he sees no other offers forthcoming. I live in Hunterdon, and I can assure you that NOTHING is moving out here.
“If you can’t get credit, you’re not going to use a credit card, it’s just that simple. That doesn’t mean that people will not continue to buy stuff and enjoy life.”
50.5,
If they don’t use their crutch, what fuels spending?
JJ Says:
February 5th, 2008 at 1:53 am
any thoughts on what interest rates will do over the next year or two?
JJ: they will change from current levels…
down goes fraizer : on the us ism data
njpatient Says:
February 5th, 2008 at 12:25 am
214 chi
People pay you to interpret the movement in stock prices. People pay me to manipulate the public’s perception of stock values. We have a fundamentally different perspective on these things.
What I’m trying to express is this: At a certain point, Enron’s stock was rising. This was not evidence that the company was in good shape. It was merely evidence that the public was completely in the dark.
Just one example.
patient: a comment and a question
#1 Enron – did you see the notice of the settlement? Expected $6.79 per share. The document includes a “fraud schedule” where an independent appraiser provided a schedule of price inflation….it is as fascinating as it is groundbreaking…
#2 do you cover an industry or are you a hired gun?
ReTard (27)-
“We need those rates as close to zero as we can get them. Paulson needs to look at encouraging longer amortization periods on mortgages to help people out.”
Hey, Re, have you fitted yourself for a barrel-on-suspenders suit yet? You should, because your “solution” sounds like a recipe for a worldwide depression.
http://tinyurl.com/3awkwz
gary Says:
February 5th, 2008 at 8:52 am
BC Bob, I’m on the Jersey side, I won’t be able to go… d*mn!
g: nothing can top a Devils parade on the NJTP…..NOT
“If they don’t use their crutch, what fuels spending?”
Income and what they need fuels spending. People don’t stop needed stuff just because they can’t get credit. If this country were wise, they’d do everything they could to keep credit cards in the hands of the public. We might risk social unrest otherwise. People need diversions, otherwise they’ll be thinking about the mess the liberals have gotten us into.
“down goes fraizer : on the us ism data”
Mark,
Early, in the 1st round.
“Income and what they need fuels spending.”
50.5,
Major problem. Real incomes are declining.
BC-
I’m beginning to think ReTard (see #38) is part of the PPT.
Or, Zimbabwe’s Minister of Finance.
Irwin Keller thinks we only need home prices to fall another 12% to be affordable.
Home prices are falling because there are at least 5 million unsold homes overhanging the market – a 10-month supply at current selling rates, and twice the usual number. Their median price is $208,000 – 10% below their peak, but still a high 3.2 times median family incomes.
Housing would be more affordable if the median home cost 2.8 times median family incomes, as it did in the 1980s when housing sold at a brisk pace. In today’s dollars, this means a drop to $184,000. Simple arithmetic tells us that this is a difference of $24,000, or about 12%.
“Hey, Re, have you fitted yourself for a barrel-on-suspenders suit yet? You should, because your “solution” sounds like a recipe for a worldwide depression.”
Please, if that’s the case, Bernake wouldn’t have followed my advise and cut as he did. He still has more room to cut and he should continue to do so. We’ve got to find a way to shore up the real estate markets and help people with debt servicing. We’ve got to find a way to get money to people.
Futures slide after ISM services data
http://biz.yahoo.com/rb/080205/markets_stocks.html?.v=7
another great day, going to make some money today… boooooya
From MarketWatch:
U.S. Jan. ISM nonmanufacturing index falls sharply to 41.9%
Growth in the nonmanufacturing side of the U.S. economy contracted sharply, the Institute for Supply Management reported Friday. The ISM nonmanufacturing index fell to 41.9% in January from 54.4% in December. The reading was well below the 53.0% expected by economists. Readings below 50% indicate most firms are contracting. The ISM services index was released early. ISM gave no explanation for the early release.
It is getting serious – the last years’s “Engine” of the economy is stalling:
ISM Services Index Fell to 41.9 in January From 54.4
By Shobhana Chandra
Feb. 5 (Bloomberg) — U.S. service industries unexpectedly contracted in January as the housing slump deepened and consumer spending cooled. \
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8HCjIXeA018&refer=home
The Institute for Supply Management’s non-manufacturing index, which reflects almost 90 percent of the economy, fell to 41.9, the lowest since October 2001, from 54.4 the prior month, the Tempe, Arizona-based ISM said. A reading of 50 is the dividing line between growth and contraction. The group also issued a new composite measure.
“Major problem. Real incomes are declining.”
You like to create straw men don’t you? I simply said that people will spend based on their income and their needs. That will always be true. Real income wasn’t being discussed. Don’t try to change the subject
327 reinvestor FF’s at Zero, yeah just what we need. Are you really that dense; what a cry baby.
Grim – You gotta be kidding me … Beating me by a second??
#31
“Just a suggestion: forget the asking prices.”
I have been low bidding. Frustrating my real estate agent, but you have to do it. Nothing yet… Patience is the name of the game.
Although, I thought everything was suppossed to come out after super bowl!
#42 John Yeah, except those numbers do not work in this part of the country.
#25 John,
I wouldn’t bother with the Fortunoffs sale. They are way over priced. We looked for a rug about 3 years ago. The starting price at their sale was around $1500 for a rug that even Macys would do for $800. In the end we went for a used rug from these guys. http://www.redcarpetrugs.com/ It was a home based business then, but they have since opened a shop in Philly. We got a huge 14×10 rug for $350.
Best advice is buy used from Craigs list from a smoke free / pet free home. If you don’t like the look of the owner, don’t buy.
Reinvestor – You’ve really outdone yourself this morning. You can’t possibly believe the crap that you spew on here.
The liberals got us into this mess? Right.
How will buying stuff be the answer to everyone’s problems?
The answers in short: Sellers lower their asking prices, people begin to LIVE WITHIN THEIR MEANS, and the Fed LET THE chips fall where they may. There will be some carnage, but sometimes that has to happen.
Go ahead and spend all your money and get all the credit you want. And then ‘hope’ it all works out when you lose your job and house. Clown.
#45 –
That’s scary… Not good.
Moving rates to zero (ZIRP) did nothing to stem the 15+ year collapse of property values in Japan during the post-bubble crash.
Why should it play out any different here?
“I’m beginning to think ReTard (see #38) is part of the PPT.”
Clot,
Regabe?
#26 – Bloodbath – Apple just released a 16GB model iPhone this morning, enjoy.
(43)-
ReTard a member of the PPT? Nope, just garden variety megalomaniac:
“Please, if that’s the case, Bernake wouldn’t have followed my advise [sic] and cut as he did.”
#55 grim
Different culture grim. “the american dream” = “home ownership”
again, they will do ANYTHING to artifically inflate housing prices.
they = NAR, fed, pols
“I simply said that people will spend based on their income and their needs.”,
50.5,
Yes, XLY agrees.
(47)-
C’mon, BC. Get with it. Regabe wasn’t talking about REAL income, he was discussing FANTASY income (isn’t that kinda like credit?):
“…people will spend based on their income and their needs. That will always be true. Real income wasn’t being discussed.”
OT
can anyone recommend a good book or two on negotiation?
Her RE101 – I will spend based on my needs – will you please take money I printed on my printer at home?? Or I can write you a credit note….
ready (50)-
It will be a steady build of inventory. It doesn’t all come rushing in at once on the Monday after the Super Bowl.
Is your agent aggressively presenting your lowballs? What’s the level of enthusiasm? There’s a big difference between putting a number on a piece of paper, and presenting an offer with the air of supreme confidence that no better offer will be coming from anywhere else. Lowballs only have a chance of working if the agent can somehow rattle the confidence of the listing agent and/or seller. All the lowballs Grim’s posting here don’t sell themselves; there’s somebody behind them, feeding the bitter pill one step at a time.
BTW, don’t overlook the most grossly-overpriced listings. Those are actually the easiest to lowball and eventually sell for far less than well-priced competitors.
Negative Gearing
A borrowing money to buy an investment asset without receiving enough income from the investment to cover the interest expenses and other costs involved in maintaining it. Depending on the investor’s home country, the shortfall between income earned and interest due can be deducted from current income taxes. Countries that allow this tax deduction include Canada, Australia and New Zealand.
Negative gearing most often occurs in rental properties, where the rental income received isn’t enough to cover the interest costs on borrowings plus expenditures toward property maintenance and upkeep.
Negative gearing only becomes a profitable venture when the property is eventually sold, and a prerequisite is that property values are rising, not falling or holding steady.
Many investors who speculate this way will purposely seek out negative gearing for the tax deductions in the hope that they will make a profit when the property is sold for a capital gain.
Investors considering this type of arrangement need to have the financial stability to fund the shortfall out of pocket until the property is sold and the full profit can be reached. Also of utmost importance is that the interest rate is locked in from the beginning or, if the borrower’s interest is calculated on a floating index, that prevailing rates remain low.
#65 Clotpoll
“Is your agent aggressively presenting your lowballs? What’s the level of enthusiasm?”
I was worried you would ask this. No, I don’t think she’s making offers she thinks will fly. My agent is a “family friend”. Something we’re having trouble getting out of.
Traders see a 92 percent chance the Fed will cut its benchmark rate by 50 basis points to 2.50 percent by its March 18 meeting, futures on the Chicago Board of Trade show. The likelihood increased from 68 percent yesterday. The remaining bets are for a 25 basis-point reduction. The bank lowered rates twice last month.
I refuse to lose my temper and get baited by the likes of you and 3b. Neither of you wants to keep up a respectful dialogue.
The fact of the matter is that you’re frustrated because I hold a positive outlook. Moreover, you may have missed a buying opportunity and that may be a source of resentment on your part as well.
The fact of the matter is that liberal entitlement programs have hampered the ability of this government to respond as it needs to the exigencies we currently face. Moreover, the democrat controlled congress doesn’t want to do anything that might result in our president getting credit for anything. It’s the same liberal administration in NJ that has left our state in a mess. As a matter of fact, it’s been successive liberal administrations (including some republicans that acted like democrats) in NJ that account for the mess we’re in.
Don’t get me started.
Bloodbath in Winter 2007 Says:
February 5th, 2008 at 9:18 am
Reinvestor – You’ve really outdone yourself this morning. You can’t possibly believe the crap that you spew on here.
The liberals got us into this mess? Right.
How will buying stuff be the answer to everyone’s problems?
The answers in short: Sellers lower their asking prices, people begin to LIVE WITHIN THEIR MEANS, and the Fed LET THE chips fall where they may. There will be some carnage, but sometimes that has to happen.
Go ahead and spend all your money and get all the credit you want. And then ‘hope’ it all works out when you lose your job and house. Clown.
ready (67)-
There are no friends in real estate.
WHy do people buying homes always say “your agent”? Deep down do you have an ego problem that people must be subservant to you or are you pro slavery? Or is it just that you can’t comprehend that the buyer is paying the agent to sell his house at the best price?
If you want an RE agent that is good with “lowballs” I know an 80 year old single lady in Great Neck who has seen lots of “low balls”
RE: “Is your agent aggressively presenting your lowballs? What’s the level of enthusiasm?”
ready (67)-
Even worse, if your agent is part of one of the offices that control the bulk of inventory in Hunterdon, that agent is under intense pressure to: a) prop up prices at current levels, and b) sell the office’s inventory.
Believe it or not, I come across people here all the time who have no real idea of what it takes to actually sell their homes. The market-dominant companies just keep pumping sunshine.
dow down 200 pts, approaching my 300pts target. this is the super tuesday.
72 – I know. Since I can’t fire her (family reasons), I think I’ll have a direct talk with her)
#70 reinvestor: Much of NJ’s problems started with the delightful Ms. Whitman, and the Democrats added to it.
Entitlement programs? You are kidding right? Bilions wasted in Iraq for absolutely nothing.
There will never ever be a peaceful stable democratic Iraq, its not happening.
Bailouts for the banks, welfare for the masses in the form of rebate chekcs to spend on more crap they do not need, destroying the chances for futurte generations. The list is endless.
The blame for all that is wrong with our state and our country lies with both parties, something your mind is incapeable of grasping.
And ultimately it is the fault of the American people. We need to get over ourselves;quickly.
So, Clot, is the answer to go with an agent from a smaller company? The biggest problem I had when I was looking to buy was identifying an agent that would work with me and not be afraid to present the offer that I thought was market. And, unfortunately, all the referrals I kept getting were based on friendship or family ties–very few people in my circle seemed to evaluate their agent(s) objectively and from a business perspective.
3b & reinvestor –
Make friends. Definitions of Conservative and Liberal are being redefined as we write.
#66 clot: There is one listing in my town that have been on the marekt for over 2 years, with absolutely no price reductions.
Why would a so called seller put themselves through that kind of torture?
“14. PGS’s wife (Danm404) Says: February 5th, 2008 at 8:08 am
Saturday @ 6 PM is the tail end of our 3 year old’s birthday party. PGC will be itching to get out, but with our friends 6 PM sharp is highly doubtful.”
Mrs. Patient and I are in the same boat (though our kid is a guest at the party – maybe your kid’s party?)
Bacause:
I am not giving my house away!!!
#71 I nominate the lowballs comment for post of the day.
“Why would a so called seller put themselves through that kind of torture?”
3b,
Is he named reinvestor? If yes, your question is answered.
Is this the anger phase?
I think we are transitioning from the anger phase to the bargaining phase.
I’m hearing less about sellers getting insulted over not getting offers comparable to what their neighbors got in 2005. Now its “please, bring any offer” or “Oh God, I’m up to my eyeballs in debt. I need to get at least $500k for my cape. Please God, just send me a buyer. I promise I’ll be more responsible in the future if you just get me out of this bind”
They made a two movies years ago that answered the Federal & State Entitlements issues, one was called “Soylent Green”, the other was called “Logan’s Run”. Free’s up lot’s of money for Foreign Aid.
75#, invading iraq is a must if you don’t want to see another 9/11 in your backyard. iraq is the center and the base of islamic jihadists. if 9/11 is a wake-up call, this call is not loud enough to wake up many liberals including many bloggers on this board.
85. bi
You need to go a little further North to Iran.
86, yes. now we are near iran border, which makes us easier to attack iran if necessary. this is long-term struggle in western civilization. we have different strategies in different regions. for example, we use open-door policy in china to destroy their communist system, which has been very successful so far.
#85 #86
You both remind me of schoolkids trying to find Canada on a map.
# 31 “Just a suggestion: forget the asking prices. Go find what you like, and make the offer that makes sense to you. Leave it on the table, if you must. ”
Making the offer you think is the right one, regardless of the asking price is the only sensible thing to do in this market.
Some years ago, we did this. IT royally torqued-off the sellers and they almost literally threw us and our offer out of the house. The home had been on the market for months with no offers and we felt confident that our offer was correct. Long story short, we left the offer on the table for a couple of days and then had our agent let the seller’s know that we would be withdrawing the offer in, I don’t know, 24 hours maybe and that no matter what we would never go higher inthe future. They told us to take our offer and, well, you know just what they said. About 90 days later we gat a call from them, “it is a shame things ended so badly last time, lets talk.” They were were under pressure to sell because their builder would not break ground until their cash from the house sale was in hand and they could not find noncontingent offers like ours. Because we could afford to wait, and they could not. We got what we wanted at the price we wanted.
From a negotiating standpoint, I don’t know that I would just leave the offer on the table. They need to feel the pressure of losing it. Otherwise, it becomes a backstop that they “can always take if nothing better comes along.” When your negotiating opponent feels pressure, you are in a stronger position.
“Sharp isn’t necessary, I’m sure we will be there for a few hours.”
Woohoo!
whats the odds on HOV filing an 11
# 38 “People need diversions, otherwise they’ll be thinking about the mess the liberals have gotten us into.”
People who have been watching know my Republican background. I could not disagree with the above statement any more strongly. The other party left a federal budget in ballance and a declining debt load. My party, the Republicans, over spent, and over borrowed and have seriously hurt the finances of the federal government. I am ashamed of the financial mismanagement that my Republican brothers have shown. The PBR doesn’t even take into account reasonable estimates of paying for warfighting, for reduced revenues for continued one-year fixes for the AMT — which we all know will happen — and uses pie-in-the-sky economic forecasts; it ia a dishonest document posing as sound policy. If that is the best we Republicans can come up with, we deserve to be trounced.
79 patient
actually i will also be leaving a 3yr old birthday party early for the GTG….. mine is in mendham. are we all going to the same party?
35 chi
#2 neither
GTG?
# 43 “We’ve got to find a way to get money to people.”
I hope not. If so, we will soon be printing it like wallpaper.
93 ket
funny – no, ours is elsewhere.
“I’m beginning to think ReTard (see #38) is part of the PPT.
Or, Zimbabwe’s Minister of Finance.”
Or Baghdad Bob.
“The quarterly survey made it clear that a credit crunch, which started last summer with rising defaults in higher-risk subprime mortgages, has spread to better-off consumers. Nearly 55% of U.S. lenders responding to the survey had tightened standards for prime mortgages in the quarter. That’s up from 40% in the previous Fed survey.”
“About 60% of U.S. banks instituted tougher criteria for revolving home-equity credit lines. And 80% of domestic lenders set higher standards for commercial real estate development loans, the highest level since the Fed started asking that question in 1990.”
“Banks are increasingly unwilling to lend, even to creditworthy borrowers,” Moody’s Economy.com said in an advisory to clients. “A major risk to the outlook is that lenders overtighten credit standards.”
http://www.usatoday.com/money/economy/2008-02-04-credit-survey_N.htm?loc=interstitialskip
“WHy do people buying homes always say “your agent”? ”
Because, John, when I enter into a contract with someone whereby I hire them to act as my agent, I tend to refer to them as my agent. If it bothers you, then don’t act as my agent.
BC Bob,
What’s it like out there, are there a lot of people?
Xlot, even though I frequently rag on your overaged frat-boy posturing, I hafta say that I genuinely appreciate and respect your candor. Your perspective lends credibility th the collective hunch that brings us to this site.
Not sure if this was posted this weekend:
Zip Code ‘Redlining’: A Sweeping View of Risk
http://www.washingtonpost.com/wp-dyn/content/article/2008/02/01/AR2008020101680_pf.html
92#, the culprit is the majority republican congress up to 2006. it gave rubber stamp to any budgets proposed by the current administration.
Disclaimer: i was planning to vote for rudy, now for romney. if maccain wins today, i will vote for clinton since it seems macain has anti-business mentality. obama is too left, which will make the situation worse.
There was a posting yesterday about our intellectual property know-hows being the one ray of hope to our $9 trillion (?) debt.
Well, so, the patent and trademark office wrote a letter to the Senate yesterday about some new patent legislation. The PTO put a value on the entire value of U.S. intellectual property. (I’m trying to find an online version of the letter).
“The U.S. intellectual property system is the best in the world, and by some estimates, U.S.
intellectual property (IP) is now valued at more than $5 trillion.”
So, $9 trillion is nothing–we just need to sell all the technology we have. And Hawaii.
#102 gary: Just came in from out side;in a word, INSANE!!! The Giants bus just passed by on Broadway on the way down to Battery Park.
#24 BC,
Wish I was there, but being at the game and watching the smug Pat fans crumble as the game wore on was unreal. When did these people become the Yankee fans they always hated? I was just happy to be there, but the last straw was when some Pats a-hole walked by on the way into the game and said “scalp your tickets now boys, last chance, you don’t have a shot”. Then I really decided I hated them.
Oh, and of course a “Yankees S*ck” chant started up on the way out of the game. Don’t worry, it was quickly silenced by the 18-1 chant!!!
What an arrogant group, they had to lose.
DUckweed,
I believe that you r are refering to my comment from the other day.
you post illustrates my point. We do still have high value commodities available to us, in the form of tech. Why not actually act like capitalist for one and start selling tech for top dollar and ramp up our R&D. In a global economy this is probably one of the few areas we could actually have a chance at.
to Kettle1 post # 109
Right now Private companies see more value in doing R@D abroad.
US tech was on decline for 15 years. Us is not an absolute leader as it used to be.
Competition from low cost locales is killing US R@D.
Those low cost locales 10-20 times cheaper compared to USA. In additon, USA laws prevent any new companies form starting R@D – enviromental, taxes and equial opportunity laws.
Add to this costs of accidental insurance, envorimental clean-up and sexual harrasment lawsuits – nobody will want to start new buisness here if you can start it somewhere else with 10 times cheaper and none of the above problems.
USA legal and Enviromental protection system are killing new R@D.
#110
Yeah! We need to turn our rivers multi-colored here in the good ole US of A in order to get back on top!
I think huge increase in US buisness would be to limit Punitive Damages Awards in Lawsuits to to 100K/person.
But again US of A is run by lawyers.
Ohh and also limit total compensation for Lawyers for class action lawsuit to let’s say 1 million ???
And this will never happen either.
3b,
Wow… thanks!
AL:
Ironically, US patent is worth as much in part because of the high damage awards in patent cases.
Ket1:
It is sad that, even in our “best” area, selling everything is only worth 1/2 of the national debt.
hey – could someone refer me to the NYtimes graph wich I have seen here repeatedly which shows the housing bull market in relation to past bull markets (may have been in a space of affordability)? (was it Tom Friedman?)
The fact of the matter is that you’re frustrated because I hold a positive outlook. Moreover, you may have missed a buying opportunity and that may be a source of resentment on your part as well.
Wrong. i flipped a house in Fla in 2006 and then i found this board and sold fall just after the blank began to hit the fan. Why would I buy now with rates going down, foreclosures impending, and prices sure to drop?
There’s a massive difference between being positive and being a realist. Good luck finding it.
75#, invading iraq is a must if you don’t want to see another 9/11 in your backyard. iraq is the center and the base of islamic jihadists. if 9/11 is a wake-up call, this call is not loud enough to wake up many liberals including many bloggers on this board.
This is too absurd to even comment on.
If I want to refi, am I hoping for the 10 year bond yield to go up or down?
117 – bloodbath…
don’t listen to him. it’s obvious that these neocons are all about fear. The irony is liberals are supposed to be the wimps. It’s turning out these guys are.
Al,
A lot of your points are accurate, but i would ague against a few. If you look at tech such as nuclear, space flight etc; these are fields that require huge amounts of supporting infrastructure. while doing research with the lowest bidder may save costs. I think that we could actually be competitive and that we still are in markets live military hardware. heck we are the #1 arms dealer in the world and are #1 because we have the supporting infrastructure ( yes it may be GOV financed). why not focus on what we can do better. Any body can do what the chinese do and use the equivalent of slave labor and zero pollution regulations. That is just very poor long term planing on their point. in the not so far future, and already in the present, they are going to pay a heavy price for the extensive pollution and environmental destruction they have and are unleashing.
In short why not try to become the DARPA to the world. contract with global customers to do high risk high reward research that requires substantial infrastructure to support it. allas this is point less as i think i agree with clott that we will not see change until there is a very rude wakeup call
#116 Here you go—
http://www.nytimes.com/imagepages/2007/09/23/weekinreview/20070923_BAJAJ_GRAPHIC.html
Stupid Giants parade, they put the family on the top of the double decker buses and the players on the botom level on the truck in front. fron the side streets all you could see as the top of the bus.
Anyhow on abc.com you can see the whole parade right now on a streaming video. much better
Bloodbath, bbb 119
It has nothing to do with being wimps. Maintaining control of a population and getting them to support acts/ideas that they would not normally support has been achieved throughout history by cultivating an atmosphere of fear. When you can get the population to fear the boogieman of the day you can literally and figuratively get away with murder. Do not mistake the current politics of both parties (i.e national security/ DHS)with politicians being wimps. This is a classic age old method of getting people to stop thinking critically and to create an environment where questioning authority is frowned upon and or disallowed in some manner. The decent into a US police state has been entirely intentional. These are the same methods and tactics that have been used during the cold war and for the last 1000 years to control people. Its very effective as fear is one of the base emotions that causes people to generally abandon higher reasoning.
UPS ,
will helikopter BEN do it again in march????
Bloodbath, bbb 119
don’t listen to him. it’s obvious that these neocons are all about fear. The irony is liberals are supposed to be the wimps. It’s turning out these guys are.
It has nothing to do with being wimps. Maintaining control of a population and getting them to support acts/ideas that they would not normally support has been achieved throughout history by cultivating an atmosphere of fear. When you can get the population to fear the boogieman of the day you can literally and figuratively get away with murder. Do not mistake the current politics of both parties (i.e national security/ DHS)with politicians being wimps. This is a classic age old method of getting people to stop thinking critically and to create an environment where questioning authority is frowned upon and or disallowed in some manner. The decent into a US police state has been entirely intentional. These are the same methods and tactics that have been used during the cold war and for the last 1000 years to control people. Its very effective as fear is one of the base emotions that causes people to generally abandon higher reasoning.
njpatient Says:
February 5th, 2008 at 10:24 am
35 chi #2 neither GTG?
njp: IR?
John, do you have a link to that post about 92% of people thinking there will be a .50 cut in March?
Not that i doubt you, i just wanted to forward it to a few journalist friends to see what they think …
Doyle Says:
February 5th, 2008 at 10:51 am
#24 BC, Oh, and of course a “Yankees S*ck” chant started up on the way out of the game. Don’t worry, it was quickly silenced by the 18-1 chant!!! What an arrogant group, they had to lose.
D: many Q’s
#1 on TV it sounded as if Glendale was more a Pats crowd (until the end). Logical, since the Jints fans only had 2 weeks to line up tix and trvel plans, and Pats fans had probably been eyeballing AZ since October.
#2 Note: I am Mets/Jets….if you are a bona fide Hat(e)riot, and you are a Yankee fan, enjoy a taste of how your base represents itself.
As an example, I was at Nix-Mavs on December 10th, and Perez and Maine were at the game. They put them on the jumbotron, and the enitre Garden boos…..Wright gets the same treatment. WTF is this?
The International Association of Financial Engineers Presents
Rogue Traders-Those Who Don’t Learn From History are Forced to Repeat It:
Risk Management Makes the Big Time, Discussions at Davos, Was Bernanke Snookered?
Speakers:
Leon Metzger, Adjunct Professor, Stern School of Business, New York University
Leslie Rahl, President, Capital Market Risk Advisors & IAFE Board Member
Henny Sender, International Financial Correspondent, Financial Times
Leo Tilman, Chief Institutional Strategist and Senior Managing Director, Bear Stearns
Date: February 11, 2008
Time: 5:30 Registration, 6:00 Program Begins, 7:30 Reception
Location:
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Registration:
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Bloodbath in Winter 2007 Says:
February 5th, 2008 at 12:07 pm
John, do you have a link to that post about 92% of people thinking there will be a .50 cut in March? Not that i doubt you, i just wanted to forward it to a few journalist friends to see what they think …
I think it is now 100%…NOTE – this figure is merely where people are willing to bet money…
http://www.bloomberg.com/apps/news?pid=20601009&sid=avkV9pEvQBmA&refer=bond
#128
Chi,
#1 From where I was it seemed there were more Giants fans from the get-go. Could have just been where I was sitting, but even the Pats fans behind me commented on it. Seemed 60-40.
#2 I hear ya on how some of the base represents. However, I do not. My office is 90% Mets fans and we get along quite well. There was more abuse coming from your side last year until the tide turned, then it was quiet, I said nothing. My point is: if Boston fans forever commented on the obnoxious Yanks fans, then why when you get the chance do you do the same exact thing?
Like I said, I don’t agree with a-hole fans from any squad. In fact, I host with our season tickets at Shea all the time (I am not a Met fan, but work requires). As a baseball fan I’m looking forward to seeing Santana this year. But, if I was a Pats fan at that game, there is no way I would be taunting Giants fans before the game. They had too much to lose, I would have been way too nervous.
Bad karma… you saw the outcome.
http://money.cnn.com/real_estate/zip_code_foreclosures/
top 1oo zip codes for foreclosure – Dec 2007
Rates are coming down like crazy on the short end. By st. patty’s day you will be crying in your beer when you cds roll over. Guess the Fed is assumming rather than leave you money in a cd at 2% you will either buy stocks, real estate or merchandise and we will spend our way out of the recession. Trouble is for ma and pa kettle who are scared of stocks and on a fixed income from their super safe, cds, money mkts and t-bills they will just have to eat dog food this summer, bernakee collateral damage.
ING is paying a whopping 3.4% on a one year CD that six months ago paid 5.25%. Another 75 bps are in the works by summer, do the math, that is 2.65% on a one year cd. Will those old folks try to juice yields again with MBS and Junk Bonds?, one never knows.
Grim #55 said: “Moving rates to zero (ZIRP) did nothing to stem the 15+ year collapse of property values in Japan during the post-bubble crash.
Why should it play out any different here?”
18 Years of falling land prices in Japan. Slump ended last year I believe!
john
I dont know if you were referring to me or just using the “ma and pa kettle” in a generic form; but i have no problem with stocks and agree with you conclusion as to CD’s money markets etc.
Doyle,
You lucky dog, being at that game. I would have worn my Flutie shirt with Gint shorts and hat. I know exactly where you are coming from regarding the Beantown fans. They have had an inferiority complex for years. They have a taste of success and they think they are invincible. It’s the NY, Beantown rivalry. Any time they start, I just say Bucky F*cking Dent. Unfortunately, they finally have a reply for that one, 3-0.
I went to a Bruce concert in Fenway. My wife was wearing a NY, FD/PD hat. The a-holes starting chanting Yankees s#ck. They are born and bred in this manner.
Now they are crying, stating that the SB would have been different if Tommy boy didn’t have a bad ankle, he would have been able to avoid the rush. What a crock. How about the 3 All-Pro linemen that had their heads spinning all day?
#128
Chi – currently the Fed Funds Futures is at 94% predicting a 50bps cut and 6% predicting a 75bps cut, zero predicting the status quo or raising rates.
Kettle did not mean you. I actually have a on-line account where I do most of my transactions and I do have a full service white shoe account where I do some transactions but mainly use if for live advice. In 2006/and the first half of 2007 the advisor kept beating into to me that with stocks near record highs and with junk, MBS, and corporate yields at all time low yields consdiering the risk you might as well go with 100% FDIC CDs at 5.25%, I was getting itcy and he held me back. Thank god, when rates were super low on cds in 2002-2004 he was all for stocks over 1% cds, he is a big risk reward type guy. He did let me do a lot of munis and very high investment grade bonds the last six months as the risk rewards was now very favorable. Trouble is with one more rate cut only the riskiest of the riskest fixed income products will pay any type of yield and the risk rewards says stocks only starting March 18th. The people who just keep it in the banks are going to get beat to death come summer.
First quarter numbers will be ugly from the banks as the auditors are really beating them up in getting the annual reports out and the 302/404 sign offs and will find a lot of impared assets. In April/May they may be some good bonds, or high yielding banks stocks but only if you can figure who was honest enought to write if all off at once and who is hiding more losses.
re 125 Kettle1
bread and circuses
Today’s version is Domino’s delivers and dancing with the stars.
http://en.wikipedia.org/wiki/Bread_and_circuses
BC,
If I told you I was in Tampa for the Bills game would you kill me?
I know Red Sox fans, but I am not sure why I expected Pats fans to be different.
If Brady’s ankle was 100% he may have sidestepped Tuck, only to get Strahan’s facemask in his chin. And, if Kiwanuka was healthy, it would have been worse, blah, blah, blah. I do think the Pats players handled the loss with class (Brady, Seau, Bruschi, etc.), wish I could say the same for their coach.
Okay, sorry everyone, I’m done.
Ready TO Buy 22 Sussex CTY Vernon.We are to far out from NYC & no trains so our declines will come before the inner berbs.That being said it will get there in time.Sorry about delay on the road most of morn.
Looks like 2/9 is Bday party day I have 10 11 year old girls comeing over for my daughters party.(sleep over,yes we are crazy).My plan is to slip out for the GTG,my wife is cool with it, my daughter is another thing.Wish me luck this could be tough!
can anyone recommend a realtor in the sayerville area? friend is looking to sell and upgrade (we’ve advised against it, but oh well), so i figured that i’d put out a feeler to help them …
Anyone living in a large home please give some advice on my problem. After seaching for a 4-5 bedroom colonial home for some time I stumbled upon a nice 3 BR 2 1/2 bath ranch at a bargain price. It is located on a very nice street in a “premier” school district. I would save at least $60,000 on my down payment and at least $800/month on princple,taxes, and interest. My question is if you had to do it all over again would you opt for the bigger house / bigger mortgage or prefer the smaller / charming ranch? I can swing the extra monthly payment but it would definately would impact my lifestyle such as vacations and other recreation. Thanks for your opinion. CHL.
Horses vs the Casinos which one will win?
http://www.bloomberg.com/apps/news?pid=20601103&sid=aMs9eZwgwfG4
“I know Red Sox fans, but I am not sure why I expected Pats fans to be different.”
Doyle,
Exactly the same, just a different jersey.
Anybody have an Idea why do the 30 year fixed is climing????
I though it was linked to 10 years yeald??
COOl 143 Go with the ranch,better safe than sorry.But thats just me.
cool – a lot depends on your family size and needs. But the ranch would be more reasonable, give you more wiggle room in terms of risk (unexpected illness etc.) and certainly be more efficient in terms of utilities.
Of course, if you have 7 kids and a couple of aging parents, it might be a squeeze.
dow down 305 pts. different super tuesday.
Pelosi views stocks as the playground of the rich, and has a special treat in store for stock investors come 2009. Ma & Pa Kettle may have upscale company, eating their CD interest dog food, in 2009.
Good stuff, John. Emigrant Direct is at 3.97, which is a far cry from the 5 and change we were getting last year, but such is life.
I can assure you this – there’s no way we’re taking out our housing money from making $450-500 a month interest and putting it in the stock market.
I have no problem only collecting 4-6k over the course of the year, no sweat.
bi,
Didja get your SRS?
Depending on Balance ($25K) you can get 4.45% (down from 5% Bernanke) on Money Market at Hudson City.
Balance Tiers Interest Rate APY Additional Information
$10 – $24,999 1.49% 1.50% Initial Deposit $10,000
$25,000 & up 4.35% 4.45% Initial Deposit $10,000 No Fee
else CD’s are at 4%
At this point. Take the 3 or 6 month CDs as Benji is gonna fruitlessly cut to zero.
The depression is a coming.
Hopefully not before the get together on Saturday though. :P
But the markets want more drastic action by the Fed. The Chicago Board of Trade’s fed fund futures are pricing in a 30% chance of a quarter-point cut this month, when the Fed isn’t even scheduled to meet.
Foreclosures on Staten Island up 184 percent from Dec. to Jan.
by Staten Island Advance Tuesday February 05, 2008, 8:06 AM
Foreclosures on Staten Island in January jumped 184 percent from December to January, the highest increase in the city, according to a published report.
In a report in today’s New York Post, Ashleigh Rose Clark of the Web site PropertyShark.com tells the paper that Staten Island’s yearly foreclosure rate is the most alarming, as it was up 260 percent.
Other boroughs saw a less dramatic monthly increase. In Queens the jump from December to January was 150 percent, followed by Manhattan at 80, Brooklyn at 46 and The Bronx at 14 percent.
See more in News, Real estate
CDO Market Is Almost Frozen, Merrill, JPMorgan Say http://www.bloomberg.com/apps/news?pid=20601087&sid=aCk0Qr1f2Eew&refer=home
“Feb. 5 (Bloomberg) — Buying and selling of collateralized debt obligations based on mortgage bonds, high-yield loans or preferred shares has ground to a near-halt, traders said at the securitization industry’s largest conference.”
“Fitch Ratings today said it may downgrade the $220 billion of CDOs it assesses that are based on corporate securities. The New York-based company said it may lower the notes by as much as five levels after failing to accurately assess the risk of debt that packages other assets. “
Re 151, unless your CDs are the 1-5 year variety taken out pre 2008 you will be making a lot less in 2009. Us people trying to earn yield safely on our housing downpayment while waiting for home prices to bottom have a difficult task ahead. I do think we will see one more bombshell write off or bankruptcy in the next few months which will short term rock the credit markets enough to give some short lived high quality bond purchases. Till then I am back on the side lines.
Looking at CD rates you will see banks have ok 3-6 months rates, very low 9 months to 4 year rates and then good 5 year rates. Their phds are telling us Big Ben is cutting and will keep it low for awhile then inflation will kick in and long term rates will rise. If they are guessing rates will be low for the next four years my 70 year old father in law with his bank cds is in for a rough ride.
BC Bob Says:
February 5th, 2008 at 1:19 pm
“I know Red Sox fans, but I am not sure why I expected Pats fans to be different.”
Doyle,Exactly the same, just a different jersey.
Doyle & Bost: I’ll tell you that Philly and Boston are almost the same sports city except Boston is the Irish version and Philly the Italian version. There are a lot of parallels, but Boston has more and better schools, and Philly is nowhere nearly as straight ahead no-holds-barred racist…..
looks like a down goes frazier day.
my oh my.
As a New Englander, I would just like to point out that NYers are detested everywhere, not just in Boston. I agree that Bostonians go way overboard though at times, esp with the “Yankees Suck” chants.
There are still believers out there. G-d bless the human spirit.
From the Rahway Rising Blog:
“… people are investing in Rahway. Show me another project in NJ where the units are 90% sold-out 6 months prior to competion of the project. Despite the falling housing market, this project is doing well. I would suspect the 5-year ROI will be substantial.
”
http://rahwayrising.blogspot.com/2008/01/on-tap-for-2008-park-square-sky-view.html
Rahway is promising. I believe it.
I do think the Pats players handled the loss with class
Both Brady & Moss have decided to skip the Pro Bowl. Some class.
Chi,
Great analogy.
By the way, no racism towards Big Papi in Beantown.
#163
I agree, but they do need a dose of reality as far as pricing those condos goes.
Huckabee Wins All 18 W.Va. Delegates. The market is likely to decline more from here.
http://www.breitbart.com/article.php?id=D8UKBKNG2&show_article=1
Huckabee Wins All 18 W.Va. Delegates. The market is likely to decline more from here.
McCain must be pleased
ready (75)-
Perhaps your family would like to subsidize the amount of money this agent is eventually going to cost you.
168#, by my black box model, obama/hillary can beat mccain with 89% probability. watch out your oil stocks.
#161 skep: Heck!! NY’ers are detested in NJ!!
bi Says:
February 5th, 2008 at 10:04 am
75#, invading iraq is a must if you don’t want to see another 9/11 in your backyard. iraq is the center and the base of islamic jihadists. if 9/11 is a wake-up call, this call is not loud enough to wake up many liberals including many bloggers on this board.
You need to travel the world, read the history and stop listening to Fox or Limbaugh. Actually even for me, till now, I used to think that US at least did one good thing, i.e. liberated Iraq and is trying to promote democracy. My opinion of all things changed when I spent 3 weeks in Saudi Arabia last month. Here are some reasons,
1. Majority of Terriorists came from Saudi, not from Iraq. Bush never said to them either you are with us or against us. They are still spewing their failed policies. I would not be surprised if more terrorist come out of that country.
2. There was no proven connection with Iraq and Terrorism. How come country with no proven connection gets attacked and country with proven connection gets pardoned? Where is your rationale? Just because King is friend with folks in DC, does not mean population is too.
3. After talking to tons of locals, I will tell you, US will never win hearts and minds of Iraqis. We never hear about number of innocent Iraqi lives lost due to this war. My friend no Iraqi will ever forget that.
The republican policy is huge failure and very child like. The only way out right now is to tell International leaders that well we screwed up, now help us get out of this. US cant get out right away but at least it should confess and get on to right path.
starting (77)-
“So, Clot, is the answer to go with an agent from a smaller company?”
Not necessarily. There’s nothing inherently wrong with big companies. To some extent or another, all companies out there are pumping the sunshine.
However, I’d work extra-hard to find an agent who’s got his own mind and hasn’t been completely brainwashed. All you need is someone who sees things for what they are and has enough cojones to fight a little on your behalf.
3b (79)-
Once the showings completely dry up, there’s no torture at all. Your house just shows up on a list.
Can’t imagine someone who truly needs to sell following a plan that keeps them on the market for two years.
Huckabee Wins All 18 W.Va. Delegates. The market is likely to decline more from here
I don’t think it makes a difference. This is good for McCain, but a McCain win is already “priced in” today. While I still give the Dems the edge in November, I think McCain has a decent shot against Hillary. McCain can take a good share of the independent vote and the die-hard conservatives hate Hilary enough to hold their come out and support McCain. An Obama win would be more trouble for McCain because he simply isn’t as polarizing as Hilary.
Jamey (103)-
Never joined a frat. The “collective hunch” is not a hunch, it is fact.
3b Says:
February 5th, 2008 at 2:45 pm
#161 skep: Heck!! NY’ers are detested in NJ!!
My take. The worst people from NYC are those who didn’t grow up in the area, or else grew up in the suburbs. A bunch of close-minded posers, similar to any Yankee fan who did not start to follow the Yankees as a family tradition, but rather as some trophy extension of their doppleganger NYC-dom
#174 clot: Understand, just does not make sense to me, 6 months or so, fine, but 2 years!!.
RentininNJ: I just hope that after the primaries, Clinton and Obama kiss up, and come out as combined ticket. It does not matter Clinton-Obama or Obama-Clinton. They just have to explain to people that their team is better then whoever McCain picks. In that case, McCain has huge problems.
In fact, I personally like McCain. And actually few months ago even shook hands with him at a restaurant in California. I still think Clinton and Obama joint team would be very very tough to beat.
I know the post superbowl listings take a while to come out, but has anyone noticed an increase in listings yet?
Federal Reserve Bank of Richmond President Jeffrey Lacker said he sees “the possibility of a mild recession” and further reductions in interest rates “may be warranted.”
“A slowing economy requires a lower inflation-adjusted interest rate,” Lacker said in prepared remarks to banking leaders in Charleston, West Virginia. “The prominence of downside risks means that further easing ultimately may be warranted.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1zEWjcQblH4&refer=home
[79] care to share the listing information with us?
Both Brady & Moss have decided to skip the Pro Bowl. Some class.
Rent,
If I was Tom Brady, just got beat up in the SB -have a gimpy ankle, why the h*ll would I go play in some meaningless game out in the islands that nobody cares about? This is not the MLB All-Star game. NOBODY CARES. I certainly wouldn’t risk tearing up a knee on the turf in Hawaii.
No thanks, you obviously disagree, but I don’t blame him one bit.
#171
3b– interestingly, Bostonians are hated throughout New England as well.
#177 chgo: I grew up in NYC, and after over 20 years in NJ, i still get shocked reaction when I tell people I grew up in the Bronx.
It’s usually something like Oh my God, was it really bad? Did you grow up in a ghetto? Near Yankee stadium? how many times were you mugged?
ChiFi (128)-
“As an example, I was at Nix-Mavs on December 10th, and Perez and Maine were at the game. They put them on the jumbotron, and the enitre Garden boos…..Wright gets the same treatment. WTF is this?”
Hey, Chi, we got the “equalizer” now…don’t worry.
Can’t wait to see Johan back Jeter off the plate this season.
Rent,
Or did you just mean they should be there even if they don’t play?
#184 skep: I know Bostonians are despised in Vermont, then again so are NY’ers too.
(129)-
“Was Bernanke Snookered?”
When this becomes the topic of a presentation to financial professionals, one can safely assume we’re knee-deep in poo.
#181 BC Bob: Uh oh, he uttered the R word!!!
Mild? Well we will see about that.
“As an example, I was at Nix-Mavs on December 10th, and Perez and Maine were at the game. They put them on the jumbotron, and the enitre Garden boos…..Wright gets the same treatment. WTF is this?”
Chi,
They should have booed you for attending a Knick’s game.
My take is that Obama could help Clinton as a running mate, but Clinton would hurt Obama as a running mate. Obama brings in young, unregistered voters. Clinton brings in registered, older female democrats– the exact people who would vote for whoever is the Democrat nominee. In other words, she would contribute nothing to his ticket in the way of votes, but would carry a ton of baggage.
#182 SG Exactly right. If we as the U.S. claim to be leader of the free world and all of that, then we have to understand the reality that diffferent countries have different opinions,and a differrent world view then we might have.
Saudi Arabia’s brand of Islam (Whabbi), is extremely conservative, and it expouses th whole infidel nonsense and all of that.
As you said that is where the problem.is/was not Iraq.
At least old Bush had the sense to listen to his advisors, and not invade and occupy Iraq.
#192 I could see a Clinton/OBama ticket. But I really do not think Hillary will play second fiddle as Obama’s VP.
I do not think her ego would permit that. It is now or never for her if she wants to be President.
Al (146)-
Does the 30 fixed track the 10 year sometimes? Yes. Is it pegged to it? No.
Watch mortgage rates continue to inch up. And watch the qualification/underwriting standards get tougher and tougher.
Lenders just don’ want to lend. They’re squirreling away cash, trying to repair their broken companies.
Rte 495 is really the demarcation between Boston and the rest of New England. People in Boston joke about people who live outside of 495 as if they’re Appalachians. People from Boston go to vacation in all of the places north, south, east and west of 495 and of course all of the people who live in these places take their money but hate them anyway. it is sort of like the relationship (I imagine) between upstate NYers and downstate NYers
Strict qualification criteria does not bother me…
What bother’s me is that now rates are going up – what causes it – it is raising inflation (expectation of) or lenders want more premium for the risk?
P.S. If worth come to worth – I will have to get a loan from retired relatives – 5.25% will beat whatever they are getting right now from their CD’s…
(i’d hate to do that though….. Can’t even imagine my mother in-law having this kind of power over me…. Scary Stuff…..)
http://www.sciam.com/article.cfm?id=getting-duped&print=true
Getting Duped: How the Media Messes with Your Mind
Statements made in the media can surreptitiously plant distortions in the minds of millions. Learning to recognize two commonly used fallacies can help you separate fact from fiction
By Yvonne Raley and Robert Talisse
In 2003 nearly half of all Americans falsely assumed that the U.S. government had found solid evidence for a link between Iraq and al Qaeda. What is more, almost a quarter of us believed that investigators had all but confirmed the existence of weapons of mass destruction in Iraq, according to a 2003 report by the University of Maryland’s Program on International Policy Attitudes and Knowledge Networks, a polling and market research firm. How did the true situation in Iraq become so grossly distorted in American minds?
Many people have attributed such misconceptions to a politically motivated disinformation campaign to engender support for the armed struggle in Iraq. We do not think the deceptions were premeditated, however. Instead they are most likely the result of common types of reasoning errors, which appear frequently in discussions in the news media and which can easily fool an unsuspecting public.
News shows often have an implicit bias that may motivate the portrayal of facts and opinions in misleading ways, even if the information presented is largely accurate. Nevertheless, by becoming familiar with how spokespeople can create false impressions, media consumers can learn to ignore certain claims and thereby avoid getting duped. We have detected two general types of fallacies—one of them well known and the other newly identified—that have permeated discussion of the Iraq War and that are generally ubiquitous in political debates and other discourse.
Spinning Straw into Fool’s Gold
One common method of spinning information is the so-called straw man argument. In this tactic, a person summarizes the opposition’s position inaccurately so as to weaken it and then refutes that inaccurate rendition. In a November 2005 speech, for example, President George W. Bush responded to questions about pulling troops out of Iraq by saying, “We’ve heard some people say, pull them out right now. That’s a huge mistake. It’d be a terrible mistake. It sends a bad message to our troops, and it sends a bad message to our enemy, and it sends a bad message to the Iraqis.” The statement that unnamed “people” are advocating a troop withdrawal from Iraq “right now” is a straw man, because it exaggerates the opposing viewpoint. Not even the most stalwart Bush adversaries backed an immediate troop withdrawal. Most proposed that the soldiers be sent home over several months, a more reasonable and persuasive plan that Bush undercut with his straw man.
The straw man is used in countless other contexts as well. In his acceptance speech at the 1996 Democratic Convention, for instance, Bill Clinton opined: “… with all respect [to Bob Dole], we do not need to build a bridge to the past. We need to build a bridge to the future.” Dole did discuss restoring the values of an earlier America, but Clinton falsely implied that Dole was only looking backward (whereas Clinton was looking forward). People may use a straw man to discredit theories to which they do not subscribe. Characterizing evolution, for example, as “all random chance” is a straw man argument; it misrepresents a complex theory that only partly rests on the randomness of mutations that may lead to better chances of survival.
Recently, in a 2006 paper co-authored with Scott F. Aikin, one of us (Talisse) documented a twist on the straw man tactic. In what Talisse dubs a weak man argument, a person sets up the opposition’s weakest (or one of its weakest) arguments or proponents for attack, as opposed to misstating a rival’s position as the straw man argument does. In a July 2007 edition of Talking Points, Bill O’Reilly took on a claim by the New York Times that we had lost the war in Iraq by saying that “the New York Times declared defeat in Iraq Sunday on its editorial page, and there’s no question the antiwar movement has momentum.” (The editorial actually said that “some opponents of the Iraq war are toying with the idea of American defeat,” but let us assume that O’Reilly’s characterization was correct.)
O’Reilly then offered a weak man explanation for the purported defeat: “The truth is the Iraqi government and many of its citizens are simply not doing enough to defeat the terrorists and corruption. The U.S.A. can’t control that country. No nation could…. Unfortunately, the Iraqi failure to help themselves has come true.” Although Iraq’s failure to aid in fighting terrorism and corruption could be why we are losing the war, the troubles in Iraq could also stem from a host of logistical reasons, some of which may shed a negative light on the current administration. O’Reilly, however, kept any discussion of these reasons offstage, suppressing the various other possible—and possibly more likely—reasons for “defeat” in Iraq. Meanwhile his claims that the “U.S.A. can’t control that country” and that “no nation could” deflected blame from the U.S. government.
Weak man arguments are pervasive. In a 2005 editorial in Denver’s Rocky Mountain News, conservative writer and activist David Horowitz picked on ethnic studies scholar Ward Churchill, formerly at the University of Colorado at Boulder, whose views he described as “hateful and ignorant.” Horowitz then went on to claim that Churchill’s radical “hate America” convictions “represent” those of a “substantial segment of the academic community.” Thus, he used the example of Churchill (the weak man) to argue that “tenured radicals” have made universities into leftist political institutions and subverted the academic enterprise, thereby failing to acknowledge the presence of more highly regarded and politically mainstream scholars in academia.
Trolling for Truth
Weak man tactics are harder to detect than those of the straw man variety. Because straw man arguments are closely related to an opponent’s true position, a clever listener might be able to spot the truth amid the hyperbole, understatement or other corrupted version of that view. A weak man argument, however, is more opaque because it contains a grain of truth and often bears little similarity to the stronger arguments that should also be presented. Therefore, a listener has to know a lot more about the situation to imagine the information that a speaker or writer has cleverly disregarded.
Nevertheless, an astute consumer of the news can catch many straw man and weak man fallacies by knowing how they work. Another strategy is to always consider a speaker’s or writer’s motivation or agenda and be especially alert for skewed statements of fact in editorials, television opinion shows, and the like. It is also wise to obtain news from more balanced news sources. An alternative approach is to try to construct, in your own mind, the best argument against what you have heard before accepting it as true. Or simply ask yourself: Why should I not believe this?
195#, 197#, where do you see mortgage rates are going up? the quote i got is still 5% to 5 1/4% for 15 years fixed and 5 1/2 to 3/4 for 30 years. with today’s 10 year bond rally, we could see another 1/8 down tomorrow.
If I was Tom Brady, just got beat up in the SB -have a gimpy ankle, why the h*ll would I go play in some meaningless game
Or did you just mean they should be there even if they don’t play?
I understand that Brady took a beating. What I’m saying is that is that if the Pats won, you can bet that Brady & Moss would have shown up to the Pro Bowl and taken the field like a conquering generals; chests puffed out, basking in the glory of their 19-0 season. If Brady was really hurt, he would either sit out the game (which is a powder puff game anyway) or would have just taken a few snaps for the cameras before being waving to the crowd and calling it a day.
They aren’t showing up because they lost and are bitter about it.
cool#143: As someone who has weathered a few periods of only one household income over the last 11 years, I can tell you that if the ranch is adequate for your needs (and your needs in the foreseeable future), then there’s no reason to go bigger and more expensive. There’s a lot to be said to having money for emergencies and updates that you want to do, as opposed to being house-poor and stretched to your limit. S**t happens in life, and better to be prepared for it.
Sybarite Says:
February 5th, 2008 at 3:34 pm
Sybarite: Every once in awhile you see an example of manipulation, and it just colors my perception of everything else out of that source.
One recent example that really sticks in my craw is Neil Cavuto referring to a “5% unemployment rate” as a “95% employment rate”. It is insulting….
Do people live in Vermont? BTW there is no law saying banks have to match the low rates, rates fall yet banks take on equal amounts of default risk at the lower rate, banks have to lend to be a bank but they don’t have to go crazy lending. During 2004 one money center bank considered their mortgage divison a non-profit center and just did the minimun amount of loans to satisfy the fed and NYS banking department. Why lend at 5% when you could throw money into AWM, IB, credit card loans or Hedge investments and make double digit returns.
3b Says:
February 5th, 2008 at 3:05 pm
#184 skep: I know Bostonians are despised in Vermont, then again so are NY’ers too.
We used to go to the VET in Philly and I’d be wearing an LT jersey sitting in that 700 level. I don’t know how we escaped alive.
Technology is the answer and it doesn’t work on commission.
“The lending side of banks has often been criticized as being the least efficient operational unit at financial institutions. This problem is especially true of the commercial lending area where fragmented systems, manual processes and paper abound. However, there are ways to bring efficiency to commercial lending. To learn how, join us for Automation In Commercial Lending: There Is Hope, a free, one-hour webcast brought to you by Bank Systems & Technology.”
Stock Market:
Another great buying opportunity???
Google at 500$ – wasn’t it 700??
How long will it be before this type of Lending is made illegal?
P2P Lending 2.0
http://www.prosper.com/
206#, al, yahoo at $29, wasn’t $112 in 1999?
3b,
#185
I too grew up in the Bronx and have lived in NJ for 30 years. I experience the same response from people when they find out that I’m from the Bronx. They think that NJ is so much better than the Bronx. But, come to think of it, most parts of NJ really is better.
When I visit my friends in Whitestone (Queens) which is one of the better sections of Queens (where values of small ranch houses hover around $1 million,) I am so happy to return to NJ. As crowded and congested and polluted as NJ is, it is still better than NYC. But, hey, I love NY too.
#209 I lobe NJ too, but will always love the place I was born in, And we nver had any of this silly my town is better than your town nonsense that is so prevelant in at least north Jersey.
As far as most parts of NJ being better than th Bronx, debatebale, there are soem loverly areas in the Bronx.
I just never undestood native NJ people picking on the Bronx, when just about every major city in NJ is a dump.
The old people who live in glass houses should not throw stones.
bi Says:
February 5th, 2008 at 4:20 pm
206#, al, yahoo at $29, wasn’t $112 in 1999?
I am glad I did not have any money in 1999….
I actually liked Yahoo wayyy back
#209
One of my exes went to Fordham U. in the Bronx for grad school. From what I’ve seen, the Bronx is a pretty scary place.
And I mostly grew up in Newark, NJ.
I forgot to mention that growing up in NY the Yankees were THE ONLY BASEBALL team that really mattered. I never realized that there were so many crazy RED SOX fans that are SO demented.
One time when I went to a Yankee/Red Sox game, Red Sox fans had the nerve to chant YANKEES S*ck on their way out of Yankee Stadium. They really had alot of nerve to do that in OUR stadium. Also, outside of Yankee Stadium on the way home, the Red Sox fans were actually peeing on the sidewalks in broad daylight. They are so classless.
Al Says:
February 5th, 2008 at 4:11 pm
Stock Market:
Another great buying opportunity???
Google at 500$ – wasn’t it 700??
Paul Simon:
be careful! Not a statement of fact, but rather a point of consideration….
http://www.investopedia.com/terms/v/valuetrap.asp
PattiMak Says:
February 5th, 2008 at 4:35 pm
I forgot to mention that growing up in NY the Yankees were THE ONLY BASEBALL team that really mattered. I never realized that there were so many crazy RED SOX fans that are SO demented.
One time when I went to a Yankee/Red Sox game, Red Sox fans had the nerve to chant YANKEES S*ck on their way out of Yankee Stadium. They really had alot of nerve to do that in OUR stadium. Also, outside of Yankee Stadium on the way home, the Red Sox fans were actually peeing on the sidewalks in broad daylight. They are so classless.
PM: is any part of this post a joke?
#212 sybarite: Then you have only seen one part of it. Not to offend, but I would take the Bronx over Newark any day.
For a city with only around 170K people, its down right frightening the amount of violent crime that it has.
#212, Syberite,
That’s funny because I find that Newark is pretty scary. Parts of Elizabeth too. I think we can agree that there are undesirable places in both NY and NJ.
# 143
CHL,
Although we could have afforded to buy a larger house, we opted to buy a smaller one (We have about 3,000 sq. ft.) because we did not want to have the debt hanging over our head. We still love the house, and will not likely sell for another 10 years (we are here 15 already) BUT we should have gone a bit larger. There are little things that drive us crazy, but are not so anoying that we feel compelled to move.
In short, we would be happier someplace else BUT we are not willing to pay RE commissions, lawyers, various taxes, moving expenses, etc. in order to get rid of the things that bother us about this house. We prefer to put those monies into other property, travel, etc.
You CAN always move up, but will you? If not, or if the costs of moving later are too high, you may not want to make the compromise. If you are willing to stick around despite the flaws (kind of like most people do with spouses) then the smaller place may be fine.
#216,217
That’s true. Perhaps there are nicer parts of the Bronx than what I’ve seen, just as the area in Newark where I grew up is not as bad as the rest of it.
I grew up in the Ironbound section, which is in severe contrast to the rest of Newark. Have you seen this: http://www.nj.com/news/murder/index.ssf?/str/homicide/fmap.htm
The Ironbound section there is much lower in homicide rate than the rest of the surrounding area. I guess my observations of the Bronx didn’t find any similar area. That said, there were some good restaurants on Arthur Ave…
someone called the DOW dropping by 300pts yesterday. You were one day off.
Whoever that person, I pat you on the back (pat,,,pat,,,)
;)
SAS
#215
I am totally serious. The Red Sox fans that I have had contact with have issues. I guess that comes from years of losing.
3b Says:
“At least old Bush had the sense to listen to his advisors, and not invade and occupy Iraq.”
Bush senior did a much better job with his Iraqi adventure, and of course was just far more internationally savvy.
That said, there is nobody MORE connected in this country to the Saudis than Papa Bush.
#219 sybarite: I should have mentioned Ironbound, I am sorry I forgot.
As far as nice areas in the Bronx. Here goes, CIty Island (great seafood), connected by a bridge to the mainland), Riverdale, Throggs Neck, Woodlawn, Silver Beach, and Country Club.
# 168 “Huckabee Wins All 18 W.Va. Delegates. The market is likely to decline more from here.
McCain must be pleased”
In fact, the win was engineered by McCain’s supporters at the WV convention. Romney was set to win and McCain could not win, so, to ensure that Romney (who is a threat) did not win McCain’s folks switched to Huck and let him win. It also has the effect of making the far right of the party feel that Huck has a chance and stick with him, thus draining support from Romney elsewhere.
SAS 220 That was BI.Go figure.
bi Says:
February 4th, 2008 at 10:44 am
i expect today dow will drop 300 pts.
# 180 “I know the post superbowl listings take a while to come out, but has anyone noticed an increase in listings yet?”
There may be a few in the Boston area as some dejected fans, and fired players, move out.
the DOW dropped 370pts.
hey!! where is our weeky rate cut?
SAS
What dumb bank is still lending in NYC and NJ?
It’s seems crazy that anyone is still willing to offer a mortgage in this area.
Riverdale is in the Bronx!!!!
There is more to do in the Bronx then in all of Jersey, Yankees, Bronx Zoo, botanical gardens, citi island and great italian food on arthur avenue.
the dollar picks up a little in the past couple of day, and oil drops.
wow, imagine that.
I really do think we need to get rid of the Fed!!
Hence, that is why I voted for Ron Paul today.
SAS
#223 3b: I haven’t been back to the Bronx in a number of years. It’s good to know that those places you’ve mentioned are still nice. I had friends from Country Club and Throggs Neck who moved away from there years ago.
“If you are willing to stick around despite the flaws (kind of like most people do with spouses)”
For the record, Mrs. patient is flawless and I am lucky.
Riverdale is nice area. Really easy commute to NYC.
But, if you have the money to buy in Riverdale, you might as well buy in West Harlem or Morningside Heights.
SAS
When I little the bronx was great and then around 10 years old it went bad. The white collar people moved to Harrison, the blue collar/union people went to long island and the broke people went to SI or NJ.
Bi,
What you say here makes a lot of sense. Iraq is a terrorist swamp that requires draining. These pantywaist liberals never ever see a reason to fight; they’re too damn busy hating America.
Iraq is the line in the sand against the terrorist advance and we need to draw another one in Iran. I’m getting damn tired of these pantywaist liberals always crying and moaning and wringing their damn hands about Iraq. These terrorists should have thought about their asses getting kicked before they hit the trade center.
bi Says:
February 5th, 2008 at 10:04 am
75#, invading iraq is a must if you don’t want to see another 9/11 in your backyard. iraq is the center and the base of islamic jihadists. if 9/11 is a wake-up call, this call is not loud enough to wake up many liberals including many bloggers on this board.
Jeez, and I suppose you see guys in white suits and black helicopters.
This is a bunch of hooey. Don’t post this stuff. You’re the one trying to plant thoughts.
Sybarite Says:
February 5th, 2008 at 3:34 pm
http://www.sciam.com/article.cfm?id=getting-duped&print=true
Getting Duped: How the Media Messes with Your Mind
Statements made in the media can surreptitiously plant distortions in the minds of millions. Learning to recognize two commonly used fallacies can help you separate fact from fiction
235 re
you may be the most ignorant person that I know.
frond
#236
I posted the article because I just saw it today, and it seemed relevant to some of our discussions today.
Stop being a troll. You are the one who acts hostile and posts nothing but neo-con rhetoric.
Contrary to what you think, leaning left politically does not entail hating America.
HGTV presents – “sleep on it”
http://www.youtube.com/watch?v=VQffoGJ2fac&feature=related
Off, on, off, on.
“MBIA Inc.’s AAA bond insurance ranking was put back under review for a downgrade by Fitch Ratings less than a month after affirming the grade with a stable outlook.”
“Fitch is updating its assumptions for higher losses on U.S. subprime-mortgage securities, the New York-based ratings company said today in a statement. The results may show MBIA doesn’t have enough capital to support its guarantees on such debt even with the $1.5 billion of new capital that MBIA has raised, Fitch said.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aPq0kkKr8.gs&refer=home
#239 Sybarite
They’re only a troll if you feed them…
# 232 “For the record, Mrs. patient is flawless and I am lucky.”
Indeed. Actually, what I should have typed is that despite their husbands’ flaws most wives decide to live with them, lol.
Frank Says:
February 5th, 2008 at 5:06 pm
What dumb bank is still lending in NYC and NJ?
It’s seems crazy that anyone is still willing to offer a mortgage in this area.
________________________________________________
Not only are they still lending, but a certain large bank that shall remain nameless sent a promotion out to all the associates at my firm today offering an 80%/15% with “only 5% down!” The more things change . . .
sorry for spelling fnord wrong.
# 244 “The more things change . . ”
And the NAR is pushing the value of leverage.
You have a very selective memory. Inpatient calls me ignorant, 3b attacks every post I make, Clod calls me retarded, BC Bob calls me 50.50 and I’m hostile? Give me a break.
You throw a rock into a pack of dogs and this one who gets hit starts yelping. I say that liberals are unamerican and you pop up moaning that they’re not. These are the same liberals, mind you, who’ve wanted to cut and run from every conflict we’ve taken on to defend our interests. These are the same liberals who want to tax us to death while passing out entitlements like it’s okay. These are the same liberals who undermined our financial and real estate markets and yet you say they’re patriots? Give me a break.
Sybarite Says:
February 5th, 2008 at 5:24 pm
#236
I posted the article because I just saw it today, and it seemed relevant to some of our discussions today.
Stop being a troll. You are the one who acts hostile and posts nothing but neo-con rhetoric.
Contrary to what you think, leaning left politically does not entail hating America.
For what it’s worth this is “on the street financials”
A friend of mine who has delivered every valentines day for the last 5years, went to sign up today as she has every feb 5th and was shocked to find out they would not be needing her this year. They would not be hiring any day drivers they would be using their employed drivets because they have only recieved 400 orders as of today and they usually have close to 4000 by now. Wow!
She’s upset and it looks like I’m paying for gas and lunch when we go to the Pennsylvania outlets );
KL
I hope Rahway succeeds. I’m considering buying there myself. That being said, it’ll be interesting to see how many Skyview condos come up for resale or rent once the project is done. Given that the sales were made with 2006 and first-half 2007 lending standards, I find it hard to believe that the project didn’t attract speculators and buyers with imperfect credit. 1 Spring Street in New Brunswick has tons of units for resale and rent 1 year out from construction, and I think NB has much more yuppie appeal than Rahway at this point. Right now Rahway is a poor man’s New Brunswick, which isn’t saying much.
# 247 “These are the same liberals, mind you, who’ve wanted to cut and run from every conflict we’ve taken on to defend our interests.”
In the interest of historical accuracy, and as Bob Dole said in 1976, Democrats initiated the use of force in: World War I, World War II, Korea, and Viet Nam. HST also had the ba…ummmm…..gumption, to drop two nukes.
The person who appointed me to a position, and who is still my favorite president RR, cut and ran after the marine’s died in the truck-bomb attack.
# 247 “These are the same liberals, mind you, who’ve wanted to cut and run from every conflict we’ve taken on to defend our interests.”
In the interest of historical accuracy, and as Bob Dole said in 1976, Democrats initiated the use of force in: World War I, World War II, Korea, and Viet Nam. HST also had the ba…ummmm…..gumption, to drop two nukes.
The person who appointed me to a position, and who is still my favorite president RR, cut and ran after the marines died in the truck-bomb attack.
who wants to bet: will FED do another emergency CUT RATE or NOT ??
(wall street is alreday calling for it…spoiled brats)
“Bostonians are hated throughout New England”
“Bostonians are despised in Vermont”
Most of my relatives live in the Boston area. Several grew up inside the city (Dorchester, Hyde Park) and others grew up in the suburbs and in Vermont and Rhode Island.
In addition, I spent a lot of my childhood in New England.
I never heard anybody up there say bad stuff about people from Boston.
Based on my experience, the strong Boston opinions expressed today are off target. I’m sure we can argue about this forever, though.
So, does anybody think Boston’s housing market will be one of the first to bounce back? It was one of the first to become stagnant.
pret: I think Boston and New England contains some of the best areas in the country. I really like it up there. However, I am white, and no one I know who is non-white wants to be up there, except if they have a SERIOUSLY GREAT job or are furthering their education.
RE 198
Though I don’t side with Bush, I find this a poor example of a straw man argument. Six months is little different from ‘right now’ for any large organization. It seems clear that Bush would have held the same view of the six month deadline as well
‘President George W. Bush responded to questions about pulling troops out of Iraq by saying, “We’ve heard some people say, pull them out right now. That’s a huge mistake. It’d be a terrible mistake. It sends a bad message to our troops, and it sends a bad message to our enemy, and it sends a bad message to the Iraqis.” The statement that unnamed “people” are advocating a troop withdrawal from Iraq “right now” is a straw man, because it exaggerates the opposing viewpoint. Not even the most stalwart Bush adversaries backed an immediate troop withdrawal. Most proposed that the soldiers be sent home over several months, a more reasonable and persuasive plan that Bush undercut with his straw man.’
Tainted Pills Hit US Mainland
http://news.yahoo.com/s/ap/puerto_rico_pill_problems;_ylt=Ah1jdjPT23PVCbBGem1CRTus0NUE
Let’s hope Government Run Universal Healthcare doesn’t force us to take the tainted pills. The FDA thinks it’s O.K.
#256
What makes you think privatized healthcare would behave any differently?
Further to my post 248 it was 1-800 flowers she had been delivering for and they also lost 2 company accounts as part of the non-business. These two companies would order at least 200 arrangements for valentines day.
KL
Reinvestor,
With each additional comment you submit, your ignorance becomes more evident. It would be to your advantage to simply sit on your hands.
256 Confused
If we had universal health, people wouldn’t have to go to Puerto Rico to get their pills.
If anyone here has access for Fitch it looks like they’re downgrading 172,326 bond issues from MBIA, almost all of them muni’s. I don’t have Fitch access, but there is a post over at calculated risk;
http://calculatedrisk.blogspot.com/
I’m sitting here watching the poll results and am dismayed by my party. We’ve got no one worth voting for running. McCain is a closet liberal, Romney’s hair doesn’t move and Huckebee is a religious nut. How did my party come to to idea that they have to win by imitating democrats?
I’m sick. Real estate is underwater, the stock market is under attack and we’re going to put either Oprah’s and Bill Clinton’s lapdog in office.
I fear for my country.
NJP260 What are you talking about,the pills are shipped here no one goes there.PR might as well be the 51st state.FDA as total authority as in U.S.to how well they are doing their job,thats gov at work lets put them in charge of health care.
257.Sybarite Says:
February 5th, 2008 at 6:49 pm
#256
What makes you think privatized healthcare would behave any differently
With current healthcare, I can tell them take your tainted pills and shove them. Awhile back, one of the leading Universal Proposals was insinuating you would be required to follow Wellcare dictates for the good of Society.
Governments track record on rescinding personal freedoms is bad.
Confused the same people who hate the patriot act what to give gov control over health care.I don’t care for either.More freedom = more risk.Thats the way it is.I’ll
take the risks but will not give up my freedom.Less gov not more wiil keep this country great, not mommy gov.
Yes lets give heaith care to the lowest bidder.
#253 pret: My good friend in Norfolk tells me it is getting uglier every day.
It is a obscenely early to be talking about an upturn in prices my child. We have a recession to get through that is just getting under way.
#251 Shore guy:The person who appointed me to a position, and who is still my favorite president RR, cut and ran after the marines died in the truck-bomb attack.
That is becasue Mr. Regan had to sense to realize that getting involved depply in that part of the world would be nothing but a quagmire for the U.S., and we would never win.
And here it is 25 years later and Lebanon is still a violent, unstable, sink hole.
The Soviets bled to death in Afghanistan which hastened the ultimate collapse of the Soviet Union.
Even the Brits after creating their Frankenstein called Iraq, gave up trying to control it after being shot at and bombed for 10 years.
These are the things that people like reinvestor and other clueless Americans, including President Clueless himself, fail to undestand.
“I fear for my country.”
50.5,
I agree. On almost every score the former communist hellholes are kicking our #ss; trade balances, savings rate, tax rates, entitlement programs, etc… The majority of jobs being created here are govt, health care, bars and restaurants. Our #1 export is inflation.
It’s time to buckle up. In the future, the ride will be nasty.
#247 reinvestor: If you knew anything about history American or otherwise, you would know that the founding fathers fought bitterly when their nation was founded. Were they un-AMerican, or un-patriotic?
Lets talk about your paritot Cheney who when asked on a 60 Minutes interview a few years ago why he got so many deferments from serving in Vietnam replied ” I had better things to do.” Some patriot.
There are un-patriotic Americans and frauds on both sides. Open your mind.
# 235 reinvestor: these terrorists should have thought about their asses getting kicked before they hit the trade center.
Hey goof ball the terriorists were from Saudi Arabia, not Iraq. Do I have to tell you everything.
Your ignorance makes me embarrased to be an American.
How come you do not sign up yourself, put your money where your mouth is.
# 265 Mike.
Sorry, but you need to stop getting your information about universal health care from paranoid wingnuts.
Every comment you ever make about it demonstrates clearly the “straw man” comment upthread. You are responding to straw men, not the actual concept.
Universal health is just insurance with the risk spread out over the total population, admin costs controlled and no big CEO payouts. It also means not having to change doctors every time your employer changes plans and not panicing the moment a job is on the line. My private insurance doesn’t exactly give me a huge amount of freedom at the moment, and they do everything they can NOT to ensure I get adequate healthcare because it might cut into their profits.
I’ve lived with universal health in two different nations and the patchwork system you have here. No contest, universal health wins hands down, for cost, service and peace of mind.
re 262
Thouugh I am not a Republican I can’t agree with you about McCain.
The idea that he is a liberal seems silly to me. If true, then Reagan was too. The constant redefinition of liberal farther and farther to the right ends up with Republicans having choices like Huckabee and Romney.
Patti (213)-
Go to Rome when AC Roma is playing Champions’ League. Their hooligans jump visiting fans and stab them. A few weeks ago, several Man U fans were stabbed in the neck before the game.
You’ll also notice most European stadiums have walls between sections and armed riot police everywhere.
re: 271…Lioosh, universal health care is no cure all.
My Uncle in Canada had to come to the states to get a heart stent – whereas they wouldn’t even look at him in Canada. He had over 80% blockage in 1 artery and would have most likely died within a year or two under their system. Another Canadian I know just laughs whenever we talk about the desire to hop on the universal care bandwagon (try waiting in line for 3 yrs for a standard procedure). In UK I read they use calculations to decide if a 70 year old is worth spending money on, only so many dollars to spend and when you’re on a budget…
Living in Germany I was able to enjoy their private health care and heard many a horror story from those who were on the government sponsored plan.
Don’t get me wrong, we need it but I doubt most folks know what they’re in for. We’re already the most expensive health care system in the world with admin costs many times that of other countries. I only pray that we try to fix what we have– malpractice, over prescription, lack of accountability, privatization, big pharma lobbies, lack of common systems, rampant abuse, etc. etc. before Hillarycare adds too many additional layers
“The US has the best health care in the world”…and if you’re in the richest 2% you even have a good chance of accessing it (not counting a walk in to the emergency room of a major hospital).
Universal Health
271 – Sorry lisoosh, but I couldn’t disagree more. Universal health will never work. In the UK people wait months for cardic workups that would be done in 2-3 days here. Most middle/upper class people are electing to pay for private health care plans because the delays in Universal Health can kill you. Despite this I still voted for Clinton today. I really don’t think Clinton or Obama is electable, but I hope/pray to be proven wrong in November.
260 – NJpatient
If people ate right and exercised they would not need so many pills!! The number of people I know that take cholesterol reducers because they don’t want to limit/eliminate high fat foods from their diets is crazy! That said, I should pipe down as I’m a good 80# over my ideal weight at present, but I am 19 weeks pregnant and have been pregnant for 2 of the last 3 years – so it’s hormone weight.
Shore (224)-
Just a brilliant political move. I wish the smoke-filled, backroom stuff would happen all the time.
re 271
Threre is a real issue involved in universal coverage. Right now, we ration coverage by money. With universal care it will be rationed in some other way.
Since I assume that the battle over this is already decided and that universal coverage is on its way, the question devolves to the nature of the rationing.
#172 SG
Great post – thank you! I have long thought that the USA should just get it over with and apologize, so that other nations might help us get out of the mess we made.
Diplomacy is the only deterent to terrorism. We’ve insulted and alienated the Muslim world – shame on us.
Regabe (235)-
I always thought fighting the Taliban and trying to catch Bin Laden would be pretty cool. I also thought we should immediately cross the border into Pakistan and let the bad guys know they couldn’t sit over there and thumb their noses at us.
However, it seems like Bush and co. didn’t have much taste for that.
Besides, there’s no oil in Afghanistan or Pakistan.
Tard (247)-
“Clod calls me retarded…”
You have yet to prove that you are not retarded.
#277
I don’t think universal healthcare is a given in the USA. At least not like in other countries.
Our healthcare system is SO utterly convoluted right now, I don’t see how it could be truly reorganized effectively.
The only acceptable solution I can see, is to have a combination of private and government-sponsored healthcare; essentially an expansion of Medicaid/Medicare so that we don’t have families having to take HELOC’s to get life-saving medical procedures.
However, I fear under such a system that many employers would discontinue the providing of health insurance to their employees, under the rationale that they would be taken care of by the gov.
Again, there is no easy solution to the problem.
My experience with socialized medicine in Europe has not been nearly as bad as some have posted in here. I can suspect that the most extreme examples are what stick in people’s heads, and that’s what gets posted.
Well Lisoosh after reading all the posts after yours maybe the man is not made of straw.Ouality, speed of service two major things your plan lacks.When you are ill you want quality & speed all else is secondary.
Clot
I live in Hunterdon, and I can assure you that NOTHING is moving out here.
Do you know of a small white “ranch” (inverted U) house right on 579 near Mechlin’s Corner (corner of 579/625) that was listed by Weichert and FINALLY just sold? It was empty for a long time.
What was the deal with that? I watched it go from open house to under contract to open house to under contract to open house to under contract to open house about 6 times…
I felt bad for the sellers.
#281
To latch on to what others have posted: there are low-hanging fruits that need to be taken care of first in regards to litigation.
No offense to any of the lawyers in here.
pret (253)-
No.
And, did anybody here ever notice that restaurants in Boston really suck? Doesn’t anybody up there know the difference between food and cooked shoes?
All the crappy cooks I knew in NYC went to Boston and started restaurants. They’d go up there, eat around, come back and tell me that they could make a mint, since they didn’t even have to bother cooking anything right.
stuw (259)-
…thumbs pointed upward.
All I ever knew about Boston growing up is that New York Telephone used to send my dad & his team up there for weeks on end “to fix what they f**ked up”.
I didn’t believe it until I began working for a telecom consulting company myself 20 years later, and was sent up to Boston on 2 occasions “to fix what they keep f**king up”.
they = New England Telephone, later Verizon’s New England outfit
PGS wife 278
Diplomacy is the only deterent to terrorism. We’ve insulted and alienated the Muslim world – shame on us.
Shame on us you are kidding right.We shouldn’t run planes into their buildings & kill people who are at work by the thousands.We should have used some real harsh language at the UN that would have put them at ease & then we could have held state funerals for the hijackers in the planes.Shame on us!
My god this country is lost,we don’t even want to defend ourselves.
Bill Richardson on NBC now. Looks like he hasn’t bathed since he dropped out of the race.
mike (289)-
We should “thank” them with a few dozen daisy cutters. Save them the effort of trying to continue killing each other.
Oh! I missed the UH discussion here…
This one is too easy!
For all of you that DON’T want UH, try to think about this:
I am a business owner. I (that’s *ME*, and noone else) get to pick the plan that will cover me and my important ass, and oh yeah, some other people, too…my employees. And these employees? They have ZERO say about what plan I choose or who it’s with or how much they’ll have to pay. Nada. Zilch.
My employees get shafted with some plan I picked because a doctor I think is CUTE happens to accept the plan.
Is their nearest PCP 20 miles from home? Too bad-So sad.
And their deductibles? I just raised them. Hell, I even raised their co-pays because I need a new S-Class. My ’07 S-Class is so 10 minutes ago.
I had lasik surgery. Therefore, no vision coverage for employees. Screw ’em. I don’t need it. Bought my own life insurance with company funds…as a “principal”, I say I’m management and noone else is, and only management gets life insurance thru the company.
Did I mention my company car?
/snark off
Now b4 you all get on me, I wrote this for a reason. To help you understand that you really get what is best for the person who chose your healthcare plan at work.
Really, it’s that simple.
(And, no, this isn’t really what I think when I look at insurance plans, I’m not an a**hole and I really drive an ’06 Prius and ’97 G3500 pickup with manual windows…)
3b (270)-
“How come you do not sign up yourself, put your money where your mouth is.”
You must’ve missed Tard’s statement of a few weeks ago. He thinks it’s for the best that we continue to run our “all volunteer” armed forces thru that meat grinder.
spam (283)-
I missed that one. Nothing in a spot that nice should take that long to sell, though.
#289
You miss the point. We invaded IRAQ. Iragi’s did not fly planes into our buildings. Don’t group all muslims together like others have.
Let’s go after those who were behind the attacks. Oh whoops, we can’t. They’re friends of the family.
CLOT 291 Kill them all let allah sort them out.Before they get a nuke & do it do us.
These people want us all dead they don’t want to talk to us.I’m serious its us or them . (OH!how selfish of me lets invite them over for dinner)
re 281
My view on UHC results partly from my expectation of a decrease in fear of it by boomers as they move into Medicare; they will no longer feel threatened by it since they will all be in it anyway.
#296
Careful now. Your ignorance is showing and sounds eerily familiar.
The US healthcare system evolved from World War II. Wages were frozen and companies came up with medical insurance plans as a way to attract employees, and after the war the company sponsored insurance scheme stuck. This arrangement worked as long as medical costs weren’t stratospheric, individual Americans were willing to work, and companies were willing to provide medical coverage for employees.
When I graduated college in the mid-90s, it took me nearly two years to land a full time position with benefits. By then health care costs had escalated dramatically thanks in part to medical advances heavily reliant upon expensive technology and pharmaceuticals, and companies would do what ever it took to not offer benefits to employees. Ironically I worked in the pharmaceutical industry, and most of my age cohort chose other professions – when Baby Boomers start retiring, Big Pharma will not have anyone to take the place of these workers since most Gen Xers have long since left the business.
I experienced the breaking of the gentleman’s agreement where if you were willing to work, you would have health insurance. Over the past decade the uninsured ranks have steadily grown, and the vast majority of the uninsured work full time. I’m optimistic about the push for some kind of universal coverage. The bleeding heart liberals’ support is obvious. Industries are starting to realize that the employer-based healthcare system is hurting US competitiveness abroad since our products have to price in worker medical coverage. When you buy a BMW you are buying a well-made car. When you buy a Chevy, you are paying for triple bypasses throughout the Rust Belt. Plus I think enough individual families are wondering when their employer will pull the plug on medical coverage to vote for a candidate who has a universal plan.
PGS’s wife (Danm404) Says:
February 5th, 2008 at 9:44 pm
Universal Health
“271 – Sorry lisoosh, but I couldn’t disagree more. Universal health will never work. In the UK people wait months for cardic workups that would be done in 2-3 days here. Most middle/upper class people are electing to pay for private health care plans because the delays in Universal Health can kill you. ”
Guess we’ll have to agree to disagree then. I grew up in the UK and my aging parents still live there. My father in particular has both Type 2 diabetes and heart issues so makes plenty of use of the system. He has never had to wait months for anything and gets fantastic attention. I was there on vacation while pregnant once and wanted to ask some questions about a test – got right in to see the midwife the same day.
My husband here in the US DID have to wait 2 months for physiotherapy while in severe pain because the insurance company shifts paper around for months in an attempt to get people to give up trying to get treatment.
The UK system isn’t the universal health system suggested here which would be private hospitals and doctors and a government run insurance plan (like Medicare). The British system is SOCIALIZED medicine where the hospitals and medical clinics are part of the government system. Unfortunately since Thatcher they have been severely underfunded.
Jonny – As I said, I LIVED other systems so my experience is a lot more than anecdotal. And my husband has a ton of family in Canada – they are laughing at us. Believe me. Especially when states started buying drugs from Canada because our most of our system is controlled currently by money sucking drug companies and insurance companies.
Mike – Quality wouldn’t change, the doctors and hospitals would be the same. Just more people would actually have access to them. AGAIN, we are talking about universal insurance, spread risk NOT socialized medicine. Rush Limbaugh is a moron. Even better, hospitals would be covered for ER visits and so would not be bearing the weight of the uninsured.
mike (296)-
You go to Turkey, parts of E. Europe, you meet Muslims who are not obsessed with visions of death. Heck, you can even sit down with an Alevi Muslim in Turkey and knock back a couple of cocktails.
302-
Drat! Moderated for using the infamous word, “c*c#tail”.
An interesting article in the Express Times today sighted a recent Dutch study that found Healthy Thin People were much more Costly for Health Care then Obese people or Smokers. The reason being, they live longer and require care longer. Bottom line, the greatest health care expenditures are at the end of the life cycle. Modern Medicine no longer recognizes an end, and will exhaust vast amounts of resource, for neglible incremental gain.
#301
Exactly. A lot of the xenophobia in our country could be alleviated if people traveled and saw the world a little. There is a whole world out there folks, and it’s pretty fascinating if you are open-minded and give it a chance.
JB,
Sent Tax Info, no NJMLS History
lisoosh (300)-
I have family in both France and Canada. One of my cousins in France is an osteopathic surgeon. The horror stories that ciruculate here about universal healthcare are mostly false.
I actually wished the stories were true, just because of my deep-seated belief that government can only make any situation it touches worse. However, as a small business owner, I’ve come to realize nothing is worse than the joke of a system we have now. It isn’t healthcare, it’s denial of healthcare…and we pay into a system that is purposely designed to make us sick, then let us die (and please die quickly when you do). Healthcare costs are simply destroying our economy and disincentivizing business growth and investment.
A sick, sedentary population is easy to control and can’t physically summon the energy to either advance in life or resist the gubmint’s slow, subtle erosion of personal liberty.
Ready To Buy & startingoverinNJ
Lots of great advice above (esp liked #s 71+91+169), but also you want to make it clear to all parties (agents & sellers) that when you make a low offer it is good, i.e. that you have the cash and the credit! If you don’t have the cash the low offer won’t fly.
Also, be patient. Eventually you’ll find what you want at a good price, but it might take a while. If your agent is not patient with you, and is not selling your lowball offers dump him/her – plain and simple. They work for you, it’s your money that will be financing the deal, it’s you that decides what to offer, what you are comfortable with, etc..
However, unless we embrace healthier living, personal responsibility and a preventative approach to disease, NO healthcare system will work here.
(308)-
…spoken as I drain a glass of Knob Creek.
So, does Huckabee think dinosaurs are an elaborate hoax?
Or, did they roam the planet during the Civil War?
My final two cents on UHC…
Americans have a tendency to let things get to a crisis point before taking action or demanding action from their leaders. The current system has 5, maybe 10 more years left before it implodes. Right now the issue is invisible because as usual it’s the poor who suffer. When parents holding graduate degrees are taking their children to the emergency room to handle routine care, we’ll have change. Of course we could change now, but that would make too much sense. Whatever Hillary says on the campaign trail will get watered down into a useless compromise once the lobbyists spread their money around.
Alabama & Georgia go Huckabee.
‘Nuf said.
289 mikeinwaiting
A lot had happened since 9/11. We retaliated against people that had little or nothing to do with those attacks! There is no real way to directly defend against terrorism, that’s why it’s effective. You don’t need large amounts of money, organization, training, etc.. Defend ourselves – the only way to defend ourselves is diplomacy.
It’s been how many years? We’ve spent how much money? Do we have Bin Laden? NO!! Why don’t we have Bin Laden, because we’ve alienated the Muslim world, so they have no inclination to help us!!
#301 Clot, and Turkey is a great place to buy carpets (John #25).
Sorry to sound the bell for this one:
SEE SICKO. Michael yes that Michael Moore’s movie.
For those who don’t believe uninsured need coverage? Let’s see, at the risk of violating HIPPA laws.
– I took care of a woman with peritonitis and a perforated gut (who may well die) who waited a week to come to the ER because she is uninsured and feared a huge bill.
she is one of MANY with the same story.
– I see approx 20-30% (YES that high) of patient’s with NO insurance or who have either charity care (pays us nothing) or medicaid (pays us $21 now — up from $7) for our services whether sprained ankle or heart attack.
You can’t drive to mc donalds and order a happy meal for 4 people on that.
Not to mention the folks who conveniently are in from “out of town” or visiting from overseas (usually uninsured) who will never pay the hospital, me, the radiologist or surgeon, cardiologist, neurologist orthopedist and so on after their visit.
Fake names and addresses?
they are ROUTINE.
We do callbacks — get no such number, no such address — and we assume ALL – ALL of the liability.
I DONATE atleast 20% of my working (yes, stressful) day to UNINSURED folks.
How many fields, professions, businesses are willing to do that? And do it DAILY??
/rant off!
sl – an ER doc.
please unmod 315
sl
300
Do you really believe a government administered ‘universal health insurance’ will be different from socialized medicine?
Nearly all of my family in the UK has gone for private coverage. They see the same doctors and use the same facilities as NHS, but don’t have the wait. They elect to pay out of NHS.
If universal health is an expansion of medicare/medicade then we’re really effed. Are doctors going to elect to see low cost UHI patients over private payers? – HA that’s a joke! You think there is a disparity now? You think good healh care is not accessable now? What a joke.
clot. you would love the part of the movie where they rave over (revere actually) the guy who started socialized medicine in England.
His thoughts are EXACTLY yours.
Poor, ill, downtrodden people just looking to survive don’t have the energy to question (let alone challenge!) their government.
sl
clot. you would love the part of the movie where they rave over (revere actually) the guy who started socialized medicine in England.
His thoughts are EXACTLY yours.
Poor, ill, downtrodden people just looking to survive don’t have the energy to question (let alone challenge!) their government.
sl
sl
315.still_looking Says
As you pointed out uninsured ER care is a real problem. I think a significant contributing factor however is the 12M plus illegals, who may not be covered under existing or UHC proposals. Unless the government can solve the illegals problem, then all support services, medical, education, etc., will continue to suffer.
i dont know sl. was in a hosp in bergen county because the pasta had peanuts. $486 bill from the “ER Doctors LLC” (he came for 45 seconds; wrote some orders, checked in an hour later and said I could leave). Poor guy didn’t get a break; saw him heat some food in a foam tray and eat right at the nurses station.
On top of that, a $2500 bill from the hospital. I was there for an hour and a half. $150 for the IVs.
Given that ER docs make $200k+ and have pretty good hours, I don’t see how it affects your pay as much.
Its the guys who are insured the cover for the losses..
Just curious.
One issue that hasn’t been brought up regarding UHC is that our current system is very wasteful. We spend (waste) a lot of money on administration and unnecessary medical procedures. Our Medicare system has very low administrative costs, despite the fact that it’s run by the gubmint–private insurers can’t match it in efficiency.
And I would be more concerned about the 47 million uninsured legal Americans before I would worry about 12 million illegals. The 47 million use the emergency room as primary care too.
Expanding Medicare to all Americans would be a logical step toward universal health care. We’d save a ton of money in administrative costs alone. The Canadian government negotiates pricing schedules with service providers to help contain costs. We could do that here too (unless our fearless congress keeps passing bills forbidding the gubmit to do so . . .). And doctors in Canada still earn a comfortable living.
Insurance and pharmaceutical companies have a financial stake in maintaining the status quo regarding health care and will spend any amount of money necessary to frighten the public about any changes in the health care system that they perceive as a threat to their bottom line. They did exactly that in the early 90’s when Hillary tried to reform health care. We will see it again this time around.
I’ve also wondered why we don’t make more use of physicians assistants and nurse practitioners in this country. They can handle routine care and call in the physician when necessary. This would also help contain costs.