Foreclosures no longer a “low-end” trend

From the Wall Street Journal:

Foreclosures Grow in Housing Market’s Top Tiers

New data suggest that foreclosures are rising in more expensive housing markets.

About 30% of foreclosures in June involved homes in the top third of local housing values, up from 16% when the foreclosure crisis began three years ago, according to new data from real-estate Web site Zillow.com. The bottom one-third of housing markets, by home value, now account for 35% of foreclosures, down from 55% in 2006.

The report shows that foreclosures, after declining earlier this year, began to accelerate in the late spring and that more expensive homes have more recently accounted for a growing share of all foreclosures. “The slope of that curve in recent months is much sharper than it was recently,” said Stan Humphries, chief economist for Zillow. Rising foreclosures among more-expensive homes could create added pressure for a housing market that has shown signs of stabilizing in recent months as sales of lower-priced homes pick up.

Foreclosures are rising in more expensive markets as home values in those areas fall, leaving more homeowners with mortgages that exceed the value of their properties. Prime loans accounted for 58% of foreclosure starts in the second quarter, up from 44% last year, according to the Mortgage Bankers Association. Subprime mortgages accounted for one-third of foreclosure starts, down from one-half last year.

The prime category includes so-called exotic mortgages that were increasingly used to buy more expensive homes, including interest-only mortgages that allowed borrowers to defer principal payments during an initial period. Borrowers often aren’t able to refinance out of these products because the drop in home values has left them with little equity in their homes.

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173 Responses to Foreclosures no longer a “low-end” trend

  1. grim says:

    From the Star Ledger:

    Shutdown of Hillside light manufacturing shop shows economic toll

    Manufacturing’s slow death march continues in New Jersey.

    There are no more auto plants, as Ford and GM closed Edison and Linden this decade. Durable home goods, made by companies like Frigidaire and GE are long gone.

    From December of 2007 until July of this year, another 30,300 manufacturing jobs have been lost in New Jersey.

    Eighty of those belonged to Ernie Camuso.

    Here are more numbers to explain why business is hard to sustain in New Jersey, even with a transportation infrastructure and workforce army that should give the state every advantage.

    Property taxes: Camuso paid $23,800 a quarter, or $95,200 a year in property taxes to Hillside for a small light-manufacturing plant in the industrial and trucking corridor along Route 78.

    Environmental remediation: It will cost Camuso about $100,000 to clean up underground contamination to sell his building to satisfy state Department of Environmental Protection regulations, even though his business did not cause the problem. The process is bound with red tape, making it difficult for him to sell.

    Competition: “China can make and ship their products cheaper than it costs me to pay for the raw material.”

    The bottom line: After 63 years as a tool-and-die maker and plastics molder, Ernie Camuso is out of business. His building is for sale, and it’s empty except for him and his daughter, Marilyn Greco, who is helping clean up. Leroy Thomas, a maintenance man who had been with Camuso for 40 years was the last to go.

  2. Albert says:

    This country was build on manufacturing and we are letting this critical segment of our economy evaporate.

    People may chuckle but its true. These are the jobs that created the great middle class and allowed other industries to flourish.

    Ever wonder what the US will look like without a strong manufacturing base? To put it in perspective, without manufacturing, our current economic situation will be camelot compared to where we may be going.

  3. confused in NJ says:

    2. Albert

    Sad but True. Classic example is importing bullet proof glass for the Humvees in IRAQ.

  4. freedy says:

    its a big problem in NJ. companies find it
    so expensive to do business.

    i know another business ready to throw in the towel. taxes were just increased ,, to the moon. family has had it .

  5. George Soros says:

    Let’s vote Corzine out, seriously. No more tax hungry government

  6. Essex says:

    Foreclosure is the new black.

  7. Essex says:

    2. That’s why my gut tells me it’s over. Unless we can really ramp up innovative products and not outsource every aspect of their R&D and Mfg. If we can provide decent educations for the kids. IF and this is a big IF….can overcome the desire to simply become rich….we may be OK.

  8. crossroads says:

    essex

    this country has no interest in the future its all about keeping status quo. we’ve been selling out future generations for years

  9. freedy says:

    manufacturing is over in NJ. it s been over for years. Corzine is a shoe in.

    and it gets worse for NJ.

    It’s over. Grim makes the right move.

    get out, while you can

  10. grim says:

    Anyone have an Audi/VW shop recommendation? Preferably non-dealer.

  11. Shore Guy says:

    Places that make nothinh have nothing.

    Just look at the south not too many years ago, it was a poor, poor, poor. With the movement of manufacturing from the north east and great lakes, the south has prospered and now the formerly-rich-states are in debt and struggling to survive. The same thing holds for nations.

    Either make things or suffer.

  12. freedy says:

    #11 well , i guess we are suffering.

    unemployment ,, who do you believe?

    the gov. or the guy on the street

  13. Essex says:

    Sorry Grim. Knew an amazing guy in Clearwater, FL. You might call him and ask what they think.

  14. Essex says:

    Oops. Sorry just searched for him…and nope. Could not find! He rebuilt a 914 for me when I was 22. Awesome.

  15. db says:

    But Corzine said he has made new Jersey so business friendly ? Do you think he will make the closing of this factory one of his photo op ribbon cutting ceremonies ?

  16. Will V. says:

    Does anyone have anything to say about Christopher Daggett and his proposed property tax cuts? I am just wondering what you are all thinking.

  17. RentinginNJ says:

    Does anyone have anything to say about Christopher Daggett and his proposed property tax cuts? I am just wondering what you are all thinking

    Yes. I don’t think too much of it. Its not really a tax cut, it’s a shift to more sales taxes. I also don’t think the numbers add up. I just can’t see funding a 25% property tax cuts by taxing limousines, nail salons and landscaping.

    Besides, NJ doesn’t have a revenue problem, it has a spending problem. Unfortunately, none of the candidates will really address this.

  18. Cirrus says:

    Manufacturing is dead because it needs to be. It’s 20th century and belongs in developing countries since it’s essentially a commodity and race to the bottom. 21st century ‘blue collar’ is going to be knowledge workers who sit in front of workstations and actually need to think and share ideas with coworkers to solve unique problems. Of course I’m not sure what your average mfg employee in NJ or OH or MI does now but maybe education and retraining might be a good start? The world has changed, so either adapt and evolve or die. Blaming it all on govt or taxes is pointless or wishing things could go back to the way they were aint gonna change anything.

  19. freedy says:

    but wait. Sonic is expanding in NJ.

  20. 3b says:

    St Louis Fed Pres says unemployment going to double digits, but also says it is leveling off.
    How can you be officially heading for double digits and leveling off at the same time?
    Also warns about inflation.

    http://www.marketwatch.com/story/feds-bullard-warns-on-inflation-unemployment-2009-10-11

  21. grim says:

    Perhaps we should let manufacturing powerhouses such as GE, Caterpillar, Honeywell, Lockheed, Grumman, and Boeing know their time is up and they need to leave.

    Their employees would all be better off sitting in front of terminals typing up emails and memos.

    You do realize it is easier to outsource knowledge work than manufacturing, don’t you?

    I do, since I work for one of the worlds largest BPOs.

  22. PGC says:

    #10 grim.

    My friend uses an independent shop in Morristown.

    If it is an older Beetle or camper, there is a great place in Jersey City heights.

  23. grim says:

    There is an old Ford anecdote about a machine salesman who comes to his plant and tries to sell Henry a machine that could to the work of 20 men.

    Henry politely turns the salesman down with a simple retort, “but machines won’t buy my cars.”

  24. Shore Guy says:

    “Besides, NJ doesnt have a revenue problem, it has a spending problem.”

    We will not climb out of this mess by taxing more, and our representatives at every level have dhown themselves to be incapable of living within their budgets. Even when they pass laws to limit spending, they just amend them the next time they want to spend too much.

    Absent a constitutional requirement limiting increases in taxes, it is hard to see how we curb runaway spending.

    Nom, what, if anything, does ERISA say about modifications to state pension plans or their elimination?

  25. grim says:

    Perhaps instead of unemployment, we should rescind citizenship of laid off manufacturing workers. It’ll solve that pesky problem of what to do with all the folks whose jobs have been eliminated.

    Don’t worry Mr. Sixpack, China is a wonderful place. You’ll have no problem finding work there.

  26. Shelley says:

    This is probably more appropriate here as it addresses the main theme. Foreclosures in high dollar towns.

    Several big dollar houses on the market in Chatham about to head into foreclosure as sellers refused to drop their prices and they continue to bleed money. They are waiting for the the buyer (read sucker) who will pay for their mistakes. Unfortunately the clock is running on them and the suckers are not showing up.

    The amazing thing is several homes have sold in the $850-900K range in such toney areas as wickam woods or rolling hill or even the highlands. There is a real disconnect between some sellers and comps. These people believe the comps in their neighborhood dont affect their home because they overpaid or did this upgrade or that update.

    As the clock ticks, things are just getting worse in Chatham.

  27. DoughBoy says:

    Why must we continue to do what we “used to” do? Why is that the answer? Just because we came up doing something like manufacturing and blue collar jobs, we have to continue that trend because it worked in the past?

    Why can’t we evolve as a society into the new positions that are being created and invented every day?

    If the other countries can manufacture things so much cheaper… LET THEM! Let us evolve and grow to fill the new niches… not try to conform and hold tight to the old ones.

    Instead of being so worried about sticking to manufacturing, production, blue collar, and unskilled labor… let us focus on the thing that REALLY set us apart: Innovation and creativity.

    We either continue to evolve as a society or we’ll be left in the history books.

  28. chicagofinance says:

    10.grim says:
    October 12, 2009 at 8:10 am
    Anyone have an Audi/VW shop recommendation? Preferably non-dealer.

    There is a shop that specializes in BMWs, but they will work on anything and do good work on German stuff. Given the expense of fixing German cars, it is an important resource. Your friend needs to realize that these guys are zero customer service. Just nice older guys that love to fix cars, and will do good work for about 40% dealer cost and possibly 20-30% off everyone else. The replaced a timing belt on an A4 for under $500.

    Europcar just outside of Morristown going toward Mendham.

    Ket: vouch for them?

  29. Essex says:

    27. I invented the salad shooter and now I own a lexus and a timeshare!

  30. RentinginNJ says:

    Absent a constitutional requirement limiting increases in taxes, it is hard to see how we curb runaway spending.

    California has such a requirement and their state is still a disaster.

    My guess is that a NJ politician, with the backing on the unions and Abbott districts, would simply ignore such a mandate anyway. They would claim that they are required to spend $X because of various mandates, court orders, contracts, etc., so their hands are tied.

  31. grim says:

    I thought the Daggett fix was that property tax relief would only be given to towns who don’t increase budgets faster than inflation. This would effectivelult pit homeowners against increasing town budgets.

  32. Sean says:

    re #25 – Grim – During this Great Recession America’s manufacturing base may be on the decline but our nation’s ideological compulsion to manufacture war remains strong. We will replace those manufacturing jobs soon enough.

  33. 3b says:

    Much of the local high property taxes over the last few years is because of the massive increase on spending for school construction and renovation, all approved in refernedums by voters. Local towns cry in dismay that their state aid was cut by 1 million dollars, the same local towns that spend 25 million to 50 million and more on school renoavation/constructions. All done because local elected officials told homeowners it will make your house worth more.

  34. scribe says:

    From NY Magazine:

    New Jersey Nasty

    Oversize, overdriven U.S. Attorney Chris Christie is throwing everything to try to topple Governor Jon Corzine. The ex–Goldman Sachs head has plenty to throw back.

    http://nymag.com/news/politics/59895/

    * By Gabriel Sherman
    * Published Oct 11, 2009

  35. skep-tic says:

    #26

    “There is a real disconnect between some sellers and comps. These people believe the comps in their neighborhood dont affect their home because they overpaid or did this upgrade or that update.”

    Indeed. Many sellers (and some of their agents) still believe the baseline is what the seller paid or invested into the house, rather than what an actual buyer is willing to pay. I have had several coversations with realtors at open houses recently where the basic message was that the seller was unwilling to sell at the going market price!

  36. Shore Guy says:

    “! Let us evolve and grow to fill the new niches… not try to conform and hold tight to the old ones”

    Nobody is saying that we should cling to “old-line manufacturing.” But, we should be making things that matter for the future. We cannot compete with low-wage nations making certain low-level goods. That said, we should be pushing the envelope and making THE critical goods of the 21st century. If we don’t, where do we think our wealth will come from?

  37. BC Bob says:

    “If we don’t, where do we think our wealth will come from?”

    Paper speculators?

  38. Essex says:

    BC…didn’t MEGATRENDS predict we’d be a “service economy”….well? Howja Like Me Now???

  39. Comrade Nom Deplume says:

    [24] shore guy,

    Simply that ERISA doesn’t apply.

    Governmental plans, as defined in ERISA, are excluded from ERISA coverage.

    What that means is that the ability to terminate a plan or cut back benefits is a function of state law, and to the extent applicable, federal labor law (which might not apply—-not a labor lawyer).

    However, many rules governing plans are IRS rules, not ERISA rules, and some of those rules may still apply to governmental plans (though Section 411(d)(6) anti-cutback rule does not). So there may be some protections for governmental plans in the Code. Still, they have been largely exempt from federal regulation.

  40. Comrade Nom Deplume says:

    s/b “do not”

  41. Shore Guy says:

    ” several coversations with realtors at open houses recently where the basic message was that the seller was unwilling to sell at the going market price!”

    Let them sit and rot and decling further in value.

  42. Essex says:

    It is sales 101 folks come on. Seriously now. You simply cannot sell on price alone in a commodity market.

  43. Essex says:

    A good sales person can manage a price complaint and negotiate a sale. Especially in a high end or desirable market. Qualify first. Some of the looky loos probably are not even really buyers. Perhaps the realtor knows this and is just paying lip service to someone they cannot imagine could even cover the taxes.

  44. Essex says:

    One qualified: You must position the home in question and create the desire for the individual to live there. Alleviate tension that accompanies a high end purchase and hand hold through the entire cycle. Then…if need be…repeat.

  45. Essex says:

    *no…I am NOT a realtor.

  46. BC Bob says:

    “Perhaps the realtor knows this and is just paying lip service to someone they cannot imagine could even cover the taxes”

    Essex,

    The problem; they knew the same in 2003-2006, yet they laid down the red carpet.

  47. chicagofinance says:

    Posted: by Curtis Smith | Bio
    10-09-09 | 7:42am
    To Convert or Not Convert?

    An arcane, outdated IRS Code once again creates an income tax nightmare for financial planners (and by extension our clients) concerning conversion of tax-deferred accounts to Roth IRAs. The rules for this conversion are ripe for errors, as the tax code is not specific or detailed in scope. Financial planners are urged to use extreme caution and begin planning now. Bringing competent CPAs on board as part of the decision team is strongly advised. The dilemma: to convert or not convert. Traditional IRAs, SEPs, Simple IRAs, and 401k plans to Roth IRAs.

    Beginning January 2010, clients may receive all the benefits of a Roth IRA–no income requirements, tax deferral, and low balances in accounts due to the market meltdown (the recent market upswing withstanding). Further, the IRS Code provides for income tax to be paid over the next two years (2010 and 2011 and 2012) in a 50%/50% equal split for conversions. Tantalizing, yes, but does it make sense?

    Exploration should begin with our clients who earn more than $100,000 and have not had the advantage of making Roth IRA contributions in the past. If these clients can afford to pay the tax upfront (not from the conversion proceeds) and do not need the money for five years, the discussion may begin.

    Our clients with substantial resources, where the Traditional IRA will not be needed for retirement income, are the easiest to work with. From an estate-planning perspective, these clients should highly consider converting. For other clients who plan to leave their Traditional IRA to charity, conversion does not make sense.

    Not surprisingly, my discussions with peers and clients have centered on the political direction of the country concerning this decision. No one could imagine what has occurred with the massive government intervention in the economy over the past nine months. Also cited were capitalism being trampled upon, lack of Congressional leadership with unfunded mandates for Social Security, Medicare, and Medicaid, and the dollar being viewed by U.S. creditors as less worthy. Thus, there is fear income tax rates will revert to the highest levels in history within the next 10 years. To those with this specific view, converting makes sense regardless of traditional financial planning axioms. Paying now is less taxing to them than paying with future highly devalued dollars.

    There is also concern that Congressional spending levels will force all of us to have “defacto” Roth IRA-like accounts in the future. By this, people mean with a stroke of a pen, legislation will extract trillions of dollars in tax-deferred accounts. The baby boomers’ toll on existing government programs will be so immense that the government will be forced to eliminate all tax-deferred programs to keep the country solvent. Where is the government going to receive massive funding for deficits when this easy target of trillions of dollars exists? This may be doomsday thinking, yet it is already on the consciousness of some experts.

    In reality, those within the 25% marginal bracket, or under $137,050 in income for a married couple, should be our focus. My research thus far indicates this is to the prime target for our efforts, but only if these couples have the emergency funds to pay the tax upfront and will not need the funds for at least five years.

    Beware of the potential for a paperwork nightmare and increase in your firm’s overhead; price this service accordingly. Keep very accurate records. Maintain separate conversion Roth IRA accounts for at least five years before aggregating for clients. This will be in certain client’s best interests for sure.

    In the fourth quarter, it is crucial to provide good counsel to our clients. Let’s share our research on Roth IRA conversions and methods to explain this complex topic for our clients’ understanding. Your comments are most welcome.

  48. crossroads says:

    33

    I thought the battle cry was ” its for the children”

  49. DoughBoy says:

    36, Shore.

    Yes, I agree that we shoudl focus on those things that we can make that are part of the innovative curve. Pushing the technologicial envelope further. Looking for educational advance. Medical future.

    We must evolve as a society so that we’re not based on a low-skilled production based economy… instead we should move to a high-skilled, educated production/services economy. Being able to be fluid in our funtion is essential, rather than being stuck like we are now.

  50. make money says:

    http://www.maltzauctions.com/auction_detail.php?id=120637

    John,

    You’re a South hampton kinda guy right?
    Here’s a chance to pick up some of the playgrounds of the rich and famous for 60 cents on the dollar.

  51. Shore Guy says:

    “We must evolve as a society so that we’re not based on a low-skilled production based economy… instead we should move to a high-skilled, educated production/services economy.”

    Take a walk on the Seaside Heights/Park boardwalk on a warm summer night and take a careful look around, and listen to the people as they converse. Go to a high school football game and do the same. Likewise, for the mall, the DMV, the PTA meeting, the unemployment office, etc. Then tell me how sanguine you are about the ability of the vast majority of folks to successfully “move to a high-skilled, educated production/services economy.”

    Despite the proficiency of many “yutes” playing computer games, REAL computer skills are not what they should be amongst HS graduates. Overall, we have made ignorance “cool.” This trend alone will cause more problems for this nation than anything else, including our fiscal mismanagement. With the stroke of a pen, we can disclaim all our debt; we cannot so easily disclaim our doltishness.

  52. Shore Guy says:

    Make,

    From that link :”Maps show property is adjacent to “Fairfield Road”. This is actually a paper road and not an active road. ”

    This is perfect for people used to paper profits.

  53. DoughBoy says:

    Yes, shore. That’s the point. The cheetahs are chasing the herd… the slow, sick, and stupid are lagging behind.

    I guess I classify myself as one of those yutes. Came up playing those video games (hell, still do), yet somehow I’ve made my place in tech. I’ve found a niche.

    It is time for society to push the smarter is better mentality and let those from the shallow end of the gene pool get eaten up by the cheetahs.

  54. Comrade Nom Deplume says:

    [47] chifi

    For the past 4 years, I have been making nondeductible maximum contributions to my traditional IRAs, for me and the wife, so that if we convert to Roths, a large portion won’t be taxed.

    IRS has rules to keep you from gaming the conversion too much, like I did, so I left my last firm’s 401(k) in the plan as it doesn’t count against you for purposes of the anti-gaming rules.

    If you have rollover 401(k)s and don’t want to roll over everything into a Roth, you can transfer it to a current employer’s DC plan if they permit it (I asked mine but no dice. Will have to check the wife’s employer for hers if she has rollovers).

    As long as the spouse didn’t roll over her 401(k)s to IRAs, we can convert and approx. half the amount will be taxable. I just wish I could offset this with capital losses and my carryforward.

  55. 3b says:

    #48 It is for the childrens, parents.

  56. crossroads says:

    I would say that high-skilled thinking people helped create the current economic mess and supposed high thinking elected officials and those appointed are thinking us into a deeper mess. maybe we should put some of the idiots on the boardwalk in charge. keep it simple stupid!

  57. KeepFalling says:

    Does anyone have anything to say about Christopher Daggett and his proposed property tax cuts? I am just wondering what you are all thinking.

    —> By voting for Christie you are throwing your vote away. Daggett has a plan, Christie is not talking & by voting for Corzine or Christie we’ll have the same old B.S for the next 4 year’s. Corzine thinks the avg voter in NJ is DUMB. Vote for Daggett

  58. make money says:

    This is perfect for people used to paper profits.

    Great point shore. Maybe they can put up some of those paper profits as DP.

    Ps.

    I like that lot on Bay PKWY and W 10th street.

  59. Comrade Nom Deplume says:

    More Nobel prizes for Americans. I guess the Euros love us again. Though one of them won for a theory that isn’t exactly going to be popular in DC.

    “Americans Elinor Ostrom and Oliver Williamson won the Nobel Prize for economics for work on how community institutions can prevent conflict, the Nobel Committee announced Monday.

    Ostrom becomes the first woman to win the prize in its 40-year history.

    The award was a “great surprise… I’m still a little bit in shock,” she said by phone at the news conference announcing the prize.

    Ostrom, a professor of political science at Indiana University, was praised “for her analysis of economic governance, especially the commons.”

    Ostrom’s work shows that local communities often manage common resources — such as woods, lakes and fish stocks — better on their own than when outside authorities impose rules, the committee said.

    “Bureaucrats sometimes do not have the correct information, while citizens and users of resources do,” she said to explain the significance of her work. . . . ”

    Whaaaa? Bureacrats don’t always do things right? Planning better at local levels? Someone chuck her in the re-education camp.

    Besides, we should be giving the award to Obama. After all, he went shopping last month, right? Doesn’t that hold out “hope” for the economy???

  60. Shore Guy says:

    “the slow, sick, and stupid are lagging behind.”

    They may be lagging, but they will not be “eaten.” Under the new paradigm, those who did not work hard or push themselves to overcome obstacles or disadvantage and who have, as a result, failed to keep pace with the heard, will receive an expense-free bus ride to the front of the herd. After all, it is only fair.

  61. crossroads says:

    55
    in what respect? to feed their egos so they think they’re children have the best and are superior to other kids in the area through a nicer building and a turf field.

  62. Shore Guy says:

    “Christopher Daggett and his proposed property tax cuts”

    Paid for by defering payments to the state pension fund and by extra taxes on increases in legislator salaries?

  63. Shore Guy says:

    ” Nobel Prize for economics for work on how community institutions can prevent conflict,”

    Maybe they figure we will have a REAL need to solve conflict in our communities as things go from bad to worse?

  64. Comrade Nom Deplume says:

    [56] crossroad

    “maybe we should put some of the idiots on the boardwalk in charge.”

    With the exception of King Jon, didn’t we already do that???

  65. crossroads says:

    64 hmm good point. but do any high-skilled thinking people run for office?

  66. Comrade Nom Deplume says:

    I was reading Zelizer’s commentary on Obama’s Nobel prize, and I had this thought: Why not share this idea of reward for participating to other areas?

    For example:

    Who remembers that you got 200 points on the SAT just for signing your name? I think it should be 1200 points.

    For a driver’s test, Junior gets in the car and start the ignition? Here’s your driver’s license kid, you show promise.

    Show up for a job interview? When can you start?

    And for that matter, my name isn’t Bush and I have potential. So where’s my Nobel Prize.

  67. Comrade Nom Deplume says:

    [65] crossroads

    “I have no ambition to govern men; it is a painful and thankless office.”

    Thomas Jefferson

  68. Shore Guy says:

    “do any high-skilled thinking people run for office?”

    Nobody that I know, many of whom are deeply interested in politics, and would both like to run and would be great additions to the political process, would ever throw their hat into the ring. Politics is a blood sport and very few people with other options will willingly enter the fray. I suspect this is why we see so many multi millionaires in the senate; they do not need to work and can afford to take the hits.

  69. 3b says:

    61 So the self centered, self absorbed, therapy addicted, self medicated,later baby boomers can sell their POS houses trimmed with granite to the same children they claim to care so much about at ridiculous prices with gut wrenching tax bills.

    We did it for you!!!

  70. DoughBoy says:

    “I would say that high-skilled thinking people helped create the current economic mess and supposed high thinking elected officials and those appointed are thinking us into a deeper mess. maybe we should put some of the idiots on the boardwalk in charge. keep it simple stupid!”

    Nope. What helped create the current economic mess was stupidity, greed, and corruption.

    The stupidity that those idiots who couldn’t afford houses should still be given a chance to buy them.

    The greed of people to try and use those houses they couldn’t affort as a bank account.

    The corruption of those to turn their heads while it was all going on… and about to blow up.

    What I’m talking about has nothing to do with “paper profits” or the BS that got us into this mess.

    What I’m talking about is the evolution of a society.

    No, the slow, weak, and stupid aren’t being eaten right now because the smart, strong and fast are being chained and held back by the corrupt ones.

  71. Essex says:

    72. Dboy. Yep. We got dumb and mean….people feel “entitled”….and most just are not that lucky.

    This whole meatball has actually made me a …. shudder …. more conservative person. At least from a fiscal standpoint. I need 5 years.

  72. 3b says:

    #72 The high skilled, high educated, so called high thinking people, gave it to the idioits who could not afford it. They are just as guilty.

  73. I'msane says:

    Doughboy said in 53:

    “Yes, shore. That’s the point. The cheetahs are chasing the herd… the slow, sick, and stupid are lagging behind. I guess I classify myself as one of those yutes. Came up playing those video games (hell, still do), yet somehow I’ve made my place in tech. I’ve found a niche. It is time for society to push the smarter is better mentality and let those from the shallow end of the gene pool get eaten up by the cheetahs.”

    Social Darwinism at it’s best. I hope your cheetahs know how to plant the crops (for the ingredients that magically appear in a Domino’s pizza box), harvest the timber (to build the sofa you’re sitting on), maintain the pipes that move natural gas, water and waste to or from your home (unless it’s your glass 420 pipe), and on and on.

    Once the herd has been culled will the cheetahs simply eat less or do they work harder to catch the smarter, healthier and faster prey? Or do they just eat each other?

    We could have robots do all the work. I can envision a world where all telecommuters could sit at their desks and design processes to build the robots that make the machines to build the robots that educate our children.

    The geek will inherit the earth.

    I’m going back to my cave.

    Respectfully,
    Sarcastic Lurker

  74. Shore Guy says:

    I was just looking at a house listing where the price on Realtor.com and Zillow (for the same bloody home) differ by $700,000. This is not the Zestimate, mind you, but the for sale price. How does one end up with such a difference? Zillow, by the way, is the higher one.

  75. Shelley says:

    #35 There was a house on the market on MacEvoy in Chatham for $1.229,000. Nice home but overpriced by 200K. Despite this fact, the house sold at least twice and when it did not appraise close (under a million) it came back on the market. We believe it sold again and did not appraise and the sellers are giving up pending the return of the market. Unfortunately, the owner at 37 Huron, who really needs to sell is refusing to lower his price. He has had his home on the market for between $1.375 and $1.55M for the past 20 months. He paid $1.45M and has a huge mortgage on the home. He has turned down offers over a million when his house is probably worth $1M to $1.1M at best. His reasoning for turning down offers is that he will basically just have to hand the keys overs and will not recoup anything. To him he would rather go into foreclosure than sell in a short sale. Either way he ends up with nothing and he keeps chasing the dream that the market will return.

  76. DoughBoy says:

    75. First, I find it mildly amusing that you sign something “respectfully” when it is full of flippant remarks.

    Perhaps you’re at the back of the US herd, so I’ll explain it to you:

    The cheetahs are those countries who CAN plant, harvest, and manufacture cheaper, faster, better than we can.

    Those at the back of the pack in the US are those who are losing their jobs to outsourcing, globalization, etc.

    Those at the front of the pack are those who continue to evolve, educate themselves, innovate, and come up with the things that keep them on the leading edge.

    So yes, the cheetahs do know how to plant the crops, harvest them, etc.

    Yes, the innovations can come in methods the improve those ‘old’ sectors, but they must also come in the form of new, higher skilled functions of society.

    That is, unless people like you would rather just sit back, take a lower wage, and pick lettuce all day long.

  77. Essex says:

    75. really? As a former “tech” refugee with a dozen years in the business and two IPOs I laugh at your statement. You obviously didn’t live through the nineties — Much.

  78. Essex says:

    P.S. That dozen years was well before 2001. Go figure.

  79. Essex says:

    Tech had a seat at the table for a while and got shoved into the back office. again.

  80. Shore Guy says:

    I’m

    The strong of th heard also include skilled blue-collar workers, many of whom are very bright and capable. The problem is that we have a huge percentage of dolts who feel entitled to a standard of living that they did not earn.

  81. Essex says:

    Dolts need love too shore.

    and beer. lots of it.

  82. chicagofinance says:

    l: France

    the bastion of free-enterprise and opportunity for all…
    http://news.yahoo.com/s/ap/20091012/ap_on_bi_ge/eu_france_sarkozy_s_son

  83. BeachBum says:

    #78 – can we go back to discussing cougars? This is hurting my head…

  84. Essex says:

    I want to see us make everything we use. They have told us that Americans don’t want factory jobs or production work. I don’t believe it. Make the hours tolerable — the wage fair.

  85. DoughBoy says:

    Isolationism doesn’t work Essex. We have to learn to use the globalization as a tool, not be afraid of it.

  86. crossroads says:

    Dboy

    the superior thinkers came up w/ securitizing loans which they assured us would virtually make risk disappear and we could then loan to anybody and defaults wouldn’t matter. so the entire strategy started from your high-skilled thinking jobs which in essence fu@$ed everything up. The idiots loaning the money not borrowing. the idiots borrowing are sitting mortgage free for up to 2 years in a nicer house then they could ever afford. evolution? seems the smart people were out thunk

  87. DoughBoy says:

    88. Incorrect Crossroads.

    You’re confusing superior thinking with corruption.

  88. chicagofinance says:

    crossroads says:
    October 12, 2009 at 12:17 pm
    Dboy the superior thinkers came up w/ securitizing loans which they assured us would virtually make risk disappear and we could then loan to anybody and defaults wouldn’t matter. so the entire strategy started from your high-skilled thinking jobs which in essence fu@$ed everything up. The idiots loaning the money not borrowing. the idiots borrowing are sitting mortgage free for up to 2 years in a nicer house then they could ever afford. evolution? seems the smart people were out thunk

    X: Don’t blame the sausage makers. They followed their incentives. You need to blame the people that were willing to funnel the money to the banks (i.e. investors). Once the demand dried up, the sausage makers starting eating their own food. It killed most of them (i.e. WaMu, Lehman, Bear, Countrywide, Wachova, Merrill Lynch). Isn’t that enough for you?

  89. confused in NJ says:

    The big issue is Pseudo Service Economy’s aren’t Real. Most people growing up in the Pseudo Service Economy are not cognizant of the Fact that what they do is irrelevant. Parasitic Overhead.

  90. grim says:

    Easier to outsource knowledge services than anything else.

    You really don’t think were the only country with smart folks do you?

  91. chicagofinance says:

    You do not have to like it, but do not ignore the data that does not fit into your premise……
    http://www.bloomberg.com/apps/news?pid=20601103&sid=aT1nPG0YoeYo

  92. gary says:

    freedy says:
    October 12, 2009 at 9:04 am
    but wait. Sonic is expanding in NJ.

    Post of the day.

  93. BeachBum says:

    The bankers keep acting like they won’t be next – why the dolts in Congress don’t see that makes me wonder…

  94. DoughBoy says:

    92: Grim

    Of course not, however we’re a coutry whose strong point is NOT its ability to manufacture things in high volumes for low costs, so we must evolve.

  95. crossroads says:

    there weren’t many people trying to stop the wrong that was taking place. so are superior thinkers all corrupt? is everybody? where is the evolution there? shouldn’t we be a kinder gentler supreme thinker??

  96. Shore Guy says:

    Does anyone here know anything about Fernandina Beach, Florida?

  97. grim says:

    96 – All well and good but the trend you speak of will take decades to play out. It doesn’t solve the problem of retaining an entire workforce for jobs they can’t currently do.

    And what do we do with those who can’t do those jobs? Welfare? Deport them?

  98. Shore Guy says:

    “You really don’t think were the only country with smart folks do you?”

    Grim,

    Worse yet, it is not just a matter of smarts. I have seen in lots of different settings, from academics, to sports at the collegiate, olympic, and professional level, to industry, and on and on, that native ability is far less important than having a fire in the belly and working hard to beat the “other guy.” We have become, in many respects, fat and lazy, wheras throughout our history we were the ones who outworked the rest of the world. For the moment, we are content to let the rest of the world out work us. We will either get off our @$$es and get back to work or we will be passed. Remember, when we started out, France was a world power and not long before that so was Denmark.

  99. grim says:

    Retraining Not retaining

  100. Secondary Market says:

    Off topic and probably poor etiquette for the site but my Philly apartment will be available Dec 1. Please email Grim for my email if you have a friend of a friend of a friend interested in moving to Philly.

    2b2b in Old City. $1,650 no fee.

    Thanks!

  101. gman says:

    Grim,

    As far as Audi/VW dealer, try Ramsey corp in Bloomingdale.

  102. DoughBoy says:

    97: Yes, those that were in power were corrupt. Those that saw the writing on the wall… well, some of us post here. Our only power was to step back and watch it come crashing down.

    98: yes, I agree it will take decades. Just because something will take a long time, doesn’t mean we shouldn’t start it. Had we actually had started to retrain/retool our workforce a decade ago, we’d be that much further.
    Those who can’t/won’t evolve… well, we’ll always need people to serve burgers and fries, dig ditches, etc.

  103. Barbara says:

    17.

    “Yes. I don’t think too much of it. Its not really a tax cut, it’s a shift to more sales taxes. I also don’t think the numbers add up. I just can’t see funding a 25% property tax cuts by taxing limousines, nail salons and landscaping.

    Besides, NJ doesn’t have a revenue problem, it has a spending problem. Unfortunately, none of the candidates will really address this.”

    I met Dagget and spoke with him for a few minutes. It was clear that he wanted to just give me his campaign speech in one on one conversation form, then I started asking questions and commenting in an informed manner. He didn’t seem to like that. I wasn’t impressed and its true, he won’t cut anything not from what I heard.

  104. Shore Guy says:

    Beach Bum,

    This is not my style but, it is hard to say that more expensive in Bradlee, or Belmar is a better deal than this:

    http://www.realtor.com/realestateandhomes-detail/123-S-Fletcher-Avenue_Fernandina-Beach_FL_32034_1102081898

  105. Shore Guy says:

    Barbara,

    It should not be beyond the ability of lawmakers of good faith and good intentions to not only stop spending more each year but to reduce spending (not the increase in spending but actual YOY spending) by 1% per year. If we do this for 10 years in a row, we will solve a good many of our problems, as we will, by necessity, cut the size and scope of state government.

  106. make money says:

    http://www.youtube.com/watch?v=THqDidIr4Xs&feature=related

    Clot,

    You believe all these shots and no one got hit. When I was taught to fire a gun that same day I was taught how to AIM. What’s the sense of carrying HEAT when you can’t through a brick in the ocean.

    The guy outside kept jumping like while firing a gun.

    I laughed so hard I almost sold some Shiny.

  107. Barbara says:

    107. Shoreguy
    I agree it is fiscally feasible but politically? Impossible. As I have said on this blog before, any NJ lifer with family and friends here, take into account every couple you know and out of them, how many have a spouse with some kind of govt job. Local, muni, state etc. Everyone talks a good game about govt workers, bloated budget but so many here have a SIL, spouse, Dad, Mom, getting that salary and benefits and they could never get it back in the private sector.

  108. Shore Guy says:

    When the captain coes on to say the ship is sinking, throw overboard everything that is unnecessary, people may or may not feel the urgency to comply, when their ankles are getting wet, they may. When their knees ar wet, it may be too late. I think we are in the wet ankle phase right now, but I suspect the time it takes to get to wet knees will be far less than anyone envisions.

  109. BeachBum says:

    Shore – 106-
    Can’t open the link…there’s an address I like in Belmar owned by a councilwoman in Long Branch – not for sale, but I’m tempted to just cold call her.

    BTW, what happend to that short sale in the 300s on 5th in Belmar?

  110. skep-tic says:

    politicians will stop spending when they run out of money, just like the homedebtors.

  111. Shore Guy says:

    comes on, even

  112. Shore Guy says:

    Skep,

    Tha was David Stockman’s view. In the ’80s I thought he was wrong, but now I am foresquare behind that view.

  113. Shore Guy says:

    Beach,

    I don’t know. Perhaps NJC knows.

    I need to be near the beach, but I am not wiling to overpay for it. Beyond the housing price, what concerns us about beach communities in NJ is the runaway debt, which will have to come out of someone’s hide. We saw what hapened in OG once Neptune realized that the Grove could support the rest of the town’s spending needs.

  114. NJdroppingtheball says:

    This is a bit late, but theres a long standing porsche and audi shop on the corner of Crooks ave and Rt 46 extension in Clifton NJ

  115. Frank NJ says:

    Yes, shore. That’s the point. The cheetahs are chasing the herd… the slow, sick, and stupid are lagging behind.

    I guess I classify myself as one of those yutes. Came up playing those video games (hell, still do), yet somehow I’ve made my place in tech. I’ve found a niche.

    It is time for society to push the smarter is better mentality and let those from the shallow end of the gene pool get eaten up by the cheetahs

    Without sounding personal, you have not a clue so lets unwrap your comments and really address them.

    What your saying is these dumb blue collar slobs should get devoured in the information age because the lack the intelligence and/or education to compete.

    In your environment, perhaps but lets also talk a little Darwin – you continue with a deteriorating economy(including basic manufacturing), more people out of work, out of hope and no food in their stomachs, then what you have is the fundamentals for civil unrest and the survivors of that environment my friend are not necessarily the ones with the diplomas and tech jobs.

    While this is an NJ forum (as it should be), the US is composed of a lot more than the garden state so perhaps you should jump a jet to the industrial heartland and take a look around at some manufacturing towns and share your thoughts at some local watering holes / union halls and you will get a little taste.

    Not everyone is born with your intelligence and may not be able, no matter how hard they try to do what you do. Like it or not, you get enough people in dire straights and there will be problems. History has validated this over and over.

  116. zieba says:

    Grim,

    Tony’s muffler corner of Locust and Paterson in Wallington. I know the owner and the hourly rate is $50. Just had a fuel pump done on my 9-5 so they know their way around an import.

  117. DoughBoy says:

    It doesn’t suprise me at all, given your history… but your analysis is incorrect Frank. Read the whole thread.

  118. Shore Guy says:

    Frank,

    You missed my point and mischaracterized my position.

  119. chicagofinance says:

    eh…..we have Nostradamus….

    Frank NJ says:
    October 12, 2009 at 2:31 pm
    In your environment, perhaps but lets also talk a little Darwin – you continue with a deteriorating economy(including basic manufacturing), more people out of work, out of hope and no food in their stomachs, then what you have is the fundamentals for civil unrest and the survivors of that environment my friend are not necessarily the ones with the diplomas and tech jobs.

    perhaps you should jump a jet to the industrial heartland and take a look around at some manufacturing towns and share your thoughts at some local watering holes / union halls and you will get a little taste.

    Not everyone is born with your intelligence and may not be able, no matter how hard they try to do what you do. Like it or not, you get enough people in dire straights and there will be problems. History has validated this over and over.

    http://www.nypost.com/p/news/national/cops_hunt_suspects_in_ohio_bar_gunfight_AIov9Ifi0OmFrS53HF26PO

  120. crossroads says:

    107 doughboy

    ” Those that saw the writing on the wall… well, some of us post here. Our only power was to step back and watch it come crashing down.”

    How could you not see the writing on the wall? I’m no genius and I saw it coming from a mile away. Its nothing beyond basic math. very basic! you can’t spend more then you make. but those in charge are still trying to make it happen. the govt spends more then it takes in. this is the society that you want to see take the next step? there were a lot of so called “smart people” that got caught in this mess.

  121. Essex says:

    117. “…You wanna talk some jive….I’ll talk some jive.” –Royal Tennenbaum

  122. still_looking says:

    117. Reads a bit like a manifesto, no?

    sl

  123. DoughBoy says:

    122… the corrupticians are still doing it… Spend spend spend. We’ll worry about who is picking up the tab later.

    Lots of ‘smart’ people were also greedy people who haven’t been forced to take personal responsibility. Again, we can follow the logic straight back to the need for a societal evolution.

    If we take responsibility for our actions and we go back to attempt to be a manufacturing machine, then we must learn to roll back time, give up our high end cars, spendy lifestyle, etc. We’ll pay more for our ‘stuff’ and deal with the isolationism that comes from not securing trade with those who can produce the stuff cheaper.

  124. I'msane says:

    Doughboy said in 104:

    “98: yes, I agree it will take decades. Just because something will take a long time, doesn’t mean we shouldn’t start it. Had we actually had started to retrain/retool our workforce a decade ago, we’d be that much further.
    Those who can’t/won’t evolve… well, we’ll always need people to serve burgers and fries, dig ditches, etc.”

    See! That felt good! I think we are closer in our belief systems than you realize.

    BTW, when exactly should the Cheetah nations come and eat the ditch digging herd? Before or after our infrastructure collapses?

    Not that it matters because all your food, shelter and energy needs are provided by your highly efficient home with a biodiesel batch reactor, wind turbine, passive solar construction, active solar panels, your 1/2 acre hydroponic greenhouse and self-sustaining water and sewage treatment facilities.

    The truth is that I’m in favor of progress. I just don’t assume that technology alone will solve all our problems. The progress achieved in the past two hundred years+ was not simply about innovation and engineering. We’ve had some important cultural, political and social milestones too.

    Please consider, however, that to a greater or lesser extent, there has been damage caused by this progress. The most obvious example is the damage to the environment (to what degree is arguable), but there has been political and social upheaval, too.

    And if you examine the financial engineering of the last two decades brought on by the ability to codify, transfer and track incredible amounts of data (i.e. electronic credits and debits, MERS and mortgage securitization, CDS, options derivatives, etc.) we have come a long way forward but have also allowed the “creative types” in the “New Products” divisions to damage the system.

    I’m not here to denigrate you. I’m taking liberty with your comments and using them as a touchstone to cast my opinion. I really do feel that you have a more reasoned POV than you have time to express. I just don’t think you realize how interdependent we are on each other.

    There may always be rich and poor nations as well as rich and poor individuals within those nations. We need to carefully consider how we treat the neediest amongst us, as a nation and as a global community.

    We make a living by what we get. We make a life by what we give. — Winston Churchill

  125. Hard Place says:

    Shelley,

    The amazing thing is several homes have sold in the $850-900K range in such toney areas as wickam woods or rolling hill or even the highlands. There is a real disconnect between some sellers and comps. These people believe the comps in their neighborhood dont affect their home because they overpaid or did this upgrade or that update.

    Just imagine this issue magnified on the balance sheet of banks. I would love to own my place, but I have no problems continuing renting and knowing I’ve made the best decision for me and my family.

  126. Hard Place says:

    Comrade,

    ERISA.

    Way back when (10 yrs ago.) I did a little research on ERISA rules and feel I need to refresh myself. My research was more so on ERISA and the prudent man approach for some risk analysis on pensions. Is there a good primer that you know on the web, which may be akin to ERISA for dummies?

  127. morpheus says:

    hard place:
    I know enough about ERISA to refer it out of my office. Unless you practice that area on a regular basis, it can bite you in the ass!

  128. Essex says:

    128. Front Page NY Times this weekend Real Estate Section…..RENTING the totally happy folks….in fact NYC apparently has “always been a renters town”. And the pendulum swings!

  129. Essex says:

    All I need to know I learn from Phineas and Ferb. Yo.

  130. freedy says:

    sadly, its over for NJ.
    vote by mail,from you other residence

  131. A.West says:

    Shore (100)
    There are so many smart and hard working people from other countries who would love to come and work in the US. I’ve known a lot of immigrants who worked 2-3 jobs, went to school, saved almost everything, invested, and became very wealthy. There are so many people who think that thanks to being born in the US, they are entitled to automatic entry into the middle class, with no particular cost or effort required on their part.

    I think the US should allow 100% free immigration, the only requirement being some willingness and ability to work. Perhaps they could create a pay to work system, where new citizens get to pay an extra 10% income tax as payment for the US passport.

    Given all the entitlement programs (that I wish we could end), the US needs more immigrants willing to do work. I never see new immigrants coming to the US majoring in junk majors like “ethnic studies” or art appreciation. They invest in degrees that actually prepare them to do something productive.

  132. Comrade Nom Deplume says:

    [129] hard place

    I do practice in this area, among others (Morpheus is right–not careful and it can bite you in the behind).

    There are probably a lot of books on ERISA but the ones I know of are all in law libraries. If the subjects are more tax-oriented, I like BNA Tax Management series (called “tax portfolios” by the cognoscenti–don’t ask me why). I call them “Tax law for dummies” but they cover discrete subtopics. There are more general hornbooks that cover both administration and litigation.

    Morpheus’ warning should be heeded. This area used to be pretty simple. It isn’t any longer, and missteps now cost a helluva lot more than they used to.

    If you want to discuss offline, and get a somewhat more serious view (instead of the nutjob I play here), write me at nomdeplumenj@gmail.com. Can’t go so far as to give advice, and due to recent NJ case law, must avoid causing a conflict of interest later, but would be willing to give you a roadmap.

  133. Essex says:

    134. I agree with your statement about many other countries viewing the US as the best destination. But to compare the opinion of the refugee to the opinion of the native born citizen is somewhat deceptive. These folks are used to horrible conditions…and most of us are just getting used to “reduced expectations”. We also watched way too much TV growing up.

  134. Essex says:

    What we should be doing is managing growth and managing immigration. Neither is really happening. There is no planning. Only graft and disastrous policies. Many east coast folks see the other side of the pond as a wonderful destination. Myself included. Though our life here is great. I see life as an experience that should be greater than a simple accumulation of stuff.

  135. prtraders2000 says:

    My bro was just here in from SoCal. He had been working for Etrade in the mortgage department (when they had one). He was lucky and transferred to one of the retail branches before TSHTF. He speaks occasionally to some of his former coworkers and none have been able to come close to replacing the 80k – 100k they were pulling before. Most are trying hard to establish themselves in new areas. Most of these people were in there mid 20s and few had even completed 4 yr degrees.
    He said a bunch even drank the same kool aid they were selling and bought homes far in excess of what they could afford on their inflated salaries.

  136. Schumpeter says:

    chi (90)-

    Hear! Hear! So true.

    “Don’t blame the sausage makers. They followed their incentives. You need to blame the people that were willing to funnel the money to the banks (i.e. investors). Once the demand dried up, the sausage makers starting eating their own food. It killed most of them (i.e. WaMu, Lehman, Bear, Countrywide, Wachova, Merrill Lynch). Isn’t that enough for you?”

  137. Schumpeter says:

    secondary (102)-

    Does that come with a free case of pepper spray?

    “2b2b in Old City. $1,650 no fee.”

  138. Essex says:

    138. Six figure salaries were also the norm in the tech industry. But it was short lived. So in fact if you counted the “paper money” options you were awarded before they were worth anything….you were foolish. No pity here.

  139. BeachBum says:

    When will people realize that even on 6 figures for years, only very few people can afford one third of their lifestyles. No one seems to have caught on that they’ve got no retirement, etc etc etc. Drive around NJ and my mom would say “why can’t you have a nice beach house? How come the other people have boats, etc etc etc” now I get to say, look at those for sale signs – who’s crying now?

  140. SG says:

    US secretly tried to make deal with Goldman Sachs in wake of financial crisis

    In an excerpt from his forthcoming book, Too Big To Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves, Sorkin reports that the deal, which was nearly consummated, would have merged Goldman Sachs and Wachovia. Henry M. Paulson, the Treasury secretary and former C.E.O. of Goldman, was deeply involved in the process, contacting both Lloyd Blankfein, Goldman’s current C.E.O., and a Wachovia board member, and strongly urged both to consider it. Wachovia’s C.E.O., Robert Steel, was a former vice-chairman at Goldman Sachs and Paulson’s former number two at the Treasury Department.

    Sorkin reports that Warren Buffett was also contacted about investing in the merged company, but told a banker at Goldman that it would never happen. “By tonight the government will realize they can’t provide capital to a deal that’s being done by the former firm of the Treasury secretary with the company of a former vice-chairman of Goldman Sachs and former deputy Treasury secretary,” Buffett said. “There is no way. They’ll all wake up and realize, even if it was the best deal in the world, they can’t do it.”

  141. Comrade Nom Deplume says:

    [138] prtraders

    I applied for a job as in-house counsel at e-trade before the crash. My former coworker beat me out for it.

    That was just one of many jobs where I wasn’t quite as qualified as someone else I knew, who beat me out for the job.

    But in the end, I am glad they did, otherwise, I would have been the miserable, overworked one.

  142. kettle1 says:

    grim 10

    europcar (not a typo) on rt 24 in morristown specializes in gemran cars. some of the lowest prices around and i have had nothing but good experience with them.

    Chifi directed me to these guys, so i suspect he uses them as well.

  143. kettle1 says:

    Chifi,

    Just saw your post. I agree 100%. dont expect customer service, but they will fix the problem for peanuts and wont BS you. I had a problem they didnt know how to fix so told me so immediately, charged me nothing even after doing a diagnosis and then gave me the name of a guy who could do it.

    I would vouch for these guys, and have unfortunately had to use them number of times due to my piece of $hit A4

  144. otiswild says:

    “Anyone have an Audi/VW shop recommendation? Preferably non-dealer.”

    I got good service on my diesel Benz from these guys when I lived in NY:

    http://www.ibegin.com/directory/us/new-jersey/emerson/european-technical-center/

    Dunno if they work on VW/Audi though..

  145. kettle1 says:

    make 108

    re packing heat; check this out. unarmed skater whips the “thugs” a$$ after the thug draws down on him.

    Skater needs a few hand to hand classes though

  146. kettle1 says:

    make 108

    re packing heat; check this out. unarmed skater whips the “thugs” a$$ after the thug draws down on him.

    Skater needs a few hand to hand classes though

    http://www.ignatius-piazza-front-sight.com/2009/07/26/an-unlikely-hero/

  147. yo'me says:

    Anyone have an Audi/VW shop recommendation? Preferably non-dealer

    A1 european cars 732.968.0037 in middlesex.Owner works by himself (Peter)I had very good experience with him.Brought my merc to the dealer wants to replace the part cost $800.00.Took it to Peter tightened something cost me $25 bucks.Been a customer ever since.

  148. yikes says:

    man, this is some BS

    Many Americans dread April 15, the deadline for filing their income tax returns. But some well-heeled people are trembling over another looming tax day: Oct. 15.

    Thursday is the deadline for Americans to come clean about the money they have hidden offshore, in places like Swiss bank accounts. No one can say with certainty how much money is out there — the accounts are secret — but the hoard may be tens of billions of dollars.

    http://www.nytimes.com/2009/10/13/business/13irs.html?_r=1&hp

  149. chicagofinance says:

    Alyssa Katz sent a message to the members of Our Lot: How Real Estate Came to Own Us.

    ——————–
    Subject: Our Lot on PBS NewsHour

    Our Lot author Alyssa Katz will be featured on PBS NewsHour with Jim Lehrer this week, in a segment slated to air on Tuesday, Oct 13 (subject to last-minute delay). Business reporter Paul Solman interviews Katz about the historic legacy of discrimination under government programs promoting homeownership that made black and Latino borrowers especially vulnerable to subprime lending’s predations during the recent bubble.

  150. chicagofinance says:

    FYI – to the board…..if you want a GTG where Alyssa shows up, she is more than willing…I just want to ensure we get 20 or so people. Maybe we can try the Whole Foods in Springfield?

  151. Frank NJ says:

    thanks for the NYPost link chicago finance – glad to know that violence only happens in the industrial heartland. Now how about the parking lot brawl last year in that upscale enlightened suburb where the adult hit a high school kid in the head with a baseball bat. What’s that nice suburb again with the fancy mall?

  152. kettle1 says:

    ChiFi

    Let me pose a question. Is it discrimination to restrict lending to those who cannot meet standard credit worthiness requirements, regardless or race or nationality?

  153. comrade nom deplume says:

    (149) Morpheus

    Don’t know that ICLE offers it. PLI has some decent courses and ali-aba/pa bar does a good primer course. Took it a few years ago.

    Now that ICLE skills course is being done away with in favor of annual CLE, that may change but I doubt it.

  154. Schumpeter says:

    This will affect all the markets:

    “Latvia, Sweden, the Netherlands, and now EU-member country Romania: the European periphery is ablaze, even as the Euro is at 52 week highs. It would be joke if it really wasn’t so sad. Clariden Leu reports that “Romania’s parliament looks set to topple the minority government on Tuesday in a no-confidence vote ahead of a November presidential election and raises fresh concerns over the country’s IMF aid.” For a country, whose financial future is closely tield with IMF goodwill, this could well be a catalyst event: “Economists warn about the impact of political standoff on fiscal reforms and budget cuts needed to ensure the International Monetary Fund continues to disburse aid from its 20 billion euro anti-crisis package.”

    http://www.zerohedge.com/article/more-european-turmoil-romanian-government-set-topple-tuesday-country-faces-financial-crisis

  155. Shore Guy says:

    If Romania goes haywire, and Latvia implodes, the whole Euro zone will quake. Since the EU has only really known good times, I wonder about its ability to withstand seriously bad times without nations regretting giving up their own currencies.

  156. sas says:

    just getting back from Mexico City.

    SAS

  157. Schumpeter says:

    “Thus, careful analysis shows the answer to the question: “If nobody recognizes a defaulted debt on their balance sheet, does it exist?” is yes.

    Pretending that defaulted debts do not exist is itself the “Sound of one hand clapping”. It did not work for Japan, and it will not work here.”

    http://globaleconomicanalysis.blogspot.com/2009/10/one-hand-clapping-theory-analyzed.html

  158. Schumpeter says:

    shore (162)-

    It’s much more fun and interactive when your country can enter the arena of competitive currency debasement with its own crispy, yet useless, fiat paper.

  159. Schumpeter says:

    Sonic Youth on GG. The world has gone mad.

  160. sas says:

    looks like we got Mike Tyson crying like a baby all over the news.

    Mike Tyson is and always has been a nothing. He was created by boxing promotors, pinned up against people whom took a dive on purpose. Its all made up, fake, & phony.

    and too boot, the sap has a tattoo of Mao… who the heck does that?

    SAS

  161. sas says:

    speaking of boxing…

    back in 75, I was at the Araneta Coliseum.

    nope, i didn’t watch the boxing match.
    we had a dealings Nation of Islam, that took place DURING that match.

    where? underground parlor.

    what did we talk about? Lets just put it this way, Elijah lived well past 1975.

    SAS

  162. Bunker says:

    Are you a professional journalist? You write very well.

  163. Shore Guy says:

    Stu/Gator,

    Did you get the e-mail about next week?

  164. Shore Guy says:

    Ahh, Mexico City, the land of Trotsky’s demise. I hear that his grave is a communist plot.

  165. keegan says:

    Figure out the payment procedures. Cash purchases can be made or a bank loan can be obtained. Foreclosure real estate investing should be scrutinized well.

  166. Stock Market says:

    Great site and nice article really like what its talking about, I will be linking back to your site from mine.

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