From the NYT:
By many measures, Jeff Huston and his wife, Lisa Medvedik-Huston, arrived late to Williamsburg, Brooklyn. They weren’t among the first waves of artists and hipsters in the early-to-mid ’90s to cross the East River in search of cheaper, grittier confines. When they rented a spacious, duplex loft two blocks from the Bedford Avenue subway stop in 2007, they found a safe neighborhood already dotted with clothing boutiques and wine shops. The height of the real estate boom was approaching, and condos were rising along both the waterfront and McCarren Park.
Yet Brooklyn was still emerging from its postwar slump, and the borough felt new to many, including the young couple. It was five years before the first episode of “Girls” aired on HBO. The concerts that excited the neighborhood were held at an unused city pool, not a world-class arena christened by Jay Z. And real estate investors eager to make all-cash deals were still fixated on Manhattan.
Over the past several years the couple witnessed the much-bemoaned arrival of banker types, chain stores and tourists. Brooklyn has become a global brand.
And last year, when they were ready to buy, the couple quickly realized they had been priced out. “I can’t tell you how many listings said, ‘cash only,’ ” said Mr. Huston, whose real estate search included everything from $500,000 apartments to $900,000 fixer-upper rowhouses and took him from Williamsburg to Bedford-Stuyvesant. “That was a wake-up call.”
And so the Hustons bid farewell to Brooklyn. In October, they spent $550,000 on a 2,000-square-foot loft in a converted suitcase factory in Jersey City Heights, a section of Jersey City that overlooks Hoboken. “We weren’t sure there was anyone like us in the neighborhood,” he said. Then a Brooklyn-style coffee shop arrived. “The line down the street was all people like us. We could have been in Williamsburg. It was all, like, expats.”
And so the Hustons bid farewell to Brooklyn. In October, they spent $550,000 on a 2,000-square-foot loft in a converted suitcase factory in Jersey City Heights, a section of Jersey City that overlooks Hoboken.
It boggles my mind. It is so unlikely considering that I know every street in the Heights… probably every street in Jersey City. The Heights? I mean, Central Avenue was fine furniture, fabrics and mahogany soda shops only to be replaced by dollar stores and Bodegas. I suppose it’s making a comeback or morphing into something because G0d knows, it’s been dead for years. Perhaps it’s just part of the cycle.
Really digging 668 Brentwood in South Orange, really cool midcentury, price way too high though. Too bad the great feel in the first couple of photos doesn’t carry through to the whole house. …and it is still split.
Holy Shit, 50 Laura in Cedar Grove finally sold?? $5.9 million sale price off a $18,000,000 original list price.
Probably one of the best bargains of the year, the house probably cost a couple more million than that to build.
Closed in an all-cash deal too.
price way too high though…
Price is a figment of a muppet imagination. What’s the property taxes? That’s the ice water that kills a buyers dream.
$18k
grim [3],
Multiple by a zillion and that’s how many sellers in North Jersey are financial zombies. It’s an endless sea of f.ucked bag holders. For any house that I see, the first thing I want to know is when the seller bought the house. If it’s between 2003 and 2009, I’ll pass. F.uck ’em, let them pay for the depressed asset.
$18,000 in taxes. Nice. And you’re a few blocks away from Ferguson style décor.
Much like Brooklyn hipsters, those moving to the JC Heights are just the newest version of real estate sucker. 550K for a loft sounds great until you throw in the absurd property taxes (which, being JC, will only continue to spiral out of control) and private skool tuition for Emery and Scout, so that they don’t get stabbed with pencils at the penintentiary of a public skool down the block.
The next Bebo is being molded right now in JC’s proud public skools.
I think the transition from Graydon and Ellery to Emery and Scout is telling of the recent generational shift. It’s absolutely spot on. This is exactly the heart of everything right now.
Meat,
Lol! Emery and Scout! LOL! 550K in the Heights! THE HEIGHTS! Holy sh1t, if you nailed a rock to a stick, I suspect that someone would pay top dollar if you convinced them. Tulip bulbs, anyone?
Although I think Piper and Scout sounds a bit more in-line. I mean me, personally, those are great names for dogs, but for kids? Dunno.
How many hipsters get a beating today in Staten Island? 15 thousand expected to show up and March with Rev Al.
F*cking brilliant, must have been one hell of a trip.
Denville police find magic mushrooms, incoherent man
A township resident was charged with growing psychedelic mushrooms after authorities responded to his home and found him shouting incoherently out his window, police said.
Police responded to the area of Mount Pleasant Turnpike and Franklin Road on Aug. 16 at 6:43 p.m. on a report from a neighbor of a person with an altered mental status, police said.
Police located the man, Wulf Vaughan, 25, of Denville, inside his home shouting incoherent statements out the window, according to Denville Chief of Police Christopher Wagner.
Nobody else was in the home when police arrived, and Vaughan was not a danger to anyone, Wagner said.
Police also located a large quantity of Psilocybin mushrooms, also known as psychedelic or magic mushrooms.
After further investigation police discovered Vaughan was growing and manufacturing the mushrooms in homemade cultivation containers, police said.
Realtors advertise the Heights as West Hoboken, there is some good Mexican food up there.
Lesson: Never touch your product. Ask Tony Montana.
Clearly the last owners of West Hoboken sold way too early, and for too little:
The area that became West Hoboken was originally inhabited by the Munsee-speaking branch of Lenape Native Americans,[4][5][6][7][8][9] who wandered into the vast woodland area encountered by Henry Hudson during the voyages he conducted from 1609-1610 for the Dutch, who later claimed the area (which included the future New York City) and named it New Netherland. The portion of that land that included the future Hudson County was purchased from members of the Hackensack tribe of the Lenni-Lenape in 1658 by New Netherland colony Director-General Peter Stuyvesant,[10][11] and became part of Pavonia, New Netherland.[12] The boundaries of the purchase are described in the deed preserved in the New York State Archives, as well as the medium of exchange: “80 fathoms of wampum, 20 fathoms of cloth, 12 brass kettles, 6 guns, one double brass kettle, 2 blankets, and one half barrel of strong beer.”[13]
West Hoboken. Omg, what a ruse. Holy c.rap.
One hundred dollars in New Jersey will only get you $87.64 worth of goods, according to a report from the Tax Foundation.
Only the District of Columbia ($84.60), Hawaii ($85.32) and New York ($86.66) offer a less bang for your buck than in the Garden State.
By comparison, $100 goes furthest in Mississippi ($115.74), Arkansas ($114.16), Missouri ($113.41), Alabama ($113.51) and South Dakota ($113.38), the report said.
“States with high incomes tend to have high price levels,” the report said. “This is hardly surprising, as both high incomes and high prices can correlate with high levels of economic activity.”
But, the report said, that’s not always true, as some states such as North Dakota have high incomes without high prices.
In New Jersey, $100 worth of goods in the New York-Newark-Jersey City metropolitan area is even less than the state average, at $81.83.
That’s compared to $95.24 in Vineland and Bridgeton, $92.25 in the Atlantic City-Hammonton area, and $91.74 in the Philadelphia-Camden-Wilmington, D.E. metropolitan area.
19- some comments from the article that I found funny.
“This is another in a series of “get everybody writing on this blog for the weekend”, just if you didn’t figure it out.
Here is what all the complainers should do. Pick one of the States like Kansas. Go there. Live on their income and then come back and tell us all about how it is better, By the way, don’t expect to get a good pizza or have someone pump your cheap gas in any of those states.”
“”By comparison, $100 goes furthest in Mississippi ($115.74), Arkansas ($114.16), Missouri ($113.41), Alabama ($113.51) and South Dakota ($113.38), the report said.”
But who really wants to live in those states?”
I can’t believe this went up in May and almost nobody has seen it. She was on the PPT.
https://www.youtube.com/watch?v=u3_1OZyQc_Q
If Ferguson is representative of MO, you probably have a better chance of actually having $100 to spend in NJ … which makes this comparison irrelevant.
Latin Kings and MS-13 don’t care whether you call it West Hoboken or the Heights.
Nom, I agree zip code matters, because it reflects all of the factors in this quote. All these factors are related to zip codes. Take a ghetto zip code, and none of these factors are hit. Take a wealthy suburb zip code, and every single factor is hit in that zip code.
Clot, I agree, this does not result in equality. Even if the poor had access, they would not really improve their situation much. There are only so many good jobs available. There is a limit on how many opportunities are available to make money, hence, it is impossible to have equality in the current economic system. With more millionaires being created, it is only natural under the principles that guide our economic system, that equality for the rest of the population becomes less attainable. Just follow the trail of logic.
The rich and poor have a relationship that reflects each other. Less poor people equals less rich people. More poor people equals more rich people. This is the current dilemma in our economy that everyone tries to fix. How the hell can you fix something that can’t be fixed based on the principles of our economic system. Oh I get it, you want less poor people and more rich people…..lmao, I guess you want the impossible. Every time a billionaire is created, you just created a new zip code with a legion of poor to support this individual’s ability to have a billion dollars in this economic system. Someone has to take the hit for this guy’s ability to accumulate a billion dollars, it has to be taken from somewhere, meaning you have to take the opportunity from someone in order to gain an opportunity to make more for yourself. It’s all a competition, and it takes a lot of losers to lose their opportunity to make money in order for a single billionaire to increase his opportunity to make more money.
“It’s the family they’re born into, the parenting they receive, the quality of their education, their prospects of getting into college, their connections to the labor market,” he says. “Many of these are very difficult for public policy [alone] to reach.”
Comrade Nom Deplume, a.k.a. Captain Justice says:
August 23, 2014 at 1:50 am
[104] clot,
Equality of outcome is the goal:
“Unfortunately, in too many of our hardest-hit communities, no matter how hard a child or her parents work, the life chances of that child, even her lifespan, is determined by the ZIP Code she grows up in. This is simply wrong,”
HUD Secretary Shaun Donovan
1/2 of West Hoboken is Union City too.
It was cool when they had the trolley. Taking the BUS? Not so much, although the dollar vans make the commute to NYC pretty cheap and quick.
http://www.weehawkenhistory.org/view_item.php?id=98&back=0&category=West%20Hoboken
Been attending several sheriff sales per week bidding on properties. Very competitive bidding. Seeing properties selling for close to 80% of market value at these sales. Keep in mind that most of the properties are occupied. It takes 30 days or more until you receive the deed, 60 days to obtain a writ of possession and another 75 days for the sheriff to evict. Those numbers don’t include any attempts by the former owner to legally delay the eviction. Then factor in real estate commission when selling, realty transfer tax, legal fees and repairs and it doesn’t leave much profit.
Lol..true
grim says:
August 23, 2014 at 8:25 am
If Ferguson is representative of MO, you probably have a better chance of actually having $100 to spend in NJ … which makes this comparison irrelevant.
re# 26 – yes but not 80% of what the previous owner paid for it right?
26 – Wouldn’t this be a signal to holders of inventory to bring it to the market quickly?
Wouldn’t this be a signal to holders of inventory to bring it to the market quickly?
Why, prices only go up around here.
many tears were spilled here on the broken eye. fortunately, it was just a typical right-wing lie and the officer is OK
@sasha2000: hey @cspanwj #FOXNEWS LIES again #ferguson ~ #CNN reports “Broken Eye Socket” didn’t happen via @dailykos
To explain further…80% of current market value, not 80% of what is owed. The 80% is only for properties where the plaintiff has decided to set an upset price far below the amount owed and below actual market value. This represents about 10% of the properties being auctioned.
#31 – Both sides are rushing to judgement about what took place during the incident. Lots of misinformation. The telling part is not what portion of the information being reported is true or false. What is telling is what side people are rushing to.
26- I don’t know, this just proves to me that there is a bunch of people with so much money that they don’t know what to do with it. I read an article stating that people in Germany are buying 0% bonds, just because they don’t know what to do with their money and want it in a safe place.
Our real estate collapse was nothing more than a transfer of wealth from the poor and middle class to the wealthy class. (Pretty much the nail in the coffin for the middle class) These two groups were swindled by the wealthy. I mean after the collapse, who made out? The wealthy were not even touched, they became much more wealthier after the collapse. They were able to buy all this cheap real estate across the country and make them into rentals.
They were able to kill in in the stock market after the collapse in the market destroyed the middle class’s 401k, causing many of the middle class to bail, hence, giving super cheap stock buying OPPORTUNITIES to the wealthy. Basically, taking the opportunities from the middle class and giving it to themselves.
Then people wonder why warren buffet is worth 70 billion and why the inequality has become out of control. It’s a capitalistic competition, and one group is killing it!
What’s $100 get you in London? Cup of tea and a stale sandwich if you are lucky. Might be worth it, you won’t get shot.
sad part is “the incident” itself never made the news. it was the arrival of the militarized units that freaked out people. how many other similar incidents occur on a daily basis that we are not aware of?
30 year realtor says:
August 23, 2014 at 9:08 am
#31 – Both sides are rushing to judgement about what took place during the incident. Lots of misinformation. The telling part is not what portion of the information being reported is true or false. What is telling is what side people are rushing to.
“Then people wonder why warren buffet is worth 70 billion”
Michael don’t be so envious. if you save your minimum wage salary and don’t buy an iphone, in no time you can be like warren buffet
Lol.. I don’t have a minimum wage salary, and I recon that even if I was making a million dollars a year tax free free, it would still take me 70,000 years to get to 70 billion without spending a dollar. Pretty disgusting.
anon (the good one) says:
August 23, 2014 at 9:29 am
“Then people wonder why warren buffet is worth 70 billion”
Michael don’t be so envious. if you save your minimum wage salary and don’t buy an iphone, in no time you can be like warren buffet
“The United States has no database of police shootings. There is no standardized process by which officers log when they’ve discharged their weapons and why. There is no central infrastructure for handling that information and making it public. Researchers, confronted with the reality that there are over 17,000 law enforcement agencies in the country, aren’t even sure how you’d go about setting one up. No one is keeping track of how many American citizens are shot by their police. This is crazy. This is governmental malpractice on a national scale. We’d like your help in changing this.
Here, we’re going to take a cue from Jim Fisher, who as far as we can tell has compiled the most comprehensive set of data on police shootings in 2011. Fisher’s method was simple: He searched for any police-involved shooting every day for an entire year. By our lights, this is the best way to scrape this information—any time a police officer shoots and hits a citizen, it will almost certainly make a local news report, at least. However, this is a time-intensive process, and our manpower is limited. Having gathered some of the data, we can say it will take the few of us here a very long time to do this on our own. So, we’re setting up a public submission form and asking for help with this project.”
The solution in Fergusen is for Black Panthers to start following police cars around while legally open carrying their rifles to supervise arrests.
Black open-carry activists protest police brutality in Dallas
http://www.washingtontimes.com/news/2014/aug/21/black-open-carry-activists-protest-police-brutalit/
Grim [14]
Holy sh!t, that’s close.
Anon’s dream for American police:
http://m.youtube.com/watch?v=qicND6ZWpV8
ROLF courtsey of die hipster.
http://www.dnainfo.com/new-york/20140820/dumbo/brooklyn-baby-book-features-foodie-trip-smorgasburg-kale-jelly
Troll [31];
Considering the riots started because Brown was “shot in the back” (not), I really don’t think you’re in a position to complain about misinformation.
#45 – Do you really believe that? Could it be that the riots started because a white cop shot an unarmed black man? That the incident took place in a town that is 2/3rds black and that the government and police force in that black majority town is overwhelmingly white?
Doesn’t matter who you think is right or wrong. If you do not take these factors into account you are not viewing the situation with your eyes open. None of us know all the facts. Currently there are 40 FBI agents investigating the entire situation in the community and what happened related to the shooting. Perhaps we should wait to judge until some facts are available.
Didn’t the 9th Street/Congress Light Rail stop and elevator kind of change the whole JC Heights thing? I recall in 2006-7 that you could pretty much look at the train stop as an ant hill, and then everything started fanning out from there up the cliff…..
Juice Box says:
August 23, 2014 at 8:41 am
1/2 of West Hoboken is Union City too.
It was cool when they had the trolley. Taking the BUS? Not so much, although the dollar vans make the commute to NYC pretty cheap and quick.
[46] 30
“Perhaps we should wait to judge until some facts are available.”
Oh but where’s the fun in that ?
re # 47 – That elevator from the JC heights to the light rail is a gift from Menendez. It is known as the Hoboken Criminal Superhighway or something like that nothing but trouble uses that elevator and they shut it down every night to keep the perps up on the hill.
[46] 30
“Perhaps we should wait to judge until some facts are available.”
agree. sometimes judging is unavoidable. making stuff up, like Fox news, is evil
#3….that house is assessed at $2.8 million and was bought for $4 million in 2001..was that the one asking $18 million?
Know that house well. A friend did work there. No way is it worth only 2.8mil. They put a ton of work into it. Front door is six figures.
1987 Condo says:
August 23, 2014 at 12:30 pm
#3….that house is assessed at $2.8 million and was bought for $4 million in 2001..was that the one asking $18 million?
#52….Monmouth tax tool shows $58,000 in taxes, we have about a 2% tax rate here in CG, so assessment at 2.8 mil may make sense.
I def believe it is assessed at 2.8 million, but I’m just saying that it is def worth a lot more. The 5.9 mil price tag is a deal on itself based on the top of the line materials that went into this property. Bad location to build this type of house. So that’s why they settled for 5.9 million. This type of home doesn’t belong in too many locations in this country. If you are trying to get anywhere close to what you put into it, you better choose your location wisely. No different than the idiot on nj housewives building that monster in montville and expecting to get a 4 million selling price. Good luck!
1987 condo says:
August 23, 2014 at 2:25 pm
#52….Monmouth tax tool shows $58,000 in taxes, we have about a 2% tax rate here in CG, so assessment at 2.8 mil may make sense.
Her husband died, I believe Fl. was their primary residence.
I believe you are correct about their primary residence being in fl. He was really old and wife was pretty young. They had a kid that was in his late teens, the owner had to be in his late 70’s at the time.
Grim says:
August 23, 2014 at 2:57 pm
Her husband died, I believe Fl. was their primary residence.
Thought some of you might get a kick out of this comment from that article I posted yesterday.
“”Many of these are very difficult for public policy [alone] to reach.”
Maybe because public policy isn’t the answer at all. This is a social problem, stemming from families and cultures that don’t see education as important. I grew up in a very poor Hispanic family, son of immigrants. My parents raised me to believe that school and education were the most important thing in the world. I can say for sure that my cousins were not raised the same. They were all thugs, high school drop outs, total losers that I don’t associate with, and it’s no surprise that I didn’t invite any of them to my wedding. And I went to an inner city public high school with a high drop out rate, full of thugs and losers too. I’m the only one in my family to earn a bachelor’s from a big name university (UC Berkeley), working hard to finish high school with excellent grades, getting accepted and finishing the program (and no, I never used my Hispanic status for any perks: I only used the loans and grants given to everyone else, I left my race blank on applications and I have an uncommon last name that doesn’t sound like a typical “latino” name). And when the career I chose didn’t provide enough for the lifestyle I wanted, I went back to school and changed careers and now I have a job that pays me 4 times what I pay in rent, so money is no problem for me at all, even with a family to take care of. I was a nobody who didn’t speak a word of English on my first day of kindergarten with a father who worked 12 hour days every day of the week and a mother who I always remember as being scared and worried about where our next meal would come from. Now I live a comfortable life where money is the least of my concerns and I don’t owe it to any public policy reaching out to the poor and downtrodden, I owe it to only 2 people: my parents who taught me the RIGHT way to go about life.”
“But rogue debt buyers are encroaching on some legitimate debt buyers’ territory. All a company has to do is get their hands on a list of debtors’ names, addresses and phone numbers and they can easily collect on past due debts before consumers — or the debt buyers who rightfully own their old debts — ever realize they’ve been duped. It’s not clear how they do it — either by hacking into a collectors’ databases or by buying them off of disgruntled employees — but the end result is the same.
Scams like these can cripple a legitimate debt buyer’s business, and consumers suffer just as much, if not more. You may think you have finally settled your debt, only to get a call from another collector months later demanding the payment all over again. By law, you still owe the original debt, even if you made a payment to an illegitimate collector.”
http://finance.yahoo.com/news/how-to-handle-debt-collectors-scams-214052022.html
Something to make anon’s day . . .
http://www.cnn.com/2014/08/23/us/texas-police-chief-killed/index.html?hpt=hp_t1
Let me guess anon’s response: “racist pig had it coming”
And people wonder why they wear body armor and drive up armored vehicles.
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“Europe’s problem is the entire western world’s problem: people don’t spend nearly enough to keep the economy growing. And it’s not as if nothing has been done to lure them into more spending. The thing is, you won’t get there by making them borrow. People will spend more only when they have more. But rapidly increasing numbers of them have precious little. And if they don’t spend, you’re not going to get more of the so-called inflation (which is defined as rising prices).
It’s a dead end street, the whole thing. There’s only one school left in economics, and it was never a serious field to start with, let alone a science. But the nincompoops who emanate from the various schools and universities end up having an enormous influence on government and central bank policies, all at the cost of you and me. All they have is theories about how things should go, but nothing for when they don’t.
Central banks exist to protect banks, and the banking system as a whole, from danger. They pretend that they protect the larger economy, and the people on Main Street, but that’s just a convenient little story. Enhanced by the idea that what is good for banks is also good for you. Which is absolute baloney, but it works like a charm.”
http://www.zerohedge.com/news/2014-08-22/janet-yellen-insult-americans
Absolutely nauseating. Disgusting at any price, let alone this f.ucking attempt. These sellers need to be b1tch slapped to death:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1431885&openhouse=true&dayssince=&countysearch=false
When you have to stage open house after open house and no one’s buying, even without any inventory, then you’re not a qualified seller:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1430811&openhouse=true&dayssince=&countysearch=false
We went to see the house next door from this one last week. There are no yards, as I already knew but wanted to determine how loud the Parkway is on this street. It’s loud. Like, 24/7/365 in your ear loud. The house I saw was a typical box split with the same tired, stinky, bland décor and feel. It’s your typical fat-ass sellers looking for mommie and daddies estate money or some fat, lazy f.uck looking for a score:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1410112&openhouse=true&dayssince=15&countysearch=false
A flip, on a busy road. I love the line about “summer memories on the deck.” lol! Sure, that got me weepy as I reach for my checkbook:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1430369&openhouse=true&dayssince=15&countysearch=false
A train wreck. Over a half million dollars for this pod:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1430936&openhouse=true&dayssince=15&countysearch=false
I was in this one months ago. You need to visit these places to really see the deficiencies as pictures do no justice. The location and property sucks and the layout of the inside is rather f.ucked up and dysfunctional. Even to lowball the joint doesn’t make sense because one has to pull up to it every night:
http://www.njmls.com/listings/index.cfm?action=dsp.info&mlsnum=1410020&openhouse=true&dayssince=15&countysearch=false
Gary, why throw a single dollar into a dead asset? It’s all going to turn to shit, and prolly sooner rather than later.
I’m hoping you don’t find a decent buy, because the loss you take on it will be just the same as if you settled for a piece of crap.
Rent, and go long bullion and lead.
Meat,
The process is disgusting. I really am insane for thinking things are normal. Why would I want to bail out any of these f.ucking m0rons?
Best advice of the morning:
(1). Sell everything that isn’t nailed down.
(2). Sell everything that it was nailed to.
5 murders this week in Newark, a shooting the day after a community peace rally in Plainfield, and not a peep from the race bait pros.
Let these idiots kill each other. Best that can be done is to try to keep it from spreading into places still under rule of law.
Newark, Trenton, Paterson, Chicago, etc…cut the losses. These places are all done. The tipping point was reached long ago.
“Dupes and statists will argue that the only way to change the system is to play by the rules, build a majority, elect the politicians you want and fight unconstitutional laws in the courts. But what should the people do when our political structure is rigged by special interests representing only a handful of elites? What should the people do when independent parties are muscled out of the mainstream and the leaders of the major parties sabotage any internal movements to change the status quo? What do the people do when their protests and redress of grievances are bashed by the media, violently attacked by the authorities or outright denied by government-enforced curfew? What do the people do when the courts stall justice and drown dissent with legal red tape? What do people do when playing by the rules only makes the situation worse for us all?”
http://www.zerohedge.com/news/2014-08-22/when-anti-government-violence-erupts-who-really-fault
Nothing for nothing, I had been saying this for most of last year. I stated over and over again that the money was being hoarded at the top in my posts discussing the problems with the immense inequality between the extreme top and everyone else. I stated the people at the top needed to start investing in creating jobs to get the economy going. I even supported the minimum wage hike as a means to give the economy a jump start by giving more money to the people at the bottom, which would get the ball rolling on increased spending in the economy. I still believe this will happen within 3 years. Wage inflation will kick in and inflation will follow. You guys can laugh at me, but it’s either that or the economy never recovers. It can’t recover without wage inflation and I think the powers that be are finally realizing it. The economy can’t be expanded by more debt, the consumer is tapped out, it needs real wage inflation. This is why I believe it is inevitable. I do admit, the lack of minimum wage debate is starting to concern me. That was one of the strong indicators for me of wage inflation coming, but if the movement is dead, so might be the momentum of wage inflation.
I never supported the min wage hike on the premise it would help eliminate poverty, I supported it for being the catalyst to get this consumer driven economy going. If the wage hike happened, it would raise everyone else’s wages, becoming a catalyst for the economic recovery.
““Europe’s problem is the entire western world’s problem: people don’t spend nearly enough to keep the economy growing. And it’s not as if nothing has been done to lure them into more spending. The thing is, you won’t get there by making them borrow. People will spend more only when they have more. But rapidly increasing numbers of them have precious little. And if they don’t spend, you’re not going to get more of the so-called inflation (which is defined as rising prices).”
Arbitrarily pumping the minimum wage will have the same disastrous effect as the Fed’s blatant manipulation of the price of money, Michael. You cannot have a command/control approach to any sector of the economy…all the manipulated elements become stress points that eventually erupt.
All raising the minimum wage does- in the end- is disqualify from the work force those who don’t have the skills that merit that level of pay.
Perhaps the real debate should be whether we now live in a completely failed state, in which the best that can be accomplished is the sustenance of close family, friends and neighbors.
The national gubmint is collapsed (watch Clowngress on C-Span if you think that isn’t true; the whole system is completely locked up to the point where nothing happens), state gubmints are collapsed (and even more corrupt than at the national level) and local gubmints are mostly insolvent. Even the most basic of solutions will not be forthcoming from any of them.
The End Is Nigh (David Bouley Edition):
A Chinese chef cooking a dish with cobra flesh was killed by the snake he had planned to eat — when the creature’s severed head chomped down on him first.
Peng Fan set the Indochinese spitting cobra’s head aside while chopping its body for a soup, the Mirror newspaper reported.
But when he tried to toss the reptile’s head in the trash 20 minutes later, it bit him, injecting him with its fast-acting venom.
Diners in his restaurant recalled hearing screams coming from the kitchen.
“Suddenly there was a lot of commotion,” one woman said. “We did not know what was happening . . . After we heard that, we did not continue with our meal.”
All reptiles can function for up to an hour without the rest of their bodies, an expert said.
You are right. It was a too simplistic view of the problem. I was blind to the fact that raising the minimum wage as a quick fix to get spending going will only result in a worst situation down the road. At best, you will be facing the same predicament down the road in a few years. This situation is a mess.
Ebola for Palestine says:
August 24, 2014 at 10:07 am
Arbitrarily pumping the minimum wage will have the same disastrous effect as the Fed’s blatant manipulation of the price of money, Michael. You cannot have a command/control approach to any sector of the economy…all the manipulated elements become stress points that eventually erupt.
@billmaher:
When did police work become a profession where the risk factor to the cop must be zero?
There’s some risk! “Protect and serve” refers to us!
@BillMoyersHQ:
Joseph Stiglitz in @Harpers: Capitalism could work, but in America it’s corrupted: http://t.co/GDCGQCEqA5
[79] Ebola
Min wage hikes are great for under the table cash businesses. All the vendors I’ve been using that I know are above board businesses have been hiking their prices. But the folks I deal with who are self employed or, allegedly, use illegal immigrants haven’t raised prices.
In the end, min wage hikes, like tax hikes, promote avoidance and evasion. This inures to the benefit of very small businesses, often at the expense of small to mid-sized businesses. I plan to shift more of my spend to the bidders who offer discounts for cash.
You will know it is starting to bite when you see the individual 1099 and credit card reporting requirements pop up again.
[70] Ebola,
Price of .223 is finally starting to come down a bit from the post Newtown plateau of $10 per box of 20. I don’t think we will see the $0.20 to $0.25 per round I paid when I stocked up in 2008-09, but as long as nothing bad happens, inventory is starting to linger on shelves.
Perhaps time for me to cash in cabelas points and add to inventory. And go to the range to have some fun with older stock.
BTW, if there is interest in a NJRER GTG at the range this fall, I’ll take a head count. No worries if you don’t own your own AR, there will be plenty of things to shoot. My only requirement is that it has to be on the free side of the Delaware River. There’s a nice outdoor range in Lahaska.
[86] redux,
BTW, you don’t have to be a gun-owning conservative to come to a shooting GTG. All are invited. Even anon, cobbler and ottoman; no experience required and you can even help out–I have a pretty easy job for you downrange.
I see anon as more of an archery target.
[88] Ebola,
Kind of a slow death, isn’t it?
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Plume (89)-
Depends on how good a shot you have anon up against.
#26 (30 Year):
These days in NJ, generally, Sheriff sales are a WOT (IMHO).
And to Fast Eddie:
A quick look over at Zillow for property taxes (not always or even usually the latest) will let you know if seeing the place in person is a waste of time or not.
– Long Landlord. Short savings.
[91] Ebola
Maybe I should just shoot him in the leg. That’s supposed to be easy, right?
World is going to be changing quickly.
Power Plants In Europe Could Go Extinct After 2020, Investment Bank Says
http://thinkprogress.org/climate/2014/08/24/3474972/ubs-europe-solar-batteries-evs/
Within a few decades, large-scale, centralized electricity generation from fossil fuels could be a thing of the past in Europe.
That’s the word from investment bank UBS, which just released a new report anticipating a three pronged assault from solar power, battery technology, and electric vehicles that will render obsolete traditional power generation by large utilities that rely on coal or natural gas. According to Renew Economy, which picked up the report, the tipping point will arrive around 2020. At that point, investing in a home solar system with a 20-year life span, plus some small-scale home battery technology and an electric car, will pay for itself in six to eight years for the average consumer in Germany, Italy, Spain, and much of the rest of Europe. Crucially, this math holds even without any government subsidies for solar power.
“In other words,” the report says, “a German buyer should receive 12 years of electricity for free” for a system purchased in 2020.
That would mean that after 2020, the economic incentives will align to encourage the average European household to stop relying on the traditional utility model for their electricity needs. “Not all [power plants] will have disappeared by 2025,” the report concedes, “but we would be bold enough to say that most of those plants retiring in the future will not be replaced.”
The analysis also suggests that for utilities to survive in this new world, they’ll need to focus on providing smart distribution networks to better manage demand on a much more decentralized grid, and providing small-scale local back-ups for storage and power generation to that same effect.
The way this would work on the household level is that the electric car could charge at night, solar would provide electricity during the day, and excess solar generation stored up in the battery could be discharged in the evenings to cover most of a household’s remaining power needs. Power supplied by the grid likely wouldn’t go away completely, but would be relegated to plugging some small remaining holes, primarily in the early morning. And smarter grid systems for homes will allow energy demand to be met with supply much more efficiently.
plume (93)-
Yeah. When you aim for the leg and then shoot somebody through the top of their head, that’s gonna leave a mark, though.
One of your better handles of recent vintage……
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