From the Star Ledger:
Housing experts predict a bumpy road back
Coming off one of the worst years for real estate since the Great Depression, most developers say the housing landscape still looks rocky.
An inevitable rise in historically low mortgage rates, high unemployment, foreclosures, a state budget in financial crisis and a lack of credit will continue to plague New Jersey home builders as the decade unfolds, according to a panel of industry experts at the Atlantic Builder’s Convention in Atlantic City yesterday.
“It’s not going to be one of those things where we’ll have an ‘aha’ moment and say: ‘That’s when it’s going to happen,’ ” said David Crowe, chief economist for the National Association of Home Builders, referring to a turnaround.
Now that the Federal Reserve has stopped buying bad loans, the six-month streak of falling interest rates seems to be at an end.
Last week, the average rate for a 30-year fixed-rate mortgage rose to an eight-month high of 5.31 percent.
And some estimates push that number to more than 6 percent by 2011, chipping away at affordability. “That will assure that our housing market will be constrained for a very long time,” said Jeffrey Otteau of the Otteau Valuation Group, an East Brunswick real estate appraisal firm.
Things don’t look too good for job growth, either.
Crowe said he expects the unemployment rate to hover around 8 percent for the next several years. And in New Jersey, where about one in five adults are employed by the government, Gov. Chris Christie’s budget eventually will affect housing.
…
The outlook, however, for the state’s real estate isn’t too sunny for at least the next several years.Housing prices are now at 2004 levels. And there is a 16-year supply of age-restricted, or senior, housing in the state. Otteau said luxury housing will perhaps never fully recover.
He predicted housing prices won’t reach 2005 levels until at least 2020. The children of Baby Boomers won’t have the wherewithal to handle the mortgages accompanying their parent’s three-car garages, outdoor kitchens and McMansions, he said.
“What we’re going to see is a more European market model efficiency,” he said of future housing, adding that home prices will first come back in North and Central Jersey because of their proximity to business centers. “Homebuyers will seek to live close to jobs and transportation.”
The consensus among the panel’s three members was that at least the real estate market won’t get any worse.
“We are in for some good news,” Crowe said. “But this is a steady steep climb out of a deep hole.”
First
GORDON BROWN: I WAS TO BLAME FOR THE CREDIT CRUNCH
The Prime Minister, Gordon Brown, confessed that the Government helped fuel the banking crisis by failing to step in and stop reckless lending.
In a hugely damaging admission, just three weeks before the General Election, Gordon Brown said: “We should have been regulating them more.”
Mr Brown’s sensational comments were made in an interview, to be screened on ITV1’s Tonight this evening, when presenter Mark Austin asked the Prime Minister what his biggest political mistakes had been.
Mr Brown said: “In the 1990s, the banks. They all came to us and said, ‘Look, we don’t want to be regulated, we want to be free of regulation.’ And all the complaints I was getting from people was ‘Look you’re regulating them too much.’
“And actually the truth is that globally and nationally we should have been regulating them more. So I’ve learnt from that.
Lets hope Dubya, Clinton etc… follows through.
By ANDREW ROSS SORKIN
Imagine the Bailouts Are Working
Every couple of months the Treasury Department takes a moment to strategically leak some good news about the bailouts. It happened again on Monday, when a Treasury official told The Wall Street Journal that America’s coffers would be only $89 billion lighter after all accounts were settled from the rescues, down from an earlier estimate of $250 billion.
The government’s $45 billion investment in Citigroup alone is on track to make a profit of nearly $11 billion, plus $8 billion or so in interest and other fees.
Of course, we’re still expected to lose $48 billion on the government’s rescue of the American International Group. But two people close to the board suggested to me that as the company recalculates the value of assets in its portfolio that were once considered “toxic,” the government could actually claw its way back to even on that investment, if it holds on to its stake long enough.
A year ago, by the way, these same people told me they expected the government to take a “$100 billion bath” on its investment in A.I.G.
Drat. Moderated.
chase knocks the cover off the ball, recession over?
Bergen County to lay off 75 workers http://www.nj.com/news/index.ssf/2010/04/bergen_county_is_expected_to_l.html
freedy (5)-
The ball wasn’t pitched. It was placed on a tee, like for a 6 y/o.
Interesting yesterday, Volcano erupts in Iceland, Earthquake in China, and Cyclone in India.
Where are the trials? Where is the outrage?
“According to the report, Lehman used what amounted to financial engineering to temporarily shuffle $50 billion of assets off its books in the months before its collapse in September 2008 to conceal its dependence on leverage, or borrowed money. Senior Lehman executives, as well as the bank’s accountants at Ernst & Young, were aware of the moves, according to Mr. Valukas, the chairman of the law firm Jenner & Block and a former federal prosecutor, who filed the report in connection with Lehman’s bankruptcy case.
Richard S. Fuld Jr., Lehman’s former chief executive, certified the misleading accounts, the report said.
“Unbeknownst to the investing public, rating agencies, government regulators, and Lehman’s board of directors, Lehman reverse engineered the firm’s net leverage ratio for public consumption,” Mr. Valukas wrote.
Mr. Fuld was “at least grossly negligent,” the report states, adding that Henry M. Paulson Jr., who was then the Treasury secretary, warned Mr. Fuld that Lehman might fail unless it stabilized its finances or found a buyer.”
http://globaleconomicanalysis.blogspot.com/2010/04/lehmans-alter-ego-how-lehman-hid-risk.html
Companies are hiring like it’s 2005, stock market is on fire, housing market is on fire. Buy a house now before prices go up like in 2005. Boooyaaaaaaaaaaaaa
Knowing there’s idiots like Frank out there, willingly craning their necks into the guillotine being prepared, keeps me in the game.
Sell in May and go to hell, gang.
Knowing that idiots like Clot are willing to sell at the bottom, make me buy, buy and buy.
Frank, what did I sell?
Unless you want me to outline for you (BTW, I won’t) the short fortress I’m building piece by piece. I will admit, however, that it’s reinforced with shiny.
Finally, somebody calls BS on Liz Warren:
“Elizabeth Warren has been all over the media of late. This lady is a ‘hot property’. And with good reason. She has all of the credentials. Harvard Professor, eight books, the Chairperson of the Congressional Oversight Panel, she’s on the list of the top fifty “Most influential lawyers in America” her name even has come up as a candidate for the Supreme Court.
Not only does she have the credentials, she has a look. There is something about her that when she talks to the camera you get a warm feeling and think, “Finally there is someone who is making some sense of this mess!
I think she is blowing smoke.
Today there was another Congressional hearing on the status of mortgage defaults in this country. We have a significant portion (20+%) of homeowners that are now underwater on their mortgage. The big banks went to the Hill and swore they were doing just about everything to unscramble the eggs. Our boys from JPM said that it would cost “hundreds of billions” to write down the principal of the mortgages that are underwater. ‘Heaven forbid that that would happen’, was the warning. I was left wondering what the real value of their book was given their defense that they could not afford to realize the embedded losses.
The simple fact is that of the 1.1 mm who have requested mortgage relief only 170k have gotten it so far and almost all of those have been temporary reductions in monthly payments but no reduction in principal. It is nearly two years since this blew up. We have made almost no progress in addressing it. We are kicking a can down the road and hoping that ZIRP finally causes some housing inflation to balance the books. That is not working at all. It is just causing bubbles outside of residential real estate.
Ms. Warren had strong words regarding the bank’s stubborn position today. From her interview on ABC World News:
“It really is stunning that this is the position that we are in. The American taxpayers have shoveled out 100’s of billions to rescue these financial institutions and now those same institutions don’t want to be part of the solution”.
So she gets more respect and more visibility for bashing the banks. But my question for Ms. Warren is, “What are you doing in your own back yard?”
Warren should look at the numbers and start stirring this pot to where she might actually get something done. Right in the House. She can call up Barney Frank and get the numbers. She could have lunch with Shaun Donovan over at HUD. He has all the info for the FHA. Even better she could take the time to drop over to see Mike DeMarco at the FHFA. He has tons of numbers too. The all have the same number for what they have contributed to principal debt relief. The answer is close to zero.
The ultimate cost of the Washington mortgage lenders will exceed $500 billion. As of today it is a blank check. It will be many multiples of the net costs of the TARP. So when Elizabeth talks of “shoveling tax-payer money” there is no greater shovel full in history than what exists right now in D.C. The idea that “Those same institutions don’t want to be part of the solution” should not extend to the 70% of the mortgage market that Washington now owns is flawed logic. And she is well aware of that fact.
I’m not sure what ‘office’ Ms. Warren is pursuing. She could set a very high bar if she stood up to the plate and directed her rancor and visibility toward the Agencies. She could influence the outcome of this. She can either lead, or she can bad talk the private sector. If she does step up she will have the support for any office she wants. If she doesn’t, she may go back to Boston and teach.”
http://www.zerohedge.com/article/elizabeth-warrens-chance-sun
4.Final Doom says:
April 14, 2010 at 6:44 am
Drat. Moderated.
Main Entry: 2mod·er·ate
Pronunciation: \ˈmä-də-ˌrāt\
Function: verb
Inflected Form(s): mod·er·at·ed; mod·er·at·ing
Date: 15th century
transitive verb
1 : to lessen the intensity or extremeness of
Doom moderated? Not so long as that is a meaning of the word.
Bernie Madoff would be proud of the current stock market, the mother of all Ponzi Schemes.
“freedy (5)-
The ball wasn’t pitched. It was placed on a tee, like for a 6 y/o.”
It was placed on a tee for them the past 15 years. They still struck out in 2008. These big banks are no different than the little kids who get a trophy for coming in last place. Only problem is, their trophy is bigger than everyone else’s.
#14..as indicated on CNBC this am, she is a potential Supreme Court nominee….
10 Key Charts to See Before You Buy or Sell a Home
http://seekingalpha.com/article/198651-10-key-charts-to-see-before-you-buy-or-sell-a-home?source
“Warning. Warning. Danger Will Robinson.”
Quote from author. Check it out good stuff.
Breaking News:
1) Retail sales in March were stronger than forecast; a separate government report shows consumer prices in line with expectations.
2) JPMorgan Chase reports stronger-than-expected profit and revenue, sees improvement in “underlying trends” of the economy.
Too much for a doomsday scenario :)
putting her on the Supreme Court would in a way, shut her up…
BTW, bidding wars on more desired school districts is back full force…
clot, Whats up with Zerohedge calling out Liz Warren? Is she not one of the few speaking out against the big banks and their highway robbery bailout attrocity?
Whats next, a lambasting of ron paul and david walker?
Im becoming more convinced that Zero Hedge will do anything to get you to click the headline. They are becoming more tacky than the ny post and are one step away from posting a girl in bikini once per week to drive up traffic.
Liz Warren is smart as sh!t and speaking out about the injustice of the bailouts and the decimation of the middle class. Who here has beef with that?
9.Final Doom says:
April 14, 2010 at 7:54 am
Where are the trials? Where is the outrage?
They will get this guy if warranted. I am read Andrew Ross Sorkin’s book right now. About 50% done. I would suggest reading it. Fuld fcuked up for sure. His ego didn’t allow him to fold when conditions dictated he should have….he had 6 months from Bear Stearns onward, and he refused…his fault..
read = reading
mikeinwait,
nice link.
I’d love to see the algorythm for that NAR affordability index. It would probably be good for a five minute laugh where you cant catch your breathe. Its funny that it stands in direct contrast to mr shiller’s analysis.
Lets see who should we expect to be more objective?
Im going with Shiller on that one.
becoming?…..vito, bite your tongue, lest we get clot into a drunken stupor at 9:30AM….Morgan’s earnings release has already made him testy…
23.veto that – lawrence yun ‘the panda’ says:
April 14, 2010 at 9:21 am
Im becoming more convinced that Zero Hedge will do anything to get you to click the headline.
JJ: Heywoode Jablome
http://finance.yahoo.com/echarts?s=ABK#chart1:symbol=abk;range=1d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=7179971-631754-1032264&type=sect&dcn=0001193125-10-080450
As a result of uncertainties associated with the aforementioned factors, management has concluded that there is substantial doubt about the ability of the Company to continue as a going concern. The Company’s financial statements as of December 31, 2009 and 2008 and for the years ended December 31, 2009, 2008, and 2007 are prepared assuming the Company continues as a going concern and do not include any adjustment that might result from its inability to continue as a going concern.
[24] chifi
50% done? We got those tomes at the same time, and I finished months ago.
[3] SG
Reminds me of the punchline from the joke about the marooned economist: “Imagine that you have a can opener.”
Come to Butthead…..
While management believes that Ambac will have sufficient liquidity to satisfy its needs through the second quarter of 2011, no guarantee can be given that it will be able to pay all of its operating expenses and debt service obligations thereafter, and its liquidity may run out prior to the second quarter of 2011. Further, Ambac may decide prior to the third quarter of 2010 not to pay interest on its debt.
[230] [prior thread] gator
“I have a name the future day care you’re going to run. How about ‘Uncle Nom’s Compound’?”
Classic. I’m still LMAO.
Chi, At the very least, i find zh entertaining and sometimes insightful.
Their main problem is inherent in their business model. i.e. taking the headlines from ‘heard on the street’ and running with them.
if you take the articles with a grain of salt, its not a bad way to pass five minutes of time.
But going on a limb to take a swipe at Warren? I could get that from fox and cnn so where is the value now?
[32] redux
Target practice starts at age 8, just like for me. Archery, bb’s and .22s.
Don’t you think the Viking Stove really compliments the 40 year old cabinets and formica? A 14k+ tax bill is a bargain for such luxury.
http://emailrpt.gsmls.com/public/media.do?method=gethighresolution&mlnum=2763061&num=4&res=highres&imagecnt=13&sysid=4040194&pubid=233171&servername=null
Nom 32 – Glad you like it. I think it sounds like such a warm, nuturing environment.
More jobs shipped overseas:
Last US sardine cans being packed in Maine
http://news.yahoo.com/s/ap/20100414/ap_on_bi_ge/us_so_long_sardines
31 ChiFi
You do have good taste after all.
http://www.youtube.com/watch?v=A99fzxi8rfY
;)
Gator / Doyle-
Did you see the new listing that popped up on Forest ystdy?
In our short period looking, there have been 8 houses for sale within a couple of blocks of each other on that street.
Any thoughts on why it seems to be an exodus?
Gator
to answer your question from yesterday, a 7-8 may be ready for intro to a .22 depending on the individual kid. of course ou could start them on basic hand-to-hand at age 4-5.
lets see DOW 20K!!! forget all this doom and gloom!!
JPL – Not certain but perhaps lots of kids graduating GRHS this year on that block. You know how the joke goes….first goes up the “Congratulations John Class of 2010” sign and right next to it goes the For Sale sign.
Hyde 40 – Clearly you will be the Recreation Director at Uncle Nom’s Compound.
“the Viking Stove really compliments the 40 year old cabinets and formica”
The formica has to go.
Cabinets can stay if money is an issue.
But for heavens sake at least changeout the brass cabinet handles to match the steele stove that is worth more than the rest of kitchen combined.
Veto,
worth more than the rest of kitchen combined.
The was first thought that went through my mind.
Gator,
Will Little gator be registered for the fall session of Uncle Noms Compound?
Veto – “If money is an issue” then how the heck is there a Viking Stove in that kitchen?
Stu and I also put a commercial grade range in our kitchen without replacing the old cabinets. When you’ve got a 36″ inch space to fill, it’s just as expensive to put in a standard 36″ GE profile as it is to put in a basic Premier commerical grade.
But we at least painted the cabinets, replaced all the knobs and handles and also updated the countertops.
Thanks Gator… Understood about the 2 signs joke. We’ll see.
““If money is an issue” then how the heck is there a Viking Stove in that kitchen?”
Great question. I’d love to know the same.
Maybe its the same reason as when the $3,000 chrome rims are on the 4 cyl hundai with 120k miles on it but im hoping thats not the case.
I’m all for the painting approach. If the older cabinets are quality wood and structurally sound, i cant thing of a greater waste of money than pulling them out.
JPL – House looks all redone- but did they orphan the garage? It looks like there is blacktop all the way back to it, but why did they fence it into the backyard?
Veto 49 – Ours look nice from the outside, but I do wish the interior shelving was at different heights/sizes. Ours our not as functional as I would like them to be.
But when we updated our kitchen we knew that it would either be a permanent rental, or if we wound up living there longterm, we would just be ripping everything out to renovate. So no sense in throwing away good money for a short-term redo.
I still think those folks would have been better served for a resale in putting in a less fancy 6 burner stove and using the difference to update all the other stuff.
Suckers.
Hyde – We are still hoping that Lil Gator will be attending Glen Ridge public schools in the fall.
I could really use some input. We have the option to buy our rental.Its a 4BR 3B house and we’re thinking if we buy it and renovate it, we could actually make it work. All said and done, it would cost us about 950K.
Hubby thinks if we wait till July/Aug, we have a much better chance at finding a renovated house with perhaps a better lot or even a pool for that price. Right now we seeing houses like that in the 1.2 range. (Even then they need to be updated a bit.)
So its a question of bird in hand vs the one in the bush.
What does the cystal ball say to all you experts out there? Should we stay or should we go now? (sorry couldnt resist that) Should we buy or wait?
[2] SG
Dubya did very little in the area of financial reform, certainly little in the banking area outside of BSA/AML. The W admin. did a lot of cleanup from the likes of Enron, Worldcom, etc., and there was SOX, but that was all on the stock market side. W did virtually nothing to deregulate in the banking arena.
Most financial de-regulation occurred under prior presidents, going back to Reagan, and much of that under Clinton. If one follows the degregulation of banking, one sees incremental changes starting with the Reagan administration (DIDIMCA), and culminating with Reigle-Neal and GLBA under Clinton. In fact, the most significant acts to deregulate banking were Clinton era laws: Reigle-Neal, EGTRRA, and GLBA.
Only during the S&L crisis, which did bring FIRREA and FDICIA (both under Bush the First), were there substantive and meaningful changes in regulation. However, while these laws had teeth, they did little to change the course of the river that became TBTF.
And though they have collective amnesia about it now, deregulation was truly bipartisan, and much of it was championed or cheered by democrats, who labeled such legislation “pro-consumer.”
Look at the recorded votes for GLB, Reigle-Neal, EGTRRA, and some of the “lesser” acts, and couple that with their stances on OFHEO and regulator enforcement of CRA, and you will understand why I am ready to call Frank, Dodd, and Schumer, among others, lying sacks of sh1t to their faces.
FOrgot to mention in 53 – we are looking in Ridgewood.
jpl,
I’m thinking exactly what Gator said on the exodus. Not sure, but believe this is an annual occurence. That new listing is interesting, paid $802 in ’05, dumped at least $150k in, assessed around $800k I believe. Taxes don’t seem to reflect the work as I think it was done in late ’07.
Should be interesting.
on the brink.
ask mr hyde to repost the nj nar home price chart which shows the seasonality and its effect on avg home prices.
It will basically convince you to not negotiate with sellers in spring unless you prefer to pay a 5%-10% premium.
Doyle 56 – Re the tax assessment – possible that the work was done after, but Glen Ridge runs a pretty organized shop and I can’t imagine they would not have increased the assessment for renovations that occurred over 2 years ago.
Having recently been revalued myself, I believe the firms that do the mass revaluations do not place a high enough premium on updates. It’s not uncommon to see a highly renovated property in the area with a relatively generous assessment. In our neighborhood the through the roof sales for highly renovated properties seemed to result in extra value being assessed on the land portion of the assessment. This has basically overasessed the less updated properties and given a tax windfall to the more valuable renovated ones.
And Doyle, yes, this is an annual occurence. After the last kid graduates GRHS, the house goes up on the market. The people who want to buy in the area then tend to purchase in the nicer areas of lower taxed Bloomfield, Little Falls, Clifton, etc since they no longer need to use the schools.
I saw the ’05, 802k purchase. How do you know about the renovations though, did you find the original listing?
Taxes and assessed actually seem low, at <800.
As for the garage… I’d almost rather knock it down and build my own, Garage mahal style.
Did 246 go U/C yet?
Veto 57
This one?
http://www.scribd.com/full/28183885?access_key=key-2gltvqkjzufrd4lsrzg7
Gator, gotcha. So that said, what are your thoughts on the $783k assessment vs the $969 list. Seems like much more of a disparity than usual, no?
JPL, Realtor mentioned the reno’s. Not sure on 246, as of Monday heard there were a lot of convo’s but no offers, not sure since then.
Based on the 91.61 ratio for GR, you would expect to see assessed value of 887k for a sale at 969, no?
Yes, Doyle. Some people are just lucky. We’re seen it in other areas of town too – and almost always when the property has been updated. Township screwed up and there is nothing they can do to fix it until the next townwide reasessment. Of course the irony is that the lower assessment can actually increase the market value of the property since lower taxes are desireable.
We actually bid on a property that got a sweetheart assessment because some idiot in the County Clerk’s office flipped the block and lot number of a different sale the year before the GR revaluation.
Cleck out the tax listing for this place – 162 Midland. It’s almost 2500 SF. The 07 sale associated with it is actually for 20 Madison which is only 1800SF on a lot that is about half the size.
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0708&block=43&lot=18&qual=
JPL – Yes, but mass revaluation is not perfect. We are actually looking at a property that is assessed at 108% of list price.
Barney Frank and NACA (like ACORN, but focused on housing and more reputable) ambush a JPM exec. in DC for hearings.
http://www.cnbc.com/id/36494251
Dow 20K or bust!!!!
Almost 500,000 struggling loan customers have not supplied information or taken other basic steps to qualify for mortgage help. About half of them have not made a payment for more than a year, or owe more than 50 percent of the value of their homes.
Fully 1.44 million of its mortgage customers are 60 days or more delinquent – nearly 14 percent of the 10.4 million first mortgages the company services.
http://www.charlotteobserver.com/2010/04/13/1373260/bofa-to-detail-loan-aid-before.html
Gator, amazing. This one will be interesting to watch… a lot of factors at play here.
Maybe I’ll see you in the driveway this time!
JPL, perhaps :)
while they are focused on home loans and defaults, what about credit card debt?
seems to have gone to the back pages.
SL,
Saw this article — reminded me of your Indian doc friend that was b!tching about HCR
FT.com: Angry mob ransacks Calcutta private hospital
By Amy Kazmin in New Delhi
Published: April 13 2010 13:09 | Last updated: April 13 2010 13:09
An angry mob ransacked a private hospital in the eastern city of Calcutta on Tuesday morning, enraged by its alleged refusal to admit more than a dozen rural villagers critically injured in a severe road accident.
Officials in Calcutta said Peerless Hospital demanded Rs50,000 ($1100) – a sum far out of reach of most Indians – to admit each of the accident victims, three of whom, including a seven-year old girl, subsequently died of their injuries.
Note: the “ransacking” was the news — not the death of three people — after the refusal by the hospital to admit. “Peerless” indeed!
Wonderful insight
I spoke to a number of high schoolers applying to Cornell this year, and only one was admitted. Here is his story…
)(#@*_%&(&#*&(*#$*&_@#$*_)$@(+@($@#
Grrrrrrrrrrrrrr………………
________________________________________
Sent: Wednesday, April 14, 2010 11:34 AM
To:
Thanks so much. Sorry I haven’t responded sooner. I haven’t known what to say. I was really excited about Cornell and want to go, but then my parents got the financial package. I got 2-3 times as much scholarship and aid to other schools. Cornell said the problem is my parent’s still own the townhouse in Red Bank where we used to live. When we moved to our house, they were going to lose a bundle selling it so they kept and rented it. Since my dad doesn’t have any pension, they decided to keep it as a personal pension fund. As you know, NJ real estate has done great so now it looks like a big asset. Even if they sell it, it won’t happen fast. Another unit has been for sale over a year. Meanwhile, my dad only makes 60K and Cornell wants a family contribution of 40K. Right now, I almost wish I hadn’t applied there. Sorry to vent. Thanks anyway for all your help.
I feel for him. Life’s rough, but he needs to bag Cornell.
Brown gave me squat so I went to PSU and am so glad now. What a crapshoot tuition has become.
veto (23)-
Phony, Fraudy, Ginnie and FedCo ARE the mortgage market now. They are holding over 70% of the mortgage paper in issuance.
It is the height of hypocrisy to lambaste banks over their inability to generate a decent volume of loan mods- especially those involving principal reductions- when her own house has a backed-up, tamped-down septic full of crap on which not one penny of workout has been done.
It is also not coincidental that in short sale situations, these gubmint agencies hold out for the highest, most irrational payouts and terms.
Until Warren wants to admit that she’s wallowing in the same sty as the biggest hogs, I’ll consider any statements she has to make as punches pulled.
Unless, that is, she’d care to admit at anytime that she has caught the Barney Frank disease of pot-kettle-black.
We’re from the gubmint, and we’re here to help.
Clot,
get back to work! 46% of the nation is depending on your income!
New Jersey Transit Approves Increased Fares on Trains, Buses
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By Terrence Dopp
April 14 (Bloomberg) — New Jersey Transit’s board of directors approved fare increases of 25 percent for trains and New York City-bound buses to help the third-largest U.S. transit system close a $300 million deficit.
Agency director James Weinstein pared back the increase for local bus trips to 10 percent from an original proposal of 25 percent after commuters complained at public hearings, spokesman Dan Stessel said. Interstate buses will be subject to the full 25 percent boost, Stessel said.
The new rates, which take effect May 1, are the first system-wide increases in almost three years. The train-ticket increase would be NJ Transit’s biggest ever, according to data on the agency’s Web site. It last raised them in June 2007, with a 9.6 percent boost. The only other time NJ Transit, which was created in 1979, raised fares more than 20 percent was a 22 percent increase in 1981.
veto (33)-
Funny. I don’t recalll Fox or CNN slagging Warren. It’s like she’s been put off-limits by the big media PTB.
brink (53)-
Wait. Unless the thought of taking a housing Louima appeals to you.
Pate 76 – Here here! I had pretty much the same deal from Emory. They actually gave me some aid for my first year, but it was almost all loans. My dad sat me down and showed me the harsh reality. Said if I went there I would eat up every dime we had, graduate with a ton of debt and they would have nothing to give me for grad school (I was planning on law school at the time). But if I went to UF, I could graduate with zero loans and they would then be able to pay some of the cost of law school as well.
He also pointed out that most of my classmates at the expensive private school would be much betetr off and would have the money to do things that I could not, since all of our money woulf go towards tuition.
So I went to UF, was pretty much the richest amongst all my peers, and graduated completely debt free. I don’t have a single regret. Definitely made the right decision there.
Pat says:
April 14, 2010 at 11:50 am
I feel for him. Life’s rough, but he needs to bag Cornell. Brown gave me squat so I went to PSU and am so glad now. What a crapshoot tuition has become.
Pat: What sticks in my craw is the perfect confluence of everything we discuss here: delusional seller holds onto real estate so he does not take a bath; college tuition is a bubble; no pension; finally, delusion seller has no idea that if he had just sold his house, his son would have had a full ride a Cornell……I will keep my yap shut though…what a fcuking nightmare…makes me sick….kid is a genius, so I bet his dad is too, but intelligence /= common sense
chifi[75];
C should just come out of the closet and do what Bristol Community College in MA did – go to the head of the line for 2x tuition.
http://www.boston.com/news/education/higher/articles/2010/04/09/double_fees_buy_spot_on_colleges_fast_track/
Nice to know that Cornell would give a nice fat aid package to a municipal worker with a fully paid cadilac health plan and a juicy pension, and stiff the kid of a working class dad whose stuck renting out his albatros of a starter house. If my kids were going to college now, it’d be community college and a government job.
Why do people tell the truth on those forms anyway? Who imagines taht Federales or the colleges have the resources or inclination to verify data? My kids are going to emancipated and destitute at 15 yo, living with their broke second cousins.
Actually, I just checked out Brown. No cost for him had he been accepted there. Back in 81 they didn’t have the same packages.
I could’ve afforded it today, but still would’ve been the poor kid in Kmart clothes among the rich. At PSU, I got free foreign studies, almost free MBA, etc.
Honestly, it’s better (despite John’s assertions of ladder climbing) to find a place with great opportunities where you feel comfortable. How’s this kid going to be comfortable at Cornell knowing the position in which he’s putting his Dad?
NJGator, “definitely made the right decision there…” of not going to law school?
I can’t imagine you defending zero taxes on Exxon Mobil’s 35 billion while railing against $500 tax credits for single mothers making minimum wage :)
Moose: I look at the formulas and they are messed up…..I guess ultimately I am in Gator’s camp…..it is just garbage that you see lame dickwads on campus who could care less what they are doing and how they are there AND they had someone work the formulas so they are getting a big hair cut on the price….SUX!
John 80 – Wow. Stu was pretty confident that the 25% request was just cover to make a 15% or so hike seem reasonable.
Sorry, Monmouth and Ocean County commuters.
John, what’s with NJ Transit? No off-peak discounts (removing whatever little they had in the first place). NJT looks awful when compared with LIRR.
NJT’s policies towards increasing public transport seem to written by a car or oil company!
S
SAS – Made the right decision on bailing on law school as well as picking the reasonably priced public college that enabled me to graduate debt free.
SAS – NJ Transit fares blow. This rate increase blows and disproportionally screws longer distance commuters.
http://www.njtransit.com/var/var_servlet.srv?hdnPageAction=BudgetChallengeTo
Kids and parents today are stupid when it comes to college.
First of all what right does a kid have to decide where he is going to school or what he majors in if he ain’t paying?
I have two idiot nephews who want to go away to school and major in some bs like being an architect or physical therpist.
Both complaining mommy and daddy can’t afford whole thing and they have to take out huge debt.
Told them both best deal is Baruch college 5 year joint BS/MBA program in accounting where they prep you for CPA and get you an internship. Whole program is 20K for five years and you end up with a BS in Accounting, MBA and a CPA and a valuable internship on wall street and companies lined up to hire you.
Kids want to smoke bongs and play DS at college while they find themselves at 40K a year and stupid parents let them.
Comrade Nom Deplume: 53
The fault of W was that he let bubble happen under his watch. I believe in 2006, I heard him on TV, when someone asked about Real Estate bubble, he praising the market. He said market determines the price, and if it is out of line, it corrects itself. What happened then to the free marketeer? Also it’s not when laws were passed that is responsible, but sleeping on the wheel is equal to blame.
Gator, off-peak round trip from Penn Station to New Brunswick jumped from $17.75 to $26.
46% (tax) increase on hard working americans (patriots and commies included)? :)
S
John, not every kid wants to grow up to be a banker!
ESL eh?
SG says:
April 14, 2010 at 12:27 pm
but sleeping on the wheel is equal to blame.
Realtors always tout close proximity to NY City:
http://www.usatoday.com/news/washington/2010-04-13-nuke-plans_N.htm
The White House has warned state and local governments not to expect a “significant federal response” at the scene of a terrorist nuclear attack for 24 to 72 hours after the blast, according to a planning guide.
President Obama told delegates from 47 nations at the Nuclear Security Summit on Tuesday that it would be a “catastrophe for the world” if al-Qaeda or another terrorist group got a nuclear device, because so many lives would be lost and it would be so hard to mitigate damage from the blast.
A 10-kiloton nuclear explosion would level buildings within half a mile of ground zero, generate 900-mph winds, bathe the landscape with radiation and produce a plume of fallout that would drift for hundreds of miles, the guide says. It was posted on the Internet and sent to local officials.
SAS – The state is broke. I would understand this a little more if a commensurate hike in the gas tax were passed. But Gov Fat Man says no new taxes, as if mass transit fare increases were not a defacto tax increase.
A $1200/year fare increase with no companion gas tax increase just might put a few more long distance commuters on the road.
My monthly from Glen Ridge only does up $24/month. I guess Gov Fat Man is a friend of us liberal Essex County folk after.
Would have loved to have attended this confab. This is the most honesty I’ve heard coming out of the building sector since the meltdown began.
Builders conference in A.C.: McMansions are dead.
http://www.courierpostonline.com/article/20100414/NEWS01/4140338
The boomers I know are not the ones in the McMansions. My peers born between 1946 and 1964 are in townhouses, ranches, and POS capes with harvest gold appliances and laminate countertops. It’s the next generation, the ones raising kids now, who decided that it would traumatize their children to have to share a bathroom and that it’s not a kitchen if it doesn’t have granite.
Economic crisis? How about an 8% wage increase for the school system support staff.
http://www.philly.com/inquirer/education/20100414_District_support_staff_gets_raise_in_new_contract.html
Im looking at a condo listing right now. 23 years old.
Bought/Sold in early 2006 and again in early 2007.
No major upgrades to speak of.
Asking price today is $15K higher than the 2006-07 sold prices.
Gates: I use Middletown station sporadically for NYC appointments. I generally am able to take off-peak trains. My cost has gone from $19.75 to $28.50. A 45% increase. I will gladly pay it to do my part to unfcuk this mess.
Chi, many people will say hello to GSP and Holland Tunnel :)
Chifi – Don’t forget to add in parking too.
GR off peak goes from $8.25 to $12.50. almost a 52% increase….but still way cheaper than driving and parking.
http://www.cnbc.com/id/36505972
Johnny, I’ve had the pleasure of attending four different colleges (one was a commnty college).
In my opinion, none of them comes near Baruch. I learned the most and worked the hardest and it was by far the cheapest.
Now, Community College on the other hand was pretty bad but for 1/10 of the cost it still makes sense to send your snot nose there for two yrs and then transfer them out to a school they can actually list on a resume.
Qwerty
only 10 kilo-tons???? modern nukes are in the 5 kt to 10mega-ton range, 5-100x more powerful.
I wonder what intel if any backs up 10 kt
Exactly what difference does it make what a kids wants to be?
40 years ago Dad would say, Accounting, Phamacy, Law etc. if I am paying for it. You want to do a BS art history mumbo jumbo do it on your own dime.
Also what does a 17 year old boy or girl know. The 17 year old boy who pursues his nonsense major and run up debt is ruining the life of his future wife and kids and will be a burden on his parents till the day they die. A parent who puts themselves in poor house or lets kids run up loans while pursuing his are history degree is a lousy parent. Heck Wall street journal today mentioned some college now has a DJ degree, yes you too can spend 100K to learn how a turntable works.
sas3 says:
April 14, 2010 at 12:40 pm
John, not every kid wants to grow up to be a banker!
Gator, we are solving the budget problems in a piece meal fashion, going for some low hanging fruit initially and then will get stuck. Something more thorough is desirable(increasing gasoline taxes a bit should be an easy step, can easily tie the notion of “everyone should sacrifice a little” that the Fat Man is using with teachers and cops — [call it “support our troops” surcharge, or “no freeloading” fare increase, “stop gas-station unions”, or whatever buzzword goes]).
I like chi’s phrase. Let’s call it a reduction in government handouts of cheaper gas and a patriotic duty to “unfcuk the mess”.
Baruch is 20k for ALL FIVE YEARS. It is 4k a year fully loaded. Even better they hook you up with summer interns that pay 4k a year so it is actually FREE. Now that is a good deal.
veto that – lawrence yun ‘the panda’ says:
April 14, 2010 at 12:59 pm
Johnny, I’ve had the pleasure of attending four different colleges (one was a commnty college).
In my opinion, none of them comes near Baruch. I learned the most and worked the hardest and it was by far the cheapest.
Now, Community College on the other hand was pretty bad but for 1/10 of the cost it still makes sense to send your snot nose there for two yrs and then transfer them out to a school they can actually list on a resume.
chi (75)-
Stupid kid. Doesn’t he get that a great education isn’t for the little people.
“Meanwhile, my dad only makes 60K and Cornell wants a family contribution of 40K. Right now, I almost wish I hadn’t applied there. Sorry to vent. Thanks anyway for all your help.”
John, my bad, I didn’t mean “fun majors” like DJ’ing or wine tasting. And I am not exactly supporting the ideal of “pursue your dreams.” I believe that reality is a multiple-choice problem. Comfortable pay, meaningful work, legal: choose at most two.
On the other side, though, many professions (medical, legal, research, academic, financial, etc.) are requiring advanced degrees from fancy schools. A low-end college on the CV can become a liability.
sastry (95)-
Screw ’em. Mass transit is not for the little people. If they don’t like it, they can get off their lard asses and buy a bicycle.
John is also- in his inimitable way- positing that a real education is not for the little people.
Getting training for a job that may not interest you is NOT education. It’s training (and, secondarily, resume-building).
In that sitch, going anything other than the community college route for the first two years is a massive overpayment.
Why did you apply there? I don’t understand what your Dad’s income has to do with it you need to man up and pay for your own school, cash on barrel no loans etc.
People who are the richest at 40 have c averages from so so schools, going to a good school is a quick fast track that dies by 35.
Final Doom says:
April 14, 2010 at 1:04 pm
chi (75)-
Stupid kid. Doesn’t he get that a great education isn’t for the little people.
“Meanwhile, my dad only makes 60K and Cornell wants a family contribution of 40K. Right now, I almost wish I hadn’t applied there. Sorry to vent. Thanks anyway for all your help.”
Best school I ever went to was Boro of Manhattan Community College.
Best prof day one said you all have an A, no tests. Just show up every class, do the homwork and contribute to discussions or I give you an F and lock the door and don’t let you in.
Once we threw away backstabbing, cheating and people screwing you so it did not wreck the curve we all learned a lot. Funny part was this asian girl kept complaining her A did not mean much if everyone is getting an A.
“You want to do a BS art history mumbo jumbo do it on your own dime.”
John, i agree.
The economy has been so good for so long that our society has been confusing education with intellegence with the pursuit of passion. We are at a point where kids are no longer going to school to get a better job. Many times they are going to school to fulfil themselves as a person, which makes no sense.
Here is my oversimplified breakdown that we need to get back to.
‘Education’ is what you go to school for and get paid for when you start to work. Best thought of as training, education pays the bills so its best to stick with subjects that can actually lead to jobs.
‘Intellegence’ is your own ability to learn and satisfy your own curiosities. Intelligence can help you obtain education easier but they are not the same. Intellegence can be gained from the library or internet or the street for example but its hard to quantify intellegence on your resume. test scores and grades are good indicators but they dont tell the whole story.
And yes, you can have a college degree with very little intellegence.
‘Pursuit of Passion’ is something entirely different and should be pursed after work and outside of school on the weekends. Only in your dreams will you be paid to pursue your passions and once you start getting paid to do it, the novelty wears off and you are most likely no longer passionate about it. The idea of going to F.I.T. to dress barbie dolls is a lot of fun but in the real world you aint getting paid for this.
Sastry 111 – Not defending the fat man. Cuts all around are necessary and we haven’t made enough of them. He’s also done nothing significant yet to reduce the cost of providing municipal services. He’s just shifting more of the costs back to the municipalities.
Until the day that I actually live in Glen Clair and at least half the current employees at the Montclair BOE are collecting unemployment, he’s nothing more than Christie Whitman shopping at the Big and Tall man store.
sastry (111)-
Disagree. The only tolerable outcomes involve NO INCREASES IN ANY TAX. THE STATE AND ITS RESIDENTS ARE BROKE.
If Fatboy and his crew cut some muscle and bone while they’re whittling the fat? Meh. Getting rid of the result of a couple decades’ worth of stupid is hard work.
Don’t like it? Move.
sastry (114)-
Not when we’re all walking around hungry and covered with radiation burns.
“A low-end college on the CV can become a liability.”
“Funny part was this asian girl kept complaining her A did not mean much if everyone is getting an A.”
john, did you remind her that everyone paid the same price.
Whats fair is fair.
Reminds me of baruch. All the kids wearing the beanies stay after class to harrass the teachers on the day the tests get returned. Those guys think everything is negotiable.
If life imitates Weekend at Bernie’s (and it does), the ability to be propped into an upright position will be considered a job skill pretty soon.
No beanie babies at BMCC!!!
The professor I had was way soooooo funny she actually said this to professor in front of her whole class. He said if you so smart what are you doing here?
veto that – lawrence yun ‘the panda’ says:
April 14, 2010 at 1:21 pm
“Funny part was this asian girl kept complaining her A did not mean much if everyone is getting an A.”
john, did you remind her that everyone paid the same price.
Whats fair is fair.
Reminds me of baruch. All the kids wearing the beanies stay after class to harrass the teachers on the day the tests get returned. Those guys think everything is negotiable.
77 – Doom, ok i see the point. i missed that. thx for the recap.
The best deal- hands down- is the Honors College at Hunter.
Free. I have a nephew there now. Loves it.
Free for NYC residents, that is.
“He said if you so smart what are you doing here?”
Thats some pretty good stuff.
It prob beats my all time favorite baruch story.
As you know its very internationally diverse school. So, African guy walks in wearing the head to toe get up. bright orange and electric blue gown – with hat to match. You can’t miss this guy. I guessed it must have been a dress for some type of religious holiday.
Anyway, the whole class goes quiet and the teacher asks out loud… “What do you have an interview or something?”
That one kept me laughing for at least a month.
Clot, was listening to “On Point” where someone was talking about balancing the budgets, and the guest said something like, “we need a lot of cuts and increased taxes just to even get there”. Then we can maintain the budget more easily.
Right now, barring a new bubble or miracle on the stock markets, I do not see any option* that does not involve increased taxes (in some form or other) AND decreased services.
*Exception: your option of “burn the m’fer down”
Clot, i agree Honors is sweet deal but they let in 3 students a year so you are better off applying to harvard with their 6% admission rate.
Huffpo has a nice piece on today’s action in Congress, Lowman from JPM getting chased out of the Rayburn building and NO progress on loan mods. Some links to some sites as well like shame the banks dot org.
http://www.huffingtonpost.com/richard-zombeck/why-homeowners-arent-bein_b_536190.html
SAS3
We need to cute pensions. end of story. It can be done, just not easily or popularly.
sas3,
at this point the fed is in cahoots with the states. Probably told them to invest all their pensions into stocks in time for them to pump the market up to dow 18k.
Then states will raise your taxes and push the remainder of the problems out another 8-10 yrs.
The cuts have been cancelled.
Juice
Are Loan mods a real issue? Foreclose on those who cannot pay. Loan mods are just a “delay and ” pray redux.
The real question is why aren’t they foreclosing, to which we all know the answer. Actually recognizing the minuscule value of the mortgages being booked at 100% vaporizes their balance sheet.
re#136- Hyde – no loan mods aren’t the real issue. The real issue is socialism for only the rich is not socialism.
Nice;
Professor Cho, who is asian, at BMCC used to tell us stories of all the chicks he laid in 20 minute + long stories. One asian girl goes I don’t see point of this, he goes exactly, you asian chicks just are that into getting laid. My mom and dad forced me to marry aisan so when I was in college in the 1970s I banged every white, black and spanish girl I could get my hands on. Then he tells her, you sit in front row for my stories so you learn something so you don’t ruin some poor asian guys wife. He then said I have tenure you don’t so if you complain F for you from dean and a big FU from me.
veto that – lawrence yun ‘the panda’ says:
April 14, 2010 at 1:36 pm
“He said if you so smart what are you doing here?”
Thats some pretty good stuff.
It prob beats my all time favorite baruch story.
As you know its very internationally diverse school. So, African guy walks in wearing the head to toe get up. bright orange and electric blue gown – with hat to match. You can’t miss this guy. I guessed it must have been a dress for some type of religious holiday.
Anyway, the whole class goes quiet and the teacher asks out loud… “What do you have an interview or something?”
That one kept me laughing for at least a month.
Juice,
Its an amalgam of the corporatist and fascists methodologies
re#139 hyde – banking oligopoly
George Soros now wants it broken up for good. It will be interesting to see where and what his sock puppet is gonna do next for him.
http://dealbook.blogs.nytimes.com/2010/04/14/soros-says-bank-oligopoly-should-be-broken/
John[118];
That asian girl was right, if a bit arrogant. There’s a legal recruiter that publishes a guide for law frims to the grading policies of the major law schools they recruit from. Lets the firm know what the curve is and where students lie (pun intended) among their peers.
138 – John, that is truly unbelievable.
And i mean that in every sense of the word.
then again, when you are paying more money for books than you are for each college class, then i shouldnt doubt that story at all.
BMCC current tution is for Residents of New York City who is $1575.00 per semester or $ 135.00 per credit part time
So first two years of college will cost you a little over 6k. Most students work and since campus is near chamber streets and has nights, saturdays and sunday classes it is a great deal.
I highly recommend it. Piece of cake to get a 3.5+ GPA while learing a lot of good stuff.
It is BS when kids say they can’t afford college.
veto 142, at least John’s story shatters a lot of stereotypes :)
Back to Chinese drywall:
Agencies Recommend Removing Drywall
David J. Hanson
The Department of Housing & Urban Development and the Consumer Product Safety Commission are recommending that home-owners with drywall that is off-gassing hydrogen sulfide should remove the drywall and replace affected electrical components. The remedial guidance was issued on April 2 in light of ongoing studies of chemical emissions from samples of drywall produced in China. It is a follow-up to a protocol issued on Jan. 28 for consumers to identify problem drywall in their homes. The guidance tells consumers that they should replace all problem drywall, any possibly damaged electrical wiring, including fire alarm devices, and all gas service piping and fire suppression sprinkler systems. CPSC also says it is releasing a staff report with preliminary data from Lawrence Berkeley National Laboratory showing that samples of drywall manufactured in China in 2005 and 2006 had hydrogen sulfide emission rates 100 times greater than those from not-made-in-China drywall samples.
(from C&E News, April 12 Issue)
sastry (131)-
The person who said that is a brain-dead eunuch. Keep cutting. No new taxes. Rejected.
BTW, the state of NJ statutorily requires a balanced budget, but the “balancing” is always a fiction. We just need to get things under control to a point at which the debt and its service aren’t destroying us.
A little gubmint debt, IMO, is a good thing, as the activity a manageable debt service triggers should be a net positive. Remember your Econ 101.
“…was listening to “On Point” where someone was talking about balancing the budgets, and the guest said something like, “we need a lot of cuts and increased taxes just to even get there”
Burn the mf’er down is ALWAYS a viable option, IMO.
re: Budget cutting.
Spoke to a buddy of mine who teachers in a University of California school. They had to cut janitorial services so now the students are signing up to clean their own classrooms, using cleaning supplies bought by the school.
MMMMM hydrogen sulfide
http://www.vngas.com/pdf/g94.pdf
Juice 148.
or they could have sacked 1 administrator and kept 3 or 4 janitorial staff
IMHO fat boy is going in the right direction; year 1 everything looks fcuked, but if so, then the waste will stick out like a sore thumb; it is a war of attrition…by year 2 or 3 we would hope to make some headway…if 2012 still looks fcuk, then fat boy sucks…but the correct way out of this situation looks just as we are observing….
going to see a big house on Sat. Listed over 100k from purchase price in 2005 (!!). Realtor says sellers are motivated! Pics show NO changes in house from 2005 listing to todays listing.
Realtor writes me back saying th following: The “improved” the fire burning FP by converting it to GAS (!!!!!!!!!) and they replaced a dishwasher! Oh, and the added a AC zone and I’m pretty sure that its in that walk up attic with all the potential now ruined…..
Also, googled the hood, its a mansion surrounded by salt boxes. I think I’m going to cancel.
Really sick of this sh*t.
chi (151)-
I just loves that he clearly relishes the fact that people are praying for his death.
I like the mean SOB, even though the real heavy lifting hasn’t started yet.
Barb (152)-
Don’t get why you and so many posters here keep torturing yourselves.
It’s way too early to pull the trigger.
We haven’t even gotten going yet with the ultra-nasty.
Final Doom,
financials aside for a minute, this crazy housing run up has given us a third rail issue: Once beautiful houses with great potential completely ruined by dumbasses who think cherry finish crap cabinets are historical (there was NEVER any red stained wood cabs in craftsmen or victorians!! Please stop!) and 8X4 beige tiles with peachy little flower motifs in the bathrooms are “classy.” Oh, and they want you to pay for it too, cause it was money out of their pocket. Housing stock in this state is the pits.
Yet another low volume PPT fueled pump job on the markets today. Who needs regulation????
This is the easiest money I will ever make in the market for the rest of my life…..
Barb
We just need to a quiet little WWIII to wipeout large portions of US housing stock so we can rebuild, sans unskilled illegal labor, radioactive granite and toxic chinese drywall
Barbara funny how home price rises happen in rich neighborhoods. take the hamptons, they just recorded they highest summer rental ever this week. $250K a week to rent a house.
Stock Market up 73%, rates still low and people are getting raises again and looking forward to a good 2011 bonus. Rich Neighborhoods, people have a lot of worth in stocks and get bonuses in good years. That is what is driving activity lately in high-end neighborhood
oh boy, my F stock is jumping out of the bag now. up another 5% today.
That one was meant to be a keeper for the long term portfolio but once she finds her way up over 20 bucks in the short term, i will have to sell. It pains me to sell really good companies just because the market is fcked.
Who says we are not in a depression. Grapes of Wrath here we come!
http://news.yahoo.com/s/ap/20100414/ap_on_re_us/us_fea_food_living_on_food_stamps
Pain:
Loved your story about playing tackle football in the street. You are one tough SOB.
JJ
Nothing I’m looking at is in a rich neighborhood, because we aren’t rich.
http://www.metacafe.com/watch/1057478/wonderama_feat_muhammad_ali_vs_joe_fraizer/
*mumbles John McLane style* 2003- “Hey lets get a big Victorian fixer in a neighborhood that up and coming….we can fix it ourselves, pay all cash, live mortgage free….it will be GREAT!”
Hello,I love reading through your blog, I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts.
Ford rocks, I want to run not walk and buy a new Ford!!! Best is us Americans who bought Ford Stock can buy one for free with all the money we made off Ford
veto that – lawrence yun ‘the panda’ says:
April 14, 2010 at 3:05 pm
oh boy, my F stock is jumping out of the bag now. up another 5% today.
That one was meant to be a keeper for the long term portfolio but once she finds her way up over 20 bucks in the short term, i will have to sell. It pains me to sell really good companies just because the market is fcked.
Barb (155)-
The current crop of greater fools would use the Dead Sea scrolls as asswipe.
“The current crop of greater fools would use the Dead Sea scrolls as asswipe”
Is it just me or do you guys get itchy when someone paints over red brick too?
In my mind, this makes less sense (and looks worse) than putting carpet over hardwoods.
now I’ve got glass shards in my feet, the law is NOT on my side and the bad guys are closing in.
Ok, I’m done with this metaphor, promise.
A nation of idiot deadbeats.
“We have disclosed on numerous occasions how excess refunds by the Federal Government despite subpar withholdings is goosing up consumer spending. Now we hear from none other than Mark Zandi of Moody’s Economy that the government’s tacit encouragement for “homeowners” to not pay their mortgage dues is freeing up $8 billion each month that is artificially increasing consumer spending and iPad preorders. And with banks not marking anything to market, all these houses that generate no cash flow are still marked at 100 cents on the books. If you ever needed a justification to not pay your credit card, your mortgage, or anyone else you owe money, now you know – contract law in America no longer exists. Just stop paying everything. And please don’t save. Saving is for non-banana republics. Remember – the market is never wrong. And nobody can remember when was the last time we had a down day. So all must be well.”
http://www.zerohedge.com/article/benefits-contract-abrogation-according-mark-zandi-6-million-people-not-making-mortgage-payme
Doom, i try to be a glass half full kind of guy but even i will admit…
The economy was way healthier and had significantly less risk, when the S&P was trading at 666 and all of our largest world banks were about to collapse on eachother.
This is going to be one scary runup. I hope we all feel comfortable playing buck the bronco with our retirement/kids college funds.
January 2000 NASDAQ?
All “H-Train” Hype says:
April 14, 2010 at 3:00 pm
This is the easiest money I will ever make in the market for the rest of my life…..
[94] SG
“Also it’s not when laws were passed that is responsible, but sleeping on the wheel is equal to blame.”
So long as we can continue to use the new standards and defintions urged by democrats on Chairman O, I am okay with that. Otherwise, I will not hesitate to call out liberals on their rank hypocrisy.
chippie: I am shocked by his pure balls. I really respect his action. Not so much due to its inherent value, but clearly there has been utterly ZERO interest in undertaking the painfully obvious for decades. Hence, even flapping the gums at this point is damned impressive….
Final Doom says:
April 14, 2010 at 2:39 pm
chi (151)-
I just loves that he clearly relishes the fact that people are praying for his death.
I like the mean SOB, even though the real heavy lifting hasn’t started yet.
“even flapping the gums at this point is damned impressive.”
lol. true.
[90] sas3
“NJT’s policies towards increasing public transport seem to written by a car or oil company!”
One of the few times I agree with you. This is a fcuking travesty.
I knew he has no room to move, and I am happy he is taking on the NJEA, but his method of dealing with NJEA is to force the taxpayers and local teachers into a cage match, and don’t get me going on how his two major initatives to date have actually been liberal-progressive.
Waiting and seeing; at least when Obama bones me, its because he hates me.
http://www.google.com/finance?q=srs
Question: Did srs go to zero?
It seems to have stopped trading altogether. weirdest thing i have ever seen in my life. Litterally no volume.
i didnt know it was even possible for a security to die.
Doom, when do you think the next big beat down on housing prices will happen. I am thinking they will fall briskly in, well fall. Late Sept.
Your bet?
Chicago 172:
It’s worse than the NASDAQ 2000. This time the gubbmint is in charge of the bubble thanks to allowance of banks hiding their losses and 0% interest rate.
Just gotta keep that finger near the sell button. I lost some $$$ in 2000 so I learned my lesson very well. Was not much just enough to learn a valuable lesson.
vito: I researched this item several months ago for the board. When the time comes, they will execute a reverse split….
veto that – lawrence yun ‘the panda’ says:
April 14, 2010 at 3:56 pm
Question: Did srs go to zero?
It seems to have stopped trading altogether. weirdest thing i have ever seen in my life. Litterally no volume.
i didnt know it was even possible for a security to die.
Rofl, maybe the Dow will hit 14k again before people realize it’s a fake rally.
What Looks to Some Like a Housing Bubble Down Under
[98] qwerty
from the report in the article . . .
” “Emergency response is principally a local function,”
Nope, sorry dems, that won’t wash, not after Katrina.
If the dems are going to hang that albatross around W’s neck because W didn’t bail out Nagin and Landrieu (after they so famously screwed the pooch) right after the rain stopped, we are not going to cut you any slack for failing to reply in a fcuking NUCLEAR ATTACK, which strikes me as a uniquely federal sphere of responsibility.
The dems wanted to politicize disaster. They set the bar. They cannot be heard to cry otherwise now that they are in charge.
I said I’d call hypocrisy when I saw it. I see it.
“I researched this item several months ago for the board.”
Right.
i was referring to the quote. it was dead with zero change.
but i guess it was just because iyr was flat.
Hype street kids in Garfield, moms wouldn’t let us go to the park. They couldn’t call us in for pasta if we were out of shouting range.
We were rock ribbed american boys I guess, not like you “rich kids” in central Jersey with your backyards.
Dow up another 103 points today, buy a home now before the crazy money makes to the housing market near you.
How long before american carriers start talking about doing this?
“The Federal Aviation Administration and aerospace company Boeing will likely be the decision-makers on whether budget European fliers will have to pay to use the bathroom during a flight, Ryanair CEO Michael O’Leary said in Brussels Wednesday.
If the FAA and Boeing give the OK, passengers on short flights on the budget airline will start paying €1 ($1.36) to use the facilities, O’Leary told EUObserver.com. . . .”
Is everyone high 17% real unemployment
Outsourcing up the wazoo, I just had to reccomend centralization of services in front of an executive today to save some folks jobs instead of ousourcing everyone. Then there is this:
http://finance.yahoo.com/tech-ticker/america%27s-back!-let%27s-just-hope-newsweek-doesn%27t-jinx-the-recovery-466439.html?tickers=^DJI,^GSPC,XHB,XLF,SPY,RTH,MAN
Is everybody HIGH? Sorry if it was already posted.
178.
Nomad,
go back in archives, “next fall” was what everyone was saying this time last year. *Brace for the Obama tax cred argument here*
I’m becoming an njrere agnostic
nom [187]
I’d try to p.ee on the floor between the seats just to spite Ryanair and personally Mr. O’Leary.
Comrade,
why don’t they just provide an iv drip and knock us out for the 8 hours. I might pay extra for that.
Pain 185:
“Rich Kids”
Hahaha! I shopped at Bradlees (cause I worked there as a shoe clerk)and bought Lee jeans and Fruit of the Loom pocket tees. Lee jeans and pocket tees were the fashion of all the white trash kids from South River.
Barb, at this point, “Next Fall” is the running joke on these boards.
I might just add it to my name – right along side ‘the panda’, who wrote a letter on zh calling for a collapse of the china real estate bubble.
South River? what-what!? Thats Jersey old school.
And now this. I swear, I am not making this stuff up. This came out today.
“Attorney General Eric Holder said Wednesday there would be no need to read Miranda rights to Osama bin Laden if the al Qaeda leader were captured.
Holder told a Senate Judiciary Committee hearing that enough evidence exists against bin Laden to convict him in a trial, so that advising him of his rights to protect the legal admissibility of subsequent interrogation was unnecessary.”
HUH? Not only does it completely go against everything he said before, it is kinda incomprehensible, legally speaking. I wonder if Yoo wrote that for him?
And as pandering to the right to shore up Obama’s presidential tough guy cred, this is lame, truly lame. I swear, it reminds me of the scene in “Aliens vs Monsters” where the President stops, takes a gun, and empties the clip at the gigantic, invulnerable robot, then yells “I’m a brave president.”
And for the true believers, should we get some blankets and pillows? Gets a bit uncomfortable and cold under the bus.
Hype Bradlees how upscale of you, We did the Vanity Fair/ Two guys thing as a kid.
FYI I was being sarcastic.
there
Pain:
I know you were being sarcastic, I thought it was really funny.
As a side note, the Two Guys in East Brunswick was replaced by Bradlees. Back before Walmart came to town all the poor white folk went to Two Guys as they had everything that you needed, including groceries. My uncle used to work there. He would bust open bags of chips and pretzels and take them home for free as they were damaged.
bradlees:
unfortunately I dont fit in ‘irregular’.
both of my legs are the same length.
Cobbler 190 – Almost makes Spirit seem downright reasonable.
I got my Superlastic Bubble Plastic at Two Guys. You put urethane like material on the end of a straw and blow out to form a groovy plastic bubble. The fumes were awesome, esp if you accidently sucked in a little (I did).
Good times
http://www.liketelevision.net/liketelevision/tuner.php?channel=491&format=tv&theme=guide
What bond bubble?
NATIONAL CITY CORP SUB NT 6.87500% 05/15/2019
Price (Ask) 111.436
Yield to Worst (Ask) 5.272%
PROSHARES TR announces 1 for 5 reverse split.BY Wall Street on Demand
— 3:18 AM ET 04/10/2010
On April 9, 2010 the board of directors at PROSHARES TR approved a 1 for 5 reverse split. New share totals will be calculated on April 15, 2010 to shareholders of record on April 15, 2010. Beginning on April 15, 2010, the security’s price will reflect the split adjusted price.
SRS baby up 500% tommorrow!
Bradlees:
We used to put Eddie Murphy tapes into the Teddy Ruxpin dolls and listen for the customers to get offended.
Also, we used to make people try to find the Cabbage Patch Dolls during the holiday season.
One final tidbit. My last week working there, the security guy found a pervert walking the store. He was “admiring” himself in the mirror. Never saw a security guard beat someone so bad in my life. When the cops came the beating got worse. Ahh, to be back in 1987….
“We used to put Eddie Murphy tapes into the Teddy Ruxpin dolls”
Aahahhaaa. priceless.
Nom,
“Emergency response is principally a local function,” the document says, though “federal assistance will be mobilized as rapidly as possible.” [24-72 hours], the reason they gave was “chaos after a nuclear explosion”.
W fiddled around while New Orleans drowned. W (and democratic admins in LA) let something relatively easier to handle become a massive disaster.
Remember this is Not Inflation.
New Jersey Transit Approves 25% Train-Fare Increases
New Jersey Transit’s board of directors approved fare increases of 25 percent for trains and New York City-bound buses to help the third-largest U.S. transit system close a $300 million budget deficit.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXJdhy3LiEH0&pos=9
#206 Katrina was an exercise in how NOT to handle a disaster but I think the feds are just stating the truth as far as the first 24-72 hrs goes. Our local Emergency Mgmt Agency was told the same thing regarding pandemic flu several years ago. It takes time to get things together and locals, that means all of us, need to understand that in any sort of mass event, we will be relying on ourselves, our families, and our neighbors in those first few days. That’s why the feds also tell us to stockpile at least 3 days’ worth of food, water and medical supplies, keep the cars full of gas, etc. It’s basic preparedness.
109.
Hyde,
if its greater than 20 kilotons you know Israel did it with insider help.
156.
Regarding the pump.
Yeah, I think it will continue through November elections. Complete fraud though but easy money is easy money.
[208] out,
I agree that this is how things are, but after Katrina, it is not the standard. The dems set the standard, and it is for full, federal aid at the earliest possible moment. If the trucks are not rolling before the mushroom cloud dissipates, then it is too slow.
Remember, the Dems insisted on immediate federal intervention, and castigated Bush, not Nagin or Landrieu, when things went awry under the state’s watch (which is the standard under FEMA regs and applicable federal law). According to the Dems, sastry included, it was Bush’s fault that aid did not flow efficiently and immediately into New Orleans once the levees failed and the folks in the superdome started to trash it.
What’s good for the goose is good for the gander. If the dems are going to raise the bar to a new level, they had better be able to clear it. Here, they are telling is that they can’t.
[206] sas3
Blanket statement. Tells me nothing. Stop channeling MSNBC and tell me where the opportunity to act was clearly missed. What responsiblity was clearly at the Fed’s door that wasn’t handled?
To my thinking, Nagin and Landrieu fcuked up; if the state is primarily responsible, the state has to either say we’re ready, or we aren’t and we will need help. Yet it is documented that they said, initially, they were on it.
To me, the downfall of W occurred when he threw Brown under the bus and apologized. Should never have done that, IMHO. He did not understand the politics involved. And he should have sent Louisiana a bill for having to mount such an extraordinary effort to act when LA clearly f’ed up. Then, once Louisiana said hey, we didn’t invite you, so we aren’t paying, game over.
208.
I mapped out distance from Manhatten to both my work and home. Its all about wind direction when that event happens.
And if you are a first responder that goes into the hot zone you are an idiot.
Remember, “the air is safe to breathe,” and, “get your swine flu shot before they run out.”
rasmussen poll for 2012:
B O 42%
Ron Paul 41%
Remember, the Dems insisted on immediate federal intervention,
Or, you know, three days later maybe airlifting some water to the Superdome, try and pretend like there was concern.
This is a great post, I stumbled across your article while looking for lyrics. Thanks for sharing, I’ll be sure to return regularly.
Ahh, I see Comrade Nom is doing an excellent job in the absence of my brother. Great going!!
Go NJDrudgeReport.com!!
#211 Nom – Katrina was a f-up from the beginning. As I remember, the feds can’t act unless the governor asks them to and the governor at the time (I forget her name) at first declined to ask for federal help. I also seem to remember reading somewhere that the state of Louisiana had been given all the money they needed over a period of years to strengthen the levees so they could withstand a major hurricane but the money was diverted by fraud and patronage.
Like most major disasters, the next one will come as a bit of a surprise and we’ll all be making it up as we go along. Planning just provides the framework. There will be a lot of winging it too. One of the best things we can all do is just consider the possibilities. When you’ve thought about something that might happen, when it actually does occur, you’re better able to deal with it.
How much of a loser am I if I admit I am wearing Lee jeans and pocket T’s right now?
And yes, they were my standard gear in HS and college.
The only difference is my shirt now has chicken casserole stains on it from tonight and blood stains down the sleeve from last week’s auto accident.
#218 Uh, not a loser til you mentioned the stains. Maybe a little laundry detergent?
O.K. Maybe this one’s got to go. Thought I could get one more day out of it.
I must speak up in defense of Elizabeth today. She was put in charge of tracking TARP. Her focus was meant to be the banks and making sure the funds were repaid. Congress made sure she was essentially powerless.
http://www.slate.com/id/2250699/
These folks – the Financial Crisis Inquiry Committee – are the jerks in this scenario. They have subpoena power and have done zero. Since they are to investigate the financial crisis – they should be putting Congress to task and are not.
IMO
222 is a great post #. Carry on.
Cindy, I’m so glad you piped up to defend EW. You admire her, and it’s difficult when the first iceberg hits.
She’s Okay. Live and let live is what I say.
223 – Pat
I am wrong too. Because TARP money is being spent on the “Making Homes Affordable” plan. So it does cover the refinancing of mortgages held by Fannie Mae and Freddie Mac. She is in an indirect way able to speak to that issue.
I simply feel the FCIC, with subpoena power, should be stepping up to the plate. The could be grilling Barnie Frank, getting those records from the attempts to rein in Freddie and Fannie, B. Born could be proving they let the derivatives market run wild…. and they are not.
Nom, proof will be in the pudding. I think dems will respond better — if for no reason, at least based on lessons learned from Katrina.
Anybody think I have a chance in h3ll of winning a case against State Farm for them NOT to take away my accident free status if I totalled my car because a stop sign was missing?
O.K., sl, this is for your enjoyment.
You know how I’m kind of naturally pulled by fate to the ER?
I’m driving down the road in front of the hospital in Rockville. Haven’t been in the ER in months. I’m well into breaking my longest streak of a year with no ER.
I crash into a car. My car is dragged into the circular patient drop-off only road into the ER. Out come the techs.
Firemen who do the extraction on the other car can’t stop laughing. Even the cops walk away and I can see them shaking in the one guy’s cruiser.
Only me.
As I remember, the feds can’t act unless the governor asks them to and the governor at the time (I forget her name) at first declined to ask for federal help.
It’s a popular misconception. Snopes covers it.
Putin’s PR debacle with the Kursk-filmed vacationing and laughing while the sub crew was facing certain death-comes to mind. Compounding it was the Bush lie about the levees ‘I don’t think anybody anticipated the breach of the levees’. After the video surfaced, that probably hurt him the most.
Good old Brownie not knowing about people being at the Superdome didn’t come across well on live television either.
Have nice day
Comrade:
““Attorney General Eric Holder said Wednesday there would be no need to read Miranda rights to Osama bin Laden if the al Qaeda leader were captured. ”
State Media told us that if we voted for McCain, Government would carry out extrajudicial warrantless killings of US citizens, and would not read Miranda rights to people who Government believes are guilty.
State Media was right!
But don’t you dare to suggest to Shore Guy that POTUS has broad war-time authority!
228: “‘I don’t think anybody anticipated the breach of the levees’. ”
In the days preceding Katrina, Mayor Nagin spent most of his time on TV saying that everything has been taken care of and levees are fine. Governor did not allow Feds to get involved until it was too late. The “reporting” from Katrina was standard CNN/NYT (babies are raped/eaten alive in Superdome).
Veto, Hyde, Thanks a lot for the graph. Gives me something to chew on. (and hubby something to wave when he says I told you so.)
Re: 57, 61
Veto, Hyde, Thanks a lot for the graph. Gives me something to chew on. (and hubby something to wave when he says I told you so.)
Sorry- am new at this.Forgot to reference the posts…
nomad (178)-
As good a guess as any. Probably will take a few months’ lag after the stim is removed for idiot sellers to realize all the buyers are gone.
“Doom, when do you think the next big beat down on housing prices will happen. I am thinking they will fall briskly in, well fall. Late Sept.”
Cindy (221)-
If Liz was being undercut by Congress, wouldn’t the prudent thing for her to do be to quit in protest?
She could walk right out of her job into at least a week of media blitz if she’s willing to nut up and blow the whistle.
Oblivion, dead ahead.
:) Good point . You are absolutely right.
George Soros doing his best to tank world markets.
He obviously has already entrenched himself in a major short position before taking to the bully pulpit.
But this time ive learned my lesson. When someone yells fire, you run directly toward the flames and smoke. Thats where the money will be made.
What a great post. The more I read on this site the more I like it. Simple, straightforward advice and it works.
“As good a guess as any. Probably will take a few months lag after the stim is removed for idiot sellers to realize all the buyers are gon”
Humm, right as we head into the late-summer, too-late-to-move-and-get-settled-before-school-starts period, and just before the election.
Who believes that folks up for reelection will be able to pass up the temptation to rush to help, help I tell ya, a month or so before asking for votes?
Bush was a stupid putz.
BO is a smart putz.
In the end, they may look a bit different, but they work the same way, and we are getting f(uked by them in the end..
“I wonder what intel if any backs up 10 k”
Ket,
My guess would be this. If one looks at terrorists assembling an atomic weapon, it is likely going to be a gun-type device. To create one, it would take about 50lbs of enriched U. While this mass of U would cause major problems, the efficiency is not very high and most of the U wouldnot fission. I suspect the DOE folks have looked at the likely efficiencies and made a guesstimate based on how much of the fuel would fission in a terrorist-constructed device.
Now, if they get something built by a real nuclear power, all bets are off.
Jamil #230 rant on Shore and Holder…
Holder said he doesn’t need any statements from Osama to convict him. Very different from extra-judicial killings. Of course, you already knew that, but are playing dumb and failing at that…
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