From the NY Times:
At the Shore, Trying to Add ‘Corndog Fryer’ to a Long Résumé
As the unemployment rate climbed this spring, thousands of recently laid-off workers descended upon the resort communities along the Jersey Shore looking for summer work, hoping for an infusion of cash and a brief respite from job hunting.
But for many of the applicants who are older and have extensive résumés, finding work along the boardwalk can be as elusive as winning one of those deceptively easy-looking ring toss games.
The annual job fair here for Jenkinson’s Pier in March attracted more than 1,000 people in the first hour, as many applicants as it had in all of last summer, said Marilou Halvorsen, a company spokeswoman.
In Cape May, business owners have seen “the kind of résumés and applicants with the kinds of experience they rarely see in good times,” said Vicki Clark, president of the county chamber of commerce.
At the Shrimp Box restaurant in Point Pleasant Beach, so many people come in looking for work that the bartenders often joke about serving more job seekers than customers.
“Computer programmers, people from casinos, factory workers, salesmen, everything,” said Nick Gyftakis, the owner. “I’ve been in business more than 30 years, and we’ve never seen things like this before.”
Employers said the surge in applications was a drastic shift from recent years, when public pools and beaches in New Jersey occasionally had to close because there were not enough people willing to work as lifeguards.
Welcome to U-6.
Also from the NYT.
On a Furlough, but Never Leaving the Cubicle
Wendy Roberson, a state employee in California, founded the Fun Furlough Fridays Club partly as a joke, but also because she honestly believed that she would be having long-weekend-type fun on her forced time off.
Not quite. The Fun Furlough Fridays Club? It never met. Instead, Ms. Roberson has found herself working as hard as ever on most Fridays, and every other day of the week. Further, she has come to resent the very idea of a furlough more and more with each paycheck, every one 10 percent less than it used to be, as mandated by California’s budget cutters.
…
In California and elsewhere, people have put their imaginations to work trying to make the best of furloughs — temporary, usually unpaid, leave — ever appreciative that they are a far better alternative than layoffs.
But for many, the plans to turn the unpaid days into modest holidays spent appreciating the simple things in life like afternoon movies, walks in the park, naps or trips to see Grandma have given way to a different reality.
Some people take the time off but feel bad about doing so, out of loyalty to bosses and colleagues left to carry the workload. Others work quietly — and sometimes openly — through furloughs, because they fear for the long-term safety of their positions and hope their self-sacrifice impresses the management.
And some say the message from the management is unclear, leaving employees wondering: Is this real time off?
Simply green shoots at the Shore.
Pretty soon you’ll need a PhD to hand out darts, or be able to slap relish on a hot dog at the correct angle, make change at a parking lot, etc.
http://baselinescenario.com/2009/06/15/you-dont-get-a-vote/
A couple of articles regarding the regulation battle Dugan/Bair.
Chris Whalen had a great write up yesterday…I shall return..
safe, grim
So, how is that 100K college/gradschool bill looking now? education bubble.
From Bloomberg:
Europe Payrolls Shrink by Record 1.22 Million Jobs
Europe’s economy lost a record 1.22 million jobs in the first quarter as companies cut spending to survive the worst global economic slump in more than six decades.
Employment payrolls in the 16-member euro region fell 0.8 percent from the fourth quarter, when they declined 0.4 percent, the European Union statistics office in Luxembourg said today. The first-quarter drop was the biggest decline since the data series started in 1995. From a year earlier, payrolls contracted 1.2 percent, the first annual decline on record.
GM all… was at a flea market yesterday and the guy selling hot dogs was making a killing. he def went the extra step having homemade onions, chili & sausage an peppers. I got the basics an I know there’s permits etc to get, but does anyone have any specific experience/knowledge to share? How about cart cost, territory(do i need muscle?)… thx
From the WSJ:
Post Office Looks to Scale Back
Americans aren’t using the Postal Service as much as they used to. But that doesn’t mean it will be allowed to scale back easily.
Faced with wide losses and a long slide in mail volume, the agency is considering eliminating Saturday deliveries and closing more post offices. The challenge will be getting consumers, unions and lawmakers, who have fought even small changes in mail delivery, to go along with the plan.
“We know all the mail volume won’t bounce back” once the economy improves, Postmaster General John Potter said in an interview. “There is a need to change…. Every option has to be on the table.”
The volume of first-class mail, the Postal Service’s most-lucrative business, has been eroded by the migration of bill payments and individual correspondence to the Internet. The economic downturn has exacerbated the financial woes by hitting catalogs and other direct-marketing mailings.
The Postal Service reported a nearly $2 billion loss for the second quarter ended March 31, with mail volume down nearly 15% from the year before. Postal officials predict it will handle about 180 billion pieces of mail this fiscal year, down by 32 billion pieces two years earlier.
…
The agency is reviewing 3,100 post offices and retail outlets — out of 36,700 — for possible closure or consolidation, and it expects decisions by Oct. 1. Since 2000, the agency has shut 1,337 post offices and outlets, and since 2005 it has closed two of 380 mail-processing centers and consolidated nine. Dozens of other proposed closures or mergers were rejected, many following local resistance.
http://www.ritholtz.com/blog/2009/06/the-fdic-vs-the-banksters-regulators-feud-as-banking-system-overhauled-nyt/
Chris Whalen’s take @ The Big Picture on the NYT article. “The FDIC vs The Banksters: Regulators Feud as Banking System Overhauled”
“Dugan is a complete tool of the large zombie banks…
Meanwhile Sheila Bair and her colleagues at the FDIC are the only regulatory agency in Washington that is still trying to obey the law.”
#5 – Education might be frothy, but don’t ignore the biggest bubble in the room, healthcare.
grim 10,
but,i thought health care was going to save us all?
Everytime I go to the main post office in my town there is always a long line. I have given up and now go to the small, satellite post offices around. The staff is great and no lines. Plus, their hours are better than the main one! I don’t get it.
As to college/grad bills I don’t see how things can continue. 50k for a private university is crazy – and that is what a lot of them charge. Just out of principle alone I would never pay that kind of money.
grim, have you given any thought to leaving NJ due to the sad housing situation?
you seem to have a skill set (and the degrees to match) that could excel anywhere.
http://www.ritholtz.com/blog/2009/06/sheila-bair-vs-john-dugan/
Ritholtz has had it with this guy’s statements as well it seems…
“Sheila Bair vs. John Dugan”
“At just about every turn, the OCC has ruled in favor of radical deregulating and against consumers. Why the Obama administration has retained Dugan (he’s been around since 2005) is beyond my comprehension….”
New York City, too, once the capital of finance, is now saddled with Wall Street-induced unemployment and homes that are completely unaffordable for most of the region’s residents. The NAHB’s Housing Opportunity Index reports that only 14% of homes in the New York-White Plains-Wayne area are affordable on the area’s median income–by far the least affordable region measured by NAHB.
http://www.sacbee.com/topstories/story/1944947.html?storylink=omni_popular
“Golden State losing folks as old Dust Bowl Beckons”
From 2004-2007, 275,000 Californians left the Golden State for the old Dust Bowl states of Oklahoma and Texas.”
Loss of a job and no way back also affects families. Tends to shatter the weak marriages. This ripple affect will be felt for years to come. So how’s Obama doing on his ‘job creation’ boast….oh I mean goal….? Was it 2 million?
Ah, ‘underemployment’ was a pick of mine as a meme for 2k9. Go me!
Of course there is a solution to this. Mandatory 35 hr weeks with 8 weeks off per year. That way everyone will have to employed! It’s only a matter of time before someone proposes it.
Now, if you’ll pardon me I’m off to enjoy a Gauloises.
I don’t know if anyone else posted this, but, CalculatedRisk has a WSJ article on a Cali office building that sold for %40 of its construction costs.
Just how bad is LA and So Cal with regards to commercial space?
Essex,
True to his snake-oil-salesman ways, B.O.’s promise was to create or “retain” (as if one could ever quantify accurately the number of jobs not lost directly as a result of his policies). So, since one can’t measure retention, he can claim victory, sort of lile the Evil Dick and the Shrub could claim victory due to the lack of another 9-11-scale domestic terrorist attack on their watch — see, endangering Constitutional liberties was worth it, we kept you safe.
The stsatement that only a small percentage of homes in certain high-end communities are affordable to median-income earners ignores 1) the relatively small number of housing units in those towns and 2) ther area’s high population. Even if only a small percentage of people have the means to afford high-priced housing in high-end towns, the number of people contained in that small percentage of folks is still quite high. Not that I think the prices are reasonable.
1.grim says:
June 15, 2009 at 6:20 am
Welcome to U-6.
Here is U-6 in action….
http://www.youtube.com/watch?v=PXFypEOE7i0
Oh, and besides being layed off for months on end, I just got hit with a bill for $99,450 this past Friday for arthroscopic knee surgery. That’s after the insurance company paid him $15,000. This is the balance according to the doctor. This, for a 1.5 hour same day surgery. He claims that he’s out of network and supposedly doesn’t accept insurance but they were taking my co-pays all along and submitting to the insurance company so, doesn’t that mean he accepts insurance?
And isn’t it his ethic responsibility to tell me upfront what the potential costs may be? Considering the average price for arthroscopic surgery is around 5K to 7k, don’t you think I would’ve opted out and went to someone else?
Today from Mushnick..
How ’bout a $9 beer, Mr. Mayor? When you see Rudy Giuliani seated in those mostly unsold second-row seats at a Mets-Yanks game, you kinda lose hope that he’s the kind of politician/public advocate who will demand to know from the Yankees why taxpayer money built a ballpark that prices out so many taxpayers. After all, only staggering greed caused so many can’t-miss-’em empty seats throughout the weekend’s Mets-Yanks series.
And you begin to wonder whether Giuliani, wearing his Yankee cap while seated in an obscenely priced seat, fancies himself a populist while looking like an elitist.
“but don’t ignore the biggest bubble in the room, healthcare”
So, first you have it in for housing and now healthcare? What, Grim, you have something against people being healthy? (Tongue planted firmly in cheek).
On a serious note, does anyone remember the long and slow decline of Micky Mantle — the transplants and continued drinking? Also, has anyone ever seen, up-close, the massive amounts of care and technology applied to the very elderly with no prospect of revovery during the last days or weeks of life? There are times when it makes all the sense in the world to spend massive sums of money to treat the ill, and there are times when — were money no object — it makes us feel good to spend the money, and that justifies the spending (at least in our hearts). Unfortunately, money is an object and we need to seriously reconsider whether providing each and every possible treatment to nearly everyone, regardless of where they are in life, or how the injury/illness occurrerd is wise.
Two other things that suck up cash is medical office administration — in short, all of the people, time, and technology that go into billing, and duplication of testing and effort because of our fragmented “system” where the right hand does not often know what the left hand is doing and as a consequence procedures are duplicated, etc.
Gary,
Egads! It sounds like he has a balloon payment due on his option ARM.
Shore,
My wife and I are paying a visit to his office today. Out of work and sick to my stomach over this. Unbelieveable.
23 – Gary – did you get a 100% pure platinum knee replacement?
When I had my 2004 arthroscopic knee surgery, Aetna reimbursed my in-network surgeon a grand total of $744.
In 2005 when I had Lil Gator, Aetna reimbursed my doctor $2900 for 10 months of care including a c-section.
gary,
Just claim that you’re Mexican national and the government will pay for it all.
gary: first things first find out what
medicare would pay .starting point
doc’s know this
The shore was dead this weekend and dead every weekend since May 1st except for Memorial Day. We do not even put out help wanted signs. People stop in on average of 15 to 20 per day looking for work. We take no applications,no sense getting peoples hopes up.
Gary,
Holy szyt!!!
I know you can dispute and knock these down and all – but still – I would have fainted on the spot if I opened an envelope like that.
Shore,
I have seen the herculean level of medical service “provided” to elderly who’s outcome is not in question.
That is part of a bigger social question though. Its amusing in a sick way when a terminal elderly patient is denied a desired treatment, because it could be addictive or fatal event though it would make them as comfortable as is possible under the circumstances….
It seems to me that this issue is tied into abortion as well and that it is really a bigger question of how we define a “person” and what rights they have over their own life. it ties directly into assisted suicide for terminal patients as well.
Who’s up for a midday “unemployed” GTG???
Of course those with a job are welcome as well.
Tech question for the crowd. Is there a good opensource firewall app out there?
“Of course those with a job are welcome as well.”
Of course, how long will the employed stay that way if they take too much time off to hang out with the deadbeats?
:P
#5 kettle1
If I hadn’t met my wife at grad school, it would have been a complete waste of time and money.
Now I’m a man ho/kept man/trophy husband.
Progress? Green shoots? (At least occasional green poops in diapers)
Kettle,
Perhaps it is because so many of us squander our lives that we fear death so much. In a way, this has always perplexed me inasmuch as so many religions, especially those that predominate in this nation, define death as a transition to paradise. Either most of us fear that we do not live up to the behavior necessary to get to paradise or we fear that our beliefs are folly and there is no paradise at the end of this life.
I understand the fer of death for those whose familied depend on them for economic security, and in that case it is less a death fear than a fear of the fallout of one’s own death.
In any event, personal fear is a less-than-compelling reason for society to expend vast sums of scarce fiscal resources to delay slightly a foregone result.
Safe,
I am not saying education is a waste. But the current system has been heavily inflated by access to large amounts of easy credit over the last 10+ years. Its also tied to housing as in the last 10 years a lot of tuition money came out of home equity
#23 gary,
I hope that’s a bookkeeping error on the doc’s part. Otherwise that’s disgusting and I hope the doc is eligible for a perp walk.
#15 gary: So that means only one thing can happen? Prices will continue to fall.
31
The Seafood Festival in Belmar seemed to have it’s normal crowd on Saturday afternoon, it was packed. The beach wasn’t very crowded though.
We’ve been to the Point Pleasant boardwalk a few times, and the crowds do seem a bit lower than normal.
My parents rent a place for a week every summer in July, last week the owner called to offer them an additional week either before or after their week at half price.
SHore 38
to each there own, and i agree with your point. Why force your judgements on life&death on others?
To me death is just another of the many transitions that are part of life, albeit one of the big 2. Worry about living now, death will not forget about you. Why worry about it?
#25 hore guy,
I read back in 96 or 97 that 80 to 90% of all medical costs occur in the last 3 months of life.
#44 that’s Shore guy.
RE: #23 Gary – you are right in the middle of a game of chicken between the doctors and the insurance companies. Right now a legal battle in NJ is being fought between the doctors and the insurance companies over setting rates for service. The doctors have class action lawsuit against the insurance companies that they are violating Racketeering & RICO laws. Most insurance companies use a rate setting system called Ingenix, and they doctors are not too happy about it.
Basically the doctors believe that the database Ingenix is leaving out certain more expensive rates and it is averaging the rates much lower than they should be, that may be why your doctor is overcharging you by 100 grand.
First thing you need to do is call your insurer, after all you contacted them for approval for the surgery correct? They should be able to explain what they will do to clear this bill.
I am not sure what the status of the lawsuit in NJ is but here is some info.
http://www.mdinjurydisabilitylaw.com/tags/ingenix-lawsuit/
Safe,
“horeguy,” I have been called worse, lol. Just ask Sastry.
#39 kettle1,
Education costs are ridiculous. Back in the early 90’s, i knew people who could pay for their tuition room & board through summer jobs and/or working 15 to 20 hours a week during the year.
Now you’d have to gross 40k or more a year to bring home enough to cover a year at an NJ state school.
#39 kettle: No undergraduate degree is worth 50K a year, for 4 years, with perhaps the exception of the ivies. And that only for perception.
#35 – Ket – Is there a good opensource firewall app out there?
I know NetDefender was pretty popular for a while. I’m assuming this is for a Win environment?
More green shoots:
09:05 am : S&P futures vs fair value: -11.40. Nasdaq futures vs fair value: -18.00. Net long-term Treasury international capital (TIC) flows for April totaled $11.2 billion, which is far less than the $57.5 billion that was expected, and down from the $55.4 billion tally for March. Meanwhile, the 10-year Treasury Note is being quoted 10 ticks higher with a 3.75% yield and the 30-year Bond is up 14 ticks and yielding 4.62%. The U.S. Dollar Index is up almost 0.8%.
from previous post #107 re: searching for Bucks rentals. Pat, what is kw for searching mls listings? would love to check it out.
thanks
Tosh 50
yes
Going to clean up my computers while i have some free time and need to dump zone alarm…..
yes i know….
Sean/Gary,
Add to that, I would call whatever headline-grabbing politicians you can think of, at both the state and national level. I don’t know too many folks in this White House but do a search, find the names of domestic policy advisors dealing with healthcare reform, call the main number and ask for their offices, and get the fax number. Send a brief summary of the situation. They may want to make you a poster child, but it is one method of moving heretofore immovable objects.
What is wrong with Zone Alarm?
ZA used to be pretty good, but now it’s turned into a bloated memory hog. The same is true for the Norton suite of products.
Is anyone looking at this website?? do you think the prices are real??
http://reosearch.fanniemae.com/reosearch/r/NJ/-/-/-/-/-
I don’t know if anyone else posted this, but, CalculatedRisk has a WSJ article on a Cali office building that sold for %40 of its construction costs.
Just how bad is LA and So Cal with regards to commercial space?
tosh,
This is what is required to clear the market. There is no way that new development should be even considered or will be economically feasible until all this empty space is sold or demolished. 40% of construction cost sounds cheap, but when you think back to the dark days in major cities like NYC and Newark, buildings were being given away for almost nothing.
Shore 55,
what Sync said
” but don’t ignore the biggest bubble in the room, healthcare”
i have to disagree. I don’t if I’d call healthcare a bubble, more of a broken & mismanaged system.
The biggest bubble in the room you say or ask….
tis overproduction of cheap stuff & widgets.
The world has overproduced (via mostly China) stuff.
Stuff that has tapped out consumers, to consume that stuff.
Thats the biggest bubble, if my wee pea brain mind.
so, go run out and buy some cheap widget from China at the WalMart.
not to mention corn, but thats a different issue.
SAS
I drove through Basking Ridge and Warren over the weekend. On Mountain Blvd virtually every commercial building has for lease/rent or sale signs in the windows or lawn, like mushrooms after a rain storm. Yet driving up Mount Bethel Rd/King George Rd, there were at least 3 commercial buildings under construction. WTF?
#55 – shore – What is wrong with Zone Alarm?
For me it wasn’t a firewall so much as a software vector to deliver frustration and annoyance directly into my brain.
If you like the interface and it works for you, by all means keep using it.
For the ultimate in commercial vacancy, drive down route 10 heading west from Eisenhower Parkway in Rosedale/Livingston. I would venture to guess that from a vacant square footage viewpoint, there is more empty space than inhabited.
Gary – I had similar situation 2 years ago. Opened up a $20,000 bill for the “facility”, which they said was over and above my insurance coverage. I told them I would help them in processing my claim and collecting from my insurance, but there was no way I would be paying that bill. They immediately sent me a zero bill. Made me wonder if it was a scam….
“i have to disagree. I don’t if I’d call healthcare a bubble, more of a broken & mismanaged system.”
opps, let me clear that up:
not sure if we can define healthcare as a bubble, more of a broken, mismanaged system.
keep in mind too, hospitals go bust. Some sap will blame the mexicans. They will do a fist pump and claim, “those god damn wetbacks are going to ruin healthcare”.
hark… wrong answer. its not the poor mexican with a cough and a fever.
look no further than to your own physcian. Most of those cats run Medical centers, same day durgery centers, etc..etc…
They cherry pick. Someone comes in with good insurance, say a Cigna, they keep that patient.
Now, if someone comes in with no insurance, or a very limited coverage insurance, they pass them off to the local hospital that is required to take them. and let the hospital take it in the shins.
SAS
23.gary says:
June 15, 2009 at 8:10 am
Oh, and besides being layed off for months on end, I just got hit with a bill for $99,450 this past Friday for arthroscopic knee surgery. That’s after the insurance company paid him $15,000. This is the balance according to the doctor. This, for a 1.5 hour same day surgery.
Good warning to all to check the costs up front. A Routine Colonoscopy (57 minutes) at Easton Hospital PA in January was $16K, which is also ridiculous. Would have been @ $4K at Hunterdon Medical, so “Buyer Beware”.
SafeasHouses – 61
Been wondering that myself. My guess is that commercial needs to follow the income. Folks with cash been crowding into Basking Ridge and Warren for years.
Today’s tax news (and no help for poor gary)
“Progressive Policy Groups Raise Questions
About Proposals to Tax Health Care Benefits
Representatives of progressive policy groups met with congressional staff members on Capitol Hill June 11 to express concerns about legislative proposals to cap what is now an unlimited tax exclusion for employer-provided health care insurance.
Officials from the groups—Citizens for Tax Justice, the Economic Policy Institute, and First Focus—said they generally oppose capping the dollar value of employer contributions to health care premiums that current law permits employers to exclude from their employees’ taxable income.
Robert McIntyre, director of Citizens for Tax Justice, said alternatives to capping the tax exclusion could raise more revenue and be more progressive. McIntyre presented a series of 14 tax code changes that he said could generate enough revenue—more than $1 trillion in 10 years—to pay for a major overhaul of the health care system.
The tax code generally assesses high taxes on income from employment and low taxes on “money made from money,” McIntyre said. Citing estimates developed by the Institute for Taxation and Economic Policy, he said a balanced tax policy could generate the trillion dollars in revenue necessary to finance health care reform.
Repeal HSAs
McIntyre said that repealing health savings accounts, which he described as inefficient health care subsidies favoring high-income taxpayers, would generate $106.8 billion in revenue based on a 10-year budget forecast.
Among other tax code changes proposed by Citizens for Tax Justice is one that would apply a 1.45 percent Medicare tax to all adjusted gross income, including unearned income, which is now exempt from the Medicare tax, McIntyre said.
Requiring individuals but not employers to pay the 1.45 percent Medicare tax on investment income could generate $38.1 billion based on a 10-year budget forecast, McIntyre said. Raising the top income tax rate for capital gains and dividends to 28 percent for individuals in the top two income brackets could generate another $34.7 billion to pay for health care reform, he said. . . . .”
Thankfully, there are more than enough unions and other groups blocking the redistributionists at CTJ and CBPP, the two most outspoken of the soak-the-rich-and-anyone-who-looks-or-wants-to-be-rich tax advocacy groups.
Gary – if the normal cost is $5-7k and he already got $15k and is asking for an additional $99k, something is WAY off.
Hope you get it all straightened out. What a nightmare.
If he is sticking to his guns, getting quotes from other surgeons might be a good starting point before dealing with the headache and expense of lawyers.
A REALLY big friend might be useful too.
From ZeroHedge; Capital One Unadjusted Charge Off Rate Hits Record 9.91%.
Just a reminder that a mere 3 months ago the charge off rate was just over 8% – a 20% deterioration in 12 weeks and accelerating.
Shore Guy says:
June 15, 2009 at 8:23 am
“Also, has anyone ever seen, up-close, the massive amounts of care and technology applied to the very elderly with no prospect of recovery during the last days or weeks of life?….”
Agreed.
Unfortunately just saying so will get you labelled a s0cial!st in some circles. Or a meanhearted European looking to control others lives and make value judgements about them.
US culture is very anti-death (even anti-aging) and it will take a big shift (probably precipitated by financial crisis) to change that.
There is a slow move back towards hospice and the idea of a “good death”, one that allows the person and family to come to terms with it, get their affairs in order and say their goodbye’s. Not happening quickly though.
If you’re trying to block the outside nasty stuff from getting in, just make sure you’re behind some sort of router… Linksys, Netgear, D-Link, whatever. Even better if they support firmware such as open-wrt or tomato.
Don’t slow your machine down with extra crap…unless you really need to control outbound connections. Sitting behind a router and Windows Firewall, Yes.. Microsoft’s is fine for some extra inbound granularity… it even gets better for Win7. Let’s not start the fanboy stuff, please.
If the commercial RE bust in NJ ends up being as bad is it hints* it might be, what do you do with empty strip malls or worse partially occupied ones?
*Purely anecdotal observations on my part, lots of comm building over the past 10 yrs in NJ, lots of it empty, lots if it with limited prospects.
safe/bairen – How long did you live in the far East, what did you do there and how good are your language skills?
I might have a proposal for you.
Gary,
I’ve had the same surgery 3 x over 18 years.
NO WAY is that a $99,000 procedure after the insurance company has already paid $15,000.
Check with your insurance company before you go in there.
He’s probably been trying to bill them for more than the $15,000 – and $15,000 was generous for that procedure. Usually, insurance companies pay less than $10,000.
I forget how much my most recent one from ’07 was, but it was probably around $7,000 – $8,000.
It’s possible that if he took your co-pays and the insurance company’s $15,000, there’s some sort of condition attached to the insurance payment that in accepting it, he’s agreed that the payment constitutes payment in full.
Gary,
I suggest that you not pay anything more. About 100k for 1.5 hour surgery? These guys send nasty looking bills, but once you start talking, they may tone down their numbers.
If nothing happens, You can sue him for misrepresentation [nom can give you the legal term].
S
sas, you said:
They cherry pick. Someone comes in with good insurance, say a Cigna, they keep that patient.
Now, if someone comes in with no insurance, or a very limited coverage insurance, they pass them off to the local hospital that is required to take them. and let the hospital take it in the shins.
My brother is a tech in nuclear medicine.
They have that problem with the cardiologists.
Most heart patients come in via the ER.
The docs pick off the ones with good insurance for their own testing facilities.
From Reuters:
NY state factory slump deepens in June
The slumping New York state factory sector shrank at a more severe rate in June than during the previous month, the New York Federal Reserve said on Monday, confounding expectations of a slight improvement.
The New York Fed’s “Empire State” general business conditions index fell to minus 9.41 in June from minus 4.55 in May.
Economists polled by Reuters had expected a June reading of minus 4.5, and the surprisingly weak result challenges analysts who believe the U.S. economy is poised for a rebound.
“We’ve got a little bit of cold water thrown on the manufacturing sector’s recovery after seeing some persistent improvements. We’re now back down a little bit,” said Eric Lascelles, chief economics and rates strategist at TD Securities in Toronto, Canada.
[76] sastry,
There’s a lot there that could be actionable. I am not an expert in this area beyond garden- variety Consumer Fraud Act.
But I already have expert testimony lined up—BIL is an orthopedic surgeon.
REO/Foreclosure Question (Clott you here?)
I came across a pretty nice foreclosure this weekend that needs some minor work. Its new construction and some of the finishes needed to be completed. Anyway, my strategy is to let it sit another month or so since I doubt it will get any action and then eventually make an offer 30-40% off asking. For the most part, 30-40% is pretty arbitrary on my part but w/ all the fire sale condo auctions going on at 50% off asking – I figure what the hell?
The other thought process is that while I was at Franklin Credit I regularly saw assets being unloaded at 30,40,50 cents on the dollar (along w/ free washer and dryers). Knowing the importance of clearing out balance sheets I think perhaps the bank would consider a drastic offer.
In your opinion, what do I need to do to make the offer a strong as possible. (Given 20% down, strong credit, etc.)
Thanks for your help.
Looks like bankruptcy is back in style.
C’mon in, the water is fine!
Extended Stay Hotels Chain Declares Bankruptcy in New York
Extended Stay Hotels, which operates a chain of mid-priced extended stay hotels in 44 U.S. states and two Canadian provinces, filed for bankruptcy protection in New York today.
The chain, which has more than 680 properties, said it had $7.1 billion in assets and $7.6 billion in debts at the end of last year. The company employs approximately 10,000, it said in papers filed in U.S. Bankruptcy Court.
#80 – Does the home have a CO, if not, how much work does it need before you can get one?
If it is still under construction, you might be looking at a deal that needs to be financed with construction financing.
Hardly a strong offer under those conditions.
Builder I know just picked up a REO in rough shape, not new construction, but sufficiently stripped so that the property was not inhabitable. His offer was strong, but only because it was a no-contingencies cash deal.
RE: Post Office
Considering they’ve been raising rates on stamps about 2 cents every year; screw’em. I use the post office regularly; but that fact that it costs so much to send less then 1 ounce of paper is ridiculous. I’m even considering moving to online payments to avoid putting a stamp on all my monthly payments. Take 10 bills a month; and that’s just about $50 a year. Saves time as well, and I’ll pick up two cases of Magic Hat with my savings.
Would it be possible to lower treasury yields and boost the dollar by tanking the world’s stock markets?
grim (2)-
Boo fcuking hoo. They should fire that lady just for taking her whining, cry-ass story to the press.
grim,
it was built but never occupied so i think it’s about 99% finished.
i’m going to take a look at it this week.
listing here:
http://tinyurl.com/phillyreo
52 – think she means keller williams kw.com — one of the brokers in the area. Bucks county belongs to Trend MLS and they do not have a public MLS searchable database like garden state or the Lehigh Valley. so you have to go through one of the agency websites for mls listings.
also the bucks county intelligencer is one of the local rags. I think its http://www.phillyburbs.com or try philly.com
for the Inquirer.
Much cheaper to get surgeries and medical treatment done overseas. Travel First class, stay in a resort, get procedure done all for a fraction of the cost as compared to the US.
Hurry, this offer only lasts until the $$ is holding up in value.
http://www.eastfieldmedicaltourism.com/services.html
Zack (88):
When I flew to India last year, their were ads for overseas surgery, mainly Asia and India, in all of the inflight magazines. Prices for the medical work were usually about 1/5th of the costs of the procedures in the U.S.
Anyone want to buy a cape in Warren for 175k?
http://www.realtor.com/realestateandhomes-detail/16-Fairfield-Ave_Warren-Twp_NJ_07059_1110006511
Looking at the pictures, it might be cheaper to tear it down and rebuild rather than renovate.
#74 lishoosh,
I lived in Australia for 3.5 years. I’ve spent about 3 months in Taiwan and Singapore over 6 trips. My Mandarin level is like a toddler’s. I can understand a lot more then I can say.
#35 – kettle
I like firestarter on my Linux boxes. It has a nice easy to use GUI. It uses iptables to do the hard work but it’s all transparent to the user.
http://www.fs-security.com/
2ndary (80)-
Sounds like you have the big stuff covered. Just go in with guns blazing.
If the house is nt really finished and has no CO, make sure you cover yourself. Obviously, you’d have to potentially finish the house and/or obtain the CO yourself in order to close.
Great. I just duplicated Grim’s answer in #82.
Nice to see we think alike, at least.
#89,
The costs are more like 1/10th.
A no- brainer decision for doing routine surgeries..
I know some one who did a orthopedic procedure for his cracked knee.
The entire this cost like 10K which included 4 months of hospital stay.
The guy is back here in the U.S playing soccer.
If he had done the same thing here, the costs would have been like $150K which would have bankrupted him almost for sure.
#18
“Mandatory 35 hr weeks with 8 weeks off per year. That way everyone will have to employed! It’s only a matter of time before someone proposes it.”
if we are going to go the euro big state route then we might as well go all the way. crushing taxes without the perqs is pointless.
SRS looking rather old-skool today. I’m absolutely shocked (just shocked) that diluting your shareholders then paying dividends in worthless stock isn’t a great plan to save our rock-ribbed REIT industry.
Anybody else noticing how the green-shoots crowd is thinning?
Just saying.
Do the health insurance companies pay for any of the medical tourism? seems it could be in their interest.
Regarding the 90k arthroscopic surgery. Physicians bill that rate knowing full well that they wont receive it. They up the bill to the insurance company so that they will receive fair reimbursement.
In other words,
Bill 90k receive 2 or 3k
Bill 2 or 3 k receive 2 or 4 hundred
Thats why a Tylenol in a hospital costs 5 bucks. Any physician that hits you for the balance after receiving the check from the insurance company is a scoundrel. Most dont but some renegades do. You the patient are responsible for your deductible however. Never pay anything other than your deductible. Help your physician get fair reimbursement from the Ins company. Thats it, thats the perverted game.
thanks, clott. i posted the listing @86 w/ pics. it looks completed just never occupied.
Oh to be able to comment
Though it’s been nine months since Lehman Bros. filed bankruptcy and sold its brokerage to Barclays, the bank is still haggling with Barclays (BCS) over the ownership of many things, right down to the office furniture. Lehman reportedly wants to pay $5.9 million to buy back desks, chairs, tables, cubicles, and other equipment used at its Manhattan offices. Bloomberg reports: “The New York-based investment bank’s disputes with Barclays have ranged from whether the liabilities assumed by Barclays were less than what the parties assumed in setting the purchase price to who owns Lehman-logoed umbrellas.”
http://www.thebigmoney.com/features/todays-business-press/2009/06/13/wow-look-dow
“Anybody else noticing how the green-shoots crowd is thinning?”
If SRS does not give up today’s gains by the end of the week, I’ll be happy for a change.
:P
#80 Secondary Market
Put your offer in now there is no point waiting. The bank is not emotional and will not hold out waiting for their dream price. IF your number matches their number and you have a strong offer (no contingencies, High LTV) you will be in good shape.
You will be on the hook for the CO, you can get your good lawyer to work that and the excellent home inspectors report, into the contract to give you an out.
Ready…set…puke:
http://lansner.freedomblogging.com/2009/06/11/real-housewife-saves-coto-home-from-foreclosure/25593/
I don’t want the gov’t making the choice for me or my family about who gets to live or die. If you do not want your and your loved ones’ lives prolonged, I have no problem with that, but it is deeply problematic to allow the gov’t to make such decisions.
Here’s Jeana’s life coach. I’ve actually seen this guy live.
If I’d had a 30.06 in my hands (unlikely to happen at a RE sales rally), I’d have pulled a Lee Harvey on this huckster:
http://www.yourcoach.com/.
skep (105)-
Even if the dying person is Frank?
frank is a bot sent from 2005 to destroy us
Stu [102]
>>If SRS does not give up today’s gains by the end of the week,
>> I’ll be happy for a change.
… end of the week? How about by 3pm today?
Anyone going long this afternoon? The trend will continue till it ends?
chicagofinance
re: Rudy in the front row
Law and order candidates, the law doesn’t apply to them, but they do like to give orders. Back when he was mayor AND lobbying for the Yankees so they could abandon the Bronx (technically but inconveniently part of NYC) for a taxpayer funded Manhattan stadium, he was sitting in the front row for all those Playoff and World Series games with his son and friends. Conflict of interest? Yes? Illegal contribution to a candidate? Yes.
I think he an even bigger phoney Yankee fan than candidate Hillary who put on the Yankee cap to get us to vote for her. No real fan would support moving the Yanks out of the Bronx.
#104 clot,
Her little note pretty much describes many of the flaws of this country.
I thought this lady had destroyed her credit through multiple bankruptcies.
Looks like she had a big $$$ DP for her new crib in SC. And, a listing agent who actually thinks selling this psychotic ginch a house makes him a “celebrity” Realtor.
I particularly like his statement that his years of being in Toastmasters has helped him deal with the onslaught of media surrounding the deal.
I propose the US set up giant quarantine camps (surrounding Michigan with razor wire would be a good start) for people like this.
http://blog.yourcoach.com/client-tv-listing-agent-sold-home-mother-14/
#106 clot,
Many life coaches remind me of televangelists without bibles.
Seneca (109)-
Selling is not required in order for markets to fall. All that has to happen is for buying to cease.
And, boy, is that about to happen.
skep(105):
“I don’t want the gov’t making the choice for me or my family about who gets to live or die.”
How about, those who can afford it get the hear transplant at 100 year’s old. Those who can not die.
Besides all of the common reasons that healthcare is so expensive (billing, malpractice, insurance middleman making mega profit, drug advertising, etc.) at some point, the insurance company needs to say no. Otherwise, the insurance will become less and less affordable to most.
Perhaps there should be different levels of insurance based on varying levels of care offered.
So far, I for one, am an insurers wet dream. No auto insurance, homeowners or medical claims whatsoever. Closest thing I had to a claim was when I got three teeth knocked out in a hockey game. The league insurance paid the fee though.
Stu 89 – I remember Glamour UK did a story on this a few years back. They called it Surgery and Safari. Lots of women going to South Africa for cosmetic surgery. You can get your boobs done, recover in a 5 star hotel and then go on a safari for less money than it would cost for the surgery stateside.
“I never thought surgery could be so much fun…I had an absolute ball – Joyce”
http://www.surgeon-and-safari.co.za/
Dumb RE agents:
While looking at a house, a guy asked the real estate agent which direction was north because he didn’t want the sun waking him up every morning.
She asked, ‘Does the sun rise in the north?’
The guy explained that the sun rises in the east and has for sometime. She shook her head and said,
‘Oh, I don’t keep up with all that stuff….’
#110 RayC
I think I read somewhere that those seats are actually Buds. MLB has front row seats in every stadium so that Bud has a place to sit if he visits.
“Anyone going long this afternoon? The trend will continue till it ends?”
It will be interesting to see if the 2:30 buyer appears yet again.
Stu,
I believe the lack of claims to date might actually make you higher risk, as statistically, you are overdue for a claim. just a guess, i am not an actuary
“I believe the lack of claims to date might actually make you higher risk, as statistically, you are overdue for a claim. just a guess, i am not an actuary”
That’s what my casino hosts say when I ask for some extra benefits since I haven’t hit a royal flush in ages.
Of course, they don’t know how I’ve performed in other branded casinos.
Not sure if this has been posted yet or not, but it looks like O’bama is going to remake the market in his and Timmy’s image.
Jim
http://money.cnn.com/2009/06/15/news/economy/market_reorganization/index.htm?postversion=2009061506
Jim (122):
“looks like O’bama is going to remake the market in his and Timmy’s image.”
Ain’t gonna happen! Too much lobby money at risk as well as bank profit.
HE (119)-
Woe be unto the market the day that JPM doesn’t show up at 2:30.
Hey I just found out what Pret’s been up to:
http://1.bp.blogspot.com/_pwUsH-ung84/Siehjxn8hgI/AAAAAAAACCI/tbDUBcmFzP4/s1600-h/cats.bmp
Funny story of the day….
My former client from last week just called and wants me back…
#126 Ket
10% Rate increase.
Congrats
Sorry gary, cant do lunch….
So it seems that my unemployment status had about a 12 hour turn around.
So it seems that my unemployment status had about a 12 hour turn around. In business hours thats is
Yay kettle1!
I take back my well wishes :P
congrats, ket. i just watched good will hunting: “reeeeetaaaainnnner”
d2b says:
The shore was dead this weekend.
I was at Raceway Park in Englishtown on Saturday. The place was packed…until it started raining at least If Joe Sixpack is getting affected by this recession, I didn’t see it there. I didn’t get the impression they were blowing all that much on beeer and souvineers though. Maybe it’s the Joe Merlot’s being affected this go around.
Kettle:
Give yourself a few days if possible
Yahoo Finance:
VIX Climbs Past a Key Level, Signaling Trouble for Stocks
http://finance.yahoo.com/news/VIX-Climbs-Past-a-Key-Level-cnbc-15525876.html?sec=topStories&pos=1&asset=&ccode=
“One trader on Thursday bought 20,000 July VIX calls at the 45 strike and sold 55 strike calls for an overall premium of 42.5 cents in a trade that cost about $850,000 to execute. The net impact is that the VIX would have to beat the 45.42 level by the July expiration for the investor to make money. The VIX hasn’t been past 40 since April 21.”
GM interactive map… Interesting.
http://www.detnews.com/apps/pbcs.dll/article?AID=/20090531/SPECIAL01/90529004
More from Citizens for Tax Justice re: Estate tax
Caviar, Cruises, and Cocaine
A new report from CTJ examines a duo of new “studies” claiming that repeal of the estate tax is crucial to our economy. The studies, which were commissioned by a foundation established to promote repeal of the estate tax, use one-sided analysis to produce the conclusions that their funders desire.
http://www.ctj.org/pdf/afbfreports.pdf
#23 & 75:
I agree with what was said in post #75. Read your contract with your health ins. co to see what you are responsible for.
Generally, if the healthcare provider is getting direct payment from the insurer, he has accepted an assignment and is bound by the terms of the assignment. The assignment might prevent him from balance billings.
Again, read your contract and contact your insurance co.
Remember, I am not giving out legal advice–what the hell do I know: all I do is drink coffee, waste oxygen and surf the net! (if my boss is monitoring this—just kidding! I love working for this Firm. The partners are always right, ect, ect, ect.)
I think the O-man is gonna need a bigger bus. It is getting awfully crowded under there, and now the trial lawyers may have to find room under the bus:
“There have been indications O-bama has been quietly making a case for reducing malpractice lawsuits to help control costs, long a goal of the AMA and Republicans.
O-bama has not endorsed capping jury awards Former Senate Majority Leader Tom Daschle, D-S.D., said Monday that controlling the cost of malpractice insurance would have to be a part of the O-bama administration’s overhaul of the health care system.”
Though in order to placate ATLA, they would cap malpractice insurance premiums instead???? Methinks that would lead carriers to exit the business en masse. And that would not make the Messiah look very good.
I know we have a lot of lawyers on here…..sorry, there is no way around including the word Cornell….if you are interested, please let me know….
Labor and Employment Law Program
Advancing the World of Work
* Events
* Online Programs
* Faculty & Staff
Trade Secrets, Covenants, and Employee Movement
June 19, 2009 NYC
An Advanced Course
As employees seek new employment after downsizing and restructuring, taking knowledge with them from their previous employer, how can employers protect their intellectual property and employees continue to build their careers?
Recent decisions have clarified whether and under what circumstances employers can restrict future employment and enjoin former employees from utilizing alleged trade secret information.
This advanced workshop will discuss emerging theories for enforcement and denial of injunctive relief, including IBM v. Apple and Marsh v. Aon, inevitable disclosure, judicial estoppel, and the Computer Fraud and Abuse Act.
It assumes that participants will be familiar with basic concepts in this developing area.
SPEAKERS:
Alexander Barnard, Director and Counsel, Credit Suisse
Jerome P. Coleman, Partner, Putney, Twombly, Hall & Hirson LLP
William D. Frumkin, Partner, Sapir & Frumkin, LLP
WHEN:
Friday, June 19, 2009
8:00 am Breakfast and Registration
8:30-10:40 am Program
WHERE:
Cornell University ILR Conference Center
16 East 34th Street, 6th Floor
New York, NY 10016
Fee:
$85.00 (includes materials and continental breakfast)
CLE CREDIT:
2.5 CLEs – Professional Practice (Transitional and Non-Transitional)
[137] pa bound
Hope you weren’t drinking CTJ’s kool-aid there, cuz kool-aid is a lot more substantive than what you linked to.
While the “right wing” studies they criticize are certainly capable of being taken down on the merits (notably the comment that removing the estate tax would create new econ. activity–no one who writes regularly on tax policy takes that seriously), the CTJ “report” is utterly devoid of any real analysis, and consists solely of internet-style snark of the sort that certain regulars on this board hurl periodically (and I use “hurl” intentionally).
Disappointing, really. I had expected better.
Stu (135)-
Music to my ears. Hello .vix, my old friend…
[140] chifi
I went to a state univ., so I can’t possibly understand what you are talking about ;-)
Seriously, not my area but we have a large L&E practice so I will let them know. If there are parallel programs on tax or ERISA, I would be interested.
Vodka-
Congrats. Make those a-holes pay.
#23 Gary,
Ask to speak to the doctor specifically. A lot of physicians have been strong armed out of doing their own billing and the hospital administration now does it. These are the real blood suck parasites of the health care industry. I used to be involved in medical billing years ago. The simple solution to your 100k bill may be to simply offer than 500 bucks to accept it as full payment. The reality is, the real cost of health care is minute compared to what gets billed out. If they’ve already got 15k, they already got 500% on their work.
Gary,
Double check to make sure he is Out-of-network. If he isn’t he is balancing billing, which he can not do as a participating physician. Talk to the insurance company and tell them that is what he is doing. Provider relations will give him a call.
#25 shore,
if I ever get Cancer, the one thing I won’t get is Chemo. I’ve seen elderly people destroy their bodies with chemo and they all end up dying within a year or two. Meanwhile, my old neighbor got Cancer and refused chemo. Not only did he live longer, he didn’t feel like crap the entire time because he wasn’t taking drugs that actively bring close to death, which is what Chemo is. It kinda irks me when a lot of people who call for Universal Health Care always refer to “when you get Cancer”. When I get cancer, the last friggin thing I want on the planet are the things the health care industry supplies you with.
Nom,
When a paragraph starts with, “But never mind all that.”
You pretty much need not read a minute further.
I don’t even look at lobbyist propaganda anymore.
A bit of lunchtime Lou Reed:
I see The Sword of Damocles is right above your head
They’re trying a new treatment to get you out of bed
But radiation kills both bad and good
it can not differentiate
So to cure you they must kill you
The Sword of Damocles hangs above your head
Now I have seen lots of peoples die
from car crashes or drugs
Last night on 33rd st. I saw a kid get hit by a bus
Bus this drawn out torture over which part of you lives
is very hard to take
To cure you they must kill you
The Sword of Damocles above your head
That mix of morphine and dexedrine
we use it on the street
It kills the pain and keeps you up
your very soul to keep
But this guessing game has its own rules
the good don’t always win
and might makes right
The Sword of Damocles
is hanging above your head
It seems everything’s done that must be done
from over here though things don’t seem fair
But there are things that we can’t know
maybe there’s something over there
Some other world that we don’t know about
I know you hate that mystic shit
It’s just another way of seeing
The Sword of Damocles above your head
http://www.cnbc.com/id/31368988
Shore,
That headline is an all-time classic
Ben, #147
The cut-off point for chemo is supposed to be around the age of 75. After that, the rate and severity of the side effects soars, but a lot of people want “something.” They’re not prepared for doctors who tell them to go home and die.
My mother refused chemo at the age of 86 for pancreatic cancer. She felt it was futile, and would kill her sooner. She was just very grateful to be at home with the hospice service, rather than in an institution.
But my mother was one tough lady, too.
The cancer doc was pushing her to do chemo, and most people would have at least tried it. She didn’t. Just wanted the pain meds.
FRom above link:
Obama: US Could Go Broke Unless Healthcare Is Reformed
President Obama pushed hard Monday for a health care overhaul, saying the system is “a ticking bomb” for the budget that could propel America down “the route of GM” without a legislative fix.
snip
Clot/grim,
Have we already returned to, or are we still reverting to, to the 20-25% down and steady documented income standard?
This board, with it’s talk of the elderly, death,chemo, pain etc is getting depressing. The weather is nice today, can we be a little for positive, the world hasn’t ended yet. I get being bearish but sometimes I feel this board is a little dark.
zieba (154)-
Low/no-doc still exists. Expensive, but it’s there. Only catch is, now the risk to lender is priced correctly.
Low/no-DP and 100% financing still exist, too. It’s called FHA…and they’re setting us up for massive defaults well into the future.
Of course, the fall of FHA into a morass of bankruptcy and bailouts is rigged to go off even faster than the borrowers can default en masse.
The next generation will still be dealing with the fallout.
So, in keeping with today’s tone:
In the end, we’re all dead.
jcer (155)-
Come spend a week with me. I’ll wipe that smile off your face.
clot,
if my client hadnt called me back, i was going to see how many bottles it would take to get a spectators seat for a few days … ;)
vodka (159)-
Not many. A pop or two at lunch usually gets me to 5 PM, when I can really start drinking. :)
safe –
Bummer. I have a business plan that I had shelved, partly because it required outsourcing from the far East and I really didn’t have the time or contacts to attempt it on my own -too much potential to get ripped off.
Could have been good to look over it again.
And no, the aforementioned can’t be made here – no expertise, capacity or raw materials.
(Just in case someone wants to beat me over the head about outsourcing).
American Express announced its US credit card defaults rose in May to 10.4 percent from 9.9 percent in April. Amex is almost 1/4 of all credit sales volume in the US.
And the stock is up.
Why? Because the guidance indicated a write-off rate of 10.5%.
Green Card Shoots!
“I get being bearish but sometimes I feel this board is a little dark.”
jcer,
If you havent been in here when dow is plunging and everyone is talking about canibalism and living in the basement, then you aint seen nothin…
Anybody got a good recipe for roast femur?
#141,
Call it what you like. I just find the notion that the estate tax (or any tax) discourages people from working is absurd.
#161 lisoosh,
I’ve heard lots of horror stories about people getting ripped off or sent shoddy products.
I have a friend in Sydney from Hong Kong who has tons of stories. She doesn’t even trust the people in her network to not try to rip her or anyone else off.
147.Ben says:
June 15, 2009 at 1:00 pm
#25 shore,
if I ever get Cancer, the one thing I won’t get is Chemo. I’ve seen elderly people destroy their bodies with chemo and they all end up dying within a year or two. Meanwhile, my old neighbor got Cancer and refused chemo. Not only did he live longer, he didn’t feel like crap the entire time because he wasn’t taking drugs that actively bring close to death, which is what Chemo is. It kinda irks me when a lot of people who call for Universal Health Care always refer to “when you get Cancer”. When I get cancer, the last friggin thing I want on the planet are the things the health care industry supplies you with.
A friend of mine, with Melanoma, lasted three months on Chemo (Dartmouth Method). With every infusion, I watched him be destroyed. At the end he was a bag of fluid, with all organs failing. PET Scans lit up like a Pinball machine with each Chemo Infusion. Ironically, a month later the Journal of Oncology published an article on his condition and treatment titled “First Do No Harm”.
skep-tic says:
June 15, 2009 at 11:01 am
“I don’t want the gov’t making the choice for me or my family about who gets to live or die. If you do not want your and your loved ones’ lives prolonged, I have no problem with that, but it is deeply problematic to allow the gov’t to make such decisions.”
There is no life or death choice. Everybody dies.
The question is when and how.
In health care as in everything else resources are limited. Insurance/Medicare costs are already backbreaking. At some point in an aging population that is living longer and with more long term illnesses every employed person will work full time just to support the health care needs of one old person.
Just not a realistic scenario.
The limited resources will at some time need to be apportioned. Treating a 15 year old with non-Hodgkins lymphoma is a better use of those resources than keeping a 95 year old with pancreatic cancer on feeding tubes and a ventilator.
If a family wants to ARTIFICIALLY prolong the life of their loved one for whatever reasons, especially when there are no long term prospects for survival, then at some point, the costs should come from them, not from everybody else. Which is really what you are suggesting with your “gov’t choosing who dies” argument.
PA Bound says:
June 15, 2009 at 1:53 pm
“Call it what you like. I just find the notion that the estate tax (or any tax) discourages people from working is absurd.”
Estate tax was put in place to prevent the rise of an aristocracy and keep the playing field leveled.
A VERY American concept.
So here’s the response from my Realtor regarding the Foreclosure I posted earlier:
I’ll show you what ever you want…
But $579,900?
Why would the bank ever consider a bid in the low $400,000s?
Do I pull the Trump Card? And I mean the “You’re Fired” card.
Safe #167 –
Which is why I really wanted to work with someone with local experience and connections.
I know people who do it, so it can be done.
The problem with chemo is that almost every drug and every type of cancer has cases of complete remissions – whether they are at 0.5% or 50%. When the nature of cancer is understood better (this “when” is there for the last 50 years or so, and is always 10 years from now, though), oncologists will hopefully treat only the people with decent chance of getting a CR; right now, especially when the payment is made by the insurance/Medicare/Medicaid, it is a lottery with free tickets. In the UK with their “rationing” thing the maker of Avastin (which is actually not a chemo but a monoclonal antibody) agreed to get paid only for the cases where the patient actually got better… I don’t see what is wrong with this approach – not only for the drug cos, but for the doctors, as well.
[166] pa bound
“I just find the notion that the estate tax (or any tax) discourages people from working is absurd.”
At the margins, it does. Policy wonks refer to this effect as “distortion.”
every once a while, double-short wearing bears jumped out wood whey they see red. today is no exception. this is exact why people got sucked into srs kind of flawed instrument. let’s say srs up another 10% from here today to 20%. in the next one or two sessions, it goes down 20%. it takes only 5 such swings in a year and you will be down 25% at least.
By the way, i welcome today’s pull-back and thank sean for ung tip a few weeks ago.
Bi,
I thought you weren’t allowed to speak re that particular ETF? I guess you are not a man of your word.
#155
This board is not for the faint of heart.
Perhaps Grim should put a disclaimer on this board.
[170] lisoosh
in a manner of speaking. Since we don’t have actual aristocracy, the estate tax serves three primary goals:
1. prevent concentrations of wealth
2. encourage productive use of capital (inverse of 1)
3. Prevents deferral of gain recognition.
If you’re happy and you know it clap your hands,
If you’re happy and you know it clap your hands,
If you’re happy and you know it and you really want to show it,
If you’re happy and you know it clap your hands!!
(you too clotpoll)
clot, I was once nicknamed the “Oracle of Chaos”. Comparatively though I think you guys have me beat, I was called this when I made some bold sweeping predictions in 2005 about what I felt was an inevitable equities market crash. I’m not captain sunshine but I tend and don’t really smile ever, but am able to enjoy things, even simple things like a nice day and good weather.
176#, HEHEHE, as i can recall, the deal was if the particular etf falls down under $30, the contract will be void.
Stu, please confirm.
The Major Drug sales in the USA are Anti Depressants. Drugs of very questionable value, with significant side effects. Yet “O” and company are not looking into issues like why are most Americans Depressed? Or, what is the cost of treating side effects caused by questionable Medical Care.
Mid-Year Housing Update: The Good, the Bad, the Unknown
“Your home is not an ATM, and your home is not an investment” says Barry Zigas, director of housing policy for the Consumer Federation of America in Washington, D.C. “Your home is a place to live.”
If you’re planning to move in the next year or two, “it’s probably not the time to buy a house,” he says.
http://finance.yahoo.com/real-estate/article/107146/Buying-and-Selling-2009-What-It's-Really-Like?mod=realestate-buy
“I don’t really smile ever”
jcer, you are in the right place.
Anyone with family in Iran who can offer a first-hand account (well, second really) of what’s going on? The blogosphere is publishing some amazing/horrifying pictures but I am reading that most Tehranians are just going about their normal business? What gives?
“Low/no-DP and 100% financing still exist, too. It’s called FHA…and they’re setting us up for massive defaults well into the future.”
Clot, my realtor keeps tellimg me that you can get non-FHA financing w/ 10-20% down. Is she BSing me?
Sorry if this is redundant post… Its probably worth reading twice anyway.
Jersey City’s Beacon condominium, one of the largest historical restoration projects ever begun in the state, will be the first luxury condo in the Hudson River area to auction off some of its units. Twenty-five units in the two-tower complex will be sold at auction June 27, with suggested starting bids of $150,000 to $250,000. The units were originally on the market for between $380,000 and $700,000.
http://therealdeal.com/newyork/articles/historic-luxury-condo-s-units-to-be-auctioned-off-beacon-condominium-jersey-city-metrovest-equities-george-filopoulos
bi,
The contract was that SRS would go to 85 before it went to 25. At the time of the deal, It was at 50. I first offered you 75, but you said that was unfair. You asked for 80 and I said, “F that, I’ll even take 85.” The deal was that who ever lost could not utter the letters SRS ever again. Well it got into the 90s, prior to falling into the teens.
If you were a real man, you would honor your side of the deal. Instead, you have been revealed as a dishonest clown who does not hold up his end of the bargain. It may have something to do with your pea brain or perhaps your well known lineage to Frank.
Veto that (187): That auction has been discussed hear a number of times already :P
Comrade nom deplume says:
June 15, 2009 at 12:47 pm
[137] pa bound the CTJ “report” is utterly devoid of any real analysis, and consists solely of internet-style snark of the sort that certain regulars on this board hurl periodically (and I use “hurl” intentionally).
Nom: Are you implying that it is the “Zero Hedge of Taxation”?
188#, sorry i cannot recall the deal. fine i will go back to s*s mode. sounds better for you?
I never heard anyone talk about DFG, District Factor Grouping, in NJ. Im surprised. Anyway, in case you never heard of it, its a letter grade given to each town (or school district) in NJ, and it’s meant to sum up their socioeconomics. A’s are for Abbott districts and inner cities, J’s are for the rich towns like Ridgewood and Millburn.
The study is commissioned by NJ BoE and takes a variety of census data into consideration like poverty rates, parental occupational types, parental education attainment, med family income, etc.
I used this in my thesis work to make apples to apples comparisons of test scores to the amount spent per student for all NJ school districts. Not surprisingly, the more money a district spends, the worse the test scores but thats another topic that stresses the importance of parenting.
Here is the website. Should be useful to many here, i would think.
http://www.state.nj.us/education/finance/sf/dfg.shtml
“sounds better for you?”
Honestly bi? I don’t think your reputation here was ever anything to write home about. I wouldn’t worry about protecting it now.
lisoosh says:
June 15, 2009 at 2:05 pm
PA Bound says: June 15, 2009 at 1:53 pm
“Call it what you like. I just find the notion that the estate tax (or any tax) discourages people from working is absurd.” Estate tax was put in place to prevent the rise of an aristocracy and keep the playing field leveled.
A VERY American concept.
l: In theory, the estate tax ENcourages people to work. Not the wealthy in the immediate term, but rather the legacy recipients in the future with reduced fortunes.
“That has been discussed hear a number of times already”
Damn it stu, you always zap me with those. Are you with the RPPD? (Redundant Postings Police Dept?) ha.
Clot- if you have a sizable down payment, and could put 20-30% down, are you just better off hanging on to the cash and getting an FHA loan?
Are the rates tha much different?
#185 – Seneca – I’m looking at some of those pictures too. Wow. You usually don’t get that kind of a reaction in a ‘landslide victory’.
lurker… you seem joyful today. I recall that you are trying to sell (open house on July 4th)? Progress on that front? Or, are you hedged with SRS and cheering the jump up in SRS?
S
193#, come on stu it’s a day of joy. btw, what is your base for that particular etf?
veto that,
Nah, I’m simply the head master of reading retention.
I do the same thing to my relatives who constantly send me urban legends before checking out their validity over at Snopes.
Don’t feel offended.
The end is nigh…..
http://www.nypost.com/seven/06142009/business/fear_grips_google_174235.htm
Ket #126…
Congratulations. Also, my sympathies for the loss of your forced vacation. :)
S
“what is your base for that particular etf?”
I bet you are dying to find out. I’ve revealed all of my buys here on the blog and the percentage of the total amount that each purchase represented. If you really want to know so badly, start advanced searching in google and do the math. You can also verify the details of our bet that you somehow failed to remember as well.
#169
Lisoosh– with respect, I think you are dodging the essential question. All medical treatment can in a sense be said to be an “artificial” extension of life. But at some point you are saying a line needs to be drawn.
Who gets to draw that line and where? Is it the person him/herself, which is keeping with general notions of autonomy of the individual on which this country was founded, or is a gov’t beaurocrat, miles away, to whom you are just a number?
We can’t pretend that choosing to prolong one’s life isn’t a real choice, because millions of people do so every year. Denying that choice is a great restriction of freedom on an individual level.
JBJB says:
Clot, my realtor keeps tellimg me that you can get non-FHA financing w/ 10-20% down. Is she BSing me?
Assuming you have decent credit you can get up to 90% financing in NJ via conventional financing (FNMA/FHLMC). You will have to pay mortgage insurance over 80% though.
tosh #197
The commentary at the various websites makes for interesting reading.
e.g. “Could this be happening in Iran today if Iraq was not free?”
The solidarity of the Iranian people is coming through loud and clear. The implications if the smoke doesn’t clear quickly are hard to imagine.
One thing I would not want to be right now, even with the stronger dollar, is short oil.
203#, stu, you seems frustrated. don’t worry. your loss (if any) will be paper loss unless you sell it. right? if this rule applys to bagholders (home owners), it should apply to ultrashort owners. correct?
And one last thing bi, it is not a day of joy. It is simply a day of less pain. Give me 25 more days like today and I will be jumping for joy. Of course, I’m not really down a shiny penny. I have the patience to wait this one out. Just as I did last year when the short bans were put in to place. The only mistake I made then, was not doubling up when the Feds were changing the rules of the game. You see, I have something that your mayflyish experience lacks. Patience.
If God had never created ETF’s, this blog would have 1/2 the number of posts.
bi,
Not frustrated with my investments at all actually. I am playing with the banks money still, although admittedly there is a lot less of it these days then there was at the end of last year. I’m more frustrated that I chose to converse with someone who should not be trusted.
#206 – I don’t want to get ahead of myself but this looks very reminiscent of `89.
I’ve heard for a long time that there’s been a large liberal and educated population in Iran that was at odds with its own govt. Hopefully it’s now coming out, with as little violence as possible.
Could this be happening in Iran today if Iraq was not free?
A fair question to ask. I fear we, as a people, may be still too close to those events, both emotionally and chronologically, to judge. Besides that’s be a bit off topic.
in keeping with one of today’s themes, the Globe offers up this one:
http://www.boston.com/bostonglobe/editorial_opinion/cartoons/20090615_ink_tank?pg=2
I worry that the Iranian dismay over the recent election is most likely being blown out of proportion by the MSM who know that putting pressure on Amadinajab sells the news.
I don’t doubt that the election might have been rigged nor do I really care who leads that country of fanatics.
[190] chifi
Don’t read zero hedge enough to form a basis for comparison.
I only read zero hedge when one of you guys post a link to an article there. In my opinion, they are like the New York Post. Probably half of the stories are true, but occasionally they get an exclusive before the others do. Just too hard to do the research to determine which stories are valid.
It always amazes me how much we can learn if we just set our minds to it.
It always amazes me how much we can learn if we just set our minds to it.
[208] stu
“mayflyish experience”
good one. No LOL, but you got a snort out of me.
Nom,
Wasn’t sure if anyone would pick up on it. I highly doubt he did.
Chi,
Why must you be such an angry young man? Your future looks quite bright to me.
Housing is Recovering Faster Than You Think
skep-tic says:
June 15, 2009 at 3:19 pm
#169
“Lisoosh– with respect, I think you are dodging the essential question. All medical treatment can in a sense be said to be an “artificial” extension of life. But at some point you are saying a line needs to be drawn.
Who gets to draw that line and where? Is it the person him/herself, which is keeping with general notions of autonomy of the individual on which this country was founded, or is a gov’t beaurocrat, miles away, to whom you are just a number?
We can’t pretend that choosing to prolong one’s life isn’t a real choice, because millions of people do so every year. Denying that choice is a great restriction of freedom on an individual level.”
skep – yes I am saying that a line needs to be drawn.
If the individual or his/her family writes a check directly for any services recieved then they have the freedom to make any personal choice they wish.
In a situation where risks and costs are pooled – either through Medicare (supported by younger workers) or insurance (higher need individuals premiums are balanced by lower need ind.) then choices and decisions don’t just affect the individual and his or her family but all contributors. In that case one persons freedom is another persons bondage.
If a choice affects others why shouldn’t they have a say too?
It’s great to talk about individual freedom but we don’t live in a vacuum.
The best example I can think of is drugs – the ones currently illegal. I’m fine with personal use and believe they should be legalized. I’m not fine with drug users driving under the influence.
People should be free to do whatever they want to themselves. They shouldn’t be free to hurt or damage others.
Where a society shares limited resources, a line has to be drawn. That society has to decide where the line is.
grim – lengthy reply to skep in mod. No idea what was flagged.
#213 Stu:I don’t doubt that the election might have been rigged nor do I really care who leads that country of fanatics.
Neither do I. They wanted to live in the 12th century, and now they are. The Shah might not be looking so bad these days.
While waiting for my other post to come out of moderation here’s an interesting link showing the unsustainablity of the current system supporting medical benefits:
http://economix.blogs.nytimes.com/2009/06/05/reader-response-how-much-do-we-spend-on-health-care/
“At an annual growth rate of 3 percent, a wage base of $60,000 now will grow to $80,600 in 10 years. On the other hand, at an annual growth rate of 8 percent, a family’s total spending on health care would grow from $16,700 now to $36,000 in 10 years.”
#205 x-underwriter: Banks are also doing 10% down with higher rate, no PMI.
Iran – Iran isn’t a nation just of fanatics. They have a young and very diverse population who are frequently well educated, well aware of the outside world and reform minded.
The gov. there is currently blocking a lot of the news coming out and reports indicate some interference with internet communications which makes real time information gathering difficult.
Lisoosh (224) –
No worries. As soon as we get rid of the unions, the free market will take care of this mispricing.
What – we don’t have unions in healthcare??!? Rut-roh.
has this piece from the weekend been discussed?
http://online.wsj.com/article/SB10001424052970204482304574219813708759806.html
interesting, to say the least
No more Fast Money with Jeff Macke:
http://dealbreaker.com/2009/06/jeff-macke-officially-done-on.php
Sastry,
I am joyful. Everyday, hopefully :). And I meant open house like a party not a sale (as in, come when you want, leave when you want). You still have buyer’s brain :). Shouldn’t you be packing (or moving earth)??
Education might be frothy, but don’t ignore the biggest bubble in the room, healthcare.
Grim,
My sister works as an OR nurse at a major hospital in our area. Apparently the Hospital was spending on expected revenue and it never came through because of the downturn. They are now scrambling to scale back plans in order to meet budgets.
They are suspending opening a new wing of the hospital, suspending new hires, raises are non-existant, and benefits have been cut hard. I’m assuming that my sister was just talking about the nursing staff but she wasn’t specific. It is likely that the doctors are seeing the same cuts across the board.
[228] yikes
First I saw of it, but the issue is oft debated here. Very thoughtful and comprehensive piece, but devoid of any analysis of what might precipitate such a devolution. For my part, I theorized that certain states/regions may not want to be tethered to Washington when the country is mired in debt, and would seek to repudiate not only DC control but any responsiblity for the U.S. debt.
In the end, I doubt very much you would get actual secession, but at most a revision of the status quo (and constitution), giving semi-automonous status to states or regions acting as super-states.
Personally, I think you will see a consititional convention called before we ever get that far, which would alleviate pressures to dissolve the union.
Now, does that kick off debate or what?
Were they busy spending their money on green shoots for a nice salad?
http://www.cnbc.com/id/31373145
Here you brand new to the market, and the taxes are (drum roll please) $12,0000.00 per year. Yep this will sell 12k a year in taxes and rising mtg rates.
http://www.njmls.com/cf/details.cfm?mls_number=2927063&id=999999
#229
Had enough of that baldie though he made sense ocassionally. Next up is Adami.
From CNBC:
Credit Card Default Rate Hits Record High
U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America’s lending portfolio, in another sign that consumers remain under severe stress.
Delinquency rates—an indicator of future credit losses—fell across the industry, but analysts said the decline was due to a seasonal trend, as consumers used tax refunds to pay back debts, and they expect delinquencies to go up again in coming months.
Bank of America—the largest U.S. bank—said its default rate, those loans the company does not expect to be paid back, soared to 12.50 percent in May from 10.47 percent in April.
In addition, American Express, which accounts for nearly a quarter of credit and charge card sales volume in the United States, said its default rate rose to 10.4 percent from 9.90, according to a regulatory filing based on the performance of credit card loans that were securitized.
Credit card losses usually follow the trend of unemployment, which rose in May to a 26-year high of 9.4 percent and is expected to peak near 10 percent by the end of 2009.
If credit card losses across the industry surpass 10 percent this year, as analysts and bank executives expect, loan losses could top $70 billion.
Zack says:
June 15, 2009 at 5:05 pm
#229 Had enough of that baldie though he made sense ocassionally. Next up is Adami.
The show has never been the same since the credit meltdown. It had a real moment about it that has been lost. Ratigan and Macke were the best parts of the show, but it was clear that there began to be huge friction earlier in the year. Macke has been mailing it in for months now. No one seems to mention that his dad died, and he has never been the same on air since. He has basically been a lazy POS.
To be clear, regardless of what Dealbreaker says, Fast Money is virtually one of the only things on CNBC that has value. There is good insight on that show when they aren’t trying to dilute it to crap.
I hate it when TV network take their core audience for granted and dilute the programming to try and draw bigger numbers….
“U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America’s lending portfolio, in another sign that consumers remain under severe stress.”
It’s all priced in, nothing to see here but growth growth growth
23.gary says:
June 15, 2009 at 8:10 am
Oh, and besides being layed off for months on end, I just got hit with a bill for $99,450 this past Friday for arthroscopic knee surgery. That’s after the insurance company paid him $15,000. This is the balance according to the doctor. This, for a 1.5 hour same day surgery
The Thread is too far end but I will sugest calling the insurance and usually they will tell you the doctor has a contract with them,and that is the agreed payment and send the insurance the bill.
Anyone with family in Iran who can offer a first-hand account (well, second really) of what’s going on? The blogosphere is publishing some amazing/horrifying pictures but I am reading that most Tehranians are just going about their normal business? What gives?
Have you followed the twitter feed #iranelection. There are an estimated 6 million people worldwide that are following that thread. There were 200,000 people that showed up in azadi square today. They are calling for a “no-work” day tomorrow to protest the elections.
42 million votes counted by hand just minutes after the polls closed? I would say that something is strangely suspicious with the elections…
http://niacblog.wordpress.com/2009/06/14/election-unrest-day-two/
I for one could give two sh#ts about Iran. Let em do whatever the hell they want to….if they step out of line…we can always bomb them to kingdom come. Goes for anyone else. TUVM
does anybody have a clip of Jeff Macke and the car people incident?
New thread, up!
jcer (180)-
Sorry, but I’m so jaded that all that registers on me are: old Burgundy, older whiskey, top-flight soccer and 100-year-old+ handcrafted homes…with furnishings of similar quality.
Alas, I have neither the time nor the budget to fully indulge my tastes in any of the above, so I remain an embittered old man.
“…but am able to enjoy things, even simple things like a nice day and good weather.”
JBJB (186)-
No BS at all. It’s do-able.
You just won’t like the terms.
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