From the NJ Department of Labor and Workforce Development:
New Jersey Unemployment Rate at 8.3 Percent in March; Employment Down by 17,200 Over the Month
New Jersey’s labor market continued to tighten in March as employment fell for the 14th consecutive month. The state’s unemployment rate moved slightly higher to 8.3 percent in March, up by 0.1 percentage point from February’s 8.2 percent. New Jersey’s unemployment rate was below the U.S. rate of 8.5 percent in March.
According to preliminary estimates from the New Jersey Department of Labor and Workforce Development’s monthly survey of employers, nonfarm wage and salary employment in the Garden State decreased by 17,200 jobs in March, to a total of 3,956,100. All of the loss occurred in the private sector (-17,400) as public sector employment rose by 200. Based on more complete reporting, the previously released February estimate was revised higher by 5,200 to reflect a January-to-February loss of 14,500, rather than the 19,700 originally reported.
…
Job losses in March were recorded in eight of ten supersectors. The largest contractions occurred in leisure and hospitality (-5,900), professional and business services (-4,600), manufacturing (-3,700), and trade, transportation and utilities (-1,800).The loss in leisure and hospitality was mainly in the accommodations and food services component as hotels and restaurants have felt the squeeze from reduced consumer spending during the recession. Casino hotels in Atlantic City have been especially hard hit by the economic slowdown leading to layoffs and other staff reductions.
All three categories of professional and business services were lower over the month with the largest losses in administrative support, waste management/remediation (-2,700) as companies trimmed payrolls of temporary support workers in an effort to cut costs. Professional, scientific and technical services (-1,300), and management of companies (-600) also saw losses.
Modest gains were recorded in the construction (+500) and education and health services (+400) supersectors.
frist
Heading down to the TEA Party shortly. Will drop off tax payments on the way (yech!)
Had half a mind to drop a tea bag in with each payment. Would definitely get a visit from the local constabulatory, but there is no law against it. Would definitely had a note in my FBI file about being a tax protester though.
Besides, the flunkies opening envelopes in Hartford or Trenton couldn’t care less.
113 (previous thread) – Tinicum township is really one of the best, hidden places in bucks county. Solebury and Upper Makefield are the crown jewels–where the rich people are. Tinicum is a lower priced alternative with similar country appeal. While Solebury is like a fancy NJ country town–Tewksbury, Bedminster where they don’t tolerate ugly, Tinicum is not totally immune to the ills of many PA towns. Almost all of the roads in the township wander aimlessly and go nowhere. sometimes, they’ll close a bridge for a couple of years. There are trailer homes and dilapidated cottages tucked in with McMansions and restored stone homes–you absolutely need to investigate every property within a mile of any house you’re interested in as people in PA, especially along the backroads are not regulated well. The most northern part of township towards Nockamixon and Bridgeton have a very backwoods hillbilly vibe–its also somewhat swampy. Perry Auger has an old abandoned dump on it. but where you mention – Geigel Hill/ Headquarters/Hollow horn roads its wonderful–still some trailers around though. in my opinion, the closer to solebury you can get in tinicum, the better.
clot:
Lou-eh, Lou-eh, Lou-eh, Lou-EEEEEEEEEEE Nave-Fcukup is coming to the Hanover Marriott tonight. You blowing off the Man-U game to watch him squirm?
Ruggles,
thanks for the commentary on the solebury area
From the Record:
NJ jobless rate creeps up in March
New Jersey lost 17,200 jobs in March and the unemployment rate edged up to 8.3 percent, state officials said today.
The rate, up from 8.2 percent in February, is now slightly below the national rate of 8.5 percent, according to the monthly jobs report by the New Jersey Department of Labor and Workforce Development.
New Jersey’s rate is its highest since April 1992, state records show.
#6 grim:New Jersey’s rate is its highest since April 1992, state records show.
So this should help the north Jersey Spring housing market,right?
“The rate, up from 8.2 percent in February, is now slightly below the national rate of 8.5 percent,”
Which could lead to this headline and story:
N.J. Faring Better Than Nation
Trenton — New Jersey, with its proximity to New York, and our general “cool fctor,” is once again oup performing the rest of the nation during this economic downturn. With lower unemployment than the rest of the nation local RE agents are confident that home prices have reached bottom and will soon increase; in other words, buy now or be shut out forever.
oup = out, at least in some portions of the universe
From yesterday:
comrade nom deplume says:
April 14, 2009 at 3:08 pm
Good reads on the power of AMT to de-stroy. The second link is to the Speltz case, now not@rious among the tax crowd as it applies the AMT to a taxpayer that is not “rich” by O’bama standards, but got hit with a tax bill many times his salary.
FYI:
AMT and ISO Emergency Economic Stabilization Act of 2008 Relief
On October 3, 2008, the Emergency Economic Stabilization Act of 2008 was enacted providing relief to many taxpayers who incurred alternative minimum tax liabilities due to the exercise of incentive stock options.
http://www.irs.gov/individuals/article/0,,id=200951,00.html
Oh, and enjoy your teabagging.
5 – no problem, the park and airport are in Tinicum–just letting you know that although a great town, it still hides some problems. Plumstead, between Tinicum and Solebury is also hit or miss. If you can get a great deal in solebury, its worth it! especially the carversville area in the north–Greenhill/Aquetong Rds. still see people in mcmansions in the area burning leaves on their front lawns but amazingly beautiful and away from the New Hope/Lahaska crowds.
“U.S. May Rat Out Crap Banks After Stress Test”
Nice headline.
#6 grim,
Does that count people who lost their jobs who live in NJ but worked in NYC?
Well acording to the Big O only families who make under 200K a year are “working families”, so I guess the lazy rich folk who make over 200K got plenty of time to protest at these tea parties.
(CNN) — Happy Patriots’ Day. April 15 is the one day a year when our country asks something of us — or at least the vast majority of us.
For those who wear a military uniform, those who serve the rest of us as policemen and firefighters and teachers and other public servants, every day is patriots’ day. They work hard for our country; many risk their lives — and some lose their lives.
But for the rest of us, the civilian majority, our government asks very little. Except for April 15. On this day, our government asks that we pay our fair share of taxes to keep our beloved country strong and safe.
Freedom isn’t free. That’s what the courageous World War II veterans of the American Legion taught me back in Texas Boys State decades ago. That phrase had special meaning for them. Those guys had seen buddies blown apart at Anzio or Guadalcanal.
I grew up in a different era. There was no draft, and while I have friends and family members who joined the military, most of my peers, like me, opted for the security and prosperity of the private sector.
This country has showered me with the blessings of liberty. So what do I owe my country in return? Paying my fair share of taxes, it seems, is the least I can do. Thanks to President Obama and the Democratic Congress, 95 percent of Americans will get a tax cut this year. No one — not even the wealthiest 1 percent — will have to pay higher income taxes until 2011.
So why are a bunch of Fox News clowns and right-wing cranks hosting “tea parties” all over the country? The Boston Tea Party, in case the clods at Fox didn’t know it, protested “taxation without representation.” Note the second word: without. The goofballs tossing tea bags today have representation. They voted in the election; they lost.
That a bunch of overpaid media millionaires would lead a faux-populist revolt is comical. They somehow held their populist instincts in check as George W. Bush and the Republicans cut taxes on the idle rich and put the screws to the working stiffs.
Bush’s tax policies were a godsend to the Paris Hilton class, but they sent the country on the road to bankruptcy and helped ruin the economy. But now that we the people have decided to set things right, now that we’ve hired Obama to fix the mess conservatives created, now they’re protesting?
Give me a break. Instead of tossing tea bags for the cameras, the Fox phonies ought to go to Walter Reed Army Medical Center. There they would find better, braver men who have truly sacrificed for their country. They deserve nothing but the best — not the shameful and shoddy conditions they endured during the Bush administration.
You want something to protest? How ’bout protesting how little we give back to our veterans? Or how ’bout protesting that the entire budget of the National Cancer Institute (where government researchers battle a disease that will strike half of all men and a third of all women) is 0.03 percent of what we gave the bandits at American International Group alone? Oh, but veterans benefits and cancer research might cost money. It might require — dare I say it? — paying taxes.
If the whiners at Fox News want to advertise their selfishness, they are free to do so. But please don’t dress it up as patriotism. Patriotism is putting your country ahead of yourself — which is the precise opposite of what the tea party plutocrats are doing.
Where’s the stick people and the shark in your graph?
This is what we’ve come to expect here. :)
http://www.maltzauctions.com/auction_detail.php?id=110944
very very cool thing to buy in a bankruptcy auction.
plume (2)-
Think they’ll figure out that the Tide powder I slipped between the pages of my return isn’t weaponized anthrax? ;)
chi (4)-
Fcuk no. I’m short the planet; why go see Navellier flog stocks?
BTW, I might get short ManU today. Seems like Porto still has the Mourinho ju-ju working for them.
Comp Killer- check out the history on 6 Pine Tree Rd in Ramsey. Admittedly, however, what else has gone has been close to asking. Much is just sitting here.
Once you’ve seen Navellier in person one time, you don’t need to go again.
Although he probably will be under fire tonight.
ManU is a +105 favorite at Porto. Draw +230, Porto +240.
Very, very tempting. It’s either this, or John’s bond of the day.
[19] clot
Not at first, and that will certainly get you a visit from the suited ones with dark glasses, short hair, and no sense of humor.
[11] pa bound
I will. Of the Lipton variety, of course.
Fun numbers for the day
70% of GDP is consumer spending. The US needs about 3% growth to avoid a depressionary collapse due to a cascade of increasing unemployment leading to less consumer spending leading to more unemployment…. on top of that a large number of boomers have lost a substantial portion of their investments as the market has collapsed. As a result they are rapidly curtailing spending.
the only way to plug the gap is with government spending. the only way to plug a gap , the size of which is TRILLIONS of dollars ( GDP based on consumer spending was about 10 trillion last year)is to monetize debt, significantly increase taxes or drastically cut military and social spending.
however of the 3 options, the 2 that effectively reduce spending (tax increases and outright cuts)would not address the gap left by the drop in consumer spending. Therefore the only viable option in the current administrations view is the monetization of debt. The consequences of monteization of debt are an eventual bond dislocation event. This path will still be chosen on the basis that the administration likely believes that is can potentially avoid the dislocation through joint effort with other central banks. But they will not be able to strong arm the bond market in the end, only delay the event.
Consumers have become saturated in debt and with a near zero savings rate the way to address the situation is through the reduction of spending or additional expansion of personal debt. The credit card companies and banks have however turned off the debt spigot.
3rd quarter 08 say a 3.4% drop in GDP. regardless of how good the banks profits may look due to money government bailouts, their effect is ultimately insignificant compared to the 70% of GDP represented by consumer spending.
if obama is really serious about bailing out the US economy the only way to actually do it would be to funnel the 9-10 trillion promised to the banks directly to the american public. Moral hazard is clearly not an issue for the current administration, so if they are going to go that route they might as well pay off everyone’s mortgage and credit card debt (about 12 trillion).
unlike their attempted bank bailout plan, that would actually have an immediate impact on a greater scale then the bank bailout. the neat thing about this solution is all of the banks assets suddenly become AAA paper again compared to the rest of the worlds banks and you could potentially see a rush of investors to the US dollar (although that would be bad for US exports).
i dont actually advocate that solution, but if they really want the least pain method with moral hazard be damned, then that is probably the only choice they have.
At the rate we are going, we could easily see a 10%+ drop in GDP for 2009. If we have another accelerating downward drop we could easily see a 15%+ drop in GDP. at that point the U6 unemployment chart will probably look something like 1929
http://www.scribd.com/doc/13282170/Unemployment-1930s-vs-Today
/steps off of soap box
Nom,
Obama: Tea-baggers all wet
President says he’s already cut taxes in answer to protests around the country and warns against trying to scare people on the issue.
http://www.marketwatch.com/news/story/Obama-tea-baggers-Ive-already/story.aspx?guid=%7B30C2C4A6%2DE7AA%2D4833%2DA6E7%2D83C558FFA037%7D
Tea Party in Newark was well attended, despite the cold, rain, and lack of any real organization. I estimated about 150 folks there at its peak. Was covered by local MSM but who knows if it warrants air time. Themes were predictable but ad hoc. There were no prepared speeches or speakers. Lots of retirees (gotta figure anyone truly aggrieved by the taxes would be at work). No apparent nut job conspiracy types either, which I had expected to attend.
plume (24)-
I bet my Heath Ledger/Joker impersonation will crack them up.
[27] kettle
The fact that he is addressing it tells me a lot.
I’m still amazed that “teabagging” doesn’t toss you straight into moderation.
[16] alap,
so I guess you didn’t go?
Well, back to work. You may be getting a tax cut, but guess whose pocket it’s coming out of.
From MarketWatch:
U.S. April NAHB index highest since October
U.S. April home builders’ index jumps to 14 from 9
Graph of the NAHB numbers from Calculated Risk:
http://1.bp.blogspot.com/_pMscxxELHEg/SeYTDbUPjFI/AAAAAAAAFB0/exy1uALlau0/s1600-h/NAHBApril2009.jpg
“I estimated about 150 folks there at its peak. Was covered by local MSM but who knows if it warrants air time.”
What will be interesting is whethr the photos or video is a wide-shot, showing a small group in a large plaza, or a close-shot, showing lots of people spilling out beyond the frame.
grim (33)-
Time to sound the “all clear”.
Everyone, please commence accumulating debt again. Thank you.
grim – #26 previous thread –
“Sounds fishy.
…
Was this some kind of cash deal, sans title insurance, sans lender?
Hell, did the foreclosure already take place, and the sellers not even have equitable title to the property anymore?”
Like I said, I don’t have any details, this is all second-hand. It sounded strange to me too. The people buying the house are young, in their early 20s. Maybe they didn’t do any research at all before attempting to buy.
Nom #32 [while trying to insult Alap]
“You may be getting a tax cut, but guess whose pocket it’s coming out of.”
This statement is not becoming of you. Is it a pre-req that anyone that is against tax cuts (or for tax hikes) should somehow benefit from it? There are quotes by Buffet on why W’s tax cuts are bad.
It is a sign of times that I have to put in this disclaimer. There is slim to none chance that I’d benefit from the latest stimulus tax breaks. There is a pretty good chance that this year my income taxes will increase — and my property taxes will skyrocket. I did benefit a bit from W’s tax cuts. But, all the time, I was against tax cuts.
If we talk about numbers? How much are you talking about? 3% more?
It is one thing attacks come from nouveau riche and some random inbred racist crowd that shows up at times. You are way better than them. The disdain towards “sub 100k” crowd is shocking — the military, local police, firemen, etc., fall in there. If you want “sub 200k” crowd, many physicians I know with single income fall there.
32.
I in no way agree with the article I posted. I actually posted it cause I find it utterly ridiculous.
But to answer your question, no I didn’t go, didnt feel like venturing out of work in the rain.
so retirees on ss and medicare who pay no federal taxes are protesting federal taxes. they must be dopes, they should be pro high income taxes. The should protest property taxes and NJ sales taxes instead.
#
Shore Guy says:
April 14, 2009 at 3:39 pm
“I would say fow now you could maintain middle class life style if you have $5K monthly income after retirement.”
Not if your property taxes are $15,000 a year.
#
BC Bob says:
April 14, 2009 at 3:39 pm
“i would say fow now you could maintain middle class life style if you have $5K monthly income after retirement.”
Only if this is your food for the day;
http://blog.whathappensnow.com/wp-content/uploads/2007/03/dog-food.JPG
a bit surprised at these answers. isn’t the move when you retire to downsize from a big house to a townhouse/condo or something of the sort?
who wants to upkeep (cleaning, yardwork, etc) a 3000 sq foot home when you’re retired?
Re 16, what does deserving veterns have to do with our overbloated tri-state area system of multiple lays of politics and six figure do nothing civil servants have to do anything. Take NYC there is one school head and one administration who deals with all five boros, in BC every single town has a school head and an admistration.
Clot
ManU is a +105 favorite at Porto. Draw +230, Porto +240.
Never bet against the family. Just when you think they are down and ready for a kicking, the come back with some F$^%ing 17yo wunderkid to pull them out of the fire.
I’ve been thinking a little bit more about the Hachette pay cuts which I posted in the previous thread. Brilliant use of smoke and mirrors regarding the pay cut for non-exempt employees. Sure, their “base pay” is only being cut 3%, but they will also lose the extra straight pay they had received for 2 1/2 hours of their work week as well as lower the effective hourly rate under which they were paid. And if their assistants work anything like ours do, they were collecting that money every week.
So if our mythical assistant previously earned a base salary of 30k/year based on a 37.5 hr week, their effective hourly rate was $15.38. Reduce their salary 3% to 29.1k and increase the workweek to 40 hours, and their new base hourly pay is now $13.99 – a 9% cut, not a 3% cut.
Way to go Hachette!
http://gawker.com/5211884/hachette-cutting-salaries-across-the-board
#41 – isn’t the move when you retire to downsize…?
…who wants to upkeep (cleaning, yardwork, etc) a 3000 sq foot home when you’re retired?
You know, that’s what I thought as well. After all, isn’t that the reason behind the retirement communities in the Tom’s Rover/Brick area. No kids = no need for that many bed rooms = smaller and cheaper house, etc.
It would appear though that there are a number of retirees moving to bigger houses. I personally know a couple that have done exactly that.
BC Bob says:
April 14, 2009 at 4:53 pm
“There will be some money from Social Security too”
Sastry,
From whom? Santa Claus?
LOL
What’s the over/under on when SS is finished? Last checks go out … Dec of 2025?
yes, im still on yesterday’s thread.
damn work and sleep and playing basketball.
reinvestor101 says:
April 14, 2009 at 7:05 pm
There is in fact a twisted fixation and addiction with pessism and cheapness here akin to those addicted to adult films. Everyday, there’s a gleeful shout as some watch investors and homeowners get brutally screwed out of their money. You people want to see people in a damn dungeon tied up and in pain under the lash. These were the people who tried to help the economy.
After seeing people abused like this, then you turn around a celebrate cheapness. This youngster, Stu, talks about going on vacation and not paying a damn red cent and everyone heaps praise on him. This youngster is not doing a damn thing to help the economy or his fellow Americans, yet he praised while those who have helped get brutally screwed while everyone sits around and watches.
anyone want to start up a collection to get this rock-ribbed clown to the next gathering? He’s a fraud and you know he won’t show. He has to show to collect. i’m in for $20.
“Whats the over/under on when SS is finished? Last checks go out Dec of 2025”
I don’t think that the cheques will stop at once. I suspect they will at first freeze payments, then slowly shrink them. After awhile,even if they continue, they will be of no importance.
its random comments like these that keep me laughing.
grim says:
April 14, 2009 at 9:25 pm
#138 is a *MUST READ* for anything thinking about long-term homeownership in NJ.
The period of 2016 thru 2020 will mark the beginning of the end of the Generational Housing Bubble in New Jersey. At that point, the state will begin to experience a net excess of sellers due to boomer retirement.
The start of this window is only 7 years away.
Myers and Ryu expect this correction to take place over a 20 year period.
Is buying a home a losing play, period?
GRIM, can you please repost? I’m clicking on the link from yesterday and getting nothing. Would definitely like to share that article.
thanks
Sastry,
Your mischaracterization of what some folks say here and their motivation for doing to is either deeply ignorant or deeply cynical. Nobody here has disdain for the “sub $100,000 crowd.” That said, there are aspects of the tax code that simply do not affect such people. To point this out is not an attack on anyone.
As for your statement that, “There are quotes by Buffet on why Ws tax cuts are bad” is actually not off base. The key is not just the tax cut, but, rather, spending cuts. All levels of government are wasting vast amounts of money, and they must stop before they cripple this nation. Since elected officials have proved themselves to be unable to spend less than they tax and to use the excess to pay down debt, the source of their ability to spend — tax money — must be reduced. David Stockman was, it turns out, correct.
Actually, it will be a Generational Lull in housing, not a long term fall out. 2007 had the highest birth rate since WWII. After 9-11-01 people changed priorities and went into nesting birthing mode followed by a strong economic revovery from 2003-2007. 2008 was also a very high birth rate year. The wheels did not come off the wagon until Sept 2008, too late to stop a baby!! The 2002-2008 baby boom kids will be moving out by 2022 and will set up the decade of 2030 as a good year for housing. Granted, 2016-2020 will be a long housing bottom, but hey all you have to do is hold on to 2035 and you can make money in housing!!!!
The period of 2016 thru 2020 will mark the beginning of the end of the Generational Housing Bubble in New Jersey. At that point, the state will begin to experience a net excess of sellers due to boomer retirement.
John:
“The 2002-2008 baby boom kids will be moving out by 2022 and will set up the decade of 2030 as a good year for housing. Granted, 2016-2020 will be a long housing bottom, but hey all you have to do is hold on to 2035 and you can make money in housing!!!!”
On a lighter note, great way to simplify a stochastic process (rather, a stochastic field) with a single parameter (rather a single constant).
btw, I know you guys all think guys who make under 100K are war heros, cops, firemen, ER workers, teachers, peace corps people etc. but to tell you the truth most married guys who earn under 100K have slackard jobs in an office 9-5 pushing paper or some bs job in the surburbs so they don’t have to schlep into the city. Their wives are bitter for the most part as they are stuck juggling kids and are forced to work and pay for day care since their hubbies don’t make enough to support their family
I actually used my Stochastic Oscillator to figure out the next housing boom.
Time to change the name to Brown Book?
“Economy still worsening across U.S.: Beige Book”
http://www.marketwatch.com/news/story/us-economy-still-contracting-everywhere/story.aspx?guid=%7B33DD5B9D%2D0C0E%2D4E4A%2D8D68%2D7D2ECE8687FE%7D&siteid=bnbh
Gator,
Hachette job?
“Stochastic Oscillator ”
It sounds like the name of an expensive, ummmm, ahhh, “marital aid.”
Nom,
I too just returned from mailing out my first-quarter taxes, and the remainder of 2008 taxes. Somehow, I think tha ol’ Elliot Spitzer used to feel better dropping payments like this.
Cindy,
Tell the Govovernator to spend what I sent to the Franchise Tax Board in your district. It might as well go someplace that I know someone.
From the Beige Book:
“However, five of the 12 districts noted a moderation in the pace of decline,”
From the cockpit: Ladies and gentlemen, the good news is that we are not heading into the ground at a 90 degree angle. The bad news is we are still heading into the ground. Please put away your trays and return your seats to an upright position.
All: I work hard to be witty and you guys just blow it off…you all suck!
chicagofinance says:
April 14, 2009 at 6:39 pm
grim says:
April 14, 2009 at 5:47 pm
Even looking at single family homes in the UltraHaughty 600Locale
grim: is that a new leveraged ETF?
As they say in mexico, KY?
Shore Guy says:
April 15, 2009 at 3:09 pm
“Stochastic Oscillator ”
It sounds like the name of an expensive, ummmm, ahhh, “marital aid.”
From the Beige Book:
“However, five of the 12 districts noted a moderation in the pace of decline,”
From the co-ck-pit: Ladies and gentlemen, the good news is that we are not heading into the ground at a 90 degree angle. The bad news is we are still heading into the ground. Please put away your trays and return your seats to an upright position, and thank you for choosing Fedco Airlines, where hard landings are our specialty.
Chi,
Stick to DM.
Shore – That’s certainly what they are calling it in Media Gossipland. Pretty crappy to hammer your higher paid employees for 3% and your lowest paid assistants for 9%+.
My commentary on the indices:
“Why…won’t…you….just..die!”
Also, John, didn’t you say that you live off of one paycheck and bank the other?
hey chicagofinance I appreciate your wit the hoi poli on this site is not always deserving of such tibits of great wit.
Nuff about Real Estate what are you buying now. Since we last chatted mid to late March I went on an insurance bond buying spree, Hartford, XL, CNA, AIG etc. but that well has dried up. Any new ideas?
I think I am spoiled and will never be the same. Take for example XL at the bottom I was buying five year senior bonds at 19%. Koo Koo, I also bought Ford, CIT and AMR bonds at the bottom paying 40%. Now when I see a 12% investment grade bond I hold my nose as if I was handed a glass of tap water at the four seasons. How gouche.
John,
Need directions for the Mem Day Economic Recovery Barbeque, Legacy Burgers. I will bring some Jim Jones koo-koo juice.
“Pretty crappy to hammer your higher paid employees for 3% and your lowest paid assistants for 9%+.”
Following in the footsteps of the banking and financial services sector, I see. I suspect two things, and they might both be true: 1) the people who made the decision did not realize the outsized cut to the staff or, 2) the decision makers did not think the staff would ever find out that the 3% cut was actually greater.
“damn work and sleep and playing basketball.”
I seemed to have re injured a high ankle sprain – that I suffered in Utah last winter – while playing b-ball last week. Nowhere near the same degree but the idea of having to do the boot and therapy for months again does not appeal to me.
High ankle sprains suck. I need to find some sort of brace that I can wear from now on while playing contact, cutting sports.
Shore (59) – Similar, to The Ontological Lapsometer.
Shore 69 – I vote for #2. This is deliberate. Overtime costs are big for these types of companies. The assistants are all low paid, bu put in tons of extra hours. If this were not deliberate, the workweek would not have been offically extended. Exempt employees lose nothing from that – they were working those hours already and not getting paid extra. They are not getting any extra productivity. They are just saving 2 1/2 hrs/pay/assistant/week. That adds up to a nice chunk of change.
70
I need to find some sort of brace that I can wear from now on while playing contact, cutting sports
It’s called a couch.
Yes, why. One paycheck is for the mortgage and all my living expenses. The second paycheck into the bank or a bond. Plus I bank 100% of my annual bonus. If I have to buy a car or do a roof or something I hit the savings, but that is not too often. I have been saving extra hard lately as there are so many opportunities to save. If I can buy a 10K investment grade bond with a 7% coupon for 5K it is hard to spend that 5k on stuff. The 20 year bond will pay me 14,000 in interest and 10K back at maturity. 5K = 34K. Heck in 7 years I have back my whole 5K investment at $700 a year interest and the next 15 years is gravy. Plus if I lose my job I have a big income stream coming in. I keep rotating through the out of favor sectors, banking, insurance, munis, cds back when rates were high etc. Right now the bargains are disappearing so I will just pre-pay mortgage for a while when that happens.
zieba says:
April 15, 2009 at 3:25 pm
My commentary on the indices:
“Why…won’t…you….just..die!”
Also, John, didn’t you say that you live off of one paycheck and bank the other?
In case you noticed the recession has ended. Out in my neck of the woods, car buying, vacations etc. are back in vogue. Going to a few communions and baptisms in the next few weeks all catered at fancy places, the kid party places are all fully booked again. Even the car detailer near me just announced recession coupons end this month so I rushed and had my BMW detailed. Heck my friend is selling 5K bbqs at his shop all day long on the weekends. Sorry March 9th was the last day of the recession, it is a bull market baby. Break out the fine china mama wanna a new benz.
BC Bob says:
April 15, 2009 at 3:28 pm
John,
Need directions for the Mem Day Economic Recovery Barbeque, Legacy Burgers. I will bring some Jim Jones koo-koo juice.
(67)-
Hoi poli.
Gouche.
Two classics in one post.
“In case you noticed the recession has ended.”
John,
What mass were you at on Sunday?
BC (68)-
Legacy Burger = turd sandwich
RE: 73
Is that where all the fallen warriors go?
A friend just mangled his knee in Aspen this winter. His season and a scheduled Alaskan outing, both over.
It’s back to the pool for me I guess. Pool and cycling is all I have left.
BC (77)-
The one where the sacrament was mescaline.
These people are dumb; dumb as a… er, well, dumb as a teabag.
Where was all of the ‘activism’ when we launched that pricey moronic war in Iraq. Oh yeah, if you were against that you were ‘un-American’.
John nice to see you and your fantasy world are intact.
Images from today’s Tea Party protest on the Morristown Green
“Early in May, you will see in a systematic and coordinated way the transparency of determining and showing to all involved some of the results of these stress tests,” White House spokesman Robert Gibbs said.
Paging Bi –
Please help us decode this.
Easter baby, the dinner I had afterwards and tons of stuff thrown at the little kids all made me think bull market, loved the $20’s in the plastic eggs. It is a bull market, green shoots and musturd seeds everywhere, lots of alergies but the cash is flowing. Heck even the unemployed were driving new cars. Market is soo hot maybe companies might actually give us a raise next year!!!
Think about it, places like chase got wamu and Bear for almost nother, then cancel raises and 401K matches and canned lots of people, then borrowed money at almost nothing from uncle sam and lent it out at between 5 and 10%, even a blind crack head can work that spread.
BC Bob says:
April 15, 2009 at 3:43 pm
“In case you noticed the recession has ended.”
John,
What mass were you at on Sunday?
2 Cents says:
April 15, 2009 at 4:03 pm
“Sell in May and Go Away”
“Early in May, you will see in a systematic and coordinated way the transparency of determining and showing to all involved some of the results of these stress tests,” White House spokesman Robert Gibbs said.
Paging Bi –
Please help us decode this.
I like how the whole tea party issue is being couched as a Dem vs Rep issue, when the spirit goes beyond and against both parties.
I think Tea was very expensive when Bush was bailing out/nationalizing AIG/FRE/FNM. Spending trillions on the war in Iraq, $700 Billion for the banks, etc.
The sad part is that I would have joined the Tea Parties if they were really protesting against what is wrong – socializing the losses of the private sector.
This is just a self-serving group of people who just want their taxes to be lower.
I know the world where John lives and he is right about the perception but it will change. Wait for the banks to start cost cutting managerial positions that pay anywhere from 200k-1m. These people are truly the most clueless, most have let go of 20-30% of their staff and don’t realize they are next! That is the base of fancy Bergen, LI, Westchester, etc. Bankers make up the uber wealthy but those in the lower upper class are primarily higher level middle management. So these people figure the market is up, banks made a profit, they laid off a ton but now they are safe. Just because a segment of society, well many don’t see how ugly this truly is doesn’t make it any less so.
This is just a self-serving group of people who just want their taxes to be lower.
—————————————-
Most of these people are dumb, like ‘Reserves protesting withdrawl from Iraq’
114. Ruggles- last thread
Our place is in Burlington County. We put in reproduction lamps mainly from Rejuvenation Hardware and also put in the old type push button light switches. We are taking three weeks off starting next week to do some painting and yard work. I’m hopeful that in 1 1/2 years we’ll have things fixed up to a good standard. This is the house that I grew up in which is really why we bought it. Still it has a lot of character and has a great garden which is almost a full acre.
Jim
for all the 529 fans here
Oregon Sues Over Risks Taken in Its ‘529’ Fund
http://online.wsj.com/article/SB123966488425515111.html
Kettle (88) –
“when the spirit goes beyond and against both parties.”
I am not so sure about that. From what I have read about these parties, is that it initially started out as a libertarian fringe movement against the system as a whole, but now has been co-opted by the conservatives on an anti-tax tirade.
A true tea party would be demanding the bankers’ head on a pike. This country is being ruled by a financial oligarchy and not representative of the people at all. Weren’t the people against the TARP 100-1?
nom,
More Americans wary of U.S. tax man this year
As a deep recession strips Americans of their jobs, homes and investments, the 2009 U.S. tax season promises to see a large uptick in first-time delinquent income taxpayers. “Our calls are up 280 percent,” said Richard Boggs, founder and chief executive of Los Angeles-based Nationwide Tax Relief, a firm that helps delinquent taxpayers resolve tax issues
http://www.reuters.com/article/marketsNews/idUSN0531348220090414?sp=true
jcer they beat to death the 200-one million crowd at Chase and Citi etc. All that is left are rock stars and rainmakers who carry their weight. Also if stocks and bonds are rocking and rolling it is way easier to handle a lay-off, all your unrestricted stock vests when you get thrown out, if that stock is trading at over $100 a share.
I was like a fat guy in an all you can eat buffet mid March buying till it hurt, double down time. Does who put their clothes pin on their nose and bought are now drinking fine wine while the rest whine. There was a lot of cash on the side lines and plenty of folks threw their mad money into the fire in late March.
Cash was King until March 9 when Cash became trash and Gold became Old. I am audi 5000 right now as I have a board meeting with a lot of bsd’s
2 cents 94,
perhaps, it was not initially a Dem/Rep issue, but may have been co-opted by this point, i have been following it very closely.
Hey huge day tommorrow, Chase earnings at 8am, I may have a lousy 2,000 shares but damm it I am on the call. HUGE UPDAY – Hope your 401K match went in today on time.
“musturd seeds”
John,
I agree, a bunch of musturd seeds.
100
well, if people around the country are going to do nothing but throw teabags in buckets or the water, I can only guess that the earnings for tea companies will go up. Anyone got any good tea stocks to recommend?
Kettle1: Beyond the generic signs like “Born free, taxed to death” [1], a major chunk of signs are of the type: “Obama, speak for yourself! We are a christian nation”, “Don’t blame me, I voted for Sarah”, “Obama bows to Saudis and moons US”.
[1] I wonder where exactly between 36 and 39% the line changes from “good president” to “taxed to death”. 36.0001?
Just to offer an unpopular viewpoint.
When some of you were out there suggesting weeks ago that the AIG bailout was in reality a Goldman Sachs bailout, I pointed out that there was at least a REASONABLE explanation as to why that would not(MIGHT NOT) be the case. I suggested that without viewing GS entire book, one is unable to really assess what occurred. We will likely never know the answer for quite awhile, but here is a WSJ Editorial letter from Tuesday suggesting that my feeble mumbling was pretty damned close to being spot-on (caveat: I appreciate that this passage is their bullsh!t party line, but I at least called how the excuses would unfold)…..
LETTERS APRIL 13, 2009, 9:46 P.M.
Goldman Protected Its Clients From AIG’s Weakness Article
Prof. Amar Bhidé does his readers a disservice when he asserts that Goldman Sachs miscalculated the creditworthiness of AIG and was “made whole” by a government bailout of the company (“You Can’t Rush a Recovery,” op-ed, April 9).
These are the facts: Goldman Sachs is in the business of acting as an intermediary for numerous clients and often assumes risk on their behalf. Our normal protocols require that we protect our shareholders from loss associated with our incurring these positions through rigorous risk management. This includes buying credit insurance which, in the matter at hand, we did from AIG, then one of the world’s largest insurance companies. The terms of this insurance included a requirement that AIG give us enough cash collateral to protect us against possible future loss.
We have consistently said that we had no direct economic exposure to AIG. We marked to market the risk we had insured with AIG, and AIG was contractually required to give us collateral to cover any diminution in value. Because there were periods when AIG didn’t provide enough collateral, we hedged ourselves against the then seemingly unlikely event that AIG might default. The cost of this hedging was over $100 million. If AIG had failed, we would have had both the collateral and the proceeds from the credit default swaps and therefore would not have incurred any economic loss.
In order to collect under a credit default swap, there has to be an event of default. No event of default means no payout. By supporting AIG, the government prevented the company from defaulting. Some have questioned whether, if AIG had defaulted, we would have received the money owed to us under the credit default swap arrangements. Because these swaps were written by large financial institutions which mark to market their obligations to each other and net their positions at the close of business every day, we exchanged collateral with the CDS providers on a daily basis. This protected us from the risk of any knock-on defaults.
Finally, others have asked why Goldman Sachs didn’t take a “haircut,” in other words, less money than we were owed. We had taken great care and incurred considerable expense to protect our shareholders. Why would it have been appropriate for them to have suffered a loss when they didn’t need to?
Far from miscalculating the creditworthiness of AIG, we acted in a way which most people would think of as a good example of responsible risk management.
Lucas van Praag
Managing Director
Goldman Sachs & Co.
New York
One point of note… The taxes one pays today [excluding estimated taxes, etc.] are for Year 2008. The tax rates for them have been set *A LONG TIME AGO*.
So, anyone sending in a check for Y2008 taxes and complaining now… would seem a bit slow.
If it Isn’t; 1. The Elimination of the National Debt, 2. The Balancing of the National Budget, 3. The Normalization of Government Pensions & Benefits with the Private Sector, 4. A Sane Immigration & Naturalization Policy, & 5. A Return to a Product Economy; it Isn’t Going To Fix The Problem. One wonders if we are ruled by Economic Terrorists. That includes Most Donkeys & Elephants, although not all.
#103 Chi… I think it is the MBA speak excuse.
It is so deliberately vague and yet contains confident statements like, “If AIG had failed, we would have had both the collateral and the proceeds from the credit default swaps and therefore would not have incurred any economic loss.”
What it AIG failed and the counter party also failed?
92 – Jim, very cool. Don’t know Burlington too well except our favorite pizza in New Jersey is tomato pie from Palermo’s and we try to get down there as often as possible. bordentown and burlington are great little towns. 1820-1840s homes are my favorite so I’m jealous–mine is 1/3 1700s 2/3 1870s. Sounds like you are hard core into restoration–we were in the last house, sold last year– an 1825 stone Georgian in a historic village full of stone houses on the NJ side of the Delaware that no one has ever heard of. This house isn’t nearly as pure but the setting is amazing. Have fun!
“So, anyone sending in a check for Y2008 taxes and complaining now would seem a bit slow.”
Anyone who lacks the ability to see that the fight against excessively-high taxes is a multi-year effort is pathetic.
We are throwing teabags expressing our frustations. What a bunch of wussies..
Back in the olden times, we have revolts..
[102] sastry
If you are at 36, you aren’t likely saying “good president” unless you are so far into 36 it doesn’t matter, like a hollywood producer. And I have been complaining for years, ever since I made it into the category of “rich” as defined by the DNC.
I could argue tax policy with you until your brain bleeds, but, as I just pointed out to a client, I get paid to do that.
In the end, this argument is about tax fairness, or tax justice, or social justice, whatever you want to call it. Deep down, I suspect you are an adherent of John Rawls, or believe fervently in the marginal utility theory, but have not given any thought to whether marginal utility is fair in and of itself or whether there is another level of analysis regarding fairness that must be conducted.
So I posit a simple question, which is asked on Day One in Tax Policy at the institution where I received my LL.M.
“What is the justification for the progressive income tax system?”
And I am not really looking for a superficial answer. A chimp could answer that question, and clearly you earned your B.A. abd can type reasonably well, so you aren’t a chimp. What I want to know is how you justify the answer—I want to know why your answer is right.
Answer that to my satisfaction and there is an office in DC with your name on it. And I will offer to be your admin assistant.
“I could argue tax policy with you until your brain bleed”
Nom,
If you make his brain bleed, I have a drink with your name on it at a GTG. Two, even.
All this cat wants is for those above him to pay more, just because.
Can someone please explain to me if the bank gets PMI insurance on a foreclosed property than what is the rush to sell in a down market?
PGC (43)-
Thanks for that advice. You saved me a few quid today.
flower (112)-
The PMI payment only covers a fraction of the total loss to a bank in a foreclosure.
I was under the impression that a large portion of homes sold during the bubble via subprime loans avoided PMI by getting first and second mortages. So the downpayment wasn’t money save but just another loan that wasn’t secured.
The PMI if available, isn’t really incentive enough to get Banks to want to sit on empty homes with tax liabilities that are just declining in value.
Nom, my complaint about your post was about you heading in the direction of “I pay for your tax cuts”. Didn’t sound right coming from you.
“What is the justification for the progressive income tax system?”
I am sure that I cannot answer that to you satisfaction (or even to my satisfaction). Coming from a science/engineering background, I can at most talk about relative shift.
Specifically, from the perspective that what O has done is simply undoing of what W did.
I will spare you the “better than all other approaches tried”, “ethical”, “more stable society”, type general BS.
I truly believe that govt involvement in some areas is very good/essential (internet, space, NIH efforts, environment, in addition to the obvious ones like military, law enforcement, welfare, etc.) Funds have to come from somewhere, and if at Time t, these funds are cut because of tax cuts for a specific group, it is not unreasonable to restore things.
If you have access to MLS, check out the listing history on this house:
http://new.gsmls.com/publicsite/propsearch.do?method=moredetails&sysid=2614630
The PMI if available, isn’t really incentive enough to get Banks to want to sit on empty homes with tax liabilities that are just declining in value.
I believe the banks are also responsible for any HOA dues as well as general upkeep. Some burst pipes in the winter can greatly degrade any potential sale value.
chi (103)-
So, GS used illegal gambling (Eric diNallo’s language, not mine) to protect their clients’ interests? How noble.
And, of course, the beneficiaries of the bets should not ever have to take a haircut.
Why should any investment gambler ever take a hit, when we have tens of millions of taxpayer stooges to make them whole?
GS is a lying, self-dealing bucket shop.
Period.
Zack (109)-
Right you are. I’m not losing ten seconds of productive time to throw teabags with a bunch of stupid, cranky old people.
Wake me when it’s time to get my gat and go to the mattresses.
116. Sastry- I am sure that I cannot answer that to you satisfaction (or even to my satisfaction). Coming from a science/engineering background, I can at most talk about relative shift.
———
Too bad you and your relatives don’t shift back to India.
silera (115)-
Absolutely right. Those 80/20 piggyback loans were done to create enough paper equity to avoid PMI.
Now, those lenders are SOL.
jim #122…
“Too bad you and your relatives don’t shift back to India.”
Where would I take care of the kids I had with your wife, you inbred, racist, m.f?
sastry (116)-
How long were you in the US before you got brainwashed into the notion that gubmint can do anything right?
Gubmint is noting other than the result of a giant national hallucination. We periodically awaken from the hallucination and punish ourselves by self-imposing ever-larger quantities of gubmint.
Walk into any gubmint office building in Trenton and watch the faces and body language of the human sewage that seeps through the corridors. The only way to fix that is with large-caliber ammo.
http://seekingalpha.com/article/129417-wall-street-already-back-to-its-criminal-ways
Friday, Wall Street’s shadiness came back with a vengeance.
As Zero Hedge disclosed Friday, mall REIT Kimco (KIM) decided to dilute its equity holders by issuing over $700 million (including the green shoe) in new shares which would be used to buy back the company’s debt, as KIM has $735 million in debt maturities over the next 3 years, and a $707 million currently drawn on its secured credit facility. One look at the company’s equity prospectus (click to enlarge) reveals that the lead underwriter is none other than “scandal-central” investment bank Merrill Lynch.
Pssst – wanna buy a toxic asset?
Federal officials are considering ways to open up to retail investors its programs to clean up bad loans. Some investment managers are intrigued by the idea
http://money.cnn.com/2009/04/15/news/economy/consumer_toxic_assets/index.htm?postversion=2009041516
Clot #125
Fairly long time. We are talking about different aspects of govt roles. I am talking more about things like the natl labs, NIH, EPA, etc. Inefficiencies at the lower levels of the organization are pretty bad — DMV or USCIS are good examples. At the top non-political appointee levels, there are some really smart people. Private industry simply cannot do it.
Bell Labs is now in “product mode”. Watson and MS labs are the main research centers — may be Google is partly there. Academic research recently has been mostly govt funded (what with endowments shrinking).
S
[116] sastry
“Nom, my complaint about your post was about you heading in the direction of “I pay for your tax cuts”. Didn’t sound right coming from you.”
Thanks, I guess. But it is in a small way accurate–The top 5% of earners will pay more so that the bottom 95% (and we can debate the numbers but I will use Dear Leader’s numbers) can get a tax cut. And I don’t think Alap was insulted; if anything, I think he got the joke, or the sarcastic tone of an otherwise accurate statement.
The initial points you call BS are valid topics and justifications raised in tax policy arguments; they are the lay versions of the more academic theories raised in “welfare economics.” So they aren’t bad explanations, but each policy causes distortions, or can be affected by externalities, so there is a balance to be achieved. This is the goal of tax policy.
I will also let you in on a hint with respect to the tax policy question: There is no correct answer. There can’t be.
As for the program priorities, those are exactly that, and really should be argued separately from tax policy. We can agree on what should be funded by government, but not how to fund it.
And those differences over how to fund can be minor or miles apart.
But I will say (and I think I speak for Shore when I do) that it is galling to me to have some lib punk tell me that I don’t pay my fair share of taxes when I probably pay more in taxes than they make, spent many years and a lot of money to train to be an attorney, yet don’t impose any more of a drag on the system. I respectfully submit that when said lib punk has walked in my shoes (for I have most certainly walked in his/hers), that they share their views on it then.
It reminds me of a parable about two brothers disputing how to divide their father’s estate. The Judge told the first brother “You decide how the estate should be divided up.” Then he told the second brother “You get the first choice.”
[125] clot,
Or as I have put it, there isn’t anything wrong with Trenton that a 20 kiloton warhead can’t cure.
N.J. Pension System Deficit Rises to $34.4 Billion
http://bloomberg.com/apps/news?pid=20601087&sid=a2UktVSb6oGQ&refer=home
[131] yome
I want to hit some realtor up with that at an open house, maybe by asking what they think is a proper discount, given the absolute certainty of a massive tax hike and/or municipal default, and watch their head explode.
The fact that government can and does do many things well does not justify wasting money on 1) things fovernment does not do well and 2) other things that may be “nice” to fund but that we cannot afford, given our current yearly shortfalls and our accumulated debt.
Currently, our focus should be on 1) doing what is NECESSARY, and 2) paying-down debt. We can fund lots of “nice to havs” when we are debt free and the budget is in the black.
shore,
Sorry, but it doesn’t look like you get to see Sastry’s brain bleed.
Unless he and Jim get into it any more. Then you might.
“But I will say (and I think I speak for Shore when I do) that it is galling to me to have some lib punk tell me that I don’t pay my fair share of taxes when I probably pay more in taxes than they make”…
Context: W cut taxes from 39 to 36, citing “plenty of money to go around”. Now that there is nothing to go around, wouldn’t it make sense to undo those? I think even the compromise O made with respect to cutting taxes for 95% is more of a political move…
Buffet complains about how the current tax system is not fair! :)
Nom, please tell me that you find random, unwarranted racist insults offensive.
With someone like Shore, it is probably best to stop discussion because of too many factors. Not all conversations are the same.
What would your response be to something like Jim’s?
[89] 2 cents
“The sad part is that I would have joined the Tea Parties if they were really protesting against what is wrong – socializing the losses of the private sector.”
Actually, this was a central theme of the tea party crowds, from what I observed.
“This is just a self-serving group of people who just want their taxes to be lower.”
And your point?
I guess our Chinese overlords told Turbo Tax Timmay to shut up:
Geithner Refrains From Labeling China a Manipulator
http://www.bloomberg.com/apps/news?pid=20601087&sid=axKYSNiJivbg&refer=home
[136] sastry
I probably would have responded much like you did. Not precisely, but close.
Were I he, I would not have made my point in that manner, whether trying to be funny or malicious.
FWIW, I would not much care to see a p1ssing match or ad hominem argument. In my view, it lowers the discourse and my opinion of the author.
Sastry,
The thing Buffet has complained about is a person achieving capital gains, dying, and then being able to pass along those gains untaxed to his or her issue.
#138 Then the chinesse bought more of our debt
http://bloomberg.com/apps/news?pid=20601087&sid=aeSoFM3yJD_o&refer=home
[135] sastry,
“Context: W cut taxes from 39 to 36, citing “plenty of money to go around”. Now that there is nothing to go around, wouldn’t it make sense to undo those? I think even the compromise O made with respect to cutting taxes for 95% is more of a political move…”
I am not focused so much on the distinction between 36 and 39, but on the distinction between 39 and zero.
“Buffet complains about how the current tax system is not fair! :)”
If Buffett wanted to, he could live off muni bond interest and pay an effective tax rate probably under 5%. But I am a wage earner and have no such option. I believe that this was the underpinning of his statement, and his famous offer to pay $1MM to any CEO whose effective tax rate was more than his secretary’s.
and of course buffett wants those cap gains to be realized… this way his insurance interests make juicy profits from writing life insurance policies for estate planners who try to off set those taxes… it’s really just a case of him talking his book
moreover, i wished you’d find a better example to use than buffet.. comparing a person who makes $250k to the richest guy in the country is silly
[143] keith
“comparing a person who makes $250k to the richest guy in the country is silly”
And yet that is precisely what O’bama, the Democratic Party, and the Internal Revenue Code has done.
yome [141],
YOY, their 1st quarter purchases are down significantly. In addition to this, they have/and will continue to get out of 10 years and into t-bills. What’s their message?
MBS? They have been huge sellers.
“have done” rather.
And on that note, I have to head for the trains.
Peace out.
Jim and Sastry: try not to kill each other.
not only does the tax code equate $250k to a billion, it also equates $250k in Manhattan, NY to $250k to Manhattan, KS
“But I will say (and I think I speak for Shore when I do) that it is galling to me to have some lib punk tell me that I dont pay my fair share of taxes when I probably pay more in taxes than they make, spent many years and a lot of money to train to be an attorney, yet dont impose any more of a drag on the system.”
Indeed you do and you may.
The thing about taxes is that there is nothing scientific about them; they are not a matter of math. One may need to use math to calculate them; however, taxes are political/policy decisions designed to fund government operations and promote or discourage certain behaviors. Thus, any discussion of taxes that fails to address the policy issues is pointless.
When I was a Reagan apointee, I actually thought David Stockman was dead wrong about starving the government in order to promote necessary reform. I was wrong and he was correct. We can see even with GM and Chrysler that change does not come while flush with revenue. Heck, even close to corporate death it is well neigh impossible to force necessary change. For an organization that can compell payment to it under pain of imprisonment and seizure of one’s property — government that is — the disincentive to change, reform, pare down, is even greater.
Much as I wish it were not so, we are not in the economic position we were 40 or 50 years ago. Pleanty of putzs from my party and the other have squandered our national wealth and made us debtors. History’s judgement will be harsh on all of them.
Now, the current group iin charge is further endangering everything people like you and I have scrimped and saved to achieve. Just a short burst of hyperinflation levels the field so that the imprudent and non-savers get bailed out and those of us who did everything properly see a lifetime of proper behavior flushed away.
To then have some liberal Obamunist assert that Mrs. SHORE AND I do not “pay our fair share” while they reap outsized benefits from what we do pay is just too fricken much.
Jim and Sastry:
Two men enter, one man leaves.
Ad hominem just makes things funnier here.
Clot,
If one were to tie their left wrists together and give each of them a knife, I suspect Jim would be the one walking out of the room.
“, it also equates $250k in Manhattan, NY to $250k to Manhattan, KS”
If our Manhattan is “the Big Apple,” does that make the other one “the Little Apple”?
Field hockey and Blackberry, perfect together.
yome says:
April 15, 2009 at 6:41 pm
#138 Then the chinesse bought more of our debt
________________________________________
I saw that too. I just cannot believe that the Chinese do not know that there is no way in hell that we are paying off the debt. They cannot be that dumb, who knows why they are doing it.
On a side note, it is good to see John back here. He is the perfect combination of somewhat smart financial skills, delusional thoughts of the end of the recession and ongoing onion lover.
had to come back after reading this.
SAS was absolutely right:
“WASHINGTON (CNN) — Secret Service officers were scurrying to close the North Lawn of the White House Wednesday afternoon because of a suspicious package and it appeared that trouble was brewing.
But it turned out that nothing more was brewing than an innocent little box of, yes, tea bags.
The security alert started around 2 p.m. ET, when an unidentified person tossed the box over the gate of the White House and it landed on President Obama’s lawn with a thud.
Journalists were quickly banned from moving outside of the press briefing room, and hundreds of protesters gathered for a “Tax Day Tea Party” were quickly shooed out of Lafayette Park as a security robot inspected the package closely.
After about a half hour of high alert, a Secret Service official told CNN the “suspicious package” was merely some tea bags. So the threat was over, and so was the anti-Obama protest.”
” So the threat was over, and so was the anti-Obama protes”
With all the security in the area pf the Northwest Gate (where it sounds like this happened), they did not arrest anyone? One would need to work very hard at not trying to find the person who threw something over the fence in that area of the WH grounds. Yeesh.
SAS,
Rightly, the USSS has closed-off the street to vehicles. One wonders if the next thing is to put up another fence midway across Penna Ave or to close the street to all foot traffic. Yet another expanding bubble, perhaps.
[155] shore
My god, you are right. No arrest? I used to work in two of the buildings right there, and there are ALWAYS a small army of uniformed and plainclothes Secret Service (I knew quite a few of the uniformed guys) there.
And when there is a protest, there are literally dozens of them nearby and at checkpoints at either end of Penna. Avenue, and the two sidestreets next to Lafayette Park.
For them to know precisely when it happened meant that they saw it happen, but no arrests????? And I noticed that the liberal bloggers, right on cue, started bashing the republicans with comments unrelated to the actual event.
I have to hand it to him, sas was right.
Wag the Dog.
Nom #142
“I am not focused so much on the distinction between 36 and 39, but on the distinction between 39 and zero.”
That discussion is well beyond my capacity. One point of reference is that pre 1913 US had zero income tax,
and the “golden age” had 81 to 94% income tax — great depression era had 25% but raised to 63% towards the end.
I spoke today to someone, a pseudo-govt employee, single, under 50k, complaining that he pays 3k or so in taxes. I asked him what would have been a reasonable amount and said “zero”!
…he said “zero”!
#130 A 20 megaton airburst gives you the most bang for the buck.
Clotpoll says:
April 15, 2009 at 3:44 pm
BC (77)-
The one where the sacrament was mescaline.
i was going to guess crack.
Nom,
My favorite tee shirt said the following:
Just because you are not paranoid does not mean they are not out to get you.
If someone who posed a potential threat (unknown person) threw something over the fence and were not arrested, it would likely be grounds for someone in USSS to be fired.
“I have to hand it to him, sas was right.”
thanks. hey what can I say? even a broken clock is right twice a day.
SAS
“Celente Calls for “Revolution” as the Only Solution”
http://tinyurl.com/dfhbzr
#160
“A 20 megaton airburst gives you the most bang for the buck.”
Such an incident will result in all of North East US experiencing lethal dose of radiation, including some parts of Sarah Palin’s version of “Real America”. Of course, bye bye, sweet Princeton!
S
John says:
April 15, 2009 at 4:18 pm
jcer they beat to death the 200-one million crowd at Chase and Citi etc. All that is left are rock stars and rainmakers who carry their weight. Also if stocks and bonds are rocking and rolling it is way easier to handle a lay-off, all your unrestricted stock vests when you get thrown out, if that stock is trading at over $100 a share.
I was like a fat guy in an all you can eat buffet mid March buying till it hurt, double down time. Does who put their clothes pin on their nose and bought are now drinking fine wine while the rest whine. There was a lot of cash on the side lines and plenty of folks threw their mad money into the fire in late March.
Cash was King until March 9 when Cash became trash and Gold became Old. I am audi 5000 right now as I have a board meeting with a lot of bsd’s
I imagine John like Ben Affleck in Boiler Room.
John, do you work at a chop shop?
“single, under 50k, complaining that he pays 3k or so in taxes”
If he earns as little as $30m, that is a tax of 10%; sign me up for that, Nom too, while you are at it. Heck, my middle-school-aged kids pay that amount in taxes and did not even get stimulus checks, since we claim them. Nevermind the fact that they pay more taxes than many who did get handouts paid for by the upper 5%, who also did not get a check.
Clotpoll says:
April 15, 2009 at 5:47 pm
Zack (109)-
Right you are. I’m not losing ten seconds of productive time to throw teabags with a bunch of stupid, cranky old people.
Wake me when it’s time to get my gat and go to the mattresses.
As Apollo Creed said in Rocky IV … Ding, Ding
Gov. Rick Perry: Texas Could Secede, Leave Union [sensational headline]
Perry suggested Texans might at some point get so fed up they would want to secede from the union, though he said he sees no reason why Texas should do that.
Wow! Rahm will teabag this fool!
Clot, do you watch the Unit? Its on CBS on Sundays … pretty good gun-play stuff. Tough to believe Felicity’s boyfriend as a special ops stud, though.
yeah, i watched Felicity. in its day, the CW network rocked.
“STATE PENSION REFORM # 1 ISSUE FACING NY: NEW YORKERS FOR GROWTH”
http://www.r8ny.com/node/135309
“Retiree pensions are at risk
Fed insurer fears auto failures”
http://www.detnews.com/article/20090415/AUTO01/904150364/Retiree+pensions+are+at+risk
Nom 130, stater 160
20 MT is over kill, 20 KT would be just fine
http://meyerweb.com/eric/tools/gmap/hydesim.html?ll=-74.769308,40.220744&yd=20
20 MT (you will need to zoom out)
http://meyerweb.com/eric/tools/gmap/hydesim.html?ll=-74.769308,40.220744&yd=20000&z=8
50 MT was the largest nuke ever detonated, and that was the tsar bomb by russia.
Ket – I stand corrected. Actually, I think the place will just collapse of its own weight.
Nom (137) –
““The sad part is that I would have joined the Tea Parties if they were really protesting against what is wrong – socializing the losses of the private sector.”
Actually, this was a central theme of the tea party crowds, from what I observed.”
Maybe you were at some parallel universe Tea Party, because most of the reports and photographs I have seen are anti-tax, anti-govt and anti-Obama.
As far as I could observe, there wasn’t a single protest against the looting of the country by Wall St.
BTW, most of the bailouts happened during the Bush Regime. This does not excuse Obama for what he is doing, but you tend to conveniently blame “lib punks” for everything under the sun. Surprising, because 22 of the last 30 years, we were under Republican rule.
As far as I am concerned, democracy is an illusion in this country. Financial Oligarchy rules.
New thread!
Up!
Sastry
Such an incident will result in all of North East US experiencing lethal dose of radiation, including some parts of Sarah Palin’s version of “Real America”. Of course, bye bye, sweet Princeton!
wrong!
Substantial radiation effects would be felt, but nothing close to the entire northeast receiving a lethal dose!!!!
i’ll be nice and point you to a real source if you care to educate yourself
http://www.princeton.edu/~globsec/publications/effects/effects.shtml
also, fallout would be carried by/follow prevailing jet stream patterns which in the northeast would leave much on NY state, VT, NH and MN receiving low to moderate fall out. CT, RI, and MA would be likely to receive substantial fallout.
that is far from dropping a lethal does on the entire northeast. You are also forgetting that a lethal does of radiation is a statistical spread and is different for everyone
current prevailing jet stream pattern
http://virga.sfsu.edu/gif/jetstream_init_00.gif
From the previous thread:
Man, we hired and Indian company a while ago to develop a report for us. SAP R/3 + ABAP if you know what I’m talking about. After 6 months they gave up and we never paid them. It took 48 hrs for the code they made to finish. I personally had to redo it from scratch (and learning from scratch how to do ABAP, yes I had a good background in assembler, C++ and Pascal). Result – 1200 lines of code opposite to 12000 they did. Run time 20 seconds.
sastry says:
April 14, 2009 at 11:04 pm
#149…
“Just from my experience.
I’ve rarely met\spoken with a really knowledgeable Indian. Most of you guys say “will do” (with the head shaken side to side) but never do. So whatever you said about your education is NOT TRUE”
W.T.F. is that supposed to mean?
You know what, you’ve helped me… I’ve never been good at knowing when to stop, but this is a wonderful opportunity to do so. Thanks.