From Bloomberg:
Sales of Existing Homes in U.S. Probably Climbed on Tax Credit
Sales of U.S. previously owned homes rose in May to the highest level in six months as buyers rushed to beat a June tax-credit deadline, economists said before a report today.
Credit-induced gyrations will make the underlying health of the market difficult to determine over the next couple of months. A slump in builder shares since early May signals investors are concerned the damage caused by the end of government stimulus, mounting foreclosures and unemployment will exceed the benefits of lower mortgage rates.
“There are still a lot of headwinds as we’re making this important transition,” Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “The real key in all this will be the labor market. You’re not going to see a sustainable housing recovery without job growth.”
The report from the National Association of Realtors is due at 10 a.m. in Washington. Economists’ estimates ranged from 5.2 million to 6.5 million after a 5.77 million rate in April.
Demand last exceeded May’s projected level in November, the month the tax break was first due to expire, when sales reached an almost three-year high 6.49 million pace. The smaller jump last month shows the incentive lost power after being extended.
hi fiveeeee
(for borat!)
sl
From the Star Ledger:
Gov. Chris Christie presses for his N.J. property-tax cap
Gov. Chris Christie today will continue his blitz for a property-tax overhaul in New Jersey.
With the ink just dry on his state budget compromise with Democratic lawmakers, the Republican governor is scheduled to appear at an afternoon event here with mayors who support his proposed constitutional amendment, which would ban local governments from raising property taxes by more than 2.5 percent a year without voter approval. Christie and his allies have been aggressively courting mayors to support the plan, which also includes a 33-bill “toolkit” of changes to collective bargaining and civil service.
About 200 mayors have endorsed it so far. The proposal would have to pass legislative committees by July 7 in time to get on the November ballot, Christie said.
“I am going to push as hard as I can push to make this happen, and I am going to make sure the public understands what the stakes are,” Christie said Monday. “Let the public vote. Let the public decide.”
From the Record:
Number of New Jersey teachers retiring this summer surges
Nearly 6,500 New Jersey school employees have filed for retirement so far this year — almost double that of all last year.
Most of the filings came in recent months, with 5,106 putting in their papers for retirement to take effect in July, a common time to retire.
Some teachers say they are retiring sooner than they wanted because of anxiety over possible changes in pension rules, severe budget cuts and a harsh climate for educators during the state’s fiscal crisis.
Earlier this month, Christie administration officials said they temporarily delayed plans to push for money-saving reforms affecting current teachers’ pensions and retirement medical benefits. Even so, some teachers want to leave while benefits they have long counted on remain intact, such as free post-retirement health insurance.
From the WSJ:
Housing on the Rocks, Make It a Double?
A housing double-dip? More like a long, slow melt.
That is likely to be the takeaway from this week’s slew of housing reports. Tuesday could be a bright spot, with the National Association of Realtors expected to say existing-home sales rose some 5% from April to May to an annualized rate of about 6 million units.
That would be the third monthly increase in a row and the highest sales pace since November.
But that is unlikely to cement faith in the housing recovery. Sales have been juiced twice now by the government’s home-buyer tax credits, which expired April 30 for contracts and on June 30 for closings.
…
Indeed, the Commerce Department on Wednesday is expected to say new-home sales dropped 20% last month, according to economists surveyed by Dow Jones, to an annualized 400,000 units.
That would largely unwind sharp gains recorded in March and April ahead of the contract deadline. Already last week, Commerce said new home construction dropped by 10% last month.
…
Home prices may well slide further as the market searches for a floor. But a 5% decline, say, over the next year or two isn’t exactly a double-dip, and should ultimately support a healthier recovery.
Policy makers shouldn’t get in the way.
From CNBC:
Housing Double-Dip to Slow Economic Recovery: Whitney
The US economy faces a perilous second half as a new set of problems hits real estate and thwarts any chance for a strong recovery, banking analyst Meredith Whitney told CNBC.
While stopping short of predicting a full-blown double dip in the broad economy, Whitney said one is certainly in store for the housing market.
“People doubt there’s a double-dip in housing,” she said. “It’s amazing.”
The primary reason she cited for another leg down in housing is that banks are getting more aggressive foreclosing on delinquent borrowers. That in turn will push more inventory into the market, pressuring prices and ensuring that economic growth will be tepid at best.
“Banks are actually accelerating their foreclosure programs, accelerating their short-sale programs. People who have been paying their mortgage now have to start paying rent,” Whitney said. “You’ll see a real leg down in supply displacement when you foreclose and you have to sell.”
My question is, what does the double diup in housing really mean from a percentage basis?
Already looks like nj homes have seen 20-30% declines from peak.
Any real type of rebound we’ve seen so far has not been a stabilization of prices, but an uptick in housong sales (volume).
So does double dip then mean a dip in volume again with prices somewhat flat-lining?
Damn.
WAKE UP SELLERS!!!!! GET OUT OF YOUR FANTASY LAND. READY TO PLOP DOWN A MIL
So Grim, your an industry expert, what is your prognosis for housing prices between now and the end of 2011?
One report says a small dip in prices, another a big dip – supply will outstrip demand for the next year or two at least so we know prices for the nation as a whole probably are not going up.
Any estimates yet on what the economic impact will be to clean up the oil leak?
supply is definitely a major problem but what about mortgage rates, how much longer can they stay so low?
didn’t we just see a study saying NY metro area has 105 months of supply in shadow inventory?
I think this is pretty significant if what Meredith Whitney says is true.
“Banks are actually accelerating their foreclosure programs, accelerating their short-sale programs. People who have been paying their mortgage now have to start paying rent,”
from Mish-
Obama’s Home Affordable “HAMP” Program a Failure; Another Huge Wave of Foreclosures Coming
“Only 30% of the 5.7 million borrowers who are 60 days delinquent are eligible for the program. 4 million delinquent borrowers are stuck. Of those eligible for the program, only 346,000 have completed the trial and received a permanent modification.
Many of those receiving a permanent modification will slip back into default and head for foreclosure. Many of those who successfully keep their house would be better off if they lost it.
Looking at HAMP from every angle, it’s safe to say the program was a failure and another huge wave of foreclosures is coming down the road. ”
http://globaleconomicanalysis.blogspot.com/2010/06/obamas-home-affordable-hamp-program.html
The cataclysm is on its way. You can smell the stench of death in the air.
Lots of FK filings in my area on 600K+ mtg balances in the past couple of weeks. It’s pretty bizarre driving around Tewksbury & seeing foot-high grass.
If you have a house for sale, do what it takes to get out NOW.
In a few weeks, all hope will be lost.
New Small Business Lending Bill.
http://www.nj.com/mercer/index.ssf/2010/06/holt_backs_bill_boosting_small.html
“The new $30 billion lending fund for small- and medium-sized community banks (defined as those with assets of $10 billion or less) could leverage up to $300 billion in loans, Holt said.”
Now we want our small community banks to leverage up as well?
When calculating the potential drop in RE prices, don’t forget to add the pressure of out-of-control property tax increases to the equation. As taxes continue to rise and wages remain stagnant, this too will add a lot of pressure to housing prices. Especially in the more haughty-taughty towns (hopefully).
if after all this, we are still here late next fall scratching our heads about unaffordable crap boxes….I will have to assume that in fact, we are all dead, ghosts. Six Sense.
#15 Yup. A mortgage has a beginning and an end and you know what your payment will be. Property taxes are forever and usually go up.
Waiting for Armageddon is so tedious.
Barbara [16],
You may be spot on. Then again, we can take solace in the fact that we have all turned Japanese.
ben (14)-
Rush Holt is a collectivist dick.
Loans? Loans for whom??? Who wants to borrow? Of the small businesses that actually want to borrow, are any of them creditworthy?
Every time I pay down on my business’ lines of credit, my lenders cut the credit lines to the amount of the payoff. Mind you, these are longtime lines on which I don’t have as much as one late payment.
Some fcuking recovery. We’re going to be driving donkey carts before this slow-motion misery ends.
barb (16)-
We won’t be ghosts. We’ll be Japanese.
In the past, we lost generations to war. Now, we’ll lose a generation to stupid.
stater (18)-
Try drinking lots of whiskey. It makes the time pass faster.
“Waiting for Armageddon is so tedious.”
Some fun FX action lately, huh, BC?
China back on the beggar thy neighbor train today.
Yuan rallied for one whole day. Wow.
Looking at HAMP from every angle, it’s safe to say the program was a failure and another huge wave of foreclosures is coming down the road.
Hamp was not a failure. It’s true ofjective was additional tax payer money going to banks, not actual help for underwater homeowners.
waiting for Godot…
my house hunt has taken on an existential flavor.
A mortgage has a beginning and an end and you know what your payment will be. Property taxes are forever and usually go up.
Spot on, property taxes in many instances exceed mortgage payments. Another killer is condo fees. Berkeley Meadows in Berkley Heights is $640/month now. Thank Corslime for things like 7% on Lawn Care & Snow Removal.
Doom and Barbara
we’ll be here next fall because of the stupid. I can’t see the psychology changing. Unless the gvt. Stops lending or tightens lending standards the stupid will still line up and borrow.
On the bright side of all of this negative news, it’s a bit entertaining to watch our state country fail. If you were living in Texas for example, would you really pay attention to the freak show in New Jersey?
Doom
Now, we’ll lose a generation to stupid.
too late. we already lost at least one generation are will probably lose another 1 or 2 before people start to wake up.
It’s entertaining in the same was a car crash is entertaining, but the desperation and unemployment are truly disturbing. Like the pileup on the highway, it may be that you are next to suffer a collision.
Remove country from my last post.
Working two full-time jobs and posting here has absolutely minimized the available time I have to proofread my posts (which admittedly, I rarely did when I only had one full-time position).
Apologies in advance for it.
“it may be that you are next to suffer a collision.”
Of this I am acutely aware.
going to see my oldest nephew graduate HS today, feeling old, nostalgic and not hopeful on a day that should feel hopeful. S’ok, I got my poker face down and card with cash in hand. A least he has a four year layover.
Barb (34)-
Take a look at that sea of young faces…then, imagine 90% of them unemployed in four years.
Bottom line double dip housing is BS. Problem is homes as a status symbol are long gone. Buy a big fancy house people call you an idiot and unemployed or people who got no raises make you feel bad. The joy is gone.
I save up my downpayment on my new house. Wife is like, every home you show me on line is a short sale, foreclosure where people have lost 200K. Do we want to also risk that. Then she goes aren’t your bonds earning 40k a year interest? She convinced me to stay in my POS and spend some money on vacations, dinners, plays and football, let the house rich cash poor people sit in their crap boxes with no free cash. You laugh but I just descrived around 20 of my friends who are not trading up even though they all have the cash. Housing can’t rise quickly if the poor can’t get mortgages and the better off people don’t want to spend all their savings on a house.
36. Jobs=Houses. Simple math.
Boomers=Status
Gen X= not so much.
jj real players don’t need a down payment. They pay with cash.
At the Doc’s office this AM with my kid. Place was full of scruffy, flip flop wearing,tan, Mr. Moms who I gather are still living off their severance and unemployment.
Got news for you ex-structured finance wizards that market ain’t coming back, ever! Get off your ass and get a job already.
hahah – jj I am in same boat, live in a 60’s split (albeit good size at 3k SF), saved for the big 5k SF in upeer snooty-ville. Got the cash to go now, but dont really like the idea of being house poor (albeit far from poor).
I would entertain trading up if the prices of these things come down to a price where I can’t come close to replicating it on my own (that is it makes economc sense to buy something in distress at a level real attractive to me).
That has not happened so far, and so I wait.
Pretty soon, a car roof over your head will be a status symbol.
juice (40)-
News flash: those fcuktards can’t do anything else.
jp 6
Any uptick action we have seen is due to GOV intervention not natural market action. GOV intervention only acts to further dislocate markets and lengthen the correction phase of the housing bust. But i would ask how the F do they even talk about a”double dip”? Look at the linked charts. We havent completed the first leg down. Any upward trends are juiced government numbers. The government has tried to make things look pretty by forcing inventory and foreclosures into a shadow market in order to keep the banks who hold the mortgages alive.
If we accept the historical average of 3% annual growth rates for housing and then start a 3% trend at the last point in the housing cycle that the income to home price ratio was within historical norms (that was a ratio of about 2.5 which last occurred in about 1999 in NJ) you will see that NJ and the Case-Shiller NY Metro area still have a substantial drop ahead of us.
http://www.scribd.com/full/33409577?access_key=key-27b3l72i10d56o0vonys
I have the cash. Every month I put 10K in my house fund. Does not seem like much but after a few years it starts to add up.
Problem is I can’t save quick enough houses I look at people buy for lets say 1.3 million cash, carry old house have 300K for renovations before they move in
Essex says:
June 22, 2010 at 9:30 am
jj real players don’t need a down payment. They pay with cash.
JP
for even more fun, look at the following link and realize that NJ has seen an average rate of home price growth of about 5% for the last 25+ years. This is an excursion from the historical norms and opens the probability/possibility of a nasty snap back to the historical average of 1 – 3% growth rates which would wipe out the current market.
http://www.scribd.com/doc/32587459/1q10hpi-sts
If you have any problems download it and it shows up fine, its a small PDF
SL
How go the salt mines?
WASHINGTON – The top U.S. commander in Afghanistan has been summoned to Washington to explain derogatory comments about President Barack Obama and his colleagues, administration officials said Tuesday
Obama 1, Naysayers 0.
http://blogs.wsj.com/developments/2010/06/21/does-the-housing-market-need-a-pep-rally/
Doom,
if we want to play the SHTF scenario have you noticed that the armed forces dont seem to e quite so enamored of Bojangles.
Did you notice the recent dust up with Gen. McChrystal?
if we end up going down the route of large scale civil unrest then things will get very interesting when the military gets deployed on US soil. I suspect you might see some fluid loyalties
If Bojangles doesnt have the confidence and trust of the top generals in a SHTF scenario then being near large urban centers probably isnt a good idea
Unexpectedly?
http://noir.bloomberg.com/apps/news?pid=20601087&sid=ayAF7R52CSAc&pos=1
Sorry for the foxnews link in advance….
Doesnt it inspire confidence when the top level military commanders mock the executive?
http://www.foxnews.com/politics/2010/06/21/mcchrystal-says-ambassador-betrayed-criticism-afghan-war-strategy/
The recent news makes thing this fall is going to be very interesting in a rather unpleasant manner…
“The Law Offices of Nom Deplume”
Has a nice ring to it, doesn’t it?
Been talking to some other solos and small firm lawyers (refugees from here) and I am going to make the move out of BIGLAW.
I’ve posted my travails from dealing with the monomaniacal. That isn’t news. But I am also seeing flight from this firm, which is slowly hemmoraghing its top associate talent. Not a good sign, and further impetus for me to head for the lifeboats.
Not only do I put this place and its issues in my rear view mirror, but being out as a solo or in a small firm will let me deliver the same service for considerably less than what this firm bills for my time (which is almost my old Skadden rate, and that is a travesty).
It will also allow me to entertain a lot of the questions and matters that come my way from here or from friends, who would be put off by our billing rates and the structure that we lay on our clients and their matters.
Finally, to quote Tony Heyward “I want my life back.”
So, over the summer, and barring a dream job falling into my lap, I will be marshalling my assets and contacts, and working on the business plan, with the goal of being away from here by summer’s end.
Come see me when you need a lawyer.
[51] hyde
Clinton suffered from the same near insurrrection, to the point that the pundits were openly worrying about a Seven Days in May scenario.
Here, the admin. appears to be sensitive to that, but calling the General on the carpet, after which he will say he “misspoke” or “spoke while tired and distracted” will ring pretty hollow, and further the growing perception that this admin. is clamping down hard to control the message, rather than simply letting the chattering class of Olbermann, Rugmunch, and Tingles take care of it.
So much for open government. Hope and Change.
[56] redux
I forgot to point out that the dissaffection was much worse under Clinton. This is muted compared to what the press says about his foreign policy and defense “cred.”
I think Obama overreacted, and he should have been dismissive of it while admonishing through back channels. And he put himself into a box; if he dismisses McChrystal, it looks really vindictive.
Wow,
if the following accusations are accurate then i will change my previous position and say that the current smdinistartion is indeed responsable for the gulf oil leak
It seems incomprehensible that the president and other members of the administration still have jobs when it is now being reported that the federal government was apprised by BP on February 13 that the Deepwater Horizon oil rig was leaking oil and natural gas into the ocean floor.
In fact, according to documents in the administration’s possession, BP was fighting large cracks at the base of the well for roughly ten days in early February.
Further it seems the administration was also informed about this development, six weeks before to the rig’s fatal explosion when an engineer from the University of California, Berkeley, announced to the world a near miss of an explosion on the rig by stating, “They damn near blew up the rig.”
It’s also now being reported that BP was asking for the administration’s help on this matter long before the deadly accident and the now gushing well of tar.
http://www.bloomberg.com/news/2010-06-17/bp-struggled-with-cracks-in-gulf-well-as-early-as-february-documents-show.html
Nom,
Your political guru here, but i wonder if the current economic realty potentially changes the flavor the military’s disaffection for the executive
Nom,
best of luck with your new venture!
Right on Atticus,er Nom. Live a little.
So, bottom line is that I expect Invest 93-L to develop into a tropical depression on Wednesday and a tropical storm on Thursday. If the environment is as favorable as the model guidance suggests, then strengthening into a hurricane is very possible before it reaches the southern Gulf of Mexico late this weekend. After that, it is way too early to really say where it’ll go. If this system remains fairly weak, like say a tropical storm, then a track towards the Texas coast seems more plausible; however, if this becomes quite strong like the GFDL, SHIPS and LGEM models suggest, then a track towards the northern Gulf coast would become likely as it would track towards a weak trough of low pressure that would be located along the US East Coast.
http://www.crownweather.com/?page_id=325
LONDON (AP) — Britain announced the toughest cuts to public spending in decades and new tax rises on Tuesday in an emergency budget aimed at sharply reducing the country’s record debts.
The pain fell on shoppers who will be paying higher sales tax, wealthy people who will be hit for higher capital gains taxes, and banks targeted by a new levy. Even Queen Elizabeth II, who accepted a freeze in her support from taxpayers, will feel the pinch.
There was good news for business, who will benefit from a cut in corporation tax from 28 percent to 24 percent over four years, and for cider drinkers who will be taxed less for their drinks.
Treasury chief George Osborne told the House of Commons his program would allow the country’s new government to cut borrowing from about 10 percent of gross domestic product to 1 percent within its 5 year term of office.
“The coalition government has inherited from its predecessor the largest budget deficit of any economy in Europe with the single exception of Ireland.
“One pound in every four we spend is being borrowed. What we have not inherited from our predecessor is a credible plan to reduce their record deficit.”
Harriet Harman, acting leader of the opposition Labour Party, accused Osborne of offering “a reckless budget that pulls the rug out from under the economy.”
“Yes, it’s his first budget, but it’s the same old Tories, hitting hardest at those who can least afford it and breaking their promises,” Harman said.
Jonathan Loynes, chief European economist at Capital Economics, said the budget “looks to be an even tougher affair than was generally anticipated.”
“Adding the new measures to the previous government’s plans points to a total fiscal tightening of over 6 percent of GDP over the next five years, the bulk of which — 77 percent — will come from real spending cuts,” Loynes said.
Osborne confirmed that value-added tax — a levy on goods and services — will rise from 17.5 percent to 20 percent from Jan. 4, though essentials including food, children’s clothing and books will remain exempt.
Most public sector workers except the lowest-paid will endure a two-year pay freeze, while the majority of government departments face budget cuts of 25 percent to raise 30 billion pounds per year ($44 billion) in expenditure savings.
Osborne said Britain will impose a new levy on banks from January 2011 which is expected to raise 2 billion pounds ($3 billion) per year. France and Germany have agreed to impose similar levies, Osborne said.
The Treasury chief said 7.9 million pounds in government funding to the Queen Elizabeth II’s royal household, a contribution known as the Civil List, would be frozen for a year. About 70 percent of the Civil List expenditure goes on staff salaries, Buckingham Palace says. The funding also supports the cost of official functions such as receptions and entertainment for visiting heads of state.
Osborne said he was scrapping a one-off payment to pregnant women and freezing child benefit payments for three years.
“It is simply not possible to deal with a budget deficit of this size without undertaking lasting reform of welfare,” Osborne said.
He also announced a rise in capital gains tax, from 18 percent to 28 percent that will mainly affect rich households.
The British government’s borrowing eased in May but the nation’s debt still rose above 900 billion pounds ($1.33 trillion).
Borrowing dropped from 17.4 billion pounds in May last year to 16 billion pounds last month, according to official statistics. Still, public sector debt rose to 903 billion pounds, or 62 percent of GDP.
Prime Minister David Cameron’s coalition government which took office in May has already announced spending cuts of 6.2 billion pounds and on Friday canceled another 2 billion pounds worth of capital spending.
I have no problem at all with a military coup that would overthrow Bojangles.
58: so maybe O needs to kick his own a$$?
Nom, good luck! If we ever attend the same gtg, I’ll have to tell you about the certifiable lunatic I worked for once. Actually, there have been a couple. Good times.
A fun state revenue chart
http://tickerforum.org/cgi-ticker/akcs-www?getimagenr=75624
jj:
Would an addition make sense? We must live in a good neighborhood because 6 houses in our neighborhood have put additions on their homes in the last two years.
We own a post WW2 split-level, crap-box. A 25k addition is enough to add an updated master suite. If you are staying for a decade you don’t need to worry about getting your money back.
PA taxes are good. Our total tax bill is 4k.
re: #52
“Existing home sales were forecast to rise to a 6.12 million rate, according to the median forecast of 74 economists in a Bloomberg News survey. Estimates ranged from 5.2 million to 6.5 million.”
Which fuctard economist was forecasting 6.5 million?
Stu:
Two full time jobs? What is the other one besides printing?
I am in sales and business stinks. However our seasonal business is open (boardwalk trinket shop) and I could not be happier. It’s great to be busy. The only thing that seems to be a problem is that I am too tires to go to the gym.
Look at this chart.
http://bloomberg.econoday.com/showimage.asp?imageid=19340
Now look what happened the last time the homebuyer tax credit ended November 30th 2009. Now look what happened when they extended it to the end of April 2010.
If you don’t think the July reported numbers for June are going to stink, then you don’t know how to read charts. Keep in mind, the newer tax credit extended the closing period spreading out the damage a little further past the end of the first tax credit program.
So any bets as to when the program will be reinitialized? I think we’ll see it long before mid-term elections. The problem is, each further extension will be less effective than the last as much demand was pushed forward and eventually, people will expect the credit to become permanent.
68: +/- 25%. Missed it bythatmuch.
I have an updated master suite, guy I bought house from was a perv. Kitchen was puke green broken appliances, cracked floor and main bathroom crap brown with plastic tub.
But man oh man the nut spent 100K on master bedroom. Dormed room, put skylights in put bathroom with shower that can hold six people with skylight above, put deck on attached garage with high walls with slider from bedroom for sunbathing. Said he likes to make love while he looks at moon and sun. I even have a minifridge/coffee maker up there with snacks. There is no reason to ever leave room as he had long sessions. Guy even said to my eight month pregant wife do you and your husband want to try out the lovemaking in room before you buy?
I redid kitchen and it is big and new. Trouble is I have small living room, dining room and two small bedrooms. But gigantic Kitchen and Master bedroom all redone. If I blew it out and redid it to make another bedroom and reconfigure bedrooms I would by far have made my house too good for neighborhood and my taxes would go through roof.
Guy also loved nude midnight swims in my pool. He had 20 foot bushes around pool, neighbor tells me he complained as he could see in from top floor window. I was like why are you peaking out top floor window at midnight at nude neighbors? for some reason he got mad at me.
d2b says:
June 22, 2010 at 11:04 am
jj:
Would an addition make sense? We must live in a good neighborhood because 6 houses in our neighborhood have put additions on their homes in the last two years.
We own a post WW2 split-level, crap-box. A 25k addition is enough to add an updated master suite. If you are staying for a decade you don’t need to worry about getting your money back.
PA taxes are good. Our total tax bill is 4k.
d2b:
Company fired my replacement when I was promoted into an entirely different position 5 years ago. Now both jobs are mine. Same company, but two jobs at the same pay level, but for the price of one. We need to grow earnings I suppose. Must be all that value generated by those Wall Street banksters that JJ thinks we should be indebted to.
I’m Shocked, Shocked, I tell you. . . .
“House Majority Leader Steny Hoyer said Tuesday that tax increases will eventually be necessary to address the nation’s mounting debt, raising a difficult election-year issue as Democrats fight retain control of Congress.
In the shorter term, Hoyer (D-Md.) raised the possibility that Congress will only temporarily extend middle-class tax cuts set to expire at the end of the year. He pointedly suggested that making them permanent would be too costly. . . . ”
hoocoodathunkit?
41 days fcuko…..
jj says:
June 22, 2010 at 9:27 am
Bottom line double dip housing is BS. Problem is homes as a status symbol are long gone. Buy a big fancy house people call you an idiot and unemployed or people who got no raises make you feel bad. The joy is gone.
Nom- good ideas on your end. Just choose your clients wisely and make sure they can and will pay. I think that’s the reason my old firm is no longer running their own show.
[58] hyde,
No matter, Gibbs will take the rostrum and defuse this all by saying:
1. It’s all W’s fault.
2. Are you calling us socialists? That’s laughable!
3. You’re a racist!
[65] relo
What is it about our profession that attracts loons?
I have also heard more stories about firms that fired partners that were so awful, their damage offset whatever they brought in.
Hot Tub Johnny,
What’s with the cliffhanger? Where is the exciting conclusion of yesterday’s three part mini-series/after-school-special? Whatever happened to our hero?
ChiFi:
My calendar is clear. Now what day was that?
there goes the neighborhood
http://news.yahoo.com/s/ap/20100622/ap_on_bi_ge/us_gulf_oil_spill_sea_holly
78: Nom,
Didn’t mean to give that impression, not an attorney. Not smart enough to get into a school that would have made the 3 add’l years worthwhile (though one 2nd tier acceptance would have probably made a run at it if it was logistically feasible at the time). Accounting can attract a a particular breed of unstable, joyless db’s as well.
Libtard says:
June 22, 2010 at 11:47 am
ChiFi: My calendar is clear. Now what day was that?
You can’t count? No wonder Brown is going into the sh!tter….
77 nom
1. It’s all W’s fault.
I thought it was all cheney’s a fault? Is he is connected to haliburton who performed the cement job, right?
Relo,
JJ had his way with the girl in the master suite of the rich uncles 400′ sailboat and later came back by the place after dropping the GF off and shagged the uncles wife in the hot tube
Hyde, 47
More uninsured aka “self pay” patients.
Used to be a solid 33% now upwards to 40% or so. Add in “charity care” and “medicaid” and you are solidly approaching 50%.
Amazing the degree of entitlement most display, though… had one last night who was angry about my not spending more time in their room explaining all the things I had explained earlier over and over again.
I got the, “I am leaving and going to [other hospital in nearby town]”
My answer: Good, don’t let the doorknob hit ya in the ass on the way out.
I am done being shit and pissed on.
sl
I win, I win. Bottom line I will ride a company to hell and back.
chicagofinance says:
June 22, 2010 at 11:38 am
41 days fcuko…..
85: Ket,
John story: My friend’s Dad had a yacht – nice, old school. Anyway, in college we partied in it one night with a few girls. Next day, girls leave, Dad comes out to take us out with the Grandparents. Found out the hard way the the ship’s plumbing does not accomodate certain latex-based items and the crapper gets stopped up when the old man goes to drop a deuce. I figured, how would they know it was me? Apparently I was the only one who closed the deal and was outed. Losers.
Actually, I f’d up that relationship with the super rich girl when after the opening of Plant Hollywood in NYC I went to the after party at China Club on a Monday night. So there I am up at the bar talking to Pat Reilly who was hanging out with Quinten Taritino, Lee Majors, Evander Hollyfield and Sugar Ray Leonard well Pat ditches me to go back to his posse but I must of had this entourage turtle thing going and all at once a girl who is a professional marilyn monroe look-a-like starts trying to hook up with me as I am several steps up the VIP ladder than her. All is going well until 3:30am when out of corner of eye my GFs BF’s sister spots me.
Trying to explain how I was out on LI at ten pm when I said good night to her on phone and next thing she hears I am all playered up 4am she went all like I would have went and why did you not tell me. I was like lady, I don’t have that much JU-ICE to be getting GFs from LI into VIP parties in NYC, it was either me or we both don’t go. I did you a favor by not telling you and now look what I get for doing right thing. I tell you these Heiresses have much higher standards than secretaries you meet at happy hour.
Mr Hyde says:
June 22, 2010 at 11:56 am
Relo,
JJ had his way with the girl in the master suite of the rich uncles 400′ sailboat and later came back by the place after dropping the GF off and shagged the uncles wife in the hot tube
SL,
you have one of the most thankless jobs in modern society. Thanks for doing it!!!!
89: Holy crap, you met Lee Majors!
Actually reminds me of time in hamptons when we had a big party and lots of the stay over guests were stocking the pond with brown fish in the morning after a heavy night of partying and found out there was no TP, they used the girls bathing suits hanging up and the towels.
One of girls went balistic and all perry mason on all ten guys in house. She was some lawyer and I guess she expected one of us to crack. Bottom line don’t leave your swim suit next to toliet when their is no TP in bathroom. You would think that would be part of first year law.
relo says:
June 22, 2010 at 12:07 pm
85: Ket,
John story: My friend’s Dad had a yacht – nice, old school. Anyway, in college we partied in it one night with a few girls. Next day, girls leave, Dad comes out to take us out with the Grandparents. Found out the hard way the the ship’s plumbing does not accomodate certain latex-based items and the crapper gets stopped up when the old man goes to drop a deuce. I figured, how would they know it was me? Apparently I was the only one who closed the deal and was outed. Losers.
92: There is a single bullet theory story along those lines from the Shore days that I will not go into here.
I can count just fine…but that would take time ChiFi.
Lee Majors, Pat Reilly and Evander were the nicest guys. Queintin was a complete a-hole. In fact Pat and Evander were getting their own drinks from bar just to get away from Quinten. Lee was polite and listened to QUinteen’s stuff. Oh yea John Travolta was there too as this was pulp fiction time, he was a jerk.
I guess Lee thought butter up quinteen and he get in his film, no way. QT is a jerk. He is off my guest list.
Funny part was some girls kept asking me if I was a celeb too. Finally I told them the truth, no I am not but I do play quarter back for the Denver Broncos.
Even weirder my friend who got us in was a celebity garage man. He knew every celeb. His stichk was he cozed up to every bar owner bouncer as friends and he went to every club after 2am on weeknights wearing his pajamas. He stuck out. That night we had breakfast at 5:30 am at Woo Hops in china town with two wannabe actresses, myself and the garbage man who was wearing his Pajamas. Even for me that was a weird night.
relo says:
June 22, 2010 at 12:15 pm
89: Holy crap, you met Lee Majors!
just did a little house maintance today.
blew out the dryer vents & did a hot water heater flush.
always amazed how big of a differnce these little things do.
I have an outlet thats busted, but now I’m too tired. think I will just call in an electrican, or perhaps Juan may do it for me.
SAS
btw, I was in Clearwater, Florida last week for couple of days.
I didn’t see any oil tars, and locals didn’t really seem to concerned about it.
however, did see “for sale” signs down every block. yikes..
SAS
Remember, in State Media, every bit of negative economic news is unexpected in the Era of The Chosen One.
“Existing Home Sales Tumble Unexpectedly in May”
http://www.cnbc.com/id/37845591
ok, 2 articles down you just said sales in May were worst ever, now they’re best ever..
uhm wtf
Nom,
thoughts?
House Democrats will not pass a budget blueprint in 2010, Majority Leader Steny Hoyer (D-Md.) will confirm in a speech on Tuesday.….
“It isn’t possible to debate and pass a realistic, long-term budget until we’ve considered the bipartisan commission’s deficit-reduction plan, which is expected in December,” according to Hoyer’s prepared remarks that were provided to The Hill.…
Problem is I can’t save quick enough houses I look at people buy for lets say 1.3 million cash, carry old house have 300K for renovations before they move in
300k in renovations? what are you doing, a 75k kitchen, 100k basement, 100k for 2 bathrooms, 25k for misc?
get real, JJ. wake up, man
Doom,
The Onion continues to ask the hard questions!!!
Are Violent Video Games Adequately Preparing Children For The Apocalypse?
http://www.theonion.com/video/are-violent-video-games-adequately-preparing-child,14314/
Floors, paint, siding, roof, landscaping, kitchen, bathrooms, windows, boiler etc. Houses in 1.3 million range are usually trashed 1.8 million dollar homes.
I saw a million dollar home with an inground pool that hd not been opened in 20 years and that was just the begining. My favorite was back in 60s guy like to vacum everwhere so he nailed all the furniture to wall on top of three coats of wall paper. Broken furniture nailed to wall included.
The rich are not like you and I they do jack squat to their houses then die in them and greedy kids still wan their cash.
(59) “the military’s disaffection for the executive”
——————-
Why do you attribute ONE general’s feeling to the ENTIRE military? Oh, right, because you are biased.
Stu,
Quit b!tching about taxes. You are from Montclair, man. Montclair attracts a certain class of people and they not only don’t care about high taxes but the uncertainty of how high and fast they will rise helps keep out the “wrong people.”
Get back on message before they send you to a reeducation camp.
“Get back on message before they send you to a reeducation camp.”
I wonder what the tuition is for this camp?
As for the discussion about a coup.
I do not like Obama. I did not vote for him. I think his policies are bad for thr nation. And, I believe he has never transitioned from cmpaigning to managing the government and the nation will be worse off for it.
That said, were there ever an attempt a a coup, I would be there with him. Support for onstitutional governmnt means allowing constitutional processes to play out, even when one does not like the results.
20, Doom,
but but but…he’s a rocket scientist!
WTF,
I am biased. I think all the politicians in both parties are criminals.
I base my comment on the article as well as a number of comments i hear from people still in the service. My sample may not be representative. but my opinion stands.
I met John Malkovich once. He was cool.
I used to pass by Major’s Castle Ranch in Lexington, KY all the time….it was kind of cool.
There is a very big difference between not having the support of the top brass in the military and a coup.
The military will not revolt and I would not be surprised if the President fired McChrystal. No matter what one thinks of O, he is the CinC. Period.
[107] Shore
Theres’ no chance of a military coup. I was just making a comparison between O and Slick Willie, noting that the disaffection toward Clinton was more pronounced than toward Chairman O.
[112] out
That would be a very bad move, politically. There will be a woodshed moment, another apology, and all will be forgotten.
Ah. We’ll forget all about it when the next fart rises to the surface. Meanwhile, the race to the bottom continues.
Speaking of collapses…
The French national team. Oh what a fall from grace.
Chifi, just to show you how I am willing to own bonds to maturity look at these scary mary’s that I owned, that matured in last few months.
I bet you could not sleep all of 2009 wtih these scary fellows in your portfoilio.
Cant wait till ambac 8-1-2010 coupon payment.
MATURED FORD MTR CR CO BK/ENTRY DTD 6/25/03
DUE 06/21/2010 RATE 5.450
MATURED TOBACCO STLMT FIN CORP N Y
A/B REV SER A-1-ST CONTINGNY
B/E D6/19/03 F/C 6/1/04-OID
DUE 06/01/2010 RATE 3.000
MATURED UNISYS CORPORATION SENIOR NTS
DTD 3/17/2003
DUE 03/15/2010 RATE 6.875
MATURED ROCHESTER N Y G/O SER B
FGIC INSD
B/E DD 2/15/04 F/C 8/15/04
DUE 02/15/2010 RATE 3.000
MATURED GENERAL MOTORS ACCEPT CORP SMARTNOTES BOOK/ENTRY
DTD 11/09/2004
DUE 11/15/2009 RATE 5.200
While in Palm beach with rich girl did her in same spot on beach Kennedy got nailed for rape. Scary Scary as it was only like a week or two later. It was her idea, afterwards I said dope she is rich and loaded and owns a home in palm beach I am the fall guy. Oh well nothing happened, legal wise anyhow.
Essex says:
June 22, 2010 at 12:57 pm
I met John Malkovich once. He was cool.
I used to pass by Major’s Castle Ranch in Lexington, KY all the time….it was kind of cool.
I guess McCrystal was ordered last year to fight in Afghanistan in a way that he feels is destined for failure so he wants the country to know how he really feels about Dear Leader before he is fired. Remember one thing Dear Leader is the one who to appease the anti-war critics set a withdrawal date of one year from now July 2011.
John,
Is this you?
http://tinyurl.com/286sgk4
plume (74)-
Steny shouldn’t be surprised if a few folks come looking to make a down payment on that tax bill right between his eyes.
Mexican cartels added a new twist to the drug war this week by threatening to kill U.S. cops who seize their goods.
Nogales, Ariz., Police Chief Jeffrey Kirkham said his officers received threats a couple weeks ago after off-duty police busted a pot smuggling ring.
“America is based on freedom. We’re not going to be intimidated by the threats, but we are taking them seriously,” Kirkham told CNN.
Can’t wait for “O” to have Attorney General sue these cops for discrimination.
hyde (102)-
The key to all this is developing the desire to kill. Desensitization to death is not enough.
Once we have enough people who are bloodthirsty and looking to work it, we’ll be getting somewhere.
jj (103)-
Is The Great Gatsby the only book you’ve ever read?
As bad as it is here, it’s always worse somewhere else:
http://www.mondaynote.com/2010/06/20/le-monde-on-the-brink/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+monday-note+%28Monday+Note%29
“In France, firing a printing plant employee is hugely expensive. The gent is paid €50,000 per year, works 32 hours per week and 164 days per year. Firing him costs about €466,000 – that’s a French government estimate”
112.Outofstater says:
June 22, 2010 at 1:00 pm
The military will not revolt and I would not be surprised if the President fired McChrystal. No matter what one thinks of O, he is the CinC. Period
And Benedict Arnold was the head of West Point.
If we are becoming Argentina, pulling off a respectable coup should be a no-brainer.
If we can get the military on our side (and away from the collectivists), we can start making things right.
Only fix that will work now is hitting the “reset” button.
Anarchy now!!!!
re #89 – JJ Oct 22, 1991 was a Tuesday.
Which pic are you in?
http://www.gettyimages.com/Search/Search.aspx?contractUrl=2&language=en-US&family=editorial&assetType=image&p=planet%20hollywood%201991
I would love to see the Army marching on the White House & Congress with about 600 arrest warrants in tow…while at the same time, the Navy cordons off Long Beach and NY harbors.
http://www.gettyimages.com/detail/50735177 Thats me.
Hey I am at lunch now with Kudlow at the Hilton SIFMA conference, he is the lunch speaker, let me give a few quips he said in last few minutes.
Kudlow “not in double dip camp”
Doesn’t like govt forcing bp to put billions in escrow. Feels we are getting more like latin america
Also suggests you take profits from stock mkt before irs takes them.
All I know folks were in town for planet hollywood party. Chinaclub mondays were place to be back then. Maybe it was next day, who knows. Remember no one showed up till 1am back them. All I know at 2am Pat and Evander told me they were in town for planet hollywood opening. Now back to kudlow.
confused
Letting the US-Mexican border disintegrate is astounding. We should have the military down there enforcing the border with extreme prejudice. The longer we wait to do it the worse it will be in the end.
From Bloomberg:
Said from the persepctive of the guys with the printing press.
“Credit conditions overall, which dragged our economy into a deep recession in 2007, no longer pose an obstacle to growth,” Geithner said.
There is a reason I come here…..
jj says:
June 22, 2010 at 12:15 pm
Actually reminds me of time in hamptons when we had a big party and lots of the stay over guests were stocking the pond with brown fish in the morning after a heavy night of partying and found out there was no TP, they used the girls bathing suits hanging up and the towels.
jj: which one is you?
jj says:
June 22, 2010 at 12:10 pm
Actually, I f’d up that relationship with the super rich girl when after the opening of Plant Hollywood in NYC I went to the after party at China Club on a Monday night.
http://www.youtube.com/watch?v=nJBDcb7kq_g&feature=player_embedded
[118] jj
“Oh well nothing happened, legal wise anyhow.”
Daddy???
Howdyhoo, fcuktards! Anal Bloom here with your daily dose of anarchic fantasy-blather! Stench of death (TM) isn’t just my motto, it’s my middle name! Check out my website to see just how BAD A55 I am. As Curly would say, “nyuk nyuk nyuk!”
“We should have the military down there enforcing the border”
they are already down there, and have been there as long as I can remember.
except, its not for border protection & could careless if someone sneaks across the Rio.
SAS
NEW ORLEANS – A federal judge in New Orleans has blocked a six-month moratorium on new deepwater drilling projects that was imposed in response to the massive Gulf oil spill.
jj – I remember the old China Club with it’s round bar and fish tank. I had been there a few times but not to cleb watch, just to chase skirts.
Here is an old NY Times story on the old place.
http://www.nytimes.com/1994/06/19/style/looking-forward-to-mondays.html?pagewanted=1?pagewanted=1
http://www.nytimes.com/2010/06/22/business/22law.html?src=me&ref=homepage
Everyone gets a pony.
[136] anal
What? No mention of the Nompound???
re: #138 – Why not print tommorow’s news today? More crap sensationalistic reporting.
“Federal Judge Martin Feldman in New Orleans is considering whether to lift the moratorium and said he will decide by Wednesday.”
Anal Bloom,
i don’t get it?
SAS
Doom (127),
The military IS collectivist. That’s their bread and butter. Break them down, take away every shred of personality, turning them into a mindless blog.
Joyce,
turning them into a mindless blog
Fail. The US military is generally based around unit ops. Small groups able to act independently to complete the larger mission.
Killing a unit’s leading officer/s doesnt stop them, the NCO’s will continue the mission. Do that to the russians and the unit doesnt have a mission any more.
*blob*
(145)
Do the military members follow their oath? or blindly follow their chain of command, regardless of what they’re asked to do?
WASHINGTON – Gen. Stanley McChrystal’s job appeared in grave jeopardy Tuesday as an infuriated President Barack Obama summoned the Afghanistan war’s U.S. commander to Washington to explain his extraordinary complaints about the president and his aides.
Obama press secretary Robert Gibbs said “the magnitude and greatness of the mistake here are profound” and repeatedly declined to say McChrystal’s job was safe. “All options are on the table,” he said
Gibbs would make sense if he was talking about the Gulf Oil Crisis.
Ask Anal Bloom.
Joyce,
That is an interesting debate best had at a GTG. Regardless of whether or not you like the military the US military does not generally follow the “cannon fodder” method, that being a hand full of knowledgeable leaders and the rest grunts to catch bullets.
The US military is based around the NCO core. The ability of enlisted soldiers to lead their group (fire team/squad/platoon etc)in order to accomplish the goals set by the commanders.
No military is going to be an individualist intelligencia. You must build strong group tie if you expect the team members to be willing to die for one another i.e. esprit de corps.
I love the recruiters who hang around subway stations looking for HS drop outs to join up. Real high class looking bunch of people
Mr Hyde says:
June 22, 2010 at 2:51 pm
Joyce,
That is an interesting debate best had at a GTG. Regardless of whether or not you like the military the US military does not generally follow the “cannon fodder” method, that being a hand full of knowledgeable leaders and the rest grunts to catch bullets.
The US military is based around the NCO core. The ability of enlisted soldiers to lead their group (fire team/squad/platoon etc)in order to accomplish the goals set by the commanders.
No military is going to be an individualist intelligencia. You must build strong group tie if you expect the team members to be willing to die for one another i.e. esprit de corps.
jj (151)-
Around these parts, people getting arrested go sign up for the military, then bring the recruiter to court to plead with the judge to drop the charges so the recruit will be eligible to begin serving.
I say we just empty our jails into Afghanistan.
Doom, JJ
yes, well garbage in garbage out. The core training philosophy remains the same.
The military also screwed the pooch by making extensive use delayed separations, that is forcing people to remain in the military event hough their service contract is up. If we really want to keep playing these silly resource war games we should have already instituted a draft.
JJ,
I decided to skip Kudlow. I’ll be in the Hilton tomorrow for the flash crash presentation if you are going and want to grab a beer
Hyde, 90
Thanks. The reward for doing shiftwork and shaving 10 yrs off my life is I get to collect a pile of “holyshitwhatthef*ckwasthat?” stories. (without the risk of STDs)
Unfortunately I won’t get to tell them to my grandchildren (until they’re old enough…)
:)
sl
sl (156)-
The best people going to the ER are the ones who deliberately dislocate shoulders and elbows just to get oxys.
I will be downtown for a lunch, may head uptown as I am suppsed to gladhand this guy at the sifma conference out by the exhibition booths. Wants me to invest in something.
Do you know hime?
Porter Bibb – Managing Partner, Corporate Finance
Mr. Bibb has more than 40 years experience as a senior investment banker specializing in media, entertainment, and technology ventures. He launched the first investment banking ’boutique’ in London in 1962 and was part of the team which created Bankers Trust’s highly successful investment banking unit in 1977, completing over 300 media and entertainment transactions in less than five years. For over 15 years, he was principal, senior partner and director of investment banking at Ladenburg Thalmann & Co. Mr. Bibb is also a former White House correspondent for Newsweek magazine; the first publisher of Rolling Stone Magazine; and former Corporate Development Director for The New York Times Company. He is the author of several books, including the best-selling biography of Ted Turner (Random House, 1993/1997). Mr. Bibb is a graduate of Yale University (BA/Hist) and holds graduate certificates from both the Harvard Business School and London School of Economics.
Truman relieved MacArthur only a day after the joint chiefs authorized nuking China airbases.
The world would be a different place if they gave MacArthur a few more days.
Doom, 157
I know plenty of them. And they know me.
Diprivan, out cold, shoulder in, and discharge.
NO Rx. That’s the way it is. Period.
sl
Hyde (150)- I agree mostly
“An example of linear or lateral access is the ability to take a walk on a beach
along the shoreline. Because of the public trust nature of these lands, anyone
should be allowed to walk uninhibited within this area and free of charge.
Perpendicular access refers to the ability of the public to reach tidal waterways and their shores by corridors across land that may or may not be publicly or privately owned. Without the ability to reach the tidal waterways and their shores via
perpendicular access, rights provided by the Public Trust Doctrine are
essentially lost to the public, exemplifying the importance of this type of access. It is up to the state and local governments to ensure that this access is provided
and preserved.”
http://www.state.nj.us/dep/cmp/access/public_access_handbook.pdf
So how do certain municipalities get away with charging people a fee to get on the beach? Just curious..
Joyce
What????? where does the beach come into this?
#158 JJ
Is he tapping you o be the next Hunter S Thompson. Are you son of Gonzo.
#158 JJ
Is he tapping you to be the next Hunter S Thompson. Are you son of Gonzo.
Joyce-
If you want to bring your fishing pole down to the jetty, or take a walk below the mean high water mark, you are more than welcome free of charge, but if you want to plop on the beach with all your flotsom and jetsum and expect the local municipality to pay to clean up your mess and provide life guards think again. The shore municipalities don’t receive any state funds for clean up and life guards hence the state approved fees for spending the day at the beach.
165: Coast:
Clean up after these guys? Indeed.
http://www.flotsam-and-jetsam.com/
“flotsom and jetsum”
I think John Scher booked them into his theatre back in the early 80s.
“The magnitude” and “graveness of the mistake here are profound,” White House press secretary Robert Gibbs told reporters today. “There has clearly been an enormous mistake in judgment to which he’s going to have to answer.”
Gibbs must be talking about Obama and the Gulf Oil Crisis.
Alright- flotsam and jetsam- spelling like jj after a painkiller.
SL – a good article for you when you’ve got a chance
http://www.newyorker.com/online/blogs/newsdesk/2010/06/gawande-stanford-speech.html
cobb, 170
thanks. been there, done that. printed it out even.
he also has an article about how things work at Mayo clinic.
How does it jibe with the “10 minute internet doctors” who come in the ER and tell me what tests they want, what drugs they want and want it immediately (including MRIs) and have no insurance?
How about trying to get consultants to see a patient (and assume all liabilities for that patient) knowing they won’t get paid – in essence assume all the risk, time and effort for free?
I absolutely love his ideas but I also live and work in a different (far more litigious) world.
Here’s more:
http://www.msnbc.msn.com/id/37762984/ns/health-health_care/
sl
Hyde, thanks for your insight.
In other news, guy I know was selling his coop in great neck and contracted before april 30 deadline but coop board is refusing the buyer even though the buyer is putting in 75% down.
I don’t understand the whole coop thing. Why would anybody ever bother being in one? The cons outweigh the pros. I hear you can’t turn on the ac or heat when you want to. Got to have some type of formula on how to set the thermostat.
At least from my observations, the coop fad in new constructions has died down in new jersey. At least we’re headed in the right direction in those terms.
#55 Nom
Admit it, you’re on the first step of running for office. What is it, Brigadoon counil, Essex county freeholder, NJ supreme Court?
Get some Tea credentials and jump on that CC gravy boat.
I’d move to Brigadoon and vote for Nom were he to announce he’s going to be an old-fashioned “hanging judge”.
We need more of that. Even more than what you see in Texas.
The path to social prosperity is paved with plenty of executions and making HELOC illegal.
I’ve really liked your blog…got some really good stuff.. i’ll try to promote it in brazilian social media network TKS Madeira Biossintética
Jp
glad to help
Doom
banning heloc’s has “saved” Texas relative to the other 49 states. All the charts I have looked suggest to me that their housing growth has been “organic”, self sustaining and not bubblicious
how many bankers would you have to hang before you could pass a ban on helocs on any other state
Mr Hyde: Texas had a huge collapse of RE values in the 1980s or 90s, don’t remember exactly. Also, undeveloped land is very cheap there (“almost” everywhere) and development costs are low thanks to the abundance of the illegal immigrants and lax codes – so the RE prices don’t get too far from the construction costs, and even if HELOC were allowed (cash out refinance IS allowed) usually there is not that much to borrow against.
a bit late, but …
1) our taxes in upper Bucks are about 7k. we looked at houses our size (Sq foot, yard, bedrooms, etc) and the taxes in the good town are about 15-16k. and the high school our kids will go to is currently on that Newsweek list (top 1600)
2) who buys a $1.3 million house and then needs to dump 300k into it?
3) Clot, love that idea about unloading our jails in the middle east.
4) USA will win tomorrow, 2-0.
wow….top 1600 huh? Your kids must be getting a really great edumacation…..waht’s necktx Hawvawd Law?
The G-20 meeting in Toronto this weekend has all the potential to become a monumental cluster.
Yippee!!!!
CObbler,
I’m not an expert on texas, but they show a greatly reduced boom bust cycle compared to the rest of the nation. I am sure there are multiple factors, but banning HELOC’s is going to definitely reduce growth rate and ultimate magnitude of any RE bubble
Doom,
I want the protestors to get a little smarter and study some military history so we can see them actually break up some of the police formations!!! Now that would be entertainment.
They already demonstrated the capacity for advanced communication and coordination through twitter an other means, now they just need to read a few military history books. The police formations are basic on historical military tactics and they way to break said formations has been well developed as well.
Time for a classic pincers move.
Probably hard to coordinate when 75% of your protesters are high, though.
a High sniper is a patient one though. Albeit sleepy.
Doom
Depends on the drug. Send in the meth heads as the first wave, all high on a fresh hit. The rush of meth will make most of them very focused and motivated.
I wouldn’t wanna fight a cranked up person. Angry little drug there.
There are a number of nonlethal methods, similar to what the police use, that the protesters could use to break up police formations if the coordinated it properly.
Although a bat to the head usually calms most folks down.
Doom,
There are a few famous roman battles that would be great models for a G-20 protest
Essex,
No snipers, you would need to keep it none lethal to avoid runaway escalation to a full out firefight which the protesters are highly likely to lose.
doom
a few well placed, remotely activated tesla coils could seriously disrupt local communications and be hard to find if setup properly.
Essex says:
June 22, 2010 at 9:00 pm
wow….top 1600 huh? Your kids must be getting a really great edumacation…..waht’s necktx Hawvawd Law?
Ha. Deserve that. Only mentioned because “blue ribbon” and “rankings” are regularly mentioned here as somehow pivotal/vital to the home selection process.
But yes, we moved here after 5 years in NYC well aware of the “Pennsyltucky” moniker.
Clot, you watching ESPN’s “2 escobars” movie?
Pablo was not to be trifled with
192. Naw my wife’s from PA and parlayed a BA from Temple into a serious career. She’s the smartest woman I know…and she actually very attractive as many women from that fine state are.
I laugh because our local HS made a press release about that same ranking and claimed to be ‘top ranked’ as they made the cut into the first 1200. I laffed.
Anyone see this before?
http://www.snopes.com/photos/politics/mexicoflag.asp
[173] fabius
Actually, I found that I will have a lot of time to contemplate that.
I have it on good authority that since I won’t play nice with the poster boy for DSM-IV that I work for sometimes, the powers that be have decided that, he being a partner and me an associate, Friday will be my last day in Newark. That is one benefit at least.
And shortly, I will officially be done with BIGLAW.
What kind of exit plan do you envision? It would seem a disservice to existing clients for there not to be some transition period, to allow an orderly transfer of your work to others.
Did anyone see that the judge who stopped the oil-drilling ban owns a bunch of stock in an assortment of companies involved in drilling for oil in the Gulf?
Gen. Stanley A. McChrystal’s sneering criticism of some of the Obama administration’s top functionaries has given the president a uneviable choice: omit remarks that fringe on insubordination, or fire his lead commander at a critical juncture in Afghanistan. I would not want to be in Obama’s situation right now, even if these two people are assembling now to talk it through. Pretty dumb to announce national devastating comments about your superior like that though.
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