From the NY Times:
Happily Settling for a More Modest Country Getaway
BUYERS looking for a country house in the Hudson Valley or the Catskills in New York State have settled on a more modest ideal: between $200,000 and $250,000 for a home on a few acres, with a picturesque town not too far away.
“That’s what I think of as the ‘little black dress’ of the second-home market,” said David Knudsen, an agent with Catskills Buyers Agency in Sullivan County. “During the peak of the market the price expectation for that house was probably around $300,000, plus or minus $25,000.”
Although sellers have not all lowered their list prices to meet buyers’ expectations, brokers estimate that the price for the typical weekend retreat has dropped at least 20 percent since its peak in 2007. That has lured some city dwellers to take the plunge on a getaway home, even as economic worries, snowstorms and tighter lending standards provided a chilling backdrop for the real estate market this winter.
Some common themes emerge among people who have recently bought houses west of the Hudson River for less than $250,000. These shoppers are paying close attention to property taxes and heating costs, are not particularly interested in renovating and want a second home that is a manageable size. The ease of researching homes and price trends on the Internet has also given shoppers a clear idea about what they expect to pay.
“Buyers from the city are out in the market, but they want a great deal,” Mr. Knudsen said of his clients from the New York City area. “I think one of the big challenges we have right now is a wide gap between buyer expectations and seller expectations, unless there is some distress element on the seller side.”
That distress element is often divorce, death or debt, but two years into a grim economy the motivating factor for a price reduction can also be time.
First
First?
Damn.
Wells Fargo Analysis: 50% Fail HAMP Eligibility
Wells Fargo has 523,336 borrowers either in trial or approved mortgage modifications as of March 31, more of them as part of the lender’s own foreclosure prevention efforts.
Of those, 144,932 are part of the government’s Home Affordable Modification Program, HAMP, with active trial and completed modifications, also as of March 31.
Wells Fargo said half of the 138,000 homeowners who have made three HAMP trial payments as of March 31, will be offered modifications for the full term. Of the rest, 30 percent are expected to be deemed not eligible after documents are received, and another 20 percent will not provide some or all required documents.
Overall, HAMP’s approved modifications for its five-year reduced-payment term is up to 227,922 borrowers, representing about 19 percent of all trials started. The program’s number of borrowers whose trial or approved modifications have been cancelled because of default or other reasons is 158,052 borrowers – about 13 percent of those who started trial modifications.
From the Record:
Foreclosures up 33% in new jersey, OUTPACING national rate
What’s new: Foreclosure filings in New Jersey rose 33 percent in the first quarter of 2010, compared with the same period in 2009, according to RealtyTrac, a California company that follows the foreclosure market.
Nationally, foreclosure filings were up 16 percent in the same time span.
What it means: The housing market’s distress is not over, despite government efforts to encourage lenders to make loans more affordable for struggling homeowners.
How lenders are responding: In New Jersey, 33,612 mortgages are being modified through the federal Making Home Affordable Program; most of these modifications are trial runs. Nationally, more than 1 million loans are in the modification program.
…
“Lenders are starting to make a dent in the backlog of distressed inventory that has built up over the last year as foreclosure prevention programs and processing delays slowed down the normal foreclosure timeline.” — James J. Saccacio, chief executive officer, RealtyTrac
“A lot of people who had adjustable mortgages, some of those [higher interest rates] are now starting to kick in … We have clients who have been through three three-month trial modifications, and probably at the end of the day, they will end up losing their homes.” — Phyllis Salowe-Kaye, head of N.J. Citizen Action, which offers housing counseling
From the Philly Business Journal:
RealtyTrac: Pa., N.J. foreclosures up in March
Foreclosure filings in Pennsylvania and New Jersey increased at a much higher rate than the national average in March, according to the March foreclosure report from RealtyTrac. But the overall filing rate is still lower in both states than the national average.
In Pennsylvania, there were 5,664 foreclosure filings — one for every 970 homes — in March. That represents a 37 percent increase from February and a 15 percent increase from March 2009. Pennsylvania ranked 34th nationally in foreclosure filings for the month.
In New Jersey, there were 5,998 foreclosure filings, or one for every 586 homes. That represents a 60 percent increase from February and 31 percent increase from March 2009. New Jersey ranked 22nd nationally.
A.West: “This week somebody (via the IRS) took from me the equivalent of my first five years of professional income.”
If you put it that way, …. I am sure the Google guys can top with the “I paid more money in taxes this year” than “my parents made in their entire lives (with decent wages too)”.
Either you are making tonnes of money now, or p!ss poor income in first five years, or using a loose definition of what “professional income” starts (since you aren’t too old) — your baseline is over 200k in fed taxes?
One can look at it as, “I made a gazillion this year”, or “I made half-a- gazillion**” after taxes, or “the IRS robbed me of half-a-gazillion” in taxes.
** 0.56 based on top marginal tax rates, unless you count property taxes, excise taxes, sales taxes, cigarette taxes, airport taxes, etc. (which Shore does) — and which are also conspicuously absent when talking about the “47%” people that pay “no taxes”!
Moses said to the children of Israel, “Pick up your shovels, mount your asses and camels, and I will lead you to the promised land.” About 75 years ago, Roosevelt said, “Lay down your shovels, sit on your asses, and light up a Camel, this is the promised land.” Now Obama has stolen your shovel, taxed your asses, raised the price of Camels and bankrupted the promised land.
KFC has a new sandwich that has no roll. It’s bacon and cheese between two pieces of breaded chicken.
We are a nation of slobs.
Well put sas.
Man that Obama guy must have been really influential. Enough that he created the current morass before he was elected.
mmmm…..bacon
Wouldn’t it be great if Obama got fat?
We are a nation of slobs.
I eat mine on the Bob’s reclining sectional with not only cup holders, but a built-in fridge to keep my soda cold.
Now, if they could only join forces with Kohler…
Final D – then we’ll know
Poland May Delay Kaczynski Funeral If Ash Cloud Prevents Obama Attending
An International President-They just LOve him
Gazillions? “The Obamas paid $1,792,414 in federal income tax.” http://bit.ly/cVutR1
i still love popeyes
Statins making it safe to eat American.
By getting rid of the bun, they are turning it into a lower-carb offering. Clearly, they are doing their part to help American’s eat better.
Peter Parker is running the Thai opposition?
http://wap.cbsnews.com/site?sid=cbsnews&pid=sections.detail&catId=WORLD&storyId=6401957
http://www.bloomberg.com/apps/news?pid=20601087&sid=aTvmITMWFLNs&pos=8
“Europe’s Flight Chaos Worsens as Ash Cloud Spreads”
As if Europe wasn’t already fed up with Iceland, a volcano blows and shuts down travel.
What else could happen?
#8 and #9- both made me chuckle (sadly though).
http://www.ritholtz.com/blog/2010/04/friday/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+(The+Big+Picture)
Under humor from TBP – It’s Friday!
Shore
watch out for radioactive genetically engineered spiders!!!!!
Under the proposed rules, banks that receive garnishment orders for their customers’ accounts would be required to review the accounts to determine whether they received deposits of federal benefits in the past 60 days, and in what amount.
The goal is to give financial institutions clear rules concerning garnishment orders and a safe harbor against liability, a Treasury official said Wednesday. He spoke on condition of anonymity because he wasn’t authorized to speak publicly on the subject.
In the current situation, garnishment orders don’t always provide sufficient information for banks to know whether an order is subject to an exception allowing seizure of federal benefits, according to the background information on the proposal published in the Federal Register.
http://moneynews.com/Economy/US-Treasury-Seized-Benefits/2010/04/15/id/355843
If that Icelandic volcano keeps spewing ash it is going to be a very cold winter. Should really rankle the global warming folks
Pain,
I read that there is a possibility that the current icelandic volcano could trigger a much larger nearby one to erupt.
Got stock in Northface?
How about an Icelandic GTG for volcano viewing? I hear the exchange rate is great right now and hotels are cheap
We would need a boat I don’t think we are flying in.
Pain 30 that is the funny thing you can fly in & out from western locations as winds are east.
28.
Hyde,
It would be interesting to see what happens with Vesuvius and Pelee.
As pain said earlier cold winter. So much for global warming. Last time this happen in Iceland it went on for a year.
Like 1800s I believe.
Speaking of which. Cap and Tax is back.
“WASHINGTON, April 15 (Reuters) – A long-awaited compromise bill to reduce U.S. emissions of carbon dioxide and other gases blamed for global warming will be unveiled by a group of senators on April 26, sources said on Thursday.
The legislative language to be sketched out in 11 days, according to government and environmental sources, is being drafted by Democratic Senator John Kerry, Republican Senator Lindsey Graham and independent Senator Joseph Lieberman.”
http://www.alertnet.org/thenews/newsdesk/N15202117.htm
Why isnt Al Gore over there in Iceland trying to stop the volcano from erupting?
What is the logic of buying a second home out in East Jesus No where? How many days per year does the avg family spend in such a home? 10-15 max? So they borrow a couple of hundred thou so they can say they have a “little place upstate”. What a falking waste of time and money. Rent a cabin for a week if you want to get out of the tri state area.
Pain,
look at that exchange rate! lets party!
http://www.google.com/finance?q=CURRENCY:ISK
http://online.wsj.com/article/SB10001424052702304628704575186362957042220.html#articleTabs%3Dcomments
Tech Sector in Hiring Drive
From the comments section: In India or the US? Service jobs or tech jobs?
Pain,
Flights from JFK are still running
http://www.kefairport.is/English/Timetables/Arrivals/
These volcano pictures are just awesome. Talking about poetic justice, the EU tries to strong arm Iceland into paying their debts back and now Iceland effectively shuts down their entire airspace. Payback is a b!tch!
http://www.flickr.com/photos/yahooeditorspicks/galleries/72157623855495574/page2/
Breaking news:
Building permit surge 7.5% in March, while housing starts grow 1.6%, government says.
Hyde I have always wanted to go there. That exchange rate is amazing I can only imagine the inflation though. Like a beer is 1000 Kr which is still five bucks. Too bad I’m buyinig a house.
It’s amazing the effect that a sustained rally based on shrinking revenues and increasingly scaled down business operations can have on my risk inhibitions.
Any pullback in stocks today will be a welcomed opportunity to double down in a manner that multiplies the beta of my overall portfolio.
At this point my idea of diversification is to mix in some scratch offs into my pile of mega million tix and my time horizon can now be measured in hours as opposed to decades.
Nompound, watch out, first it starts on a blog, then its added to Webster’s.
“look at that exchange rate! lets party!”
Hyde, thats equivalent to a .50 cent lap dance and .10 cent shots of Brennivin.
V, this one’s for you
Morristown school board member wins $211.7M Powerball jackpot
http://www.nj.com/news/index.ssf/2010/04/morristown_school_board_member.html
South Korean authorities have determined that the sinking of one of its military vessels last month came at the result of an exterior attack, ratcheting up tensions between North Korea and South Korea.
“Morristown school board member wins $211.7M Powerball jackpot”
njEscapee. I was pretty sure that link would bring me to the APP database of nj teacher pensions.
I am in the process of trademarking “nompound” but it is a much bigger bitch of a process than I thought
And the fees are stiff. Ouch.
OTOH, nice to see I have company out here on the looney fringe.
[35] boken
I agree, which is why my nompound concept starts with joint tenancy for an entire property, and fractional use of a residence. That way, it is useful and economical (and possibly profitable) in case the world doesn’t end.
Otherwise it is really expensive insurance.
I’m neither religous or believe in the astrological mumbo jumbo, but with all the earthquakes, volcanism and general bad things going on. Most Christians have to be wetting their pants for the end times. Nostradamas apologists are doing the happy dance while the 2012 believers are busy stocking shelves in their respective nompounds.
May you live in interesting times?
[7] sas3
I’m sure that post had a point. Not sure what it was though.
[49] pain
If I thought the world would end in 2012 (I mean end, as in END), I wouldn’t be at a nompound. I’d be spending myself silly, and getting hammered every day.
Big Pharma will be running commercials soon on how Statins prevent the ill effects of volcanic ash.
[52]
“If you have an eruption lasting more than four hours, seek medical attention.”
Nom – If the reason is a compound that is defensible and off the grid for the times when the SHTF then that is a much better reason then the yuppie couple that pretends they enjoy their crap shack in the woods.
My wifes family is guilty of exactly this scenario. Own a home on LI, bought a Sears shack on a lake in CT. Knocked it down and built a brand new, totally gorgeous 3 br cabin. The place is wonderful, I love being there amongst the tranquility. But here’s the kicker, they have a mortgage on the first home and a mortgage on the second. Wife’s mom has been unemployed for 17 months. They are drowning. I don’t need to tell anyone on this board where this is headed. Meanwhile, wife’s mom constantly asks where we are buying a home so she can move close by and be near grandkids (if/when). Not sure which house goes under/on the block first, but it is inevitable.
homboken 54 Sounds like they need a reality check.
[283] [prior thread] sas3,
“Would I organise my money around my life, or my life around my money? If the latter, it was time to relocate to Ireland, Monaco, or possibly Belize.”
What the DKos poster left out was that they aren’t organizing their money around their lives.
They are organizing MY money around their lives.
And as for your assertion that the rich aren’t leaving, or won’t leave, please back up that statement by telling Congress to NOT pass what you must admit is clearly useless legislation to keep wealth (that is not leaving) in the country.
And repeal the HEART Act while they are at it. After all, why do we need an exit tax if wealth isn’t leaving?
[54] ‘boken
Sad for them, but that is not what I am advocating. I have no intention of being in their boat.
In fact, were I to go back and do things over without the drag of a skeptical spouse (who has since come around), we’d be renting in Brigadoon, and owning a nompound (with no debt unless the rate was very low).
long time no post. i am in contract on a house NOT IN THE TRI STATE AREA. escape from alcatraz biatches
“In baseball terms, the Contagion Team is at bat. Portugal is in the batter’s box and Spain is on deck. Greece is on second base in scoring position. The EU is on the mound lobbing softballs while the IMF is in the bullpen warming up. Germany plays for team EU but refused to dress for the game.
This game could get interesting.”
http://globaleconomicanalysis.blogspot.com/2010/04/debt-worries-shift-to-portugal-greece.html
Breading News:
Bank of America Continues to Improve.
For the first three months, Bank of America reported net income of $3.2 billion, or 28 cents a share.
“With each day that passes, the 2010 story appears to be one of continuing credit recovery, and our results reflect a gradually improving economy,” the chief executive, Brian T. Moynihan, said in a statement.
Breaking .. oops sorry
Lying sack of shit.
Breading and frying:
http://www.ehow.com/video_2339485_breading-recipe-frying-fish.html
I dont even know why i even browse realtor.com anymore.
The inventory keeps getting worse and the pricing more brazen with each passing day.
Nom [48];
Check your Gmail.
Skeptic, just tell us its in a state where prices crashed 30% or more and i will say congratulations.
recession is over people. drak clouds on the horizon but 2010 is bubble city. fed keeps rates low to juice economy to try to save dems. you don’t think rahm is all over bernanke in the fed shower as we speak?
veto– i am moving to mass. prices didn’t go down there much more than 15%, but the cost of living is at least 1/3 lower and i am making the same so it is a huge improvement nonetheless. i bought a permanent house– updated 4B 2.5Ba colonial on a cul de sac in top school district for what a POS cape would’ve cost me in tri state. plus, the prop taxes are half.
‘Bank of America Continues to Improve.’
This is actually true but the key point is having point of reference. I was pouring through their qurterly’s before doubling down on this piece of garbage yesterday. The improvement is there no doubt. But what is not mentioned is that 5 or 6 quarters ago they were beyond dead. They were way past negative even. They were in the hole so deep past center earth that they were about to break through the crust of asia had uncle same not decided to back them into solvency and send us the bill.
Those are two business models you shouldnt tinker with. The military and the fed. had i followed this rule of thumb last year, like Johnny did, i would have already been rich by this past March.
skep – sounds like an appealing alternative – even to what you would get here after prices tank another 15%.
Good luck.
oh yeah– and i shaved my commute down by 15 minutes too.
Mike – reality check yes, I am worried that they are soon going to ask for cash checks, which will cause tension in the homeboken household.
re: #33 – “Last time this happen in Iceland it went on for a year.”
I am booked to go to Ireland next month for a vacation. I did take out the trip cancellation insurance. Now I need to read up on the fine print to see if it covers natural disasters.
http://www.nytimes.com/2010/04/17/business/17goldman.html?hp
Goldman Sachs – Mortgage Fraud. Not like Peanut Butter and chocolate.
[68] skep,
Congrats, and I hope you enjoy life in the Bay State. Now, just remember to constantly repeat to your kids “Yankees, evil; Yankees, evil . . .”
As a matter of curiosity, what town are you buying in (if you don’t want to say, that’s fine, but I do know the towns there).
And on that happy note that a productive person has jettisoned the Peoples Republic of New Jersey for the former Democratic Mass. Republic, I am out.
homeboken 72 not good, sell or dump on bank the cabin, keep up on primary if possible. I know, it makes sense so will not happen.
Skep congrats & good luck. You have escaped NJ good for you.
Juice 73 Depends on the way the wind is blowing, literally. How long it last is anybodies guess.
Nom– i’d rather not say which town but will say it is south of boston– not in one of the super fancy towns west or north shore. i am from RI so i prefer this location anyway and it is nice that it is cheaper and has less of a snob factor.
i’m obviously happy to move, but i will say that i was not unhappy living in the nyc area, which i’ve spent my entire adult life in (aside from college/law school). if the cost of living weren’t so extreme, i might not have felt so compelled to leave. mass isn’t cheap, but just about any place looks like a bargain compared to the tri state at this point. despite the taxachusetts label, tax situation there is quite moderate by comparison
Re: Goldman Charged with Fraud in CDO Sales;
DJIA -50 pts in minutes of the anouncement.
No criminal charges?
http://www.nytimes.com/2010/04/17/business/17goldman.html?hp
Happy for you, skep.
even though they take most of the fun out of life, i should probably thank the Lord for stop losses.
The SEC puts on the dog and pony show against GS. Sure, we’ll send 2 people to jail. But you get to keep the billions we just determined you stole from your investors.
tempted to take a 50/50 bet with my kids college fund that ppt shows up on time this afternoon.
nah prob shouldnt do that.
Goldman stock dropping like a stone….
http://finance.yahoo.com/q?s=gs
Think Americans are a little nutty?
(ESPN)–“Drastic times call for drastic measures and the situation at Pirin Blagoevgrad is so dire that the Bulgarian club have resorted to ritual sacrifice.
Following an unbeaten run in nine matches, the team recently returned to their newly renovated stadium only to lose 3-1 to Chernomorets Burgas and 2-0 to Lokomotiv Plovdiv, prompting a lamb to be slaughtered to break a perceived curse.
The animal was killed in the centre of the pitch and the goals then painted with the animal’s blood. “We just can’t afford losing again at our stadium,” coach Stefan Grozdanov told 7 dni sport daily.
The sacrifice partially worked as Pirin drew 2-2 at home to Beroe Stara Zagora in their next game, maybe killing something larger, say a unicorn, might bring that elusive victory.”
veets (84)-
If you’re not willing enough to bet someone else’s money on a speculative outcome, you’re not an American investor. :)
#83 – re: dog and pony the guy charged in the SEC civil complaint Fabrice Tourre is only a VP which is pretty much cannon fodder there.
GS charges are a diversion and a sham. All for the sheeple.
Meanwhile, the daylight bank robbery continues.
GS and the financial industry own the gubmint.
Eat my bread, do my will.
[78] skep-tic
Well, I can appreciate that, and I am not as versed in South Shore as I am in North Shore (lived in Quincy for a while but that was it). Did not get that you were from N.E.; lots of us here.
At least you will be closer to the hallowed field in Foxborough, not to mention the one in the Fens.
As I am still curious about the area, and only if you want, drop me a line sometime, especially if you are planning to practice in Mass (where I am still admitted).
nomdeplumenj@gmail.com
Best of luck to you up there.
I wonder if Hank got in a short position on GS this AM?
FD, 87
for months ive been trying to figure out a way to shift the potential downside volatility of my investments onto my mother in law while funneling the upside gains into an account linked to my ss #.
Turns out all we had to to was wet her whistle with schnapps and buy her day old baked goods. This is as close to arbitrage as goldman ever attained.
[86] Doom,
How long before Mets fans do the same thing at Citi Field?
rep (92)-
I bet all TPTB know that the GS charges may be the trigger event that leads to a massive shank of equities in order to get a bid back up under USTs.
Flight to quality.
More like flies descending on cow dung.
plume (94)-
I don’t discuss the Mets anymore. They singlehandedly ruined my appreciation of baseball.
I guess if they were to ritual sacrifice Steve Phillips at second base, I might show up and watch, though.
[78] skep,
I also know a very good, reputable builder/contractor in E. Bridgewater, in case you ever need that sort of thing.
Yes, I know, shocking to hear that they actually exist.
I’ve just realized that my mistake was confusing a 15% rally in the last 40 days with a strong signal to buy the market.
why would PPT show up to slow a downturn they started on purpose?
Wow, Goldman and shiny both getting crushed.
Wow, Goldman and shiny both getting crushed.
What the heck does shiny got to do with it? I hope it tanks so that I can buy some more. FCUK SEC and the PPT.
Doom I would prefer charbroiled Wilpon, Fred or Jeff, feed them to the upper deck during the seventh inning stretch.
the Mets have also killed my passion for Baseball.
“why would PPT show up to slow a downturn they started on purpose?”
I was hoping they might change their strategy after lunch and decide instead to cash out at even higher valuations.
Sas3,
Sounds like you’re cool with the cannibalism and the enslavement of the makers by the takers.
To each according to their needs, from each according to their ability.
pain (103)-
I doubt a proper cannibal would eat charbroiled Wilpon.
Gold getting squashed because Paulson started that hedge fund focused on Gold. This case is f’g huge. The civil charge is just the pre-cursor to the criminal charges. Apparently Geither got the FU from China so plan B tank the stock market to put a bid under treasuries appears to have gone into effect:) Plus it gives the Dems a way to a) appease voter anger at them and b) if the market tanks enough they can get another “stimulus” bill rammed through before the election.
Simply Ravishishing HEHEHE,
I can’t keep up with teh name changes! Who are you?
West 105#
Lowest tax rates in nearly half a century are Cannibalism and enslavement?
If you can be this creative over a discussion, you should be easily able to dodge all the taxes anyway. Why complain?
You should be safe because even cannibals have some standards and worries about infected flesh.
S
[109]
The NJ Real Estate, Nompound, Iceland Tourism, and Cannbalism Food Channel Report.
To those who derided my suggestion that getting the 2009 IRA contributions into the market before 4/15/10 was a consideration, suck it.
One day after ‘must buy’ cutoff date the SEC pops this? Purely coincidental timing? They should get gonorrhea and die. Just disband them – kibuki enforcement. Having no enforcement is better than the illusion of enforcement.
nom dont forget strategies for gambling with stocks and tax debates.
Nom,
if we are going there:
Human Stew
Step 1: Pre-cooking the Meat
The first step to preparing the stew is to pre-cook the meat. Add to a 60 to 80 gallon fired clay or steel pot: water to fill around 3/5 full. Heat until lukewarm. Remove the clothes from: One 135 to 170 pound, 22 to 33 year-old human female “Long Pig”. Weight of the Long Pig should be in proper portion to height, nicely fleshed (plumpish but not fat).
Place: Long Pig in lukewarm water.
Add: wood to fire to increase heat.
The slow rise in water temperature will relax Long Pig who will then become unconscious.
Adjust: Water level to just cover breasts.
Then Add:
1 1/4 cup salt
3/4 cup pepper
1 cup fresh parsley
10 crushed bay leaves
1/4 cup cinnamon
18 quartered onions
3 crushed hands of garlic
4 quartered lemons
20-30 cloves (in a cheese cloth sack)
Bring: Water to rolling boil
Continue to Cook: Long pig for three hours at full boil
Remove From Stock: Long Pig, lemons and cloves.
Step 2: Finalizing the Stew
Ensure that the stock is constantly stirred as mixture thickens, add more of less depending on desired thickness of the stew.
Add to the Pot:
12 pounds diced yams
6 pounds plantains, peeled
2 quarts coconut milk
15 pounds local beans or peas (pre-cooked)
8 pounds hearts of palm, diced
2 gallons red wine (or locally brewed beer-like product)
15 pounds breadfruit in 4″ to 6″ pieces.
5 pounds spinach (or local leafy vegetable)
3 cups hot pepper sauce
salt, pepper and other spices to taste
Bring: stew to a simmer and cook until yams and breadfruit are soft but not mushy.
This recipe produces a delicious stew which is thick, spicy and full of flavor. it is best eaten with any of a variety of rough breads or flatbreads. Indian Nan bread will do in a pinch, and is far superior to pita bread for this purpose. A full-bodied, spicy red wine such as a Syrah makes a good accompaniment, or a good full-flavored microbrewed beer, such a a bock beer or a wheat based beer enhanced with fruit flavors will also make a great compliment to this stew.
As my ex-girlfriend would say, “your Freudian slip is showing.”
“IRS Dispels Rumors About Its Enforcement
Of New Health Care Reform Law Provisions
Senate Finance Committee Chairman Max Baucus (D-Mont.) kicked off an April 15 hearing on the 2010 IRS tax filing season by asking an Internal Revenue Service official about rumors the IRS will stage armed guards at small businesses to enforce provisions of the new health care reform law.
“Not at this point,” IRS Deputy Commissioner for Services and Enforcement Steven Miller responded. “It’s very early.”
As my ex-girlfriend would say, “your Freudian slip is showing.”
nom, this means your fly was unbuttoned.
114 Com,
Can you link that?
Barbara: someone in your family?
http://cbs3.com/local/Philadelphia.Phillies.Matthew.2.1636036.html
[116] barbara
I could but would do you no good as it is from BNA, a subscription service.
[115] veto
I don’t think that is how she meant it. Now you got me thinking back to, well, mmmmmm.
oops
veto that – lawrence yun ‘the panda’, ‘next fall’ says:
April 16, 2010 at 10:30 am
‘Bank of America Continues to Improve.’
This is actually true but the key point is having point of reference. I was pouring through their qurterly’s before doubling down on this piece of garbage yesterday.
[117] chifi
Yuck. Well, it is Philly.
Wife was at that game. She left early as she didn’t want to be with the ugly part of the crowd.
so this Goldman Sachs news is kind of a big deal, huh?
Timely given last night wretch videos…
Gotta find me some Oban……thanks for the price tip….
119 – thankfully didnt have the guts to commit to that trade. When dealing with an untamed beast, guerrilla warfare is my preferred strategy. Potentially cuts down the upside but helps me keep the lunch down.
Check out this beautiful Montclair bathroom. We have had both the 50’s pink and 50’s green in our own home, but thankfully never both in the same room.
http://emailrpt.gsmls.com/public/media.do?method=gethighresolution&mlnum=2760405&num=0&res=highres&imagecnt=14&sysid=4037131&pubid=274889&servername=null
Sorry…better link below
http://emailrpt.gsmls.com/public/media.do?method=gethighresolution&mlnum=2760405&num=7&res=highres&imagecnt=14&sysid=4037131&pubid=274889&servername=null
love that bathroom. Cant imagine why you would ever change something like that.
unless of course you were straight.
hyde (113)-
Are you sure this isn’t a lobster recipe?
“The slow rise in water temperature will relax Long Pig who will then become unconscious.”
The trick with that renovation would be detonating the c4 without blowing out the beautiful stained glass windows.
chi (117)-
Barbara’s kin were probably the ones who booed Santa Claus.
Its taking me a while but im finally starting to realize that F idelity .com is not the same as x box 360. for a variety of different reasons.
plume (120)-
Where, pray tell, IS the attractive part of the crowd at a Phillies game? And no, I don’t consider chain-smoking, 220-lb, Scrapple-fed chunks of xx chromosome in sleeveless t-shirts to be attractive.
“Yuck. Well, it is Philly.
Wife was at that game. She left early as she didn’t want to be with the ugly part of the crowd.”
What up?
veto that – lawrence yun ‘the panda’, ‘next fall’ says:
April 16, 2010 at 1:22 pm
Its taking me a while but im finally starting to realize that F idelity .com is not the same as x box 360. for a variety of different reasons.
veets, your brokerage account is much more similar to worldsportsexchange.com
Gator update everything but the bathroom (rolls eyes) What are the taxes 18000?
Pain – Ask is $499k, taxes $13,600 (likely going up to $14,550 after this year’s tax hike). It’s on a busy county road – Watchung Avenue.
Brilliant. Have the same people who are paid off and abetted by the crooks accuse the crooks of being crooked.
Giant diversionary tactic and sheeple narcotic. Somehow, GS rigged up a way to fade themselves on this whole charade and will whipsaw the markets back the other way when they’ve covered.
Is anyone else asking the question as to why they aren’t going after John Paulson? The guy designed an financial instrument that he determined would have the highest probability of going to zero then he bet on it.
Show me where it says it’s illegal to build a doomsday machine.
“What up?”
well, for one the joy sticks are totally different.
Second, on F idelity the score is in real money and when you lose it, there is no opportunity to shoot at someone with an grenade launching m-16 to get it back.
Plus the graphics are way worse and all around game play is not as fun as i hoped for when i originally dumped my entire IRA into it.
Ben (137)-
Wait until we get a failure-to-deliver event centered on GLD.
veto (139)-
Didn’t anyone at that brokerage tell you not to play without inhaling laughing gas first?
Oops, I forgot: it’s ok for the counterparty to give you gold certificates, worthless scrip and handwritten IOUs when you demand delivery of gold.
I’m liking that bathroom, to be honest.
Then again, I hit my head really hard last week
[131] doom
“Where, pray tell, IS the attractive part of the crowd at a Phillies game? ”
Wherever the wife and I are sitting.
[125] gator
Last time I saw tile like that, it was in a rental.
Ew.
Glass is nice. Take it out and demo the shit out of that room.
Does anyone else have these fancy looking vacuum sealed coffee makers at work?
Let me ask, whats the difference between drinking this and a cup filled with equal parts amonia, pine sol and commercial bleach? I cant put my finger on it.
143. Pat
its perfectly preserved and has kitsch appeal, but my taste for kitsch had died down in recent years. I’d gut it.
If I lived in NB, my will to live would’ve died down in recent years.
@137 –
The SEC should catch – and hang – both ‘notable’ Paulsons.
Sastry,
While the “published rates” may now be at their lowest, this does not accurately reflect the situation.
In the past, we had high rates but none but the truely brain dead paid them. To offset the high rates, folks employed various tax shelters. Those rates no more resembled what people paid for an item than the price tag on a blanket in a Mexiacn tourist market.
When RR was president, the tax code was reformed and, while tax rates plunged, the amount paid under the lower rates went up.
Any argument that rests upon the top rates then vs. the top rates now is silly, as it fails to reflect the true picture.
“whats the difference between drinking this and a cup filled with equal parts amonia, pine sol and commercial bleach?”
No need to mix it yourself.
“Oops, I forgot: it’s ok for the counterparty to give you gold certificates, worthless scrip and handwritten IOUs when you demand delivery of gold.”
Exactly – which is why, in spite of a strong desire to hedge a declining USD with GLD, I don’t see it being a viable option.
Final Doom,
at least I didn’t buy in 2005 :)
“No need to mix it yourself.”
ahh yes, i’ll gladly admit this is the most convenient way to enjoy a cup of chemicals that i can ever imagine.
Barbara – I hear the Ardsley Road realtor just dumped her clients. Time to call the sellers directly and cut a deal. Oh and the idiots didn’t file a tax appeal, so they’ll likely be dinged for an extra $100k on the sale price. It will be a nice windfall for the next owner who will probably lower the taxes by at least a third based on the really low sale.
Veto,
“Let me ask, whats the difference between drinking this and a cup filled with equal parts amonia, pine sol and commercial bleach? I cant put my finger on it.”
Yes, the former gives me less indigestion.
make that latter…
NJgator,
hmmm, if their REALTOR dumped them I’m wondering how reasonable they are. That’s hardcore.
153 –
i would prob pay as much as $200 to witness a cat fight between doom and barb.
Barbara 158 – I think she tired of playing the maid after the weekly kegger parties the kids were throwing.
I love dumping listing clients. If that agent did it right, she also left them with a few “parting gifts” of rather raw, painful facts (which the seller is guaranteed to ignore).
veto (159)-
How much would you pay us to beat the crap out of you?
This week, a multi in our neighborhood went on the market for about 75-100k more than recent comps.
This is a house that Stu and I have fondly referred to over the years as the “hick house”. Think lawn furniture and BBQ on the front yard, tons of junker cars parked and trash always about. In fact, it’s our dog’s favorite house in the neighborhood, because he always finds tasty treats there. The place also sits directly in front of the train station.
Someone needs to find whatever that realtor is smoking and sell it. Has to be some potent stuff.
Stu and I, OTOH look forward to using this place as a 2011 tax appeal comp, because they will clearly be chasing the market way down and selling low later this year.
doom, 162 – something about that question is confusing to me.
Gator – hey 14 K is not bad by MontKlair standards even if it is on Watchung Ave. Not that I want it but is it near the park and the resevoir?
Doom – parting gifts? Like dropping a duece ina difficult to find place. Like inside the toilet tank
Pain 165 – Just east of Grove…not too far from the park.
http://www.mapquest.com/maps?city=Montclair&state=NJ&address=204+Watchung+Ave&zipcode=07043-2425&country=US&latitude=40.8289&longitude=-74.19759&geocode=ADDRESS
In other Montklair tax misery…
Yesterday I my elderly next door neighbor stopped me as I was walking the dog and cried for about 30 minutes. Their taxes on their un-updated POS are now over $17,000 (and will be over 18k after the 2010 increase). Their 3rd floor boarder apartment has been vacant for a few months and their 2nd floor tenants just gave notice that they are leaving. She is afraid that they will lose their home.
A few weeks ago, I gave her son all of the information he needed to file a tax appeal for his parents. Printed copies of the forms, and gave him the name of a reputable attorney as well as our appraiser and explained to him that his parents were getting screwed by the town and paying at least $4k too much per year in taxes. I explained that the appeal was pretty much a guaranteed win….everyone in our immediate neighborhood who has filed has gotten significant reductions.
When I saw the neighbor yesterday I asked her if her son had filed the appeal, she told me that they hadn’t because she could not afford the $300 for the appraisal.
Mind you they have 3 kids. One is a doctor, one is a lawyer and the other is a drug addict. I am guessing that the drug addict is the best of the lot.
I fully expect this house to be the second comp we use for the 2011 appeal after they are forced to sell and take a much lower price because of the high taxes.
Here is an interesting article on the gun laws changing in DC. I like the line about getting rid of “vital local gun controls intended to keep the capital city’s residents safe.” DC has terrible crime. The gun laws there ensure that only the criminals have guns. They don’t make DC residents safe because that was never the purpose. The purpose was so anti-gun people could eliminate guns from society.
http://www.nytimes.com/2010/04/16/opinion/16fri4.html?emc=eta1
Re 167, give the lady a pack of matches and some gasoline.
168. Gator
what I like about these threads is that it looks like Montclair is illustration perfectly what people on here said was going to happen, esp: High property taxes ironically bringing prices down, rats eating the cheese ship, etc. I fully expect a NYT “coming to a town near you” using Montclair as the example.
Stay classy Jerzey.
Police: NJ man purposely vomited on Phillies fans
http://news.yahoo.com/s/ap/20100416/ap_on_re_us/us_vomiting_fan_arrested
Barbara – and of course it will be written, as almost everyone who writes for the Times lives in Montclair.
Barbara – Have you seen this lower priced Madison Ave listing?
Taxes below 12k. Almost 1/2 acre. That portion of the street looks fine..I actually just drove down it yesterday.
http://www.trulia.com/property/3008187740-59-Madison-Ave-Montclair-NJ-07042
170
Gasoline leaves residue.
You’re better off with paper towels placed in the trash under some curtains. If an ashtray with a lit cigarette gets dumped in right before you leave the house, strange thngs can happen. Or so I’m told.
Dunno about gasoline there have been allot of these lately.
http://www.google.com/search?client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&channel=s&hl=en&source=hp&q=house+explodes+natural+gas&btnG=Google+Search
[169] jim
That’s extreme, even for NYPravda. Such namecalling, and over the relinquishment of laws that were called into question by the Heller decision last year.
Gator, thanks for that, worth a closer look. I have to step out but will try google maps. Kitchen could be redone easily.
http://www.tmz.com/videos?autoplay=true&mediaKey=f7256f34-e7db-4899-bc9b-7a4a28bd659d
Mark Sanchez is a God, watch him jam ladies in his limo outside Bobby Van’s last night
[173] gator
“as almost everyone who writes for the Times lives in Montclair.”
Well, that answers a few outstanding questions on why the People’s Republic of Montklair is trying so hard to be an erzatz version of Cambridge, Mass.
Barbara – You’d be Zone A, just like me and Stu, so you’d also likely get your little ones into your choice of schools from that address.
[176] juice
Wanna bet that the mortgage payments were late, but the insurance was paid up, and the owners opted for replacement coverage and electronics riders?
talk about abuses, just need to post this craziness…real story
woman is married to a retired marine. So he gets a pension, then he went to work for the state and now gets a pension from them. lost his job 2 years ago (at about 62-63y.o.) and is still collecting unemployment, unbelievable
Shore, is the general outrage over undoing W’s tax cuts, or in general against any progressive taxation?
John – This one’s for you…
http://www.foxnews.com/story/0,2933,591129,00.html?test=faces
Gator WTF!!! The end of the world really can’t come soon enough.
I for one am lamenting for the return of 70’s disco bush. Nothing like seeing a hottie’s classic pictorial her nekid with what appears to be an angry badger resting in her panty lines.
Yeah we used to steal our friends dad’s pron, like you didn’t
Manscaping is all the rage.
Buffett’s Goldman Sachs Warrants Drop by Almost $1 Billion on SEC Lawsuit
Quick, aren’t they?
“Roger Freeman, a respected securities analyst at Barclays Capital, noted that “We believe that Senator Dodd has targeted a vote on the Senate bill…by April 26th, . . . .”
Freeman went on to say, “Today’s SEC announcement…was a well-timed, and perhaps not coincidental, effort to sway some on-the-fence Republicans to support a tougher financials bill.”
Not coincidental. Ya think?
Here is another SEC doozy from today.
IG: SEC knew of Stanford scheme since 1997
(AP) – 31 minutes ago
WASHINGTON — The Securities and Exchange Commission knew since 1997 that R. Allen Stanford likely was operating a Ponzi scheme and an agency enforcement official who helped quash investigations of his business later represented the billionaire, according to the SEC inspector general.
The SEC didn’t bring charges against Stanford, alleging a $7 billion fraud, until February 2009. The SEC inspector general also says in a report released Friday that “institutional influence” in the enforcement division was a factor in the agency’s repeated decisions not to conduct a full investigation.
Complex cases like Stanford’s that couldn’t be quickly resolved were discouraged by enforcement higher-ups, the IG’s report says.
http://www.google.com/hostednews/ap/article/ALeqM5hYFFRo5DIC8YUNoJJcGV4Vs7rYdAD9F4BAAO0
Way back in HS I used to sell beer blanket to blanket at the beach. OMG bending over to give a hot girl laying down a nice cold beer and getting a peek at a disco era string bikini with random pubes sticking was nas-T. I knew shag carpeting was in style but ladies shave above your knees for the love of christ.
Man I feel awesome. Spread the love. Spread the joy. Being alive in the last superpower at the end of this first decade of the twenty first century is cool.
Uh. yeah JJ. Thanks for that.
Ya’ll dig?
Watching it was better than living it, you would come up from that fishy forest of a tuna taco all red faced and feeling like a day old crispy cream donut sitting out in the hot sun.
TG for the Brazialians
Painhrtz says:
April 16, 2010 at 3:32 pm
Gator WTF!!! The end of the world really can’t come soon enough.
I for one am lamenting for the return of 70’s disco bush. Nothing like seeing a hottie’s classic pictorial her nekid with what appears to be an angry badger resting in her panty lines.
Yeah we used to steal our friends dad’s pron, like you didn’t
JJ you never disapppoint
Dude’s — you are kindred spirits. And that is a little bit scary.
174. That is a nice home. Period.
• Corporate bonds suffer after Goldman civil charge
good news for junk bonds
180. I saw a really strange eagle nosed woman. Very skinny with an enormous head of stringy black hair. She was kneeling over her young son with his own overgrown patch of stringy hair as if to say, “Decklan is experiencing the moment in the very essence of childhood.” It just kind of made me barf a little in my mouth and I was retrieving a soy chai from the cold section of Whole Foods in W. Orange.
BTW I am a very happy resident of a neighboring town to Montclair. And every day of my life I am grateful we didn’t end up there.
Nom, #189
And more of a positive coincidence is GOP getting 41 signatures to filibuster financial reform *today*.
Wow, “the fundamentals of the economy are strong” all over again. Couldn’t have happened to more deserving people.
S
“Shore, is the general outrage over undoing Ws tax cuts, or in general against any progressive taxation?”
I for one was against the Bush tax cuts. We had a huge debt (now it seems quaint) and it made more sense to me to pay down debt. Were we debt free, we would have huge amounts of free cash for investments or tax cuts.
As for “progressive” tax rates. Unless you are going to give me extra votes, don’t tax me at a rate that is higher than other folks. A flat tax will still result in richer folks paying more, and it will give lower earners more reason to demand responsible spending by government.
[202] sas3
Nice try at spin, but it didn’t pass the smell test for me.
Here is the quote from a source you won’t argue with: The Times.
“But in a sign of the internal discord among Republicans, the letter does not threaten a filibuster that could block the legislation from even reaching the floor for debate to begin.”
Actually Bush tax cut expirations which encourage recogniation of income and conversion of IRAs this year will be a huge huge windfall for US Govt in solving defecit.
Once Prz O commie huge tax on capital gains in place, I ain’t selling any gains until we get a new president who undues his nonsense. So what is point of higher tax if no one will sell appreciated assets so therfore no tax to collect.
[202] sas3
And as for the comments, they just aren’t snarky enough. Try impersonating Schabadoo; he does snark better.
Or go onto liberal blogger sites; that is where I go for material. I take some of the best quotes I can, and incorporate that into pieces that demonstrate the left’s true agenda.
After all, no need to spin when the opposition is willing to do it for you.
Shore[203];
I’m down with corporate-style voting in America. The constitution contempated funding the givernment by exise taxes. Personal taxes — if any — were to be apportioned. Not just ‘one man, one vote’, but ‘one man, one tax dollar’. Boy has that ship sailed.
So let’s make voting like a corporation. You have one share/vote for each tax dollar you pay to a given jurisdiction. It would encourage tax compliance for one thing.
I know, the poll tax is unconstitutional, and this would function similarly. We’d have to get past ‘one man, one vote’ too. I’d like to try it however. Maybe on a municipal level.
[205] jj
Okay, who are you and what have you done with John?
You’re not John. Your spelling and punctuation aren’t nearly lousy enough. And as for that lame attempt at crude earlier? Puh-leeze.
njescapee says:
April 16, 2010 at 9:42 am
V, this one’s for you
Morristown school board member wins $211.7M Powerball jackpot
http://www.nj.com/news/index.ssf/2010/04/morristown_school_board_member.html
anyone know why her name was released? is that mandatory in such matters?
Chaos from Iceland volcano grows The crater has begun spewing thousands of ice chunks, and the ash cloud can now be seen from space.
209 – You know what I’d do if I won the lotto???
2 chicks at the same time.
[209] yikes
I believe it is mandatory, or at least discoverable in public records.
That said, if I ever hit it big, I would collect and then tell the reporters that I gave it all away (to trusts and foreign banks actually, but no one need know that). That would be so shocking a story that they would run it, and insure that I get left alone.
Then I would depart NJ and not tell anyone where I am going.
R I P
http://www.youtube.com/watch?v=xU5tQkwv0dY
I wondering if a formula can found for the relationship of the frequency of residential chain link fencing and education levels – and/or criminal records.
That would make an awesome GreatSchools.net pie chart.
I’m even
Shabbat Shalom.
Shore, but many people have benefited from a progressive taxation of previous generations. It’s like a pay-it-forward type thing, and the first generation that tries to sink it (I think boomers already did a majority of it).
Nom, my mistake — GOP didn’t commit to filibuster. However, they are getting to a point of “let’s start all over again” cr@p they pulled with HCR. Not exactly a
S
… not exactly a “fundamentals are strong” scenario (though I wish they hurt themselves again by saying such a silly thing), but still is bad timing for them.
Sas[217];
Boomers are trying to sink progressive taxation? You owe me a new keyboard for that (this one now coffee-spewn).
Congress is considering a move to lower or eliminate U.S. taxes currently imposed on foreign investors of U.S. commercial real estate, where the number of sales has fallen off a cliff over the past two years.
The Real Estate Revitalization Act of 2010 is designed to stir demand by foreigners and in turn lift prices and encourage even more buying by alleviating the U.S. tax burden imposed upon foreign sellers. The number of commercial property deals fell by 55 percent in 2009 after diving 62 percent the previous year.
http://www.reuters.com/article/idUSTRE63F5E220100416
4/20 is the school budget vote. Personally Im mobilizing the elderly to vote no claiming that their social security is at stake and their property taxes will go up 50%. Lets see if my reverse Communist subversion tactics work.
Time to get a real job losers. Time to punch your fit through the no button.
Let the tit suckers eat cake. For every tit sucker you fire through your vote you save 3 other productive jobs. Heres a toast to future public tit sucking layoffs.
Cheers.
Yeah. Thanks Al. Real American here folks. A patriot.
Al #221, you haven’t said what your idea of a real job is?
civic or prius?
Would love to know what Al “The Thermostat” Gore actually does for a living.
A dude living where he lives doesn’t work in high wage areas. My guess is beachcomber or boardwalk pizza joint owner.
$100 says he’s the biggest tit-sucker on this site.
…and not in the good way.
“Man I feel awesome. Spread the love. Spread the joy.”
Essex, was that ecstacy or lsd that did that to you today?
pat, hands down civic. if you are considering costs, you cant beat that car.
Yeah, I kinda liked my Civic. It even looked good with the engine and transmission coming through the dash.
But a friend with a prius luuuuvs it despite the recall issue.
TD bank makes out like John the bondit today.
Pat, Civic hybrid, or regular student edition?
safety on civic is top notch for the size class.
prius is tempting but its a new technology and thus a gamble. You will likely take the brunt of their learning curve at some point.
No telling what problems those batteries will cause after 50-70k miles. Or what the resale value will be like.
Civic is time tested.
I dunno, is the hybrid worth it? I drive 10k/year.
And I was extremely impressed with the way the Civic handled in the accident. At this point, I’m looking for God to swoop down and give me some reason not to get another one.
227. Spring is my favorite season. Next to summer. Get outside more — you’ll feel great too!
Is it still an issue getting electrecuted on those batteries during a rescue from an accident?
Veto
not LSD. Definitly X or a coctail including X
SAS3
re taxes
46% of the nation not paying taxes is a historic anomoly. It’s also an issue that has been seen time and again through histoy. When half or more of the population doesn’t have skin in the game you breed corruption
Given the good mileage of civic, there is probably no need to go for hybrid (not at least at 10k extra cost). Is the old one totaled? fixable? or does it just look like cr@p? My old Toyota is a chick repellent, but drives fine.
I personally think it looks fixable. It was the labor hours taking out the engine that was the issue..so the auction value net the repair totalled it in MD.
yo’me: electrocuted? Are you kidding? This big fireman who looked like conan on steroids was holding a laptop open in one hand and a crowbar in the other that he swung against the door on the other car. It looked like he pulled the side of the car off. He was still clicking on the laptop, so I don’t think he got electrocuted.
I swear everybody surfs while they’re supposed to be working.
Pat,I was talking about the Hybrid and electric cars that are coming out.
Hyde, the working poor have skin in the game in terms of social security, medicare, etc. They are paying *now* with a hope of getting something thirty or forty years later. What they paid was looted by W in terms of tax cuts for the wealthy (“their money, so give them back their money”) and a wrong war (and not putting the tab on the budget).
A lot of people pay no or low federal income taxes because they make very little (e.g. grad students, entry level soldiers, struggling artists in NY, doctors doing residencies). Many of them pay way way more back in taxes later on — some, including “middle eastern looking” immigrants, end up making so much money that they are tempted to become Republicans.
Oh, well, money trumps in many cases. 7% of News Corp is now owned by a guy whose check wasn’t good enough for Rudy Guiliani after 9/11, and Fox keeps religion-baiting.
And the common people have almost no say in what happens politically — especially in the face of propaganda machines. The critics of Iraq war were called traitors, and corporate-owned media just kept repeating “links between Saddam and 9/11” — with a shiny flag in the background.
Drinkink tea
;)
impotence..natures way of saying ‘no hard feeling”
Tax bills for 5 corporate giants
http://money.cnn.com/galleries/2010/news/1004/gallery.top_5_tax_bills/index.html
“Get outside more — you’ll feel great too!”
I went outside to take a break from the blog once today for some fresh air.
Within minutes i was covered head to toe with volcanic ash.
http://online.wsj.com/article/SB10001424052702303348504575184120546772244.html?mod=WSJ_hpp_sections_opinion
Sounds like Christie’s going for a new show on Discovery. Combination of deadly catch, dirty jobs, American pickers, pawn stars and biggest loser.
ACA Management, a “renowned” house, seats filled with Ivy League asses, known for its expertise in analyzing credit risk in RMBS, slaps AAA on a piece of sh#t. However, it gets better. They are led to believe that Paulson is long the crap and they decide to ride his coattails, yet smart enough that they know jack-sh#t regarding the structure of the trade. Little did they know that Paulson entered into CDS to short the crap. No different than an arsonist deciding to hire a lackey to torch a village, only after he secured insurance on the entire village.
Lloyd does God’s work, Paulson designs an auto with defective brakes, while shorting the auto, and ACA decides to sleep with dogs. Lloyd does not give a sheet, he knows GS pulls DC strings. Paulson is not complicite, he did not market it. Unfortunately, ACA is the flea infested lap dog. Of course, along with the taxpayer.
Thank the Lord, the truly talented strut their stuff on the street.
By the way, anybody really believe that there is only one co#kroach?
there is no faster way to creat wealth then investing in the real estate and this is all because of the slump in the global economy…
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