From the NY Times:
As Sales Slump, Rental Stock Rises
IN New Jersey, those big suburban homes that used to be called exemplars of the American dream of homeownership are increasingly available for a monthly fee.
Houses with yards and eat-in kitchens, cedar decks and garage-door openers — some recently built, others older and set in the well-established kind of neighborhood where the mailman waves and trick-or-treaters travel en masse — are available for rent in “numbers not seen before,” in the words of Nicole Idler of Friedman Properties and Associates, a longtime broker in Bergen County.
In Bergen alone, 1,589 single-family homes are listed for rent, according to Ms. Idler’s search of multiple listings. Many of those are being offered for sale at the same time, though she and other agents said it was not possible to pinpoint that percentage. (The total number of single-family houses on the market in the county is 4,259, according to the listings.)
“Obviously, there are more single-family homes available for rent because the for-sale market is so difficult,” said Barbara Wilke, an agent in the Ridgewood office of Marron Gildea & Donohue Realtors.
Ms. Idler agreed with that assessment, adding that “both markets have become flooded.”
1st
What is the consensus, are these folks who are renting until selling trrying to hold out for top dollar and are renting until they can get it or are they not able to find a buyer, had to move, and are attempting to mitigate the monthly drain on their budgets?
R. Limbaugh, on yesterday’s radio broadcast, stated the following:
1) The reason for stock market rise is due from fed. gov’t providing virtually free money to companies so they can invest in the market. This artificial run-up is creating a bubble that will burst.
2) Another reason is that investors are anticipating republicans winning big in november, thereby creating confidence.
I was surprised to hear him say #1 because several of you on this board frequently refer to POMO. But to have that same opinion broadcast nationwide, to me, it’s validation.
In the past few weeks, I’ve been observing the same lack of fundamentals running-up the markets as it did in early 2008. Back then, I thought to myself, WTF. Why is bad economic news not being reflected in the markets? Been thinking the same thing in 2010. At least now I have an explanation, POMO.
Rent Now! Or be priced out forever.
3. #2 is laughable.
Has this been posted –
From CNBC:
More Americans Discovering New Investment: Their House
http://www.cnbc.com/id/39342652/comid/3#comments_top
Would lowering monthly costs be worth the outlay of new capital (catch-up equity)?
Isn’t this just throwing good money after bad? Thoughts.
In a nearly negative interest rate environment is this a good use of capital? The positive gain of lower monthly costs vs. the possibility of the further loss of equity. Isn’t this a prime example of trying to catch a falling knife?
BTW – The worst is over for the US housing market, but the price recovery will be slow, says Dottie Herman, CEO of Prudential Douglas Elliman.
sx (5)-
It’s the housing equivalent of slowly disemboweling oneself with a spoon.
and are attempting to mitigate the monthly drain on their budgets?
Sunk cost fallacy?
What many don’t realize is that your first loss is often the best loss.
grim,
From the last thread: gary would say the sellers are drunken, stup1d bast@ards. I think I agree but was trying a more “subtle” approach. ;)
2) Another reason is that investors are anticipating republicans winning big in november, thereby creating confidence.
It sounds plausible. The Oblama administration’s expertise is in resentment, food stamps and section 8 tactics; what do they know about expanding business?
“2) Another reason is that investors are anticipating republicans winning big in november, thereby creating confidence.”
I agree, the market can move up based on a republican win. However, it has nothing to do with confidence. They are buying gridlock. It’s setting up for a perfect buy the rumor sell the news event.
re: # 11- re: setting up for a perfect buy the rumor sell the news
Might be spectacular 30% retracement.
Take a look at run up in the Nasdaq 100.
Amazon is about 15% of the NDX, once it AMZN drops investors will get toasted again just like 10 years ago! Go look back at 1990s, here we are again Amazon is overrepresented in the NDX, so when it drops the whole cookie will crumble again!
Here is the chart.
http://finance.yahoo.com/echarts?s=^NDX+Interactive#chart1:symbol=^ndx;range=1y;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
Is there a hedge against deletion?
Is there a hedge against deletion?
Go long donation
Fat, drunk, stupid and with a cap in your a%% is no way to go through life son……
Five shot at Seton Hall frat party in Newark
NEWSCORE
Two men and three women were among the wounded, with one vicitim critically injured, according to authorities cited by CBS New York.
South Orange police said a gatecrasher was responsible for the shootings, which happened around 12:15am local time Saturday.
They said the gatecrasher, who was angry at being refused entry into the party, returned later with a gun and opened fire at the party guests.
The incident happened at a Seton Hall frat party on South Orange Avenue, the university’s newspaper The Setonian reported.
A neighbor told CBS that the apartment where the shootings happened was rented by three recent Seton Hall graduates.
Police were still looking for the gunman.
re #15 – very bad reporting was in East Orange not Newark or South Orange not near the campus,about a mile away at some “party” house. I don’t think this was a frat house either.
http://newyork.cbslocal.com/2010/09/25/house-party-shooting-near-seton-hall-leaves-5-shot/
BFF!
http://apnews.myway.com/article/20100925/D9IEMB381.html
Deflating the Debt one write-down at a time.
http://www.nytimes.com/2010/09/25/business/25credit.html?_r=2&hpw
Moody’s on NJ’s credit rating:
http://www.reuters.com/article/idUSTRE68M59W20100923
“Jeffrey G. Otteau, a real estate analyst, said that with interest rates so low, that choice is probably better, as long as the buyer’s source of income remains stable — and there is no danger of going underwater on a mortgage. Mr. Otteau noted, however, that average home values were likely to continue to decline statewide. ”
Ergo…buying is probably a better choice as long as I lowball the offer to below where the mortgage is no longer at risk of going underwater (which is a high risk given that home values continue to decline statewide). Find me a seller that understands that. Wake me up in a couple of years, at least (and not with the stench of your cabbage-filled homes).
Just met a guy that bought in a prestigious Morris County town, but still needs to sell the Essex County home that he is stilling owning. Big Balls there….
#21 “prestigious Morris County town” – I don’t get it. Why would anyone want to buy into the prestige thing? Honestly, who cares what other people think? I can see choosing a place based on the quality of the schools and the attractiveness of the town and the houses, but prestige? Are people really so insecure in their value as humans that they have to buy in a prestigious town and drive the right car and push the right stroller?? Jesus, if so, we are in much worse trouble than I thought.
I can see choosing a place based on the quality of the schools and the attractiveness of the town and the houses, but prestige?
They tend to go hand in hand:
Bernards
Chatham
Glen Ridge
Glen Rock
Holmdel
Milburn
Mendham
Mountain Lakes
North Caldwell
Old Tappan
Ridgewood
Rumson
Summit
West Windsor/Princeton
Westfield
Quality schools and attractive homes without the “prestigious” price tag? Let me know when you find the unicorn.
Prestigious town usually correlates with good schools. The rest of the overpayment relates to trend following. There is some safety in numbers, when it comes to buying high priced homes. Plenty of other folks also paying significant property taxes.
I just noticed some ads for homes knocked far down in Readington Twp, they look nice, sub million dollar houses on a golf course or something. 5br, 4.5bath, $26,000 taxes, whoops. I doubt they throw the golf in for free.
I see a place in Martinsville, was bought new for 1,225k in 2003, 6br/4.5, open house tomorrow listed at $949k. So clearly someone was insane in 2003, but looks like the bargains are in the 2nd tier good but not great towns.
In haughty Basking Ridge, theres a 5/2.5 listed at $979k, open house tomorrow, and will probably get lots of lookers. Price sold at the peak of 7/2006? $979k. Basking Ridge is immune to the real estate downturn, see, because it’s prestigious to be one of the select few who live there.
Whatever happened to towns that have a variety of income levels and still have decent schools? There were “good” parts of town and “the wrong side of the tracks” but all the kids went to the same high school and they got to know kids from all income levels. Other parts of the country still are that way. I still say it is social class that divides us, not race, not religion, not country of origin.
25- They do still exist. Decent vs. top-notch- a different animal. My children went to a “2nd-tier” school system and seem to be thriving just fine.
What happened? We subdivided ourselves into ever-smaller units. Heck, Loch Arbour can’t stand the thought of being lumped in with, gasp, Deal. Or, worde yet, Interlaken.
Likewise, heaven forbid that Lake Coumo and Belmar be a single entity. THOSE people to the south, well, enough said.
Spring Lake and Sea Girt, Aberdeen and Matawan, etc., etc.
We don’t want THEM in our town.
A key to a “prestigious ” town is a great main street/downtown. Without this, one just has a high-priceed plce with good schools. Grosse Point and Palm Beach come to mind. It is not just the size of the houses, or the bank accounts of those who live there, prestige comes from a place one wants to be.
#28 Not so sure I’d want to be in Grosse Pointe these days. Hemmed in by Detroit on one side and water on the other. It will be interesting to see what, if anything, happens to the Pointes now that its primary source of money is on government life support.
I did the
“millionaire next door thing”.
Decent town. Mediocre schools. Nice neighbors. Etc.
Won’t be here for middle school. Or will take advantage of school choice.
“prestigious Morris County town”
B_llshit. If up to your neck in debt and a vaporizing equity makes you wealthy and presitigious than hell has frozen over. Most of these ass clowns that drive their fancy cars and fancy zip codes couldnt buy their way out of a paper bag. True wealth is in guns, ammo , and bullion. Remember these words.
juice (12)-
Great point. AMZN is a big, volatile, unpredictable ten-ton elephant.
sx (21)-
Big balls, tiny brain.
22.
Outofstater,
Amen sister. Its all coming down. Slowly but surely. It wont be Mad Max but it will be a b_tch slap for the naive.
http://www.youtube.com/watch?v=UpHUFzV0exk
west (24)-
Daughter played field hockey today in BR. Saw lots of girls on Ridge’s team with last year’s cleats…the field and stadium are a piece of crap…several Ridge players are fat & slow…we ran them up & down the field, and they only got off one shot.
I judge the haughty towns by girls’ HS sports and the cars in the parking lot. Methinks the depression has hit Basking Ridge. Good luck to whoever’s trying to sell that shitshack for 979K.
No one will be spared.
27.
Shore,
If you think organ harvesting is prestigious I suggest you move to Deal. Fancy houses and Im sure you will love the neighbors.
Got Kidneys?
whine (26)-
My daughter goes to a school that is fast-becoming second tier, but she’s a senior and she can beat the crap out of 90% of the boys in her class.
The reading, writing and math will happen for her in college.
Man, I could go for some sauteed kidneys in a green mustard sauce. Just a wonderful seasonal treat.
Man does my ankle hurt. Happy weekend everyone. I’ll be thinking of Limbaugh as I pop my next opiate and attempt to sleep for more than 3 hours.
You gotta wash down that pill with some whiskey if you expect to get any relief.
“Obviously, there are more single-family homes available for rent because the for-sale market is so difficult,” said Barbara Wilke, an agent in the Ridgewood office of Marron Gildea & Donohue Realtors.
Ms. Idler agreed with that assessment, adding that “both markets have become flooded.”
No kidding! It’s more like big hat, small d1ck. All these stats these realtors send me is a bunch of bullsh1t. Kick up your timbs and watch the pretenders get slaughtered.
Lovin that new HBO series Board Walk Empire…. Protecting ones turf at all costs great show.
Houses with yards and eat-in kitchens, cedar decks and garage-door openers — some recently built, others older and set in the well-established kind of neighborhood where the mailman waves and trick-or-treaters travel en masse — are available for rent in “numbers not seen before,” in the words of Nicole Idler of Friedman Properties and Associates, a longtime broker in Bergen County.
In “numbers not seen before.” A little advice for real buyers: tell the realtors to tell the clown sellers to drop their asking price by 20%. Then, underline the six digit number you have sitting in an account and shove it in front of the realtor’s nose. Then tell the house guide to call you when the sellers reach stage 5 in the Kübler-Ross model.
Stu, all the best wishes for a speedy recovery… Don’t think of Rushbo, you may wake up with nightmares.
N.J. senator pushes law allowing residents to carry handguns
Published: Saturday, September 25, 2010, 11:00 PM
Updated: Saturday, September 25, 2010, 11:00 PM
TRENTON — A lawmaker wants to make it easier for New Jersey residents to carry handguns, and he thinks the state can make some money in the process. State Sen. Jeff Van Drew (D- Cape May) introduced a bill last week that would allow residents to carry handguns if they go through a background check, complete courses in firearms safety and the lawful use of force, pass a test and pay an annual $500 fee. Current state law only gives carry permits to those who demonstrate a”justifiable need” to their local police chief and then a Superior Court judge.
http://www.nj.com/news/index.ssf/2010/09/nj_senator_pushes_law_allowing.html
38. Fava beans ftw.
Fast Eddie No.43 I said something similar to a “house guide” (love that name) last week at an open house. She argued back about how much interest was generated since the owners dropped the price by $5000.00 Yes I can see by the sign in sheet it’s close to 4:00 and I’m the third person on the list which I always sign my real name on it Barack Obama. The red damp mildewy shag rug in the basement with all the windows open and a fan blowing had me rolling with laughter
Stu, wish you the best for speedy recovery
Hunter,
Were you the one who was interested in the house on Princeton Ave in Hopewell Boro? I see they just reduced their asking again. Originally $465K in February, now down to $385K.
Some light Sunday AM reading. It appears that oblivion is at hand.
“…the immediate implication of the vicious (or virtuous if you are Ben Bernanke) feedback loop of collapsing rates, prepayments, and accelerating UST purchases, is that mid-and long-term rates will likely promptly approach zero, as every UST holder realizes they are now the marginal price setter in a market in which there is a bid for any price. The Fed will merely render the traditional supply/demand curve meaningless, and any bonds offered for sale at any price will be bid up by Brian Sack. The implication on stock prices is comparably obvious: to readers who have been confounded by the impact on stocks when there is $10 billion worth of POMOs in a week, we leave to their imagination what the impact on 4x beta stocks will be once the Fed floods the market with $90 billion worth of weekly liquidity, which is what we calculate to be the peak repurchase activity between the months of January and March, as QE2 ramps up to its full potential. In this vein, analysts such as Deutsche’s Joe LaVorgna who this Friday came out with a note advising clients not to “Fight the Fed” (link) may take the message to heart. After all, if this last attempt by the Fed to spur asset price inflation, in which Bernanke is effectively telling the consumer that a house can be had for no money down, and for no interest ever, thereby eliminating the risk of price deprecitation, fails, it is game over.
And speaking of game over, we dread to look at a chart of the DXY in early 2011. The dollar will plunge, pure and simple, as the Fed makes it clear that it will not tolerate currency appreciation. Also, don’t forget that as a side effect of QE2, another component that will surge in addition to Fed Treasury holdings, will be excess reserves held by the banks. If we are correct in estimating that the Fed’s assets will explode to $3.8 trillion, then bank excess reserves will skyrocket by a factor of 150% from the current $1 trillion to well over $2.5 trillion. The immediate casualty of this will be the US Dollar: one needs to look no further than 2009 to see what happened to the DXY when excess reserves increased by $1 trillion, in order to extrapolate what happens when it becomes clear that Bernanke is prepared to put any amount of liabilities on the Fed’s balance sheet in its latest reflation attempt. And if anyone had doubts about the Fed being able to successfully absorb $1 trillion in excess reserves accumulated through QE1, all those concerns will be put to rest once the number hits $2.5 trillion, or more.
Which brings us to gold. Needless to say, once the full “all in” realization of just what QE2 means for risk assets and capital markets sets in, gold (and other physical commodities) will promptly go from its current price of $1,300 to a number well in the five-digit range. We leave it up to our readers to provide the actual digits.
In summary, David Tepper may well be right that stocks will benefit from QE2, as will Bonds and as will commodities. In fact, every asset class will explode in a supernova of endless liquidity. To be sure, all of this will be very short lived. Very soon, all those assets denominated in fiat paper, will promptly collapse in the great black hole of reserve currency devaluation, as it becomes clear that the Fed will stop at nothing to win the race of global currency debasemenet. And of course, none of this is to be confused for an actual improvement in the economy, as QE2 will result in a dramatic and irreversible deterioration in the US, and thus global, economy, which, once the initial euphoria from QE2 recedes, will promptly progress to isolationism, protectionism, currency wars and exponentially accelerating monetization of each and every asset class, thereby rendering price discovery irrelevant, as central banks around the world stampede into irrelevant capital market, each buying up as much of everything as their printing presses will allow them, until the ink runs dry.”
http://www.zerohedge.com/article/why-qe2-qe-lite-may-mean-fed-will-purchase-almost-3-trillion-treasurys-and-set-stage-monetar
Not a baseball follower, but could someone confirm for me that the Yankees could miss the playoffs?
Do I sense a soupcon of the stench of death in the air?
“President Barack Obama’s $30 billion small community business lending program faces one big challenge: many of the community banks and businesses it’s supposed to help don’t want it.
The lending program is part of a bill that passed the House of Representatives on Thursday and now awaits the president’s signature. The legislation contains a mix of tax cuts and credits aimed at helping small businesses. The centerpiece of the bill is an effort to make billions of dollars available to community banks for loans to small businesses.
Bank executives say their customers don’t want loans, even at low interest rates, because the sluggish economy has chilled expansion plans. Some say the federal money isn’t worth it because they fear it will come with too much regulatory oversight.
“We have taken a strategic decision not to have our primary regulator, the government, also be a partner in our bank,” said William Chase Jr., CEO of Triumph Bank in Memphis.”
http://globaleconomicanalysis.blogspot.com/2010/09/30-billion-offer-no-one-wants-small.html
#51 Possible but not likely. Tampa Bay is leading the AL East but even if they take the division, the Yankees would probably win the wild card.
A flashback to Argentina right after they crashed.
http://www.telegraph.co.uk/news/worldnews/southamerica/argentina/1410155/Crime-gangs-rampage-on-the-pampas.html
What is very important to note, is that as Bank of America’s Jeffrey Rosenberg highlights, a material drop in rates, which is now practically inevitable, is certain to cause a surge in mortgage prepayments of agency securities: “Our mortgage team highlights a 100 basis point decline in rates would raise the agency universe of mortgages refinanciability from currently about half to over 90%.”
If the Fed stopped buying MBS.A sudden surge of refinancing will be good for the excellent outstanding mortgages held by the GSE.Question is,what banks and investors are willing to bank role the surge of new mortgages replacing the higher interest mortgages being retired.Will the GSE still be on that game?
If $1.5 trillion QE2 happens,the value of the dollar goes down and the fed decides to pay down debt with same treasuries.We just eliminated debt with depreciated dollar and exports being more attractive to foreign buyers and domestic products attractive to our citizens.Imports will be too expensive.I understand energy will cost more but that will be in a global crisis.Decrease in consumption will bring prices down.
I don’t really see a reason why we want a strong dollar,when our economy is suffering.This is not the first time the US is devaluing its currency.
A lot of these houses arent for rent so much as they are simply trolling for suckers.
for example:
someone trolling
http://www.realtor.com/realestateandhomes-detail/18-Ridgeline-Dr_Washington-Twp_NJ_07853_1119443544
Now compare the price and house to this:
http://www.realtor.com/realestateandhomes-detail/Lebanon-Twp_NJ_07830_1121645647
or compare the first link to this one
http://www.realtor.com/realestateandhomes-detail/222-Cokesbury-Rd_Tewksbury-Twp_NJ_08833_1119941104
Argentina scenario is along shot .The U.S. dollar is the currency most used in international transactions and is one of the world’s reserve currencies.[9] Several countries use it as their official currency, in many others it is the de facto currency, and it is also used as the sole currency in some British Overseas Territories.
The US will not be alone burning the US dollar to heat their homes if this happens.
Or if you want to talk baout 5K/month how about this one
http://www.realtor.com/realestateandhomes-detail/Tewksbury-Twp_NJ_07830_1120474893
this makes more sense at 5K/month then the mcmansion in the 1st link
yo (56)-
It’s all fun and games until someone puts an eye out. Or, triggers Weimar II.
“I don’t really see a reason why we want a strong dollar,when our economy is suffering.This is not the first time the US is devaluing its currency.”
hyde (58)-
That agent just got foreclosed.
Look at the front page of today’s Bergen Record. The headline reads: Prices Stabilize but What’s Next? How many times have we seen the word “stabilize” over the last three years? What does “Prices Stabilize” mean? I think it means the mangled mess of car has balanced itself on a ledge after rolling end over end from the road 290 feet above, teetering back and forth as it gets set to roll another 290 feet down while chunks of plastic and metal fly in every direction. Perhaps this will be classified as another “price stabilization” while the vultures attack the ever expanding selection of carnage.
109 Karen Place in Wyckoff is an open house today… again. They are asking $739,000. It’s a nice house, in-ground pool, nice property but, as usual, over-priced. Once again, everything needs to be priced at about 20% less in order to meet the long term trend. The realtor said three weeks ago that the sellers are “entertaining offers.” Sure.
In fact, we should have a brand motto for this blog. Something like, “NJ RE Report: We’ll Stay Patient, Because We Can.” Or how about, “NJ RE Report: Helping To Create Insolvency, One F*cked Borrower At A Time.” You get the idea. :)
#55, “A sudden surge of refinancing will be good for the excellent outstanding mortgages held by the GSE.”
The pool of (qualified) potential refinances is shrinking due to already low rates [and every refi costs a few k]. Even in case of refi, only the good mortgages will get refi’ed.
#65, gary?
How about, “we can stay patient longer than you can stay irrational and solvent”.
Sas3
How about, “Sellers: It’s What’s For Dinner.”
Well, took the board’s advice on getting in shape. After all, can’t be a fat slob when the SHTF. Picked up an old nordic track skier on craigslist for free and have been using it for almost two months. could only do 10-15 minutes at first. Now, up to 30 mins, 5x a week.
really have not lost any weight, but my clothes are not as tight. I believe the fat is turning into muscle.
In the very least, the weight gain has stopped. It was either start an exercise program or give up beer (AND WE ALL KNOW THAT WAS NOT GOING TO HAPPEN!!)
the exercise program certainly has allowed me to deal with the crazy stress at work. However, after exercising, I feel a strange desire to invade the european low countries.
post no. 69. heh heh heh heh. . . .that was cool. heh heh heh heh heh heh heh.
“NJ RE Report: We Burst Bubbles, So You Don’t Have To.”
#69 Morpheus
“It was either start an exercise program or give up beer (AND WE ALL KNOW THAT WAS NOT GOING TO HAPPEN!!)”
Came to the same conclusion after Labor Day. Since then, I’ve been working out 5-6 days a week. Its not my favorite thing to do, but it sure beats giving up beer. (Horrors!!!)
I’m liking that Van Drew guy, beer. But he needs to put on like 10 stone to get the mojo going.
I’m not trusting the skinny guys with the guns.
Watch the difference in attitude.
http://www.youtube.com/watch?v=tath0Y0BsFY
http://www.youtube.com/watch?v=aBiFJsOuEHI
#73 Pat
“I’m liking that Van Drew guy, beer. But he needs to put on like 10 stone to get the mojo going.”
I could recommend a nice Oktoberfest to get him started…
“Nothing says you’ve arrived like a porcelain fountain”
A. West,
Last thread’s “morality of progressive taxation”…
So, a farm worker, making 10 bucks an hour, 20k a year, with two kids pays no fed taxes (except, of course, FICA, own health care, sales tax, property tax, etc.) and someone like you, who makes a gazillion bucks a year pays close to 50% marginal rate (or may be only 25% if all money is idle money and from dividends, or nothing at all if the wealth is growing on books and have not been realized).
So, how much should the farm worker pay from his 20k to match the fraction of the gazillion that someone like you make? All his salary? Borrow money and pay more than they earn for the privilege of sharing the planet with the uber rich? Do the household chores of the uber rich?
morph, ww4b
Me, too. :(
Just went berserk doing yard work and curbing the splurges… I’m hopeful my spousal unit is noticing. It’s nice to fit in jeans comfortably again.
Even so… I really wish I had a moral support/personal trainer to guide me.
Last time I was in this bad of shape All-Hype read me the riot act… and I stayed in shape for a long time after that.
sl
69. Went from 240lbs. To 218lbs. Feels amazing.
Nixed pizza and mickie D’s. No more coca cola. No high fructose corn.
“So, how much should the farm worker pay from his 20k to match the fraction of the gazillion that someone like you make”
If we eliminated payroll taxes and funded everything via income taxes (as well as the usual excise taxes and tarrifs), at a flat rate, we would not only make things more transparent but more fair to everyone as well.
[72] WW4B
“Came to the same conclusion after Labor Day. Since then, I’ve been working out 5-6 days a week. Its not my favorite thing to do, but it sure beats giving up beer. (Horrors!!!)”
Been working out 5 days a week for the past month. Don’t know that I lost much. As my daughter says “too much pizza and beer.” Meh.
err, shoulda been “past four months”
Not enough beer.
Sas3,
I’d like everyone to pay a minimum in taxes, and everyone to take maximum responsibility for producing the wealth it takes to sustain their lives and happiness.
Society and the economy is supposed to be about people producing and trading useful goods and services to one another, voluntarily. One man’s gain isn’t another man’s loss, it’s not a zero sum game with a fixed amount of wealth that has to be carved up and allocated by force to various pressure groups.
#84 Comrade Nom
Actually lost a few pounds in the last three weeks but that’s primarily a reflection of how much beer I drank during this past summer. I’ve found that working out after work cuts into my drinking time, so its a double benefit.
BTW, I hope you saw my post explaining that I am not a brewer. I would be happy to help you drink whatever you produce, but please understand that an experienced palate and a huge appetite for beer are all I bring to the table.
[186] [prior thread] Fabius,
Just back from Phila. Fabius has responded to my suggestion that he was a tax “cheat.”
“It was done legally and no laws broken.”
I have to take you at your word, but if that was the impression you wanted to convey, you did a poor job of it. Rather, I was left with the very firm impression that you had somehow pulled something off, either direct evasion or successfully exploiting a reporting error and/or an applicable statute of limitation.
“I will qualify that I did actually pay tax on ALL income that year. I then went back to the Revenue Service and after a full audit that lasted a year and half they refunded all tax paid plus interest. ”
Ya know, that would have been a good fact to have up front. Otherwise, one is left only with “I didn’t pay any taxes for an entire year.” Further, if you had paid tax in another jurisidiction, and avoided U.S. tax on double-taxation grounds, that would have been good to know, but would also conflict with the statement about not paying taxes. After all, it isn’t interesting that you avoided tax in Jurisdiction A because you are subject to tax in Jurisdiction B. Hardly worth raising.
Further, while an IRS clearance removes the possiblity of prosecution for tax evasion, and closes the tax year, it still makes you a consummate tax avoider (I will take it on faith that you did not exploit a reporting error and the applicable statute of limitations), and there are plenty on the left that have labeled tax avoiders as “cheats.” Cannot recall if you ever did.
Finally, while I have to accept your facts, and do not dispute that the IRS made a finding in your favor, I am still curious as to why you were able to avoid U.S. taxation on earned income. Intensely curious in fact, but I accept that I will have to remain so.
“He is also aware of the recourse he would reach for, if the term were leveled at him.”
Pretty much the same thing you have. Not much other recourse available.
Interesting read for anyone contemplating mortgage refinancing and the implications of QE 2.0
” the Fed will now have a mandate of buying up virtually every single bond available in the open market, and then some! What this means is that rates will promptly plunge, and while many have noted the possibility that the 10 Year drops below 1% upon the formal announcement of QE2, we believe there is a very high probability that even the long-end can see rates drop substantially below 1%, while the 10 Year approaches 0%. Keep in mind that this move will not be predicated upon inflation expectations whatsoever (and in fact we believe this is merely the first step to an outright monetary collapse also known in some textbooks as hyperinflation), but merely as a means of frontrunning Ben Bernanke, as the entire bond market goes offerless, knowing full well that the Fed will buy any bond below its theoretical minimum price of 0% implied yield (we leave it to our readers to determine what this means price-wise on the curve). It also means that the Fed will finally cross the boundary into outright monetization, as Bernanke will be forced to directly bid for any new paper emitted by the US Treasury, to maintain the tempo of its purchases.”
This would put a temporary floor under housing and I will get my 3.75 30 year come hell or high water.
http://www.zerohedge.com/article/why-qe2-qe-lite-may-mean-fed-will-purchase-almost-3-trillion-treasurys-and-set-stage-monetar
In addition. Although I hate to admit it. JJ’s market prediction may be correct.
83. define “fabulous”….if by that you mean large poorly built tract homes and mcmansions in far flung burbs…meh.
I am glad to see that Tom Friedman is catching up to me:
http://www.nytimes.com/2010/09/26/opinion/26friedman.html?_r=1&pagewanted=print
Now, if he would just take B.O. to task for squandering the stimulus money on yesterday’s technology, maybe he could move some Dems to see the wisdom of moving towards the NEXT technology and not borrowing to fill potholes.
Pablo is a bot, methinks. Here is the result of right clicking on his hypertexted name:
http://www.superiorpromos.com/
Does re-financing a mortgage, without fraud this time or MERS, mean that the bank now has a clear path to foreclose later, if necessary, and make it stick?
94. damn. fooled again.
93. This gal would beg to differ….
http://www.leagle.com/unsecure/page.htm?shortname=innjco20100824264
On August 18, 2001, plaintiff’s decedent, Mathi Kahn-Polzo (Kahn-Polzo), was cycling on the shoulder of Parsonage Hill Road, a county road located in Millburn. She was the last in a line of five cyclists riding on the shoulder when she reportedly fell off her bicycle after it traveled over a circular depression approximately two feet in diameter and one and one-half inches in depth. Plaintiff filed a complaint individually and as executor for Kahn-Polzo’s estate on September 12, 2002. He named as defendants, the County, the State of New Jersey, and Millburn Township. Subsequently, the court granted plaintiff leave to file an amended complaint in which he added Public Service Electric and Gas Company as a defendant.
If you want to drop some weight big time, try a combo of 2-3x / week of spinning and one session of boot camp. Best to go to a real gym as the fru fru “clubs” won’t work you as hard. For the ex-jocks, boot camp will leave you feeling like you want to vomit and this is a good indicator you have worked out hard.
I wanted a few bedrooms painted 9×10 and 11×11. I was quoted $350 plus materials per room ceilings, walls and closet. Is this the going rate?
It looks like I have to block out next weekend to do this.
98. I did a group ride at the beginning of the spring and it was a shock to the system — complete and total depletion. Everything was in slo mo in the last mile home. Then began walks and some uphill brisk runs. Diet was the number one key to the whole deal. Cut out everything and start to reduce portions. No snacking. No stupid food. Suddenly the pounds came off and people started to eyeball me again in public. It’s creepy, but I like being thinner and lighter.
Renter…Sounds about right. Painting is one of those things you can do yourself pretty easily. Figure it will take about 6 to 8 hours of your time. Supplies will be no more than $75 and about $40 if you paint regularly and already have brushes/rollers/tape. How much is your time worth?
Essex…Losing weight is great. I dropped 80 pounds about 5 years ago by doing the South Beach diet and not increasing my exercise regiment at all. It took me about 8 months. The real tough part is keeping it off. Once you go back to what you did before, your weight will get back to what it was before.
Seriously, if you simply give up bread, rice, noodles, beer and most simple carbs, the weight will peel off. No dessert either unless you have fruit or peanut butter and celery.
Let’s see if you keep it off.
renter [99],
We’re 75% through painting the whole inside of my house ourselves. We did a little bit each weekend over the last six weeks. The painter wants $350 per room PLUS materials? For that price, ask the painter if he’s throwing in a Picasso as well? So, when all said and done, they want $1000 for two rooms. You could do the two rooms for 10% of that price.
Looks like I am painting next weekend!
Thanks for the input!
Renter…Buy good brushes but cheap rollers. Buy paint in the 5 gallon size and when it’s on sale and you should be able to get the premium stuff for $13 per gallon. Buy it individually and it will go for $20+ per gallon. Clean your brushes with hot water (latex I presume) as soon as you are done and bang out the extra moisture. You can’t have enough drop cloths. Don’t stockpile masking tape as it expires quicker than you would expect. Buy a quality pan that won’t rust. Don’t paint the ceiling without an extender. It will save your back and time. Also, make sure you putty over the holes before you paint and buy a decent primer. It will really make the difference. Have fun.
Anyone here has experience with metallic paints? We have some walls painted with Modern Masters paints… Need to do some touch ups. Repainting is not financially viable.
Clot and Al:
This part of the Zero Hedge article is a little scary:
In summary, David Tepper may well be right that stocks will benefit from QE2, as will Bonds and as will commodities. In fact, every asset class will explode in a supernova of endless liquidity. To be sure, all of this will be very short lived. Very soon, all those assets denominated in fiat paper, will promptly collapse in the great black hole of reserve currency devaluation, as it becomes clear that the Fed will stop at nothing to win the race of global currency debasemenet. And of course, none of this is to be confused for an actual improvement in the economy, as QE2 will result in a dramatic and irreversible deterioration in the US, and thus global, economy, which, once the initial euphoria from QE2 recedes, will promptly progress to isolationism, protectionism, currency wars and exponentially accelerating monetization of each and every asset class, thereby rendering price discovery irrelevant, as central banks around the world stampede into irrelevant capital market, each buying up as much of everything as their printing presses will allow them, until the ink runs dry.
This is what I have been afraid of for 5 years. The end game is at hand. I may buy some stocks this week as a hedge to what is coming…
All is right with the world.. Alcatel-Lucent stock is on its way back up. Welcome back to 1999!
Nom.
At the GTG, I stated that I spent a year tax free by an application of the rules. At no point would I ever have admitted to evading taxes because I never have and I never will. I can stand up and say that I spend a year tax free. Whether I paid the tax up front (as you are required to do in many parts of the world) and received a refund or submitted my return with tax = 0 on a boat load of income, I can look back at a year were Income pre Tax <= Income post tax because they wrote me an interest check.
In that discussion we had, you brought up independent contracting., I had said that I was aware of the rules, but I have always been a salaried employee. I said I have a lot of contracting friends working all over the world. They pay no tax as their companies all go through the other “Jersey”. If you confused this to mean that I used those rules to avoid paying taxes, then that is your mistake.
Where this comes down to is credibility. IF Jamil/ Frank/ Ducky/XX X or YYY step up and call me a tax cheat, that can be dismissed on the grounds of how are they qualified to even determine the definition of a tax cheat. Whereas Nom, Tax Attorney and member of the board in respect comes out with it, it sticks. As a lawyer you are aware of how close you are to libel here.
Part of the problem here is that you are not an anonymous poster here. As Sas3 points out this should be a topic for a GTG or an offline discussion, but as you throw this into the fore I have to defend myself against, “the tax expert of the board called me a tax cheat”.
Time to shed a tear for Jamie Dimon.
Then, we can tell him to PRODUCE THE NOTE, MF’ER!!!
“First one, now all. Just as we predicted – fan: meet feces.
Fresh off the presses at Bloomberg:
JPMorgan Based Foreclosures on Faulty Documents, Lawyers Claim
JPMorgan Chase & Co. faces a legal challenge next month that could cast doubt on thousands of foreclosures after a mortgage executive at the bank said she didn’t verify documents used to justify home seizures.
Lawyers for a Palm Beach County, Florida, homeowner asked a judge to throw out a foreclosure as a penalty for misleading the court, according to attorney Tom Ice of Ice Legal PA. They’re citing a May 17 deposition in which the JPMorgan executive said she signed thousands of affidavits and documents supporting the New York-based bank’s claims without personally checking loan records. The court is scheduled to hear arguments Oct. 19.
The Chase Home Finance operation supervisor, Beth Ann Cottrell, said in May she was among eight managers who together sign about 18,000 documents a month, according to a transcript of her sworn deposition provided by Ice. Asked how they were prepared, she said she relied on other people at the firm.
“My review is more or less signing the document unless it’s questionable,” she said. That means, “somebody has a question and brings it to me and says, ‘Beth, can you take a look at this?’”
Inaccurate statements by banks in foreclosure documents may give borrowers who have lost their homes a legal basis to challenge the seizures, derailing resales and casting doubts on property titles. A Florida court sanctioned Ally Financial Inc.’s GMAC Mortgage unit for faulty affidavits in 2006, and the firm suspended evictions in 23 states this month after finding employees still signing affidavits without checking the data.”
http://www.zerohedge.com/article/here-they-come-thousands-jpmorgan-home-foreclosures-doubt-after-perjurious-firm-exec-confirm
Some cool demolition photos in this article.
“Ever wonder how China can endlessly generate goal-seeked GDP of precisely 8.00001% year after year? Or how it can constantly find use for the massive and ever-larger surplus of warehoused commodities? Simple – never stop building. Which, apparently means blowing up empty buildings before they are even finished and rebuilding them. Rinse. Repeat. After all gotta keep all those construction workers from rioting, and all those USD reserves redirected into Brazilian and OZ commodities, now that China is not really buying US debt anymore. China Hush has some stunning pictures confirming that in its search of the great home bubble perpetual engine, the politbureau comrades may have stumbled onto the bricks and mortar equivalent of Shangri La. In the meantime, more on the whole “controlled demolition thing” from China Hush.”
http://www.zerohedge.com/article/china-proudly-demolishing-buildings-completed-pursuit-great-housing-bubble-perpetual-engine
NJ evictions
Investing in and managing nonresidential real estate properties can be difficult for even the most seasoned investor. There are many issues that can stop a deal in its tracks at the last minute and cause delays that cost you thousands of dollars and weeks of frustration. A New Jersey real estate lawyer can help you avoid these issues or to resolve them more quickly whenever you are building, purchasing, selling, or managing a property that is not a residential property. Knowing what kind of properties a nonresidential real estate lawyer deals with will help you decide when you need to hire an attorney.
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