From CNN/Money:
Will bonuses save the day for Manhattan real estate?
Bonuses are making a comeback on Wall Street and that might help stabilize the Manhattan real estate market.
While Manhattan home prices dropped between 10% and 15% in the last quarter of 2009 compared with a year earlier, the losses have started to slack off, according to a host of markets reports released Tuesday by big New York brokerage firms.
…
“People feel there’s stability in New York. The fear factor is gone. The year 2009 started out in absolute fear. This year is starting off in hopefulness,” said Pam Liebman, CEO of the Corcoran Group, one of New York’s biggest real estate brokers.For the fourth quarter, the Corcoran Group reported a median price drop of 15% year-over-year to $795,000. That was also 4% lower than three months earlier.
Prudential Douglas Elliman put the declines at 10% year-over-year and 4.7% quarter-over-quarter to $810,000.
…
“Fundamentals are beginning to look a lot better,” said Heym. “Price declines have been slimming, the economy seems to be in recovery and Wall Street bonuses are back.”
…
The biggest improvement was in sales volume, which was actually above average for the quarter. Sales grew 8% year-over-year and 11% quarter-over-quarter, according to Jonathan Miller of the appraisal firm Miller Samuel, which produces the market report for Prudential Douglas Elliman.All those sales carved into inventory, culling 18% from what was available just a quarter earlier and 25% year-over-year, Miller said.
…
Homebuyers hit the market as Wall Street’s fiscal health improved. Financial industry jobs pay much better than any other major New York business, with the sector accounting for just 5% of employment in the city but a whopping 25% of earnings. And those bankers pulling down big bonuses buy many of the luxury apartments sold in Manhattan’s priciest districts.
…
However, any price upturn could encourage sellers who had been holding back to put homes on the market. There’s no way to know how much of this “shadow inventory” could emerge, but any significant addition could dampen prices.Miller also pointed out that job losses may continue, which could certainly harm buyer confidence, even for people still with jobs. And obtaining financing for mortgages is also still challenging.
From HSH Associates:
The Ten Most Important Factors for 2010’s Mortgage Market
1. A Changing Regulatory Environment.
2. A Consumer Finance Protection Agency is coming.
3. Federal Mortgage and Housing Support Programs Will End.
4. Home-Buying Tax Incentives will expire in April.
5. Fannie Mae and Freddie Mac will change.
6. The Economy Should Improve.
7. Lending Standards May Start to Ease.
8. Mortgage Rates Should Remain Favorable.
9. Demand for Homes Remains Stable.
10. Failing Loans Will Continue to Distort The Market.
From BusinessWeek:
Pending Sales of U.S. Existing Homes Probably Fell in November
The number of contracts to buy previously owned U.S. homes probably fell in November for the first time in 10 months as Americans waited for a tax credit to be extended, economists said before a report today.
The incentive for first-time homebuyers, originally scheduled to expire at the end of the month and subsequently extended through April and broadened, is stabilizing sales. The credit and cheaper properties are helping sustain the recovery in housing that’s emerged from the worst slump since the 1930s.
“Buyers wouldn’t have expected to close in time to take advantage of the credit,” said Dean Maki, chief U.S. economist at Barclays Capital Inc. in New York. “Sales will improve again as we move through the first part of the year, as buyers take advantage of the tax credit and improved affordability. The underlying trend is one of improvement.”
The National Association of Realtors is due to report the figures at 10 a.m. in Washington today. Estimates range from a drop of 12 percent to a 3.9 percent increase.
From NewJerseyNewsroom:
Building permits bill approved by N.J. Assembly panel
Legislation that would extend the life of building permits for commercial and residential development projects stalled by the economic downturn was released Monday by an Assembly panel.
The bill (A-4347) would extend the permits to Dec. 31, 2012, rather than July 1, 2010, as was provided under another recent law.
“Businesses are still struggling to survive the economic slowdown and shouldn’t be forced to use limited vital resources to apply for new permits,” said Assemblyman Louis D. Greenwald (D-Camden), a sponsor of the measure. “Businesses will continue to simply up-and-leave and take jobs with them without this relief.”
Greenwald said many permits are scheduled to expire due to the inability of the banking, real estate and construction industries to obtain financing in the economic downturn. The lapse of the permit approvals could cause a decline in the value of real estate involved in the projects and require a reclassifications of loans.
Great news for AC…
From the Pittsburgh Post Gazette:
Legislature may be near agreement on table games
House and Senate leaders said they are close to an agreement on legalizing table games at state casinos.
The announcement comes as Gov. Ed Rendell asked cabinet members to develop a plan for as many as 1,100 layoffs beginning Friday if the state Legislature fails to approve on a table games bill.
House Democratic leaders said today they had reached a consensus with leaders in the state Senate that would allow the casinos to offer table games, and also would provide more oversight of the gaming industry.
A spokesman for the Republican-controlled Senate would not go as far, but said he was “optimistic” that a deal would be reached and a bill sent to Mr. Rendell by the end of the week.
Here is one for pesche..
From the Daily Record:
NJ bill would give break to undocumented students
A bill to allow some undocumented residents to pay in-state tuition rates at New Jersey colleges and universities has advanced in both houses of the Legislature.
Committees in the Assembly and Senate approved a bill Monday.
Sponsors say it’s a matter of fairness to promising young people who have grown up in New Jersey by helping them realize their potential and giving them an incentive to legalize their status.
Opponents contend the measure rewards people who flout the law.
A Decade of Self-Delusion
by Patrick J. Buchanan
12/29/2009
About the first decade of what was to be the Second American Century, the pessimists have been proven right.
According to the International Monetary Fund, the United States began the century producing 32 percent of the world’s gross domestic product. We ended the decade producing 24 percent. No nation in modern history, save for the late Soviet Union, has seen so precipitous a decline in relative power in a single decade.
The United States began the century with a budget surplus. We ended with a deficit of 10 percent of gross domestic product, which will be repeated in 2010. Where the economy was at full employment in 2000, 10 percent of the labor force is out of work today and another 7 percent is underemployed or has given up looking for a job.
Between one-fourth and one-third of all U.S. manufacturing jobs have disappeared in 10 years, the fruits of a free-trade ideology that has proven anything but free for this country. Our future is being outsourced — to China.
While the median income of American families was stagnant, the national debt doubled.
The dollar lost half its value against the euro. Once the most self-sufficient republic in history, which produced 96 percent of all it consumed, the U.S.A. is almost as dependent on foreign nations today for manufactured goods, and the loans to pay for them, as we were in the early years of the republic.
What the British were to us then, China is today.
Beijing holds the mortgage and grows impatient as we endlessly borrow on equity and refuse to begin paying it down. The possibility exists of an eventual run on the dollar or even a U.S. debt default.
Who did this to us? We did it to ourselves.
We sold ourselves a lot of snake oil about the Global Economy, interdependence, free trade and “it doesn’t make any difference where goods are produced.” The George W. Bush Republicans ran up the deficit with tax cuts, two wars and a splurge in social spending to rival the guns-and-butter of the Great Society.
Abandoning its role as the fellow who comes and takes away the punch bowl when the party’s getting good, the Fed kept the money flowing fast and free, creating the tech bubble that burst in Y2K and the stock and housing bubble that burst at decade’s end.
To pull us back from the cliff’s edge, over which we were headed a year ago, the Fed doubled the money supply, while the administration ran up deficit spending to the highest level since World War II.
Unlike World War II, however, there is no end in sight to these deficits.
The stock market, which flat-lined over the decade, had to surge 50 percent in 2009 to retrieve the worst losses since the Depression.
Everyone, it seems, except for Washington bureaucrats and Wall Street, for whom the bonuses never seem to stop, has been hammered by the sinking home values and shrinking portfolios.
After Sept. 11, the nation was united behind a president as it had not been since Pearl Harbor. But instead of focusing on the enemies who did this to us, we took Osama bin Laden’s bait and plunged into a war in Iraq that bled and divided us, alienated Europe and the Arab world, and destroyed the Republican Party’s reputation as the reliable custodian of national security and foreign policy.
The party paid — with the loss of both houses in 2006 and the presidency in 2008 — but the nation has not stopped paying.
With nearly 200,000 troops in Iraq and Afghanistan and another 30,000 more on the way, al-Qaida is now in Pakistan, Yemen, Somalia and North Africa, while the huge U.S. military presence in Afghanistan and Iraq serves as its recruiting poster.
Again, it is not a malevolent fate that has done this to us. We did it to ourselves. We believed all that hubristic blather about our being the “greatest empire since Rome,” the “indispensable nation” and “unipolar power” advancing to “benevolent global hegemony” in a series of “cakewalk” wars to “end tyranny in our world.”
After a decade of self-delusion and self-indulgence, we must stop deceiving ourselves. As Hurricane Katrina demonstrated, the “can-do” nation that won World War II in Europe and the Pacific in less than four years, that put a man on the moon in the same decade JFK said we would, is history.
We have a government that cannot balance its books, defend its borders or win its wars. And what is it now doing? Drafting another entitlement program as we are informed that the Social Security and Medicare trust funds have unfunded liabilities in the trillions.
At the end of the first decade of the 21st century, the question is not whether we will preside over the creation of a New World Order, but whether America’s decline is irreversible.
“bonuses are making a comeback on Wall Street and that might help stabilize the Manhattan real estate market”
tired argument. means little.
whatever bonuses there are, its off the sweat of your back.
get back to work you sap, momma needs a new pair of shoes.
but don’t you worry, the wee foosball playoffs are here.
SAS
“bonuses are making a comeback on Wall Street and that might help stabilize the Manhattan real estate market”
tired argument. means little.
whatever bonuses there are, its off the sweat of your back.
get back to work you sap, momma needs a new pair of shoes.
but don’t you worry, the wee foosball playoffs are here.
SAS
“The grim state of the states Pt.1
James Heintz: 900,000 state workers across the US could lose jobs as state deficits explode”
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=4671
I hope that whatever country I move to immediately opens their colleges to my non-resident kids.
Yeah, right. We are weak, gullible and hopelessly lost.
Hows about we round up these people who are here illegally and send their sorry asses home? Maybe we can offer “cheap college” as a sort of sting operation.
“A bill to allow some undocumented residents to pay in-state tuition rates at New Jersey colleges and universities has advanced in both houses of the Legislature.”
OMG, Orin Kramer coming up on Squawk…with investment picks. Hope somebody tells him LEH doesn’t trade anymore.
I’m beginning to understand how a guy can wake up one day and just snap.
sas (9)-
Sounds like a good start to me. The only thing better would be to jail 100K or so of them and put them to forced labor.
“James Heintz: 900,000 state workers across the US could lose jobs as state deficits explode”
“health bills could expand IRS role”
– Under the proposed health care legislation, they would get another assignment: checking to see whether Americans have health insurance.
http://www.usatoday.com/news/washington/2010-01-03-IRS-health-care-role_N.htm
“health bills could expand IRS role”
who says big brother is isn’t watching you?
don’t worry, real estate goes up in the long run
(psst.. little secret: your purchasing power and real wages go down in the long run…ssshhh..don’t tell anyone)
SAS
ppsst… another little secret….
there is a good chance you’ve been fraudulent induced..but you more than likely don’t know what that word mean…so don’t worry about it. Just keep putting money in your wee 401k match.
SAS
ok, i gotta run.
got another tele conference with the boys from India.
Hey, John, run down to Dunkin and get us some chocolate glazed & a few others…you pick…
: P
SAS
yes yes grim,, just what the state needs.
more for the taxpayers to pay for.
900k state and fed workers. that would be
just for the desk clerks that do nothing.
SAS 13,14
The foghorn of the Emma Mersk couldn’t wake the sheeple from their stupor. You could announce it on the nightly “news” and it wouldn’t make it through the haze of American idol and what Hollywood star is currently knocked up.
#5 – WHAT!!!!! Why should I play by the rules, pay my taxes, only borrow what I can afford to repay, raise my children with manners and understand that there are consequences, etc.?
I have asked myself this question for many years now and have no answer, so maybe someone here can help me – “What are the advantages of being a law abiding American citizen”?
Once upon a time, it meant something…something to be proud of.
OMG – while I was composing my comment, Barney Frank is on Squak Box now!!!!
I feel my blood pressure skyrocketing.
What happens to the 900k unemployed workers? Do they go on UI? While I am all for cutting back on gov’t expenses the other side to the loss of such a huge number of jobs is that the taxpayers, in some fashion, will have to bail those workers out. So I am not really overjoyed to hear of this. No matter what I think of the state workers and their benefits I don’t applaud the thought of more unemployed people. Where are 900k more people going to find work?
Sales Spur Optimism in Manhattan Real Estate
http://www.nytimes.com/2010/01/05/realestate/05estate.html?hp
let them find work just like the rest of us.
get off the dole .. its called a free ride
23- That’s not my point. My point is that there simply aren’t enough jobs to go around right now. Why do you think unemployment keeps getting extended? I wouldn’t wish being unemployed on anybody right now.
http://dealbook.blogs.nytimes.com/2010/01/05/bank-lobbying-abetted-mortgage-mess-imf-says/
“Lobbying by the finance, insurance and real estate companies surpasses that of any other U.S. sector, The Guardian noted.”
Hah. We have huge budget short falls so lets allow illegal aliens to pay instate tuition. Frigging morons.
#24 House Whine
Unemployment ain’t so bad. I’m hoping they extend it to 30 years so I never have to work again. Don’t want to miss any Bob the Builder or Burn Notice marathons you know.
It IS bad.
I’m not even considered unemployed or underemployed. We pay our bills, I’ve never collected unemployment and yet, there is so much more I could do.
There is a cost. And I’m just one of many, many.
Whine 21,
Interesting point. Why not just slash and burn their benefits to be less than or equal to corporate benefits. That alone would wipe out a huge chunk of taxpayer overhang.
The real answer to your question is one nobody wants to hear. Enact protectionist trade policies and then begin a crash manufacturing program in the US to ramp up the growth of American manufacturing. Then the government workers can have a nice job actually producing something.
in the end the only solution in this mess is for america to produce something of value. the only way we will be able to do that is to somehow remove the advantage that Asian slave labor and lack of environmental regulations provide.
The 2 main ways of removing that advantage is WWIII in which we bomb asian production capacity out of existence, or we enact trade policies that remove the economic advantage of slave level labor and the lack of health/safety/environmental regulations.
i would argue that while it would hurt initially, you could still attract international business by maintaining strong support of the US dollar and enforcing sound general fiscal policies.
Oops, time to wake up….
We have to realize that china and developing nations sucking manufacturing out of the US through cute rate, slave labor cost advantages, are essentially waging an economic cold war.
I need to get myself a nice fat FHA loan before i get priced out of the market again. Wall street bonuses are about to drive prices up again!!!!
21 – Its not only 900k workers…its 900k workers with no real skills. they’ve had fat lazy gov. jobs for so long, their is no way they’ll be able to compete for corporate jobs, or adjust to the change of pace and hours either. “work more than 8 hours? wtf is that! give me my OT. “
the housing stock out there is so piss poor. You can see what 7 years of bubble and HELOC has done, people are too strapped to keep up their properties, even when NOT in foreclosure. You know its bad when said house is staged with the cabbage roses bedspread from 1985, trying to look regal in the master, with a price tag of 550k.
just wait and see what happens when the employed spouses of state and muni workers have to buy into private sector health insurance. Boy howdy, enjoy those 30 dollar co-pays and 5,000 deductibles! Can’t run the kids to the doc for every little sniffle anymore. Nyquil and Puffs Plus for you.
Barbara, that’s funny. I just put a cabbage rose comforter in the guest room, and made curtains to match, because I like it for Grandma! Searched ten consignment shops until I found the right green glass lamp. And do you know how hard it is too find crocheted dresser scarves?
But you’re so right about the dated quality of it. Guess I should go back to the drawing board and buy some neutral shiny asian looking modern stuff.
I am unemployed. Fortunately, I had enough foresight to see my personal train wreck coming and trying to plan accordingly. But I do know what the landscape looks like out there, and the pickings are slim.
The only people I know who go to Rutgers anyhow are Indians whats the difference.
Recession is over,401Ks are back, bonus season is coming and new 2010 budget means new jobs. Money is coming and when there is a sea of liquidity looking for a place to find home you never know where next bubble will be. Commodities is getting ready to pop and that cash will flow somewhere maybe back to RE.
Pat (34)-
Don’t worry about your decor. I spend all day with houses where all the copper is ripped out, or every single radiator has exploded.
Rats are my favorite, though. Nothing says “good deal” like a rat infestation.
26.safeashouses says:
January 5, 2010 at 8:28 am
Hah. We have huge budget short falls so lets allow illegal aliens to pay instate tuition. Frigging morons.
safe: Here is the bigger crock….the state schools are overcapacity, so not only are you providing an unwarranted break in price, but also you are crowding out residents from spots that should be reserved for them.
:) No amount of internet staging research can beat the Victorian romantic out of me. It’s the Cape May bed-and-breakfast nostalgia.
Well, I don’t have the rat problem, although the cats are starting to sneak in because my push-over husband sneaks them treats. I keep waiting to find a feral in the linen closet.
Chicago, Safe
You mean housing students in local hotels isnt a feature??? And i thought economy of scale worked well with class rooms….
I have gfamily members who work at rutgers and the professors are very disgruntled with the recent game of stuffing the school to 150% capacity
Today’s reality in Illinois…soon to be NJ’s reality:
“…it’s not that the state is denying it owes this money. The Illinois State Board of Education, like many state agencies, is dutifully sending its vouchers to the comptroller’s office, where … nothing happens.
What usually is a bureaucratic delay where the comptroller gets the voucher and then cuts the check within a week or two is now an eternal dead-end for bills, a purgatory where state payments linger while Springfield figures out how to fix the state’s funding calamity.”
http://globaleconomicanalysis.blogspot.com/2010/01/school-bills-due-but-state-cant-pay.html
clot: I found something that may be of help on this hard morn….look at the reply at the bottom…..
Rickw Senior Member
user gallery Join Date: Jan 2009
Posts: 156
Cheap whiskey?
Anybody know of a good cheap whiskey. My latest stock ran out… had about 2 liters of Crown and a liter of Knob Creek. Went to the liquor store and just couldn’t bring myself to spend $30 on some Jack. What are all these homeless guys drinking?? can’t be expensive? I just need a couple straight shots and then a couple beers and I am good.
http://forums.golfreview.com/showthread.php?t=11669
As for the whiskey…there are so many types that I don’t think you can talk and lump them into the same conversations. Rye whiskey (like crown royal, Canadian Club, Gibsons) are completely different from say Scotch Whiskeys.
If all you are looking for is something to get you wasted for cheap I suggest a having a straight vodka enema. Apparently you need a quarter of the booze to get twice as intoxicated.
tan (39)-
Is there any more tacit proof that liberalism is a mental illness?
Our state makes a conscious choice to harm its own legal residents. No surprise really, since if we opened our eyes, we’d realize TPTB hate us and want to enslave us.
Those of us the state can’t enslave, they jail or kill.
41.Mr Hyde (Kettle1 ) says:
January 5, 2010 at 9:13 am
Chicago, Safe
I have gfamily members who work at rutgers and the professors are very disgruntled with the recent game of stuffing the school to 150% capacity
ket: A lot of parents are cowering at the cost of private tuition. Why drop $60K to send your kid to Fordham or Seton Hall, when you can go to Rutgers? The community college down by me is busting at the seams. It is not a bad thing…..it means people are making better financial decisions.
Who bails out the state schools who spent huge amounts of (borrowed) money expanding based on peak bubble calculations. When that income doesnt materialize and the demand falls through the floor things will get interesting.
The last 2 graduating classes are getting racked over coals of the bursting higher ed bubble, it will only take a few more graduating classes before people start to have some second thoughts about spending (borrowing) 150K to get a degree that will have you making 30-40K on average.
And with the housing bubble deflating, i wonder where all the money/equity comes from for the 5% annual tuition increases?
I meant to note $60K PER YEAR!
chi (43)-
Thanks chi, but I think I’d sober up before I took that route.
OTOH, if I sobered up, I would become violent.
Rates will stay low, home prices will go up.
Fed may re-enter MBS market later in 2010
http://www.reuters.com/article/idUSN0530695520100105
chi (46)-
These are people taking the only route available to them. The CC by is bursting at the seams, and all I see happening is a lot of accelerated depreciation of the physical plant.
Oh…there’s also crime creeping onto the campus, along with the expanded enrollment.
“The community college down by me is busting at the seams. It is not a bad thing…..it means people are making better financial decisions.”
Post #50 is everyone’s call to take the other side of that trade.
Chicago,
I see your point and agree in principle, but the way that they are going about it is bad.
Rutgers and the like are still trying to grow based on 2000-2005 trends. There is certainly growth but of a very different breed. What they are currently doing is decreasing the overall quality of their various programs.
Rutgers and many other state schools got used to various state funding that is now drying up just as demand spikes. The increase in students and their associated tuition is being used to make up the budget gap, not for expanding to maintain the quality of education with population growth.
those are 2 very different things.
Kettle, I had this huge blow up with two of my older sisters at Thanksgiving.
“Higher ed will NEVER go down in price..too many people value it for itself.”
It’s exactly as frustrating as trying to discuss house prices with family/friends back in the early aughts.
One took out mtg(s), loans, etc., to put first two kids through expensive colleges, only watch one get married, kid and the other exist on a barely above min wge job. Now she’s whining over the decision to finance third kid’s state tuition.
Other is an educator, so you know where she stands.
They drove me apoplectic.
The difficulty we will see is that the economists who typically provide support for such bubbles will be unable to stand where they sit on this issue.
By that I mean the folks we need identify bubbles will be silent.
i see where rutgers is spending even more
money on a gym upgrade. nice
#39 chifi
When I was going to Rutgers in the mid 90’s somedays it would take over an hour to take the bus from my dorm on Cook to College Ave. I got tired of that and got my boss from an on campus job to write a letter to the parking authority for me so I could park in the commuter lot. John would be proud.
pat (54)-
The arguments will be moot when they are living in tent cities and waiting on gruel lines.
Pat,
How many addicts do you know who will stand up and admit their addiction?
<early 90’s commercial flash back…
This is your economy…. This is your economy on Bubbles!!!! Dont do Bubbles it only hurts the ones you love!
#52 So the FED is exiting the MBS program at the end of March, only to say that it will renter it. When? in April?
Anyone who pays thousands of dollars to ride a bus all over Pisc@taway or New Brunswick is certifiable, in my book.
Clot, when I graduated, I had so many campus parking tickets, they wouldn’t give me my diploma. One officer told me I paved a parking lot for them during my three years with my car on campus.
Does that make me smart, or ‘bad?’
So I stayed and got my graduate degree, which they could not withhold, and made the tickets a moot point.
Do you have any idea how much money tenured professors, not to even mention chairs and deans make at universities? It’s crazy money. I am not talking about associate professors or adjuncts. Yes, I know the arguments about you have to pay them competitively with the private market (non-university jobs)to get the good ones but I am not buying into that anymore.
#61 TCCR
You get to look at all the urban blight. I always enjoyed the illegal aliens and the local thugs who would ride the Rutgers buses on George st for free. Wouldn’t want to let an empty space on the bus go to waste. They are perishable you know.
Impressed. My favorite trick at SJU was I had a mangled dart, no front bumper or grill even turn signals were hanging by cords, they only had those tow trucks that lifted you from bumper. I would back into spot in teachers lot and touch bumpers with teachers car behind me. I only had a plate in the rear and my student sticker was on rear bumper. They could not ticket me as they did not know my plate number and could not lift the POS. Could not stay late in spot as soon as teacher behind me moved I was toast. My other trick was right in front of ratskeller was semi legal spot with a big sewer grate that stuck up. My 68 buick I shoved boster shocks and H60’s on rear and I could back in as Ijust clear the big grate by an inch. The guidos IROCS, Monte Carlo SS’s and Mustang GTs were too low to ground to park. I am sure SJU loved dealing with two POS cars always parked out front as it was a big selling point during camplus recruiting.
(safeashouses) says:
January 5, 2010 at 9:31 am
#39 chifi
When I was going to Rutgers in the mid 90’s somedays it would take over an hour to take the bus from my dorm on Cook to College Ave. I got tired of that and got my boss from an on campus job to write a letter to the parking authority for me so I could park in the commuter lot. John would be proud.
I wish Investor David were still posting here. I’d like to get his take on this issue.
Pat (62)-
Anything one can do that undermines the scum that runs things is good.
Fight the power!
Don’t need a college education to shoot trespassers or skin a deer.
http://www.economist.com/businessfinance/displaystory.cfm?story_id=15176497
“But you can see welfare states as national Ponzi schemes in which governments grant benefits and take on spending responsibilities, confident in the expectation that the next generation of citizens will pick up the bill.”
“The battle then is between taxpayers and public-sector workers, with the former broadly represented by right-wing parties (the Republicans in America, the Conservatives in Britain) and the latter by left-wing ones (the Democrats and Labour). Even if the right-wing parties win the argument in the legislature, they could still lose on the streets, if strike action forces governments to back down.”
I’m afraid the parasites are now in charge.
#1 grim: So in your opinion, what does this all mena for the North Jersey housing market in 2010.
Pending Home Sales M/M -16.0% vs -2.0% consensus, prior +3.9%
can’t he just send love letters or skype like everybody else??
“A subcommittee of the Iranian Parliament is set to reject a request by US Senator John Kerry to visit Teheran, a parliamentarian has told Iranian state media.”
The schadenfraude on this comment board is ridiculous. I get the sense that there are a lot of people suffering job losses and economic challenge on here that are just dying for company.
73: people just need more hope and change
[65] john and safe
I am reminded that while at UMass, I had a job that was an “essential service” position. This entitled me to park in the lot next to our facility. More importantly, it entitled me to use an form each semester that I handed in with my registration—-it entitled me to priority for classes, so people in my classification went to the top, or near the top of the list, and I was able to get into popular classes that were always “oversubscribed” to the masses.
[73] plg
And your point???
Is that just today, or when you go back and read some threads from three years ago, do you get the same feeling?
It would be very insightful if you could go back, read some threads from 2006/2007, and then compare.
Any thoughts on Realty Trac, is worth the 7 day free trial?
Somebody did that free trial a couple of years ago, I think. Maybe it was me.
It might be more useful now than back then, because a lot of resources I used to scan for free data have been taken away.
plg,
You spelled schadenfreude incorrectly.
Too funny!
The real answer to your question is one nobody wants to hear. Enact protectionist trade policies
That is one possible solution; enact trade protections and create “living wage” manufacturing jobs in the U.S. This also means that prices of manufactured goods will be much higher. Everything we buy will cost more. So, while American’s will have bigger pay checks, they won’t go as far. There won’t be stacks of toys under the Christmas tree; there will be 2 or 3. It will be more like the America of the 1950’s; not so bad, but American’s will need to accept a reduction in the standard of living.
The other scenario is to continue on the path of globalization, realizing however, that the wage gap will close between Asian and American workers. Manufactured goods will be cheap, but people will make less money. Interestedly enough, this is the argument that Wal-Mart uses when it moves into a new small town, “sure, we drive out the mom and pops and depress wages, but we also lower the cost of living by providing a large selection of cheap products”.
So, pick your poison; either way our standard of living is going
Stu, the spelling was subconscious, for sure.
Schaden Frau.
That would be ME!
Speaking of schaden schtuff, does anyone have any ideas for getting a mildew smell out of the washing machine?
Every time I lift the lid now, it smells like an old wet washcloth is stuck under there somewhere.
Go to best buy and buy a new one.
I really like the new washers that come with a clock, just like an oven has. With a clock on the oven and the washing machine the wive’s will always know what time it is.
If I get a new one, I’m going to have to clean under there.
Tell you what. You come down here with the Mrs and the kids. We’ll have a girl’s day out and you can do the whole washer thing while the kids run around and play Wii.
Rednting
The other scenario is to continue on the path of globalization, realizing however, that the wage gap will close between Asian and American workers. Manufactured goods will be cheap, but people will make less money. Interestedly enough, this is the argument that Wal-Mart uses when it moves into a new small town, “sure, we drive out the mom and pops and depress wages, but we also lower the cost of living by providing a large selection of cheap products”.
False choice.
American standards of living are quite simply not sustainable and epecially not so in a globalized world. In a free-trade globalized economy there is no barrier to the flow of manufacturing to the lowest cost center, there is no barrier to the flow of ALL JOBS to the lowest cost center. The market doesn’t care of the jobs move from NY Mumbai or from Mumbai to Nigeria.
Free-trade globalisation is a race to the bottom, not a race to the top, as it is often sold.
your choice is a false choice because the equalization you speak of is an equalization to the lowest common denominator. The end result is we all end up as asian wage slaves.
The only way to prevent that outcome in a globalization scenario is to enact strict equalization tariffs globally, that balance the cost of production in such a manner that a good cost the same whether manufactured in inida, china, or the US.
the tariffs would have to account for things such worker conditions environmental standards, etc.
in that imaginary world globalization would be base don manufacturing and/or any other industry moving to the locations that were the most efficient at production the good/service. In that imaginary world it would be a race to the top. Alas we will never see this world for many reasons including that the profit margin while still existing would be significantly smaller then the race to the bottom version of globalization
reading all yesterday’s comments about how awful it is to live in NJ … Bucks County is always an option.
have found 3 neighbors who do the daily commute to NYC. to me, the 2 hrs is a bit much; but if you dont work in NYC/NNJ, Bucks has to be an option.
want a yard? want a nice house? want HALF THE TAXES of NJ? want easier gun-control laws (no waiting time, carry permit easily obtained), want … etc.
q: regarding mortgage payment.
saw something on GMA about how adding a mere $100 extra per month on your mortgage check shaves off something like $36,000 over the course of your loan.
true/false? anyone do this?
Pat,
re mildew,
buy one of the 2 gallon jugs of vinegar from costco and dump it in the washer. Set the washer to run a large load on hot water. let it run. If there is any vinegar smell left run a second cycle with nothing but water
That might work. We have really bad water here that jams the coffee maker after a few weeks, and I never thought about it in the washer. THANKS!!
skep-tic says:
January 4, 2010 at 1:57 pm
2/3 of Americans own houses. Almost all of them want prices to stay high.
Of the 1/3 who rent, significant portion are illegal or unreliable voters (poor, uneducated). Renters are not worth wasting an effort on politically.
Politically organized groups that want high house prices: unions (because higher property tax base funds them), banks, realtors.
Politically organized groups that don’t want high house prices: none.
this is equal parts depressing (on the country as a whole) and uplifting (as a recent homeowner)
Pat seriously my Mom once a year or so would dump a large no-frills container of Bleach in washer and put it on hot water only and run it on empty. Helps too.
#89 Kettle
Can she fill the powder drawer with baking soda to give it a real clean … ;*)
PGC,
As long as i dont have to come clean it up! the kids might get a kick out of it though.
And dont pass out from the CO2
What does this mean?
You can skip to the end and leave a response. Pinging is currently not allowed.
Is pinging that thing in Tijuana where the girls shoot out ping pong balls?
re: the washing machine…
Couldn’t you just run a full load, with no clothes and some bleach? Bleach is pretty good at knocking out mildew.
John – bad omen for the Jets?
Johnson & Johnson Heiress Dies
Posted Jan 4th 2010 7:51PM by TMZ Staff
Casey Johnson, an heiress to the Johnson & Johnson fortune, has died .. TMZ has learned.
She died in L.A. We’re told the body was discovered this morning.
She was 30 years old. Her father is Woody Johnson — owner of the New York Jets.
Johnson was arrested in November for grand theft — the alleged victim was a former girlfriend.
Johnson was reportedly engaged to Tila Tequila. We spoke with Tila a few minutes ago. She says they were fighting last week and that Casey stayed at Tila’s house on the 28th. Tila tried contacting Casey on the 29th because Casey had left her dogs behind. Tila says Casey’s phone has been shut off since the 29th and she was not able to make contact.
Johnson — who tweeted frequently — last tweeted on December 29 at 1:13 AM.
The cause of death is undetermined.
UPDATE: A law enforcement source tells TMZ it appears Johnson had been dead for several days before her body was discovered.
http://www.tmz.com/2010/01/04/johnson-and-johnson-heiress-casey-johnson-dies-death-los-angeles/
John,
http://lmgtfy.com/?q=What+does+pinging+mean%3F
Pat,
I add half a cup of clear ammonia into the second wash and set for extra rinse/spin. Kills any and all hits of mildew in clothes. You can also run a few cups sans clothing and then leave the load door open to air things out.
Make sure its clear and not the yellow scented floor-grade stuff.
Pat – don’t mix Ammonia and Bleach whatever you do. The resulting Ammonia gas or even worse Nitrogen Trichloride could be fatal.
zieba,
just dont mix the ammonia and bleach unless you want to reenact Auschwitz’s
Thanks, will do. I’m going to do it all.
I think Kettle is right about there being a deeper cause than mildew. Water is being trapped, and I think it’s from hard water or lime buildup somewhere, so the vinegar will be first, I think.
Man, I should just go to Best Buy.
3b (78)-
It is worth it to join.
Sean,
to be thorough, the major reactions that will occur when ammonia and bleach are mixed are:
Chlorine gas
NaOCl + 2NH3 –> 2NaONH3 + Cl2.
Nitrogen Trichloride
3NaOCl + NH3 –> 3NaOH + NCl3
Hydrazine, (think kaboom its used as rocket fuel)
NH3 + NaOCl –> 2 NH4Cl + N2. (abbreviate reaction)
Note that the last 2 products are potentially explosive
Does this mean that Tila Tequila will sing the national anthem if the Jets get another home game?
If pending home sales dropped 16% caused by the expectation that the tax credit was supposed to end, then how is the gubmint going to pull the plug fo’ real in April?
All the more reason this thing turns permanent. The cow is getting more and more sacred with every month that passes.
The Condition-Code Red says:
January 4, 2010 at 8:18 pm
veto (19)
A gas station in the hands of the right armed militia could be a good thing.
Clot – any ideas on how one would take down a gas station that was controlled by an armed militia?
outside of owning a hybrid car, obvs
http://www.realtor.org/wps/wcm/connect/5568958040eb2ba1a41afe1f371b0c90/PHS0911.pdf?MOD=AJPERES&CACHEID=5568958040eb2ba1a41afe1f371b0c90
Wow. Pending home sales takes us back to the average for 2008 (In the Northeast). Would expect an even lower number if they really do end the tax credit.
Look how the expectation of the tax credit ending caused a surge in October. Wow!
Amonia can be dumped into the wash with generous room for error. Not a big fan of bleach, would hate to have some of it stay behind and ruin clothes.
Pat,
I had the same problem. Clothes and washer would stink wash after wash.
Front load? I assume you popped the bottom panel off and cleaned out the drain filter? I unclogged it, water stopped pooling under the drum and it solved it for me.
I also ran three ammonia only cycles and started leaving the loading door open… no problems since.
yikes (108)-
Nerve gas.
The Condition-Code Red says:
January 5, 2010 at 9:04 am
I spend all day with houses where all the copper is ripped out, or every single radiator has exploded.
Rats are my favorite, though. Nothing says “good deal” like a rat infestation.
clot you crack me up. consistency. keep the good stuff coming
The Condition-Code Red says:
January 5, 2010 at 9:52 am
Don’t need a college education to shoot trespassers or skin a deer.
rare form today clot!
so my doomsday checklist of items to have in the cellar:
– nerve gas
– flash bangs
i’m off to radio shack in hopes of finding said items.
Feel free to mix ammonia and bleach all you will get is T stof (nazi rocket fuel) and and an auschwitz shower. Otherwise just use one or the other.
Bleach and hot water will do the trick (the majority of most mold and mildew remediation contractors use this method) but you probably have a pooling water problem in the machine. Check for a clogged drain or clogged drain or hose.
pain
hydrazine and NCl3 would certainly remove a clog…..
And most of the house Ket
Yikes,
Check out the 40’s/50’s science magazines, they regularly described how to produce such items
Yikes,
Check out the 40’s/50’s science magazines, they regularly described how to produce such items. You would need a Top Secret classification, a DEA liscence, and a hazmat license to own a chemistry set from that time period today
pain,
just keep it to ug
If you are putting a lot of bleach in an older machine to clean it make sure you run an empty wash (or something you don’t mind getting bleached) before putting anything else in. Trust me.
I found some lost footage of Pat…..
http://www.youtube.com/watch?v=SvGWhHuIYtE&feature=related
Albani: where are you?
Bond of the day, any Ford Bond paying a yield over 10%. They are getting upgraded soon. Last chance.
Chifi,
What’s good my friend?
http://seekingalpha.com/article/180956-u-s-housing-the-big-picture?source=article_lb_articles
great brand new re article
Was this posted yet?
From the Atlantic:
Mortgage Modifications: Help or Hindrance?
Is the mortgage modification program making things worse? An article in the New York Times gives voice to fears that by encouraging homeowners to stay in homes that they cannot really afford, Obama’s Making Home Affordable program is actually increasing the agony of homeowners, who pour money down the rat hole of their mortgage rather than recognizing the loss and starting over. In the meantime, the modification programs disguise the true condition of bank balance sheets (because modified mortgages are not yet non-performing mortgages), and slow down the process of recovery.
http://business.theatlantic.com/2010/01/mortgage_modifications_help_or_hindrance.php
http://www.northjersey.com/news/education/80491682.html
You mean to tell me that we pay these clowns private levels salaries and they still have’nt figured out how to fill up to capacity
JJ: The Jets got fcuked….I guess you won’t have a problem unloading tickets next year.
A look ahead at the Jets 2010 schedule
11:48 PM, January 4, 2010 ι By MARK CANNIZZARO
We know you’re focused on the Jets’ first playoff game since 2006 at the moment, but here’s a look at the Jets’ 2010 regular-season schedule.
Their home games include games against the Buffalo Bills, Miami Dolphins, New England Patriots, Baltimore Ravens, Cincinnati Bengals, Houston Texans, Green Bay Packers and Minnesota Vikings.
Their road games include games against the Buffalo Bills, Miami Dolphins, New England Patriots, Cleveland Browns, Pittsburgh Steelers, Denver Broncos, Chicago Bears and Detroit Lions.
So they play five 2009 playoff teams at home and only one on the road.
Just a quick look ahead. Enjoy Saturday, Jets fans.
We’ll check back with you on Tuesday when the players are back to work after having Monday off.
make money says:
January 5, 2010 at 12:59 pm
Chifi,
What’s good my friend?
chicagofinance says:
January 4, 2010 at 11:20 am
ALBANI:
You out there?
I’m bringing the Durres clan down to NJ on Sunday. Can you give me the Samvera drill again? Will the guys at the place be happy to see Albanians or do they kind of keep it on the down low because it is an Italian restaurant? Also, I am going to set up a table for 8 + 2 kids. What is the best way to go? Also, if I push the Albanian thing, is that a bad idea because then the bill will be 30% more?
Holy crow! I give you the Ewok McMansion. You gotta see to belive.
http://www.trulia.com/property/1030468929-122-Olmstead-Hill-Rd-Wilton-CT-06897
131 – The house rotates, ideal for mounting machine gun turrets on the roof.
Nom…
131: Plenty of poles for entertainment in the living room, eh John?
How about Iceland as a new home?
Iceland’s leader rejects controversial compensation deal
Iceland’s president has refused to sign a bill to repay 3.8 billion euros ($5.4 billion) to Britain and the Netherlands for losses in failed bank Icesave. The country will now hold a referendum on the issue.
The so-called Icesave bill was designed to compensate governments who were forced to bail out their citizens with accounts in the failed Icesave bank after parent Landesbanki collapsed.
The bill would have forced the Icelandic government to pay out 3.8 billion euros ($5.4 billion) to the Dutch and British governments.
Iceland’s parliament narrowly approved the bill at the end of December. But more than 60,000 voters – about a quarter of the tiny country’s electorate – signed a petition opposing the bill and calling for a referendum.
Icelandic President Olafur Ragnar Grimsson has now given in to the demands.
“It has steadily become more apparent that the people must be convinced that they themselves determine the future course,” Grimsson said at a press conference on Tuesday. “The involvement of the whole nation in the final decision is therefore the prerequisite for a successful solution, reconciliation and recovery.”
Reykjavik seen at dawnBildunterschrift: Großansicht des Bildes mit der Bildunterschrift: Iceland’s financial meltdown in 2008 has led to a deep economic depression
Potential voter rejection threatens EU accession
Icesave was an online savings bank owned and operated by Landesbanki, which was among the victims of Iceland’s October 2008 financial meltdown. Its high interest rates attracted savers, and ultimately about 320,000 Dutch and British citizens lost money through its collapse.
Repaying the lost money has been seen as a prerequisite for Iceland’s acceptance to the European Union. Rejection by voters could impede the country’s membership bid.
Opponents of the bill have claimed its demands are unrealistic and that taxpayers should not be punished for the bank’s mistakes. The payouts would amount to about 12,000 euros for each Icelandic citizen.
http://www.dw-world.de/dw/article/0,,5087148,00.html
Burn!
Taylor Disputes Bernanke on Bubble, Says Low Rates Played Role.
Jan. 5 (Bloomberg) — John Taylor, creator of the so-called Taylor rule for guiding monetary policy, disputed Federal Reserve Chairman Ben S. Bernanke’s argument that low interest rates didn’t cause the U.S. housing bubble.
“The evidence is overwhelming that those low interest rates were not only unusually low but they logically were a factor in the housing boom and therefore ultimately the bust,” Taylor, a Stanford University economist, said in an interview today in Atlanta.
http://www.businessweek.com/news/2010-01-05/taylor-disputes-bernanke-on-bubble-says-low-rates-played-role.html
Sean, someone once told me that Iceland was very cold, hence the name. I heard Greenland is much warmer.
Where did CDOs fit into the bubble causing puzzle?
poor jason williams ,, guy is sad
This is interesting (GS and their shorting the CDOs rationale).
http://economicsofcontempt.blogspot.com/2010/01/on-goldman-and-synthetic-cdos.html
How is this for a Dystopian future?
http://www.nytimes.com/2010/01/02/business/global/02capsule.html
John,
Good article. I just wonder who is going to get flushed out by those option arms. Were people using them to buy all price range houses, low end, or high end? People who were buying homes in NJ for 1.1mn a few years ago – were they buying with bonus money, option arms, both?
What I still don’t understand is how ML just underwrote my SIL’s latest house in Atlanta. She just got an interest only at Libor + 1.25%. Basically its a line of credit, which she says only has recourse to the property (though I wouldn’t be surprised if she was misled). Still, she’s getting 550k for a 700k purchase (+100k more spent on EFIS replacement) in the recently forclosed-on Premiere Country Club of the South.
Should have seen the look on her face when I casually asked if she’d heard that the golf course and clubhouse were going to be auctioned in January.
ChiFi,
I thought you already went there…
Table for 10 is fine. When you get there ask for Steve and tell him that you’re Albanian.
Fat Tony is usually my waiter, he’s from Durres also. The bill will be the same regardless however they normally buy you an after dinner drink. They’re not cheap either you can ask for a nice port or a cognac.
Best dish is Bronzini Ulqini style(broiled whole fish with olive oil and herbs) or the grilled Prawns.
If you want I’ll call Steve and let them know that you’re coming so that he can make sure you have a good time.
He owns a professional soccer team in Kosova. Really cool guy.
http://www.cnbc.com/id/34704077
CNBC Poll: Tell Us What You Think
Should the government allow people who are in financial distress to modify their mortgages? * 1774 responses
Yes
38%
No
57%
Not Sure
5.4%
Hi all, have not posted in a while. Hope everyone had a great holiday and New Year!
As long as Ben and company keeps the interest rate at 0% and our foreign masters don’t mind and keep on buying our treasuries at sub 4% interest, the ARM resets will continue to be a moot story as the arms holders can easily convert to fixed without a penalty. Look at FHA for example. You already pay almost a 1% penalty to the APR just to borrow through them and no one seems to even feel it. How bad would another 1% hit be. Over 30 or 40 years, it amounts to a few extra Benjamins per month.
In my opinion, it’s FHA that is keeping the bottom in housing from falling out and not so much low interest rates or tax credits. People don’t save in this country. The removal of the tax credit and even a rise in mortgage rates up to 6 or 7% will probably have a very minor impact on home sales. What would spell the demise of the system would be if there was a requirement of a 10 or 20% downpayment. People just don’t have it. This is the same reason that mortgage modifications do not work. You would think that someone whose monthly payment was $2500 would be able to afford a $2,000 payment. Unfortunately, they don’t have a pot to piss in. Someone who lives life responsibly can handle a major life event that might cost them an additional $500 per month. I know most of us here can.
Unfortunately, I don’t see FHA going anywhere anytime soon. Worse case scenario, we keep on printing to pay for a FHA bailout.
Can’t wait to see Ben and company remove all of this excess currency.
145: Stu, converting to fixed not so easy on an underwater property.
now why should i not get a loan mod?
re: #145 – Stu -re: Foreign Masters.
Seems our foreign masters are selling not buying. Latest numbers out for October 2009.
http://www.treas.gov/tic/mfh.txt
China’s not buying. UK sold. Japan sold. Net purchases by foreigners of US Treasuries? only +0.7B
Everyone is printing instead, QE and Stimulus.
cf ;) sorry if I’ve made your head spin.
Maybe this is more like me:
http://www.youtube.com/watch?v=B2BE5dy8n0E
bystander (131)-
It’s like a giant, levitating butt plug.
relo,
Not every arm holder is underwater. Nor is it hard to make it work even when underwater when the bank is willing to go out to 40 and dare I say 50-years, which I recently saw a quote for.
131:
I would have a hard time stopping myself from mooning my neighbors in such a home.
make money says:
January 5, 2010 at 3:00 pm
ChiFi, I thought you already went there…
Table for 10 is fine. When you get there ask for Steve and tell him that you’re Albanian.
Fat Tony is usually my waiter, he’s from Durres also. The bill will be the same regardless however they normally buy you an after dinner drink. They’re not cheap either you can ask for a nice port or a cognac.
Best dish is Bronzini Ulqini style(broiled whole fish with olive oil and herbs) or the grilled Prawns.
If you want I’ll call Steve and let them know that you’re coming so that he can make sure you have a good time.
He owns a professional soccer team in Kosova. Really cool guy.
make: thanks!
Don’t you live up near Garfield? Is the place good enough that you make the effort to come down often?
I kind of want to surprise my Uncle and Aunt. They haven’t been back to Albania in about 8-9 years, after living there for 45 years. My aunt actually had a personal injury and is now no longer allowed to fly, so she doubts that she may ever go back. They don’t really have money either, so it will be an extra treat.
Torches are being broken out in Iceland. Schumpy’s dream is coming to fruition, slowly but surely:
http://www.wealthdaily.com/articles/iceland-england-bailout-protests/2252
Stu (145)-
Mostly agree with your post…except for the fact that FHA keeps getting packed tighter and tighter with tacks, shrapnel, nails, old x-ray tubes and radioactive waste.
It IS going to detonate, and it IS going to blast a hole to the center of the Earth. The loan quality is so bad, it makes subprime borrowers seem like Andrew Carnegie.
Old hedgie joke from 2008…what is the capital of Iceland? A: $2
meter (154)-
Torches, smorches. That’s just the JV, warming up.
Wake me when it’s time to git my gat.
strumpet:
Here you go….vodka….
http://www.youtube.com/watch?v=QFg-k3uZlWQ
Maybe we’ll get a little of the ultra-violence in Iceland to entertain us this weekend.
The numbers I saw about the last treasury auction were 62% bought by the Fed, 49% foreign and private. Cant find the link to those numbers.
This only ends one of two ways:
1. Civil war.
2. World war.
#131 Bystander
Looks like an ice cream sandwich.
Al (160)-
You can certainly rely on percentages that add up to 111%.
“It IS going to detonate, and it IS going to blast a hole to the center of the Earth”
Sure it is, but what’s another 2 or 3 trillion when we just spend 5 or so? Moral hazard?
81 – RentinginNJ plus Kettle
About standard of living: This is a topic that I’ve thought about a lot over the past few years.
How much is our “standard of living” about reality, how much is it just a feeling that we need to be buying stuff? Should we buy less to have more?
Have you seen the A&E show Hoarders? I’m sure some of these folks have just about bankrupted themselves with buying stuff, but not all. No one’s been above middle class on the few shows I’ve seen. But the accumulated stuff they all have — oh my God!
Could a lot of their accumulated excess just be that that don’t throw anything out? I really wonder. I know I’ve been buying much less for a number of years and realized I didn’t miss 90%+ of what I didn’t buy.
Just a thought.
I can’t help but feel that Kettle must be right about the US becoming a manufacturing giant again, but not sure how on earth it could be accomplished.
P.S. Predictions:
1. That I won’t work in 2010 either.
2. That unemployment (currently at 99 weeks) will be extended to 2.5 or even 3 years.
Would be delighted to be wrong about 1, praying that 2 will be true.
Why doesn’t Bergarbe just print the money for Iceland and we could make it the 51st state?
151: Stu, true, but being underwater isn’t moot either.
165- I don’t know why we have so much stuff. I try to lived by the rule that if I bring one new item in the house I try to get rid of one old item but it doesn’t work out that way too often. When I see something I want (note, want- not need) I try to sleep on it for a night or two and hope that the feeling goes away. This works really well for me in terms of catalog shopping. I never, ever watch the shopping networks on tv because it’s way too easy to go overboard. But I always seem to need more socks- you know how the mates always disappear in a black hole so I do have drawers full of them.
I hope to work in 2010, hopefully at a decent job. Where the funds will come from for more UI extensions past the 99 weeks I have no idea.
re: Iceland – I hope they really really like codfish.
On cue – Fitch cuts Iceland’s rating to junk status
http://www.marketwatch.com/story/fitch-cuts-icelands-rating-to-junk-status-2010-01-05
Looks like an ice cream sandwich.
Yes, a Carvel Flying Saucer. At the next GTG remind me to demonstrate how the late Tom Carvel used to go #2.
Al Gore (560): “Cant find the link to those numbers.” What a surprise.
That turret thing is cool. But the pool is SQUARE?!
163. lol, 38% sorry.
To put things into perspective, by cost per person in Iceland.
The Icesave agreement obligates Iceland to borrow 5.5 billion to repay UK and Netherland depositors. Iceland only has 320,000 people, 1000X( times) less than the USA, the debt service requested was about 12k per person.
So that would be like asking American taxpayers to foot a 5.5 trillion dollar bailout burden, oh wait a minute that number sounds familiar?
168.
We have decided not to buy anything but necessities for 6 months and see how much money we can save.
I’m interested in how much everyone thinks is reasonable to budget on groceries every month for a family of four…
174. I was trying to talk my wife into cancelling cable tv but she resisted. The great enlightenment started with the printing press and mass production of books. The 2nd enlightenment will occur when people detach themselves from the tv set and develop the desire for truth.
Pass the Doritos and Grape soda please.
100 years of consumer spending in pictures…
http://www.visualeconomics.com/100-years-of-consumer-spending/
Stu aka The Sausage Party says:
January 5, 2010 at 2:18 pm
Sean, someone once told me that Iceland was very cold, hence the name. I heard Greenland is much warmer.
One of the earliest marketing ploys on record. Greenland is a huge block o’ice, and Iceland is pretty darn green.
#109
“Wow. Pending home sales takes us back to the average for 2008 (In the Northeast). Would expect an even lower number if they really do end the tax credit.”
the month over month dropoff is interesting, but still up 15% YoY.
I dunno about a family of four. We are three, but there are often other kids and/or parents stopping by and eating/hanging.
I did the toiletries and paper products run today..plus water, cat litter, cat food, soap, shampoo, etc. It was a hundred, but that’s for two weeks.
Oh, and a giant vinegar.
Yesterday, did the groceries for the week…maybe over a hundred, but I only got meat for a few days. So I need to spend maybe another 50.
So, we are at 200 a week for three. I budget $250.
No Jobs=No Homes. If you are “fine” and lose a job in this economy…..god hep ya!
Maybe things are cheaper here.
Pat don’t worry about the little money. Make sure your investments are right, re-check your car and home insurance for better rates, max out 401K and Flex plans. Kill all loans and if you can’t pre-pay loans. Further you and/or your husbands career. Five years from now you will have doubled your income and cut your expenses so much that 93% lean chopmeat will once again be affordable.
#178 Up because of the tax credit, down Nov because the tax credit was expiring. May be up in December (holidays) because the tax credit was renewed. The tax credit will be made permanent. Funding the permanent tax credit, is the least bitter renters can do, to heal the economy.
renter,
its harder with kids in mind…
my family of 3 spends about 650/month on food and we are a whole foods/trader joes type consumer.
Without going the canned spaghetti route we could probably cut it down 550/ month comfortably and in a SHTF unemployed situation probably to 300/month.
if it was just 2 adults, then Ramen all the way and your looking at about 200/month
John, I’m not worried about it, I was just trying to give renter 174 an answer to the groceries issue.
#145
“As long as Ben and company keeps the interest rate at 0% and our foreign masters don’t mind and keep on buying our treasuries at sub 4% interest, the ARM resets will continue to be a moot story as the arms holders can easily convert to fixed without a penalty.”
correct and it is open question how much of a problem the resets will be at this point given that everyone who could refi did and anyone who couldn’t had negative equity and that is the most likely factor for foreclosure (i.e., they are probably already in the foreclosure pipeline)
kettle, why are you spending less than I?
Do you eat out a lot?
Pat 187
no. our biggest expense is meat. other wise we like lots of fruits and veggies which can be of high quality and inexpensive in shopped carefully.
Also i did not include the bi-monthly costco trip for about 150. so average that out to 75/month for a grand total of 725/ month
My house is gluten free and that has surprisingly seemed to cut back on our food bills a bit as it automatically cuts out a lot of the standard junk food
Chicago School of Economics Circles the Theoretical Drain
http://paul.kedrosky.com/archives/2010/01/chicago_school.html
“I’m interested in how much everyone thinks is reasonable to budget on groceries every month for a family of four…”
$600, max
My new manhattan lunch regimen, 1 can of sardines, a packet of instant oatmeal, one banana and one apple or orange. Cost about $2.50-$3. I spread them out through the day.
Juice,
I can dig it, but where can you get a can of sardines that cheap?!
I like sardines, but as it was mentioned here earlier, in the US they’re very expensive.
16% drop in pending home sales.
They announced that the credit will continue around nov but then it didnt kick in until 2010. So there was a month in between where only an idiot or high earner would buy a home during that period and forgo the credit.
In my opinion, this causes a way different effect than if they said the credit is being pulled altogether.
So, as much as i want to see activity come to a screetching halt and prices start to come crashing down again, its hard to get excited about it.
If you pay attention to how much the extras like cookies, crackers, desserts, chips, soda costs you will see that that stuff can add up quickly. We pretty much gave up buying that which was made easier when the children lost interest in munchies. We save at least $15/wk not buying these items. I stopped coupon clipping a few years ago and instead go down each aisle and watch for the food on special for that week. ANd then buy it only if I need it. We don’t do the Costco thing because it never paid for us to buy in bulk. Food ended up getting thrown out. I wish I loved beans- great source of protein and so, so cheap. I would choose them over ramen if I ever had to.
We are at $1,000 so we might be on the high side.
re #195 – If you are counting liquor we are at least 2k.
171. Essex says:
January 5, 2010 at 3:59 pm
“That turret thing is cool. But the pool is SQUARE?!”
Thank You!!!
my best money saving grocery tip is to buy the undesireable meat parts. Once you learn how to cook them properly they are usually better than the more expensive cuts. For example, chicken thighs are often 1/3 the price of breasts.
“I can dig it, but where can you get a can of sardines that cheap?!”
Shoprite, Bumblebee Sardines 10 for $10.
Groceries is the one area I will spend more on. I have no vices, I shop conservatively, we don’t spoil our kids with endless toy purchases. Food and entertainment I will spend. I consider it worth it since I’m spending time with my family, as opposed to spending money on clutter.
My mother found this little trick, ask the guy behind the lunch meat counter for the “cheese ends” – the portion of the swiss, provolone, american etc logs they are going to end up tossing. Makes for good cheap cheese tray. Not sure if they do it everywhere but they did it at Kroger in the midwest.
Actually looks like this cheese end thing is all over the place:
http://www.google.com/search?hl=en&source=hp&q=%22grocery+store%22+%22cheese+ends%22&aq=f&oq=&aqi=
Cheap sardines? You may as well just drink the contents of a thermometer.
zieba says:
January 5, 2010 at 4:51 pm
Juice, I can dig it, but where can you get a can of sardines that cheap?! I like sardines, but as it was mentioned here earlier, in the US they’re very expensive.
Breasts are lean meat…thighs are as bad as a steak….
skep-tic says:
January 5, 2010 at 5:06 pm
my best money saving grocery tip is to buy the undesireable meat parts. Once you learn how to cook them properly they are usually better than the more expensive cuts. For example, chicken thighs are often 1/3 the price of breasts.
BTW – I think that thighs actually taste better as a result….
I buy things like those “hotel-style” turkeys, without the legs/wings, and then we’ll have it a couple of times, or freeze half. My problem is I don’t like to have to thaw anything, so I can’t always find fresh/not frozen.
Isn’t that a lot of sodium?
Pat says:
January 5, 2010 at 5:29 pm
I buy things like those “hotel-style” turkeys, without the legs/wings, and then we’ll have it a couple of times, or freeze half. My problem is I don’t like to have to thaw anything, so I can’t always find fresh/not frozen.
Gee, I don’t know. They are butterball, I think, with this pop-up timer.
panicking
Whew.. O.K. it’s http://www.perdue.com/products/product_detail.html?category_id=27&id=157
Ben Stein on TMZ tonight said something halfway intelligent about the Federal Reserve and how money creation is the basis for inflation. What did TMZ do? Inserted farting noises into his comment. The dumbing down of America continues…
Also, apparently, Ron Paul just challenged Ben Stein to a debate…
http://www.opposingviews.com/articles/video-rep-ron-paul-challenges-ben-stein-to-a-debate-r-1262715031
What about the cholesterol? 22% in 3oz? To they bathe it in egg yolks?
To = Do and directed to Sybil
renter (174)-
1 serving Ramen (0.23 USD) x 3 per day x 180 days = $124.20 per person
skep (178)-
Two questions:
1. What’s the mix of short sale/REO?
2. How much of the increase are in areas where the market has completely cratered (AZ, CA, NV, FL)?
Answer those two questions, and a very different picture emerges.
“the month over month dropoff is interesting, but still up 15% YoY.”
whine (194)-
Careful with those beans. They only make a complete protein when combined with a grain, pref. rice.
Pat (208)-
Butterballs are soaked in a bath of chemicals. Cf.- embalming.
I’d like to see Ron Paul pistol-whip Ben Stein.
Should I stop buying those perdue’s? I didn’t know they were so bad.
Ben Stein will be one of the first to get on the cattle car. Fing d-bag wants America to fight Israel’s war.
skep (198)-
Cervelles au beurre noir, anyone?
http://tinyurl.com/y9uq86a
Don’t you live up near Garfield? Is the place good enough that you make the effort to come down often?
I kind of want to surprise my Uncle and Aunt. They haven’t been back to Albania in about 8-9 years, after living there for 45 years. My aunt actually had a personal injury and is now no longer allowed to fly, so she doubts that she may ever go back. They don’t really have money either, so it will be an extra treat.
ChiFI,
I live in Gramercy Park (NYC). I make the trip down there sometimes to visit a friend. Steve is a true Albanian Patriot that earned his stripes during the war in Kosova.
Daniel Alpert, managing director of the New York investment bank Westwood Capital LLC, expects prices to fall to 10 percent below the lows of last spring when the government help goes away.
tick… tick… tick… tick…
Pat,
Some companies inject poultry with a water and salt solution. Check the sodium content of the chicken you buy vs an organic one that states they don’t add water and sodium to it.
Also read “The Omnivores Dilemma” and also “In Defense of Food”. You’ll be shocked at what the gubermint allows/encourages to go into our food supply.
#221 Clot
I have to take a trip to St John on my next London trip.
Mrs PGC stops short buying me Fergus Hendersons book even though it as been on my Amazon wish list for years.
http://www.amazon.com/Nose-Tail-Eating-British-Cooking/dp/0747572577/ref=tag_dpp_lp_edpp_ttl_in
Will Mr Buffet keep the HFCS out of my Cadburys?
http://www.guardian.co.uk/business/2010/jan/05/krafts-sweetens-cadbury-nestle-out
Clot & PGC
I love offal and “yucky” or cheap cuts of meat. Tripe, liver, kidneys, salmon jowls, fish heads, beef shank, etc. Don’t do brains though.
Child 1 falls over on a weekend and has to the ER to get stitches in the forehead.
Total out of pocket cost $1600.
A few weeks later and child 2 falls, cuts their chin and is taken straight to the private plastic surgeons office.
Total out of pocket cost $160.
Wonderful system we have here.
Broken surveillance camera at Newark airport led to missteps, delays during lockdown
http://www.nj.com/news/index.ssf/2010/01/broken_federal_security_camera.html
141 A. West
Your SIL sounds a lot like DH’s cousin- who is also in Atlanta.
I am soooooo sick of hearing about politics…how could I have lived for so long and cared so little. And why start giving a shit now???
#
meter says:
January 5, 2010 at 4:47 pm
“I’m interested in how much everyone thinks is reasonable to budget on groceries every month for a family of four…”
$600, max
that’s insane. $600? We spent more than that and we have 2 people. we’re frugal. one costco trip a month is $150. and we’re spending $150ish a week on groceries. we cook 5 meals a week at home. maybe six.
hit a restaurant MAYBE one or two nights a week.
$600 is insanely low.
I guess we can drop all that oil is down year over year talk finally…
You can do 600 easily, IF your cart is full of white carbs (pastas, rice, bread). This is why America is fat. Once you focus on lean protein from fresh sources, it climbs fast. Not just meat either, good cheeses, yogurt, leafy greens for calcium, nothing frozen or canned. Cha-ching.
You can do 600 easily, IF your cart is full of white carbs (pastas, rice, bread). This is why America is fat. Once you focus on lean protein from fresh sources, it climbs fast. Not just meat either, good cheeses, yogurt, leafy greens for calcium, nothing frozen or canned. Cha-ching.
however, I would argue that you could hedge against that by cooking and serving smaller portions. We could all stand to lose a few and no one needs three full meals a day unless you are tilling soil, not even children.
Four people, about $750/month for everything bought at the grocery store including paper products, laundry stuff, etc. We cook at home nearly every night, lunches are leftovers warmed up. We alternate types of meals, a simple meal like chili one night followed by pot roast with mashed potatoes and gravy the next. Wine every night, $2.97/bottle at WalMart. Hey! It’s a depression!
chili is not simple to me, I like it but never cooked it. I’m kind of intimidated.
I trolley watch in supermarkets and it amazes me how badly people shop. I also splurged last night on a tub of HagenDaz and noticed that the 16oz pnt is now down to 14oz for the same price I boughtit last time. Stealth Inflation.
A well stocked pantry is a great way to cut costs. I use a lot of dry goods and my last order from the meat packer was 150lb that averaged out at $2.24/lb. It will probably last me six months.
Grocery shopping for us is for vegetables (until I finlly get round to the root cellar), cold cuts and Milk and whatever is on a good sale.
Basic canning at different points of the year means I’m eatng Jersey peaches in January.
Buy in bulk and only buy what you will eat or store and don’t forget to rotate stock.
Here is one of the best articles I have ever read. http://www.backwoodshome.com/articles/hagan59.html
At some point I would like to print a version of this on an 8×11 card and bulk mail it to every low income neighborhood I can afford. That will be my way of giving back. Give people a way of stretching the food dollar
#238 Barbara – Brown 93% or leaner ground beef with a bunch of chopped onions. Add tomato paste and water. Rinse a can of dark red kidney beans multiple times to get rid of the syrup. Dump into pot. Add chili powder to taste. Throw in some shredded cheddar if you like. Serve in bowls with more chili powder and cheese on the table if anyone wants some. Have some carrot sticks and a basket of hot rolls on the table and call it dinner. Not fancy but it’s simple, cheap and filling.
238- No worries. Chili is actually pretty difficult to mess up.
PGC I admit Im not super price conscious but my approach is exactly the opposite of yours, mostly because I have found that buying in bulk ultimately leads to waste or lousy tasting food. I’m not a big slow cooker so I never use frozen meats since they grill lousy ime.
I tend to shop every 4-5 days, buy small amounts with a rotating “basics” list. I may not be a big bargin hopper but several years ago I made my one and only new years resolution, to not waste food. This style of shopping has helped me stick to that and I think that by just not wasting, I save money.
My biggest money saver of the last ten years has been re-training my husband to take leftovers for lunch, and to eat leftovers for another dinner, so we can buy larger cuts/cans/containers.
He still refuses leftover meat after 48 hours, regardless of type. If I cook a spiral ham on a Sunday and try to give him something like ham & bean soup on Tuesday, I can see him wincing and forcing himself to eat it, and he’s such a nice guy, I hate to make him suffer. I do killer meatloaf, and he scobs it up, but not two nights later if I make open-faced sandwiches.
But since we’ve moved to the boonies and it’s difficult to hit restaurants without making it a three hour affair, I see him becoming more open.
Pat,
I live three minutes from three stores, if I lived in the boonies, no way could I shop like I do now, esp with kids in tow.
My Dad has a very real food adversion to leftovers, even when he was a kid. Drives his wife a little crazy.
outofstater, thanks for that. I will try it.
It was a big adjustment for me, after working/living in NJ and Bucks County for so long. Still not there yet. Sometimes I forget the time, and can’t make it home from a store before my daughter is home from school because I’m behind a farm truck on a two lane road for 15 miles.
Trader Joe’s is a 45 min. drive in traffic.
eating ramen noodles, sardines, and the cheapest chicken you can find? eeks…
one thing your wee financial class never told you nor your wee planner will tell you, or your wee cherry picker Dr will tell you is that wholsome, clean, organic food is an investment. i.e an investment in your health. yes, it costs a little more (and yes, in any market, ya gotta look for the rip offs).
Its an investment cause hopefully, it will keep you healthy alot longer (i.e increase your earning power) and keep you from seeing your local follow the protocol on the blackberry Dr.
cheap food is just that…cheap garbage with side effects.
but you wee Schwab or Edward Jones won’t tell you that.
Just put your money into stocks, cause they will go up, and cash out when you retire.
sure, after your a Diabetic and you need to get that limb amputated, or having a pacemaker put in.
SAS
“follow the protocol on the blackberry Dr.”
lol
i like that one.
yes, that protocol was written by a drug company or medical device company.
well, at least they are good at standardized tests.
SAS
“Should I stop buying those perdue’s?”
unless of course you like formaldehyde?
SAS
Clipping coupons in the Sunday paper will save you between 20 and 30% at the grocery store. Of course, you will need a pantry to store the dry goods as one should mostly only buy them when they are on sale. Add the 5% back on groceries credit card and you can really stretch your grocery dollars.
“I’m interested in how much everyone thinks is reasonable to budget on groceries every month for a family of four…”
We spend about $350-400 per month for family of three. Food is a simple pleasure so i woldnt mind spending more than avg on it if thats the case. Also health should come first so top ramen is only a good idea for so long until the msg and other preservatives burn a hole through your lower intestine and then you realize that saving a dollar was not the best idea in the world.
i live the cheap people who seem affluent but are really penny pinchers because theyve blown their budget out on huge homes, fancy cars and lavish vacations to impress themselves yet at the same time they use generic toilet paper and get flush pale as a ghost when the check comes to the table.
” you will need a pantry to store the dry goods”
stockpiling.
another good investment your wee MBA degree never told you.
and CNN told you stockpiling means someone with more than 2 guns.
another investment: family
SAS
” you will need a pantry to store the dry goods”
stockpiling.
another good investment your wee MBA degree never told you.
and CNN told you stockpiling means someone with more than 2 guns.
another investment: family
SAS
You guys are making me hungry. :)
Sas: Is it time? Warm milk and cognac?
247.sas says:
January 5, 2010 at 10:48 pm
wholsome, clean, organic food is an investment. i.e an investment in your health. yes, it costs a little more (and yes, in any market, ya gotta look for the rip offs).
Its an investment cause hopefully, it will keep you healthy alot longer (i.e increase your earning power) and keep you from seeing your local follow the protocol on the blackberry Dr.
cheap food is just that…cheap garbage with side effects.
We spend about $1,250 a month without any outside meals. Includes one child who is solely drinking from the tap….if you include supplements, maybe layer another $250 a month on top….
251.Veto That says:
January 5, 2010 at 11:09 pm
“I’m interested in how much everyone thinks is reasonable to budget on groceries every month for a family of four…”
chicago, nice, you must be having lobster benedicts for breakfast with maybe an occasional mimosa.
does anyone keep track of what they are wasting? its a hidden cost.
Minimal seafood and no alcohol except my scotch….
257.njescapee says:
January 5, 2010 at 11:21 pm
chicago, nice, you must be having lobster benedicts for breakfast with maybe an occasional mimosa.
Here is my next stockpile item. I love cola made with sugar.
http://www.pepsithrowbackhub.com/
Every year I go out before passover to hunt down kosher C0ke. Its the only time of they year they use sugar instead of HFCS. Hopefully this Pepsi will take off and they make it a regular item.
PGC thanks for this, I’m totally going to stock up
Bye Bye Chris Dodd….a six term scumbag. Now can we please get term limits for these welfare queens???
@232:
“that’s insane. $600? We spent more than that and we have 2 people. we’re frugal. one costco trip a month is $150. and we’re spending $150ish a week on groceries. we cook 5 meals a week at home. maybe six.
hit a restaurant MAYBE one or two nights a week.
$600 is insanely low.”
I’m not counting things like paper products (tp, paper towels, napkins), cleaners (detergents, soaps, etc) or incidentals that we might buy at Costco, but we don’t spend more than $150/month on those things anyway.
I don’t eat lunch at home, and we do take-out/pizza maybe once a week for dinner. My family of three spends maybe $120/week on actual grocery store bills.
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