From the NY Times:
Dissecting the ‘Heart of Orange’
A GLOBAL economic crisis provides the perfect opportunity to rethink the design of an old city — be it Paris or Orange — said a French urbanist who has been engaged in doing that recently, both there and here.
“Cities have this time to consider intelligently what they are going to be in the future,” said the urbanist, Michel Cantal-Dupart, through an interpreter, as he conducted a walking tour on a rainy day in early April along the streets of Orange’s mostly dreary downtown section. “Then, when things improve,” he said, “the cities will know what to do.”
Mr. Cantal-Dupart recently served on a team of architects and planners commissioned by the French government to re-envision the master plan for Paris, which at the age of 2,000 faces special challenges in becoming a “sustainable” city of the future. The team’s proposals were unveiled in March.
This month, he was asked to help to do something similar for 200-year-old Orange, at the behest of a nonprofit development corporation called Hands Inc. Harnessing federal, state and private grant money to rebuild troubled neighborhoods in Essex County, the group has been based here since the early 1980s.
Until now, it has relied mostly on a strategy of “finding the worst houses on the block, and turning them around one by one,” said Patrick Morrissy, the group’s executive director.
In fact, several days before the activity in Orange, Hands expanded on its primary strategy with the announcement of a nonprofit alliance to buy 47 abandoned and neglected houses in Essex County — all foreclosure properties owned by the former Washington Mutual Bank.
The houses are in Orange, West Orange, Newark and Irvington, all communities hit especially hard by foreclosures.
“We have to keep up this critical work,” Mr. Morrissy said, “because the current crisis is threatening the impact of all we have done in the last 25 years.”
frist
From MarketWatch:
March leading indicators fall; recession seen through summer
The recession may continue though the summer, though its intensity could ease, the Conference Board said Monday. The index of leading economic indicators fell 0.3% in March, following an upwardly revised dip of 0.2% in February. Building permits were the largest negative contributor in March, while the real money supply was the largest positive contributor. “There have been some intermittent signs of improvement in the economy in April, but the leading economic index and most of its components are still pointing down,” said Ken Goldstein, economist at the Conference Board. Overall, six of the 10 indicators were negative contributors, three were positive, and one was steady.
Overheard on the RVL this morning:
Older guy talking about his son and son’s wife, who were both teachers in Hoboken. Son teaches 5th grade.
Apparently, Son went to Stanford and Cornell Law, and practiced law before deciding he hated it. So son went to professional program to certify professionals as teachers.
Now he teaches 5th grade in Hoboken, has the obvious accoutrements and comforts of a NJ school teacher and (this is the good part), because he has a “doctorate,” he qualifies for supersized salary, and makes over $100K a year. He and wifey just bought a house in Brigadoon.
Damn, for what will work out as a financial wash (less salary, but less taxes and better benefits, plus the opp to practice some law on the side), maybe I should look into this so I can get in on the next big growth industry: Government!!!
Good Morning! Does anyone here know what happened at the Aristocrat Weehawken condo auction that was held yesterday?
I was curious to see if any of the units sold at auction and for how much.
top 10!
From the Record:
Corporate jet maker cuts 25 Teterboro jobs
Business jet manufacturer Dassault Falcon, citing order cancellations spurred by the bad economy, cut 25 positions Friday from its workforce of about 400 at its Teterboro Airport facility, a company spokesman said.
The cuts follow similar layoffs throughout the business jet industry, which has been reeling from a growing perception that corporate jets are a luxury that financially troubled companies cannot afford during a time of taxpayer-funded government bailouts and rising unemployment.
“It’s a combination of the economy and the devastating rhetoric that has been prevalent for the past four months,” said Andrew Ponzoni, a company spokesman.
From NJBIZ:
Economic Heartbeat: Recession has claimed 130,100 jobs in New Jersey so far
Another major increase in payroll job losses was reported by the New Jersey Department of Labor and Workforce Development for March 2009 — 17,200 total jobs were lost, the result of a decline of 17,400 private-sector jobs and an increase of 200 government jobs. The cumulative employment losses since the recession began in December 2007 are now starting to mount. In the 15 months between December 2007 and March 2009, New Jersey has lost 131,400 private-sector jobs and added 1,300 governments jobs, for a total employment decline of 130,100 jobs.
To put this in perspective, it’s useful to look at the past two employment downturns in the state. The most recent took place between December 2000 and March 2003, a 27-month period when 84,800 private-sector jobs were lost. The recession before that was far more severe. It started in March 1989 and lasted through May 1992 — 265,100 private-sector jobs were lost over 38 months. This was the worst economic setback in New Jersey since the Great Depression.
So, how does the current downturn benchmark against its predecessors? The current employment losses are already far higher than those of the 2000-2003 downturn: a decline of 131,400 private-sector jobs versus a decline of 84,800 private-sector jobs. However, they are still only about half of those of the 1989-1992 downturn
(-265,100 private-sector jobs). So, we still have a ways to go (-133,700 jobs) before we can challenge the 1989-1992 recession as the worst downturn since the Great Depression. This still remains a possibility.
Nom,
Or do one day a month as a school board attorney for 25 years then teach for 3 years and get same retirement as if you were teaching all those years.
Sounds good on paper, but with some BS corp attorney job he most likely would have got well over 100K in January of each year as his bonus. He is working 80% less hours as a teacher but getting 80% pay so all in all he is even. Big deal.
Traitor nom deplume says:
April 20, 2009 at 10:24 am
Overheard on the RVL this morning:
Older guy talking about his son and son’s wife, who were both teachers in Hoboken. Son teaches 5th grade.
Apparently, Son went to Stanford and Cornell Law, and practiced law before deciding he hated it. So son went to professional program to certify professionals as teachers.
Now he teaches 5th grade in Hoboken, has the obvious accoutrements and comforts of a NJ school teacher and (this is the good part), because he has a “doctorate,” he qualifies for supersized salary, and makes over $100K a year. He and wifey just bought a house in Brigadoon.
Damn, for what will work out as a financial wash (less salary, but less taxes and better benefits, plus the opp to practice some law on the side), maybe I should look into this so I can get in on the next big growth industry: Government!!!
plume (3)-
This is the kind of crap that’s just killing NJ.
This is the kind of crap that’s just killing NJ.
Clot,
NJ is already dead.
worthless off topic anecdote but i was in my nyc office last week and could not believe the lack of tourists, crowds on the sidewalk and traffic. granted, my office is in soho but i had never seen the absence of people in the neighborhood like that ever. (plus the weather was great).
make did you see this from the other day?
NYSE Runs Out of Gold Bars: What Happens Next?
http://seekingalpha.com/article/128150-nyse-runs-out-of-gold-bars-what-happens-next
clot & ket: On THIS PARTICULAR topic, I am not going to stand by and let casual assertions go unchallenged. I hold you guys to a higher standard. You risk exposing serious foolishness if you continue to use notional exposures, completely out of context, as some imprimatur of failure or lack of justice. It is blind ignorance and specious.
Kettle1 says:
April 20, 2009 at 9:40 am
Tosh, Shore While the source of the leaked stress test results is looking dubious, i can provide an offical government source for item # 6 from the “leaked list: Bank of America`s total credit exposure to derivatives was 179 percent of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s, 382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman Sachs began reporting as a commercial bank, revealing an alarming total credit exposure of 1,056 percent, or more than ten times its capital!
Kettle1 says:
April 20, 2009 at 10:09 am
Tosh, shore, whether or not the “leaked” Stress test results are real or bogus, the points made in the leaked results are more or less accurate.
I.E goldman really does have a 1,000% Total Credit Exposure to Risk Based Capital (%)
Clotpoll says:
April 20, 2009 at 10:40 am
vodka (295)- But hey…you know those GS guys are the smartest ones in the room, so we can be sure all those positions end up netting positive for them. Just like JPM’s 88 trill masterpiece of financial engineering. [sarcasm off]
Kettle1 says: April 20, 2009 at 11:04 am
Clot, dont worry, GS will end up with a positive net from that 100% gamble as long as the US government is still functional. just because the AIG slush fund may have dried up doesnt mean they dont have a few more in their back pocket. A more accurate description would be to chart the Total Credit Exposure to Risk Based Capital of the US taxpayer. Thats what we are really talking about anyway
It is starting to smell like a late day turnaround, no way this market is closing down 200 points.
Again with the whining.
Nom takes one anecdote with unconfirmed assertions (i.e. the supposed salary that this teacher earns)and lets the outrage fly. Yes, this is what’s wrong with our state!!!
Nom if this is such an easy way of getting over, what’s stopping you from doing the same thing.
Jeez, whining, sniping, jealousy where does it end?
Its the same rhetoric that gets spouted about the ease that welfare recipients somehow enjoy.
Or is it union members, the media, academia?
Are you folks ever satisfied?
Yes Nom teachers can make decent salaries, but usually after many years of employment (why don’t you provide the salary guidelines for Hoboken to prove your theory of them lavishing high salaries to public school teachers?). And yes teachers get more pay for advanced degrees (masters, Phd), exactly how is that different from the private sector?
And where is your beef for police and fire department salaries, I know (anecdote also) of police in my town making over six figures (with no degree, no BA no nothing) but I dont begrudge them. Jeez talk about class warfare.
And finally all this talk about leaving NJ, what the hell is taking you so long?
Teacher salaries?
make did you see this from the other day?
Yeah I did. I sold a bunch of my shiny and I’m sitting heavy on those Ultrashort ETF’s that Bi loves.
I see no reason why these ETF’s won’t double in weeks to come. Then I’ll buy more shiny.
Leaked stress test results?
I read over on Dealbreaker that they are not entertaining any leaked results unless the source is Geitner himself.
Probably a smart move to ignore these leaked reports.
I am going to make an assertion here but I hazard to guess hirono is a a teacher or is married to one. Yes cops, administrators, firemen, etc all make too much. If you where a regular lurker you would be well aware of the undercurrent of resentment for public employees and the unions that represent them. Not becasue we feel they are underpaid rather the absurdity of the benefits programs that our public employees recieve further pushing our state into insolvency. Knowing nom as a regular contributor to this site he would not make an broad generalization without fact. You can get the salary number for any individual teacher in the great state of NJ (don’t know the website off hand but someone can post it)as a matter of public record.
So while opposing viewpoints are welcomed please properly research your vitriolic attacks prior to posting them.
Nom, while I know you don not need the defense I am sick of the public employee cry baby act, and I had to say something.
chi (14)-
If JPM or any other banks have managed to net out their derivatives exposure (or even figured out what it is they actually own), I stand corrected.
Short of that, if banks can mark their assets to fantasy and pretend they’re solvent when they have no idea of what’s going on- or even worse, know what’s going on but don’t want to tell- then why can’t I engage in wild speculation?
There are times when wild speculation leads to a discovery of more than a grain of truth. The one thing I’ve learned from this mess is that just because an event is unimaginable, it doesn’t mean it can’t happen.
John (15)-
Something smells, alright.
There’s collective bargaining, then there’s collective extortion. Public employees in this state crossed the line a long time ago, and now the costs involved are killing us.
I don’t remember if I mentioned this a few days ago.
I was driving by the Anne Arundel County Association of Realtors, Inc and I saw a “Sale” sign out front.
I laughed for a few moments and then turned the car around and snapped a quick picture. It took me some time to find out how to put the picture on the web and make it available to you guys without disclosing too much personal information.
The handle “Nicholas” was already taken.
Enjoy!
http://www.flickr.com/photos/fugasi/3459900718/
ChiFi
perhaps clot and i are wrong, it is indeed speculation. However this same debate was had about AIG last spring and everyone swore that AIG was fine the problem only appeared serious on paper. only time will tell.
So Bank of America reported it made money then Ken Lewis opened his mouth and said credit is bad and getting worse.
Booya! down 30+ we go.
down 300+ I mean.
Nicholas (23)-
Have they moved? Are they in the process of moving? Are they trading “up” or “down”?
Local Realtor boards move and sell their buildings all the time. Memberships grow, memberships shrink; some boards need extra office/classroom space; some are in real trouble. I think knowing why they’re selling would reveal a lot in this instance.
sean (25)-
Perhaps it has finally dawned on Mr. Lewis that BAC should not expect timely payment on its CC lines when close to 20% of the US is unemployed.
Did I say 20%? Sorry. We all know that’s not the number that’s been sanitized for our protection…
Painhrtz says:
April 20, 2009 at 11:51 am
“I am going to make an assertion here but I hazard to guess hirono is a a teacher or is married to one.”
True, one has to be a teacher to support teachers, one has to benefit from O’s tax policies in order to support his tax policies, one has to be a terrorist to support banning of torture, just like one has to be a bald eagle to support protection of bald eagles!
The logic fails though in one case — one can be a draft dodger and a very close friend of Saudis (and a former friend of Saddam and UBL) and still support US troops.
S
Seneca 269 Prev Thread – I’ve been watching Millburn for a few months now. There’s lots of stuff under 1M that has been sitting for a good long time. Not everything is selling with multiple offers.
Millburn’s was reassessed (not revalued) townwide for the 2007 tax year. The town assessor at that point was the principal of ASI who did the town revaluation in Montclair. I would not consider the assessment a good equal across the board barometer of market value. The average ratio for the town was 90.54 – meaning that the assessments should be 90.54% of market value. There are plenty of homes that are currently overassessed (the assessments were set during market peak), but you will also find homes that were assessed way lower than they should have been back in 06. ASI’s valuation model is pretty flawed in my opinion. There are lots of p*mped up homes (Viking, granite, super renovated) on modest lots that assessed way under what they should have – ASI’s valuation model emphasizes land over improvement. While the renovated homes got relatively good deals, the less improved properties seem more likely to have been assessed over what they could realistically sell for.
Just my 2 cents.
Seneca says:
April 20, 2009 at 9:29 am
Open House Report
Location: Millburn
Visted two homes in the “under $1 million” category. Lots of activity (compared to the zero activity I am used to.) Not enough Realtors in the homes to handle the volume.
I would estimate about 50% of the attendees were neighbors based on the number of times I heard someone asked to sign in who gave the response “I’m just a neighbor”.
Overheard: “Anything under $1 million in Millburn is getting multiple offers. Its a very hot market right now.”
One home was asking 20% less than its assessed value. The other one was asking for 8% MORE than its assessed value.
In mod, and no links or bad words.
Multiple offers on the Millburn homes could mean 3 different offers between $600k and $700k on an asking price of $800k.
I just nod my head politely and count how many different types of flooring are used on the 1st floor. Millburn might be money but have they never head of flow?
There were a lot of lookers who would likely need to incorporate some feng shui into the homes to make them suitable.
3. Maybe. But the thing is that he made his decision to teach not to jump on to a bandwagon looking for shelter in the crap storm of no opportunity. But because he wanted to do something he thought he would enjoy. Good luck.
Gator,
What is the matter with you. Are you just someone who wants the cachet of living in Montclair but are unwilling to pay the taxes necessary to prove to the world that you have money to burn? ;)
Local Realtor boards move and sell their buildings all the time. Memberships grow, memberships shrink; some boards need extra office/classroom space; some are in real trouble. I think knowing why they’re selling would reveal a lot in this instance.
I don’t think that the AACRA is disolving, moving, or otherwise in trouble. They are still publishing newsletters (you can view these online) and they are still holding classes in late April at their building on Benfield Blvd.
I think that the person who owns the building is selling it and the tenants just happen to be Realtors.
I think that the photo is just situationally funny.
#29:
I support breweries!
Shore 34 – If you met Stu and I you would know that we are all about the cachet :)
With the Conde Nast connection, how could it be any other way. That and Stu’s stage career. You show-biz/modeling types want all the benefits of a blue-ribbon town but never really want to pay the freight. (tongue still planted firmly in cheek)
Locked in mod, I have a post about why the published salary guides for public employment cannot be trusted by anyone seeking to understand the true salaries paid by the municipality/district.
It is back around 30.
Found this from APP.COM …
Details
MIDDLESEX
EDISON TOWNSHIP
J.P. Stevens H.S.
**** ***** *
Doctorate
0 (years experience)
$51,537 (2007 salary)
Science/Physical
5 (classes)
Of course, there are plenty of 0 classes taught, 20+ years experience, making 125+ (more so in something like Livingston).
The point is that there is a large variability in teachers’ salaries (mostly correlated with experience — and an example of how just having a doctorate is not sufficient). I am sure there will be attorneys for some companies making 7 figures or even eight (may be even some AIG corporate attorneys)?
S
Isn’t “cachet’ one of those perfumes sold at Walgreens?
Sastry,
How a private law firm partnership distributes profits amongst its partners, and employees is of no concern to anyone outside the partnership. If the clients do not like the hourly billing rates, they are free to hire another firm or in-house counsel.
On the other hand, every payment from the piblic fisc is, or should be, of concern to everyone who is taxed to pay for such payments, inasmuch as failure to pay taxes can result in jail time or confiscation of property. This is fundimental difference between public and private entities.
How a private law firm partnership distributes profits amongst its partners, and employees is of no concern to anyone outside the partnership. If the clients do not like the hourly billing rates, they are free to hire another firm or in-house counsel.
On the other hand, every payment from the piblic fisc is, or should be, of concern to everyone who is taxed to pay for such payments, inasmuch as failure to pay taxes can result in prison time or confisc@tion of property. This is fundimental difference between public and private entities.
The reason I doubt that report on the stress test being real is that it is too true and god knows the gubmint would not speak the truth when it comes to those banks’ solvency.
Trouble with great schools and high taxes is you get a lot of “border jumpers”. I see a lot of towns with so so schools and cheap taxes that are near blue ribbon school towns with high taxes have that problem. Pretty much most elementary schools are pretty good. The problem happens in junior high or high school. The border jumpers stay in cheap town till oldest hits HS and then moves to blue ribbon town and runs 3-4 kids through the system in next ten years then jumps back across the border or retires down south. This is a nightmare for town. Theory is couple buys house gets married pays taxes for 5-10 years with no kids in school district, then after last kid leaves school district pays taxes for next 20-30 years. With boarder jumpers the house always has kids in school district, some districts it is 20K a kid, a couple with 3 kids border jumps and costs town 60K a year and pays 15K in property taxes where only 8 goes to school you have a 52K a year hole from that one house. Funniest I see teachers also do that!!! They don’t want to pay high taxes even if the high taxes are a result of their high incomes.
With respect to public salary guides:
Not taking a position here on the salaries themselves but, two very real problems in ascertaining the real cost of salaries based on published salary guides is 1) lack of published scatergram data that shows the numbers of people at each step on each column of the published guides and 2) Superm@x salaries. What is superm@x? They are salaries above the top salary on the guides. At various times there have been districts where the majority of teachers were paid above the guide. This provided both the Board and the Union the opportunity to tell the public, the new maximum salary is thus and so and to say so with a straight face all the while knowing it was f@nt-@sy. Whether the maximum salaries should be this or that is a matter I will leave to others to determine; however, the parties should be obliged to publish scattergrams and to disclose above-the-guide salaries.
With respect to public salary guides:
Not taking a position here on the salaries themselves but, two very real problems in ascertaining the real cost of salaries based on published salary guides is 1) lack of published scatergram data that shows the numbers of people at each step on each column of the published guides and 2) Superm@x salaries. What is superm@x? They are salaries above the top salary on the guides. At various times there have been districts where the majority of teachers were paid above the guide. This provided both the employer and the employees the opportunity to tell the public, the new maximum salary is thus and so and to say so with a straight face all the while knowing it was f@nt-@sy. Whether the maximum salaries should be this or that is a matter I will leave to others to determine; however, the parties should be obliged to publish scattergrams and to disclose above-the-guide salaries.
Perhaps it has finally dawned on Mr. Lewis that BAC should not expect timely payment on its CC lines when close to 20% of the US is unemployed.
You just hit the nail on the head.
gary: I just pulled this Super Fresh listing for you. I am working hard for you every day to find that perfect home just for you.
It is listed as a ranch, but with those renovations to the outside, a ranch does not do it justice, I am thinking more of a splancg (or a splot).
But please remember we are talking about a Bergen Co., blue ribbon train town.
Priced to sell at $589,000. Hurry, hurry!!!
http://www.njmls.com/cf/details.cfm?mls_number=2916183&id=999999
#45 Strawman
So when you finally trade your Cape for the 1M mansion, School district will not be a consideration. Why not buy the 1M house in your current town?
Clotpoll says:
April 20, 2009 at 11:52 am
chi (14)- If JPM or any other banks have managed to net out their derivatives exposure (or even figured out what it is they actually own), I stand corrected. Short of that, if banks can mark their assets to fantasy and pretend they’re solvent when they have no idea of what’s going on- or even worse, know what’s going on but don’t want to tell- then why can’t I engage in wild speculation? There are times when wild speculation leads to a discovery of more than a grain of truth. The one thing I’ve learned from this mess is that just because an event is unimaginable, it doesn’t mean it can’t happen.
Kettle1 says:
April 20, 2009 at 12:04 pm
ChiFi perhaps clot and i are wrong, it is indeed speculation. However this same debate was had about AIG last spring and everyone swore that AIG was fine the problem only appeared serious on paper. only time will tell.
clot & ket: so if some scumbag hedgie planted this story after loading up on a huge short Friday, THAT is OK under the guise of plausibility…..
Remember Vote YES tomorrow on your local school budget.
Don’t think, don’t ask questions, and for God sakes do not be negative.
During a recession is NOT the time to vote no on your local school budget!! In fact no time is the time to vote no on your local school budget!! It is for the children after all!
Vote YES!!!
It’s NOT about location location location or confidence about cheap credit or availability of credit-that ship has sailed.
It’s about jobs jobs jobs.
That’s why I’m loaded with Shiny and Short ETF’s.
I woke up this morning and got myself a gun.
clot & ket: so if some scumbag hedgie planted this story after loading up on a huge short Friday, THAT is OK under the guise of plausibility…..
ChiFi,
Who’s fault is it?
It’s the flippers, and the speculators and the day traders. that’s whats wrong with our economy. That’s why we went from 14K to 7K on the dow.
clot & ket: so if some scumbag hedgie planted this story after loading up on a huge short Friday, THAT is OK under the guise of plausibility…..
By the way…
Did you go long into this weekend and received a call from bi’s friend Margin.
“clot & ket: so if some scumbag hedgie planted this story after loading up on a huge short Friday, THAT is OK under the guise of plausibility…..”
Yeah, the major banks all fudge their numbers and this hedgie is the scumbag
“clot & ket: so if some scumbag hedgie planted this story after loading up on a huge short Friday, THAT is OK under the guise of plausibility…..”
Chi,
That sounds like Dick Fuld. He was going to rip the hearts out of those who were short LEH. Bad timing, a few months later mark to fantasy would have saved his hide.
56#, make 2 handles?
did you break even or still underwater on your 2 handle S*S?
54#, 1 month later, you could point to one of your own feet
>I woke up this morning and got myself a gun.
AIG gets another 30 Billion.
http://www.reuters.com/article/businessNews/idUSTRE53J4N620090420?feedType=RSS&feedName=businessNews
FYI, they still have 44,000 outstanding trades in their book.
“54#, 1 month later, you could point to one of your own feet”
If we are lucky, he will miss and hit you in the head.
Correction make that 28,000 trades.
http://www.bloomberg.com/apps/news?pid=20601103&sid=a3MdEQfAI61k
They still remains vulnerable to losses on swaps that insure the value of mortgages and corporate loans held by European banks. The value of that portfolio is now about 200 Billion.
Chifi
the level of leverage at these banks is not speculation in regards to the numbers i posted. these numbers are issued in public documentation. Now whether the impact of said leverage changes when one considers that the number s are notional is a different questions. In the current market, there is a very real possibility that the notional numbers are representative. the problem is of the banks own making. They want to hide all of their worthless debt and fudge their books and we should all shed a tear for them when no one is willing to trust that they are solvent when they fight every call for open and honest accounting?
if these banks are not strong enough to withstand this market with open books, then why should anyone believe they can weather the market with closed books. Closed books and mark to fantasy accounting have never solved a financial crisis, they only deepens it.
We will not agree on this matter as we come from 2 polar points of view. You assume that the system is fundamentally sound and that it is our only option. I feel that it is fundamentally unsound and that our worst option is to attempt to sustain the status quo.
make, he, bost: don’t twist my words; this isn’t about the banks being a pile of crap; this is about a rumor that is specific and manipulative, that is further being given credence by web sources until it suddenly “wasn’t”……I find the willingness to accept such information as plausible, regardless of the source, as more confirmation bias than lucid thinking….
Kettle1 says:
April 20, 2009 at 1:39 pm
Chifi We will not agree on this matter as we come from 2 polar points of view. You assume that the system is fundamentally sound and that it is our only option.
ket: Where did I say this? I am first and foremost an opportunist….I am always about parsing data to uncover more information; collecting new data to revise my opinion; desperately trying to ignore what my gut is saying and instead following the facts…..
Shore 38 – Well when I think Stu, I definitely think Diva.
[16] hirono,
Just an observation. I don’t think I made a value judgment unless you read my musing about getting on the gravy train as a judgment. And, yes, I do plan to look into how to make that happen. I suspect I will have to start greasing palms though.
[46] John,
You would be interested to know that Westfield teachers managed to get in their contract the right to send their kids to Westfield schools, regardless of where they live. And yes, I plan to sell and get out of NJ (taxwise anyway) as soon as I have cleared high school, if the H.S. is still viable at that point.
[305, previous thread] shore
Yes, that is part of the plan. Also, given my late start, we may just retire prior to the Little Nom or her soon-to-arrive sister actually starting college. That way, the income level is low, and legally so.
This will need a chunk of change…
Who wants to make Orange-aid?
Let’s get Kettle (sorry, Purple Beaver) and Sastry to weigh in: What is the minimum kilotonnage necessary to “improve” Orange?
Will fallout over Prestigious Bergen County negate the effect? In that case, should we just resort to BLUs, and how many?
ChiFi 66
that is my impression. if i am wrong, then i stand corrected
#71 – What is the minimum kilotonnage necessary to “improve” Orange?
I believe you could do it with a 1Kt ERW.
ChiFI,
the preponderance of information available suggests that some if not most of the major banks are in very deep trouble. Given that the majority of use do not have access to the accounting information which the banks are keeping secret, it makes more sense to believe that the banks are indeed in deep trouble and that its very possible one or several of them are insolvent.
perhaps they are as strong as they say they are, that is however, highly unlikely given that it would be a great business opportunity for the sound ones to step forward and drive the rest out of business
Damm Rumormongers…..
A U.S. Treasury spokesman said there’s no basis to a blog posting that buffeted financial stocks by saying that most of the nation’s largest banks are insolvent.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZCb6UIETseA&refer=home
chi (52)-
No, that would be illegal.
Just as banks’ pronouncements of “all clear” at various times during the past three weeks should be.
75#, i suspect this turner could be “north bergan lurker” who showed up here last weekend.
“Andrew Williams, a Treasury spokesman, dismissed the report from Hal Turner of North Bergen, New Jersey, “particularly given we don’t have stress test results yet.” Turner has advocated violence against blacks, Jews and immigrants on his Web site and Internet radio show, according to the Anti- Defamation League, created in 1913 to monitor anti-Semitism. “
Sean [75],
A blog? The market, fed and treasury actions have already determined this.
market taking quite a hit today, Bi.
i thought we were out of the woods?
ball game over?
recession over?
you mean we HAVEN’T hit the bottom?
chi (65)-
The willingness to accept that information as plausible comes from the fact that whether or not the “leak” was a hoax, the specifics all sounded accurate and believable. We’ve been talking about this stuff here for years now, and we’ve called BKs and assorted other nasty events based on assumptions that many called c0ckamamie…that ended up being dead spot on.
An interesting post over at The Irish Economy about the increase in traffic out of Ireland.
JOHN IS A PASTOR AT ST.JOHNS CATHOLIC CHURCH
No wonder he was out for lent and blogs heavily during weekdays and is gone on weekends.
A Pastor with a passion for trading Bonds and
blogging!
79#, up to 5/17, S&P has been up 30% since march 9th. financials up near 100%. you need take some breath before next 30% run.
game over? yes for ultrashorts.
It would be unhealthy not to pull back after six weeks of gains, if we kept going up any longer we would of had a big correction.
Remember, stock prices are not the biggest issue right now. systemic risk and total market meltdown and re-freezing of credit markets and avoiding major bankruptcies are the measures of success. Dow 8k is gravy.
83#, 5/17->4/17 (last friday)
zack (82)-
Whoa. Sure you don’t mean:
A pastor with a passion for bond@ge and flogging?
“A Pastor with a passion for trading Bonds and blogging!”
well, market remains totally dead in southern CT. sales are running about 1-3 per week in the towns I monitor, compared with 8-10 new listings each week. The hole is getting deeper and deeper. The few sales that are happening are simply crushing the comps: 30%+ below asking. Now that the big banks are ramping up the foreclosure machine it will be interesting to see how prices will drop.
Nom,
The 1 KT nuke could have a negative impact on bergen RE. I would suggest a dozen or so BLU-96 in an appropriate dispersal pattern dropped simultaneously would generate a large enough overpressure to level the majority of orange.
1kt reults
http://meyerweb.com/eric/tools/gmap/hydesim.html?ll=-74.229219,40.772846&yd=1&z=4
Actually was at a bapitism this sunday, but only in the pews.
Speaking of Leverage it is a very powerful drug. CIT, CITI and AIG for some god foresaken reason are listed as investment grade bonds which only require 5% down and my bd and large margin can be had for 6%. I see CIT and AIG bonds tading at 30% interest and Citi at 13%. Lets say I take baby steps, buy a 10 worth of CIT at 30% interest and pay 6% margin. Wow I just made $%2,400 using other people’s money, next thing you do 20K, 50K 100K before you know you are at one million, which is $300k interst income with only a $60k margin loan and you are making $240K a year by just clicking buttons, next thing you are spending every cent and move to two million or 600k with 120K in interest or 480K a year, then of course poof CIT, AIG or Citi go under you get margined called, declare bankuptcy and watch all your toys go away. Leverage is a dangerous drug.
Zack says:
April 20, 2009 at 2:33 pm
JOHN IS A PASTOR AT ST.JOHNS CATHOLIC CHURCH
No wonder he was out for lent and blogs heavily during weekdays and is gone on weekends.
A Pastor with a passion for trading Bonds and
blogging!
There once was a trader named John,
With a yen for telling a yarn.
Though his gift of gab’s mastered,
T’won’t make him a pastor
Because bonds and blogging
Aren’t b@ndage and flogging
And he can’t explain onions
Despite courage and cunning
Crush valor and Lent notwithstanding.
“It would be unhealthy not to pull back after six weeks of gains, if we kept going up any longer we would of had a big correction.”
J,
It would be unhealthy for the market not to retrace after a 50% decline, peak/trough. If the market simply kept getting hammererd, it would have created an enormous oversold condition. This would have been the impetus for a larger correction on the upside.
John (89)-
As Don King used to say, only in America.
Margin. The original crack.
BC (91)-
Let’s see what this parasite with the IQ of a tick makes of that piece of news.
I would suggest a dozen or so BLU-96 in an appropriate dispersal pattern
Oooh, that would certainly be more bang-bang-flash than my neutron bomb.
I love a blommin onion
It is hot and sticky
I love NJReport
even though Clotpoll is icky
He thinks we are headed towards a depression
Even though it is just a mild recession.
Clotpoll when the dow is down does not have a frown
Clot poll is happy as a clam even if he is getting rammed.
#84 john: It appears you are changing your tune. Again.
Some “not so surprising” news from Crain’s New York; Diamond district having serious probs.
“Diamond district having serious probs.”
I blame the Jews.
Stu, the Diva Jew.
#95 John:Even though it is just a mild recession.
This is your idea of a mild recession. It appears you are changing your tune, again. And yet again.
Ket, Nom: Under the previous administration, the talk of devising scenarios to damage US could have netted me an all expenses paid trip to Cuba. Anyway, the cost of the fallout will be much more than just buying out the land outright and bulldozing the place (may be build a super-sized version of Xanadu there).
Unless the intent is to take care of the occupants… does the black-baiting follow jew-baiting or does it lead it?
#97 toshiro: Why?? John says it is a mild recession.
#98 – I blame the Jews.
I actually LOL’d at that.
sadstry,
i doubt that nom was suggesting targeting any specific group. I used to live on the border of west orange and orange and agree that a nice bombing run might improve the area, regardless of the specific residents.
“Why?? John says it is a mild recession.”
http://tinyurl.com/mild-recession
“CRUDE FINISHES DOWN 8.8% AT $45.88, POSTING ITS BIGGEST LOSS IN SEVEN WEEKS”
What up with that?
Well it is not a mild recession for me, just a historic buying opportunity. Losing is for losers. Just cause some mama boys finally were cut is only a good thing, I rather eat a Peter Luger steak with the fat trimmed than a fatty Outback steak, JP Morgan, Citi, Morgan Stanley GS are just cutting the fat and trimming the dead wood, once that severance cost is gone it sets them up for a lean and mean 2010. So what if a paper pusher is collateral damage there is always a need for a mopboy at the local peepworld.
Times are so tough I heard my favorite Japanese/Jewish restaruant is in financial trouble.
“…local peepworld.”
And welcome back John.
#106 John: They cut the fat. They also cut the meat and the bone, and they are still cutting.
Another 4000 Street jobs lost in March.Listen and learn my child.
“JP Morgan, Citi, Morgan Stanley GS are just cutting the fat”
J,
Cut the fat? More like getting blindsided by M1 Abrams and B1 Bombers.
JP Morgan… just cutting the fat
Apparently they’re cutting all the overtime too. I suppose it pairs nicely with the 401k contributions they cut a few months ago.
That just says lean and mean, right?
Nom 68 – Glen Ridge teacher have this same perk. I know a number of them that have sold their small homes in Glen Ridge recently and moved to bigger, less expensive digs in Bloomfield and now send 2 kids to the GR schools for free.
The recession is mild as long as you stay employed. Otherwise…..
112. Man you complain more than anyone I know about just about anything. No wonder Stu is like he is.
There are some non-taxpayer juiced earnings to be reported after the close today. IBM, which so far has bucked the outsourcing downturn, Boston Scientific, Stryker and Texas Instruments. I look forward to hearing the results. Let’s see if they can meet their already significantly lowered projections for the past quarter.
Re 111, god bless him. Actually Chase still gives a 401K match to people who make under 60k, the match used to be bi-weekly not it is once a year so if people quit or are fired mid-year chase did not pay deadwood matches for nothing.
Actually, most companies take a look annual at any non-exemp employee who makes over 100K combined with base and OT to be bumped to exempt. Pretty much you can’t be sued at that point. Also some people uses the formula. 24x7x minwage. By law you have to pay min wage, there are 168 hours in a week, anyone who makes more than 168 x min wage is pretty safe to bump to exempt. There are lots of clock milkers out there. Plus non-exempts don’t chip in for PAC and has a lot of other perks. I own chase stock and I applaud all these moves. Chase is the only bank that I am a common shareholder of.
I still loved it when he was asked about the tuition reimbursement by some kid in a townhall and said “you people everytime you show up for work are stealing from the company” but then calmed down and said for now he is keeping it. I love that.
He canceled the gym, free coffee, limos, raises, 401k matches for rich folk etc. I am an owner and god bless him. Those folks were stealing from me.
Essex,
How small is your man tool?
John (95)-
If you told me Chucky Manson wrote that in his cell yesterday, I’d believe it.
BTW, at least I’m consistent.
And I think I’m much closer to getting my Depression than you are your mild recession. We’re way past mild at this point.
http://blogs.cqpolitics.com/politicsunseriously/2009/04/treasury-dept-recalls-all-amer.html
After clopoll reads this he is really going to be spank the monkey happy
John (116)-
Looks like onions aren’t the only thing getting crammed chez John:
“Chase is the only bank that I am a common shareholder of.”
Is this our Reinvestor?
Taken from DealBreaker, but very funny none the least, from the SEC website.
Public comments:
Amendments to Regulation SHO (short selling)
Public comment from
Dover, Benjamin N., III
http://www.sec.gov/comments/s7-08-09/s70809.shtml
April 20, 2009
VIA EMAIL
Re: File No. S7-08-09
Chairman Schapiro:
On behalf of the great silent majority of American investors, I must point out that none of your proposals to reinstate the “uptick rule” goes far enough toward ensuring a perpetual rise in stock prices. Rather than tinkering with ad hoc half-measures, the SEC should be proposing the only practical, efficient and final solution to market volatility: a ban on stock selling altogether. A review of six time-honored truths makes this solution self-evident:
Truth #1: Stock Market Crashes Are Caused By Stock Sales.
It should be painfully obvious by now that the market’s decline since November 2007 was caused by stock selling. Not even pernicious speculators like George Soros would dispute this basic truth. Similarly, the market’s steep fall after several large bank failures and the deepening of the economic crisis in September 2008 also was the result of stock selling. We can safely conclude, therefore, that had stock sales been banned in 2007 the stock market crash of 2008-2009 never would have happened. Logically, it follows that banning stock sales would also prevent future market crashes.
Truth # 2: True Investors Buy And Hold. Forever.
Equities markets were never intended to be casinos where gamblers make wagers on or against a particular outcome. They are the mechanism for long-term investors to provide the capital that investment banks and brokerage firms need to grow profits. The only justifiable investment strategy from a policy standpoint, and the only strategy that any right-minded investor — as opposed to speculator — would employ, is the tried and true “buy and hold” strategy. Speculators trade; investors buy stocks and maintain them in their portfolios in perpetuity. As the Oracle of Omaha, Jimmy Buffett, has famously declared, an investor’s time horizon should be “forever.” Thus, there is no legitimate reason for an investor ever to sell a stock.
Truth # 3: “Buy And Hold” Guarantees An Ever-Rising Market.
A large and growing part of individual Americans’ wealth is composed of equities. If all investors were simply required to adhere to the “buy and hold” strategy as they should, the market would rise without the interruption of “corrections” and bear markets. As all buyers hold, and new entrants buy, stock prices would move upward in a linear trajectory. Extensive research studies by large brokerage firms have proven that, over time, stock prices rise. For example, an investor who had bought the Dow Jones Industrial Average in 1932, when it was at 50, and sold it in November 2007, when it was over 14,000, would have realized a gain of approximately 28,000% — an annualized return of over 370%. A ban on stock sales would ensure an ever-rising stock market and thus greater wealth and prosperity for all Americans. Stock sellers, by contrast, are interfering with the market’s natural tendency to ascend.
Truth # 4: A Rising Market Makes People Happy.
Studies have demonstrated a marked correlation between the level of the Dow, on the one hand, and consumer and voter sentiment, on the other. The most recent University of Michigan Survey showed improving consumer sentiment as the Dow rose sharply after the announcement of the proposed re-instatement of the uptick rule, the modification of mark-to-market accounting, and the Treasury’s plan to subsidize the sale of banks’ toxic assets with taxpayer leverage. Similarly, polls have shown that voters are often less happy when the stock market crashes. They are also less likely to re-elect incumbents, including those who appoint the heads of regulatory agencies. A rising market also pleases investment banks and other firms in the financial services industry, including those that routinely hire former heads of regulatory agencies. Enough said.
Truth # 5: The SEC’s Job Is To Stay Out Of The Market When It’s Rising And Step In To Appropriately Alter The Rules When It’s Falling.
The SEC’s regulatory mandate in a laissez-faire economy is two-fold. When stock prices are increasing, the SEC’s role is to ignore the market and market participants, thus allowing the invisible forces of the market to work their unregulated magic. When stock prices are decreasing, however, the SEC must intervene to stanch the loss of wealth that flows from a declining market. There is nothing “artificial” about selectively modifying rules that interfere with the market’s natural upward trajectory.
Truth # 6: Stock Sellers Are Short On America.
Speculators, short-sellers, long-sellers and other suspicious elements will spuriously claim that stock sales (and even short sales) are necessary for the efficient functioning of the market, and that asymmetrical transaction rules might actually exacerbate the problem by facilitating stock market bubbles. It suffices to note that these are the same people who caused the recent stock market crash (as well as every previous stock market crash in history). They are also the ones who sold stock in the wake of the September 11th attacks, thereby profiting from the nation’s tragedy. It is no exaggeration to say that those who oppose a stock sale ban are advocating nothing less than a form of economic terrorism.
I have no doubt that, as a patriotic American, you will see through the terrorists’ chicanery and lay the groundwork for a safe and prosperous America by banning stock sales.
Benjamin N. Dover III
117…..Dude…..really?
Chase is doing fine at 31. I dollar cost averaged in between 1987 and 2009. That is a long term holding. Although I did get very lucky and sold some at 55 in early 2001 and again in 2004 at 45. Next time it hits 50 I will sell some more. When I go long I stick it in long and deep and only take money off the table when markets are way over priced.
John sniffed a positive close. Sean sniffed down 300. As usual, Sean is right.
“Detroit councilman walks away from mortgage. Candidate for mayor saw value of home tumble as payment set to rise”
http://www.msnbc.msn.com/id/30311735
[103] Kettle (no longer purple beaver)
Thanks for clearing that up; I had no idea where Sastry was coming from, and am still trying to internalize the NewThought edict that because I am conservative, I must be a racist.
Is there a list of epithets I can get somewhere? A website maybe? I am pretty clueless as it took me until college to find out what “coon” meant.
To #87, “market remains totally dead in southern CT”.
The area I’m at (Plainsboro/South Brunswick), market still relatively strong. True there is no overbidding, but decent house at $500k level still goes fast.
[121] sean
I had to verify its existence. That was fcuking hysterical.
I heard similar comments from Phil MacKreviss. I wonder if they know each other.
#127 qqq: I just took a quick look in your area, Seems to be quite a bit of new construction/newer houses/ Mc Mansion types on the market all listed under 500K.
Kettle1 says:
April 20, 2009 at 2:08 pm
ChiFI, Given that the majority of use do not have access to the accounting information which the banks are keeping secret, it makes more sense to believe that the banks are indeed in deep trouble and that its very possible one or several of them are insolvent.
kettle: Except of course that keeping such information “secret” is standard prudent business practice, and any story concocted or theory suggesting otherwise would actually open the accuser to a rightful dose of harsh criticism….
Ket/Nom: Sorry if the post sounded a bit judgmental. The post by Nom about teachers making 100k seemed to reinforce public-employee baiting.
I presume the longer the recession drags on, the more the race-baiting, class-baiting and knee-jerk reactions.
S
Chi [130],
By way of their opaqueness regarding their balance sheets and lack of transparancey, they have created their own monster. Now they must deal with it. In conjunction with this, they have been lying about their staus since Schwartz claimed that Bear was in sound fiscal shape and Dick Fcuk claimed that the worst was behind them.
They are a bunch of lying, con men. Most of the blogs have been dead balls accurate regarding them, including this blog.
“m still trying to internalize the NewThought edict that because I am conservative, I must be a racist”
Nom,
Don’t you get it, for some people around here — mainly liberals — if they disagree with you, they are expressing thoughtful analysis and delivering the truth; but when you express your conservative opinion you must be slammed because your thoughts are either: baiting of one type or another, knee-jerk, uninformed, or racist in some way.
You must understand, Nom, that those of us here who find benefit in rigerous analysis and discussion of complex issues are, it seems, guilty of thought crimes just because we might dare to say thr empereor is not wearing any clothes. As someone used to say to me, “Come zee revolution, it is off to the camps for you.”
[131] sastry
I have a long history of being on the receiving end of the government teat, at least where my folks were concerned. In short, I was, for a long while, the beneficiary of government largesse. I know from whence I speak.
The question of whether that person is worth 100K per year or not is a legitimate one, but it is not the question I am asking, at least not directly. Now, if you think it “baiting” to ask the question, I think you would make a good enforcer for Big Brother.
Let’s look at this rationally. Is it better to be in what I can only describe as an easier position than my current one? I think that the answer, all things being equal, is yes.
Let’s look at the variables:
Public sector employment security versus prospect of layoffs? Winner: Public
Public sector salary versus private? Winner: Private
Public sector pension versus 401(k) match? Winner: Public
Relative tax burdens? Winner: Public
Quality of life? Clear winner: Public
Ability to make some bank on the side? No contest: Public.
Job security? Winner: Public.
Bragging rights? Who cares?
Thus, it behooves me to become a public servant, and in this scenario, a teacher. If I went to the AG’s office, I couldnt practice law on the side nor would I have the great QOL. Further, I would not have job where I could essentially create my own little fiefdom to ensure my continued employment by being an easy grader and soft touch. Not saying all teachers do that, but I certainly would because it is the rational path of least resistance.
Believe me, if I can get that deal, I’m taking it. It would be sweet.
[33] Shore,
I do want to do my part to be a good knuckle-dragger, and live up to the view that our “betters” have of us konsurvitives.
#15
It is starting to smell like a late day turnaround, no way this market is closing down 200 points.
—> Try 289 points down. Your probably the same RE Agent running around making stupid comments “housing market” can’t get anyworse & now is a great time to buy. Buy before the rates go up or be priced out of the market.
#134 non: So are you voting yes or no tomorrow??
John,
What is your favorite Japanese/Jewish restaruant.
Nom,
Remember, when the folks like Sastry come for me in their Obomunist brown shits or SS/Gestappo, come for me, they will be tossing me into a cell with you.
It is profoundly sad when people are either afraid or unable to have a discussion about divergent viewpoints without kicking dirt and calling the other a racist, a baiter, a clasist, or whatever other term they want to use to avoid having to use logic etc. to defend their own weak or poorly-thought-out positions. Remember, it is “just because and if you don’t agree you are a classist, racist, fish-hook baiter.”
Salary Cut Watch: Baker McKenzie Brings Salary Cuts into the Vault Top 50
http://abovethelaw.com/2009/04/salary_cut_watch_baker_mckenzi.php
Amazing, Bi states, earlier today, that BAC results were outstanding. The market does not seem to agree, down 25% in one day. Are Bi’s batteries only charged on up days?
#139 shore:It is profoundly sad when people are either afraid or unable to have a discussion about divergent viewpoints without kicking dirt and calling the other a racist, a baiter, a clasist, or whatever other term they want to use to avoid having to use logic etc. to defend their own weak or poorly-thought-out positions.
Sadly, that is what America has become, on both the left and the right, both are equally guilty.
It is why I do not even bother any more trying to have a rational reasonable discussion, where one can agree to disagree.
What is the point? It just does not matter. I for one do not care any more. And after I vote no tomorrow, I will be essentially no longer participating in the political process, and will no longer vote.
I have finally realized America was bought and paid for a long time ago, by the political elites and their underlings on both the left and the right. So it makes no difference who or what I vote for.
There is no intelligent rational democracy in this country, only the illusion of such.
I no longer want to participate, and will not.
I am however, very much into Mai-Tais and hot tubs. I might as well enjoy myself.
“I am however, very much into Mai-Tais”
3b,
Change your mindset. It’s Rum Swizzles in Bermuda.
3b,
I would urge not dropping out, while at the same time not accepting the choices the Ds and Rs give you. Instead, write-in names for every ballot position. If 20s30% of the population did this it would affect the process.
20-30%, even
chi (130)-
Is it imprudent to suggest that these banks- since they are now functioning on the rather significant taxpayer dime- now adopt new standards that allow for a bit more transparency?
Of course, we’ve asked the Fed to shine a little light on the billions lent in the Cash-for-Trash program, but they’ve told you and me to pound salt, so we can’t count on getting any info from them.
“Except of course that keeping such information “secret” is standard prudent business practice, and any story concocted or theory suggesting otherwise would actually open the accuser to a rightful dose of harsh criticism….”
3b (142)-
The only voting I do is the “no” vote to the local school budget every year. It keeps me registered.
However, I still cannot give you a reason why I think it is a benefit to be registered to vote.
Even if the “no” carries the day again tomorrow, I know that my local twp council will cut a couple of cafeteria workers (or some other de minimus nonsense) and pass the damn thing at a later date anyway.
Reality is nearly every one of those banks used some type of one off accounting gimmickry to show a profit. There’s no getting around that fact.
The “stress test” results aren’t going to be real anyway. That’s why I sincerely doubt that report was real because there’s no way the Treasury is going to come out and say more than one or two of those largest banks are insolvent.
If it was real, it certainly isn’t the report the public is going to be given.
Shore (144)-
I got an e-mail today, requesting me to write-in “Hockey” as a school board choice, as hockey parents in my district want the school to upgrade the team from a club to a varsity sport.
When I get stuff like this in my e-mail, it makes me want to further arm myself.
I’m also shocked at how many people I know approach me to support garbage like this, just assuming that I’d be supportive of such utter nonsense. When I tell people- to their face, since they’ve put me on the spot with their assumption of my support- that I’d rather have my eyes gouged out with a KFC spork than fund daydreams with taxpayer money, they look at me like I’M the one who’s nuts.
BC (141)-
No more Red Stripes with the trading desk crew?
Clot,
But some of these kids could earn a sportsscholarship if only they had a school team.
clot,
what percentage of people actually have any concept that the money to fund the new hockey team, the BAC bailout, government programs etc, comes out of their own hide, one way or another?
better yet, what percentage of people in bergen or brigadoon, areas that are technically noticeably above average, have any real concept that government (local and federal) spending is not from some magic money tree and is not free, but comes from you and me?
Clot,
that is also why you will not see government spending based on consumption taxes. Then the sheep might actually notice when the government continually hits them up for more funding
Clot,
No. NO.NO! It is state money. It is federal money. It is free. Free money, man. Don’t you get it.?
Shore,
dont worry, i think a number of posters from this blog will be sharing a cell if the brown shirts show up. It would be like a mini NJREReport GTG, just without the beer!
Ket,
If there were a 15% flat federal income tax with no deductions and no difference between cap gains and income and a flat 10% national sales tax, split 50/50 with the states, in place of current state sales taxes, state income taxes perhaps a flat 5% I wonder how the numbers would work out and who would complain most.
Kettle,
Better to be carted off in the middle of the night and shot than to go along with tyrany. The sad thing is that many of those who would support actions that would lead to tyrany fail to see the danger.
Bank Lending Keeps Dropping
Lending at the biggest U.S. banks has fallen more sharply than realized, despite government efforts to pump billions of dollars into the financial sector. According to a Wall Street Journal analysis of Treasury Department data, the biggest recipients of taxpayer aid made or refinanced 23% less in new loans in February, the latest available data, than in October, the month the Treasury kicked off the Troubled Asset Relief Program. The total dollar amount of new loans declined in three of the four months the government has reported this data. All but three of the 19 largest TARP recipients with comparable data originated fewer loans in February than they did at the time they received federal infusions. The Journal’s analysis paints a starker picture of the lending environment than the monthly snapshots released by the government and is a reminder of the severity of the credit contraction. One reason for the disparity: The Treasury crunches the data in a way that some experts say understates the lending decline.
http://online.wsj.com/article/SB124019360346233883.html
“Bank Lending Keeps Dropping”
conspiracy theory. doesnt exit.
next you will tell me someone planned out a perfect way to short new york and long chicago.
SAS
Shore,
Better to be carted off in the middle of the night and shot than to go along with tyrany. The sad thing is that many of those who would support actions that would lead to tyrany fail to see the danger.
The classic question; Die on your feet or live on your knees?
Its an interesting question. Consider the guy who walked into the immigration center in upstate NY recently and started shooting people. From a logical stand point, the majority of the group probably stood a better chance at survival if they had all rushed him. he had a limited # of rounds and unless highly trained is not going to be very accurate when he gets rushed. Yet the group of people ( 13 killed, 37 evacuated = 40 ppl)12 of who were killed in one room did not attempt to help themselves. that group of 12 alone could have probably over powered him easily even if they were all 50 yr old women.
This is not a denigration of anyone, as you seem to see this behavior all around the world and through out different cultures, more often then you see a group rise up to help themselves.
What it may suggest is that more people would rather live on their knees then die on their feet
flame on….
Redefining Capitalism After the Fall
The recession will end. No one is marking the calendar, least of all President Obama, but the president is hinting at an audacious ambition as he waits for that inevitable if distant day: a redefining of American capitalism. In a series of comments in recent weeks, Mr. Obama has begun to sketch a vision of where he would like to drive the economy once this crisis is past. His goals include diminishing the consumerism that has long been the main source of growth in the United States, and encouraging more savings and investment. He would redistribute wealth toward the middle class and make the rest of the world less dependent on the American market for its prosperity. And he would seek a consensus recognizing that an activist government is an acceptable and necessary partner for a stable, market-based economy.
http://www.nytimes.com/2009/04/19/weekinreview/19stevenson.html?_r=1&pagewanted=all
#121 sean
I like the guy’s name. ” Ben Dover”
If anyone in lower Bucks County caught today’s Courier-Times, the Money section has the existing home sales report, brought to you by Prudential Fox & Roach. This laughable chart of deception doesn’t even bother to cover up how inaccurate it is – the percentage of days on market for each county in the five county region precisely matches the percent increase (yes, increase) of the median price change. For example, in Bucks County, the days on market increased 17.8% from March 2008 to March 2009. And the median sales price increased by exactly 17.8% too!!
Also according to this piece of smear, five homes apparently sold in Yardley for a median price of $140,000. My understanding is that median is NOT average – it is that two homes sold above this price and two home sold below. It is the “middle” price. I want to know exactly what homes sold in Yardley for less than $140,000. It probably was someone’s dog house.
this is better then american idol! SAS can i get some artificially flavored popcorn and benzene soda with this show? One of the best parts? they are closing the budget gap by borrowing money… wonder how long they can pull that off
In California, Another Deficit Looms
California’s fiscal woes aren’t over yet.Only months after state lawmakers in February had to raise taxes and slash spending to close a $42 billion budget deficit, legislators in May will begin work on filling a new multibillion-dollar shortfall. A state agency projects an additional $8 billion budget gap for the fiscal year that ends in July 2010, a result of declining tax revenue amid the recession. The figure could grow if revenue plummets further. And it could get worse yet if voters defeat a series of ballot measures on May 19 aimed at closing the earlier deficit. That is a possibility, as a March 25 poll by the nonpartisan Public Policy Institute of California shows 50% of Californians against Proposition 1C, which would allow the state to borrow $5 billion against future lottery revenue, versus 37% who support it.
http://online.wsj.com/article/SB124018496535433281.html
South Korea’s “prophet of doom” blogger acquitted
A South Korean court acquitted a blogger on Monday of spreading false information, in a case that triggered debate about freedom of speech in cyberspace and critics said was only launched because his economic doom postings angered authorities. Defendant Park Dae-sung, who went by the pseudonym “Minerva” after the Greek goddess of wisdom became a household name last year for his predictions of sharp falls in the won and the local stock market and the collapse of U.S. investment bank Lehman Brothers. “He’s been found not guilty,” a court official said by telephone. The court threw out charges that he purposely harmed market sentiment by posting false information on his blog.
http://uk.reuters.com/article/technologyNewsMolt/idUKTRE53J1IW20090420?sp=true
“next you will tell me someone planned out a perfect way to short new york and long chicago”
i will give you a little hint:
white elephant, TIA-CREFF, gyroscope, insurace & cat bonds.
man… how many times do i have to give blokes tender morsels?
:)
SAS
Nom:
Do you agree that sadly, a bit of jew-baiting has started? And, do you agree that the longer the economy is down, the more chances of baiting across different races/classes? They were my observations.
Why doesn’t someone volunteer to apply for a teacher’s position and report on the results? If it is a low hanging 100k, why doesn’t someone that is looking for jobs try it. May be it is too tough to get in? May be there are other pressures (I don’t know, may be one would get into trouble for shouting at a kid; accused of bad intentions if one encourages a kid by providing additional reading material)?
S
#125 BC Bob
Defaulting on debt could be good training foe a politician.
He walked because his payments were about to soar. Can Detroit’s gov do the same? I thought their official unemployment rate was already around 20%?
#168 foe = for
Why We Should Banish Larry Summers From Public Life
I vote to banish Larry Summers. Not from the planet. That wouldn’t be nice. Just from public life. The criticisms of President Obama’s chief economic adviser are well known. He’s too close to Wall Street. And he’s a frightful bully, of both people and countries. Still, we’re told we shouldn’t care about such minor infractions. Why? Because Summers is brilliant, and the world needs his big brain. And this brings us to a central and often overlooked cause of the global financial crisis: Brain Bubbles. This is the process wherein the intelligence of an inarguably intelligent person is inflated and valued beyond all reason, creating a dangerous accumulation of unhedged risk. Larry Summers is the biggest Brain Bubble we’ve got.
Brain Bubbles start with an innocuous “whiz kid” moniker in undergrad, which later escalates to “wunderkind.” Next comes the requisite foray as an economic adviser to a small crisis-wracked country, where the kid is declared a “savior.” By 30, our Bubble Boy is tenured and officially a “genius.” By 40, he’s a “guru,” by 50 an “oracle.” After a few drinks: “messiah.” The superhuman powers bestowed upon these men — and yes, they are all men — shield them from the scrutiny that might have prevented the current crisis. Alan Greenspan’s Brain Bubble allowed him to put the economy at great risk: When he made no sense, people assumed that it was their own fault. Brain Bubbles also formed the key argument Greenspan and Summers used to explain why lawmakers couldn’t regulate the derivatives market: The wizards on Wall Street were too brilliant, their models too complex, for mere mortals to understand.
Back in 1991, Summers argued that the subject of economics was no longer up for debate: The answers had all been found by men like him. “The laws of economics are like the laws of engineering,” he said. “One set of laws works everywhere.” Summers subsequently laid out those laws as the three “-ations”: privatization, stabilization and liberalization. Some “kinds of ideas,” he explained a few years later in a PBS interview, have already become too “passé” for discussion. Like “the idea that a huge spending program is the way to stimulate the economy.” And that’s the problem with Larry. For all his appeals to absolute truths, he has been spectacularly wrong again and again. He was wrong about not regulating derivatives. Wrong when he helped kill Depression-era banking laws, turning banks into too-big-to-fail welfare monsters.
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/16/AR2009041603244.html?wprss=rss_print/outlook
167. It is $50K to start (or below)…to teach. http://roomfordebate.blogs.nytimes.com/2009/04/19/teaching-no-fallback-career/#comment-60565
Nom, Shore, Ket:
Does the Goodwin argument apply here? The first one to invoke Hitler/brown shirts/etc., loses?
S
“Why doesn’t someone volunteer to apply for a teacher’s position and report on the results?”
tell you the truth, I would love to be a high school social studies or history teacher. maybe even at the college level.
but, i wouldn’t pass the background test.
although, i have done a little guest speaking here and there. i enjoy it.
SAS
Essex #171: blasphemy… Are you a nazi-loving islamo-fascist commie? If pundits say 100k, 100k it is!
BC Bob says:
April 20, 2009 at 4:35 pm
Chi [130], By way of their opaqueness regarding their balance sheets and lack of transparancey, they have created their own monster. Now they must deal with it. In conjunction with this, they have been lying about their staus since Schwartz claimed that Bear was in sound fiscal shape and Dick Fcuk claimed that the worst was behind them. They are a bunch of lying, con men. Most of the blogs have been dead balls accurate regarding them, including this blog.
Bost: ….but what are they supposed to say? “Hi we are French Connection UK, but keep working with us?”
Again, I do not want to be miscast here. The banks are garbage, we are in trouble, there is a lot of crap occurring. That said, wagging your finger at these guys is irrelevant.
Figure out what has a high percentage of occurring…or at least build a thesis…trade accordingly….
Outrage is so 2008. Be trendy….
hey arent all our current brilliant bankers who are running the show from harvard? People would be delighted to lend money at negative 3 percent, since losing 3 percent is better than losing 10 and how long will it take people to figure out that they would rather dump your fiat currency and load up on commodities, preferably the shiny ones?
It May Be Time for the Fed to Go Negative
Unless, that is, we figure out a way to make holding money less attractive. At one of my recent Harvard seminars, a graduate student proposed a clever scheme to do exactly that. (I will let the student remain anonymous. In case he ever wants to pursue a career as a central banker, having his name associated with this idea probably won’t help.) Imagine that the Fed were to announce that, a year from today, it would pick a digit from zero to 9 out of a hat. All currency with a serial number ending in that digit would no longer be legal tender. Suddenly, the expected return to holding currency would become negative 10 percent. That move would free the Fed to cut interest rates below zero. People would be delighted to lend money at negative 3 percent, since losing 3 percent is better than losing 10. Of course, some people might decide that at those rates, they would rather spend the money — for example, by buying a new car. But because expanding aggregate demand is precisely the goal of the interest rate cut, such an incentive isn’t a flaw — it’s a benefit.
http://www.nytimes.com/2009/04/19/business/economy/19view.html?_r=1
the new harvard motto?
Its not a flaw – Its a feature!
#149 clot
Come on. Just think, maybe 1 out of every 250 or so kids who make varsity would get a scholarship. Think of the children!
“His goals include diminishing the consumerism that has long been the main source of growth in the United States, and encouraging more savings and investment.”
Kettle[161],
Exactly the tonic required. However, does he realize that the only bridge from consumerism to innovation, saving/investment is a depression. Sorry, O, you just can’t flick the switch.
Leading economists urge full nationalisation of Ireland’s banks
A group of leading economists is urging the Irish government to ditch its “bad bank” plan in favour of a temporary nationalisation of the financial sector. In an opinion piece in The Irish Times, 20 of Ireland’s leading academic economists argue that the government has got it badly wrong. “In normal circumstances, none of us would recommend a nationalised banking system,” they wrote. “However, these are far from normal times, and we believe that in the current circumstances nationalisation has become the best option to the government. “Furthermore, we explicitly recommend nationalisation only as a temporary measure. Once cleaned up, recapitalised, reorganised with new managerial structures, and potentially rebranded, we recommend that the banks be returned to private ownership.”
The news came as Moody’s credit ratings agency warned it could cut Ireland’s triple-A rating within the next three months as the country’s debt levels are set to soar.
http://www.guardian.co.uk/business/2009/apr/17/ireland-banks-rating-credit-crunch-economists-loans
179 BC
yep, but like all the other bread and circus, its a sales pitch just like you can now lose 50 lbs while sitting in front of the TV eating ice cream!
[172] sastry,
I plan to write a book on survival in the PC era so this is right up my alley.
Without even reading what you refer to, I can tell you that the unspoken rule in our Post PC world is that a conservative can never use references to any aspect of the former Third Reich in any communication.
Liberals cannot do so if they are referring to anyone other than conservatives, and even there a risk exists as the context has to be correct, and can leave no room for collateral damage.
I would tell you who could use such references, but that would violate another rule of PC discourse.
Sastry,
The people like you who wish to surpress discussion of complex social issues and declare those who disagree with you as various “ists,” are, in fac, the ones who pose the greatest threat to a functioning republic.. Akways remember, the solution to speech with one disagrees is more speech — not cutting off debate by characterizing the other as a baiter, monger, ” ist”, whatever.
Clearly there are people here who hold viwes different than yours. Sadly, you show this citizen little ability to go beyond generalizationd or bromides or immediately go to characterizing those with whom you disagree as narrow-minded. Give it up, and, if you want to live free, do not ever underestimate the tendancy of all governments — even those run by well-meaning people — to become oppressive.
Chi [175],
I’m beyond outrage. You’re right, that’s so 2008. Just trying to pick spots, hoping the dead cat can bounce much higher. It’s ominous, at least to me, that this rally was led by the most heavily shorted sectors, on light volume.
“MassMutual sued in Madoff scandal
Investors try to recoup $3b from the Bay State firm”
http://tinyurl.com/cceazr
[167] sastry
“Do you agree that sadly, a bit of jew-baiting has started? And, do you agree that the longer the economy is down, the more chances of baiting across different races/classes? They were my observations.
Why doesn’t someone volunteer to apply for a teacher’s position and report on the results? If it is a low hanging 100k, why doesn’t someone that is looking for jobs try it. May be it is too tough to get in? May be there are other pressures (I don’t know, may be one would get into trouble for shouting at a kid; accused of bad intentions if one encourages a kid by providing additional reading material)?”
1. not touching first sentence. See prior rules.
2. As to 2nd sentence, yes and likely to get worse.
3. As for teaching, the biggest barrier to entry is availability of the spots paying 100K. I suspect that they are not the norm, and you probably have to have contributed heavily to someone’s school board campaign to get aboard.
That said, once in, I would stay on the script. You take a job like that because it pays, not because you are motivated to change the world. Further, staying on script avoids the inevitable grief that occurs when you try to make these offspring take personal responsibility. When I was in school, if there was a problem, it was me against my parents and the teacher, and I would always lose. Now, the kids and parents lawyer up. Nope, I am gonna stay on script, give out “A”s and keep my job because I am so popular.
If I am ever able to get in that is.
By the way, Sastry, when people behave like Brown Shirts, etc., it is obligatory for good people to stand up and say so.
[175] chifi
“Figure out what has a high percentage of occurring…or at least build a thesis…trade accordingly….
Outrage is so 2008. Be trendy….”
Absolutely.
Shore says: “Remember, when the folks like Sastry come for me in their Obomunist brown shits or SS/Gestappo, come for me, they will be tossing me into a cell with you.”
That comment sure did elevate the tone of debate!
Sastry,
The really sad thing is that people like Nom and I would literally die to defend the right of people like you to spew your malinformed views in public, whereas: I suspect, you would cheer our arrests by a tyrant.
Achtung. (baby)
“Senate Floats MTA Bailout with Taxes, Fees”
http://www.1010wins.com/Senate-Floats-MTA-Bailout-with-Taxes–Fees/4236581
Has he actually ‘done’ anything yet?
WASHINGTON, April 20 (Reuters) – President Barack Obama will participate in a meeting on Thursday with executives of U.S. credit card companies, the White House said.
Aides to Obama previously announced the credit card firms would be meeting at the White House with top administration officials, including Lawrence Summers, director of the National Economic Council.
But the White House made clear in a statement that Obama would participate in the meeting as well. He is expected to press the companies to change what administration officials see as deceptive practices that have saddled consumers with high debt and high interest rates.
SAS,
Taxes and fees. Humm, it sounds like NY.
Nom #186…
“As for teaching, the biggest barrier to entry is availability of the spots paying 100K. I suspect that they are not the norm, and you probably have to have contributed heavily to someone’s school board campaign to get aboard.”
If someone can bribe one’s way through, why would one settle for a 100K job? Why not a no-bid contract for much more? Sort of like asking for a 500k job if a genie comes and grants a wish.
S
BC
what happens if we have a bond dislocation before 2012?
http://images.businessweek.com/story/09/popup/0416_option_arm.jpg
should be fun
kettle [194],
That’s easy. The printing presses will then run 36 hours a day.
186….#3….you have to have a masters and teach for 10-15 years….and maybe you come close to that mark. Newbies won’t make that much in teaching. If they did it would be the most sought after job in the country.
OOPS, that’s kettle, 196.
[174] sastry
Essex is correct. For entry level grunts that is.
I don’t plan to do that. I plan to take advantage of union rules that mandate better pay for more highly educated people. My dad did that by getting a couple of box-top degrees in order to ramp up his pay. Those very programs were highlighted in a Boston Globe expose on how folks in his line of work would take these bunny courses, for which you got credit for doing things that I knew how to do at age 11, and getting 15-20% raises just for having degrees from these programs.
One of the programs involved a well-known (if not well respected) university in Boston.
Same used to hold true for federal court clerks. If I could under those rules, I would get a position with some federal court judge (one that liked to play golf would be good) and command near my current salary for a position that is not exactly heavy lifting. And no brats. But the feds changed the rules on that.
Incidentally, had you read my initial post, I pointed out that the guy had a law degree and was able to parlay that into a 100K position. Now, I cannot verify that (I will if you pay for my time) but that was the story I overheard, and have no reason to discount it (why else would a guy be talking about how his son is ripping off the taxpayers?)
[195] sastry
“If someone can bribe one’s way through, why would one settle for a 100K job?”
indeed. One wouldn’t. Got any leads?
Nom,
I hear state governor pays better then 100K, and luck would have it that an election is nearing!!!!
better star making some phone calls to union reps! I hear the enjoy a nice homebaked apple pie once a quarter
“why else would a guy be talking about how his son is ripping off the taxpayers?)”
The father must have been so, snif, proud.
Shore (I am going back on my assurance to not address you, but please allow me to do once…)
I am expressing concern about what I see as signs of baiting (e.g. “ethnicities” of major bankers; wiping off “Trenton” and “Orange”). Even with you, the only thing I objected to was your characterization of a tax increase of 300bps as something draconian and people stealing your money.
If you think the other posts are not baiting, I am willing to concede on that (well beyond what I say in my post #131). Just please don’t make me the initiator for expressing concern about the content of others’ posts.
You probably know better, there is no net-test for character — one never knows how one behaves in real life extreme situations until one gets there. So, please, enough with the “if Hitler reincarnates” stuff.
S
Another thing on salary guides, although one’s movement is pretty much controlled up and across a guide, ONCE ONE IS ON THE GUIDE, public employers have much flexibility with respect to considering experience and training and crediting that for initial placement. There is no reason to expect a public employer to ignore qu ality experience and place someone at Step 1.
#201…
“If someone can bribe one’s way through, why would one settle for a 100K job?”
indeed. One wouldn’t. Got any leads?
——–
Here’s one for starters:
http://jobsearch.usajobs.gov/getjob.asp?JobID=80165260
Sastry,
i dont believe that anyone went the Hitler route. but the concept of brown shirts is a very different topic and a relevant debate issue as a vehicle for a government becoming overbearing and group think becoming the soup dejour
[190] shore
“The really sad thing is that people like Nom and I would literally die to defend the right of people like you to spew your malinformed views in public. . . ”
Shore,
Theoretically true, but remember the sage advice of Patton: “The object of war is not to die for one’s country. The object is to make the other son-of-a-b1tch die for his country.”
[206] sastry
Yech. Do you know how hard I would have to work there? I am familiar with that office, and if I could get in, it would be long nights and weekends. Besides, my wife hates DC.
Furthermore, its getting harder to mount a good asset protection strategy now. Imagine how hard it would be if I worked for OFAC.
On the other hand, I would be like O’bama was, when he briefly worked in the private sector. He described his brief stint at a corporation as being “like a spy behind enemy lines.”
Nom, #200…
“… did that by getting a couple of box-top degrees in order to ramp up his pay. … for which you got credit for doing things that I knew how to do at age 11, and getting 15-20% raises just for having degrees from these programs.”
Last I heard, these were called MSCE’s.
S
#208 Updated version: “There are many sons of b1tches who would love to die for Allah and we would be happy to help them achieve their goal.”
#211…
Your post reminds me that geo-political alliances do not stay constant: before allah, there were commies [who were fighting allah and we helped the allah gang], before that there were fascists [who were fighting commies and we we helped the commies], …, long before that there was this one guy that got crucified, and we were cheering…
#212 Yes. It’s called History.
BC (185) –
“Just trying to pick spots, hoping the dead cat can bounce much higher”
Do you still think that the 200 DMA will be touched?
#212 Yes.. its called creating an artifical enemy or threat to control you, the sap, via fear and to align you to fight a so called “common enemy”
now pay your taxes! sap!
SAS
“long before that there was this one guy that got crucified, and we were cheering”
i always thought its interesting about Jesus life in the bible is this:
he gave all those little sermons, didn’t matter a whole alot to the rulers of the day.
but, as soon as he challenged the monetary system of the day… wha..la..
they got rid of him real quick and set an example for everyone to see via crucification.
just my thoughts.
SAS
Nom,
Re. Patton: Amen to that.
well, my buddy Jiménez & I are off to grab some Scotch… neat.
SAS
I apologize for that posting this AM. I should have done some homework. “Zero Hedge” had been a credible source of interesting tidbits. Now – not so much.
I tried to immediately repost when I discovered the updates disclosing it was “for entertainment.”
I feel a bit used. Like a conduit for spreading false information. Chicago is right. That isn’t good practice for anyone.
vic [214],
Million dollar question. Who knows where the next days/weeks will take us? That said, I do think we will at least test the avg., as I feel we will test the low. Markets seek confirmation and may range for a long period of time, constantly retesting, before breaking out either way.
“I feel a bit used.”
Cindy,
Akin to a taxpayer?
222. You live in the USA….why is everyone so opposed to supporting it? Oh yeah…because you think the money is being spent on _______________.
Sastry,
Feel free to engage me whenever. I have never taken offense — whether inline or in real life — to anything anyone has ever said to me as part of a reasoned debate over isues. I welcome energetic and well-thought-out debate. That said, you strike me as having a very different view of the benefit of such encounters and seem to me to be someone who wimps out of such exchanges by resroting to calling someone a: (insert one or more from the following list) Racist, classist, “baiter,” etc.
Apparently you are skilled at plugging numbers into formulas. I applaud that ability. Beyond calc and linear algebra, I have little skill or interest in the subject matter. Thay said, such skillsdoes not make one a skilled or reasoned debater, it does not give one special knowledge about public policy, human nature, or many other topics. One must recognize ones limitations or run the risk of seeming a fool.
I am ALSO sorry nobody caught my Joe C@cker post (it was in mod – go figure) @ 228 from the previous day – It cracked me up.
SG (310) previous thread – Thanks for the Gary Shilling post. I love that guy.
Or, as a wise man named Mark, well Samuel, actually, once said:
It isbetter to be thought a fool than to open ones mouth and remove all doubt.
“Million dollar question. Who knows where the next days/weeks will take us?”
May, and then June. Beyond that, nobody can say beyond guessing.
Anyone catch the Zion Bankcorp earnings tonight?
Huge losses due to CRE.
BC (220) –
From your response, it seems like this is going to be a nimble trader’s market, rather than a trend-based one, right?
Damn! I am not good at that (well, I should say I am worse than usual). I knew I should have stayed out this year. This is not good news for leveraged ETF holders – the path dependency will kill them.
BC – Would it be possible for you to e-mail me at victorian dot nj [at] gmail dot com. I had some question about the technical levels for Gold. I tried to get your e-mail from JB, but seems that he missed it. Thanks!
I see Asia and Australia have opened down 2 to 3%. Have we seen a market top?
I sure hope so ;)
And as for Sastry’s comments on increases in racism and anti-semitism…I agree there has been an increase. This is especially the case on many blogs I read and financial message boards. The masses are @sses I suppose.
“Huge losses due to CRE.”
Stu – Losses at a bank?!!?? Unbelievable!! Apparently, these guys don’t have the right accountants.
vic,
Watch the yen/euro cross. Until there’s a disconnect, it’s been a leading indicator. This is not the holy grail, it shoud be just part of your analysis.
http://forex.tradingcharts.com/charts/index.php?sym=EURJPY&data=b&tz=GMT&type=b&cs=1&period=1d&defdates=1&bmonth=Jan&bday=1&byear=2009&bhour=&bmin=&emonth=Jan&eday=1&eyear=2009&ehour=&emin=&Img+Type=png&drsi=0&ma1=0&dmacd=0&ma2=0&bol=0&dstoch=0&Submit=Submit
god damn Jiménez is running late again.
So true Victorian.
“apparently, these guys don’t have the right accountants.”
You mean like the ones who work over at Governmant Sachs?
Nice to see you got a bit of the gold itch. I’m not there yet, but waiting patiently. Still pissed I didn’t buy down at 680. I was so damn close to pulling the trigger and whimped. I will not make that same mistake again.
speaking of being a sap..
boy, they sure pulled a fast one on you.
“U.S. May Convert Banks’ Bailouts to Equity Share”
http://www.nytimes.com/2009/04/20/business/20bailout.html
“comments on increases in racism and anti-semitism…I agree there has been an increase. This is especially the case on many blogs I read and financial message boards”
of course you are…
away to avoid a financial meltdown and to keep people from tax revolts…
you start a race war.
its done all the time.
you don’t think their are paid bloggers with talking points out of psyops?
keep an eye on the public press for more “hate crimes”.
but, what do i know?
I am just some dumb Benny from Bergen.
SAS
“Nice to see you got a bit of the gold itch”
Stu – I am beginning to view Gold as an insurance against government and am hoping that it never comes to that. This is not going to be a trading position but just a buy and hold, which I am planning to scale into. Worst case, at these levels, I face a 20 – 30% drawdown and I will buy some more. If it falls more, then it means that we are not facing armageddon anymore and I will be happy to lose that money.
I was hoping that Obama would act against the financial oligarchy, but looks like it is not going to happen. We are destroying the real economy to save the banks.
Sad.
kettle,
“Homeland Security Enlists Clergy to Quell Public Unrest if Martial Law Ever Declared”
http://www.ksla.com/Global/story.asp?S=6937987
SAS
Finally..
Jiménez is at the door.
ta ta
SAS
SAS,
I think the title should read:
Homeland Security Enlists Clergy to Quell Public Unrest WHEN Martial Law IS Declared”
Lost: WTF are you? Gore does Rammstein impression….
http://www.youtube.com/watch?v=GyHDRLceC8Q
Cindy says:
April 20, 2009 at 8:29 pm
I feel a bit used. Like a conduit for spreading false information.
Cindy: as long as you are not Jew-bating…I think the board will be merciful….
Erin Go Broke, by Paul Krugman:
http://www.nytimes.com/2009/04/20/opinion/20krugman.html?_r=1&em
Traitor nom deplume says:
April 20, 2009 at 6:46 pm
[167] sastry “Do you agree that sadly, a bit of jew-baiting has started? And, do you agree that the longer the economy is down, the more chances of baiting across different races/classes? They were my observations.
Nom: I need more assistance in understanding this complex term “Jew-bating”. Since I was brought forth from Jewish loins, I am pretty sure the Adolf would have seen fit to liquidate by Johnny J-Boy a%%. That said, could the elderly Greek man on the Astoria subway line who attempted to molest me when was I was 15 be considered a Jew-bater if he had been successful in putting his hands down my pants before my friend stabbed him with his umbrella?
“I think the board will be merciful….”
I dunno ’bout that. Is she a classist? Is she conservative? Has she ever thought unapproved thoughts?
the Adolf = that Adolf
The term is Sastry’s. He turns to various types of baiting when he lacks the intellectual firepower to have a reasoned debate.
Excerpt from the Krugman column:
“Unfortunately, we didn’t save for a rainy day: thanks to tax cuts and the war in Iraq, America came out of the “Bush boom” with a higher ratio of government debt to G.D.P. than it had going in. And if we push that ratio another 30 or 40 points higher — not out of the question if economic policy is mishandled over the next few years — we might start facing our own problems with the bond market.
Not to put too fine a point on it, that’s one reason I’m so concerned about the Obama administration’s bank plan. If, as some of us fear, taxpayer funds end up providing windfalls to financial operators instead of fixing what needs to be fixed, we might not have the money to go back and do it right.
“
An absurd tax situation, mentioned the other day but detailed here, involving Lake Como, nee South Belmar.
http://www.app.com/article/20090420/NEWS/904200318
I had to look up jew baiting in the urban dictionary.
jew baiting – (n) The act of driving through a predominately Jewish neighborhood during the Jewish Sabbath while having either the driver or passenger wave a dollar bill out of the window in the hope of baiting a jew to grab it.
grim & c.: lookie Obama gets a NUDGE……http://www.bloomberg.com/apps/news?pid=20601103&sid=aQoyTyW9Tnsg&refer=us
(221) BC on feeling a bit used…
“Akin to a taxpayer?”
Yeah, that too.
(250) Chicago – I can’t get the link to work – key words?
(244) Shore – I am a working class fiscal conservative with unapproved thoughts.
Shore (154)-
Moron, only banks get free money.
Get a grip, man. :)
And they allow you to teach children! Omigosh, wait until THEY find out. You will be sharing a cell withthe rest of us.
“Moron, only banks get free money.”
I stand chastened and corrected. Now, if we could only get everyone else to accept that “state aid” and “federal aid” did not come from your magic tree.
vodka (158)-
No shit…really?
Come into my office and watch how “lending” now works. You haven’t lived until you’ve seen refi rejections on 720 FICOs with equity…or a batch of memos coming in from lenders who now inform that standard underwriting periods will now no longer be less than 21 days.
Cindy,
Just copy the link and past it in your address bar.
paste
Clot,
Are you middle-class baiting me?
vodka (164)-
I swear that by the end of this mess, we’ll see Cindy brandishing an AK, SLA/Patty Hearst-style.
I like a broad who can shoot straight. :)
Shore (260)-
I’ll bait anyone who’ll take the bait.
Asbury residents doing their utmost to make the city appealing for redevelopment:
http://www.app.com/article/20090420/NEWS/90420102
(261) Clot – Hey – Whatever comes down the pike. You know I don’t think it will come to that – But it was a funny picture in my head just the same.
Oh, a classist too I bet. ;)
Does anyone construe that I am baiting old Greek men from Astoria?
I just can’t take too much more of this spooky stuff on this board. You people are scaring the hell out of me with all this talk. sas is the absolute worst offender as he suggests that spooks and spys are around every corner. Of course this is on top on the normal doomsday talk that everyone else pitches in on top of all that.
Look, I just want to sleep blissfully with sweet dreams of flipping real estate, drawing down helocs and making some damn money. I don’t want nightmares filled with spys, real estate terrorists and the bogeyman.
I’m not going to read this board anymore before I go to bed.
Chicago – Which Bloomberg – O article?
BC (184)-
All the quants put together couldn’t bring the roller-coaster car all the way to the top of the grade, so it could head over the top of its own accord.
So now, the car will free-fall backwards, soon to crash into the next car behind it.
Get shorty!
http://blogs.app.com/saywhat/2009/04/20/lottery-winner-bucks-system-to-open-nude-dude-ranch/
This is something one does not hear about every day, and it is RE related.
“I’ll bait anyone who’ll take the bait.”
Would that make you a master baiter?
sx (193)-
Great. A meeting between Larry Summers and a bunch of credit card pimps.
Guess we’d better get ready to take another one in the rear, no Vas.
Stu (271)-
Deposits the BP fastball into Monument Park…
I suppose you baited me you jew baiter.
RE101 – I’m surprised Chicago and his stories about old Greek men hasn’t given you nightmares. Hopefully, you don’t ride busses.
Good night all.
Chifi,
We are very open to many different orientations here. Alright, we are not so accepting of arrogant ignoramuses, but I am pretty sure it is open season on them everyplace, not just here.
How many hours til NOLA?
(271) Stu -HaaHaaaaHaaa
Bohica, Clot. Bohica. And don’t forget to squeal like a pig.
“How many hours til NOLA?”
Too many. We bawd the plane on Thursday mawning.
Stu (227)-
A regional bank loses big $$$ in CRE?
I’m shocked…totally shocked!
It’s been real, All – Night here too.
Thanks for the laughs.
http://www.app.com/section/VIDEONETWORK&videoID=1096865703 TEA on the boards.
Dont forget to squeeze some tails, and suck some heads when you get there. How you divie-up the duties is up to you.
Same here. Nite all.
Shore guy: Sorry. You can’t have it both ways, as in saying: “Remember, when the folks like Sastry come for me in their Obomunist brown shits [sic?] or SS/Gestappo [sic], come for me, they will be tossing me into a cell with you.” But then, when confronted with language that you consider ‘baiting’: “He turns to various types of baiting when he lacks the intellectual firepower to have a reasoned debate.”
What’s that saying about glass houses…?
Peace,
Pointing out that someone like Sastry turns to calling people this-baiter or that baiter when he does not like what he hears and seems, at least to this citizen, to lack the ability to engage in a reasoned discussion when confronted with views counter to his own is not a form of “baiting.” Consequently, your comment about glass houses is off base.
With that I bid all a good night.
http://blogs.app.com/saywhat/2009/04/20/breast-milk-cheese-served-at-art-exhibit-opening/
At least it was in the UK and no NEA funding was involved
Good night John Boy.
NJ chief investment officer on Squawk. What a total pie-faced mook.
This guy should be under arrest, and he gets interviewed by CNBC like he knows something.
Of course, Kernan won’t ask him why he bought LEH to the end or what it feels like to lose 25 bn in 12 months.
Clot [291],
Don’t forget Citi and Merrill.
Fraud, abuse, waste? Say it ain’t so. This was the King’s plan to avoid armageddon. Where is that king?
http://www.latimes.com/news/nationworld/nation/la-na-tarp-fraud21-2009apr21,0,2443377.story?track=rss
http://globaleconomicanalysis.blogspot.com/2009/04/pacific-grove-california-explores.html
BC, Clot – Oh we really know how to lose money here in CA – then hand out money to the jerks in charge.
“California’s two biggest public employee pension funds handed out millions of dollars in bonuses last year to their top executives and investment managers, despite losing billions of dollars.”
CalSTRS assets have dropped nearly 30%, from $162 billion to $114 billion.
“Q. How does one lose 25-30%?”
“A. It takes “Top Talent.”
No Link;
“CBI Says Worst of British Recession Over” (Reuters)
“China’s Premier Says Economy Better than Expected” (Associated Press)
“Dubai’s Ruler Says the Worst Is Over” (Financial Times)
“U.S. Officials Suggest Worst of Recession Is Over” (Reuters)
“Italy Employers See Signs Worst Over in Crisis” (Reuters)
“Worst Over? Just Maybe” (Associated Press)
“‘Worst Is Over; India to Be on Recovery Path in 2-3 Quarters'” (Business Line)
“US Hopes the Worst Is Over” (The National)
Hmmm, those words sound awfully familiar…ah, yes, now I remember:
“Lehman CEO Says Worst Is Over, Yet Troubles Ahead” (Reuters)
“Bear Stearns Says Worst Is Over After Writedown” (CNBC)
“Citigroup Chief Says Worst of Crisis Is Over” (Evening Standard, May 7, 2008)
“Legg Mason’s Miller Sees Recovery for Stocks; ‘Worst Is Behind Us,’ Famed Fund Manager Tells Beleaguered Shareholders” (MarketWatch, April 23, 2008)
“Is the Worst Over for Detroit?” (SmartMoney, July 18, 2005)
BC (295) –
Thats more like it! Makes me more comfortable being short. All the bearishness on MSM was scaring me.
BC – Thanks for the e-mail!
.vix up almost 20% yesterday. Will it break 40 today?
.vix + high volume = happy Clotpoll
BC (295)
Turning Japanese may be off the table as a best-case scenario.
I smell panic.
BC Bob,
NINTH INNING!!!
From Ritholtz;
“This is starting to feel like amateur hour for aspiring magicians.”
“Another day, another attempt by a Wall Street bank to pull a bunny out of the hat, showing off an earnings report that it hopes will elicit oohs and aahs from the market. Goldman Sachs, JPMorgan Chase, Citigroup and, on Monday, Bank of America all tried to wow their audiences with what appeared to be — presto! — better-than-expected numbers.”
“But in each case, investors spotted the attempts at sleight of hand, and didn’t buy it for a second.”
“If the federal government let me borrow money at zero percent interest, and then lend it out at 4 to 12 percent interest, even I could make a profit,” said Professor Roth of the Tuck School. “And if a college professor can make money in banking in 2009, what should we expect from the highly paid C.E.O.’s that populate corner offices?”
http://www.nytimes.com/2009/04/21/business/21sorkin.html?_r=1
“Turning Japanese may be off the table as a best-case scenario.”
Clot,
We left that scenario in the dust.
Cindy:
chicagofinance says:
April 20, 2009 at 10:20 pm
grim & c.: lookie Obama gets a NUDGE……
http://www.bloomberg.com/apps/news?pid=20601103&sid=aQoyTyW9Tnsg&refer=us
BC Bob #295
Difference with the two lists you gave is that the new one cites plenty of government officials spinning while the older one had spinning business ‘leaders’. Does this mean anything?
The end is nigh….a breakdown in moral fiber for our society…..
http://www.nypost.com/seven/04212009/news/regionalnews/gal_guest_announces__i_slept_with_him_165498.htm
[304],
Yes, the cb’s of the world have been transformed from cb’s to pe and now hedge fund manager’s. The leverage has simply been transferred. It’s their pulpit now.
9th inning?
* Merck sees 57 percent drop in first-quarter profit
* CAT Reports First Loss Since ’92, Slashes Forecast- Reuters
* Coca-Cola 1st-quarter profit falls on some charges- AP
* Oversight panel has bailout questions for Geithner- AP
* Stocks point lower amid mixed earnings reports- AP
* Delta posts $794 million 1Q loss- AP
* DuPont 1st-quarter profit falls on weak demand- AP
* Oil languishes near $46 as stock markets sink- AP
* US Bancorp’s 1Q profit falls, but beats estimates- AP
* Leading Economist Decries Power of Wall Street “Oligarchs”-
(303) Chicago – OOOhhh.
“As a researcher, Sunstein has focused on behavioral law and economics as well as administrative, environmental and constitutional doctrine, according to Harvard’s web site.”
I like this guy. Someone with a behavioral perspective should be valuable to O. I hope he listens to him.
Looks like we may get a triple bottom, the last triple bottom was the day Richard Simmons discover viagra.
One last things about teaching, I would not want to be a teacher even though it is rewarding and hours are good. First I would go nuts watching other peoples bratty kids, the sheer boredom would kill me and finally I could not afford the pay cut.
Even though most professional people would not want to take the pay cut to become a teacher they are still overpaid simply based on laws of supply and demand.
My sister got a great job as a teacher way back when in the big recession of 1983, was 3,000 candidates for one job. The pay was great and it was a top notch school district. In the real world if you got 3,000 people applying for one job on a regular basis you are overpaying. Heck MTV always pays it interns zero, kids thing it is cool and will work for free. MTV pays college graduates almost nothing once again kids want to work there and will do it almost for free. Therefore, I would never take a job as a teacher as the salary is too low. But if teachers in my town make 100K a year, yet because certain people love to teach, the hours are great and benefits and retirement is fantastic I could lower salary down to 50k and still attract good teachers than I am overpaying. Yes the teachers have masters and it is an important job and they deserve as much as possible, but in supply and demand you only pay the least amount possible while still attracting good workers, that does not happen in BC or Nassau County.
307….Meh. Merck. Come on Stu. You can do better than that.
Bond of the day!- If you only knew 100% how much AIG is really being backstopped I would be all in.
AMERICAN GEN FIN MEDTM SRNT BE 4.62500% 09/01/2010 FR
Price (Ask) 58.000
Yield to Worst (Ask) 51.326%
02635PSF1
BTW CIT who has not yet announced earnings, yesterday and today bonds have been moving up in price and yields falling on no news. Me thinks someone knows something.
Foreclosure on 6th Ave.
Macklowe Lender to Seize 1330 Tower as Empire Shrinks
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aab1_tUu8KGY
310. Way to go on your killing buying up Chase Btw. (sarcasm off)
Northern Trust (Tarp recipient) is out and they missed estimates big time. Then there is Zion Bancorp, Huntington Bank. Without trading profits, banks are doomed.
“7:47AM Northern Trust misses by $0.35, misses on revs (NTRS) 58.15 : Reports Q1 (Mar) earnings of $0.61 per share, $0.35 worse than the First Call consensus of $0.96; revenues fell 21.1% year/year to $904.2 mln vs the $1.03 bln consensus. In addition, $23.0 mln of preferred stock dividends were accrued in the current quarter in connection with Northern Trust’s participation in the U.S. Department of the Treasury’s Capital Purchase Program, which reduced earnings per share by $0.10.”
“.vix + high volume = happy Clotpoll”
SRS in the 20s = happy Frank
SRS is at $35.21 in premarket.
Bank of America Corp
Less than Meets the Eye
$330 million core loss after dividends — Bank of America reported net income
of $4.2 billion for Q1 09. But as we calculate it, the bank incurred a core net
loss of $330 million (after preferred dividends and excluding one-time items).
Credit provisions up 60% qoq — Bank of America generated about $19 billion
in pre-provision income, which we think shows the earnings capacity of this
franchise. However, credit deteriorated sharply in the quarter and the
company added $6.4 billion to its credit reserves. Bank of America’s credit
provisions rose almost 60% qoq to $13.4 billion.
Strong trading results were the main profit driver — The company’s Markets
segment (which is primarily sales & trading) generated about $2.4 billion of net
income. Bank of America, like Goldman Sachs and JPMorgan, benefited from
an unusually favorable trading environment in Q1 2009. While we cannot
predict trading revenues, we do not think such robust profits from the markets
segment are sustainable.
Relatively low capital ratios — Bank of America’s ratio of tangible common
equity to risk-weighted assets (TCE/RWA) improved about 30bp qoq to 4.1%,
but it is lower than JPMorgan’s (7.2%). Depending on the results of the
government’s stress test and the minimum capital requirement (4% or 5%+
TCE/RWA), we think that it could be possible that Bank of America might
consider making an exchange offer to its preferred shareholders to prevent the
government from becoming a large common shareholder.
the Detroit News reported late Monday that the Federal Government will give General Motors (GM) $5 billion and Chrysler $500 million in short-term aid, citing a Treasury Department report. The report also said that the Obama administration intends to put aside $1.25 billion to cover warranties on GM and Chrysler vehicles in case the companies file for bankruptcy. At 0525 ET, GM shares were up 0.8% in Frankfurt.
The Banks – Something Doesn’t Add Up
http://noemptywallets.blogspot.com/2009/04/banks-something-doesnt-add-up.html
“But if they haven’t been lending? Why are they rushing to give back the TARP money, which they clearly need to be comfortable lending again? It has to be the executive compensation limits, but if that is the case then that is a very bad sign for the future of the “public-private” partnership. Hopefully Geithner stands his ground and doesn’t allow the return of the TARP money until the banks show they are willing to lend.”
#247 shore: So we print more money.
[243] Chifi,
At least you escaped the Warsaw ghettos, you pole!
I know not how to bait jews. I am only an honorary jew, not a real one.
I suggest using lox and a schmear, with a decent high-strength filament. Steel leaders may be necessary to keep them from biting through the line.
Cindy says:
April 21, 2009 at 8:30 am
(303) Chicago – OOOhhh.
“As a researcher, Sunstein has focused on behavioral law and economics as well as administrative, environmental and constitutional doctrine, according to Harvard’s web site.”
I like this guy. Someone with a behavioral perspective should be valuable to O. I hope he listens to him.
C: recall…
http://www.nudges.org/
“I suggest using lox and a schmear, with a decent high-strength filament. Steel leaders may be necessary to keep them from biting through the line.”
Which reminds me of the old joke…Why aren’t their any Jews in jail?
Cause they always eat the lox!
Traitor nom deplume says:
April 21, 2009 at 9:10 am
[243] Chifi, At least you escaped the Warsaw ghettos, you pole!
Nom: between the Nazis, Hoxha and Milosevic, there ain’t so much of my family left…..I am a c0ckroach…survived the nuclear war…..and I am here to call grim a SLACKER!
Don’t forget to vote today. It is for the children, no really seriously it is.
MAKE….where’s my shiny!
3b says:
April 21, 2009 at 9:20 am
Don’t forget to vote today. It is for the children, no really seriously it is.
Yeah? and spray your ballot with this…
http://www.seventhgeneration.com/about
Vote No as a reflex….help people move on with their lives….
Just because the jewish people sank the titantic is no reason to be mean to them.
Chi… Milosevic??
Still, L, Ket and others….I think my wife is going to check this out because it is in our back pocket….opinions? interest?
speaker
http://www.linkedin.com/ppl/webprofile?action=vmi&id=9467755&pvs=pp&authToken=sznm&authType=name&trk=ppro_viewmore&lnk=vw_pprofile
I need to search for topic…
(321) Chicago – Have the book right here. Sure I “recall.”
I gave “Nudge” to a few friends last year and have shared the idea of “opting out” of organ donation on your license several times.
I hope O listens as Sunstein specializes in improved decision making.
Our overlord has abandoned us.
Like a drone I log in early morning, hit the first comments link only to find that there are 100+ comments at 9AM. I scroll down and find John’s post, with a 11:15 timestamp, at 9:28 in the morning and then it hits me that grim is on the west coast.
Anyway, speaking locally in Lincroft on Thursday
Geithner will appear before the TARP Congressional Oversight Panel today at 10 AM.
At 9:30 AM the Joint Economic Committee, Panel will hold a hearing on “Is Big Finance Too Big To Save?”
Preview –
http://voices.washingtonpost.com/hearing/2009/04/is_big_finance_too_big_to_save.html#more
Just because I get up @ 3:00 doesn’t mean normal CA folk do. It is 6:28 – I’m sure Grim is getting his beauty rest.
(332) I’d love to go!
Anyone who thinks that voting “No” is somehow going to keep their property taxes the same or decrease them lives in a world of ignorance.
#328 sastry:Chi… Milosevic??
Yes as in the old Yugoslavia, Serbia, Kosova, as in when Milosevic revoked the autonomy that Kosova had when part of the old Yugoslavia, as in ethnic cleansing etc.
[328] chi,
Sorry, took your surname for polish. Shows you what I know of the baltic.
I thought Hoxha was Albania. Is that incorrect?
AS for the titanic, I think the punchline was “Iceberg, Goldberg, what’s the difference?”
#335 essex: Well if that is directed at me, than you are wrong, and have no idea what you are talking about.
Go through the system, go to countless BOE meetings over the years, be intimately involved in the and than come back and talk to me.
Otherwise you are just pontificating again, with no knowledge of what you are talking about.
I know you are fairly new to the state of NJ, but if you are going to live here you should do yourself a favor and become familiar with it.
What’s even more comical is that if any other company that did not have the pull in DC that the banks have had pulled all this accounting chicanery they’d have the DOJ and SEC all over them.
#337 nom: You mean Balkans (sorry to be a nudge) Hoxha was the wack job who ruled Albania for 40 plus years under communism.
If we our leaders are now having a round table discussion with the credit card companies, perhaps we all should go out and charge up the cards.
When this is done, we could have credit card balance forgiveness, balance modifications etc.
338. Yeah…new since 1999. Homeowner since 2002. Total newbie.
Support Your Schools People.
Simple.
[340] chi
Ouch. Embarassing for this nudnick of a polit. sci. major, who knew who Hoxha was, but not baltic vs. balkan. Major foot fault. My friend George (the Romanian consul for one of our east coast cities) is going to berate me mercilessly for this. At least we’ll both be drunk.
(333) Sean – Let the fireworks begin.
The more the issue of taxpayer support for failed banks is in focus, the greater the chance of the debate reaching MSM.
I think the MSM knows they are losing credibility if they don’t report on these hearings. I hope Johnson and Stiglitz get in plenty of great “sound bites.”
[341] 3b
I am planning on it. It’s one reason I am keeping all my lines open.
Essex: As I said fairly new to the state, and uninformed. Yeah support your schools people vote yes as instructed.
Don’t bother to find out what is going on, do not question. Just vote yes, essex is, that should be good enough.
3b:
“Go through the system, go to countless BOE meetings over the years, be intimately involved in the and than come back and talk to me.”
Perhaps this is why towns with large numbers of senior community’s seem to have the lowest property taxes.
346. Fail.
#345 nom: I am in the process of a big ticket purchase item, which I going to pay cash for, but maybe I should throw it on the card and wait and see what happens.
347. Fail II
(341) 3B – Re -CC
I was under the impression they were trying to hurry-up some consumer safeguard legislation that isn’t due out until 2010. Yes/No?
They called one of my daughters last week and out of the blue, raised her interest rate to 21%. Luckily, she is able to pay it off.
#347 stu: Perhaps. It is not just the taxes or the spending on education. I have no problem with that, it is the recklessness with which the monies are spent, the out of control school renovations additions, the huge administrative burden,
The belief that if you challenge or question, you are somehow against the children.
Every year the same letter writers to the local paper insist that the budget must be passed, no matter what. Good times bad times does not matter. In fact we are told all the more important that me pass the budget in bad times, as we must equip our children with the tools they need to succeed and on and on.
To read some of these letters is almost painful in how uninformed these exppert are, and their inabilty to write clearly and rationally. They are all the same fluff cheer leader type pieces.
The most disturbing aspect to me however, is how so many wrap this up as it is for the children, when in reality for most it is for the homeowner, who have been brainwashed to believe that the more he/she spends on the schools, the more their property will be worth no matter what.
And yet these same home owners at some point in the future will ask some of these same children (who will be homebuyers ar some point),to pay big bucks for their house with the 10K, 15k 20k a year or more tax bill to boot.
Yes nice gift you gave to the children, you did not do it for them, you did it for you.
re: #341 and #347 3b and Stu
Keep dreaming about credit card debt forgiveness, the only one who can give that to you is a judge.
The credit card meeting where Obama will take credit for lowering your rate by a few basis points is also to take away charge cards from kids (there goes Abercrombie and Fitch) unless the parents are on the hook for the debt as a co-signer. They are also going to remove a fee to pay by phone. Big whoopee!
This legislation is about the securitzed credit card debt and bankers bailout. They are going to bail out the investors not you the debt serf.
The current legislation in the Senate and House will increase Federal Deposit Insurance Corp.’s ability to borrow from the Treasury to $500 billion, up from $100 billion. It also allows the National Credit Union Administration to borrow from Treasury up to $18 billion, up from $6 billion.
Here’s a good one for you all: I called Ford financing yesterday just to see if I could refinance my car payments or make alternate arrangements. I just figured I’d do it as a morale boost more than anything else since I’m out of work even though financially I’m still ok. You know, just as a sense of added security and trying to stay ahead of the curve.
The Rep on the phone told me the best they can do is defer payments for two months, nothing else. I stressed that I was unemployed now for 6 months and asked politely if there are any exceptions at all. His response was, “Well, you should’ve lived within your means and can’t expect a bailout.” Pretty nice, don’t you think? I simply said thank you and hung up the phone. I suspect that these reps are getting these calls all day long or they’re p*ssed off because they live in buttf*ck, Iowa.
Gotta love this Headline.
“Obama to lean on credit card CEOs”
http://money.cnn.com/2009/04/21/news/economy/credit_card_crackdown/
Read the fine print folks it is more bailout for the banks and less credit for you.
According to Businessweek, I live in the best affordable suburb in New Jersey, Scotch Plains.
http://images.businessweek.com/ss/09/02/0219_affordable_suburbs/31.htm
Great, this should boost my sale value when I move up into a mediocre, unaffordable community.
re #356 A. West – nice link.
I like the NY one better, Wading River. That has to be at least a two hour commute each way to NYC with about 1.5 of that spent on the LIRR if it is on time. Wading River has nice rocky beaches and their own pine barrens and I bet you can hear a banjo or two playing when you go for a stroll.
http://images.businessweek.com/ss/09/02/0219_affordable_suburbs/33.htm
“Nearly 3,500 Connecticut businesses closed between January and March — the highest number recorded in the first quarter of a year since the state began keeping records in 2000, Secretary of the State Susan Bysiewicz said Monday.”
“Bysiewicz said the state must get federal stimulus money “into the hands of Connecticut entrepreneurs as quickly, efficiently, and transparently as possible” and make critical investments in health care and transportation.”
http://www.courant.com/business/hc-connecticut-business-closing.artapr21,0,5093916.story
BC (358)-
Somebody should tell those folks not to hold their breath.
Love the way all the teachers in both my kids’ schools spent all day yesterday working them to come home and tell me to vote “yes” on the budget.
At N Hunterdon, they even had a (allegedly) “student-organized” presentation on the budget in an assembly. Of course, no dissenting views or arguments were posited.
On the way to school this AM, I gave my daughter three fairly simple dissenting arguments. Thank God, she actually saw the validity of each. Maybe the brainwashing maggots haven’t run their full course yet.
There ought to be some sort of law against this type of electioneering and disinformation by teachers and administrators.
Yeah, right.
Budget has been voted down here the past six years.
No matter, it’s still spiraling out of control, as the council and mayor make cosmetic alterations and jam it down our throats at a later date.
This year? Probably more of the same.
Grim started a new thread and did not tell us.
Its obvious that someone threw darts at a map to come up with that business week list. The strengths they mention about Scotch Plains – “well-connected to New York by highway and commuter rail. It has golf clubs, antique shops, and an historic town center” – are so laughable.
The main highway, route 22 absolutely sux and getting to rt 78 is neither easy nor direct. The train doesn’t go to NYC and its not even in Scotch Plains, its in Fanwood, the antique stores are a small step above thrift shops and the historic town center has been decimated by 50’s urban renewal and only 2-3 antique buildings are left. lets not get started on the long border with Plainfield…
The Rhode Island pick (my home state) is also ridiculous as its one of the most expensive and least accessible parts of the state–you are trapped on Newport island with all the tourists but without any real services and shopping options. plus the beaches are better on the mainland in Narragansett. everyone knows that.
Ruggles,
They accentuate the positive, but it’s not a laughable summary. There are certainly a lot of worse suburban towns around, with higher costs, worse transportation, worse schools, worse crime. I’d call it an excellent utility infielder among NJ towns, because it can work on a lot of levels, and residents can commute to work in a number of directions.
I walked and/or parked at the Fanwood train station working and going to school in NYC for years while living in Scotch Plains. If you work midtown, switching in Newark isn’t such a big deal, and if downtown, you’re better off taking the Path to WTC anyway. It’s a reasonable commute to NYC and lots of folks do it.
Scotch Plains schools are above average.
Crime rate is low.
Route 22 provides lots of convenient shopping. If you already know how to drive it’s not so bad.
As for the historic downtown, I really only shop at CVS. For a walk in a downtown, we drive 5 minutes and walk around Westfield.
During non-rush hour times, route 78 is about 7 minutes away from the north side of town. As for living near the Plainfield border, I recommend against it, but the police must guard that border well. But one might also live near the Westfield border, so there is a plus and minus.