They used the “D” word

From CNBC:

Housing Market Slips Into Depression Territory

As the economy revs back to life, with signs of hiring on the horizon, the housing market is being left behind like Macaulay Culkin in “Home Alone.”

In the past few years, we’ve all been careful to choose our words carefully, not calling it a recession until it fit the technical definition and avoiding any inappropriate use of the “D” word — Depression.

Things were bad but the broader economy never reached Depression territory. The housing market, on the other hand, just crossed that threshold.

Home values have fallen 26 percent since their peak in June 2006, worse than the 25.9-percent decline seen during the Depression years between 1928 and 1933, Zillow reported.

November marked the 53rd consecutive month (4 ½ years) that home values have fallen.

What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won’t recover until the job market improves.

From Reuters:

Home price drops exceed Great Depression: Zillow

Home prices have fallen 26 percent since their peak in 2006, exceeding the 25.9 percent drop registered in the five years between 1928 and 1933, the housing data company said in a report on Monday. Prices fell 0.8 percent over the month.

It is a dubious milestone for the U.S. housing market which has failed to gain much traction despite a host of government programs to reduce delinquencies and encourage demand with temporary tax credits and lower interest rates. Many economists expect further price drops, even if there are some anecdotal signs of growing demand, such as in pending home sales data.

“For the next six to nine months, the larger factors affecting the housing market that will produce more home price declines will be the excess inventory of homes, high negative equity and foreclosure rates, and weakened demand due to elevated employment, Stan Humphries, Zillow’s chief economist, said in a blog post.

Declines are accelerating, and it will take a while before falling unemployment and other signs of economic improvement support the market, Zillow said.

This entry was posted in Economics, Housing Bubble, National Real Estate. Bookmark the permalink.

156 Responses to They used the “D” word

  1. grim says:

    From USA Today:

    November home prices fall 5%, expected to fall more

    U.S. home prices fell 5.1% in November from a year earlier and are expected to go lower as the housing market struggles to find its recovery, according to a report Tuesday.

    Real estate analytics firm CoreLogic said that single-family home prices declined for the fourth month in a row and at a faster pace. They dropped 3.4% in October year-over-year.

    November declines occurred in 44 states, up from 18 in June when federal tax credits for home buyers were still pumping up sales. Sales and prices fell after the credits expired.

    The credits “created the illusion that the market was stronger than it’s been,” says Patrick Newport, economist at IHS Global Insight. His firm predicts national home prices will fall 5% to 7% more this year before potentially rebounding later in the year.

    Rather than draw many new buyers into the market, the credits “just pulled sales forward,” says Sam Khater, CoreLogic senior economist. The higher rate of decline in prices in November from October underscores the big challenges the market faces with recovery, he says.

    The state of the housing market isn’t good news for the overall economy, which is showing improvement. But lower home prices are also not surprising given the expiration of the tax credits, says economist Mark Zandi of Moody’s Analytics. The economy avoided a double-dip recession, but “Housing is double dipping,” he says. Zandi expects home prices to continue to decline, about 5%, until at least midyear. By the time prices hit bottom, the housing crash will have lasted five years and driven prices 35% off their 2006 peak, he says.

  2. grim says:

    From the Record:

    Panasonic may leave Secaucus

    Panasonic Corp. of North America is thinking of moving its headquarters and 950 jobs from Secaucus to Newark or elsewhere in the nation.

    So the New Jersey Economic Development Authority (EDA) on Tuesday agreed – over the objections of the Secaucus mayor – to give the electronics company tax credits of up to $102.4 million if it moves into a 250,000-square-foot space to be built in Newark.

    The offer is based on the authority’s assessment that the 800 full-time jobs at the headquarters are “at risk,” or likely to be moved out of the state. The others are positions held by contractors.

    The U.S. subsidiary of the Japanese company has considered moving the headquarters to New York, Atlanta, Chicago and California, the EDA said.

    Jim Reilly, a spokesman for Panasonic, said “no decisions have been made yet,” and added that the options include staying at the Secaucus site, which has been the company’s U.S. home since 1976.

  3. Confused In NJ says:

    “D” word isn’t good?

  4. Confused In NJ says:

    This snow is also very depressing!

  5. Nob Creek says:

    Why don’ ya throttle down on my nob?

  6. This snow is also very depressing!

    Not too bad in my area, about 6 inches total.

  7. grim says:

    About 8 here in Passaic County

  8. gary says:

    November marked the 53rd consecutive month (4 ½ years) that home values have fallen.

    What’s worse, it’s not over yet: Home values are expected to continue to slide as inventories pile up, and likely won’t recover until the job market improves.

    The listings in the more sought after towns (whatever that means anymore) are still 20% over-priced. A smelly, outdated 4bd/1.5bth split level should be listed in the low 400s, not the mid 500s. Even that is a stretch; it probably should be listed in the upper 300s.

  9. Juice Box says:

    Schools in the Midwest would not be closed today. Don’t schools do delayed openings anymore?

  10. JJ says:

    NJ only got six inches. Then again nothing in jersey that is white is every more than six inches.

    FYI No snow in the city, easy commute.

  11. 30 year realtor says:

    Every time I see a house listed for both rental and sale I wonder if some real estate agent told the seller it was a good idea. Just think of the fool who rented his home 2 years ago thinking the market is coming back.

  12. JJ says:

    http://seekingalpha.com/article/246116-bear-flag-revolt-by-muni-investors

    great bond article, rare seeking alpha article which is somewhat positive

  13. grim says:

    Rent + Sale = Please Lord, just stop the bleeding.

  14. Mikeinwaiting says:

    About 6in here in Vernon, kids off, looks pretty. I guess it looks pretty if you don’t have to shovel, pro for renting. Brush off car pull out into plowed lot & go.

  15. JJ says:

    Wow the Jets are a fun bunch and they don’t like Brady

    Jets cornerback Antonio Cromartie, taking the baton from Rex Ryan, who criticized Tom Brady’s post-touchdown “antics” earlier this week, ripped into the Patriots quarterback in a profanity-laced rant Tuesday, calling him an “ass—-,” and claiming he hates him.

    Ryan set the tone by saying it was just “Brady being Brady,” referring to his finger-pointing to the Jets sideline after his touchdown pass gave the Patriots a 38-3 lead on the first play of the fourth quarter on Dec. 6 in Foxborough on the way to New England’s 45-3 humiliation of the Jets in their first-place showdown.

    Cromartie, in his first year with the Jets after four years with the Chargers, backed up Ryan Tuesday when he was asked by the Daily News if he’s ever seen Brady pointing after the Patriots score.

    “We see that a lot. He does it a lot,” Cromartie said. “That’s the kind of guy he is. We really don’t give a damn, to tell you the truth.”

    Okay, what kind of guy is Brady?

    “An ass—-.

    “—- him.”

    Read more: http://www.nydailynews.com/sports/football/jets/2011/01/12/2011-01-12_jets_antonio_cromartie_tells_daily_news_that_patriots_qb_tom_brady_is_an_ass_say.html#ixzz1ApittN7E

  16. Schrodinger's Cat says:

    Shore,

    From last night,

    You can also run a virtual machine on your desktop and then you dont care what happens to that instance as you just shut it down and restart the instance.

    http://www.vmware.com/products/player/

  17. Schrodinger's Cat says:

    Regarding yesterdays headline about commercial RE tax appeals:

    Commercial RE is ultimatly based on consumers ability to spend. All RE is ultimately based on consumers ability to spend, which is a combination of base income and individual debt capacity. The popular solution to dropping values is to increase taxes to maintain government revenue. This is ultimately cannibalistic in an environment such as our current one ( a balance sheet depression).

  18. Doyle says:

    #17

    Schrod, in Chi’s defense, I got the same thing from your link, but realized the ruse and X’d everything out quickly before I had any issues.

  19. still_looking says:

    Can you just sell our house for us and send us a check, grim?

    I refuse to come back to NJ.
    sl

  20. Shore Guy says:

    Every day, businesses need to give their customers, even long-standing ones, a reason to come back and patronize their establishment. “Loyalty” only takes a business relationship so far. The same is true for the relationship between a community and the businneses that operate in that community. The people and their various governments need to ask themselves , “Why should a business move here or stay here.” Inertia or “they have always been here” is insufficient.

  21. Shore Guy says:

    Escapee,

    Please stop by escapee’s house and bring back a couple of guitars.

  22. Schrodinger's Cat says:

    Doyle, Chifi

    Its the web, nothing is guaranteed safe. if i had seen any signs of nefarious activity i wouldn’t have linked to it. I am running firefox in a virtual machine with a broad array of protection, nothing attempted to touch my machine.

  23. Schrodinger's Cat says:

    I’m SHOCKED!!!!!

    The U.S. Securities and Exchange Commission’s internal watchdog is reviewing an allegation that Robert Khuzami, the agency’s top enforcement official, gave preferential treatment to Citigroup Inc. executives in the agency’s $75 million settlement with the firm in July.

    Inspector General H. David Kotz opened the probe after a request from U.S. Senator Charles Grassley, an Iowa Republican, who forwarded an unsigned letter making the allegation. Khuzami told his staff to soften claims against two executives after conferring with a lawyer representing the bank, according to the letter. Jon Diat, a Citigroup spokesman, declined to comment.

    http://www.bloomberg.com/news/2011-01-11/sec-watchdog-probes-enforcement-chief-over-citigroup-settlement.html

  24. Schrodinger's Cat says:

    The Zerohedge version of the same story

    Is The Criminal Case Against Goldman About To be Reopened, As Robert Khuzami’s “Ethical” Reputation Lies In Ruins

    After a few days ago we described in detail the facts behind the ACA lawsuit against Goldman, we were left scratching our heads how it could be that the SEC could ever possibly scuttle this criminal case which was obviously a slam dunk through court, and which based on the disclosures presented by ACA, is a blatant violation case of 10(b)-5 securities fraud and underwriter representation. We asked: did the SEC hide a key piece of the case against Goldman to fast track a settlement process? We concluded that even the SEC’s otherwise completely inexperienced legal team should have been able to get this case through the finished line without the need to settle. Two developments today may allow us to postpone the head scratching for at least a bit. According to the FT, the Senate permanent subcommittee on investigations is about to issue a report which “will press the SEC to reopen its investigation into the bank.” And in a completely separate report, we learn from Bloomberg that the SEC’s top enforcement official, Robert Khuzami, who settled the SEC case with Goldman, is now being probed for his role in Citi’s abrupt settlement over the summer. According to Bloomberg disclosures in a letter that served to open the probe “Khuzami ordered his staff to drop the claims after holding a “secret conversation, without telling the staff, with a prominent defense lawyer who is a good friend” of his and “who was counsel for the company, not the individuals affected.” We hope readers are able to put two and two together, and ask: just why is Robert Khuzami, former General Counsel for Deutsche Bank, still pretending to represent investor interests, when he obviously has far more powerful (and rich) interests to answer to?

    http://www.zerohedge.com/article/criminal-case-against-goldman-about-be-reopened-robert-khuzamis-ethical-reputation-lies-ruin

  25. New in FL says:

    I use Firefox with an extension called WOT (Web of Trust) that’s pretty good at catching dodgy websites. When I clicked that first link the image came up, but the website behind it had a big warning screen, which means that it’s not someplace you want to be.

    The WOT community rates sites on four metrics: Trustworthiness, Vendor Reliability, Privacy and Child Friendliness. Since this reflects user ratings, some less-visited websites might not have been rated, so dangers still exist.

    As for removing infections, I have found Malwarebyte’s tool to be great. Our IT guys from work even recommend it, and I work for a high tech software company.

    There is a free home use version. It doesn’t automatically download new definitions (you do this manually when you start the tool), but, hey, it’s FREE.

    http://www.malwarebytes.org/mbam.php

  26. Schrodinger's Cat says:

    New

    Malwarebyte’s

    Thats is a great tool.

  27. Nation of Wussies HEHEHE says:
  28. dan says:

    Why do I get the eerie feeling that Obama is going to hint at an almost universal discharge of College debt in order to keep the youth vote (as well as their parents) in order to get re-elected?

    http://www.zerohedge.com/article/nia-comments-upcoming-bursting-bankruptcy-non-dischargeable-college-debt-bubble

    For what it’s worth, I got my MBA diploma in the mail a month ago and don’t even think it’s worth framing. At least I got my companies to pay 70% of the tuition and I still feel I got ripped off. Tuition and fees were by by a third in the years I took to finish.

  29. homeboken says:

    Dan (30) – Considering I made my last student loan payment in December, I can virtually gurantee that he will do just that. I missed out on the free house so I will definetely miss out on the free education too.

  30. Shore Guy says:

    SL, that is. Sl stop by escapee’s to pick up some instruments to bring back to NJ.

  31. Shore Guy says:

    Great news, cough, gag, for those who think that a leveling-off of the unemployment rate is going to somehow push housing prives higher:

    http://online.wsj.com/article/SB10001424052702304248704575574213897770830.html?mod=googlenews_wsj

    Downturn’s Ugly Trademark: Steep, Lasting Drop in Wages .

    In California, former auto worker Maria Gregg was out of work five months last year before landing a new job—at a nearly 20% pay cut.

    In Massachusetts, Kevin Cronan, who lost his $150,000-a-year job as a money manager in early 2009, is now frothing cappuccinos at a Starbucks for $8.85 an hour.

    In Wisconsin, Dale Szabo, a former manufacturing manager with two master’s degrees, has been searching years for a job comparable to the one he lost in 2003. He’s now a school janitor.

    They are among the lucky. There are 14.5 million people on the unemployment rolls, including 6.4 million who have been jobless for more than six months.

    But the decline in their fortunes points to a signature outcome of the long downturn in the labor market. Even at times of high unemployment in the past, wages have been very slow to fall; economists describe them as “sticky.” To an extent rarely seen in recessions since the Great Depression, wages for a swath of the labor force this time have taken a sharp and swift fall.

    The only other downturn since the Depression to see similarly large wage cuts was the 1981-82 recession. But the latest downturn is already eclipsing that one. Unemployment has stood above 9% for 20 straight months—longer than the early 1980s stretch—and is likely to remain above that level for most of 2011, putting downward pressure on wages.

    Many laid-off workers who have found new jobs are taking pay cuts or settling for part-time work when they get new ones, sometimes taking jobs far below their skill levels.

    snip

  32. Juice Box says:

    re: # 26 – Khuzami is a bulldog and was brought in to help clean up the SEC. I would say he may have stepped on more than a few toes reorganizing the SEC as they have been getting rid of and demoting people etc. I would not be surprised that they are now trying to destroy him from within by leaking anything, including supposed untoward conversations between the prosecution and defense.

    “Without the need to settle” as Zerohedge puts it is malarkey. With little physical evidence it is tough to go after people you need witness testimony. Even after Khuzami put in additional whistleblower protections of no prosecution etc very few insiders have come forward, most know that they would never work in finance again. How are you going to earn seven figures if you start telling everyone where the bodies are buried?

  33. Shore Guy says:

    and this nugget from the WSJ piece:

    “Between 2007 and 2009, more than half the full-time workers who lost jobs that they had held for at least three years and then found new full-time work by early last year reported wage declines, according to the Labor Department. Thirty-six percent reported the new job paid at least 20% less than the one they lost. “

  34. Schrodinger's Cat says:

    This isnt a problem is it?

    The giant US banks have been bailed out again from huge potential writeoffs by loosey-goosey accounting accepted by the accounting profession and the regulators.

    They are allowed to accrue interest on non-performing mortgages ” until the actual foreclosure takes place, which on average takes about 16 months.

    All the phantom interest that is not actually collected is booked as income until the actual act of foreclosure. As a resullt, many bank financial statements actually look much better than they actually are. At foreclosure all the phantom income comes off the books of the banks.

    http://blogs.forbes.com/robertlenzner/2011/01/12/us-banks-reporting-phantom-income-on-1-4-trillion-delinquent-mortgages/?boxes=Homepagechannels

  35. JJ says:

    Of course they did. You would need on average to get something like a 20% pay raise to break even give the deffered comp, 401K vesting, Restricted Stock you are losing by getting booted from a company in bad shape and they having a weak hand in negoitation of any type of sign on or incentive comp.

    My friend got let go and got a 15% raise at new job and was pissed. He lost 200K in his stock incentive plan and two years worth of future bonuses till he built up street cred at new place

    Talk to Bear, AIG, Lehman, Citi folk who got booted, those guys got clobbers. Think if you have three year vesting make 150 base with a 150 stock bonus, you lost your last two years bonus when stock tanked and going forward will be two years or so to you are no longer new kid and getting good bonuses. My other friend she is still screwed big time Goldman booted her at end of 2008 took her till nearly end of 2009 to get jog. Zero Jan 2009 bonus, Zero 2010 bonus
    Shore Guy says:
    January 12, 2011 at 11:53 am

    and this nugget from the WSJ piece:

    “Between 2007 and 2009, more than half the full-time workers who lost jobs that they had held for at least three years and then found new full-time work by early last year reported wage declines, according to the Labor Department. Thirty-six percent reported the new job paid at least 20% less than the one they lost. “

  36. Schrodinger's Cat says:

    Eh, whats a TRILLION dollar loss when you have the fed bailing you out.

    <i.Bank of America, Citigroup, JP Morgan and Wells Fargo, among hundreds of other smaller institutions, can report interest due them, but not paid, on an estimated $1.4 trillion of face value mortgages on the 7 million homes that are in the process of being foreclosed.

    Ultimately, these banks face a potential loss of $1 trillion on nonperforming loans, suggests Madeleine Schnapp, director of macro-economic research at Trim-Tabs, an economic consulting firm 24.5% owned by Goldman Sachs.

    The potential writeoffs could be even larger should home prices continue to weaken, placing more homes in the nomnperforming category on bank balance sheets.

  37. #18 SONY layoffs

    CD/DVD manufacturing plant…. I suppose those layoffs were inevitable. Sorry for anyone losing their job.

  38. Schrodinger's Cat says:

    By the way, VA loans may be joining the foreclosure fun house:

    HOUSE BILL NO. 1506
    Offered January 12, 2011
    Prefiled December 17, 2010
    A BILL to amend and reenact §§ 26-15, 55-59.1, and 55-66.01 of the Code of Virginia and to amend the Code of Virginia by adding sections numbered 55-59.5 and 55-59.6, relating to foreclosure procedures; assignment of deed of trust.

    If this passes, the text of the bill would appear to require the perfection of the chain of custody. That could be a whole other barrel of monkeys!

    http://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+HB1506

  39. Juice Box says:

    re # 36 – no worries they will make it up in fees. How about that new fee Chase is proposing to charge you a dollar to print a receipt at the ATM?

  40. chicagofinance says:

    I’ve using this site for over 5 years and am careful. I’ve never had a problem such as this one until yesterday due to a link you created. Instead of something socially appropriate such as “I’m sorry about that chi”… I get a stupid lecture about using VMWare….in my best French translation is known as an example of a “douche bag tool fcukface”….

    16.Schrodinger’s Cat says:
    January 12, 2011 at 10:20 am
    Shore, From last night, You can also run a virtual machine on your desktop and then you dont care what happens to that instance as you just shut it down and restart the instance.

  41. Libtard says:

    I’ve got no issue with the receipt fee. It’s easy enough to simply look at the balance on screen or track it from home.

  42. Essex says:

    I’m going where there’s no depression
    To a better land that’s free from care
    I’ll leave this world of toil and trouble
    My home’s in heaven
    I’m going there

  43. Libtard says:

    The only time Kettle was wrong was when he thought he had made a mistake.

  44. Juice Box says:

    Tard – they also are requiring you make five debit card transactions in a single month to avoid a $6 fee. Where does it end, they banks will never be solvent again if they need to nitpick like this.

  45. chicagofinance says:

    JJ: you think I’m this stupid…nice try though….

    100.JJ says:
    January 11, 2011 at 4:56 pm
    Chifi, I am coming to work in snow tommorrow and my lunch is canceled I want to go that cheap place for drinks

  46. BlindJust says:

    12 JJ –
    Could you please tell me why anyone would purchase a 3 yr 1% corporate?

    I’d rather put my money under my mattress.

    http://www.bloomberg.com/news/2010-08-02/ibm-bond-sale-signals-rally-strengthening-as-ford-raised-credit-markets.html

  47. dan says:

    Lib,

    I understand you don’t have an issue (kind of like rasing taxes on cigarettes when I don’t smoke) but I mean, does it really cost Chase anything aside from the piece of paper to give you the balance? Do you remember when banks when getting ready to charge you to use the counters instead of the ATM machines ten years ago?

  48. #44 they also are requiring you make five debit card transactions in a single month to avoid a $6 fee.

    BAC has had similar shenanigans with both its debit and credit cards. On the credit card side they bang you with a surcharge for not carrying a balance over at the end of the month. e.g. I charged $400 and paid it off before the EOM and got hit with a $5 fee.

  49. JJ says:

    I am at work right now and could walk right over for a drink.

    chicagofinance says:
    January 12, 2011 at 12:34 pm

    JJ: you think I’m this stupid…nice try though….

    100.JJ says:
    January 11, 2011 at 4:56 pm
    Chifi, I am coming to work in snow tommorrow and my lunch is canceled I want to go that cheap place for drinks

  50. Libtard says:

    “They also are requiring you make five debit card transactions in a single month to avoid a $6 fee.”

    Alright…now I am mad!

    I’m sure there will be a small (local) bank that will undercut the big bank fees and I will move my money there when they come online. Believe me, I won’t pay to make these immoral banks solvent.

    Chase will lose my 50K and 3 credit cards.

  51. JJ says:

    I would not, but to a treasurer restricted to only super high rated bonds and a short time horizion that is still a lot more than a treasury.
    Basically a treasuer invests 1-3 years out, only very high rated bonds, MBS, Investment grade, Munis, Corporates, CP, CDs, Repos, etc. Even then they can only do a certain % in each group. So if I have a max three year duration and have room in my corporate allocation given IBM is so highly rated it might make sense on that day given they have to keep investing and IBM is known for timing market so they usually only issue in times of exceptional low yields. For you and me, no way those that make sense. But remember that same treasurer from 12-08 to June 09 also locked in some amazing yields on investment grade bonds.

    BlindJust says:
    January 12, 2011 at 12:34 pm

    12 JJ –
    Could you please tell me why anyone would purchase a 3 yr 1% corporate?

  52. Juice Box says:

    I can hear the laughter in China.

    Treasury’s Geithner says China needs faster yuan rise

    http://www.reuters.com/article/idUSTRE70B3RJ20110112

  53. Juice Box says:

    No wonder Facebook is banned in China.

    http://www.facebook.com/pages/Wen-Jia-Bao/51297454614

  54. BlindJust says:

    Thanks, JJ.

  55. #50 – Lib – Chase will lose my 50K and 3 credit cards.

    Chase is pretty bad. You should see the hassles I had to go through to try to pay off a car loan early. They refused 3 checks for varying reasons. 1 I left the ‘e’ off of Chase Auto Finance, 1 because I wrote a check in a larger amount than they pay-off quote (by $15) , and 1 just vanished into their system. I’m assuming my early pay-off would have totally forced their securitized auto-loan system to go belly up.

  56. Libtard says:

    I just checked out the new Chase rules.

    The $1 charge is for a statement, not a receipt.

    Much of the fees are waived if:
    * Have at least one direct deposit of $500 or more made to your account. The direct deposit must be an ACH credit, may include a payroll, pension, or governement benefit payment such as Social Security.
    * OR, keep a minimum ledger balance of $1,500 or more
    * OR, have an average ledger balance of $5,000 or more in a combination of accounts that linked
    * OR, have paid other Chase checking related fees of at least $25

    It’s all really moot for me as I have a premier account so I’m sure I won’t be charged a thing.

    Come on people, put $1500 in your account. You should have closer to $50K in liquid just in case. Consider the increase in fees as a stimulus to intelligence. Or if you are still not happy go to a local bank.

    Dan/Juice…are you guys getting your facts from the same place that Jamil does?

  57. dan says:

    Whoa! All I did was respond to your comment about Chase charging you while at their ATM. I presented no facts.

  58. Schrodinger's Cat says:

    Re China

    How many ghost cities, ghost highways, ghost shopping malls do they have now? One of their malls alone has almost a million square ft of vacant retail space. They dont have much to laugh at. Their economic miracle consisted of turning their nation into one big toxic waste dump.
    As nations, we appear to have similar degrees of stupid, just focused in slightly different arenas

  59. Libtard says:

    I’ve only had one issue w/ Chase in about 15 years of banking. Some dimwit banker told me I am eligible for the new account perks if I opened a particular credit card that I already had a similar Chase card to the new one. The only difference was the word ‘plus’ added to the name. I made it clear to her that I was surprised they would give me the very generous perks. She said they did for her and she had the other card as well. So I opened the card with the $50 credit and 40,000 continental miles plus some other goodies. It was easily worth almost $800 in free perks.

    Well about a week ago, I got a letter from Chase saying I’m not eligible for the perks. I called them up and told them the story. They said they would look into it. I will follow up with them today since it appears they are not getting back to me on it.

    Otherwise, I love their ATMs and the broadness of their network. I also like the free checks, the free teller checks and the fact that I’ve never paid them a single dollar for anything. What I don’t like is their joke of an interest rate on their checking and saving accounts regardless of what I have in them. Then again, it’s really small beans. A lot less than the fees that so many suckers pay who can’t scrape together a couple of grand to avoid paying fees.

  60. Libtard says:

    Sorry Dan :P No harm meant. Just sick of people making stories out of absolutely nothing. If you don’t have $1500 in your checking account, then worrying about paying a $1 to use an ATM should be the least of your worries. I hope I don’t sound too much like JJ.

  61. #59 Lib – I haven’t had any huge issues. More nickle and dime stuff when dealing with Chase.
    Another example; I have a Chase CC which I renewed a few months ago by phone. Totally automated system, you know the kind. I enter all the account info and I get the ‘Please wait while we process your request, while you’re waiting listen to these exciting offers to card members’. It then moves on to the sales pitches, 5 in total. All of the first 4 (can’t even remember what they were) were a ‘Press 1 to decline’, when it got to the last pitch, for credit protection services, it was a ‘Press 1 to accept’, which of course I did at that point as an almost Pavlovian response.
    I called back and got it canceled, just have to wonder how many fell for the stupid trick without realizing it.

  62. Mike says:

    Dan Number 29 Looking for evidence of Obama’s past, Fox News contacted 400
    Columbia University students from the period when Obama claims to have
    been there, but none remembered him.

    Wayne Allyn Root was, like Obama, a political science major at
    Columbia who also graduated in 1983 In 2008, Root says of Obama, “I
    don’t know a single person at Columbia that knew him, and they all know
    me. I don’t have a classmate who ever knew Barack Obama at Columbia.
    EVER!

  63. cat (17)-

    …as the state of Illinois is about to prove.

    “The popular solution to dropping values is to increase taxes to maintain government revenue. This is ultimately cannibalistic in an environment such as our current one ( a balance sheet depression).”

  64. sl (20)-

    I know a guy who will burn it down for a bag of dope.

    “Can you just sell our house for us and send us a check, grim?”

  65. JJ says:

    credit card insurance is ulitmate scam. I own affinnion bonds as that is the company that provides it to banks and they make a boat load of money. They can 11.5% bonds no problem as they make like 24%

  66. JJ says:

    chifi you nancy boy, ready willing and able to go have a beer now.

  67. I look forward to the day when I can help ransack a JPM branch.

  68. jj (66)-

    No can do. Now, Cat has infected chi’s Blackberry with malware.

  69. What’s the big whoop about a few dead Tunisians, anyway?

    “Virtually every US media continues to ignore the situation in Algeria and now Tunisia, where rioting predicated by high unemployment (read massive economic slack) and surging cost of living (but, but, didn’t you just say massive slack??? how the hell can cost of living be up if you have “massive” slack? that’s unpossible – the San Fran Fed has said so repeatedly), especially food prices, has just escalated once again. According to RFI, Tunisian rioting has spread to the capital, following more protesters (killed by the Police), and where a curfew has just been imposed. “Weeks of unrest in Tunisia have spread to the capital, where the heaviest protests took place on Wednesday. Police opened fire on a demonstration in the central town of Douz, killing two, the AFP wire service reports.” And, lo and behold: even in Tunisia politicians are accountable when surging prices lead to death: the Tunisian interior minister was sacked earlier in an attempt to placate the rioters. Alas, no such luck: “The sacking of the Tunisian interior minister and the deployment of troops has failed to bring calm to the capital Tunis which again erupted on Wednesday. Security forces fired tear gas on hundreds of demonstrators in the heaviest protests yet in the capital after weeks of demonstrations since December.” What fools: do they not realize that Core CPI in the US is pretty much at the lowest it has ever been? They should all just disperse and eat 50% off LCD TVs post haste.”

    http://www.zerohedge.com/article/tunisia-rioting-escalates-hits-capital-more-are-killed-while-protesting-surging-unemployment

    Gotta jet. Need to verify the rumor that Lindsey L0han will be on the next season of Dancing.

  70. Does anyone here know if C-8 is potent enough to blow open the typical branch bank’s walk-in safe door?

  71. mike (62)-

    We are far better off as a nation if Obama didn’t go to that commie-ass madrasa.

  72. Schrodinger's Cat says:

    Debt 70

    …Shaped charge….

  73. dan says:

    Mike,

    I was an accounting major but had no accounting majors as friends. I also took classes off the main track since I did an internship one semester and took summer classes at another school. I could probably only name three or four others back then and that’s only from the interview sheets senior year and who I got hired with for AA. So I could see someone who transferred in not being remembered like Obama may have been. As I get older, I get less into conspiracy theories unless bankers/Goldman are involved and then the profit motives make sense.

  74. dan says:

    Lindsay’s on the next season of Dancing!!!!! Bye bye zerohedge and NJRER!!!!!!

  75. JJ says:

    That has already happened, damm “first responders” after 9/11 crowbarred the ATMs at the WTC center site and took the cash before Chase was allowed in. Chase kept it hush hush cause back then it was unamerican to say anything bad.

    Debt Supernova says:
    January 12, 2011 at 1:39 pm

    I look forward to the day when I can help ransack a JPM branch

  76. JJ says:

    Actually Mischa Barton asked for Lindsay’s spot on dancing with the stars

  77. Libtard says:

    Mike (62):

    Thanks for providing an excellent example of my point.

    “Just sick of people making stories out of absolutely nothing.”

  78. JJ says:

    Barack Obama name comes from a night of bong hits where he spilled some scrabble letters. His real name is Irving Goldberg.

  79. chicagofinance says:

    JJ: all is well…

    Mexican reporter picks Jets to win Super Bowl after harassment claims: report

    The Mexican television reporter who accused New York Jets players of harassing her last summer thinks the team will go on to win Super Bowl XLV, according to reports Wednesday.

    “They are like a star in the movies,” Ines Sainz told said in an interview with Steppin’ Out magazine. “They win games you truly believe they are going to lose.”

    Sainz, who works for TV Azteca, said she thinks quarterback Mark Sanchez can lead the Jets to a championship, despite his shaky performance in the Jets’ Wild Card victory over the Colts.

    The 32-year-old made headlines in Sept. when she said that Jets players whistled and made catcalls at her while she interviewed the Mexican-American Sanchez during practice.

  80. Shore Guy says:

    So, Tom DeLay is going to prison for three years. Is there a worse name for a non-hardened criminal to take into state prison?

  81. Libtard says:

    Actually Mike, I find it highly more likely that Wayne Allyn Root did not have many black friends than Obama not attending Columbia. Now was it FOX that interviewed 400 people or was it FOX taking the word of Wayne Allyn Root? And it’s not like Wayne, a talk show host a libertarian vice presidential nominee doesn’t have any vested interest in discrediting Obama.

    Go hang out with doctor dense Jamil. You two have a lot in common.

  82. Nation of Wussies HEHEHE says:

    Beige Book:

    “Construction and Real Estate
    Housing markets across the District have been sluggish but generally stable since the last report, while new construction activity has remained exceptionally weak. The housing market in western New York State was described as “dead” in November and December. A contact in New Jersey’s housing industry reports that market conditions have stabilized but have yet to improve, weighed down by a large inventory of unsold existing homes. Single-family home construction has picked up slightly but remains at a very low level, while multi-family construction has fallen. Transaction prices in northern New Jersey are reported to be flat to declining modestly, though the underlying market is hard to gauge because a disproportionate number of recent transactions are distress sales. New York City’s co-op and condo market was relatively stable in the fourth quarter, while the rental market has shown signs of picking up.

    Commercial real estate markets have been mixed, with scattered signs of improvement in the office market, but some softening evident in the industrial market. In New York City, office leasing activity rose to a four-year high, though much of the new leasing reportedly involved companies moving around (often to smaller quarters). Still, there was some net absorption of office space, and vacancy rates declined moderately. Asking rents were generally stable but rose in some prime areas of Manhattan. There were also signs of modest improvement in the Buffalo and Rochester areas, where vacancy rates edged down and rents were up 4 to 5 percent from a year earlier. On the other hand, office vacancy rates climbed and rents edged down in Long Island, while markets in northern New Jersey, Westchester and Fairfield County (CT) were stable. Industrial vacancy rates were little changed, but rents declined across most of the District–particularly in the Albany and Rochester areas, and in New York City. Both residential and commercial construction activity remain at exceptionally low levels throughout the District. A commercial developer in western New York State notes that many small sub-contractors have exited the business and medium-sized firms are struggling.”

    http://www.federalreserve.gov/fomc/beigebook/2011/20110112/2.htm

  83. Libtard says:

    “Steppin’ Out magazine. ”

    How is this rag still in print. I remember it from my college days to be no more than advertisement for cover bands playing in Nyack bars.

  84. Shore Guy says:

    To paraphrase an exchange between P-u$$y Galore and James Bond:

    Tom Delay: Hi! I’m your new cellmate, Tom DeLay

    Ivan Tyrell: I must be dreaming

  85. House Whine says:

    81- that is so funny. in an immature kind of way..but still made me chuckle.

  86. cobbler says:

    The Cat [58]
    Having been to China 3 months ago, I wouldn’t paint all getting build there with the same brush. Highways (those that are toll-free) are extremely busy; on the toll roads the tolls are set up really high for an average Chinese who’ve saved for 10 years to buy a midget auto (per mile probably 4x higher than here), so they are mostly used by trucks and upper-end vehicles – still traffic is denser than on the interstates in most of the flyover country. If the toll authorities reduce the charges, these highways will be jam-packed in no time. Apartment buildings are a strange story and a biggest bubble (but they need a mentality change to recognize it as such): Chinese well-off are investing in empty unfinished condos, frequently all-cash, and hoarding them, and don’t even seem to mind that the prices can and will drop. Discussing this is like talking to the wall. Ditto, the farmers dubbing as the seasonal workers in the cities, build monstrously sized and and almost totally empty houses (as the families are now small, and they don’t have money to buy furnishings) in their villages. And on the environment side – yes they are still far from us, but the progress from what I’ve seen 11 years ago is unbelievable.

  87. chicagofinance says:

    86.cobbler says:
    January 12, 2011 at 3:00 pm
    And on the environment side – yes they are still far from us, but the progress from what I’ve seen 11 years ago is unbelievable.

    cob: don’t you think going through that level of rapid change is not going to have a cultural impact? I think it will take a couple of decades for them to really digest what hit them. Not only that, but the centrally planned government thing is going to start to work against them at some point….and that point may be soon (some will argue that it will be shown to have been the problem all along)……

  88. Essex says:

    I’m so scared right now. I’m just gonna to do what’s sensible, I’m gonna file for unemployment. Then I’m gonna try to get a job at Enterprise Rent-A-Car, because they got an excellent corporate structure and they… *they* give *you* the tools to be your own boss.

  89. Libtard says:

    (some will argue that it will be shown to have been the problem all along)

    Kind of like the way cities in the US with the greatest amount of regulation appear to be the most impacted by the bursting of the housing bubble?

    http://seekingalpha.com/article/245203-the-truth-about-the-u-s-housing-market

  90. Comrade Nom Deplume says:

    [88] sx

    whadimiss?

  91. JJ says:

    I once was in China and tried to call Mr. Wing. But instead I ended up winging the wong number.

  92. D2b says:

    Also opened kettle’s virus but closed it before any damage. Figured that it may have triggered something on my machine.
    Scared of the Jets cause they seem to be emotional and lack professionalism. Afraid that they are sore losers that will result to cheap shots.
    Pulled business account from BOA because of high fees. Told the lady that I was moving to a small bank. Didn’t want BOA anyway but they bought Fleet, who bought my small bank. Lady said small banks sell to big because they can’t survive on their own. Told her that I think it’s the other way around.
    I know nobody from my graudating class. Temple University was huge and I did not live on campus.

  93. cobbler says:

    libtard [89]
    The whole analysis at seekingalpha is based on a nutty claim that RE development in Vegas and Florida is tightly regulated – so they correlate more regulation with worse bust. It is a typical garbage in garbage out analysis.

  94. Juice Box says:

    re # 86 – The old If you build it, they will come line is not working in China. They build the cities to be like American cities with malls and restaurants however the Chinese do not have the disposable income yet to afford to spend Saturdays in the Malls shopping and eating out and getting fat is definitely a luxury there. Food prices have doubled in the last year, even staples like cabbage. Their standard of living is not yet up to the West they are primed to go with just no gas.

  95. Mike says:

    Dan Number 73 I know but the subject of forgiving college debt for votes pissed me off and if I posted what was really on my mind the secret service would come looking for me. By the way I can name about 90% of the kids in my first grade class from over 40 years ago!

  96. JJ says:

    http://www.businessweek.com/lifestyle/content/healthday/648705.html?campaign_id=rss_topStories

    ha ha giving all my staff “I am winner stickers” and keeping the money and broads to myself.

  97. Mike says:

    Retard Number 78 I mean Libtard don’t really care

  98. Shore Guy says:

    Whatever happend toGary? Or is he here under another name?

  99. Juice Box says:

    re: #96 – ROFL you mean the old At·ta·boy is all that is needed these days?

  100. Libtard says:

    “Libtard don’t really care”

    I wouldn’t have expected you to.

  101. cobbler says:

    chi [87]
    Not only that, but the centrally planned government thing is going to start to work against them at some point….and that point may be soon (some will argue that it will be shown to have been the problem all along)……
    Not sure – the Chinese are culturally conditioned for thousands of years to see the government as a beneficial force, so they tend to take all the crap coming from the top at a face value. Also, right now the level of corruption is rather low for a developing country which helps keep the opinion about the leaders high enough. Central planning aims (unlike China 30 yrs back or former USSR) primarily at increasing the employment + infrastructure build-up, not at production planning per se so it is very pro-development. The only extra expense the govt forces on businesses is pollution controls – but they are (a) highly popular with the neighbors and (b) flexible enough to make sense, they are definitely not NJDEP – like.

  102. Libtard says:

    Gary still complains periodically.

  103. the still_lookings says:

    well, finally in Boca.

    First run in with some snooty plastic faced douche who can’t park like a human being. She decided to take a picture of her parking job and its proximity to our vehicle and proclaim that we inhibited her from parking correctly. “I was circling the block waiting for that spot” she told us.

    I (in my best f*ck you tone of voice) told her to “get a life!”

    sl

  104. Outofstater says:

    OT: We are in day three of ice-mageddon here in Atlanta. Schools will be closed tomorrow for the fourth straight day – roads still too icy for the buses to safely transport the kids. The grocery stores are open, but I have heard that many shelves are empty. The trucks can’t get thru to re-stock. Fortunately, most people heeded the warning to get three days’ of essentials and to prepare for up to five days without power. We did not lose power but we certainly needed the extra food etc. This was definitely NOT a SHTF situation but it still paid off to be prepared. Keep your gas tanks, your pantry and your freezer full and at least think about how you would cope with no power for a few days.

  105. BlindJust says:

    Juice – that and a fat bonus…

  106. Essex says:

    91. Nuthin! Just a goof. Quoting a line from “Step Brothers”.

  107. hoodafa says:

    @98 Shore and 102 Lib:

    Isn’t no. 8 on today’s thread the Gary you’re looking for?

  108. Barbara says:

    Step Brothers is a fine, fine film. Yes, I said film.

  109. Libtard says:

    What’s a film? Miss you Barb. Have you given up on the government yet like me?

  110. lib (82)-

    You forgot to add that Root is a bookmaker/handicapper in Vegas.

  111. Shore Guy says:

    Hood,

    I seem to have missed that post.

  112. the still_lookings says:

    Boca has this nice little motel…. across from the beach. nice studio with a kitchenette and full bath… even has an iron/board/hair dryer! Just $105 a night. I’m trying to keep a list of places that are reasonable, clean, and safe to share. The pool is heated, there is WiFi, and did I mention…. the beach is right across the street.

    Or maybe I just don’t want to go home… just back to the keys… Or maybe I’m getting old.

    I just want less stress in my life…

    sl

  113. sl (103)-

    If you were packing, you coulda capped that bitch.

  114. Wag says:

    Clot (113) – Hehehehehehehehe……

  115. the still_lookings says:

    Debt, 113
    she’s not worth the lead to cap her.

    my psycho family member, however…. needs to STFU already. Is still lying about me and spinning some off the wall tales that when I catch wind of, would love to have the opportunity to refute. Always to people that would never have a chance of finding out that they are being told bald-faced lies.

    sl

  116. sl (115)-

    I know somebody who will whack her for a bag of dope.

  117. At this pace, by the year 2015, the entire middle class of Amerika will be participants in an economy based solely upon selling each other hamburgers. We will also have GDP growth of over 8.5%, but nobody in DC will be able to prove that number.

    “When we looked at the changing composition in the US work force one month ago, we discovered, to our dismay, that since the start of the Depression, the US labor pool has transformed substantially from a full-time time to an increasingly more part-time dominated one. Specifically we found that “America has lost 10.5 million full time jobs, offset by a 2.8 million increase in part time jobs” and that “the US not only lost 478k seasonally adjusted full time workers in November but has lost full time jobs for 6 months in a row, for a total of 1.6 million job losses!” In an attempt to further refine this number, we present some TrimTabs data which proves beyond a shadow of a doubt, that the Fed’s QE (1, Lite, and 2) efforts, when expressed in labor force “pick up” has been an abysmal failure. To wit: “In 2010, the BLS reports that the economy added 1.12 million jobs. Almost 60% of these jobs are in one of three relatively low-paying areas—temporary employment (308,000), leisure & hospitality (240,000), and retail trade (116,000).” In other words, of the 1.1 million private jobs gained in the last year, 650,000 or 60% are jobs that have absolutely no real wealth creation capacity, nor do they provide any real benefits. In fact, the retail jobs are becoming increasingly distressed, as more Americans shop online, leading to a job pickup… in Chinese warehousing and QC plants, and the irretrievable loss of even the lowest paying US jobs. Perhaps this is another question to add to the increasing list of lies to be justified by Ben Bernanke at earliest convenience. And the next time the teleprompter claims to have added millions in jobs, and that very inappropriately named Fed “Dove” Janet Yellen says the Fed’s QE has been a tremendous job creation success, someone please ask them to break down the actual types of jobs “created.”

    http://www.zerohedge.com/article/how-fed-spent-2-trillion-and-exchange-we-got-650000-temp-leisure-and-retail-jobs

  118. Barbara says:

    Libtard,
    you posted something a few weeks back that has stayed with me. Something about you used to think that people that did not follow politics were lacking, now you see them as very smart. Same. Did some math today. Health care/prop taxes/hazard insurance increases this year have me 5k poorer this year. Next, it will be another 5k. No pay raise for me! I no longer care about other people’s pet political bugaboos like I used to. Example, I used to be vocally gay rights. Now i don’t care much. Same goes with seniors and their entitlements. Nope, don’t care either. No one goes to bat for me, so screw it. Wow, I think that seasonal depressive disorder has really kicked in today.

  119. Mikeinwaiting says:

    Clot you know somebody who will do anything for a bag of dope, leave it at that.

    Sl 19* up here in Vernon, enjoy it while you can. Did not go out all day HOA shoveled right up to my door. Love renting.

  120. Mikeinwaiting says:

    Clot 117 Please send to White House err… I believe they didn’t get the memo.
    Even better send it to Lies-man on CNBC , I’m sure he will get right on reporting it.

  121. Mikeinwaiting says:

    Wag nice call on the Aussie no, per GTG, hat tip Kettle.

  122. the still_lookings says:

    Shore, (from much earlier- I forgot the #)

    Would have loved to have met nj escapee…. if you see me carrying a violin case — run.

    I don’t want to go home. I am dealing with a psycho relative. I just had the best time ever on the beach, fishing and just relaxing with my most favorite guys in the world after my dad.

    I don’t want to see even a flake of snow right now.

    sl

  123. the still_lookings says:

    Debt, 116

    Problem being differentiating the “dope” from the “Dope.” (Or should I say, psycho, delusional, pathologically lying, nutcase douche.)

    sl

  124. Shore Guy says:

    Grim,

    I just noticed a much-earlier post (it was32) is in mod. It points to a WSJ article about declining wages for those laid off in this recession.

  125. babs (118)-

    I hear that buying ammo makes it feel all better.

    “Wow, I think that seasonal depressive disorder has really kicked in today.”

  126. Neanderthal Economist says:

    essex, you’ve been disgruntled lately but 42 takes the cake.
    what gives?

  127. Maybe we could all agree that Brian Sack should get capped? Does the possibility that FedCo is handing 5 bn/month to the PD’s get anyone else’s blood boiling?

    “The topic of how much money the Fed is gifting to the Primary Dealers via POMO comissions has to become front and center right now. While we appreciate fluff “profile” pieces in the NYT addressing the issue tangentially, and assuring us via worthless promises by people whose one purpose in life is to pad the pockets of their future employers in preparation for that inevitable day when said parasites move from faux public service to doing the hard core biddings of a vampire squid, the truth is that this is daylight robbery and it is happening in front of everyone’s eyes. As a reminder, per the NYT: “As offers to sell Treasuries flash on a bank of trading screens, a computer algorithm works out which ones to accept.” We contest that this algorithm is costing tapxayer billions each and every month and demand that Bill Dudley, Brian Sack, Josh Frost or one of the 20 year old henchmen traders immediately disclose just what the operating terms of the algorithm are, and what the slippage is. The reason: we have reason to believe that the Fed’s slippage rate is up to 5%. On a monthly POMO notional total of over $100 billion, this means that the Fed hands out well over $5 billion each and every month to the Primary Dealers. This is an ab0rtion of the Fed’s fiduciary responsibility and should be criminal if proven to be in fact correct.”

    http://www.zerohedge.com/article/fed-gifting-primary-dealers-monthly-commission-fee-over-5-billion

  128. nj escapee says:

    SL, sounds like you and your family enjoyed the Keys. The escapees just returned from an overnight tip to Miami (330 miles r/t) and we’re glad to be back home. It is chilly though.

  129. Barbara says:

    Montclair search with a 600k cut off renders 3 pages of listings followed by 7 pages of foreclosures and pre foreclosures……c’mon….

  130. Essex says:

    43.? It’ a song called “No Depression”. I’m good. Just seasonal affective disorder.

  131. Confused In NJ says:

    MEXICO CITY – A total of 34,612 people have died in drug-related killings in Mexico in the four years since Mexican President Felipe Calderon declared an offensive against drug cartels, officials said Wednesday.

    The killings reached their highest level in 2010, jumping by almost 60 percent to 15,273 deaths from 9,616 the previous year

  132. Barbara says:

    seasonal AFFECTIVE disorder. That’s what I’ve got.

  133. grim says:

    Barb,

    Yeah, gotta be PC about that.

    Essex,

    An Uncle Tupelo fan?

    http://www.youtube.com/watch?v=VMz4cWBtZAM

  134. Essex says:

    134. Barb we should cuddle. Yes Grim. Like a good midwestern boy.

  135. grim says:

    One of my faves, I’ve posted that song here at least 3 or 4 times over the years.

  136. Juice Box says:

    like this is gonna pass.

    Republican Representative Louie Gohmert of Texas was drafting legislation to permit members of Congress to carry guns in Washington, including into the House chamber, according to an aide.

  137. Mikeinwaiting says:

    Juice 137 , I’m all for it, maybe they’ll off each other.

  138. Mikeinwaiting says:

    NEWS alert: Today in congress R congressmen blal blah ,after a heated exchange with D congressmen Blah Blah pulled out a pistol & shot him, a major shoot out occurred acroos the house floor mainly drawn on party line with some blue dogs & independents taking up arms with the R s.

    Now that would be news!

    Gotta love those guys from Texas, a gun in every pot. Then of course you can shoot the chicken, makes perfect sense.

  139. Mikeinwaiting says:

    Oops, across not acroos.

  140. leftwing says:

    King of the Hill on Cartoon Network, FYI.

  141. the still_lookings says:

    129, escapee

    we had such a great time in Tavernier/Largo/Isflamorada

    I’m just cringing at the thought of going back…. :(((

    Called the FIL today… he made sure to tell us that MIL has left the state.

    Feel sorry for him… he is living with a psycho-nut.

    sl

  142. Shore Guy says:

    Great news, cough, gag, for those who think that a leveling-off of the unemployment rate is going to somehow push housing prives higher http://online.wsj.com/article/SB10001424052702304248704575574213897770830.html? mod=googlenews_ws Downturn’s Ugly Trademark: Steep, Lasting Drop in Wages In California, former auto worker Maria Gregg was out of work five months last year before landing a new job—at a nearly 20% pay cut

  143. Shore Guy says:

    The rest and good formatting is in mod

  144. SG says:

    The Allure of Real Estate

    It is only when prices drop to the point where the deal makes sense that housing inventory will drop to normal levels — a sign that the “bottom” has been reached. Even today, inventory in many markets is too high. As of December 2010, the national inventory level is at 10.5 months. It is much higher in specific markets. For example, it will take over 20 months to absorb the roughly several thousand units priced over 500K that are currently for sale in Miami-Dade County. A healthy inventory of homes is somewhere between 4 and 6 months. Therefore, prices are still too high.

    The same scenario is applicable to the commercial real-estate market. Everywhere you look you can see vacant commercial spaces that were occupied for years by the same tenant. If small businessmen experience a loss, they will eventually shut down and vacate the spaces they once occupied. Unless small business begins to grow, the spaces will remain empty. There is, therefore, no way to help the commercial real-estate market unless you can generate a healthy rate of small-business formation.

    $10 $8

    Finally, I should like to point out that all of the TARP money given to banks did absolutely nothing to help the ordinary consumer. All it did was positively adjust the balance sheets of the “too-big-to-fail” institutions. Most banks are sitting on cash and simply not lending unless they are in an extremely favorable position. This sounds ironic because it was their unhampered lending that created the mess in the first place.

    Contrary to the thinking of the government economists, banks are not going to lend money, even if it rightfully belongs to the taxpayer, simply to increase the number of nonperforming loans on their balance sheets. Why aggravate the situation? Anyhow, does anyone really think that the bailouts were aimed at helping the consumer?

  145. cobbler says:

    Interesting markets review by Annaly http://annaly.com/Admin/AttachmentFiles/150AnnalyCommentary1-2011.pdf

    A good line in response to the suggestions on privatizing or liquidating Fannie/Freddy and making banks do the mortgage lending all by themselves (though Annaly has a vested interest in this not happening):
    Third, and we say this only half in jest, anyone who suggests that a money-center bank, European or otherwise, is not a
    government-sponsored enterprise hasn’t been reading the papers lately.

  146. chicagofinance says:

    I bow to clot…all knower of that which is noble and true…..

    ‘Golden-voiced’ homeless man Ted Williams to enter rehab

    Ted Williams, the “golden-voiced” homeless man who became a media darling, is entering rehab for drug and alcohol abuse, People magazine reported Wednesday.

    TV psychologist Dr. Phil McGraw was influential in the decision after Williams appeared on his talk-show Wednesday, admitting he still struggled with alcohol addiction.

    Williams’ admission comes two days after he was detained by Los Angeles Police following an alleged yelling altercation with his daughter.

    “If Ted is ever going to get better, he’s got to be honest with himself and admit he’s addicted to drugs and alcohol,” said McGraw.

    “I’ve told him it’s not going to be easy and it’s going to take a lot of hard work. It might be a long journey for him, but this is a big step in the right direction,” he added.

    Williams was inundated with freebies, bookings and voiceover gigs after he was discovered by Doral Chenoweth, the web producer for the Columbus Dispatch, while Williams was panhandling on the side of a highway with a sign saying he had the God-given gift of a radio voice.

    Proposed gigs include a five-second appearance in a Super Bowl commercial and voiceover work from NFL Films, while producers for the BBC, “Opie and Anthony” and “The Colbert Report” were also begging to book him, reports suggested.

    It was announced later in the day that Williams had be subpoened to appear at a hearing scheduled for February 11.

    Madison County sheriff’s deputies say Williams was a passenger in the car of a woman who was accused of drug abuse after being pulled over in May. Williams’ presence at the hearing is being requested to help determine if the search of the vehicle was legal.

    WIth Newscore and AP

  147. Comrade Nom Deplume up really late says:

    [82] libtard,

    In defense, those were two separate statements. Putting Root aside, Fox called about 400 people. That’s a small percentage of a univ. with tens of thousands in attendance. Further, it surprises me not that no one remembers him from Columbia. Why should they remember him if they were not part of his circle of friends?

  148. Comrade Nom Deplume up really late says:

    [118] barbara,

    ” Wow, I think that seasonal depressive disorder has really kicked in today.’

    I prefer to think of it as reality.

  149. Comrade Nom Deplume up really late says:

    [126] clot

    “I hear that buying ammo makes it feel all better.”

    Wow. It does. I feel better already.

  150. Comrade Nom Deplume up real late says:
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