Redefining Luxury

From the Montclair Times:

Condo owners allege Siena has structural ‘defects’

Raniya Kassem owns a condominium on the fifth floor of Montclair’s luxury high-rise complex The Siena, but it’s been about a year and five months since she has resided there.

Kassem said she moved out of the South Park Street building on May 12, 2009, on the advice of an expert who tested the air in her condo and discovered mold spores. The mold had grown in the cavity of her bedroom wall as a result of persistent water leaks in her brand-new dwelling unit, Kassem said.

The leaks were discovered long before she packed her bags and left. Two days after she bought the 962-square-foot condo for $441,000 on July 22, 2008, Kassem discovered “a huge bubble in my ceiling in the bathroom” and her condo’s windowsills were wet. Later she would also find water had saturated one bedroom wall.

Eventually, Kassem, 37, started feeling ill, experiencing respiratory symptoms and developing rashes. She began to use an inhaler. Then one day she called in an environmental testing service to evaluate the air quality in her room and she learned about the mold. The consultant advised her to sleep elsewhere until the problem was remediated.

“I left that night to live with my parents” in Roseland, she said. After three weeks passed and Kassem retained an attorney, she moved back into The Siena, with the developers agreeing to put her up in another condo on the fifth floor.

But when that unit sold, they moved Kassem again — this time to a unit on the seventh floor.

“I bought a home and I don’t have a home,” she said. “I have a closet full of stuff I never unpacked.

“I am a first-time homebuyer and man, this has not been a pleasant experience at all. You think about the American dream of owning your own home. After buying at The Siena, I don’t believe in that anymore. It has been nothing but heartache for me.”

Her neighbors on the building’s fifth floor, Vin Forbes and Carlton Schultz, have a similar story.

Forbes said he and his partner moved into their unit, for which they paid $616,900, at the end of January 2008. Weeks later, on Feb. 14, he notified the building’s management of water leaks inside his new two-bedroom condominium. Work crews arrived.

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189 Responses to Redefining Luxury

  1. me@work says:

    first! from work!

    sl

  2. me@work says:

    …need gates…..

    sl

  3. Mike says:

    Good Morning New Jersey Last Last thing I remember, I was
    Running for the door
    I had to find the housing market back
    To the place where it was before
    ’relax,’ said the bank man
    We are programmed to receive.
    You can foreclose any time you like but you never have to leave Living it up at the Hotel New Jersey what a nice surprise bring your alibis

  4. Mike says:

    Thomas Jefferson said in 1802:
    ‘I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property – until their children wake-up homeless on the continent their fathers conquered.’

  5. me@work says:

    #4 best.quote.ever.

    sl

  6. Mike says:

    Does this lady have a double whammy, water coming in from the outside and the plumbing inside?

  7. grim says:

    From Fortune:

    Freddie Mac sees no housing recovery soon

    Freddie Mac lost $2.5 billion in the third quarter and said it will be a “considerable time” before the housing market recovers.

    The McLean, Va., company asked the government for $100 million to shore up its balance sheet in its latest draw on its credit line with Treasury. That is the smallest sum Freddie has asked for since the government put it in conservatorship in September 2008.

    “As we near the end of 2010, the housing market remains fragile, and has recently come under renewed pressure from slowing economic growth, weaker employment and foreclosure uncertainties,” Haldeman said. “We believe that it will be a considerable time until the housing market has a sustained recovery.”

  8. grim says:

    From the Star Ledger:

    Gov. Christie says N.J. to shed at least 1,200 public employees by next year

    State government is on track to shed at least 1,200 jobs in January, Gov. Chris Christie said today.

    “Whether it will grow beyond that, I don’t know,” he said at a Statehouse press conference. “That’s very much going to be dependent on what the revenue outlook looks like for the state.”

    The job cuts include layoffs and attrition, spokesman Michael Drewniak said.

    Government departments have begun submitting plans to the Civil Service Commission on where they plan to lay off workers, spokesman Peter Lyden said.

    Christie’s budget proposal, unveiled in March, called for cutting 1,300 state workers, including union and nonunion employees. He said the cuts would save $8.8 million.

  9. grim says:

    From the Daily Record:

    Morris County, NJ, jobs: St. Clare’s hospitals cut 118 jobs

    St. Clare’s Health System announced the layoffs of 79 employees Wednesday, victims of a bad economy that has reduced patient volume, increased the number of people who can’t pay their bills and lowered reimbursement rates from insurance companies and Medicare.

    The system said an additional 39 vacant positions won’t be filled, producing a total of 118 job cuts.

    St. Clare’s Health System president and chief executive officer Les Hirsch said the jobs were in administrative, support services and non-medical areas of the four-hospital system.

  10. grim says:

    Not sure whether to laugh or cry. So what the banks are telling us is that they never had any idea of what they were doing, mainly because they were staffed with a bunch of rookies who had no clue.

    Superb.

    “Trust us, we know what we’re doing”

    From the FT:

    US Banks Seek Foreclosure Experts

    US banks are beefing up their mortgage departments in response to growing pressure and concern over the use of “robo-signers”, employees who rubber-stamped thousands of foreclosure documents without checking the accuracy of the information they contained, as required by law.

    Recent job postings on Monster.com and other employment websites indicate that banks are recruiting “foreclosure specialists” and “bankruptcy documentation” experts. Adecco, the world’s largest temporary staffing company, said the number of such job openings was 25 per cent higher than a year ago. Monster.com says it has seen a 16 per cent rise in recruitment for such positions in the past two months.

  11. Dissident HEHEHE says:

    Denninger:

    Ben Bernanke: Impeach Me – I’m A Damned Liar

    http://market-ticker.org/akcs-www?post=171176

  12. Mike says:

    Foreclosure specialists are REAL ESTATE AGENTS with expertise in facilitating the foreclosure process. They assist lienholders in liquidating the property either at auction or in a direct sale, collecting a commission in the process. Online course providers and other colleges provide courses to Realtors, real estate professionals and curious outsiders looking to get into the industry. The term “certified foreclosure specialist” has no legal status.

  13. Dissident HEHEHE says:

    Who’s been missing since Sunday?

    Halloween Reveler Dressed As Breathalyzer Busted For Drunk Driving

    http://www.thesmokinggun.com/buster/halloween/halloween-reveler-dressed-breathalyzer-busted-drunk-driving

  14. Nomad says:

    And yet they are trying to rent units at Siena cause they can’t sell’em.

    Hey Lamar, did you see that HB trying to stop direct shipment of wine to consumers. You gonna lobby for this ? $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

  15. Mr Wantanapolous says:

    4 walls and a roof crapbox. The Mold Coast surfaces.

  16. Mr Wantanapolous says:

    Capital is fleeing rapidly. When does Bergabe blow up the world by inducing an emerging markets bubble. When they blow, we implode. Kind of sucks being a follower.

  17. All "H-Train" Hype says:

    Hey, I know Raniya! I gotta send her this link. Mike (6) I will get an answer to your question.

    Oh by the way, dollar down, stocks up today. Time to party on boyz!

  18. Mr Wantanapolous says:

    All Hype [17],

    Stocks are following the 7 mules.

  19. Lamar says:

    grim (10)-

    Amazing what an industry can get away with when it owns the gubmint of its host country.

  20. Mike says:

    H-Train No.13 Tell her I hope everthything works out

  21. Lamar says:

    HE (11)-

    Impeach Bergabe? For what he’s done, he should be tried for treason, then executed.

  22. Lamar says:

    Nomad (14)-

    You should know me well enough to know I won’t have any interaction with the gubmint. Let the drinks industry and Congress fight it out on their time.

  23. Mr Wantanapolous says:

    Lamae [21],

    Hold on. Let’s wait until we take out 2,500.

  24. Lamar says:

    We will pass China by the end of this month as the biggest holder of our own debt. Charles Ponzi would be proud.

    “As is all too well known by now, starting over the next few days, the Fed will commence purchasing $75 billion in Treasury securities monthly until the end of June, and will buy an additional $35 billion in Treasurys to make up for declining holdings of MBS (due to repurchases). We still believe that as a result of the imminent drop in rates (especially those around the curve belly), as we have claimed for over a month, the feedback loop that will be created will result in a far greater repurchase frequency of MBS securities over the next 8 months, and we would not be surprised if at some point in Q2 2011, the Fed is buying $150 billion in Treasurys monthly. Since nobody will believe this until it is actually confirmed by the H.4.1., we will leave this topic alone for the time being. And after all its will “only” mean a rotation of Fed holdings, a switch in duration, and an impact on the shape of curve. What is certain is that on June 30, the Fed’s balance sheet will have $2.68 trillion (or more) in holdings, of which $1.77 trillion will be in Treasurys, compared to the $840 billion today. What is also certain is that the Fed will not be able to stop there. Which is why we have extended the projection period through January 2012. At that point the Fed will hold $2.6 trillion in US Treasuries, or roughly 25% of total US marketable debt at that point. And for those who collect now completely irrelevant statistics, the Fed will surpass China’s $868 billion in UST holdings before the end of November. Yes, ladies and gentlemen, shit just got real.”

    http://www.zerohedge.com/article/presenting-feds-balance-sheet-through-2012-fed-will-surpass-china-top-holder-us-debt-end-mon

  25. Yikes says:

    http://www.nytimes.com/2010/11/04/business/04leonhardt.html?_r=1&hp

    For much of the last year, there were three basic camps on what the Federal Reserve should be doing.

    One focused on the risks of the Fed’s taking more action to help the economy. This camp — known as the hawks, because of their vigilance against inflation — worried that the Fed could be sowing the seeds of future inflation and that any further action might cause global investors to panic.

    Another camp — the doves — argued instead that the Fed had not done enough: inflation remained near zero, and unemployment near a 30-year high.

    In the middle were Ben Bernanke and other top Fed officials, who struggled to make up their minds about who was correct. For months, they came down closer to the hawks and did little to help the economy. On Wednesday, they effectively acknowledged that they had made the wrong choice.

    The risks of inaction have turned out to be the real problem.

    The recovery has not been as strong as the Fed forecast. Businesses became more cautious about hiring after the European debt crisis in the spring. State governments began cutting workers around the same time, and the flow of federal stimulus money began to slow. Since May, the economy has lost 400,000 jobs.

    Now — six months later, with Congress unlikely to spend more — the Fed is getting more aggressive. (And, yes, the idea that the doves are the advocates for aggression is indeed a bit odd.) Having long ago reduced its benchmark short-term interest rate to zero, the Fed will again begin buying bonds, as it did last year, to reduce long-term interest rates, like those on mortgages. Lower rates typically lead to more borrowing and spending by households and businesses.

  26. CommanderBOB says:

    Re: Montclair’s Siena

    CommanderBOB sez:
    A good example of the Crap that the so-called “Professional Builders & Architects” are putting up these days: —-> Pure Super Over-Priced Junk !!
    Especially these CHEAPLY CONSTRUCTED & DESIGNED metal studded Mid-Rise condos. There is NO PROPER EXPANSION CONTROL (In my opinion—And, I am one of the few who believe this !!)—“Things” may be fine in theory and on paper, BUT Common Sense goes ‘out the window’ when these Over-Educated ‘experts’ invade the Building Industry with their so-called MODERN and “trend-setting’ construction techniques …

    If you put together METAL STUDDING/ JOISTS & RAFTERS and inflexible EIFS** STYROBOARD/STUCCO exterior siding, you get an almost impossible-to-correct water & moisture intrusion; This apparently was not taken-in-account by the engineers and manufacturers of the products in question.

    This poor lady homeowner never did her “homework’ in researching Condo living. She would have had less trouble with a wood-framed low rise older condo complex. Only drafts, poor insulation and HOT-in-the-summer second/third floor levels would have been her major problems–BUT All CORRECTABLE !! –>NOT the dreaded MOLD/ Water Intrusion nightmare that she now faces……Even the 5th Floor “partners” Vin and Carlton had to move out…. What a shame !!!
    But, What do I know; I have only been “swinging a hammer” since I was fourteen…..
    CommanderBOB

    **Exterior Insulation & Finishing Systems—-EIFS

  27. Lamar says:

    yikes (25)-

    David Leonhardt is a pluperfect idiot.

    Then again, idiocy is a requirement to write for the NYT.

  28. Shore Guy says:

    Mike,

    Good one.

    Here is another:

    Driving into Ber–gen County
    Me and Wayne on the Fourth of July
    Driving into Ber–gen County
    To try to find a house
    On a direct train line

    We drove over from New York City
    Where the apartments are cramped
    And the rents are high

    Driving into Ber–gen county
    Where the taxes are so outrageous
    It makes me want to cry.

  29. safe as houses says:

    10 years from now, the Chinese will be adopting little blonde haired, blue eyed boys from California.

  30. Lamar says:

    Bob (26)-

    I’m coming around to the thought that anyone dumb enough to buy one of these dumps without doing proper due diligence deserves to eat his malinvestment, with no recourse.

    Caveat emptor.

  31. scribe says:

    Who is the “HB” who’s trying to ban the shipment of wine to consumers?

    I thought NJ already did that. When my mother died in ’05, I sent her hospice workers gourmet food baskets. The Web site for the vendor said that I couldn’t send the baskets that included wine to addresses in NJ.

    In NY, they require delivery via UPS because of the adult signature requirement. That never really made sense to me because the PO has signature confirmation, too.

  32. safe as houses says:

    Why don’t people use an engineer or at least an inspector when they buy new construction? You’d think there’s a good chance some of those defects would have been caught.

    Also when you do a walk through, why don’t people run their hands on the windowsills and inspect the ceilings? Seems like they just focus on the bling bling (look, I’ve got granite!) and not the infrastructure.

    Is it ignorance, laziness, greed, stupidity? All of the above?

  33. Confused In NJ says:

    Well, at least we know the Stock Market is driven by Ben’s printing press.

  34. Mr Wantanapolous says:

    [25],

    Fcuk the NYT.

  35. Lamar says:

    Rally on!

    It all works…until it doesn’t.

  36. All "H-Train" Hype says:

    Shiny at 1379. That is a nice price pop for 1 day. Cannot wait for it to hit $1500. 600 billion in freshly printed money will do wonders for commodities.

  37. Mike says:

    Shore No. 28 LOL

  38. chicagofinance says:

    Not a complete thought….executed how?

    Lamar says:
    November 4, 2010 at 8:51 am
    HE (11)-
    Impeach Bergabe? For what he’s done, he should be tried for treason, then executed.

  39. Mr Wantanapolous says:

    All Hype [36],

    Present Day; It’s a commodity led rally, with zero participation from the financials. It’s our only hope; if commodities die, the stock market implodes. Print/Inflate or Die.

  40. Mr Wantanapolous says:

    This is the stratrgy;

    http://www.barchart.com/chart.php?sym=DXY00&style=technical&p=DO&d=X&sd=&ed=&size=M&log=0&t=BAR&v=0&g=1&evnt=1&late=1&o1=&o2=&o3=&sh=100&indicators=&addindicator=&submitted=1&fpage=&txtDate=&x=44&y=10

    Dig deeper into your pockets, your purchasing power is dwindling. To savers, those living on a pension/fixed income, fcuk you. New game, new bubble, same end result.

  41. Confused In NJ says:

    ‘Unfortunate Conclusion’

    The central bank’s buying is known as quantitative easing because it aims to increase the quantity of money in the economy. This round is being called QE2 because the bank also scooped up debt last year.

    “The unfortunate conclusion is that QE2 will be of limited success in sustaining high growth and job creation in the U.S., and will complicate life for many other countries,” El-Erian wrote. “With domestic outcomes again falling short of policy expectations, it is just a matter of time until the Fed will be expected to do even more.”

    The Fed’s purchases may ultimately total about $2 trillion, economists at Goldman Sachs Group Inc. led by Jan Hatzius in New York, wrote to clients yesterday. Goldman Sachs is one of the 18 primary dealers authorized to trade directly with the Fed.

    Two-year yields will fall to record 0.28 percent by year- end, according to John Herrmann, senior fixed-income strategist at State Street Global Markets LLC and that rate’s most accurate forecaster in an analysis by Bloomberg Rankings.

    “Central bank demand and investor demand should really keep the two-year yield tracking toward our target,” Herrmann said after the Fed announced its purchase plan. The note yielded 0.33 percent, versus the record of 0.3270 percent on Oct. 12.

  42. All "H-Train" Hype says:

    Mr Wantanapolous (39):
    Totally agree with you. I was telling Mrs. Hype last night the exact same thing. She now has a better understanding of the total lunacy that is our markets and our gubbmint.

  43. Confused In NJ says:

    NEW YORK – AT&T Inc., the country’s largest telecommunications company, on Thursday said it is setting up a division to target the health care industry, hoping to have a significant seat at the table when industry adopts electronic medical records, doctor’s visits by video-conferencing and wireless gadgets like remote glucose monitors.

    There are already “intelligent pill-bottle caps” that sense if they’ve been opened. If they aren’t opened every day, they send text messages through AT&T’s network to caregivers who can remind patients to take their medicine.

    AT&T’s new “ForHealth” division, part of its Business Solutions group, will look for more opportunities like that.

  44. Al Gore says:

    10 years down around 2.48 after that knee jerk reaction yesterday.

    Just dumped half my sideline cash into miners. Easy money baby.

  45. Juice Box says:

    #34 Wantanapolous re: F***K the NY Times.

    A theory explained this AM on Bloomberg for Bernakes QE gamble is to close the output gap with the printing press and government spending.

    The two real dominant storlines are the “double dip” recession and deflation we’ll get if we go the austerity route like Europe, when the Dems are against cutting goernment spending. The other more pressing story which Glen Beck uses props and puppets for is the debt and currency crisis and inflation we’ll get if we keep trying to expand the public debt to pay for stimulus programs.

    These fiscal policy bookends frame the economic policy debate. Problem is, the framework is out of context with the economic reality. It’s an “as if” ideology charged framework of belief systems. It’s not A or B. It’s if A not B, then if X not Y, then E, else F.

    The output gap trap is going to be far more messy, much more complicated, and allot more unpredictable than the bubbles were. It is a veritable pandoras boxes (plural) of unknowns, that nobody has a playbook for. This isn’t covered in Bernake’s deflation playbook. The markets will seesaw continually with new unpredicatable undulations.
    There is no such thing as price stability anymore. They the FED has failed in their mandate by their actions of short term junk shots.

  46. Confused In NJ says:

    They the FED has failed in their mandate by their actions of short term junk shots. Just like BP did with the Gulf well.

  47. Confused In NJ says:

    38.chicagofinance says:
    November 4, 2010 at 9:38 am
    Not a complete thought….executed how?

    Lamar says:
    November 4, 2010 at 8:51 am
    HE (11)-
    Impeach Bergabe? For what he’s done, he should be tried for treason, then executed

    Have Cumo bugger him to death, it’s part of his agenda.

  48. Juice Box says:

    re #46 – Confused I picked that analogy because it is fitting and easy to understand. They the FED like BP have way to much Hubris.

  49. Comrade Nom Deplume says:

    WTF? I thought QE2 was baked in? Wasn’t expecting this kind of pop.

    And forget gold. If I had held positions in sugar, I would be the golden boy, not Bob.

  50. Comrade Nom Deplume says:

    [39] Bob

    Unless demand picks up, commodities will crash eventually, right? So perhaps the play is to buy commos now, pick up shorts later, and watch the indicators to see if there is going to be demand and prepare to unwind either the commos or the shorts.

  51. Comrade Nom Deplume says:

    Expecting shipment from brew supply today. Hope to be brewing it on Sunday.

    Since I got no other suggestions that were printable, this all-grain brew will be named “Grim’s Reaper” and rolled out at a future GTG.

  52. make money says:

    I love Ben and QE II. Why is everyone complaining?

  53. make money says:

    This is like the boardwalk empire, but instead of prohibition they’re giving us QE. “prices will go up 20 fold”.

  54. Shore Guy says:

    Make,

    BUT if we had a balanced budget, 20x inflation would makwe our debt just .05 wht it is today. The real problem, as this citizen sees it, is that we are looking to policies that will likely ignite inflationat a time when we need to borrow HUGE amounts of money. If we had our fiscal house in order and inflation took off for a couple of years, it would hurt but the debt would shrink by leaps and bounds, at least as a percentage of GDP and the federal budget.

    Stoking the inflationary fires when one MUST borrow vast sums just to keep operating is lunacy.

  55. Al Gore says:

    52.

    Make,

    “I love Ben and QE II. Why is everyone complaining?”

    I love helicopter money too. Nevermind $100/barrel oil and sky high food. Americans need to eat less anyway. 72 on the dollar index on the way. Now maybe America will stop buying all that crappy Chinese garbage.

    Instead of buying your kids lead infested Chinese garbage this Christmas buy them a tube of silver and a box of ammo.

    Loving this.

  56. Shore Guy says:

    People LOVE the weak dollar up until the point that our friends from overseas start buying our companies and their intellectual property and start moving offshore all sorts of things that we never thought would be lost. Next will come our strong-currency friends buying the best property in the best places (kind of like what our rich used to do overseas). Perhaps we can start working as domestics for the absent landlords.

  57. make money says:

    Al, Shore,
    Everyone is fcuked. Take care of your family.

    Wanta,
    Are the boots still in the closet?

  58. Al Gore says:

    “Today’s preemptive currency war salvo comes courtesy of Brazil’s finance minister Guido Mantega.

    •BRAZIL’S MANTEGA CALLS ON U.S. TO CHANGE ITS POLICY STANCE”

    Hahaha. Brazil is being invaded by Federal Reserve Notes. Cant eat paper.

  59. hughesrep says:

    56

    Rich Rod has his roots as a Big East scumbag.

    I’m still kind of shocked that school up north hired him. Stay classy Michigan.

  60. Al Gore says:

    Wantan,

    Silver shorts must be crapping themselves.

  61. Ben says:

    Whatever happened to that meter fellow? Wasn’t he mocking me at Gold $1100?

  62. Mr Wantanapolous says:

    Nom [49],

    I agree, it’s across the board; cotton, sugar, crude, corn, soybeans, etc.. Consider shiny the 7 blocks of granite. It began the commodity rally, then others outpace shiny (silver). This is a textbook commodity bull. In the end, gold will then take the baton to the blow off top.

    By the way, I argue that commodities are not becoming more expensive, good faith and credit is just becoming much cheaper.

  63. Unexpected HEHEHE says:

    Born and raised in Ohio and being a lifelong Ohio State fan all I can do is say PLEASE DON’T FIRE RICH ROD!!!!!

  64. Comrade Nom Deplume says:

    [63] Bob

    Interesting way of looking at it. That view suggests that our dollars were too strong for too long.

  65. Mr Wantanapolous says:

    He [64],

    So, you dot your I’s?

    http://www.youtube.com/watch?v=rPNnIFH6_RU

  66. Mr Wantanapolous says:

    Nom [65],

    That’s a discussion that would last a weekend.

  67. Comrade Nom Deplume says:

    The trend is your friend: Nigerian email scams now advertising gold dust. Here is the text of an email that arrived at nomdeplumenj:

    “OFFER FOR SALE OF AU METAL IN DUST.
    We are into Gold business and also an authorized seller of Au dust and exporter.
    We work with other handicaped Gold seller as main source and help them to export their gold to buyer.
    Presently, we are in the industry to market our product as below…………..
    Item: Alluvial Gold Fust
    Form: Yellow Gold (in Dust )
    Quantity: 780kgs gold dust..
    Purity: 92% fineness
    Carats: 22+carats.
    We are willing to go into a long term supply contract with interested buyer with view to develop many mining communities.
    We also welcome serious buyer for joint venture in the mining sector. We have some mining communities that we are willing to to start off with on Au Metal and the modalities will be discussed.
    Contact us for more details
    Email modibosalif@yahoo.com
    Regards.
    Mr salif
    0022366327864″

  68. Unexpected HEHEHE says:

    BC,

    Best band in the land. Seriously, nobody else comes close.

  69. Comrade Nom Deplume says:

    On a serious note, I am going to explore (very slowly and cautiously) commodity investments in Ghana. One of my good friends from my old law firm in DC is a Ghanian national and has close contacts with the current government. Don’t expect anything to come of it, but willing to listen.

  70. Comrade Nom Deplume says:

    [67] bob

    Speaking of weekends, drop me a line for an email. nomdeplumenj@gmail.com

  71. Shore Guy says:

    Nom,

    It is magic dust.

    “Oh! Magic dust!”

    “A little bit for the reindeer. A little bit for Santa Claus. A little bit more for Santa Claus. A little bit more for Santa Claus.”

  72. Al Gore says:

    “King World News source out of London has confirmed that Goldman Sachs has been long gold for years. The source stated, “Goldman Sachs has been getting long the metals for years. Goldman Sachs has essentially been acting as their own central bank, buying on dips for years to hedge their currency positions which are being eroded through coordinated global money printing or currency debasement which they knew would take place. They are long the metals as a hedge and as I said have been for many years.”

    The London source also discussed the silver shorts:

    “If silver holds for a few hours above $25.50, they (local traders who have been invited short) will just capitulate. You could see a $1 move in an hour if their is a race for the exits. Above $25.50, the locals that are short will literally get margin calls and will have to exit their shorts and it could become disorderly on the upside.

    The jaws are closing on these shorts. The silver market is underpinned by everyone who is waiting in the wings to accumulate, that is why you saw the extraordinary buying yesterday off of the lows which continues in today’s trading.” (more here)”
    http://www.zerohedge.com/article/king-world-news-confirms-goldman-sachs-has-been-long-gold-years-states-2550-silver-margin-ca

  73. Shore Guy says:

    “Best band in the land. ”

    I’ll stick to E-Street, myself

  74. Shore Guy says:

    Watching that bloody script Ohio to form is like watching paint dry.

  75. Shore Guy says:

    http://www.app.com/article/20101104/NEWS05/101104001/Ex-NJ-lawmaker-pleads-guilty-to-child-p*rn-charges-gets-5-years

    Ex-NJ lawmaker Neil Cohen
    pleads guilty to child p*rn
    charges, gets 5 years

    THE ASSOCIATED PRESS • November 4, 2010

    TRENTON — A judge on Thursday sentenced a
    former New Jersey lawmaker who championed
    legislation fighting child p*rn*graphy to five years
    in custody for viewing nude images of underage
    girls.

  76. morpheus says:

    nom at #51:

    cool. I will run calculations to determine total amount of water that will be needed on brew day. really looking forward to this.

    BTW, how many people RSVP?

  77. Comrade Nom Deplume says:

    [77] morpheus

    Only a few. I didn’t broadcast this because it isn’t a true GTG, and I didn’t want to be distracted from the actual work.

    BTW, I emailed you with my equipment list (did not include the floating thermometer I ordered). Look it over and let me know what else I need to get.

  78. Comrade Nom Deplume says:

    [77] morpheus

    I will probably buy bottled water by the gallon to make sure that I don’t have to deal with hardness, filtering, etc. I will also clean and sterilize one carboy and fill it with filtered water, which will take time (may not get to 5 gallons of that).

  79. Shore Guy says:

    This is interesting:

    http://www.app.com/article/20101104/NEWS03/11040319/Education-commissioner-won-t-speak-at-convention

    Education commissioner
    won’t speak at convention

    Declining invitation a break with tradition

    By ROB JENNINGS • STAFF WRITER • November
    4, 2010

    Breaking with tradition, New Jersey’s acting
    education commissioner has declined an invitation
    to speak at the annual state teachers union
    convention, which starts Thursday in Atlantic City.

    It is the latest rebuke from Gov. Chris Christie to the
    New Jersey Education Association, which has
    sparred with Christie since he took office in January.

    NJEA spokesman Steve Baker said state education
    commissioners had accepted invitations to address
    the convention every year since at least 1978.

    The union’s president, Barbara Keshishian, called it
    “an insult to every teacher in New Jersey.”

    In a letter to Keshishian, Acting Education
    Commissioner Rochelle Hendricks offered praise for
    teachers, but reiterated Christie’s support for merit
    pay and other changes opposed by the union in
    explaining her decision not to attend.

    “When the NJEA is willing to work with the Christie
    administration as a true partner in an effort to
    reward good teachers instead of protecting bad
    teachers, when the NJEA is willing to modernize the
    tenure system and improve the quality of education
    in our urban districts, I look forward to working
    with you,” Hendricks wrote.

    snip

  80. Comrade Nom Deplume says:

    [76] shore

    Knowing what I know about child pron laws, and understanding that things can just show up on your hard drive without you even knowing it, I would be very leery of viewing pron online.

    Doesn’t matter if you didn’t know it, whether there were representations of age, or even if you actually viewed it. If the gov. can prove that you might have looked at a nude pic of someone that LOOKS underage, you are in deep shiite.

  81. JJ says:

    re 81, plus you need a windshield wiper for your computer screen.

  82. Comrade Nom Deplume says:

    [80] shore

    Look for the NJEA to shout how the Gov. has “insulted” the teachers, but I don’t think that dog will hunt.

    Most voters are aware that the NJEA has done everything but hire a hit man to take out Christie. Those that aren’t partisan won’t be swayed by croc tears from the party that threw down the gauntlet in the first place.

  83. Comrade Nom Deplume says:

    [82] JJ

    Speaking from experience???

    And on that note, I think I should get back to work. Peace out, y’all.

  84. Unexpected HEHEHE says:

    Federal Reserve establishes Office of Financial Stability Policy and Research

    http://www.federalreserve.gov/newsevents/press/other/20101104a.htm

  85. JJ says:

    Ok, I want everyone’s opinion on this as I am calculating bonuses.

    The issue is how to handle sick days when deciding bonuses. Lets say to keep it simple $500 a day and 50% bonus of $250 a day, so each day he makes $750 a day.

    First do I even consider sick days, and if I do what is penalty, do I knock off $250 for every day sick or $750.

    Also what if the person only took one or two days and looked really sick and dragged himself to work day before should I forget it, what if I thought worker was not really sick but took 5-6 days for every minor thing. What if I really needed them they called in sick and then came in next day appeared not sick.

    I am not trying to keep money but if it was to be a busy day and you bailed I would think at a minimun the employees who came in should split your bonus of $250 for that day in their review.

    I am trying to be fair. But hard to figure out how to be fair in a department where sick days range from 7 days to zero days with the employees.

  86. Fabius Maximus says:

    #51 Nom,

    I would have liked to attend the Brewing session, but I’m in NY on Sunday.

    I would have said there was a “Grim Outlook” brewing come Monday.

  87. yo'me says:

    So the threat is, basically, agree to defund healthcare, or we’re going to put the US into default

    Read more: http://www.businessinsider.com/gop-leader-mcconnell-already-threatening-to-make-the-us-default-2010-11#ixzz14KfNpaUV

  88. Fabius Maximus says:

    #89 Yome

    I think that is part of the Rand Paul plan. Don’t lift the debt ceiling.
    The interesting part is that if they pull the plug, O gets to lay the blame on them in 2012.

  89. Fabius Maximus says:

    Might be time for a relocation. The quality of jobs is going up.

    Citigroup announces 500 high quality jobs in Belfast
    http://www.bbc.co.uk/news/uk-northern-ireland-11692964

    JJ, does your uncle still have that shirt factory?

  90. Al Gore says:

    86.

    JJ,

    Just give it to them. Might as well pump some money into the economy.

  91. sas3 says:

    #86, how much of a difference it makes? 0-7 days out of over 200 days?

    Less than 3% difference between a guy that busts his ass and comes to work even when sick versus someone that bails out at last minute?

  92. Mr Wantanapolous says:

    AG,

    The girders at the LBMA and Comex are shaking.

  93. JJ says:

    Well if guy one calls in sick five times and I take $250 x 5 from him and gives it to the person who covers for him the good person gets $1,250 more. Not much, but I like to be fair. Maybe I should dock the whole day, take the $750 x 5 and give it away.

    sas3 says:
    November 4, 2010 at 1:08 pm

    #86, how much of a difference it makes? 0-7 days out of over 200 days?

    Less than 3% difference between a guy that busts his ass and comes to work even when sick versus someone that bails out at last minute?

  94. Mr Wantanapolous says:

    JJ,

    Give them a tungsten filled gold bar.

  95. Justin says:

    #89 Cantor is saying the same thing…

    Our new Republican majority will move to repeal ObamaCare and replace it with
    commonsense alternatives that lower costs while protecting those with pre-existing
    conditions. Of course, even if our repeal bill makes it through the Senate, we can
    expect that President Obama will veto it. But that doesn’t mean the fight is over.
    If all of ObamaCare cannot be immediately repealed, then it is my intention to
    begin repealing it piece by piece, blocking funding for its implementation, and
    blocking the issuance of the regulations necessary to implement it. In short, it is
    my intention to use every tool at our disposal to achieve full repeal of ObamaCare.

    http://www.politico.com/news/stories/1110/44641.html

  96. Al Gore says:

    94.

    Wantan,

    LMAO. Wait until the gold vigilantes show up for the fatal blow.

    Check out SSRI.

    http://finance.yahoo.com/q?s=SSRI

  97. hughesrep says:

    97

    The new congress is going to be fun. A few batshiat crazy members got elected, West in FL, Ellmers in NC, Hartzler in MO, throw in Kucinich and Bachman’s re-election and the nutjob quotient is getting turned up to 11.

  98. Lamar says:

    plume (70)-

    You should look into becoming an agent for Ghanian soccer players. Best raw talent on the planet.

  99. Nomad says:

    Regarding HR 5034 that threatens to stop direct shipping of wine to consumers homes, see link.

    http://www.winespectator.com/webfeature/show/id/43634

  100. Nomad says:

    safe as houses says:
    November 4, 2010 at 9:20 am
    Why don’t people use an engineer or at least an inspector when they buy new construction? You’d think there’s a good chance some of those defects would have been caught.

    Safe – because as long as it looks cool and the buyer can impress friends, relatives and neighbors with the prestige address, that’s all that matters. Remember, don’t be a schnook, it’s not how you feel but how you look –

    Can’t tell you the number of “high end” homes I have been in when I lived in the Garden State that had low quality materials with even lower quality “craftmanship” which to me says the buyer is soley concerned with status. Imagine that.

  101. Lamar says:

    CRIMEX getting rocked. This is gonna be the mother of all short squeezes.

  102. Painhrtz says:

    Nom you can always go with “false bottom ale” or “helicopter drop winter lager”

    sorry I can’t make it sounds like a good time, but my bambi and bow responsibilities are much more important

  103. Nomad says:

    64 – BO is turning over in his grave.

    And for those who think BO in this post refers to our president, you need to brush up on your Big 10 history.

    GO BUCKS!

  104. Nomad says:

    Interesting article by Laura Rowley who lives in NJ and is thinking of selling her home.

    http://finance.yahoo.com/family-home/article/111222/how-do-you-put-a-price-tag-on-happiness?mod=family-love_money

  105. Fabius Maximus says:

    100 Clot

    Wegner had that market sewn up years ago. I think he owns or “donated” about 15% of the cash to set up the national acadamy.

    These days he mining in South Africa and India with Nike.
    http://www.kickoff.com/news/18263/arsene-wegner-to-look-at-four-young-guns.php

  106. Schrodinger's Cat says:

    So we are well on the way to wiemar 2.0 and if we stop walking this path we face immediate deflationary immolation. Granted it’s highly unlikely any politician has the brass cojones to put a stop to bergabe’s is the only way little wiemar experiment, but a brief brutal deflationary panic a la 1921 is the only way we avoid inflationary hell.

    Playing PM’s is no guarentee you will be able to protect you assets as the government will do all in it’s power to prevent the protection of assets. Short of leaving the country or being very well connected at the highest levels the outlook is spectacularly grim.

    Can we go ahead and draw & quarter bernanke?!

  107. relo says:

    From JPM:

    The Weimar Republic: hyperinflation, history and hyperbole

    Let’s start with the bad historical parallel: the U.S. Federal Reserve is now buying a lot of Treasury bonds. Our estimates show that the Fed will end up financing 94% of a very large U.S. budget deficit next year . Isn’t this what happened in Germany in
    the 1920s? Yes, narrowly, but no on a broader basis. To begin, we add up all the U.S. Treasury bonds that are now owned by “non-economic holders”. That would include two primary purchasers:
    • The US Federal Reserve (QE1+QE2)
    • Foreign Central Banks (Treasuries purchased as a by-product of efforts to keep currencies cheaper than their natural equilibrium). Inflationary pressure may one day render this strategy too risky to maintain. The result: 53% of all Treasuries are held by non-economic, non-private sector investors. Now let’s plot that number in the context of another episode of Treasury bills acquired by a Central Bank: the Reichsbank, circa 1922. We know how that turned out (bad).
    But there are some important and obvious differences to keep in mind. Annual German war reparations payments from 1919 to 1922 were almost 10% of GDP. To put such massive payment obligations in context, they represented a doubling of the entire pre-war German tax burden. With the threat of Allied sanctions on one side and an impossible doubling of the tax burden on the other, it’s not surprising the Reichsbank decided to print their way out. As a result, by the middle of 1922, the monetary base, wholesale prices and the exchange rate all exploded. It was all downhill from there. So we do not believe the U.S. is headed for hyperinflation. But that’s not the same thing as saying that the exit strategies for the Fed and for foreign Central banks are well-mapped out, properly understood or benign. We expect the shadow of monetary exit uncertainty to hang over financial markets, depressing P/E multiples and resulting in defensive cash balances held by households and corporations, in spite of Federal Reserve efforts to evaporate the real value of their savings.

  108. Schrodinger's Cat says:

    Relo

    there are two main ways out of the Weimar pathway, 1) a 1921 style deflationary panic that quickly clears the system or WWIII.

  109. Confused In NJ says:

    QE3-Go Ben

    As Markets Soar, They’re Already Talking About QE3
    Thursday November 4, 2010, 2:02 pm

    Now that the Federal Reserve has crossed the Rubicon into its next round of monetary stimulus, the only question for investors Thursday seemed to be what’s next.

    Markets reacted jubilantly to the Wednesday announcement that the Fed would be adding another $600 billion to its $2.3 trillion balance sheet. Stocks in both US and foreign markets soared as did commodities, while Treasury prices, particularly in the five- and 10-year notes, also jumped.

    The action was all a result of what the Fed calls quantitative easing, a process in which the central bank designates a quantity of assets it will buy which hopefully eases credit conditions through lower rates. The program is known as QE, with the second round called QE2.

    So with QE2 out of the way and the market ready to ride the Fed’s momentum, talk immediately switched to when the economy will see future QE implementations that some market pros think are little more than an inevitability.

    “They’re already talking about QE3,” said Dave Rovelli, managing director of US equity trading for Canaccord Adams. “Eventually we’re going to be printing so much money the dollar is going to really go down and everybody’s going to try to deflate their currency against us. I just don’t know how this could end well.”

    For the time being, though, concerns about inflation were out of investors’ heads as speculation grew rampant that the Fed has sent an unmistakable signal that it stands at the ready with as much easing as needed to restart the economy.

    Unemployment at 9.6 percent and a staggering housing market have mired the economy even as stocks and commodities have soared. The Fed is left to find ways to generate real growth that supports the asset gains.

    “It is easy to envisage QE2 giving way to QE3, QE4 and beyond because now that the Fed has started down this road again, it will be very hard to stop unless there are clear signs of improvement in this economy,” Paul Ashworth, senior US economist for Capital Economics in Toronto, said in a research note.

    The Fed’s statement following its meeting this week was noteworthy both for its commitment to continuing its asset purchases, and for reiterating worry that inflation is not at a healthy 2 percent or so level. In addition to the $600 billion in Treasury purchases over the next eight months, the Fed will continue with its monthly Permanent Open Market Operations of $35 billion in mortgage bond spending, bringing the additional total close to $900 billion.

    Ashworth speculated that until the Fed reaches its dual mandate of low employment and a manageable growth rate, it would continue buying-expanding its balance sheet to as much as $4 trillion if necessary.

    The speculation likely suited Fed Chairman Ben Bernanke and other policy makers, whose impact on capital markets and the economy is judged as much by perception as it is action

  110. Painhrtz says:

    CAt panic would be fun, blodd and fallout probably likely outcome. This little rock is starting to get past carrying capacity

  111. Painhrtz says:

    I have a new name for Ben = fcuktard

  112. Mr Wantanapolous says:

    Printing will not ease the burden of a debt buried Main St. In addition to this, it won’t create jobs in the private sector. Debasing the currency only inflates other sectors. Actually, printing will keep the lid on hiring, maybe contribute to a continuing decline. Price increases will be felt at the corporate level, hurting profits. Therefore, corp’s will look to other areas to compensate for this. Hiring will suffer.

    In the meantime, capital wil continue to flow outside the US and eventually create bubbles in emerging markets. Currency/trade wars will continue to fester at a much higher boiling point. We prostitute our currency and then have the gall to criticize China regarding the flexibility of their currency bands? Any wonder Chinese students laugh at US officials?

    Owning the world’s reserve currency is a privledge not a right. Unfortunately, we have abused this power and there is no turning back. Currency wars, trade wars, inflation, protectionism and then….?? One day, Asia will fart and S&P’s will be down the limit. Hopefully, that’s the extent of the damage.

  113. JJ says:

    Junk bonds soared yesterday. I love Ben, October 2008 he telegraphed he was going to put downward pressure on treasuries and cut yields till he inflated leveraged loans, investment grade and junk bonds back to life. Then in August/September 2010 he invented QE2 to cause the next big “melt-up” in stocks.

    Guy is giving away money to people who believe. Soon he will inflate housing and car sales. People can’t sit still month after month watching their 401Ks and investments rise 10K a month without wanting to go out and spend some coin on a flash new car or bigger house.

  114. chicagofinance says:

    Who had Sparky Anderson in their dead pool?

  115. JJ says:

    Commodities is gambling. CFTC is a joke, CFMs are in bed with owners of the underlying physical to make prices move where they want them to move to. I have seen professionals burned in things as the legendary “coco conundrum”

  116. JJ says:

    Ch-Fi do you actually work in New York City?

    Chifinance says:
    November 4, 2010 at 3:14 pm

    Who had Sparky Anderson in their dead pool?

  117. chicagofinance says:

    nom: I was thinking of a cameo should that be OK….why not name the brew….Beantown Bilge?
    51.Comrade Nom Deplume says:
    November 4, 2010 at 10:48 am
    Expecting shipment from brew supply today. Hope to be brewing it on Sunday.

    Since I got no other suggestions that were printable, this all-grain brew will be named “Grim’s Reaper” and rolled out at a future GTG.

  118. Nomad says:

    Or another brew named Ben’s Backwash

  119. Comrade Nom Deplume says:

    [120] chifi

    Okay, my 4:00 interviewee is a no-show, so I am back.

    Chifi, I will not brook any such insult. And check your mail in a few.

    Started sanitizing and putting aside water. Morpheus is still in the glide path for appearing, and it looks like we will be grinding and brewing on Sunday.

  120. Comrade Nom Deplume says:

    And (if he dares taste it), the first bottle of Grim’s Reaper shall be opened and swigged by none other than (wait for it), Grim!

    If he survives, morpheus goes next.

  121. Comrade Nom Deplume says:

    Now that the name is picked out, I will entertain slogans, like “Guaranteed to put hair on your chest.”

  122. Mr Wantanapolous says:

    JJ [118],

    More like speculating. Then again, you love Ben, he telegraphed his move in 2008 and then again with QE-2. Gambling? Hell, Ben laid down the red carpet.

    Every govt agency is a joke.

  123. Anon E. Moose says:

    Nom [122];

    my 4:00 interviewee is a no-show

    You’re hiring in this economy, and a candidate doesn’t even bother to show? I hate to sound like Frank, but “What recession?”

  124. Comrade Nom Deplume says:

    Found a graphic I like. The Grim reaper, holding a scythe and an hourglass. If I could photoshop the hourglass into a pint, it would be perfect.

    Even better, photoshop Grim’s picture into it instead of the reaper skull face.

    And if it is decent, produce labels and the GTG beer will be born. BWAHAHAHAHA!

  125. Mr Wantanapolous says:

    JJ [118],

    I’ve seen “professionals” burned in Bear/Lehman, etc.. Imagine that?

  126. Comrade Nom Deplume says:

    [127] Moose

    Not really a no-show; she called in sick about 1.5 hours ahead of time. But since I already had some reservations about this candidate, she is scratched.

  127. All "H-Train" Hype says:

    Al Gore (98):
    Today is your day my friend. I hope you have a couple of beers after you pick up some more ammo! : )

    Shiny = $1392

  128. grim says:

    Do I need to start a wine blog?

  129. Confused In NJ says:

    Not-so-happy holidays ahead at the gas pump

    Fed’s stimulus move could mean higher gasoline pump prices with holiday shopping ahead

    AP Business Writer, On Thursday November 4, 2010, 1:31 pm EDT

    There’s one place holiday shoppers probably won’t find a bargain this year: At the gas pump.

    There is plenty of oil and gasoline on hand, and pump prices usually fall this time of year. So what’s causing the run-up? Most analysts point to the Federal Reserve’s $600 billion economic stimulus effort.

    The national average for a gallon of unleaded gasoline was $2.806 Thursday, according to AAA, Wright Express and Oil Price Information Service. That’s about 7 cents more than a month ago and 12 cents above a year ago. It will probably keep rising. Some analysts think the price could be a nickel to a dime more by Thanksgiving.

    The strength of the dollar and the price of oil are closely linked. The dollar has been getting weaker against other currencies for weeks, ahead of the Fed decision and will probably fall further as more dollars pour into the economy.

    Oil is priced in dollars and becomes cheaper for holders of foreign currency when the dollar falls. Europeans, for example, get more dollars for their euros and can buy more oil for fewer euros. Since oil is cheaper for them, they buy more, sending up the dollar price of oil.

    Energy traders expect this to happen, so they buy oil when the dollar falls, boosting the effect.

  130. Yikes says:

    Nomad says:
    November 4, 2010 at 1:39 pm

    Regarding HR 5034 that threatens to stop direct shipping of wine to consumers homes, see link.

    http://www.winespectator.com/webfeature/show/id/43634

    This is some BS. Yet another good reason to buy wines online now and stock up the wine cellar. We’ve got a good 25-30 stocked in the basement that we don’t touch.

    I imagine if the SHTF, and the price of alcohol skyrockets, we’ll have some at home and can even sell some of them if need be.

  131. Shore Guy says:

    Ewwwwwwwwwwwwwwwwwwwwwwwwwwwwww

    http://www.reuters.com/article/idUSTRE6A35FG20101104

    (Reuters) – A Michigan woman filed suit against New York’s Waldorf-Astoria on Thursday, saying she and her husband became infected with bedbugs during a stay at the famed hotel.

    Christine Drabicki says she and her husband, David, carried the bedbugs home to Plymouth, Michigan, where they infected their two daughters, one of whom suffered an allergic reaction, according to the lawsuit filed in state Supreme Court.

    snip

  132. Shore Guy says:

    Nom,

    Employees never behave better than before they are hired. If one is not able to even bother to show up for the interview, that one is quite likely to have pleanty of excuses for not showing up to work.

  133. JJ says:

    I didn’t own any of these companies. Not smart, just lucky, only owned one large equity position in 2007 that had a cash buy out in late 2007 which I took 100% of money bought a one year CD that matured in late 2008 which I put 100% into junk bonds. I don’t like commodities as it is gambling, I also don’t like options, treasuries, or non-dividend paying stocks at high PEs. I don’t like great fool theory or dead money.

    One thing I am thinking about is buying into GM IPO the smaller portion of pref shares that have a conversion option into equity. Nice fat yield, O will extend 15% div rate on stocks and if GM takes off I can do a conversion.

    My new thing I am wondering when will their be an Ally IPO, GMAC gave up on Rescap and just threw cash into it and put it into run-off and has a few profitable quarters behind it. They also got TARP, when is IPO and investment grade coming their way. GMAC bond yields have fallen like a brick the last few months, something is up. Makes me want to puke looking at bonds that paid a nice 27% yield in 2009 yielding 5%.

    Got into oil bonds early this morning, Valero with a 8.3 yield on investment grade, oil is going up!!! What a traders market it is!!! Interesting airline bonds are rising while oil is rising which means passenger traffic and fares are rising more than enough to offset rise in oil, book you flights now.

    Mr Wantanapolous says:
    November 4, 2010 at 3:52 pm

    JJ [118],

    I’ve seen “professionals” burned in Bear/Lehman, etc.. Imagine that?

  134. Shore Guy says:

    The Fed should buy ALL USG debt. Well, the momentwe have a balanced budget, that is. Then they can have a bonfire in the basement and Poof! it will all be gone.

  135. chicagofinance says:

    Beantown Bilge…..nastier than what drips from Barney Frank’s cornhole…….

    124.Comrade Nom Deplume says:
    November 4, 2010 at 3:39 pm
    Now that the name is picked out, I will entertain slogans, like “Guaranteed to put hair on your chest.”

  136. Comrade Nom Deplume says:

    [134] yikes

    Why do you think I expanded my wine cellar capacity and started buying wine and booze earlier this year? My goal is to have 200+ bottles of wine. Am about 1/4 there and will be ramping it up a bit now. And it isn’t just inflation and dollar depreciation. Taxes are a big component and those aren’t going down.

    Some doomers have suggested on their websites that you should stock “nips” or smaller sizes of booze as these will be highly tradeable when TSHTF.

    Got alcohol???

  137. Juice Box says:

    re #135 – my first apt in the city in Hell’s Kitchen had flying roaches that kept away the bed bugs. If all you caught from your trip to NYC was a couple of bed bugs then, you really spent too much time in your Hotel Room!

  138. Yikes says:

    JJ and Mr. Wantan are increasingly going in opposite directions.

    This is worrisome. Wantan was devastatingly accurate on this site in 06-07-08 (as were a few others) … but JJ has been making some nice calls in 2010.

    My question to Wantan – don’t you WANT to be wrong?

  139. Yikes says:

    But as others have said .. how will a ‘trade’ go down when TSHTF? You show up with the alcohol, they show up with big guns and take your booze and kill you, right?

    We’re just loading up for the inflation scenario you mentioned. Guess we should get some liquor, too.

    Some doomers have suggested on their websites that you should stock “nips” or smaller sizes of booze as these will be highly tradeable when TSHTF.

  140. Comrade Nom Deplume says:

    grim, 143 in mod.

  141. Comrade Nom Deplume says:

    [143] yikes

    Haven’t you ever watched drug deals on TV? You show up with your guns too.

    MAD was an effective Cold War deterrent. It survives still, writ small, in criminal commerce. And that is what was suggested on line. I have not been stocking up on nips.

    But I am acutely aware of inflation and the fact that these things (a) will not get cheaper, (b) have long shelf lives, and (c) are gonna get used, even if the world doesn’t end.

  142. Comrade Nom Deplume says:

    [143] yikes

    BTW, I should preface, get booze if you drink booze. I don’t stock what I don’t drink.

  143. JJ says:

    Me and Watan always go different ways.

    However, just went on-line to my trading account to do a three year return from market peak of 10-1-2007 and not many traders are not even positive from 10-1-2007 till today.

    Watan, throw up your 10-1-2007 till 9/30/2010 three year numbers.

    Your Personal Rate of Return (%)

    3-Year (10/01/2007 – 09/30/2010)
    Annualized

    +26.90%
    Cumulative

    +104.36%

    Yikes says:
    November 4, 2010 at 4:51 pm

    JJ and Mr. Wantan are increasingly going in opposite directions.

    This is worrisome. Wantan was devastatingly accurate on this site in 06-07-08 (as were a few others) … but JJ has been making some nice calls in 2010.

    My question to Wantan – don’t you WANT to be wrong?

  144. Mr Wantanapolous says:

    “My question to Wantan – don’t you WANT to be wrong?”

    Yikes,

    Great question. Ask BB the same question.

    Of course. I hate seeing our bankers/pols destroy this great country. Then again, all you can do is react to monetary/fiscal policies.

    I asked myself the same question in 2005. I wasn’t really looking to sell at the time. Then, some idiot bid 68K over the ask. At that time the cards were flipped; Do I want to be wrong or pass the baton to him?

    Who says JJ and I aren’t heading to the same destination, just taking a different mode of transportation?

  145. safe as houses says:

    grim says:
    November 4, 2010 at 4:20 pm
    Do I need to start a wine blog?

    Why not? Some days this is a whine blog.

  146. safe as houses says:

    #145 nom

    Have you picked up any Japanese hand tools? They look pretty useful.

    Also don’t forget to stock up on bolts, nails, and $crews. You can’t manufacture those in your nompound.

  147. Mr Wantanapolous says:

    JJ [147],

    Stop the nonsense. Everybody knows the top 3 lies (males); their s*x life, their golf scores and their investment returns. In addition to this, if I posted, I would then come across as a dick, like you. Remember Richard?

    You’re an accountant, you know my position, go dig. Then, add 100-1 leverage.

    Posting returns; what a pompous ass.

  148. Yikes says:

    Sort of like asking, ‘do i vote for what’s best for me, or what’s best for the country?’

    I asked myself the same question in 2005. I wasn’t really looking to sell at the time. Then, some idiot bid 68K over the ask. At that time the cards were flipped; Do I want to be wrong or pass the baton to him?

  149. Mr Wantanapolous says:

    Yikes,

    Is it your position that I should have held on for the good of the country?

  150. Comrade Nom Deplume says:

    [150] safe

    Already ahead of you. But not on japanese tools. Not yet.

    I am aware that the nompound will need hand tools, fasteners, and lumber/plumbing/electrical, but recall also that unless the world truly ends, there will be economic activity and production.

    Also, I may be negotiating soon on the nompound. I have become aware of a very good property that may be up for sale soon. Further, the owner may be interested in divesting a majority interest and participating in the nompound rather than selling outright. There are some downsides to this location, but on balance it is ideal if the price is right.

  151. theo says:

    #95

    Well if him coming in sick all year caused every one else in the group to be sick on average 3 days a year… lets say he has 7 co-workers. He’s really responsible for about 21 sick days.

  152. Comrade Nom Deplume says:

    BTW, outstanding essay on expatriation. Easily the best thing I have read thus far.

    I find no fault whatsoever with the law he lays out. As for the color commentary, it sounds a lot like Lamar, but without the angry edge, and he cites facts. He isn’t trying to sell you anything (rather, says avoid going to anyone who promises expat services except competent lawyers), and also arrives at many of the same conclusions I did (so he must be right).

    http://dumpdc.files.wordpress.com/2010/05/expatriation-guide.pdf

  153. JJ says:

    Mr. Want, I actually posted all my picks in 2008 and 2009 up here. I don’t use leverage, I don’t buy crazy things, I only buy bonds, once in a blue moon I buy a very very high quality stock. Right now I am 1/3 munis, 1/3 investment grade, 1/3 junk bonds. Zero percent equities. I am actually looking for tips on other assets to invest in or stock tips.

    Nonpound type bets on guns, gold, commodities I am not interested in as I do believe in America.
    My only fear now is Mr. Bernakee is like a guy staying in and old bed and breakfast and trying to take a shower in the morning and does not know the boiler is slow to act, he keeps yanking on the hot and cold faucets hoping for the right temp and he keeps burning himself or jumping out of cold water.

    Ben might get more inflation than he wants or create the next bubble that bursts. He has dual mandates of keeping a set inflation rate and a set unemployment rate. By tinkering too much into something where the results are delayed he may create what the 2002-2004 excessive low rates created a huge housing and stock bubble that blew up and created what they were trying to avoid.

    Since I don’t play golf and have a big dick and good investment returns I have nothing to lie about.

    Mr Wantanapolous says:
    November 4, 2010 at 5:17 pm

    JJ [147],

    Stop the nonsense. Everybody knows the top 3 lies (males); their s*x life, their golf scores and their investment returns. In addition to this, if I posted, I would then come across as a dick, like you. Remember Richard?

    You’re an accountant, you know my position, go dig. Then, add 100-1 leverage.

    Posting returns; what a pompous ass.

  154. JJ says:

    I am only talking about BS sick days, if people have flu or pink eye and come in I actually call car service and send them home. You know what I am talking about.

    theo says:
    November 4, 2010 at 5:29 pm

    #95

    Well if him coming in sick all year caused every one else in the group to be sick on average 3 days a year… lets say he has 7 co-workers. He’s really responsible for about 21 sick days.

  155. relo says:

    PCM had AUM of $40B at one point. Today, less than $2B. Kill your idols.

  156. Lamar says:

    BC (151)-

    At the end of the day, he’s a bean counter. All of us here forget that from time to time.

  157. Lamar says:

    Don’t hear jj saying that sometimes his best trades are the ones he doesn’t put on.

    That’s how you know something’s smelly in Denmark.

  158. Jessie says:

    But does it need redefining?

  159. Al Gore says:

    Nom,

    Thanks for that link. Very interesting.

    I’m going for the cruise the world on a big ass boat route.

  160. Lamar says:

    jj (157)-

    Only thing is, Bergabe’s been in that bed and breakfast for most of his adult life and now has a body scarred with scalding marks. Even more worrisome, he’s getting more jittery by the day.

    Like the rest of the Geniuses Who Destroyed the World, Bergabe (and the rest of his clan) have a 100% track record. 100% wrong, that is. What are the chances that he’s going to be right this time?

    “Nonpound type bets on guns, gold, commodities I am not interested in as I do believe in America.

    My only fear now is Mr. Bernakee is like a guy staying in and old bed and breakfast and trying to take a shower in the morning and does not know the boiler is slow to act, he keeps yanking on the hot and cold faucets hoping for the right temp and he keeps burning himself or jumping out of cold water.”

  161. Lamar says:

    Speaking of scalding/freezing water-in-the-shower metaphors, wasn’t it just a few quarters ago that the economy was being described as “Goldilocks” (not too hot/not too cold)?

    We are truly, genuinely fcuked.

  162. Al Gore says:

    Nom,

    Oh and I plan to die in Canada or at sea. I wont give DC a grubby dime.

  163. Confused In NJ says:

    Ben B is Alan G to the 100th power. Even Alan wasn’t radical enough to invent QE. If Derivatives are Financial Weapons of Mass Destruction, QE is Financial Armeggedon.

  164. Lamar says:

    I’m beginning to respect Kudlow. In fact, I’m beginning to wonder how you spend your life on WS and NOT end up face-down in a pile of blow. It’s actually a rational reaction.

  165. Yikes says:

    heck no. that guy just made a bad decision. i sold around the top (07) and the guy’s house is down over 100k from that.

    Mr Wantanapolous says:
    November 4, 2010 at 5:25 pm

    Yikes,

    Is it your position that I should have held on for the good of the country?

  166. Lamar says:

    Nobel Prize winner for economics, George Akerlof:

    “So do we have any confidence that these guys who got us into the mess have really changed their minds? Actually we have pretty [good] confidence that they have not. I’ve seen some speeches where they said, “Nothing was really wrong. We didn’t get things quite right. But our understanding of the issues is pretty sound.” If they think that, then we really are in a sorry mess.

    ***

    There are many aspects of [deterring people from committing crime]. Economists focus on the whole notion of incentives. People have an incentive sometimes to behave badly, because they can make more money if they can cheat. If our economic system is going to work then we have to make sure that what they gain when they cheat is offset by a system of penalties.

    And that’s why, for instance, in our antitrust law, we often don’t catch people when they behave badly, but when we do we say there are treble damages. You pay three times the amount of the damage that you do. That’s a strong deterrent. Unfortunately, what we’ve been doing now, and more recently in these financial crimes, is settling for fractions – fractions! – of the direct damage, and even a smaller fraction of the total societal damage. That is to say, the financial sector really brought down the global economy and if you include all of that collateral damage, it’s really already in the trillions of dollars.

    But there’s a broader sense of collateral damage that I think that has not really been taken on board. And that is confidence in our legal system, in our rule of law, in our system of justice. When you say the Pledge of Allegiance you say, with “justice for all.” People aren’t sure that we have justice for all. Somebody is caught for a minor drug offense, they are sent to prison for a very long time. And yet, these so-called white-collar crimes, which are not victimless, almost none of these guys, almost none of them, go to prison.”

    http://www.zerohedge.com/article/another-nobel-economist-says-we-have-prosecute-fraud-or-else-economy-wont-recover

  167. Lamar says:

    WIll Bergabe be able to completely wreck the economy before Ron Paul gets to haul him in front of his committee?

    I’m betting “yes”.

  168. Fabius Maximus says:

    Slider feud on Food network.
    White Mana Jersey City vs White Manna Hackensack.
    I eat both regularly and prefer JC

  169. grim says:

    #174 – Concur

  170. Fabius Maximus says:

    #175

    Next time in JC give me a call, I’m a few mins away. Lunch on me.

    Food Network doing 75 day aged steak under a Salamander. I think I’m going to cry.

    I need to book a table at the River Palm Terrace!

  171. Yikes says:

    this is staggering, terrifying

    http://blogs.wsj.com/economics/2010/11/04/some-14-of-us-uses-food-stamps/

    Food stamp recipients ticked up in August, children consumed millions of free lunches and nearly five million low-income mothers tapped into a government nutrition program for women and young children.

    Some 42,389,619 Americans received food stamps in August, a 17% rise from the same time a year ago, according to the U.S. Department of Agriculture, which tracks the data. That number is up 58.5% from August 2007, before the recession began.

    By population, Washington, D.C. had the largest share of residents receiving food stamps: More than a fifth, 21.1%, of its residents collected assistance in August. Washington was followed by Mississippi, where 20.1% of residents received food stamps, and Tennessee, where 20% tapped into the government nutrition program.

  172. CommanderBOB says:

    #174
    “…Slider feud on Food network.
    White Mana Jersey City vs White Manna Hackensack.
    I eat both regularly and prefer JC…”

    CommanderBob sez:
    I have to disagree on that. Hackensack Manna has the better taste. It also [IMHO] has “cleaner” clientel… Jersey City Mana & it’s parking lot is getting to be a hell hole; Been going to both when I am in the area for over thirty years…Everyone has their favorite burger place….
    Besides, Hackensack Manna won the trophy on this food show !

  173. Pat says:

    jj, if you do look at called in sick days, look only at singles, not series, and don’t document, for heaven’s sake. Do not show a calc or note or anything related to heavy load days on the form.

    If it ain’t in the file, it didn’t outta happen.

  174. Shore Guy says:

    Ouch!

    http://online.wsj.com/article/SB10001424052748704141104575588211544818170.html

    I heard Mark Halprin making similar observations this evening.

  175. Shore Guy says:

    DES MOINES — An unprecedented vote to remove three Iowa Supreme Court justices who were part of the unanimous decision that legalized same-sex marriage in the state was celebrated by conservatives as a popular rebuke of judicial overreach, even as it alarmed proponents of an independent judiciary.

    snip

    http://www.nytimes.com/2010/11/04/us/politics/04judges.html?_r=1&src=me&ref=general

  176. Shore Guy says:

    John,

    This one is for you. The link to the article is stuck in modertion:

    God bless The Smoking Gun for bringing amazing tales about the laws of justice smacking down on criminals. For example! Melissa Lee Williams, 41, of West Virginia, who was arrested for threatening two men with a knife because they declined to engage in se-xual contact with her. So, the story goes that Williams showed up at her ex-husband’s place at the motor inn in which they both reside. When Danny Williams answered the door, Ms. Williams order him and another man to “eat my p**sy,” as she disrobed. Her ex declined, but the other man, Adam Watson, agreed and began to approach…

    That’s when “he became overwhelmed by a horrible va-ginal odor emitting from Melissa Williams.” Seriously, that’s in the police report. That’s when Williams pulled out a knife and said—and this is the best part—“Somebody is going to eat my p**sy or I’m going to cut your #&@$% throat.” Right now, a horror movie writer is jotting that line down for their upcoming project.

    snip

  177. Confused In NJ says:

    Volcker: Fed bond plan won’t do much to boost econ
    Former Fed Chairman Volcker says bond buying plan won’t do much to boost US economy

    Former U.S. Federal Reserve Chairman Paul Volcker listens to a question during a press conference in Seoul, South Korea, Friday, Nov. 5, 2010. Volcker said that the U.S. central bank’s plan to buy hundreds of billions of dollars in government bonds probably won’t do much to boost the economic recovery.(AP Photo/Ahn Young-joon)
    Kelly Olsen, AP Business Writer, On Friday November 5, 2010, 2:58 am EDT
    SEOUL, South Korea (AP) — Former Federal Reserve Chairman Paul Volcker says the U.S. central bank’s plan to buy hundreds of billions of dollars in government bonds probably won’t do much to boost the economic recovery.

    The Fed announced Wednesday that it would purchase $600 billion in Treasurys, aiming to lower long-term interest rates in an effort to spur spending and ultimately lower the U.S. unemployment rate, currently at 9.6 percent. The move comes on the heels of previous purchases of $1.7 trillion in mortgage and Treasury bonds.

    Volcker told a business audience in Seoul that the Fed’s bond plan is obviously an attempt to spur the U.S. economy but “is not the kind of action that’s likely to change the general picture that I’ve described as slow and labored recovery over a period of time.”

    The Fed’s move has caused worries in South Korea and other emerging markets in Asia. Those governments fear that lower interest rates in the U.S. will further push investors to seek higher returns overseas and that this tide of money will drive up their currencies and destabilize their markets.

    Volcker served as Fed chief from 1979 until 1987 under presidents Jimmy Carter and Ronald Reagan and is currently chairman of President Barack Obama’s Economic Recovery Advisory Board. He also warned that the U.S. won’t find its way out of the economic doldrums through over-stimulation.

    “The thought that you can create a prosperous economy by inflating is an illusion, in my judgment,” he told reporters after his speech. “And we should never forget that. I thought we’d learned that lesson and I hope we continue to learn that lesson.”

    The Fed faces a dilemma in balancing the aim of boosting the economy now while avoiding fears of a future jump in inflation due to the monetary stimulus, said Volcker, who as central bank chairman hiked interest rates aggressively to tame inflation.

    “The influence of this kind of action on longer term interest rates, in particular, is ambiguous because the immediate impact of buying bonds ought to be to drive bond prices up and interest rates down,” he said. “But if people get concerned about longer run inflationary impacts, the effects go in the other direction.”

    In theory, the Fed’s action is expected to lower interest rates because bond prices and interest rates — also known as yields — move in opposite directions. The yield is the fixed amount of annual interest paid to the owner of the bond expressed as a percentage of the bond price, so the extra demand created by the Fed’s purchases should push bond prices up and lower the yield.

    But when investors fear inflation will be higher in the future they demand that bonds pay a higher interest rate to protect their investment from the value-eroding effects of inflation

  178. Lamar says:

    gluteus (176)-

    Food Network is the r@pe of cuisine. There is not one show on that waste of airspace that I can watch.

  179. Lamar says:

    Watching FN will give you a pretty good idea of why the US is rapidly becoming obese and diabetic.

  180. Lamar says:

    And, Giada’s not that hot. She looks like the type that will give you a few mediocre minutes of the old in-out, then go clean the grout on the shower tile.

  181. ofhecov says:

    Im not at school, using thedoor. Sarah, he had schoolday nude blonde babes sexual experiences.

  182. epjitzygjag says:

    Why do, she was asian busty pic the duke, and i will be away so.

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