From CNBC:
Home Buyer Tax Credit Takes its Toll
As the end of the home buyer tax credit neared last month, we all argued whether or not the increase in sales and the relative price stabilization could survive on their own.
The first clues indicate the answer is: No.
One full week after the tax credit’s expiration, mortgage applications fell 9.5 percent; this as mortgage interest rates dropped below 5 percent.
Sure, refis jumped, but that doesn’t help us much with the currently bloated inventory of homes on the market.
Another report today from Trulia.com showed home sellers losing that little bit of ground they had recently gained in pricing. The number of properties on the market as of May 1st that saw at least one price cut rose 10 percent.
…
As we read just to the free market, we expect to hit turbulence in some markets,” says Pete Flint, Trulia co-founder and CEO. “We won’t know the true severity of the tax credit expiration until the conclusion of the peak home buying season in the summer months. Only then will we have a better sense if the U.S. housing market can stand on its own two feet.”
…
Sellers may have thought they were at least edging toward the driver’s seat again, but not so much.Inventories are rising, thanks to foreclosures and the new hope that Spring afforded. Pent up selling demand surfaced, and unfortunately now much of it is sitting.
From one of our own CNBC producers, Andrea Mantia:
“I’ve been househunting for a few months now…we totally got caught up in the “tax credit frenzy”….thank God we took a deep breath and relaxed…EVERY SINGLE HOME we had our eye on dropped in price this week…and this is in Bergen Co (NJ) where prices weren’t budging!”
From the Record:
Distressed Fort Lee office building’s mortgage sells at discount
A Fort Lee office building that sold for $44 million in 2007 was worth $10 million in a recent distressed sale symbolic of the troubles facing the commercial real estate market.
An Asian investment firm paid $10 million for a mortgage secured by the empty office building at the foot of the George Washington Bridge, in a deal that closed in late April, according to Richard Ellis, a commercial real estate brokerage that oversaw the sale.
Built in 1981 and once home to human resources consulting company Kwasha Lipton, the building at 2100 N. Central Road sold for $44 million in May 2007, a deal that reflected soaring real estate prices of the day.
At $320 per square foot, the sales price was noted at the time as the highest per-square-foot price ever paid in Fort Lee.
…
The building, vacant for about two years, fell into foreclosure last fall, and the entity owning the building – 2100 North Central Road LLC — filed for bankruptcy protection in February. While 2100 North Central still is the building’s recorded owner, the mortgage holder could gain possession of the building at the end of the foreclosure process. A New Jersey Judiciary spokeswoman said the case was continuing.
From Pharm Jobs:
Reduction In Pharmaceutical Jobs Results In Cost Improvements At Pfizer
Pfizer plans to cut jobs or relocate up to 1,400 New York City employees.
The development has emerged seven years after receiving millions of dollars in tax breaks to create jobs in the city.
According to a report filed by The New York Times, the company, which has already cut about 2,000 positions, also put its office tower at 685 Third Avenue up for sale. Pfizer officials said the company’s world headquarters would remain in the office tower at 235 East 42nd Street, near Grand Central Terminal. “But the company’s decision is a remarkable turnabout in Pfizer’s once robust expansion plans for New York and an embarrassment for Mayor Michael R. Bloomberg and state officials who had provided the drug-maker with the tax breaks in 2003,” highlighted the publication.
From the Record:
Teachers across state get pink slips as schools’ deadline looms
School districts across the state are in the thick of the painful process of handing out pink slips to thousands of teachers to meet a Saturday deadline for telling them about hiring plans for the next school year.
Big districts and small are enduring this ordeal. In Paterson, for example, school leaders began handing out 858 layoff notices on Wednesday, including 421 to tenured staff. Paramus gave out 19 on Wednesday, and Englewood handed out 88 earlier in the week. Bergenfield will give out 25 in coming days. The City of Passaic will send out about 130.
In past years, many teachers who were given “reduction in force” notices in May got rehired within months, as soon as colleagues retired and positions were juggled to accommodate seniority and “bumping” rights. But in this year’s fiscal crisis, school leaders were handing out far more pink slips than usual and saying they were especially leery of estimating how many teachers would get their jobs back.
“I hate to be negative but you can’t predict anything,” Bergenfield Schools Superintendent Michael Kuchar said. “We’re all right now being very, very cautious.”
Great article. Would love to see material price drops (not standard deviation blips) in bergen county. I was talking with a friend that the next six months in bergen county were not going to be pretty with at least another 10 percent drop. I have no solid evidence beyond the fact that the tax credits were nerely a psychological stimulus to offer an incentive to a free falling housing market. As anyone who does drugs knows, the “high” only lasts a short time. Just to get the same effect again, you need to puff longe with stronger stuff. would’ve probably expected another tax credit offer if it weren’t for the trillion euro bailout.
Andrea Mantia is right. I also look in BC, and notice prices have come down this week on 2 properties that I like! I’m still waiting for them to drop further before making my move!! :)
From the NY Times:
In a Job Market Realignment, Some Left Behind
Many of the jobs lost during the recession are not coming back.
Period.
For the last two years, the weak economy has provided an opportunity for employers to do what they would have done anyway: dismiss millions of people — like file clerks, ticket agents and autoworkers — who were displaced by technological advances and international trade.
The phasing out of these positions might have been accomplished through less painful means like attrition, buyouts or more incremental layoffs. But because of the recession, winter came early.
…
Millions of workers who have already been unemployed for months, if not years, will most likely remain that way even as the overall job market continues to improve, economists say. The occupations they worked in, and the skills they currently possess, are never coming back in style. And the demand for new types of skills moves a lot more quickly than workers — especially older and less mobile workers — are able to retrain and gain those skills.
There is no easy policy solution for helping the people left behind. The usual unemployment measures — like jobless benefits and food stamps — can serve as temporary palliatives, but they cannot make workers’ skills relevant again.
With home prices declining since the $8k tax credit expiration, don’t you think it is just a matter of time until they reinstate it and perhaps increase the value?
From CNBC:
US Foreclosures Fell in April, Signaling Improvement
Foreclosures in the US fell by more than 2 percent in April from a year earlier, the first year-over-year decline in the five years RealtyTrac has been reporting the data.
The number of Americans receiving foreclosure notices was down 2.4 percent in April from a year before and 9 percent lower than March 2010.
Experts say the foreclosure situation is slowing, and may have hit a plateau.
“I think you shouldn’t read to much into a one month dip, even if it is the first time,” said Rick Sharga, senior vice president of RealtyTrac. “It really isn’t that we’re out of the woods. Its more of a process issue,” he said, explaining that lenders are working through a backlog of troubled properties.
In all, one in every 387 homes in America received a foreclosure notice, which is defined as a notice of default, auction sale or bank repossession.
Grim
would you have that chart handy? mortgage resets of arm loans
nomad (7)-
Yep. The junkie can’t live without his fix.
Based on the first 12 days of May, I can assure you that the market in my area is now absolutely flat-line DOA.
This thing is about to turn nasty, ugly and, maybe, violent.
grim (8)-
Locally, foreclosures are accelerating. NJ is the latecomer to the party, but we’re going to tank, nonetheless.
Out-of-control taxes. White collar job loss. Business exodus from NJ…any of this sound like housing stabilization?
I’ve met scores of folks locally who’ve applied for loan mods and have no intention of using them for anything other than buying time.
Note that BOA was running around 7500 forclosures a month. They are increasing that and it is projected to peak at 45,000 in December of this year. I believe I had read that they want to rid their balance sheet of all the CountryWide stuff.
I cannot imagine other banks are not planning a similar ramp up of their foreclosures as well although I cannot site any written information to support this.
BOA will have to shore up their balance sheet and I assume this means raising additional capital or selling off assets. Can anyone comment on this?
BOA foreclosure link:
“I attended a local Building Industry Association conference on Friday 26 March 2010. The west coast manager of real estate owned, Senior Vice President Ken Gaitan, stated that Bank of America, which currently forecloses on 7,500 homes a month nationally, will increase that number to 45,000 homes per month by December of 2010.”
http://www.lesjones.com/2010/03/31/boa-to-increase-foreclosures-600/
(11) Doom –
Don’t forget inevitably rising interest rates. They can’t stay this low forever. What’s the historical norm for interest rates? 7-8%?
I dunno, Nomad. I just ran a quick check on a couple of job openings pages and didn’t see anything out of the ordinary.
You’d need to some IT openings, some in licensed damage assessment, and maybe squadron of pr types.
WTF (15)-
It hasn’t been about rates for years. They could lower the rate to 0%, and it wouldn’t matter. IMO, rising rates would probably stimulate significant enough price reductions to actually lift sales volume (therefore, it will never happen).
Solvency- and secondarily, employment- will continue to trump rates in the residential RE game.
WTF (15)-
I think we should assume a policy of perpetual ZIRP in looking at a whole host of economic issues.
Nom,
Rich guy moving to Toronto. Hmmm, where have I read this script?
http://online.wsj.com/article/SB10001424052748703339304575240600934148026.html
what happened to “Why give tax credit to somebody that will buy anyway” So,people that bought during the tax credit were forced to buy because of the credit?Psychological spin.
http://www.nytimes.com/2010/05/13/business/13street.html?pagewanted=1
Prosecutors Ask if 8 Banks Duped Rating Agencies
“ratings arbitrage”
I know, I know – nothing will come of it. But hey, a girl can dream, right?
The houses that are having price cuts in my area were priced to fantasy to begin with. They were either in a bad location yet priced as if they were on a nice side street, or they were priced as if they were the next step up (either in size or renovations/upgrades).
Wonder what those priced to fantasy sellers were thinking, especially the ones who bought before 2003 and haven’t drained the equity. “I live on a 4 lane street with a double yellow line. My friend with identical house a 1/2 mile a way on a nice side street not near power lines, not in a flood plain, and not near tracks or a highway sold their house the first week it was listed at x, so that’s the price I deserve.”
Grim – Your article in the new poor @6 –
So with automation, globalization, the internet -jobs mentioned in the article are gone forever…Yet, all we get is a $17B jobs bill.
Jobs = income = tax revenue
You’d think we could do a bit better.
wait, so are you guys saying no is not a good time to buy a house?
Tax news of the day. I’m shocked, shocked.
“This morning at a Manhattan breakfast sponsored by Thomson Reuters, White House Budget Director Peter Orszag threw that pledge out the window. Instead, he described Obama’s “read my lips, no new taxes” pledge as a “stance” and a “preference” that is subject to study by the president’s newly-formed bipartisan Commission on Fiscal Responsibility.”
Too bad video of Obama’s 100% absolute no tax raises of any kind income/capital gains etc, exist:
http://www.youtube.com/watch?v=Q8erePM8V5U&feature=player_embedded
LAKEWOOD — Not even taking the board presidency could give Leonard Thomas political muscle.
On Tuesday, the only remaining parent of public school students on the township Board of Education had been optimistic that his colleagues would vote later that evening for a compromise between fiscal restraint and district funding.
Originally, the school board’s finance committee presented two options on which to vote: one that rejects any tax hike or a second that offers a 2.26-percent rate increase. Both included cuts — $1.1 million in the first option, and $246,499 in the second — to the IDEA contract, which funds programs for private school students, such as speech and physical therapy.
But three hours before the 8 p.m. meeting Tuesday, the school board was handed Township Committee recommendations, which also call for a zero-percent increase but leave out the IDEA cuts. To fill the $1.1 million gap, this third option deepens cuts to public school services, including another $310,000 in salaries and $600,000 in out-of-district tuition.
Seitler argued the increase in the largely special education tuition cuts affects the private school parents as much as the IDEA cuts would have. About a third of the tuition recipients come from the Orthodox community, according to district officials.
“My opinion is that’s just as much a shared sacrifice,” Seitler said.
Why the third option was anointed as the favorite and not the one with the same amount of cuts drafted by the finance committee is unclear.
Fink and Zlatkin, as part of the school’s finance committee and the group who sent the third option to the Township Committee, were the only board members to play a hand in all three budget proposals. They did not return calls for comment today.
Board members who weren’t part of the crafting of the three options said they voted for the Township Committee-backed resolution because it had the best chance of adoption. They added nothing was permanent and line item changes probably would be made at Monday’s school board meeting.
Still, Thomas, who doesn’t hesitate to acknowledge every other school board member is either a senior citizen without school-age children or an Orthodox Jew with children in private schools, said he felt “blindsided” by Tuesday’s midnight vote.
“They care about kids, just not my kids,” he said.
By today, Thomas had a different outlook.
“Last night made it painfully obvious to me that there’s a campaign going on that has no regard for the public school system — in fact, there’s a move to decimate it,” he said.
The outcome of Tuesday’s marathon meeting — which triggered a reeling newly appointed board President Thomas to walk out, return and call the board “a bunch of sell-outs” — left the district facing the harshest cuts possible as its budget heads to the Township Committee for approval Thursday.
The tax levy will be slashed by $7.63 million, bringing an initial 11-percent tax rate increase to zero and some services to bare bones for six schools already failing by state standards. Up to 40 positions could be eliminated, meaning almost certainly larger classes, and $170,370 less will go toward supplies, despite a parental outcry this year over a textbook shortage.
Lakewood residents no doubt saw it coming. A ticket of three board candidates running on a promise of a zero tax increase swept the school elections in April. Then those members — Carl Fink, Isaac Zlatkin and Yechezkel Seitler — were given the unprecedented privilege of recommending their own set of budget cuts to the Township Committee. Their recommendations, not the ones submitted by the school board’s official finance committee, passed by a 6-2 board vote Tuesday, with one abstention.
“I took one look at the election results and saw how overwhelmingly they were elected,” said Mayor Steven Langert, who handed over the school budget books to the three newcomers. “So this is what the voters wanted.”
But Thomas adamantly criticized the revised budget for putting nearly all the burden on the public schools, though the school district funds some parochial education.
Apparently NJ is only the 21st most corrupt state. Imagine that. Scary!
http://www.thedailybeast.com/galleries/1610/1/
My money would be on Lakewood as the first town to riot in NJ.
24 – Cindy- I have been saying the same thing for months and months. All I can tell you is that I was really frustrated when Obama held his One Day Job Summit last year in D.C. I mean, that’s not even a blip on the screen. There are a lot of people floundering out there. Every state has its own jobs program for retraining. Some are better than others.
Another issue I see is not just the Lack of jobs, but the fact that the jobs being filled are at 20 to 40% lower salaries than previously offered. And that doesn’t even take into account the dropping of benefits as the total pkg. I don’t believe it when I am told that inflation is being held at bay so if our salaries are decreasing and our bills aren’t we are not in good shape.
#26 jamil,
All they need to do is eliminate a lot of deductions to increase revenue. He said he wasn’t going to raise taxes, but I’ve never seen anything with him saying he won’t reduce or eliminate deductions.
Expect to see lots of fees in your local municipality if the 2.5% hard cap for property tax goes through. I predict garbage, park, and library fees among others to allow the locals to keep kicking the can down the road of oblivion.
25 Alap “Wait, so are you guys saying now is not a good time to buy a house?”
http://seekingalpha.com/article/204853-house-prices-rosenberg-says-down-paulson-says-up#comments_header
Not according to this guy…
House Prices: Rosenberg Says Down, Paulson says Up
Gator @ 28
Well what do you know, Tennessee #1 and Delaware #4 were the recent winners in the Race To The Top education funds.
Ummmmmm…..
I just don’t see Lakewood as the first town to riot. The populace is just not the riotous type.
My money would be on a town like Neptune or Asbury Park. In those towns, there are some very sharp class divisions. Ocean Grove is not going to stand a tax increase just to keep Neptune’s schools afloat. That’s throwing money down the drain. Neptune Twp just went thru a re-val, and the taxpayers are on edge as it is. If you hit them in the wallet now…they’re sitting on a powder keg.
32 – Cindy, I still see a downtrend in pricing, but “getting back to the historical norm” i think is out the window. Peoples attitude about home ownership and sense of entitlement has changed so drastically that history can’t really account for this new age we live in. I think we are at a new norm where people spend a larger multiple of their income on housing, and expect rates of 5% and 3.5% downpayments.
And trust me, if anyone tries to change that, their will be a huge uproar from the poor voting public who generally make stupid financial decisions, and the pols will crumble to save their own arses as they always do.
“I was talking with a friend that the next six months in bergen county were not going to be pretty with at least another 10 percent drop.”
jp, spot on dude.
‘Next Fall’ will be a disaster for the record books.
Cindy (22)-
The dupes are us.
Good Morning Clot @ 37 – No prosecutions? I thought maybe I could slip a bit of hope right by you – No way.
Faith no more. The only way we fix anything is by starting all over again when our self-constructed doomsday machine blows civilization to smithereens.
My new focus is now on being one of the survivors.
34
I’ve only liveed in Jersey about seven years, but I thought Lakewood was one big class division.
At some point the minority community in Lakewood is going to get fed up with the Orthodox community that essentially runs the town. Throw in a healthy dose of gang activity as the ignitor and it goes boom.
31 safe:
“he wasn’t going to raise taxes, but I’ve never seen anything with him saying he won’t reduce or eliminate deductions.”
Hmm, he said (with the usual 100% certainty) that no family/person see his or her taxes increase in any scenario.
If The Chosen One removes deductions, taxes paid will increase. There isn’t any room for interpretation in this. He lied (again).
Of course, he has betrayed each and every one of his campaign promise so hardly a surprise. But thank god we closed Gitmo and ended war!
My new focus is now on being one of the survivors
Doom,
That’s been my focus all along.
35 Alap – At least he believes, as I do, that prices will continue to fall.
Have a great day all. I’m off the the races.
I’m hearing there is an ATM gold machine somewhere where you put in money and get back gold. Anyone heard of this?
“The only way we fix anything is by starting all over again when our self-constructed doomsday machine blows civilization to smithereens.”
That’s not what happens. You just blow the currency to smithereens. It’s a reset button on debt and economies of industrialized nations are able to recover from severe inflation once the net internal and external debt of the nation becomes zero. A currency collapse typically results in a severe recession lasting a couple of years followed by a renaissance.
#41 jamil,
politicians never lie. they misspoke, received inaccurate data, circumstances/situation changed, didn’t inhale, etc.
44 – http://gizmodo.com/5538052/just-you-try-hacking-this-gold-bar+dispensing-atm-in-abu-dhabi
Clot or grim,
can you get me sales info bought/sold (01/10) for
318 Hoover Ave #63
ASAP? Thanks!
sl
Everyone has gone mad…
Earlier we noted that the Austrian mint was on its way to depleting its gold reserves following “panicked buying” from Europeans, who now openly fear the demise of their currency. Now, courtesy of Slim Beleggen, we understand that the situation in the silver market is just as bad and has also spilled over to Germany: the contagion is no longer one of sovereign debt, but of precious metal physical inventory. The primarily silver focused (but holding gold as well) Kronwitter precious metal online retailer is not only not accepting any orders, but has entirely taken down its website.
Make, Abu Dhabi/Dubai was the epicenter of the housing/Credit bubble. How appropriate that they are all over gold now.
Abu Dhabi’s Emirates Palace Hotel became the first place outside Germany to install “gold to go, the world’s first gold vending machine,” said a statement from Ex Oriente Lux AG, the German company behind the vending machine.
“In addition to one-gram, five-gram and 10-gram bars of gold, the machine also dispenses gold coins,” it added.
Gold rates are constantly updated inside the shiny machine — itself gold-plated — in the hotel’s lobby, courtesy of a built-in computer connected to a dealer which sells gold online.
“This eliminates the risk premiums usually associated with precious metal trading,” the German company said.
Hotel general manager Hans Olbertz said they wanted the hotel to be the first in the world to offer guests what he called “this golden service.”
re 48
In Bloomfield
Thanks *yeah, I know… Duh!*
sl
[2] grim
Expect that Pfizer pullout to be ugly. NYC announced it will claw back tax breaks from Pfizer.
Some of you in CRE probably know this, but those clawback provisions can be pretty onerous. Metlife had a double clawback in their incentive tax break—pull out and you pay back 2X the tax break. I would never counsel a business to take that deal.
48. City?
[49] make
Explains why I am making money on the shiny. Both gold and silver.
I am really glad now that I listened on silver and was not scared off on volatility. It has returned 2X what gold returned, and has a different risk profile in that, should the economy turn around, there is industrial demand (much less so for gold).
48. SL
From GSMLS
UCD: 11/06/2009
ANT CD: 01/31/2010
CD: 01/08/2010
OLP: $249,900
SP: $220,000
DOM: 350
sl 48 – $220k
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0702&block=697&lot=72&qual=C0063
[41] jamil
“If The Chosen One removes deductions, taxes paid will increase. There isn’t any room for interpretation in this.”
I posted on this several months back.
He has reduced some deductions, and raised estimated tax burdens on corporations, among other “enhancements” but has denied that these are tax increases. One of the more noticed eliminations are the restrictions on health FSAs, now capped at 2,500 and cannot be used for OTCs any more.
(BTW, the latter provision is curious because it will increase marginally the demand for prescriptions.)
Great piece from THE HILL:
N.J. gov. sets tone for US
In a movie version of this important story of our time, the bold, undaunted officeholder would look much like the boyish, handsome David Cameron — Great Britain’s new Conservative prime minister — who called on his countrymen Tuesday to embrace an “age of austerity.”
But this is America. So the fearless leader willing to be honest with voters, to part with what cannot be paid for, is actually not dashing, nor is he eloquent. He is an overweight Bruce Springsteen devotee, a former prosecutor with a remaining trace of a Turnpike accent who is intent on rescuing New Jersey. If he succeeds, Gov. Chris Christie (R-N.J.) could become a major political force in the years to come, whether he likes it or not.
As the United States watches a debt crisis in Greece like a fiscal oil spill, waiting to see where it will spread first and when it will make landfall on our shores, Christie is tackling the nation’s worst state deficit — $10.7 billion of a $29.3 billion budget. In doing so, Christie has become the politician so many Americans crave, one willing to lose his job. Indeed, Christie is doing something unheard of: governing as a Republican in a blue state, just as he campaigned, making good on promises, acting like his last election is behind him.
Upon taking office Christie declared a state of emergency, signing an executive order that froze spending, and then, in eight weeks, cutting $13 billion in spending. In March he presented to the Legislature his first budget, which cuts 9 percent of spending, including more than $800 million in education funding; seeks to privatize numerous government functions; projects 1,300 layoffs; and caps tax increases.
Teachers unions are incensed, fighting Christie’s proposal that — in order to avoid cuts to education — teachers accept a one-year wage freeze and contribute 1.5 percent to the generous-by-every-standard healthcare plans they now enjoy for free. New Jersey, which has the highest unemployment in the region and highest taxes in the country, lost 121,000 jobs in the private sector in 2009 while adding 11,300 new education jobs. During the last eight years, K-12 enrollment rose just 3 percent while education jobs increased more than 16 percent. According to the Newark Star-Ledger, during the recession that has cost many residents their homes and jobs and scaled back hours and pay for the employed, teachers’ salaries rose by nearly 5 percent, double the rate of inflation.
Christie is adamant about lowering taxes. After taxes were raised 115 times in the last eight years, he said the wealthy are tapped out. Property taxes rose nearly 70 percent in the last decade, and studies show top earners — the 1 percent of taxpayers paying 40 percent of income tax — are fleeing the Garden State.
The goal is not just to crawl out of crisis but ultimately to lead, said Christie in his budget address. “If we make the tough decisions now, we will be one year ahead of 80 percent of the states in the race to economic growth. If we fail to act, we will fall even further behind … by going first, we can become first.”
Can Christie succeed? We will find out on June 30, when the Legislature must pass a budget . But no matter the political price, Christie is determined. “You just have to stand and grit your teeth and know your poll numbers are going to go down — and mine have — but you gotta grit through it because the alternative is unacceptable,” he told The Wall Street Journal.
The alternative is unacceptable — words a growing majority of Americans desperately want to hear from their elected officials.
http://thehill.com/opinion/columnists/ab-stoddard/97603-nj-gov-sets-tone-for-us
Com,
Europeans are predominantly pessimist and this is going to be their achilies heel. They’re actually starting to believe their fear of the Euro collapse.
Confidence is the only thing that put value in fiat currencies.
“He is an overweight Bruce Springsteen devotee, a former prosecutor with a remaining trace of a Turnpike accent who is intent on rescuing New Jersey.”
[26] jamil,
I’m thinking of trademarking “Tax News of the Day.”
[20] relo
Never spent any time on that part of the South Shore, but damn, didn’t know Cohasset was that opulent.
I’m a North Shore guy though. Much as I like Hingham, Cohasset and Deluxe-bury (Duxbury), I have to stick with Cape Ann.
Albani,
This is where you might want to be when SHTF. Locals there are used to war, food shortages, inflation and banks imploding. They can handle a crisis with the best of them.
http://www.portomontenegro.com/en/home/
” the 1 percent of taxpayers paying 40 percent of income tax are fleeing the Garden State”
How on Earth can anyone think that driving away the people paying this portion of the costs of government will not bite everyone else? It is absurd.
young buck, gator
thanks!
sl
if zillow zestimate is over priced on that property $183,500 sold at $220,000.What should the fair market price be?
This quote below is actually an interesting perspective. Note that its coming from a teacher, which in this case i have extreme sympathy for. Not the unions and not the overpaid administrators and not the 120K+ tenured staff. It’s ashame they can’t keep most of the teachers and give everyone a 5% pay cut, and cap salaries at $85k. Instead, the productive and innocent must be punished while largely overlooking the main problem.
“I’ll look for a job out of state,” she said. “I don’t want to work in New Jersey. It’s disgusting what the governor has said about teachers. I’m not r@ping taxpayers. I have two advanced degrees and make $50,000. I’m a single mom losing health benefits.”
Christie will do all he can, but he will ultimately fail. The non-productive, the politically-connected and the unionized outnumber those who actually contribute value.
The leeches will only be overcome by violent and forceful means. These people have a vested interest in maintaining themselves in the fashion to which they’ve become accustomed, and they’re not giving it up easy. Even should we get civil war, the outcome may not go our way.
veets (67)-
Too bad. She’s one of many who are the last-in cannon fodder of the NJEA Ponzi.
68. Still a little confused here. As a transaction manager are you adding value?
Seriously folks. Define “value”. Tell me what entails value…..
An employed person who pays taxes, puts money out into the economy, enables others to carry on? Bankers adding value? Farmers? Let me in on the secret.
[64] shore
“How on Earth can anyone think that driving away the people paying this portion of the costs of government will not bite everyone else? It is absurd.”
What would be even more absurd would be NJ pulling out of its tax compact with PA. I have come to the conclusion that NJ benefits more from the tax compact than PA does, since the tax loss from Central NJ is more than offset by the tax gain from Southern NJ, which is a Philly suburb. If people working in Phila. were faced with having to pay city and PA tax, as well as NJ tax, it would force a decent number fo them across the river, probably more than you would get back from Bucks county.
“I’ll look for a job out of state,” she said. “I don’t want to work in New Jersey. It’s disgusting what the governor has said about teachers. I’m not r@ping taxpayers. I have two advanced degrees and make $50,000. I’m a single mom losing health benefits.”
How about those people making $120,000 in the private sector that lost their jobs,taking $50,000 jobs With no benefits?They are not as important as teachers.
I looked at an expanded colonial last month. The sellers had added 2 bedrooms and pushed back the kitchen. They didn’t add the new bedrooms to the HVAC system, and were heating the rooms with portable heaters. Made me wonder if they had permits, and what else did they cut corners on.
“The only thing union thugs, union mobs, and union termites understand is extermination. So exterminate them. The faster the nation gets rid of union pestilence, the faster the recovery.”
-Mish
http://globaleconomicanalysis.blogspot.com/2010/05/showdown-in-new-york-legislature.html
67. What will happen here eventually is that the market will decide. Teacher will no longer be an attractive career for anyone with a degree and the will resort to what Florida did after their purge of 1993. They will have to heavily recruit just to get bodies in the classroom and even resort to signing bonuses. It happened there and it could easily happen here.
sx (70)-
If that’s what I did, you’d be correct.
Unfortunately, you are incorrect.
Real Tax News of the Day:
If you are gonna die, this is the year to do it (if you are “wealthy” that is).
“Senators Easing Away From Plan to Apply
Estate Tax Retroactively to Jan. 1, 2010
Senate Finance Committee Chairman Max Baucus (D-Mont.) is showing more flexibility with respect to his earlier plan to reinstate the estate tax and make it retroactive to the start of the year, committee members said May 12.
“I don’t think anybody is promoting that,” Sen. Jon Kyl (R-Ariz.), a committee member, told BNA. He is negotiating an estate tax reform bill with Baucus, Senate Finance Committee ranking member Charles Grassley (R-Iowa), and Sen. Blanche Lincoln (D-Ark.).
Baucus has previously said he intended to permanently reinstate the estate tax at 2009 levels and make the change retroactive to Jan. 1. That approach was also endorsed by Treasury Secretary Timothy Geithner in a Feb. 2 hearing (21 DTR G-5, 2/3/10), but senators said the delays in taking action on the issue have shifted the discussion toward other ideas.
Baucus and Kyl said one possibility is to give estates the option of complying with either the estate tax law that is ultimately determined by Congress or the law that is in effect at the time of death.
“Those of us who are talking about this are assuming there will be broad agreement” on giving estates a choice, Kyl said. He added that another possibility is an idea that was proposed in February by Sen. Maria Cantwell (D-Wash.) to allow wealthy individuals to pre-pay their estate taxes at a discounted tax rate, though the idea carries a risk that the value of those estates could either increase or decrease by the time the taxpayer dies.”
This last idea is one that I have been toying with for property taxes: Essentially, agree to pay a lump sum now that covers future years. If taxes go up precipitously, then its a win. If they go down, you lose, but what are the odds of that?
78. enlighten me.
67. What will happen here eventually is that the market will decide. Teacher will no longer be an attractive career for anyone with a degree and the will resort to what Florida did after their purge of 1993. They will have to heavily recruit just to get bodies in the classroom and even resort to signing bonuses. It happened there and it could easily happen here.
H1 Visa? They will be willing to take half of what they make..
I am a fairly open minded taxpaying citizen. A spectator really to a very horrendous decline a spiraling down if you will. I just want to know ‘you’ to value in this volatile age.
74. No one is really important in the new economy. Doncha know? This lesson is learned pretty quickly by anyone who has ever held a job.
82. make ‘you’….who!
Who is important in this new age of austerity and decline?
[22] cindy
“ratings arbitrage”
It gets worse. Did you know that OTS is funded from examination fees on the banks it regulates?
Banks did, and still do, practice “regulator arbitrage.” But unlike ratings arbitrage, if you get the regulator to bless your shenanigans because they wanted to keep you as a “client”, you are legally covered. It is literally a get out of jail free card.
83 I agree.That is why if you get rid of all tenured teachers or are not willing to take the cut,you can easily replace them with teachers with no jobs,new graduates or H1.The signed contract and the union that is holding the fat man
[85] essex
“Who is important in this new age of austerity and decline?”
Me.
And clot.
88. OK. So you got nothing right?
I think my lawn guy is a key player.
My realtor? not so much.
[89] essex
Oh, I am getting something. Wish I had some KY though.
How about a good doctor? A bad one? A teacher? A lawyer? The problem to me is that the tradition valuation of loabor has been so diluted by greed that we are all paying heavily.
92/ yeah I miss the bluegrass state too sometimes.
So if we are all expendable and completely disposable. Watch your back America. Or that has already happened.
Even More Tax News of the Day:
Carl Levin wants to go to war. With the carribean.
“Levin Unveils Amendment to Stop Banks
From Impeding U.S. Tax Enforcement Efforts
Sen. Carl Levin (D-Mich.) May 11 introduced an amendment to the Senate financial regulatory reform bill (S. 3217) that would provide the Treasury Department broad new authority to impose financial sanctions against jurisdictions or financial institutions that impede U.S. tax enforcement efforts.
Levin, chairman of the Senate Homeland Security and Governmental Reform Permanent Subcommittee on Investigations, unveiled the measure as part of a broader package of amendments otherwise unrelated to tax.
A congressional source told BNA the language of the amendment originally was part of the Stop Tax Haven Abuse Act (S. 506, H.R. 1265), last introduced in March 2009 by Levin and Rep. Lloyd Doggett (D-Texas) (39 DTR G-1, 3/3/09).
The source told BNA the amendment would allow Treasury to prevent wire transfers from foreign banks and to prevent the use of credit cards from banks that impede such tax efforts. Treasury also would be able to stop banks from doing business in the United States altogether if they try to get in the way of U.S. efforts to enforce the tax law. . . .”
Another canary fell of its perch. Check for a pulse.
You want the truth???
http://www.youtube.com/watch?v=8hGvQtumNAY
Last tax news of the day. I promise.
Who said something about another rich person moving to Toronto?
“Canada Has Second-Lowest Tax Cost
For Businesses of Western Economies
OTTAWA—Canada has the second-lowest tax “cost” for businesses among 10 developed countries compared on the basis of their general tax competitiveness, Greg Wiebe, tax managing partner with KPMG LLP’s Toronto office, said May 12.
A special report included with KPMG’s Competitive Alternatives 2010 study, titled Focus on Tax, confirmed that, based on an analysis of the tax burden faced by companies, Canada ranked second only to Mexico, Wiebe said in a statement. The United States ranked sixth, with the Netherlands third, Australia fourth, and United Kingdom fifth, followed by Germany, Italy, Japan, and France. . . .
The corresponding 2008 KPMG report ranked Mexico first, followed by the Netherlands, Canada, Australia, the United States, the United Kingdom, Japan, Germany, Italy, and France. The Total Tax Index score for each location, expressed as a percentage of total taxes paid by corporations in the United States, income tax, capital tax, sales tax, property tax, miscellaneous local business taxes, and statutory labor costs.
The report also compared tax costs in several key industries, with Canada ranking second in manufacturing (second only to Mexico, with the United States ranked sixth), corporate and information technology services (second only to Mexico, with the United States ranked fifth), and research and development (second only to Australia, with the United States ranked sixth).
“Tax policy choices by all levels of government can significantly affect Canada’s competitiveness,” Wiebe said. “If our governments continue to reduce their tax rates, Canada’s advantage will be enhanced.”
City Analysis
The report’s analysis of tax costs for 41 major international cities with populations greater than 2 million ranked Vancouver first, Montreal fourth, and Toronto fifth, with the second- and third-ranked cities located in Mexico—Monterrey and Mexico City.
Vancouver, with a total tax “score” of 50.5, was significantly ahead of its natural U.S. counterpart, Seattle, which had a score of 92.1 . . . Baltimore was the U.S. city with the best score, ranking 10th, with Minneapolis in 12th place, Boston in 13th, Philadelphia in 14th, and Detroit in 15th. Other Canadian cities also compared favorably to their natural U.S. counterparts—Toronto (67.6) and Montreal (60.3), for example, compared to New York City (101.9), Philadelphia (88.9), and Boston (87.9).”
sx (80)-
I am somebody who attempts to liquidate broken properties by selling them into broken markets. In doing so, I take a fair amount of professional and financial risk in the attempt to force price discovery. If I’m successful, lenders’ losses are mitigated on these properties, the former owners can begin to repair their financial lives, and problem properties are restored to functionality by new ownership. Rarely do I achieve 100% success on any one transaction, but there is no doubt that value accrues to any number of parties with whom I deal.
To me, “transaction manager” implies that a process is underway, and the manager simply follows that process to an end. Anyone who is in today’s RE markets as an agent who does volume understands that any process must be initiated (at a considerable cost of time and money) and beaten like a rented mule to yield results.
So yeah, I think I’m a value-add.
[95] essex
“So if we are all expendable and completely disposable. Watch your back America. Or that has already happened.”
An article I read in a mid-April issue of The Economist suggests that we have already lost our innovative edge to the BRICs and the rest of the developing economies.
Must reduce domestic holdings now that the euro-contagion has driven them up.
GM was burried to their neck.The union wants more and they got their way.Majority holder of the company.What did they do for the company? I got nothing against workers protection but if there is nothing more to give live it at that.
Oh canada!…
canada is great except the oppressive cold weather, good ice hockey coverage on tv is definitely a plus.
JJ: I am going to rip one out of your playbook here…..I was blown on the first floor of this building in the Participant Services Center, to which I subsequently referred as the Employees’ Servicing Center….
grim says:
May 13, 2010 at 5:52 am
From the Record:
Distressed Fort Lee office building’s mortgage sells at discount
A Fort Lee office building that sold for $44 million in 2007 was worth $10 million in a recent distressed sale symbolic of the troubles facing the commercial real estate market.
An Asian investment firm paid $10 million for a mortgage secured by the empty office building at the foot of the George Washington Bridge, in a deal that closed in late April, according to Richard Ellis, a commercial real estate brokerage that oversaw the sale.
Built in 1981 and once home to human resources consulting company Kwasha Lipton, the building at 2100 N. Central Road sold for $44 million in May 2007, a deal that reflected soaring real estate prices of the day.
Would someone please explain this?
“Voters rejected the school district’s proposed 2010-2011 budget last month, following a campaign against it by City Council members Frank Cuesta, Ed Jackus, Patricia Perkins-Auguste, Manny Grova, Nelson Gonzalez, Joe Keenan and Bill Gallman.”
OK so the Elizabeth BOE is crying that some city council members are against the budget. Got it.
“The Elizabeth Board of Education has communicated directly with the state regarding personal conflicts that certain members of Elizabeth City Council have in their efforts to make decisions on budgetary cuts that impact students and team members.
According to the school board, the council representatives with a personal conflict of interest include:
Councilman Frank Cuesta who is employed as the principal at Nicholas Murray Butler School No. 23 and whose wife is a teacher at Abraham Lincoln School No. 14
Councilman Carlos Cedeno, whose wife is a principal at Terence C. Reilly School No. 7.
Councilman Edward Jackus, who is a supervisor of physical education within the school system.
Councilman Joseph Keenan, whose wife who is employed as a child development associate at the Center for Infant Development and
Councilman Frank Mazza, who is also a teacher at Admiral William F. Halsey Jr. Leadership Academy.”
So BOE complains to the state that there is a conflict of interest b/c the council members have personal ties to the BOE. Huh?? I totally agree there is a conflict of interest, but wouldn’t the personal ties influence members to be in FAVOR of the budget, not against it? They also neglected to mention that all the challengers running for city council in June are employees of, or otherwise tied to, the BOE.
http://njtoday.net/2010/05/11/school-board-encourages-citizens-to-attend-budget-meeting/
#71 What is value? Interesting question, kind of like “What is quality?” from Zen and The Art of Motorcycle Maintenance. I guess value is something you are willing to pay for.
at least you backed away from the ledge….
Final Doom says:
May 13, 2010 at 9:38 am
Faith no more. The only way we fix anything is by starting all over again when our self-constructed doomsday machine blows civilization to smithereens.
My new focus is now on being one of the survivors.
[102] Jcer
I was on the CIC’s website. I apparently can qualify for permanent resident status in Canada as an entrepreneur. Since I was considering siting a nompound there, it is a legitimate designation.
Once I get that status, I need only spend three years there to get citizenship. So, if TSHTF here, and I want to get out of Dodge, I need only present my visa at the border.
This is something you want to do before the deluge, which may already be starting. I think I will be discussing it with the wife this weekend.
doom
wake up. you are only valuable in this system. you survive because you are reproducing it.
#85 Who is important? Family, friends, neighbors, your community. Yeah, it’s bad out there and it is going to get a lot worse. The public schools everywhere are going to have fewer teachers, larger classes and fewer supplies. Towns are going to have less revenue. Our taxes will go up, our income will decline and everything we buy will cost more. So what do we do? We’ll do what we’ve always done – we’ll suck it up, look out for each other, and volunteer our time and money when we can. This time of austerity will pass.
[102] jcer
According to CIC, it will probably take about 5 years to process a permanent resident application. Could be much sooner, but it takes the Buffalo office 66 months to get through 80% of applications.
I think that this is much higher than it used to be. Wonder why?
I think that the wife won’t object, and that we will be starting that application very soon.
I was watching “X-men; Orgins” on cable and I recall this exchange:
Stryker: “Your country needs you”
Logan: “I’m a canadian now”
poor (108)-
Funny. Most of the banksters, other agents and delusional sellers I deal with tell me I’m fcuking it all up.
“you are only valuable in this system. you survive because you are reproducing it.”
Soo…if it comes out of a cash machine(ATM)..isn’t it a currency.
“That’s not what happens. You just blow the currency to smithereens. It’s a reset button on debt and economies of industrialized nations are able to recover from severe inflation once the net internal and external debt of the nation becomes zero. A currency collapse typically results in a severe recession lasting a couple of years followed by a renaissance.”
Sure, that’s what happens when a single (minor) currency collapses. Your scenario fails if you consider the simultaneous failures of the default global currency (USD) and the next leading candidates (EUR, JPY). But keep wishing and clinging to that gold, Bennie boy!
I think a white guy performing a hip hop song, wearing a Brioni suit tittled ” I’m a BANKSTER is easily marketable.
Lyrics could go something like this,
I’m a Bankster
You mess with me I’ll rob your pension fund easily
just give you the fat finger
why spend time doing a muder plot
I simply sell a credit default swap
benny timmy and the rest are sitting on my payroll
Obama on my text
ya should be afraid of what I’m gonna do next
@57, Nom –
I think it goes without saying that Obama has reneged on just about every promise he has made and is almost a complete and total disappointment for the more centrist crowd.
That said, I hope Republicans are working on a viable presidential candidate for us disillusioned non-partisans. I know it’s early but so far I don’t see one. If Sarah Palin appears on the ticket as anything more significant than town dog catcher, my vote goes elsewhere.
Make:
“Confidence is the only thing that put value in fiat currencies.”
This is my entire point about gold. It’s completely useless as anything other than a perceived store of value. It has very little use in manufacturing, it cannot be consumed, and it has no energy properties. If the (irrational)perception of its value dissipates, it’s ‘buh bye glod.’
Essex says:
May 13, 2010 at 10:41 am
An employed person who pays taxes, puts money out into the economy, enables others to carry on? Bankers adding value? Farmers? Let me in on the secret.
SX: From the standpoint of New Jersey, the workers adding “greatest” value are those who facilitate the transfer of money into the state. As an example, when AT&T was in NJ, the company on the whole generated billions of dollars a year and 97% of that revenue was taxed by the State of NJ. Yet, if it represented a phone call from Dallas to Seattle, NJ was getting tax money out of it. THAT IS TREMENDOUS VALUE!
People working for multi-state/multi-national corps domiciles in NJ for tax, bring tax dollars into NJ and add incremental value.
People working in NYC and creating tax revenue in NJ is adding value.
So I will argue that in general, money sloshing back and forth in between people in NJ is mostly irrelevant.
HOWEVER, as we know, NJ is last or close to last in the country for money being taxed by the Federal Government and being returned through services, programs and capital spending. The ratio is something on the order of 70 cents on the dollar or so (someone correct me).
As a result, the act of working for an organization that is non-taxable at the NJ state level, creates a money flow of IRS taxable transactions, and a concurrent bleeding out of money from the state.
Obviously we need local services, education and other work completed to support a acceptable lifestyle in the state, but anything that does not directly correlate with increasing the quality or capacity of any municipal services is sucking the blood out of all of us by sending money to Washington and only receiving 70 cents on the dollar back.
Is this good enough?
Let me just add, so the point is pay as little as possible, because you for every overpaid bureaucrat in Newark, we are building a bridge or highway in Arkansas on our backs……
Make:
“Confidence is the only thing that put value in fiat currencies.”
This is my entire point about gold. It’s completely useless as anything other than a perceived store of value. It has very little use in manufacturing, it cannot be consumed, and it has no energy properties. If the (irrational)perception of its value dissipates, it’s ‘buh bye glod.
Meter,
There has been confidence in GOLD for 5000 years. Cyrrencies haven’t lasted more then a few hundered yeras.
Obama has taken a Bull Durham like posture. He’s just “glad to be here.”
Condé Nast Considers Move to New W.T.C. Tower
The publishing giant Condé Nast has been talking to the Port Authority of New York and New Jersey about moving to 1 World Trade Center when it is complete, a potential coup for the signature skyscraper rising from ground zero.
According to real estate executives who requested anonymity because the talks are secret, the publisher would take up as much as one million square feet in what is planned to be the country’s tallest office tower, a symbolic 1,776 feet at its top.
So far, the only tenants are government offices and a Chinese real estate company. Condé Nast, which established Times Square as a hip and resurgent area when it moved into 4 Times Square in 1999, would be a whole different matter, bringing its particular cachet downtown.
“It’s the perfect place for them,” said Elizabeth H. Berger, president of the Alliance for Downtown Alliance New York. “The lunch crowd will be very well dressed. And where else can you go to Tiffany and Century 21 on your lunch hour?
http://www.nytimes.com/2010/05/14/nyregion/14wtc.html?hp
Comrade Nom Deplume says:
May 13, 2010 at 10:41 am
“What would be even more absurd would be NJ pulling out of its tax compact with PA.”
———————————–
Is this actually under consideration?
[116] meter
“I think it goes without saying that Obama has reneged on just about every promise he has made and is almost a complete and total disappointment for the more centrist crowd.”
I disagree that he has reneged on every promise. Many perhaps, but not every one.
What did not surprise me was that Obama, as I predicted he would, tossed the hard-core left progressives under the bus from time to time. This was done in an effort to look centrist. Some things were only for show, but quite a few were affirmations of Bush policies that he bitterly opposed. The hard left has much to be chagrined about.
[123] WTF
No, merely a possibility. And I submit that it won’t happen if Trenton’s analysis is the same as mine.
I know people have written about it, but I can’t find how to search here.
I would like to know if people can recommend some day cares in the area. We are looking in Rutherford, Lyndhurst, Nutley and Montclair. Any recommendations or comments would be welcome. If you don’t want to post, please email me directly (grim you could provide the email as needed). Thanks all.
Waiting – Get my email from Grim. I can recommend for the Montclair area.
Grim, I seem to be in moderation on a daycare post.
A White House staff …When I was wit him he kept singin’ that stupid Western song. What I thought was “You gotta have a lotta love”. After an hour or so I realized,
what that man was really singing….”You Got To Have Mulatto love, to make it all alright
A week from tomorrow (5/21). If you are interested, please let me know.
Event title: Medical Devices for Humanity, Fun and Profit
Event date: May 21, 2010 7:30 PM
Little Silver
Description:
Join the Cornell Club of Monmouth/Ocean Counties for their Annual Spring Speaker Reception featuring David Fischell ’75, MS ’78, PhD ’80, serial entrepreneur, inventor and Cornell Trustee, on the topic of Medical Devices for Humanity, Fun and Profit.
7:30 p.m. – Light Supper (with wine)
8:15 p.m. – Presentation
David will discuss the technologies he has invented to treat epilepsy and migraines, and to provide early warning to patients of heart attacks. The companies he has founded to develop these products, NeuroPace, Neuralieve and Angel Medical Systems, have all completed clinical trials of their respective devices with excellent results. All hope to be commercial within 2-4 years in the US.
“This is my entire point about gold. It’s completely useless as anything other than a perceived store of value. It has very little use in manufacturing, it cannot be consumed, and it has no energy properties. If the (irrational)perception of its value dissipates, it’s ‘buh bye glod.’”
Until you find a better form of honest money, your hypothetical scenario will never exist.
Hyde, I think you should get an application going as well.
“Dery & Associates (Canadim) is an immigration law firm based out of Montreal, Quebec. Canada’s large baby-boom population is starting to reach the age of retirement, this constitutes over a third of the Canadian workforce. They will be retiring over the next 20 years, what this means is that Canada will need to invest considerable efforts to keep offices, stores, companies and factories staffed with skilled and unskilled workers.
“The labor shortage is an issue that will be very real to this country over the next 20 years. Canada is increasing the flow of skilled immigrants already to avoid problems. Additionally, they are reducing barriers to inter-provincial mobility and improving the recognition of foreign qualifications making it easier for foreign trained skilled workers to achieve their immigration visa” says Renaud Dery, Managing Partner at Dery & Associates. . . .
There are several industries where the demand for skilled workers will be felt the most. . . . Additionally, engineering demand will grow as construction projects are being passed on to the next generation. As alwasy, the demand for nurses and doctors is going to be extremely high as the needs of the baby boomers will be considerable. . . . ”
The CIC’s own website, where they list occupations eligible for “skilled worker” visas, bears this out.
gator (122)-
Great. You’ll get to move to a place where a bunch of Islamic wack jobs want to fly a plane into your ass.
“Sure, that’s what happens when a single (minor) currency collapses. Your scenario fails if you consider the simultaneous failures of the default global currency (USD) and the next leading candidates (EUR, JPY). But keep wishing and clinging to that gold, Bennie boy!”
You seem to think I only own gold. Keep envisioning your doomsday scenarios. They aren’t coming.
plume (132)-
Better check the negative equity and massive household debt levels in Canada. When that puppy blows, it’ll be lights out.
There is nowhere to run to, nowhere to hide. No one will be spared.
worst part of wall street is you are carrying all the unemployed, welfar mamas, blue collar workers and middle class on your back and now the same people are kicking you in the legs, once wall street falls it is WWIII we are all that is keeping this country going.
“Funny. Most of the banksters, other agents and delusional sellers I deal with tell me I’m fcuking it all up.”
hahaha…better get your act together!
136: Post-bailout, of course.
watch the tape right now stuff is going on, be ready to act
Crossing Wall Street:
May 13, 2010
My Thoughts on Gold
I’ve been getting many questions about gold recently so I wanted to take this opportunity to address the topic. I particularly want to focus on folks who may be new to investing.
If you’re not familiar with investing in gold, it may surprise you that many in the pro-gold camp are—shall we say—not terribly helpful for their cause.
Gold is one of those topics that seems to bring the loons out in full force. A sizeable portfolio of goldbugs see the entire world as corrupt and on the verge of bankruptcy, and gold is their only salvation. You can’t help wondering about the distance between their financial and religious beliefs.
Gold is an endlessly fascinating subject. Gold has been used as a store of wealth for thousands of years. Gold never rusts. I mean never! You can take gold out of an Egyptian pyramid and stick it in your cavity (though you might want to clean it first).
Gold is incredibly soft. One ounce can be stretched for 50 miles. It can be pounded down to a few MILLIONTHS of an inch thickness.
Gold is very heavy. Despite what you see in the Treasure of the Sierra Madre (“Badges? We ain’t got no badges!”) gold dust wouldn’t have blown away.
Gold has been found on every continent on earth. Gold has also had strong religious connections. It’s mentioned in the Bible more than 400 times. Karl Marx writes of commodity fetishism, which is meant to have a religious connotation. And I won’t even get into Freud’s talk of the psychological connection of gold to feces (no, I’m not making this up).
When Moses came down from Sinai with the Ten Commandments, the Jews were making a golden calf to worship. God instructed Moses to overlay a sanctuary for him in pure gold. In other words, gold had its bases covered—it was on both sides!
Plato mentions the gold/silver ratio to be 12. Recent historical evidence suggests that Isaac Newton was mainly an alchemist. The other stuff he did was just playing around on the side, and was probably an offshoot of his efforts to makes gold. Pieces of his hair have traces of lead and mercury.
Newton was also Master of the Mint and inadvertently put England in the gold standard. This means that one of the greatest geniuses in human history was also a civil servant who made economic policy based on a forecast. A forecast that was dead wrong.
In the 1964 film, Goldfinger, Auric Goldfinger plans to irradiate all the gold in Fort Knox thus increasing the value of his gold. He would have been a lot better off doing nothing, since gold increased dramatically over the next 16 years.
There’s more gold at the New York Fed, waaaay below 33 Liberty Street, than in Fort Knox. Gold is also a really good conductor. So despite its high prices, it’s used in many electronics.
What you need to understand about investing in gold is that you’re not really investing in gold. You’re investing against the U.S. dollar. It’s not that gold goes up, it’s that the value of a dollar goes down.
Actually, it’s even more subtle than that. What you’re doing is you’re betting against the interest rate on the dollar. I know this sounds odd, but any currency you carry around in your wallet has an interest tied to it. That’s essentially what the currency is—that rate—and it’s the reason why anyone would want to use it. Gold can be seen as the way to keep all those currencies honest.
People mistakenly believe that gold is all about inflation. That’s not quite it, but high inflation is usually very helpful for gold. What gold really likes is to see is very low real (meaning after inflation) interest rates. Gold is almost like a highly-leveraged short on short-term TIPs.
Here’s a good rule of thumb. Gold goes up anytime real rates on short-term U.S. debt are below 2% (or are perceived to stay below 2%). It will fall if real rates rise above 2%. When rates are at 2%, then gold holds steady. That’s not a perfect relationship but I want to put it in an easy why for new investors to grap. This also helps explain why we’re in the odd situation today of seeing gold rise even though inflation is low. It’s not the inflation, it’s the low real rates that gold likes.
In February, gold took a big hit when the Fed announced it was lifting the discount rate. This isn’t the all-important Fed funds rates, but you can see how nervous the market was over the threat of higher real rates.
This rule of thumb also tells us that gold can rise very quickly and it can fall very quickly. One Ben and his pals at the Fed raise rates, gold is in for a world of hurt. The history of the price of gold is long boring periods with sharp dramatic spikes. The up part of the spike is fun. The downside, less fun.
What’s tricky about gold is that it’s also impacted by geo-politics. Gold peaked in 1980 shortly after the Soviets invaded Afghanistan. It reached a low point not long before we did the same.
The pricing of any commodity can be tricky because commodities are subject to substitution. Let’s say that gold, despite its high price, is the cheapest way to make a part for a certain kind of semiconductor. That will drive demand for gold. However, let’s say that once gold crosses a certain level, it’s no longer the cheapest way to make the part. Maybe unobtanium is a better way to go. That will, in turn, undermine gold’s value. It’s price impacts its price.
This is a major difference between investing in equities and investing in commodities. Stocks are companies, filled with people aiming to make a profit. Gold is just a rock. It just sits there. In 10,000 years, it will still be a rock.
My view is that the Federal Reserve will raise interest rates earlier than expected. I don’t know exactly when that will be but it will put gold on a dangerous path. For now, my advice is to stay away from gold.
Doom 135
A key difference between canada and the US. They are a major natural resource producer and in the end have something of value to the rest of the world. The US, while not resource poor, is not a major supplier of natural resources.
yes their housing bust will hurt and be ugly, but their floor is much higher then the floor the US eventually hits.
“My view is that the Federal Reserve will raise interest rates earlier than expected. I don’t know exactly when that will be but it will put gold on a dangerous path. For now, my advice is to stay away from gold.”
Bernanke doesn’t have the option of raising interest rates to levels that would drop the price of gold. The last time Bernanke raised interest rates, gold went up, simply because, even at around 5%, they were still below the rate of inflation. Our economy isn’t in a situation where it can handle the Fed pulling a Paul Volcker to crush inflation. Americans are in debt. The Federal Gov and State Governments are in debt. They don’t stand a chance of paying it back and bankruptcy is now a foreign concept. Inflation is the only option and the Fed is following the exact playbook they laid out throughout the decade in terms of inflation targeting.
Jamil (41): “But thank god we closed Gitmo and ended war!”
Didn’t the war end when that alcoholic draft dodger landed his plane on an aircraft carrier and declared the mission accomplished? Did Jesus tell him to say this?
Doom 133 – I am firmly in the “hope this moves no further than rumor and innuendo” camp.
68. Doom,
“The leeches will only be overcome by violent and forceful means. These people have a vested interest in maintaining themselves in the fashion to which they’ve become accustomed, and they’re not giving it up easy. Even should we get civil war, the outcome may not go our way.”
I disagree. If Christie fails the IMF will impose the restrictions that will lead to their undoing. The consequence of such an action will lead to surrenduring to a global unelected government and currency. These things are attractive to the union leeches. Work is what they hate and they will sacrifice anything not to do it. Even if it means leaving their children with 2 choices. Accept the mark of the beast or starve.
The more I look at the situation, the more I think my original instinct is correct, global economic depression. There is no where to run and no where to hide, everybody is connected to the tripwire. Once it goes I can’t think of any country off the top of my head that is safe, hence the massive charade being played out as we speak.
146.
Only those in gold and silver related assets will be financially spared.
The goal is global governance and global currency.
Order out of the chaos created by the death of fiat currencies. The final battle will be between gold and SDR’s backed by air.
Paul Volcker was able to raise rates cause we were holding long term debt. All the debt now is short term, if we raise rates we must raise our monthly pmnt.
A combination of growth and inflation is the only way out of this mess.
Lets all pray…
al (145)-
Are you one of those people who thinks that bar codes are the mark of the beast?
If so, you may be even more demented than I am. :)
make (148)-
And Bergabe and Erasherhead can’t stimulate either. Pray? Time to bend over, and kiss our asses goodbye. Maybe al is right…pretty soon, they may belong to the UN High Commission on Mental Castration of the Productive.
“A combination of growth and inflation is the only way out of this mess.”
It looks to me like the only way to fix NJ’s debt is to bust up government employee unions big time. Only way to do that in education is the mass adoption of charter schools and vouchers. People will typically vote for their school budget, because they aren’t offered an appealing alternative. But people would vote with their feet for a school with non-tenured, non-sclerotic system that rewards teacher talent over longevity.
That in turn would provide a method to fire the deadweight.
If teachers are so smart, why can’t most of them see how topsy-turvy their compensation and reward structure is?
Christie needs to go on a full frontal attack, but he also needs to figure out and go after the vulnerability in the NJEA death star.
149.
Doom,
No this is the mark of the beast.
http://en.wikipedia.org/wiki/VeriChip
Make
growth and inflation hahahahahaha
Growth in what?! a large % of government entitlement obligations are indexed to inflation. inflation has limited benefit for us at this point.
The only way out of this mess now is bombs, default and economic warfare.
Al 147
GOLD V SDR
at that point is comes down to who has the guns and ammo.
A west 151
Ban the union from forcing new teachers to join the union, make union membership voluntary by law. Say bye bye to NJEA at that point as the ponzi will promptly devour itself.
[145] Al
” If Christie fails the IMF will impose the restrictions that will lead to their undoing.”
The IMF is going to bail out New Jersey???
154.
Hyde,
Should be a good show.
Team 1. Gold, guns, and God.
Team 2. SDRs, nukes, and the luciferians.
I downloaded Mass Effect a couple of weeks ago and, even though its a”dusty” game, its the best Playstation3 game in my opinion ;-)
156.
Nom,
The Fed will bailout CA,IL,NY,NJ. Once the US dollare goes down the tubes the IMF introduces the SDR as the new global reserve currency and the lender of last resort. Austerity follows.
“In the concluding remarks by Dominique Strauss-Kahn, Managing Director of the International Monetary Fund he stated “Finally, in principle, a new global currency issued by a global central bank, with robust governance and institutional features, could provide a nominal anchor and risk-free asset for the system independent of national currencies. This global central bank could also serve as a lender of last resort.”
Dont
To protect against an unexpected market crash, traders have stop-loss orders that can be executed automatically if the market starts to tank.
Trader 1 puts in a order to sell everything if the market goes down by 4% in 1 hour.
Trader 2 knows that and wants to get out of the market before trader 1 does in a crash, so he puts in a order to sell everything if the market goes down by 3.9% in 1 hour.
Trader 3, Trader 4, etc. continue this process.
Then you have a day like last thursday when the market goes down by 2 percent and there is a lot of uncertainty about Europe, causing more people to put in stop-loss orders. The one automatic order triggers hundreds more.
Now they are going to rollback some of these trades because it was an “Trading Error”. When Investors on Wall St. have trades that make money it is because of their skill and they get bonuses. But when their own stop-loss program sells for a 70% loss they get a do over.
What is Christies proposal about Affordable Housing, details are hard to locate.
Once the US dollare goes down the tubes the IMF introduces the SDR as the new global reserve currency and the lender of last resort. Austerity follows.
The US has 16 votes and the biggest contributor in IMF,can this really happen? The next one is Japan with 6 votes.I am sure we made some friends in the union that we can get the majority.We are starting with 1/6 of the votes.
http://en.wikipedia.org/wiki/International_Monetary_Fund
EUR/USD 1.2555 -0.0077
Will tomorrow bring another day of fat thumbery?
http://gawker.com/5537433/abu-dhabi-has-an-atm-that-dispenses-pure-gold
JJ, as soon as the cab-driver starts talking about gold, we have reached the peak… just a matter of months.
nah (161)-
If you can afford it, you can rent it or buy it.
Only affordable housing law that’s needed…unless you’re some sort of pathetic, collectivist wuss.
“What is Christies proposal about Affordable Housing, details are hard to locate.”
It would be nice if COAH died.
nah,
But what about all of the poor disadvantaged people whom society has failed, that want to live in brigadoon?
I don’t get it.
Why does everyone all of a sudden think Betty White is the cat’s meow?
SAS
168, you can’t name your kid ‘propecia’ and get into brigadoon.
Hooray I’m a home debtor, appraisal came in above negotiated price. Wait a minute Sh!t I’m a home debtor. Grim look for a contribution you probably saved me a bunch.
Flame away guys
Congrats pain
[171] pain
My condolences.
The USA is required by laws to stand behind state GO bonds. However, vast majority of towns, citys, sewer bonds, school and hospital bonds don’t count and they won’t get bailed out. That is why you get extra yield for a NYC MTA bond vs. a NYS GO bond. Why is this news.
Al “Fat Thumbery” Gore says:
May 13, 2010 at 2:32 pm
156.
Nom,
The Fed will bailout CA,IL,NY,NJ. Once the US dollare goes down the tubes the IMF introduces the SDR as the new global reserve currency and the lender of last resort. Austerity follows.
“In the concluding remarks by Dominique Strauss-Kahn, Managing Director of the International Monetary Fund he stated “Finally, in principle, a new global currency issued by a global central bank, with robust governance and institutional features, could provide a nominal anchor and risk-free asset for the system independent of national currencies. This global central bank could also serve as a lender of last resort.”
Dont
[224] [prior thread] Veto
I wasn’t at a firm at the time. That all happened at a bank, which is, apparently, a popular industry for g@y men, including the guy who hired me (and who was not only a great guy and a great boss, but devastatingly good-looking. I recall wishing he were straight so I could introduce him to my sister).
I know a g*y guy who worked at a spea#rm bank who got fired for embelizzing.
Comrade Nom Deplume says:
May 13, 2010 at 4:16 pm
[224] [prior thread] Veto
I wasn’t at a firm at the time. That all happened at a bank, which is, apparently, a popular industry for g@y men, including the guy who hired me (and who was not only a great guy and a great boss, but devastatingly good-looking. I recall wishing he were straight so I could introduce him to my sister).
[174] jj
“The USA is required by laws to stand behind state GO bonds.”
Huh? I’m not familiar with any such rule. Can you point to some authority for that?
Of course Bergen County in special. It is, after all, unique; just like the other 20 counties in NJ.
As for a world currency, we will never accept it. To do so would restrict what we can spend on defense, and that will not fly here. It is one thing for us to decide to limit defense spending to X it is another thing entirely for some outside entity to say, “you may not spend more than X.”
John,
Talk about liquid assets.
“what about all of the poor disadvantaged people whom society has failed, that want to live in brigadoon?”
They either should have: studied harder, worked harder, chosen better parents, or had better luck.
Speaking of people swimming in the shallow end of the gene pool, I was at a drive-up window getting coffee. The bill came to $1.80. Now, being a product of the Shore and having grown up driving the Parkway, I am always looking to collect quarters (even though I now use EZPass). So, I hand the clerk $2.05. I am sure that everyone here realizes that would mean I would get a quarter in change, instead of two dimes. This perplexed the clerk. Actually, it just about caused the gears in his hear to melt down. No amount of explaining got through to the clerk and he ended up giving up and calling for a manager to assist him.
I bet he votes. It would help explain some things.
Gator/Stu, I wonder if he is related to any members of your city council?
Arlen Specter death watch?
Poll: Sestak Leads Specter By Nine Points
http://tpmdc.talkingpointsmemo.com/2010/05/poll-sestak-leads-specter-by-nine-points.php?ref=fpa
Because it’s posted on Yahoo as a news item.
sas says:
May 13, 2010 at 3:26 pm
I don’t get it.
Why does everyone all of a sudden think Betty White is the cat’s meow?
SAS
Amazing video of the failed attempt to cap the oil well in the gulf, the oil still gushes out the sides of the 4 story containment building even though it weights 100 tons.
http://www.youtube.com/watch?v=2JTM2QyAfCI&feature=player_embedded
Shore 182 – I think that’s insulting to the intelligence of the cashier.
Over 400 Howell teachers given pink-slip warnings
http://www.app.com/article/20100513/NEWS/100513078/Over-400-Howell-teachers-given-pink-slip-warnings
The comments are better than the article. I like this one.
“WAAAAAAAAAAAAAAAAAAAAAAAAA!!!!!!!!!! Now some of these freeloaders can have the whole year off rather than the 270+ they already have.”
185.
we done broked the earf. The crazy glue never worked on mom’s lamp either.
(171)-
Bagholder.
Nah…seriously, congratulations, pain.
185: Where’s that kid who put his finger in the dike when you need him? (Cue John and SCOTUS comments).
182: Shore, ever had the pleasure of having your kind offer of assistance with the math met with an inordinately threatening refusal of same? By a rather large female? Good times.
Pain, congrats and good luck.
I stand in front of cashiers who get stumped on simple change-making and repeat the answer over and over in a low monotone. They don’t even hear me.
151 A.West
“It looks to me like the only way to fix NJ’s debt is to bust up government employee unions big time.”
In the end the leftist courts simply reject all spending cuts so this is waste of time. Nothing will change, unless the leftists hacks at NJ Supreme Court are thrown out, or Christie starts ignoring the court, citing for example, Lautenber decision (besides, what the court is going to do, send troops?)
I see Christie already tossed out one lefty judge, but parasites have still majority there.
Christie should do what FDR-thug threatened to do with SC, ie enlarge it and appoint non-marxists there.
Every once in a while, a cashier will hear me and go get a calculator anyway. Like I’m trying to beat them out of 47 cents or something.
The one thing I always get is a nasty face and some sub-lingual attitude. Perhaps one day, NJ will be an open-carry state.
Clot…
This one is for you…
Hysterical!!!
Tan
Clot…
This one is for you…
Hysterical!!!
Tan
http://la-gun.com/email/manning/
Christie should just jail all the judges and declare martial law.
187. Yeah it is always really amusing to watch hundreds of people lose their jobs. Say Al, if you could just enlighten us with your wisdom….who has ‘value’ to you?
Hey Doom thanks for clarifying your line of work earlier. You have value in my opinion simply by being the most dedicated savant of the bunch. And a funny SOB.
So I am really content living here in ol’
NJ but I am starting to become very interested in an exit plan. I see another 3 years and then…buh bye crazy f*cking tax state. I could live like a king in nearly any other province in the world.
One teacher per 11 students.
My kid’s elementary school in MD is one of the best.
There are almost 30 kids in each classes, more after age 8. I know, I get them on Friday morning for an hour, another Mom gets them on Wednesday for an hour, and so on and so on.
So let the 400 go, bring in all of John’s unemployed Moms with grad degrees, and bada bing…
End crisis.
Even the volunteer coordinator is a volunteer.
And every volunteer with at least an hour per week should get a $1,000 school room state credit.
When the economy turns around, things can go back to Essex’s The Way Things Should Be.
purgatory (196)-
OMG…that is hilarious! Thanks.
…”long-legged mack daddy”…too funny…
sx (200)-
We could fix a whole host of problems in the US immediately if we just reinstituted slavery.
Pat….welcome to the new normal…I don’t see much improvement on the horizon. I even predict a healthy double dip. So, Maryland?
204. we have slavery doom. You said it yourself and I agree. People are enslaved by their possessions. Employers own us lock stock and barrel!
Anyone going to PJ next week?
How about STP the following?
[183] gator
Look at that chart. Now that’s big Mo. Benedict Arlen is dead.
In fact, he is so dead that I should get my conservative friends in PA to make a mass effort to cross the aisle and prop him up.
Wonder if I can still vote in PA?
sx (206)-
No, I mean good, old-fashioned, whip-and-chains type slavery.
209. Hey leave your sex life out of this k/!
I heard prices are rising and I should buy now while rates are at historic lows. Is this true? Hey, 250K, what do you think?
I wish I had long legs.
Europeans Unprepared For Austerity
http://www.ft.com/cms/s/0/8b24504e-5c65-11df-93f6-00144feab49a.html?ftcamp=Popu_story3/NL/USMay2010/Vanilla_euaust/0/
Why in wide wide world of sport does Dr. Manning not have his own show? Note his warning, white folk are crazy.
Gary,
Rates are indeed low. I don’t know what towns you are looking in but I wouldn’t let low rates be your deciding factor.
I also wouldn’t bother racing to beat rising prices. It all really depends on where you are looking. If you dream of moving to a prestigious town and are anticipating a major drop in prices in the next year, feel free to wait. Where I am looking, I am not expecting any significant year over year price drops. Things may move sideways for a long time, and maybe over the next five years, drop another 5-10%. At this stage in my life, after having already postponed the buy decision for five years, I am comfortable that I won’t lose a life-changing amount of value in whatever home I purchase.
And with all the talk about the impending Zimbabwe-style inflation we are possibly heading towards, why not take on some debt? A $3,500 per month payment on a Millburn home might look like chump change in a few years.
(and yes, I realize you are mocking me)
so in terms of real economy, what era was truly sustainable without the buggery of world banks and corrupt govts? 1920s? 1970s? 13 century? I just want to get my expectations in order. If I have to take up blacksmithing, I will.
Juice 185
The pressure of those “leaks” is high enough to slice off your arm were you to pass it through the flow.
Cannot compare eras without devising a specific rate of J population reversal to accompany sustainability projection.
Dont rile up dem white folks!!! Does white folk cant take it no mo!!!
I would like to subscribe to this gentlemen’s news letter. I want to listen to this man every morning when i wake up!!!!
They all just need to lay off the white foke, …THEY GONNA RISE UP!!! THEY GONNA RISE UP!!!! THE WHITE FOLK HAVE HAD IT!!!
Pat 218
i.e. expect a few 10’s of million dead it barb’s a blacksmith
Did he copyright that catchy little obama/sinclair tune?
So, our assumption is 20 million dead?
No change. Sustain level unachievable.
eggheads
250K,
Mocking you? That is so passe for this forum. We used to do that on this blog. Now, we just cut to the chase, sort of like a 30′ salt water crocodile performing surgery on an unsuspected fawn.
And it used to be my dream to move to a prestigous community but my current desire is to move to a pretentious town to saddle myself with bone-crushing debt resulting in an empty bottle of Clan McGregor and a glock 9 slug embedded in my temple. Touche!
Pat,
if barb is really a blacksmith, 100 million or so is probably a better bet.
Gary,
like this?
http://www.youtube.com/watch?v=W5zyA88_wOo&feature=related
God, I hate it when I can’t figure out what you guys are talking about!
I think Rev Manning is taking Obama to trial at Columbia University sometime this month. He claims to have evidence that Obama has CIA ties and can prove he isnt an American citizen.
Mr Hyde,
I guess that Zebra was… ahem… under water on his mortgage. ;)
100 million produces effective decline rate.
Sustainability achieved in 50.4 decades.
Comparison to 16th century feudal system permits bio regeneration. Fossil fuel depletion terminated 34.5 centuries.
Pat,
we can do better then that,lets try 200 million!!!
Lest someone think i am being to pessimistic, the US population was about 100 million in 1920. In the mid 1800’s the US population was about 40 million
250 million dead and we are talking about barb the blacksmith
Declining returns initiated at 113 million. Sustainability 42.7 decades. Comparison to 13th century achieves fossil fuel depletion term at C29.
I’m shocked, shocked i tell you!!!
NPR is now reporting that the oil spill could be 70,000 barrels of oil a day, which is considerably greater than the 5,000 barrels per day being reported by the Coast Guard
http://www.npr.org/templates/story/story.php?storyId=126809525
Juice,
another video of the oi leak for you
http://bp.concerts.com/gom/cofferdam_video.htm
Gnite all
Check this out.
Somerset county with video
http://www.youtube.com/watch?v=_44kFyZaF9g&feature=player_embedded
Heres the nj.com article.
http://www.nj.com/news/local/index.ssf/2010/05/look_up_in_the_sky_its_a_large.html
wow Al, that looks just like a….
balloon.
Barbara, do you look good in black?
Hyde – Pressure increases 1 atmosphere for each 10 m in depth. The leak is about 1 mile down.1609 meters is tremendous pressure, even aqua man balls would shrivel,let’s hope they can pump a few thousand tons of concrete and seal this bitch of a blow out.
There’s an Amish area in Ohio that maybe could support another blacksmith.
But that’s all I got for ya.
Jamil,
There has to be a way for Christie to set things straight within the law and using the legislative process. No need to sink to the level of FDR trying to pack the court and violate the constitution.
Pat
I’m hanging back till black smithing is quite profitable, like when dudes need their mercedes retrofitted with rocket launchers and revolving gun turrets to fight off the fat gubmint worker zombies who want their free sammiches back or else.
think: Tank Girl
btw best opening credits ever, enjoy
http://www.youtube.com/watch?v=6Uv-9mJCTkk
re# 242 west = re: “pack the court”
yeah sure…
ALBANY, N.Y. (AP) — A federal judge on Wednesday temporarily blocked Gov. David Paterson’s order to furlough 100,000 workers without pay for one day each week.
U.S. District Judge Lawrence Kahn said public employee unions have shown their members would be irreparably harmed if they permanently lose 20 percent of their wages or salaries during weeks they’re forced not to work.
The furloughs were reluctantly approved by the Legislature on Monday night to help keep the state solvent. The state budget is more than 40 days overdue and negotiations among legislative leaders on how to contend with a $9.2 billion deficit have ground to a halt.
Sorry A.West the courts are defying the will/vote of the legislature, hardly an interpretation.
Everyone knows it…Dick Cheney knows its……Obama and Sinclair had a steamy love affair…….
in the back of a limo and then back at the Holiday Inn
the vice president of genocide in hell….
last!
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Nebraska can’t stand the heat (Texas) so they are getting out of the ktichen. Too bad Ohio State, Michigan, and Iowa will also beat them. I wonder where the Cornhuskers will go next in search of the elusive championship season.
I think it would be great if the Big 2 didn’t give up rights to the name forcing the Big 10 to stay the Big 10 with 12 schools
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Sick and tired of the waiting. Wish Texas would just make their desicion public and get this all over with.
I had all 4 of my wisdom teeth removed at once. They gave me local anesthesia during the surgery. My wisdom teeth were impacted into the jaw. The surgery itself wasn’t painful, it’s the week after that’s most painful lol. My cheeks blew up to the size of softballs.
Texas seems to be playing their hand close the their chest right now. The remaining Big 12 South schools will go wherever they go (except A&M might join SEC) and poor Baylor is shut out in the cold. For their sakes (and Iowa State in the North) I hope Texas decides to remain a big 12 member
If Texas decides to preserve the Big 12 (10) who will they invite to replace the defectors?
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I had all 4 wisdom teeth removed at the same time. They were so impacted that they were growing into my jaw. I had local anesthesia in the surgery. The surgery itself wasn’t really too painful (besdies the shots to numb you up). It’s after the surgery when the medication goes away that you will experience A LOT of pain and swelling in the cheeks.
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