From Portfolio:
Housing Sales Improving? Humbug
The housing market just keeps dragging down the economy, with small businesses likely to be among the hardest hit if the sector does not rebound.
This morning, the National Association of Realtors reported that sales of existing homes rose 5.6 percent in November from October. Good news, right? Well, not really. If you compare those figures to November 2009, when there was a tax credit in place for first-time homebuyers as part of the stimulus package, sales were down 27.9 percent.
And the 4.68 million homes sold amounted to fewer than the 4.75 million home sales that economists had forecast.
While National Association of Realtors Chief Economist Lawrence Yun saw the glass as half-full, others aren’t so sure.
…
Mark Vitner, an economist with Wells Fargo, gave his blunt reaction to Bloomberg: “Housing is going to remain dead in the water through the middle of 2011. As foreclosures come back on the market, that will put downward pressure on prices.”
From the NY Times:
U.S. Home Sales Rose in November but Missed Forecasts
Sales of existing homes climbed in November, but sustained growth in the job market and access to credit were needed before home purchases reach a level that signals a recovery, analysts said on Wednesday.
In the latest report to reflect an improving economy, the National Association of Realtors said on Wednesday that sales of homes rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November, from about 4.43 million homes in October.
Still. the rate was nearly 28 percent below the 6.49 million of November 2009, and it fell below the pace of 4.75 million units that economists surveyed by Bloomberg had expected.
“We are underperforming, given the size of the population,” Walter Molony, a spokesman for the Realtors association, said. “Homes sales this year are sub-par. We should be over 5 million on a sustainable level.”
The November figure, a sharp reversal of the 26 percent plunge in existing home sales in October, refers to completed transactions for single-family townhomes, condominiums and co-ops.
From Bloomberg:
Sales of U.S. Existing Homes Rise Less Than Forecast to 4.68 Million Rate
Sales of existing homes rose less than forecast in November as the industry that triggered the worst U.S. recession in seven decades struggled to recover after a government tax credit lapsed.
Purchases increased 5.6 percent from the prior month to a 4.68 million annual rate, the National Association of Realtors said in Washington. Economists projected sales would rise to a 4.75 million pace, according to the median forecast in a Bloomberg News survey. The median price rose 0.4 percent from a year earlier.
Previous decreases in prices and mortgage rates have made houses more affordable, which may keep supporting demand after the end of a government tax credit caused the industry to slump. At the same time, unemployment hovering near 10 percent is a reminder it will take years for housing to regain pre-recession levels.
…
Distressed sales, which include foreclosures and short- sales in which the bank allows a home to sell for less than the full amount of the mortgage, accounted for 33 percent of total sales, about the same as in prior months.
First. Show me the note, mf’er!!!!
number two baby,
[2] JJ
There’s a joke in there somewhere. I’ll leave it to the imaginations of the assembled.
WARN Notice – December 2010
COMPANY CITY EFFECTIVE DATE WORKFORCE AFFECTED
Newace, LLC T/A Newton Diner Bellmawr 09/10/2010 21
SYMS Corporation Secaucus 01/30/2011 108
Woodbridge Logistics LLC Avenel 02/06/2011 1114
[41] [prior thread] chifi
I soooo wish that video came out before the Pats-Jets game. Would have made the taunting in Foxborough a lot more fun.
From NJBIZ:
Warehouse operator may ax 1,114 workers
A total of six New Jersey food warehouses and offices could be shuttered, and more than 1,000 workers could lose their jobs, thanks to a labor dispute, according to an official with Avenel-based Woodbridge Logistics LLC.
“We’re negotiating with Teamsters Local 838,” said Richard Stacy, regional vice president with Woodbridge Logistics. “If cost and other issues aren’t resolved successfully, we may have to shut down our six locations,” in Dayton, New Brunswick, North Brunswick, Woodbridge and Avenel.
No one at the Mountainside-based union was available for comment.
Woodbridge Logistics, a division of national food distributor C&S Wholesale Grocers, filed a Worker Adjustment and Retraining Notification Act notice with the state Labor department, indicating up to 1,114 workers could lose their jobs Feb. 6.
When Great Atlantic & Pacific Tea Co. filed for bankruptcy protection Dec. 12, the Montvale-based supermarket company cited C&S’ distribution costs as one of the reasons for the filing.
6.
Grim,
Save some lumber for the roadside vegetable stand. I’ll bring the fish on ice but Im taking a 90% cut.
Baghdad Bob is at it again……
Existing-Home Sales Resume Uptrend with Stable Prices
WASHINGTON , December 22, 2010
Existing-home sales got back on an upward path in November, resuming a growth trend since bottoming in July, according to the National Association of Realtors®.
Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October, but are 27.9 percent below the cyclical peak of 6.49 million in November 2009, which was the initial deadline for the first-time buyer tax credit.
Lawrence Yun, NAR chief economist, is hopeful for 2011. “Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable,” he said.
Yun added that home buyers are responding to improved affordability conditions. “The relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970,” he said. “Therefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.”
http://www.realtor.org/press_room/news_releases/2010/12/existing_prices
Coming soon to a town near you.
Prichard, AL in the Times
and the WSJ
9, never
From the Record:
Syms to cut 108 workers and reduce operation in Secaucus
Off-price retailer Syms Corp. plans to lay off 108 people and dramatically reduce the flow of goods through its Secaucus distribution center, according to state documents and a union official.
The company has told the New Jersey Department of Labor and Workforce Development that the layoffs set to take place Jan. 30 will include three managers along with drivers, packers, loaders and clerks.
About 15 people will remain at the center, and the company will instead supply its stores almost entirely through another distribution center in Boston, said Alvin Ramnarain, field director for Local 1102 of the Westbury, N.Y.-based Retail Wholesale Department Store Union.
From Bloomberg:
Home Prices in U.S. Fell 3.4% in October, FHFA Says
U.S. home prices fell 3.4 percent in October from a year earlier as sales of foreclosed properties dragged down values, the Federal Housing Finance Agency said.
The decline was led by an 8.1 percent slump in the region that includes Nevada and Arizona, the agency said today in a report from Washington. Prices decreased 5.7 percent in the area that includes Mississippi and dropped 5.6 percent in California and other West Coast states.
Foreclosures reduce real estate values because they sell at cut-rate prices. U.S. homes in the default process sold for about 32 percent less than non-distressed properties in the third quarter, the biggest discount in five years, according to RealtyTrac Inc., an Irvine, California-based data seller.
From HousingWire:
National home prices won’t turn positive until 2012: MacroMarkets
National home prices will not increase from the previous year until the fourth quarter of 2012, according to a panel of economists surveyed by MacroMarkets, a financial technology company.
The survey was compiled from 110 responses in December, and it is based upon the projected path of the Standard & Poor’s/Case-Shiller national home price index over the next five years. According to the survey, home prices in the fourth quarter of 2010 will show a 1.13% drop from a year ago, but will begin to stabilize.
At the end of 2011, prices are expected to remain 0.17% below where they will be at the end of this year. But by the close of 2012, prices will have begun its long journey to recovery, increasing nearly 2% from 2011, according those surveyed. By 2015, prices will be increasing by more than 3.5% from the previous year.
…
Robert Shiller, who co-founded MacroMarkets and remains its chief economist, said less than 3% of those surveyed expected a negative change in 2015. The 3.7% increase expected in that year would be higher than the average annual rate of increases before the bubble.
#11 Off-price retailer Syms Corp. plans to lay off 108 people
Ooof, that has to be a big portion of their work force.
Boy, is this Rachel Maddow one scary ginch.
If I remember correctly, that Syms location is quite large…
Grim Number 6 1114? If cost and other issues are not resolved with the union. Anybody with more details on what the company is looking for?
“About 15 people will remain at the center, and the company will instead supply its stores almost entirely through another distribution center in Boston”
http://www.youtube.com/watch?v=1PX5t9VJweQ
BC (18)-
That’s downright cold, man. What did we do to deserve that?
Like the damn theme song for oblivion.
“Like the damn theme song for oblivion.”
Clot,
Laying the bricks.
Clot,
Booyaaa.
http://www.youtube.com/watch?v=BUhL-cFfAUA
420k jobless claims, not bad, merry Xmas!
The Grim that stole Christmas.
18- Better version….DAC
http://www.youtube.com/watch?v=GRhWvAKNoXI&feature=related
Thundaar [25],
Don’t know why I ever left? Actually, I could not live with Soucks maniacs and I was in Love with a Jersey girl.
Have showings on my listings today and it is 12/23. If I were Larry Yun there would be a press release about the motivated buyers house shopping during the Christmas rush.
NJC/Shore,
All I want for Christmas is; Santa Claus is Coming to Town. Is that asking for too much?
Completely off topic, but check out Bay Head doing its best pipeline impersonation. Sans the warm water and sharp reef.
http://www.youtube.com/watch?v=fyK2gT2kfx8
Mr Wantanapolous Number 18 Do you have a link to that info?
Really?
S&P Downgrades MBIA and Its Two Main Bond-Insurer Units
Thursday, December 23, 2010
By Patrick McGee
Standard & Poor’s downgraded MBIA Inc. and its two principal bond insurer subsidiaries on Wednesday, citing new methodologies for assessing residential mortgage-backed securities.
Mike [30],
See # 11.
This is the first time that Rex was ever caught with his foot in his mouth.
NJ ‘s population grew at less than half the US average. I guess they are heading for the exits. Now what ‘s left in NJ?
Actually the population of foot fetish people in New Jersey has doubled in that time period
freedy says:
December 23, 2010 at 9:55 am
NJ ‘s population grew at less than half the US average. I guess they are heading for the exits. Now what ‘s left in NJ?
“Now what ‘s left in NJ?”
Badlands.
#35
and that is just toe-riffic!
[19] Lamar
“That’s downright cold, man. What did we do to deserve that?”
Be from Jersey.
[33] Bob
“This is the first time that Rex was ever caught with his foot in his mouth.”
I thought it wasn’t his foot?
New Meadowlands Stadium offered $55M for naming rights
By Michael Bryant
Foot Locker the leading global athletic footwear and apparel retailer has announced that they are prepared to made an offer for the naming rights of the New Meadowlands Stadium.
The new home for the New York Giants and New York Jets, has already made big news as they were awarded the Super Bowl for 2014. Now the business side has taken over as the owners of the New Meadowlands Stadium have announced that they are accepting offers for the naming rights of the new stadium.
Multiple sources are quoting the Foot Locker is prepared to make an offer to capitalize on the major news story related to Rex and Michelle Ryan’s Foot Fetish. Ken Hicks, President & CEO of Foot Locker is reportedly prepared to offer 55 million for five years.
Ken Hicks in a press release proudly stated that Food Locker and Football is a marriage made in Heaven. He also stated that Rex and Michelle Ryan given their history with feet and football would make perfect spokespersons.
The New York Post in an article concerning the decision suggested that the NFL may not permit such a naming. Given the league’s control over keeping their image clean, however since Rex and Michelle are both married and there is nothing wrong with liking feet they may have to approve it.
Foot Locker is a leading global athletic footwear and apparel retailer. Its stores offer the latest in athletic-inspired performance products, manufactured primarily by the leading athletic brands. Foot Locker offers products for a wide variety of activities including basketball, running, and training. Its 1,911 stores are located in 21 countries including 1,171 in the United States, Puerto Rico, the U.S. Virgin Islands, and Guam, 129 in Canada, 518 in Europe, and a combined 93 in Australia and New Zealand. The domestic stores have an average of 2,400 selling square feet and the international stores have an average of 1,500 selling square fee
This is insane. This is when you should be running to bankruptcy. Assumes gross income is $50,000. These participants are spending on average ab0ut $2600/month on debt service (housing, car note, credit cards etc), and lets assume that 20% of gross income goes to taxes (about 800/month). That leaves about 700/month for the family to live off of!! 700 per month to cover groceries, utilities, phone, TV, car repairs, gas, etc
Put another way, of all the hours these participants work, day in and day out, only 17% – 20% of those hours worked ever end up in the family’s pocket and those must cover basic living expenses. If they are working 40hrs/wk, 8 hrs/day, then of the 40 hours they work each week, only 8 hours, 1 of the 5 work days, ends up in their own pocket. Every month they work, they work 4 days for themselves and 26 days for other people.
If that isnt debt serfdom then i dont know what is!!!!!
http://dallasfed.org/research/eclett/2010/el1014.html
Embarrassed over a foot fetish? Really????? Of all the freaky fetishes out there and the infidelities, the foot incident shouldn’t even register on the Freak-O-meter.
Re:#40 JJ – 80% discount for a NY stadium. Citi field was 20 million a year, and Barclays said they would pay about the same for the new Nets Arena. Ofcourse this is 2006 prices.
Re: #41 – someone’s debt is someone’s asset
Cat 41 That is how I run numbers i regard to home buying. There are some “great deals” out there , sure there are. I talk to people who are buying some I know what they make others have a good idea. I wonder what the hell they are thinking. The sheep have been brainwashed to think this is the way it should be. Not sustainable, will end badly.
in regard- oops
Scrod,
When I work, I work to put a roof over our heads, clothes on our back, food in our stomachs, and to pay our fair share of services (taxes).
I work every day for myself.
Who said a roof and 3 squares was a god given right?
New home sales in November hit a new record low.
Oh puleaze! If you caint afford a house don’t be ashamed. The founding fathers were renters.
Ron Artest wants to play tight end for Jets, getting weird.
Grim
Who said a roof and 3 squares was a god given right?
No one. Your entitled to the PURSUIT OF, not the guaranteed success of your pursuits.
if you’re paying nonproductive debts (i.e debt service to loans that were NOT used to generate income) then the hours worked to pay that debt service are not hours worked for yourself. If you are free of nonproductive debts then CONGRATS, you have achieved what few have.
44 juice,
I would argue that it is not in societies net interest to have a large number people in debt serfdom. From the point of view that the ends justify the means, then all you care about is your point”someone’s debt is someone’s asset“. Though, given our current economic system debt serfdom is then end result if we dont have some sort of massive reset and clearing of the system as our current fiat system demands that debt be created for economic growth to occur. A nasty catch 22 from a social perspective.
But wait. Markets are back ,, right to the Lehman levels . So , we are well on are way to recovery. Merry xmas .,,,,
I swear some day we will pull out of this mess. Too bad it wont be in December… Here’s to hoping for a better 2011.
Re: Syms;
They recently merged with Boston-based Filene’s Basement, so the move is just routine consolodation.
http://deadspin.com/5716038/the-greatest-letter-ever-printed-on-nfl-team-letterhead
“I swear some day we will pull out of this mess.”
[55],
“Someday we’ll look back on this and it will all seem funny”
Rosalita
What he heck are you talking about, people buy bonds, munis, CDs mortgage backs, have money in savings accounts buy t-bills etc. with their hard earned assets and expect to earn interest and get their principal back.
Now that is evil?
Schrodinger’s Cat says:
December 23, 2010 at 11:36 am
44 juice,
I would argue that it is not in societies net interest to have a large number people in debt serfdom. From the point of view that the ends justify the means, then all you care about is your point”someone’s debt is someone’s asset“. Though, given our current economic system debt serfdom is then end result if we dont have some sort of massive reset and clearing of the system as our current fiat system demands that debt be created for economic growth to occur. A nasty catch 22 from a social perspective.
Please note that if they actually let the market clear then the market gains we have seen in this “recovery” are likely to evaporate with little notice.
Source:
http://dallasfed.org/research/eclett/2010/el1014.html
JJ
Now that is evil?
Without getting into a philosophical debate on debt, it generally is not. The problem is excessive debt levels. Excessive debt levels have net negative social impact.
As you have pointed out before, the global wage arbitration game has forced joe six pack to chase yield into ever riskier vehicles just to maintain the status quo. In the end it’s not significantly different from a junky trying to get the same high over and over by using larger dosed. It’s not a problem until you OD and your heart stops.
“Given that time has not proven beneficial in rendering pricing clarity, allowing the market to clear may be the path of least distress.”
Cat,
What’s this guy smoking? First, we have to spend trillions, debase the currency, wipe out the middle class thru inflation, initiate trade wars, currency wars, protectionism and finally war. That’s the avenue called, least distress.
That FED article abounds wiht common sense which is shocking for something xoming out of the FED!
Now if we could just figure out how to generate STRONG income growth. I suppose some aggressive inflation could help with that.
hey JJ how does that whole global wage arbitration thingy work again? That will cause US incomes to INCREASE, right????? ;)
I suppose we could always go in the opposite direction and stop trying to play the affordability game, allowing RE to return to naturally sustainable levels. Of course there is the little catch 22 that such a move would NUKE the FIRE economy.
Wantan 63
What’s this guy smoking?
I dont care what it is, just tell me where to get some!!!!
JJ [57];
You rock.
Cat -the serfdom you speak of is voluntary, nobody made you take on odious credit in whatever form school loans, credit cards, Mortgages etc. “Debt Dolt” is a better Tag than “Debt Serf”. My patience has worn thin for the Dolts they can walk away or pay up it is their choice just like when they signed on the dotted line and sold their future earnings for gratification today.
To Concerned Citizen:
Read your letter with great interest. However, the very notion that the Pinto would explode after getting plowed from behind has caused much derisive laughter directed at you, my good ‘man’.
In summation I must insist that you should in fact ‘blow me’. Mind your business and we’ll mind ours.
Sincerely,
Ben Dover
Attorney
http://online.wsj.com/article/SB10001424052748703581204576033861522959234.html?mod=WSJ_hpp_sections_opinion
Crude at $91. No need to panic, it’s not included in the whore rate.
[48] grim
“Who said a roof and 3 squares was a god given right?”
Most of the Obamunists I talk to.
[68] JJ
Saw the Browns letter this morning. Classic.
Decades ago, there was a congressman that did pretty much the same thing with crank letters he received from constituents.
Fifteen years ago, I figured the financial crisis we find ourselves in would be in 20 years. This factored big time into my thinking
http://www.cnbc.com/id/40793920
I just didn’t figure on subprime back then.
RE 73, jist of article is the same problem they are having in Germany right now. College educated people with big houses and plenty of money are only having 1 or 2 kids while lower educated Lationos and minorities are having multiple kids. These kids born into poor often non english speaking families or illegal families who must likely won’t attend college or may end up at some point in jail are who replaced the Irish Catholic Stockbroker with five kids he he will send to great colleges without financial aid and whose five kids will pay a ton of taxes over their lifetime.
Mr Stockbroker 2010 will only have one or two kids instead of five with the remaing growth coming frm illegals and illegimate inner city kids who pay no taxes but take a huge amount of services is a recipie for disaster.
Germany right now is giving a tax credit to couples with college degrees who have kids, the USA gives a tax credit to low income or unemplyed people to have kids, but actually penalizes wealthy people from having kids by taking away their deduction.
Hmmm i feel constricted.
Pablo Edwards
[55] I swear some day we will pull out of this mess. Too bad it wont be in December… Here’s to hoping for a better 2011.
It should start getting better around 2018- 2024. This is when most of generation Y will actually be able to purchase a reasonably priced home.
74, EITC is the biggest scam in tax system, with illegals and welfare people getting free money.
That broad does have nice feet…
[74] One has to have earned income to get the EITC.
I just had lunch with Gradyon’s uncle. He was on fire.
You guys are real damn negative. I’m damn sick of hearing about layoffs, bankruptcies, damn foreclosures and stinking vultures insulting people with a damn lowball offer. It’s Christmas dammit, it’s supposed to be a happy time. I got $ 500 left on my damn credit card line and after reading this crap, I’m forced to go out and spend that just to feel better.
Juice 67
I agree with you to a point,but it is more complex then that. I am all for personal responsibility and accepting the consequences of your actions. However, in the real world there are artificial interventions that virtually force people to play the debt game. You want to go to college? The never ending stream of government money for college has allowed colleges to continuously increase rates as astounding levels, as they know that they wont price their customers out do the ever present government student loans ( which are pretty close to evil given that they are next to impossible to discharge). Good luck getting a college degree wihtout any debt. It is possible but not easy ( i did so myself)
On top of that general social manipulation of the the public at large by corporations have been taken to an art form. Virtually every facet of modern consumer culture encourages debt with commercials making fun of people who arent leveraged to the hilt. I was at the mall once during this holiday season and saw to disgusting examples of the above; Google the american express “PASS” program, and a huge add in front of one of the woman’s stores along the lines of “shop till you drop, just CHARGE it!”.
I’m suggesting you feel sorry for people who have buried themselves in debt but it is something that needs to be corrected and will in time ( by market forces) whether we like it or not.
Charles Oakly is working for Michael Jordan? Now, I’ve seen it all.
new Air Jordan’s $179/ a pop sold out in hours at Garden State Plaza
What recession?
Regarding student loans:Stafford federal loans have two types of loans a)Subsidized b)Unsubsidized.
Subsidized is not bad because the government pay then interest while you are in school.It is very hard to get.They check for parents income.
Unsubsidized is ridiculous.The interest is compounding,currently at 6.8%.It starts the day the loan is dispensed.With deffered payments till 6 months after graduation that interest is painfull.They only give you portion of the amount needed, need to go for a private loan and need the parents to co-sign the private loan.
I don’t know how kids with parents that makes over a 100K will pay their loans.It is better for a kid that can get federal grants.No loan to pay.
Just buy the kids a copy of JayZ’s new book so they learn how to hustle.
new Air Jordan’s $179/ a pop sold out in hours at Garden State Plaza
What recession?
Don’t hate the players just because you didn’t get a pair of cool grays.
Whats with this whining about paying for college?
Go to a community college for 2 years, get an associate’s degree with a 3.0 or above and you can transfer to almost any 4 year state college in New Jersey. Total cost: about 2-3K per semester + books. Nothing a part time job(20-30 hrs/week) while living with parents can’t cover.
Transfer to a 4 year college, and walk out with the same degree as the guy that paid room and board for all 4. If you have a specific major in mind, talk with an adviser beforehand and they’ll make sure you take the specific classes that they know will definitely transfer.
Don’t whine about college costs if you’re looking for 4 years of partying.
“new Air Jordan’s $179/ a pop sold out in hours at Garden State Plaza”
Does the establishment acccept food stamps?
meh, my feet are prettier. Is there any money in this?
I nvr’d pad a nicle for skool and lok @ me
“new Air Jordan’s $179/ a pop sold out in hours at Garden State Plaza”
I better get mine fast. I imagine the masses are running down to Cushing, to buy barrels of crude?
90: Barb,
You had me at “meh”.
From the Record:
N.J. pension shortfall grows
New Jersey’s pension shortfall grew more than $8 billion over the last fiscal year, to a total of about $53.9 billion, according to figures released today by the Department of Treasury.
Altogether, New Jersey’s pension system is 62 percent funded.
The figure includes all pensions, for state, school, local and public safety workers, and are drawn from actuaries’ estimates of the number of future retirees, their salaries and expected return on pension funds’ investments.
Grim [94],
Send the NJ pension system a pair of the new Air Jordan’s.
This whole consumerist, shop til you drop thing is aimed toward one group – people who are insecure about their value as human beings. A day or so ago, I read about a woman who was robbed in a Shop-Rite parking lot on Route 22. The victim, a resident of Hillside, reported that the man stole her Gucci bag. So why is a woman who lives in a town like Hillside carrying a Gucci bag?? Wouldn’t she be better off getting a bag at Kohls for 30 bucks and saving the rest to better her life? Is she trying to appear wealthy? The truly wealthy do not pay attention to price tags. If they like a bag, they buy it, whether it is 30 bucks or 300.
Look at advertising – it all says, “Everyone will know you are a unique and special snowflake if you buy this product.” What is left unsaid is “If you do not have this product, everyone will know what you are really like – worthless.” Sick. Keep your cash in your pockets people. You’re going to need it.
No need for 2011 predictions. We’ve been discussing this for the last 4-5 years.
“PRICHARD, Ala. — This struggling small city on the outskirts of Mobile was warned for years that if it did nothing, its pension fund would run out of money by 2009. Right on schedule, its fund ran dry.”
“Then Prichard did something that pension experts say they have never seen before: it stopped sending monthly pension checks to its 150 retired workers, breaking a state law requiring it to pay its promised retirement benefits in full.”
http://www.nytimes.com/2010/12/23/business/23prichard.html?_r=2&pagewanted=1&partner=rss&emc=rss
From Ritholtz;
1. “Spain is not Greece.”
Elena Salgado, Spanish Finance minister, Feb. 2010
2. “Portugal is not Greece.”
The Economist, 22nd April 2010.
3. “Ireland is not in ‘Greek Territory.’”
Irish Finance Minister Brian Lenihan.
4. “Greece is not Ireland.”
George Papaconstantinou, Greek Finance minister, 8th November, 2010.
5. “Spain is neither Ireland nor Portugal.”
Elena Salgado, Spanish Finance minister, 16 November 2010.
6. “Neither Spain nor Portugal is Ireland.”
Angel Gurria, Secretary-general OECD, 18th November, 2010.
Hat tip: The Speculative Investor
Triple Five, owner of the Mall of America in Minnesota, will take over development of New Jersey’s stalled Meadowlands Xanadu shopping and entertainment complex as lenders seek to revive the project.
Triple Five signed a letter of intent with the lender group under a plan that is supported by New Jersey Governor Chris Christie, according to a joint statement today. Creditors took control of the project in August from a group led by Colony Capital LLC after construction was halted.
http://www.bloomberg.com/news/2010-12-23/new-jersey-s-meadowlands-complex-will-be-revamped-by-mall-of-america-owner.html
Targeting a 2014 open? Oh boy.
About 70 percent of foreclosures nationwide are in the 27 so-called non-judicial states, where banks and other servicing companies don’t need judges to sign off on foreclosures, Dodd, the Connecticut Democrat, said at a hearing last month.
http://www.bloomberg.com/news/2010-12-21/foreclosures-in-most-u-s-states-bypass-judges-easing-home-sale-process.html
Wanta[98],
kaka, stinky, poohpooh, number two, waste, its all bull shit. Spade is a Spade and Broke is Broke. They also said Lehman is not Bear. That worked out well.
[83] into [84] reads like one of those Bing commercials.
BING – But Its Not Google!
In Atlanta waiting for our connecting flight to Cancun. No lines anywhere at Newark or Atlanta so far. Where is the Christmas Traveling public?
Adios, Amigos. Just 2 more hours until the all-inclusive margaritas begin. Oh, and Merry Christmas too.
>>This whole consumerist, shop til you drop thing is aimed toward one group – people who are insecure about their value as human beings.<<
Bullspit! I'm secure in my damn value and that's why I want to treat myself as being damn valuable by buying my damn stuff. What the hell is the point of having some damn money and credit if you can't spend it? People like you need to get with the damn program.
Triple Five, owner of the Mall of America in Minnesota, will take over development of New Jersey’s stalled Meadowlands Xanadu shopping and entertainment complex as lenders seek to revive the project.
LMFAO!!! Oh…. My….. God!! In 2014, no less! You can’t make this sh1t up. Do they know this is Jersey? Do they know how many backstabbing, hatchet throwing, knife wielding, gun toting f*cking maniacs they need to go through to get to the finish line? They will be bleed to death one dollar at a time. Those Fargo-tongued f*cks will be selling body parts not only to save the POS called Xanadoodoo, but to save the “Maul” of America as well. Wait until the see all the dead bodies previously know as Xanadu investors when they drive by Berry’s Creek.
barb (90)-
Get my e-mail from grim. We can brainstorm this offline.
“meh, my feet are prettier. Is there any money in this?”
BC (95)-
Send Mrs. Ryan a pair of Air Jordans.
“Send the NJ pension system a pair of the new Air Jordan’s.”
yo (99)-
Will the first store in Xanadu be Michelle Ryan’s World of Shoes?
“Triple Five, owner of the Mall of America in Minnesota, will take over development of New Jersey’s stalled Meadowlands Xanadu shopping and entertainment complex as lenders seek to revive the project.”
I’m thinking that whatever the Ryans are into, it pales in comparison to whatever floats Jerry Jones’ boat.
Re:106 – Been to the Mall of America the gangs regularly attack each other and the women of these gangs have been know to slash each other faces. Security just puts up Caution Tape around the crime scene and the shoppers move on.
Feet, Xanadu, Pensions, Bazooka’s, Austerity, etc…
All I want from Santa is some TARP;
http://www.youtube.com/watch?v=yGfQk9XXm24
juice (111)-
Any fat, lazy American can shop at the mall. It takes true grit to face a gang of MS-13 chicks with box cutters who want to cut your face.
“Any fat, lazy American can shop at the mall”
Yeah, but can drink the water with my buddies?
http://www.youtube.com/watch?v=A95efSYPxuk&feature=related
Bank of America apparently into the domain name purchasing business to protect their executives…..
http://www.businessinsider.com/wow-bank-of-america-bought-sucks-and-blows-urls-for-like-everyone-at-the-company-2010-12
BC (114)-
We’ve drunk their water. Three times in two years. Each time on their own field.
Then again, my son and six of his teammates are ’98 NJ ODPs. Opponents have to bring some heat to make it a fair fight. They scrimmaged a high school team from the UK in October and beat them.
End of bragging.
“We’ve drunk their water”
Clot,
With fish & chips?
“End of bragging”
Blue Moon,
Last time I bragged [long] it poured buckets, in the middle of a drought, in Iowa. LB must have been short; probably shook down the thunder.
85.
It seems to be the repeating theme amongst College students that I run into. Poor folks dont know what to major in and cant justify the cost anyway. 30-40k/year for a healthy dose of indoctrination and 4 years of lost income just for starters. That will get you the status quo not a job.
Id love to pull a Texas hedge on my kids education. I would rather dump 200k on their lap at 22 if they can survive on their own from 18. Maybe even send them overseas at 16 to see the world a bit. They can do the college garbage at night school then transfer to a school thereafter. One things for sure. Im not dumping 40k/year to have my kid sit in class with a bunch of f_ckin commie bastards.
BC (120)-
I know the feeling. It’s like just talking about some things puts the hex on you. Marry that to soccer, and I guess it explains why my 12 y/o kid has lucky socks and a pregame ritual that includes everything except the sacrifice of a chicken.
Failed bond auction in China. That’ll put a dent in your Xmas. If you’re Chinese. And if you were allowed to celebrate Christmas.
Anybody know the Mandarin phrase for “threw up in my mouth a little”?
“As the rest of the world celebrates Christmas, blissfully pretending all is good, and the Fed can manipulate markets to infinity without at least one of the numerous violated laws of physics being reasserted in the process, things in China are once again reminding those who care that just as liquidity giveth, so does liquidity taketh away. We pointed out a week ago that the 7 day Repo rate in China recently hit a post-Lehman high, as banks are increasingly concerned that following 3 RRR hikes, the PBOC has no choice but to resort to some tightening measure that actually works. As a result excess liquidity has suddenly become rarer than hen’s teeth. Today we get a first hand lesson of why this was material: Dow Jones reports that the Chinese MoF has failed to attract sufficient interest in its 3 Month 20 billion CNY auction. The result: SHCOMP is now down 1.2%. Bottom line: as the world is sleeping, China just had a failed bond auction. If news mattered, this would be a very disturbing event. Luckily for Ben, it doesn’t. For the time being. It will soon. Then Montier’s mean reversion meme may just strike with great deferred vengeance and furious accrued anger.”
http://www.zerohedge.com/article/shanghai-stocks-drop-following-failed-3-month-bill-auction
“Id love to pull a Texas hedge on my kids education”
Al [85],
OK, are you spec’ing or arbing; huge profits or reducing risk? If you are straddling, you better lift both legs simutaneously. Otherwise, your arb is a spec.
Are you limiting risks in a forward purchase or subjecting forward sales to unlimited risk?
BC (119)-
Can’t get anybody else to sample the Kearny fish & chips thing with me.
Then again, I don’t think the regulars in any of those places take kindly to the fans of any 11 from outside the city limits.
124.
I’m placing a bet that College is horsesh_t and that my kids, under my tutelage, can do better with experience, work ethic, and my start up capital.
107. Lamar
On second thought, even though I don’t think foot whorin’ is even illegal, I cannot do anything that will bring shame to the family….yet…
am (126)-
You’re probably right. Then again, you have just bought yourself a helluva job.
#125 Clot
Did the fish and Chip thing in Kerney a few weeks back. It was fair but not outstanding. I think there is a new one in Cranford worth trying out.
Also this week, bank to back White Mana, White Manna. I’m still sticking with Jersey City.
Anyone can apply for a credit card I’ve been looking for a while for decent sites for good information. Cheers.