From HousingWire:
National delinquency rate drops again in March: LPS
The national delinquency rate continued to fall in March, according to the “First Look” report from Lender Processing Services, down to 7.8%.
The report provides month-end mortgage performance statistics from LPS’ loan-level database of nearly 40 million mortgages. The Jacksonville, Fla.-based firm will release more detailed reporting in its upcoming “Mortgage Monitor” report, which comes out at the end of this month.
The delinquency rate has consistently decreased throughout all of 2011.
March’s figure is down 11.6% compared to February and down 19.4% compared to March 2010. This still accounts for an estimated 4.1 million homes that are 30-plus days delinquent, LPS reported. Approximately 2 million of those are seriously delinquent, meaning 90-plus days delinquent but not in foreclosure.
…
Florida posted the highest percentage of noncurrent loans statewide in January, followed by Nevada, Mississippi, New Jersey and Georgia.
Good Morning New Jersey
From Bloomberg:
Sales of Existing Homes in U.S. Probably Increased in March
A gain in U.S. sales of existing homes during March probably failed to make up for a drop the previous month, a sign that the housing market is struggling to rebound, economists said before a report today.
Purchases rose 2.5 percent to a 5 million annual rate after dropping 9.6 percent in February, according to the median forecast of 74 economists surveyed by Bloomberg News. Sales in January of existing homes, which make up 90 percent of the market, climbed to the highest level in eight months as buyers used all-cash transactions to obtain distressed properties.
Housing may remain a weak link in the economic recovery that began in June 2009 as unemployment, falling property values and stricter loan rules push foreclosures to record levels. At the same time, a drop in prices has made houses more affordable, a sign demand may not fall much more.
“We’re on a recovery track, it’s just going to be slower than we would all like,” said Robert Dye, a senior economist at PNC Financial Services Group Inc. in Pittsburgh. “Credit constraints are working against home sales right now. By the end of this year, we’ll start to feel like we’ve turned a corner.”
The National Association of Realtors’ data are due at 10 a.m. in Washington. Economists’ estimates ranged from 4.59 million to 5.4 million.
The figures would underscore the Federal Reserve’s view that the housing market “continues to be depressed” even as the rest of the economy improves.
With regard to the posts yesterday about presenting a written offer, the NJREC is very specific on the presentation of written offers, all written offers must be presented! My advise would be to call the Broker of Record for the agent you have submitted the offer to. Explain your take on the situation and that if you do not have an adequate written explanation as to why your offer has not been presented or a counter offer within 24 hours that you will present a written complaint to the NJREC.
Discuss:
http://news.yahoo.com/s/yblog_thelookout/20110419/bs_yblog_thelookout/with-jobs-czar-under-fire-new-data-confirm-offshoring-trend
Gary
Nothing to worry.Wal mart and McD is hiring
Lawyers – can refusal to present an offer be interpreted as a violation of section 804/805 of the civil rights act of 1968? Section 8 is the fair housing act.
Always thought that not presenting an offer might actually be a civil rights violation and a federal law issue, not just a piddly little NJREC licensure law violation.
I realize proving discrimination here is probably next to impossible.
Yome
Careful at that McD’s interview!!!
3 Struck By Car During Fight at McDonald’s Hiring Day
http://www.fox13now.com/news/wjw-news-mcdonalds-hiring-arrests,0,7176027.story
Yome
Careful at that McD’s interview!!!
3 Struck By Car During Fight at McD’s Hiring Day
http://www.fox13now.com/news/wjw-news-mcdonalds-hiring-arrests,0,7176027.story
I’m a very infrequent poster here, but I have a question for the board. An acquaintance is looking to buy a pre-foreclosure in Northern NJ, and the property actually has a 2nd mortgage and a Home Equity loan attached. I said the situation is a total mess, and he needs either a skilled real estate agent or attorney who knows the ins and outs of short sales. And even then, it’s a low probability of success.
With that being said, I know we have some folks around here who fit the attorney/agent bill, and I was wondering if you could get in touch with me via email to setup a meeting in the Westfield area.
On an unrelated note, I noticed the chatter about homebrewing recently, and I HIGHLY recommend trying the brew-in-a-bag (BIAB) method of all grain brewing. You get amazing results with a $10 investment in a giant bag and only another 45 minutes longer than a brew with steeped grains. Great resource found here –
http://www.homebrewtalk.com/f36/biab-brewing-pics-233289/
Daddyo
3 liens or 2? Do you know who holds them?
If there is indeed a first, second, and heloc with two or more lenders involved, the probability of success is very, very low. Even lower if the seller will refuse to sign a deficiency agreement (ask the seller this question before submitting, it will save you much headache later). Might be a touch more realistic if the sale price covered at least the first note in it’s entirety as well as having some equity put towards the second, but would need more info to research this one.
Countrywide holds the First lien and Home Eq, a local bank holds the 2nd lien. It’s a mess.
I believe asking price covers the first lien, but the actual value is well below ask (shocker).
Veto
from last night; property taxes are unlikely to crash RE prices overnight but they should exert a constant downward force on prices.
As you have pointed out before, the average buyer’s financial analysis of a home purchase consists primarily of determining what the maximum monthly PITI is that they can cover. Property taxes in NJ grow at a faster rate than inflation while incomes are stagnant to shrinking. Unless we start to see some real income inflation then the amount of income available for PI&I is reduced for every notch taxes move up.
of ocurse taxes dont exist in a vacuum and we saw the massive price spike of this last bubble do to “I” being driven towards zero. “I” is now bttomed out and probably set to rise. of PITI, P,I, &T are the primary components. T isnt going down anytime soon and is growing at quite a pace. I is as close to zero as it it ever likely to get and is staying flat at best, but likely to move up. The only primary variable left to adjust is P.
Any adjustment to P will be slow since the rate of turnover of housing is relatively slow. if we assume that the average homeowner stays in a house for 7 years ( a guess on my part) then P would probably move in some sort of logarithmic relative to the turnover rate similar to a standard logarithmic growth relation. perhaps something along the lines of y = (-)C*Log(x) or perhaps some sort of logistic curve along the lines of y(t) = ae^{(A)(b)t}
Those sorts of curves would fit the very general trend of an initial rapid change in P when a bubble bursts follow by a slow asymptotic decline afterwards.
http://money.cnn.com/2011/04/19/news/economy/ceo_pay/index.htm
A homeless man stabbed a woman in the face with a pen on the No. 3 train Tuesday after she berated him for trying to smoke in the subway.
I guess the Homeless are not very politically correct, because they have so little to lose anyway.
14 confused.
It all depends on the relative races of the individuals involved.
Hey Lone Ranger
I guess they should have taken delivery of physical silver……
“The Teacher Retirement System of Texas needs an annual return of 21 percent in the year ending Aug. 31 to maintain an 80 percent funded ratio, the level actuaries consider adequate to cover liabilities
Oh, and the same retirement system is currently proposing a 13th monthly payment to retiree’s.
Can’t a bum smoke in the subway in peace?
BTW, the USD is getting executed.
Bet CNBC is just talking up the futures.
vodka (14)-
Bet they’re loaded up on paper gold, silver, etc.
The eventual failure-to-deliver event will be so much more effective when it wipes out little old ladies and retired teachers…
RE 16
April 19, 2011
TSTA supports bill to boost retirees’ annuity
The House Pensions, Investments, and Financial Services Committee on Tuesday considered several bills related to TRS and retirement benefits, including HB3542 by Larry Gonzales, which TSTA supports. This bill would allow the TRS Board to give retirees an increase in annuity that would be paid out of investment earnings with some restrictions. For retirees’ to get this so-called 13th check, the fund would have to earn at least 8 percent on its return on investments and the fund could not go below an 80 percent threshold of being actuarially sound.
Debt,
They are setting up one heck of a generational conflict. The soiree’s who get wiped out will promptly turn around and attempt to bugger the younger taxpayers who are in order to try and make themselves whole.
soiree’s = retiree’s
5 yo’me shhhh don’t go spreading that all lover the place, there will be more for me to compete with
Debt 19
I disagree. if they were loaded up on gold and silver paper they wouldn’t be underfunded right now and would be sitting pretty until paper shiny evaporates.
Debt,
The younger generation may be say “YES WE CAN” to death panels before this is over.
Doom (16):
Gotta kill the USD to pump the markets after Intel’s great quarter. Cannot let a chance to make a buck pass you by.
re # 12 – Read the whole story, I am guessing that woman who is 45 must have grown up outside NYC. Total lack of Street/Subway Smarts.
http://www.nydailynews.com/news/ny_crime/2011/04/19/2011-04-19_homeless_man_stabs_woman_in_head_with_a_pen_after_she_scolds_his_subway_smoking.html
#10 Kettle: Almost half the listings in my town now are asking under 400K, with more than a few in the low 300’s, and even a few under 300K. About another 20% or so are listed in the low400K’s. Most of these houses would have sold for 400 to 500K or more during the bubble. The one common denominator now for all of these listings are property taxes ranging for 10k to 14K a year. I believe the drop in asking prices has to be at least in part a response to the massive increase in taxes. These listing would all be considered starter houses, for teh first time buyer.
“I guess they should have taken delivery of physical silver……”
Kettle [14],
I imagine that’s why mortgage delinquencies are so high. All the deadbeats are diverting their mortgage $ to physical silver?
One oz. of silver costs the same as one share of JPM.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/bernanke/JPM%20Silver.jpg
25.Juice X says:
April 20, 2011 at 9:30 am
re # 12 – Read the whole story, I am guessing that woman who is 45 must have grown up outside NYC. Total lack of Street/Subway Smarts.
You can say the same about Mayor Bloomberg. He won’t let the homeless smoke in an open air park anymore. He’s very bitter since he quit smoking.
The problem will escalate when one military meal ration = 1 oz silver = 1 share JPM.
#25 Juice From yesterday. I think the Queen will get a polite, possibly even an enthusiastic reception in Ireland. There will of course be protests, but they will be small, and they will not get anywhere near her.
Keep in mind the Irish have a bizarre fascination with the royal family (it takes a while to get rid of the colonial mentality).When Charles visited the Republic at one time in the mid 90’s the Prime Minister at the time was gushing with praise for him, even stating and I quote” You are everything the Irish people aspire to be”.
Also when Diana died in the car accident, flags in government buildings were lowered to half mast; a nice gesture, but that should only be done ( I believe) if it was the head of state (the queen) of another country that had died.
1 cotton t-shirt = 1/2 tank of gas in a sedan = 1 oz. silver = 1 share JPM = 10 rounds of .223 = 2 packs of cigarettes = 4 Grand Slams at Denny’s?
Debt [28],
1 contract for corn costs more than 1 share of Citi
1 contract for soybeans costs more than 1 share of BAC.
Yet, 99% can’t read the smoke signals.
Small fish, working their way up the food chain?
http://news.yahoo.com/s/ap/20110419/ap_on_bi_ge/us_tarp_case_trial
“Nothing to worry.Wal mart and McD is hiring”
So McD got a waiver from ObamaCare and now they are hiring?
Today, Burger King (got no waiver) announced mass-layoffs.
Anyway, I remember in ancient era, there was constant talk in State Media how those millions of new jobs created were not good jobs but burger-flipping jobs and that’s why we needed hopey and change. Now this is touted as great achievement. It is amazing what journolist can do if the Narrative is right and Soros money keep coming!
re: TRS in Texas and the 13th check. More power to their money managers if they think they can beat the street.
Here is their current Portfolio allocations, scroll down to page 46 and you will see they hold lots of safe stuff, ABS with all kinds of mortgages and then they have about 9 billion notional value Derivatives in Forward Contracts, Futures Contracts, Swap Contracts.
All very safe stuff nothing to worry about.
http://www.trs.state.tx.us/investments/documents/ppreport_april2011.pdf
There is no money. The boomers don’t have it, the younger generations don’t have it, the pension funds don’t have it, the governments don’t have it. Nothing will be paid as promised. Now cheer up, fer chrissake!!
Three Things for You All –
Three things in life that, once gone, never come back – Time, Words and Opportunity
Three things in life that can destroy a person – Anger, Pride and Unforgiveness
Three things in life that you should never lose – Hope, Peace and Honesty
Three things in life that are most valuable – Love, Family & Friends and Kindness
Three things in life that are never certain – Fortune, Success and Dreams
Three things that make a person – Commitment, Sincerity and Hard Work
re #31- 3b – I am sure the riot police will keep the Dubs at bay when she pays a visit to Croke Park the site of Sunday Bloody Sunday. There is a reason why the Royals have not been back in 100 years, they waited for the older generations to die off in hopes that the younger generations forgot about 1920. It’s a calculated risk however the real problem now is she is arriving on a date that coincides with the 1974 bombings in the cities of Dublin and Monaghan on which 33 people were killed in loyalist bombings. Those wounds are far fresher.
Unless she is traveling by helicopter the Irish will probably put out protest flags in front of their homes and turn their backs when her limo convoy drives by.
3 things in life most on here don’t tolerate
Platitudes
Cereal Box top wisdom
Chain mail philosophy
Debt,
I can get American made (federal) bulk .223/.556 for about 35 cents per round or about 125 rds per oz silver ( at current prices). Apparently i should be getting into the ammo business and jumping on that Arb-op. I want to know who is paying the prices you quote, i can offer them a great deal. Right now AP 50cal costs me about 3.50/rd.
38
What about Lawyers Guns and Money?
Hughes,
This blog seems to have all 3 covered;)
juice (36)-
All we need to know is that while all kinds of financial institutions are levering up into the risk trade, GS is furiously deleveraging.
Sell in May, and go away. Lloyd is about to pull the rug out from under all of it.
Hart (38)-
The Holy Trinity of Clotpoll= PMs, .223 and a bad attitude.
JJ’s Big Three= Skanks, Bonds and Tall Tales.
#6 Grim – Years ago I was investigated by HUD regarding an REO listing that I handled both sides of in East Orange. A bitter offeror who did not end up getting their offer accepted complained that they did not get the property because they were discriminated against. Turned out all the potential buyers were the same race. Person filing the complaint did not have the highest offer and did not qualify for needed financing.
Moral to the story, you can file a complaint about anything. Proving your case is another matter.
#39 Juice: I don’t know we shall see. But the fact that she is visiting Croke Park is huge, and very symbolic.
I still think over all, she will get a nice reception.
Let’s see: GDP is circling the drain, a few good earnings reports set the market on a tear, and the tear precipitates a mirror-image whacking of the USD?
Guess the winner today is the story that gets repeated the most. And, we know which one that will be.
This will all work great…until it doesn’t.
God save the queen
The fascist regime
They made you a moron
Potential H-bomb
God save the queen
She ain’t no human being
There is no future
In England’s dreaming
Don’t be told what you want
Don’t be told what you need
There’s no future, no future,
No future for you
God save the queen
We mean it man
We love our queen
God saves
God save the queen
‘Cause tourists are money
And our figurehead
Is not what she seems
Oh God save history
God save your mad parade
Oh Lord God have mercy
All crimes are paid
When there’s no future
How can there be sin
We’re the flowers in the dustbin
We’re the poison in your human machine
We’re the future, your future
God save the queen
We mean it man
We love our queen
God saves
God save the queen
We mean it man
And there is no future
In England’s dreaming
No future, no future,
No future for you
No future, no future,
No future for me
No future, no future,
No future for you.
Debt,
you might want to upgrade to .308 FMJ. Body armor capable of defending against .223 is becoming much more common then it has historically been.
Debt
you could also consider EFMJ (Expanding Full Metal Jacket) for the best of both worlds.
Lost decade? We’ve already had one
Posted by Colin Barr
April 20, 2011 6:22 am
The economy has been bedridden far longer than we realize — and you can blame lying statistics for at least some of it.
So says Rob Arnott of Research Affiliates, a Newport Beach, Calif., investment management firm with some $50 billion under management. He argues in his monthly newsletter that, contrary to popular belief, the roots of our current malaise predate the financial crisis – and not by a little bit.
More trends that arent your friend
Arnott says the U.S. economy actually went off the rails more than a decade ago. What’s more, many of us have failed to realize it because the most widely watched economic indicator, gross domestic product, actually tracks consumption, irresponsible or otherwise, rather than real wealth generation.
Accordingly, Arnott takes little solace in the observation that inflation-adjusted, per capita GDP has recovered to within just a few percent of its 2007 peak. While that statistic suggests the economy is recovering steadily, if a little less quickly than we’d like, Arnott contends that most of the GDP gains we have seen since 1998 are attributable to debt-financed spending, rather than real wealth creation.
We are, in a word, considerably poorer than we imagine – something politicians of all stripes should, but probably won’t, consider as they grapple with our massive deficit.
“GDP that stems from new debt — mainly deficit spending — is phony: it is debt-financed consumption, not prosperity,” Arnott writes. “Net of deficit spending, our prosperity is nearly unchanged from 1998, 13 years ago.”
That seems hard to believe. The late 1990s are sometimes remembered as the last time the U.S. economy was consistently doing things like generating wage gains for people other than CEOs, and even the housing bubble-fueled 2000s are widely assumed to have not been a total wash.
But the signs are there. Since 1998, real gross domestic product has risen at a 2.2% clip, according to Fed data — less than a third of the rate at which debts owed by U.S. public and private sectors have grown (see chart, right).
Arnott says we can blame this addiction to leverage on both parties, who took the turn-of-the-century explosion in capital gains tax collections as a sign money would continue falling from the sky forever. But while spending continued to grow at a rapid clip, tax collections fell off a cliff.
Real per-capita tax receipts are at 1994 levels, Arnott says. No wonder we have a trillion-dollar deficit problem.
One way to look at it is to strip out deficit-financed consumption – a method that leaves us with a result Arnott tabs structural GDP. Alternatively you can eliminate the government spending component of GDP, which yields what he calls private sector GDP.
Either way, Arnott estimates, true, wealth-generating U.S. output is at 1998 levels.
While the solution to that problem surely lies in more responsible policy – lower spending, a less ridiculous tax code — Arnott says it’s imperative we start using more meaningful economic statistics, lest politicians miss the message S&P tried to send this week.
If we continue to focus on GDP, while ignoring (and even facilitating) the decay of our Structural GDP and our Private Sector GDP, we’ll continue to borrow and spend, mortgaging our nation’s future. The worst case result could include the collapse of the purchasing power of the dollar, the demise of the dollar as the world’s reserve currency, the dismantling of the middle class, and a flight of global capital away from dollar-based stocks and bonds.
Even Democrats and Republicans can probably agree, with only a few hundred pages of riders and stipulations, that that is an outcome best avoided.
Hey, housing bubble is not anymore number #1 bubble. Progress!
“Peter Thiel, who anticipated the Dot-com Bubble of 2000, also claims that a higher education bubble has replaced the housing bubble.
A true bubble is when something is over-valued and intensely believed. Education may be the only thing people still believe in [in the U.S.].
45 percent of college graduates earn less than $15,000.
Student loan debt has now outpaced credit card debt,
Concurrently, students are defaulting at an alarming rate: 25 percent of all government loans default, 30 percent of community college loans default, 40 percent of two-year college loans default, and for-profit schools have a 43 percent default rate”
A better system would provide grants and loans to students based on both need and merit, with a sliding scale of support” corresponding to GPA, SAT/ACT, AP credit, and academic hours taken while in school.
http://www.thepelicanpost.org/2011/04/19/higher-education-the-next-asset-bubble/
vodka (52)-
Winchester ballistic silvertips, FTW!
Sean, I hate it when people light up on public transportation, too, and I’m just as perimenopausal, short-tempered and non-tolerant as that 45 year old – but who goes up to a stinky dust-smelling bum on a subway anyway without first waving a ten $? It must have been mid cycle.
Jamil 56
It’s great for generating indoctrinated debt slaves who dont know any other way. The best part of it, is that the massive debt acquired in getting a rapidly depreciating college education is that the debt is for all intents and purposes undischargable short of death or bailing on the US with no plans to return.
Just think about the beauty of a highly centralized system that requires participants to almost instantly take on a debt that will be larger then virtually another in their lifetime ( short of a mortgage) at a time when most of them have no concept of the debt load they just hung around their neck since they are to busy chasing tail and getting drunk.
Modern day debt slavery makes the 17th and 18th century slave trade look like a donkey compared to a Ferrari. The best part is that it has become virtually impossible for most to operate outside of this centralized system.
I think Pat will be one of the first in line for tickets to Hobo With a Shotgun.
http://www.magnetreleasing.com/hobowithashotgun/
“Put the knife away, kid…or I’ll use it to cut welfare checks from your mother’s skin.”
Must…see…this…movie!!!!
Pat – Over the decades I have seen some pretty crazy stuff in the Subways. If you are going to go into fight mode instead of flight mode on a moving NYC subway you better packing ala Bernie Goetz.
DEbt been looking forward to it, hopping hauer can add his soliqouy from blade runner into it
I saw garbage cans afire off the orion beltway
I’m surprised JJ hasn’t been on the board yet celebrating how he’s gonna sell that 9/11 Cowboy game and pay for the season tickets on one game. Of course, wouldn’t it be a hoot if the NFL strike goes on and they shorten the season by the first couple of games.
(40) Painhrtz – Not a “chain” post….some enlightenment for your depressing outlook.
And I welcome the additions to my list! :)
LMAO
#57 Kettle: And yet Blue Ribbony???
#63 And yet much of the dperessing outlook here, ahs turned out to be correct.
Three things –
Location, location, location
prev thread about London RE
“Half a million pounds ($800,000) for a one-bedroom condo with a small garden on the southern, unfashionable side of the river Thames? Really? And $2 million for a modest two-bedroom condo in Chelsea? ”
In London’s case, foreigners actually make a difference. A lot of wealthy people (not only ultra-rich) from Middle East and Russia are buying second homes there, in case things get ugly in their home country. Having $1M (or maybe even $0.5M) invested in London RE is considered safe, even if the price goes down. Much easier than smuggling diamonds or pile of dollars out of home country when the peasants riot or secret police comes after you.
In the low end, there are few million people from Eastern Europe, first mainly students/plumbers, but now many have UK education and have entrenched themselves in the UK middle class. They must live somewhere and they probably rent or buy farther away in London. Indians the same. Pakistanis live mainly in their own ghettos but their numbers are going up too.
Now UK changed their immigration laws, but I doubt it has any impact on London RE.
According to today’s home sale numbers for March, the first time buyer is not buying Does not bode well over all for the Spring selling season.
68, 3b, tell the rest of the story…”Home sales jumped more than 10% in 53 of the 54 metros tracked by RE/MAX between February and March, with only New York not achieving double-digits gains. In New York, home sales rose 8%.”
http://www.housingwire.com/tag/march-2011-housing-data
Freddie Mac said in its recent economic outlook that the market is poised for a strong spring buying season. The government-sponsored enterprise is anticipating a 5% increase in annual home sales this year to a projected 4.9 million sales.
Keep in mind, the tax break is not in mix this year as an incentive. Not bad all things considered, in fact very good!
re: # 68 – 3b – By his own estimates, the head of NAR, Larry Yun, has a 30 inch dong.
BTW very unhappy with Jets schedule. Jets/Cowboys on 9/11 on a Sunday Night no way, next game 9-18 have a bday party to attend and Jaguars stink anyhow. Then three road games (most of warm weather) and next game is 10-17 Dolphins another Sunday Night game, Chargers 10-23 at one pm Sunday is a good game at a good time, Patriots 11/13 another night game, Bills Thanksgiving weekend Sunday at one pm good time but terrible team, Chiefs Sunday 12-11 at one pm pretty good, Last game Jets/Giants on Christmas eve horrible.
In recap I am 100% going to Chargers and Chiefs Sunday one pm games. Hoping I can find rich jewish giant fans to buy my Christmas Eve seats and someone who does not mind going to a 9/11 game.
Someone with so so so upper deck seats will be taking a blood bath with this schedule. The Giants always comes out on top. I will put six of my eight games for sale except the two good one pm games. I have a feeling on the bad time games friends with season tickets will be begging me to go at face close to game time anyhow if I want to go. Let them take on the financial risk. A Christmas eve games sounds great now but come December people will be like no way. Same thing happened with Thanksgiving game last year.
Maybe I get SJU season tickets to all the garden games, always indoors with right after work or early on a weekend days, indoors, short games and trains right downstrairs and cheap tickets. Something most sports no longer have.
Who wants to live in a town associated with Pabst Blue Ribbon?
Move to our town we aren’t Rheingold?
Zero [69],
Tell the rest of the story; down 6.3% yoy, foreclosures and distressed sales accounted for 40% of the total and inventories rose. The blow out continues. Lower sales beget lower sales. Lower sales beget lower prices. It’s a blood bath.
Ranger,
Why do you have to be such a pessimist?! maybe all of those buyers were long silver!
#69 Not a question of not telling the whole story. All the “experts” agree that to have a strong housing recovery, you need the first time home buyer;period.
Investor/Speculators buying houses for cash, and then renting them, does not in my opinion bode well for a strong recovery in housing. The all cash investors crowd the first time buyer out., and without the first time buyer, the next level cannot move up and so on.
Away from that if many first time buyers no longer perceive owning their own home as something attractive, than the marketwill not IMO recover for years.
As far as freddie mac, I don’t put much weight on what they might say one way or the other. They are the same clowns that played a huge role in the whole bubble mess etc.
73, Ranger, you are wrong. Home sales in Brooklyn, New York’s most populous borough, surged 28 percent in the first quarter after a year of stable prices bolstered buyer confidence.
http://www.bloomberg.com/news/2011-04-15/brooklyn-home-sales-surge-28-as-stabilizing-prices-lure-new-york-buyers.html
That’s a “Blood bath”? You can rant and declare the sky is falling all day. The fact is this is not true in many many markets and the evidence that you are wrong is in that link.
“As far as freddie mac”
3b,
Why not name the arsonist the new Fire Chief?
#69 Oh one more thing, in my own little neck of the woods (blue ribbony and all), I have not seen so much inventory for sale this time of year in quite a few years, much of it well under 400K. far cry from a few years ago when most houses were selling at 500K and over.
Oh and a remax Realtor once told me that prices in my town would never be under 500k again; he was wrong.
#77 Makes perfect sense.
#76 Ironically prices in nice areas of the city could very well be stabalizing, in part due to the very low property taxes in the other 4 boros.
My parents house in a nice part of NYC have a yearly property tax bill of around $2,700.00.
Daddyo,
I am in Westfield, and would agree to sit in, but I don’t specialize in this area.
nomdeplumenj@gmail.com
“were you sent here from 2006?”
afraid much? did you just buy or you can’t sell? if you lost equity the fed will bail you out
every time the news are short of dismal the cheerleaders are-a-comin
Kotlikoff on Bloomberg, using words like “Ponzi” and “Weimar” and predicting an imminent collapse in the Treasury market.
In regards to my first post, can anyone recommend a good RE attorney in Northern NJ?
Thanks.
[67] jamil,
Are you referring to the changes UK made to its citizenship laws to attract HNW individuals?
[42] hughesrepl
42.hughesrep says:
April 20, 2011 at 10:05 am
38
What about Lawyers Guns and Money?”
Somebody call for me???
76zero
it’s a bloodbath in brooklyn as well nothing sells without a steep discount. even those mansions in parkslope. It’s just that there is a lag in NYC re of around two years due to lower property taxes so people can hold on for longer. But many “bargains” on the market only noone touches them.
4C
Vet/Neanderthal is on the doom light side of the fence and “believes” in america. Just 1 calorie!
45 handle on silver. Any good doom today? I need my fix.
#71 JJ
My sport this year will be Army football. Nothing better than tailgating at West Point with all the hardware flying up the Hudson.
87 4c
“it’s a bloodbath in brooklyn as well nothing sells without a steep discount”.
Do you have any evidence or reference for this statement? Sellers discounting 4.8 percent off their original asking price is not a “bloodbath”. Keep in mind Brooklyn’s Apartment Prices up 9% Over Last Year; Average NYC Home Prices up 4% Over Last Year in Manhattan and Other Boroughs.
http://www.marketwire.com/press-release/report-nyc-home-values-increase-despite-flat-sales-1502639.htm
In Brooklyn, a report by the Corcoran Group found that sales were up 25% compared with both the previous quarter and the same quarter a year ago. The report put the median price for a home in Brooklyn at $430,000 in the first quarter, up 6% from the fourth quarter and about flat compared with the same period a year earlier.
http://online.wsj.com/article/SB10001424052748704116404576263252255129300.html?mod=WSJ_NY_RealEstate_LEADNewsCollection
4C, when you say, “it’s a bloodbath in brooklyn as well nothing sells without a steep discount”, where do you get this stuff from? Let me guess, are Bloomberg and the Wall St. Journal are all in a conspiracy to spread false reports of the housing market of Brooklyn? Is that it?
#87 I have an elderly relative trying to sell a house in a nice part of one of the NYC boros, listed under 500K, and in 6 months no one person has come to look at it. During the boom it would have sold for 500K or more, and low property taxes.
Many of the so called experts out there that say things are improving etc, are many of the same that were in place during the madness, and said all was well, and as we know it was not. If in fact prices are stabalizing in soem areas of NYC, they are stabalizing at lower prices than the boom years.
I don’t pay attention to nay of them, except to get a laugh.
SLV going parabolic now !
“SLV going parabolic now !”
The bubble is the shorts; they are getting crushed. Those long, protect your gains.
Speed
http://www.youtube.com/watch?v=iDmJcDvaBGU&feature=player_embedded
#91 Is it really 4.8% off of the original asking price, or has it been listed and re listed multiple times? I do not have access to that information for Brooklyn, but it would Eb something I would want to know.
I would also want to see what a similar house sold for during the boom years. Finally the NYC metro area during the last boom bust (late 80’s/early 90″s) was one of the last areas to reach button, and there were periods where it looked like prices were stabilizing, only to continue their downward descent.
There appeared to be more price stability in my own area last year than this year. Lots of 2001 to 2004 asking prices
91zero
what-you want me to believe the data from corcoran/wsj?
Conveniently NYC does not have an mls so noone knows what is happening there
If you follow brownstone you can see that ALL properties featured sell with a discount on an asking price after several price chops. and these are featured properties. The one in fringe areas just don’t sell
but if you want data streeteasy reports for manhattan is median down 10% from last year 7% from the 4th quarter
3b,
could the decline in river edge/oradell prices also be due to the fact that there’s flooding so frequently in the town? maybe they’re fed up with up with both the rising taxes AND the water?
i’m considering these towns because due to the price declines and despite the obscene taxes, the PITI falls within my budget… i’m now concerned about the frequent flooding and what they’ll do to the taxes going forward… one would think that sharing a high schoool would offset some overhead… i guess not.
take a look at this 4br at brooklyn heights –“coop of the day”
it started asking 2.4 mil in 2007 after several price chops it is now asking 1.4 mil
http://www.brownstoner.com/brownstoner/archives/2011/04/coop_of_the_day_506.php
hurry hurry it’s a bargain–brooklyn apt prices are up 9% according to the real estate shills otherwise known as corcoran, wsj, bloomberg and nytimes
#98 IMO the flooding has nothing to do with it. In all the years I have lived there, I have never heard flooding as an issue as it might relate to house prices.
The funding issue uncertainty may have something to do with it. The sharing of the high school is not en ought to offset the disparity in funding. Oradell is charged on assessed property value, which is assessed higher than RE. Oradell wants to change the funding to cost per pupil. RE of course does not want that as it will increase taxes. This will ultimately be decided by the state Supreme Court, so it will not be over after next week.
I think a big part of the decline is simply the fact hat the prices were way to high to begin with, (even with the blue ribbony thing). Throw in that with out of control taxes (partly do to excessive spending), a weak economy. During the boom people did not stop and think and say gee, what about the next generation, will they be able to afford to live here?
the first thing one who sets out to buy in NYC observes is the amount if misinformation spread by the mainstream media. there are several articles in nytimes reporting that manhattan prices have been stabilized amidst the re crash of early nineties.
that’s why blogs with no advertising such as njrereport become popular. truth is easier to find here
101 4c – “that’s why blogs with no advertising such as njrereport become popular. truth is easier to find here”
–
LOL. Truth or singular group mind think? Birds of a feather, etc. Think about it, there is very little diversity of opinion here, it’s a singular drum beat with all on the same page. Meanwhile in the real world, believe it or not, people that in some cases are smarter and more experienced than those on this blog are actually doing the contrary to what is said here.
Here’s a tip for you. In life, more times than not, you get what you pay for. What do you pay for the info spouted about on this blog? Exactly, nothing, and that’s about what it’s worth, _nothing_.
Oh, I forgot. This blog according to the people here is the exception to life where you get something of value for nothing, yeah, of course you do.
dude, you want to know what I got for value from this blog. Data. Lots of it in the early days, and research tools. Overall probably saved me a bundle on my home purchase by teaching me how to properly research said home. While the discussion here may have turned decidely one sided if you ask the right questions and read through the lines appropriately you can get good information.
Want to know why it turned one sided, the people still here were proven right. while the naysayers have been relegated to a google search of blog history.
for the record FU, troll
re: #102- Clock there are plenty of people here who put their money where their
mouth is, and it seems you like to run off at the mouth just as much anyone else, so why don’t you show us a contract and deposit check for the condo you bought in this runaway market in Brooklyn?
I would be more than happy to counter with my trade confirmations in doom.
Zero,
Take the other side of the trade. What have you bought lately? No specifics necessary, just generalities.
103, people with anything to say of value are paid for their views, speech, & opinion. Paid well I might say. They’re smart, and far more smart to dispense what they have of value, free, on a blog.
People with egos who can’t get anyone to pay them for their commentary turn to blogs and give it away free, cause it’s worth what they’re charging, _nothing_. If anyone on this blog could get paid for their commentary, their views and opinion, they would, and certainly would not dispense anything of value to the world free.
You clowns want it both ways. You want to claim the info here is valuable and the people distributing free info are smart, yet while not realizing the really smart people GET PAID to what what people do here for free. You can’t have it both ways.
Clocking2Zero,
You’re obviously not one of the ones who’ve been following this blog since the beginning of the housing mess and got your A$$ saved from buying an overpriced house. I held off until last year to buy and paid $100,000 less for my house than the previous owner did in 2007. I held off until then based on the info posted in this place.
Go ahead and keep sucking in your happy gas. I guess you missed today’s lead article showing NJ is 4th in the country for delinquencies. Your probably telling your clients now is a great time to buy
vodka (74)-
Wake me up when they’re buying houses and paying in silver bars.
clocker (76)-
Idiot, your village is looking for you.
plume (83)-
Once again, as everyone rushes into the risk trade, GS furiously deleverages.
“Meanwhile in the real world, believe it or not, people that in some cases are smarter and more experienced than those on this blog are actually doing the contrary to what is said here.”
It’s a hoot picking off suckers. Hopefully, this will continue.
Clock 2 Zero,
Yup, the groupthink here has been observing the real estate crash, the collapse of American Home Mortgage, IndyMac, Bear, Lehman/Fannie/Freddie, the increase in prices of gold and silver despite all whack jobs and jokers like Yun and Otteau and Timmay screaming the exact opposite. We have seen a bunch a people scream crap like you and rejected it.
And in case you haven’t observed, a good chunk of us have bought houses recently even though none of us believe it’s the bottom. We’ve seen people like you come and go. For all we know, you’re one of Frank’s quants who has come taken to English quite nicely.
ranger (111)-
Gotta love the kannekt mentality that can’t understand the difference between investors and early, dumb money.
107 anon, “I held off until last year to buy and paid $100,000 less for my house than the previous owner did in 2007. I held off until then based on the info posted in this place”
_
You prove my point. What you paid last year is obviously much less expensive this year, right? So you credit this blog for advising you to hold of your purchase until 2010. Are you honest enough to now blame this blog for advising you to buy in 2010 and not 2011? Square this for us all please. It’s laughable. You all generally always want it both ways, here 107 ANON is an example.
Seriously 107, anon, based on your own words, you should see the info here you obtained at this blog was not worth much, there’s not crystal ball here for you, in fact, this blog screwed you, no?
Sell in May, and go away.
Clocker, either give me a domestic stock tip, or STFU. :)
Less than Zero,
Okay, you got me. I thought you were serious there for a second. Dismissed.
#06 How do you justify the fact that all these smart experts were wrong? People can come here and take the information for what it is worth, and quite frankly IMO, it is worth alto. All the madness was discussed here prior to the bust and financial meltdown.
How child like to believe that because someone is getting paid to for their opinion, than that means they are smart, and know what they are talking about.
re # 114 – You are the 20th troll in the last few months to come here with both guns blazing and did not even hit the side of the barn.
Clock – nobody here relies on this on blog that is why it’s free (at Grim’s out of pocket expense). Mostly entertaining anecdotal information sprinkled with bits and pieces of sage advice mixed in with pure bullspit. Please take a mushroom or something and come back with a new perspective.
Is it me, or do the trolls always seem to come here during the Spring selling season?
Good advice I found in a response to an article on record-keeping:
“I save everything. I worked for lawyers who did estates, and I assisted in those. One year one family was saved from taxes in california because he could prove that he had a hunting license, and domicile in WY, from 30 years before. One slip of paper saved this guy over a million in taxes. I also know that papers revolving around fixing and upgrading your home or homes is very important to keep — it keeps you from lots of capital gains. My mother in law had kept every check she ever spent on her home, and when she passed, and we sold the home, it save US lots of taxes too.”
Clock, this is free advice, so I suggest you not follow it.
“Wake me up when they’re buying houses and paying in silver bars.”
Hobo,
The 2nd largest US academic endowment woke up the world when they took delivery of close to 1B of gold bullion. The pillars of the Comex certainly took notice.
comrade “Are you referring to the changes UK made to its citizenship laws to attract HNW individuals?”
No, I wasn’t even aware of that. I recalled that the new government changed its visa policy, especially for students, so that it is more difficult to enter the UK. This would affect especially people from Asia and Latin America (maybe Africa too) who come to UK as students (for some dubious third rate school) and then disappear. Often they work either part-time or full-time. There are also other changes, e.g. more merit-based approach and more difficult to get perm residency. Visa fees also got much higher. New gov wants to reduce immigration at any cost.
http://www.ukimmigration.com/news/news.htm
“re # 114 – You are the 20th troll in the last few months to come here with both guns blazing and did not even hit the side of the barn.”
Juice,
The barn is not even in his/her field of vision.
What are you talking about I read the book the the coming crash of housing market in 2003 and shared with many people and Schiller was going around telling people RE was going to crash. I sold a house in 2004 and told asians buying getting out before peak and watched them laugh. No expert was saying RE was going up t the peak just bozos in the NAR.
3b says:
April 20, 2011 at 2:27 pm
#06 How do you justify the fact that all these smart experts were wrong? People can come here and take the information for what it is worth, and quite frankly IMO, it is worth alto. All the madness was discussed here prior to the bust and financial meltdown.
How child like to believe that because someone is getting paid to for their opinion, than that means they are smart, and know what they are talking about.
The link for this article read “What kind of trash winds up on New Jersey beaches?”
Snooki?
http://news.yahoo.com/s/yblog_localphi/20110419/ts_yblog_localphi/underwear-car-batteries-among-items-found-in-new-jersey-beach-haul
Clocking2Zero
The area I bought in is not in NJ. I moved from the region in 2009. (best decision I ever made) Where I live, the housing bottom was in 2009 and it’s been holding steady at around the same range for similar homes. Had I stayed in NJ, I’d probably still be renting.
Based on what I’m hearing here, there’s a lot of shadow foreclosure inventory in NJ waiting to go into market which should depress it. The articles on delinquncy numbers speak for themselves and are not created by people here. If the April 15th article about NY shadow inventory didn’t raise any red flags for you then I don’t know what will. There’s been plenty of people come here over the years with the same messages as you but they’ve all dropped off and been proven wrong.
[126] redux
I am not the only one who thought this. One of the comments on the article:
“I thought this was an article about Snooki.”
where’s Bi when you need him?
125jj
hahaha. that’s right. it was pretty evident early on that re was bubbling and was no secret. in fact many made money by buying and selling. when i said it is easier to find truth here, I mean just that–not hidden/secret truths.
Btw, s&p case shiller is very useful, everyone agrees, and it’s free
I just remembered that gains on my silver ETF when realized are taxed at my regular income rate. I can’t bear sharing half of the 230% gains with the very leeches that I was trying to hedge against in the first place. The only good alternative I can think of is donating the ETF shares to the Ayn Rand Institute and getting a tax break.
#25 No expert was saying RE was going up t the peak just bozos in the NAR.
Ummm I believe both Mr, Bernanke and Greensaon both stated that housing was not in a bubble.
A.West, how about not selling them… or not telling us… It gets a bit repetitive, you know.
(133) He also fails to mention that he manages money for the very leeches, and the enablers of those leeches that he harps on about. I guess blindly following a flawed ethos lets him gloss over this little fact.
West [131],
If you want to trade paper, futures will elimiate that problem; 60/40 basis. However, 1 contract is 5,000 oz.
Ben and Greenspan are not housing experts.
3b says:
April 20, 2011 at 2:56 pm
#25 No expert was saying RE was going up t the peak just bozos in the NAR.
Ummm I believe both Mr, Bernanke and Greensaon both stated that housing was not in a bubble.
#131 AWest
There is a beautiful irony in the Rand Institute accepting charitable donations.
“Ben and Greenspan are not housing experts.”
JJ,
There must be some mistake, I certainly hope you’re wrong. That’s not what we were led to believe? After all, Big Ben has over 1T of MBSHIT on the fed’s balance sheet along with commercial RE. If he’s not an expert in this, why is he allowed to lever up with doo-doo?
#36 But their smart, and they get paid for their opinion.
A. West all of my significant trades are done in my IRA to defer taxes and maximize gains since I can reinvest what should be withheld for taxes. If I can sometime in the future I may use that money to purchase a piece real property to live in. There has been legislation floated several times over the last two decades to create such and exemption in the tax code and it has been revived again apparently the “Home IRA”.
If it comes to pass this session of Congress heck I might as well use it for my 50% down payment instead of the cash I have elsewhere.
Then there is also that other Bill being floated by Sen Chuck Schumer to allow tax free withdrawals for charitable purposes. S.557 – Public Good IRA Rollover Act of 2011.
I am pretty sure with credit being as tight as it now is the good folks down in Washington DC will do something to raid our savings it is only a matter of time.
Clock Zero,
group think does exist here and its certainly worth noting the blind spots it manifests, however, during your paid expert rant you forgot your blind spot…..banner advertising and its effects on well paid expert opinion.
Hey Clock Zero:
http://tinyurl.com/6ko5frh
Any questions?
Chart makes my Christmas week 1999 home purchase look like pretty good timing.
gary says:
April 20, 2011 at 4:04 pm
Hey Clock Zero:
http://tinyurl.com/6ko5frh
Any questions?
[142] Gary — brings a smile every time.
Does anyone know how long it should take to hear from Bergen county about an assessment/tax appeal?
Juice, future-based metal ETF’s seem to be fine wrt capital gains…
Right after they find Hoffa’s body, get a no change at Secacus train to Meadowlands, Fix the Pension issues, Fix Newark Schools, Balance the budget and get a triple AAA bond rating they should get right back to you.
JC says:
April 20, 2011 at 4:29 pm
Does anyone know how long it should take to hear from Bergen county about an assessment/tax appeal?
West,
I just remembered that gains on my silver ETF when realized are taxed at my regular income rate. I can’t bear sharing half of the 230% gains with the very leeches
Wrong… The max cap is 28% for “collectibles”, and you can get 15% if you do futures-based ETFs. The leeches are the banks that get 0% interest money so that they can speculate on metals that kills the currency and increases your dollar-denominated account.
The system of the “very leeches” has been more or less the same for the last few decades, so, the logical question is why do you hate America so much? You got your success (which you remind the board a bit too frequently), so f. America?
545 vs. 300,000,000 People
-By Charlie Reese
Politicians are the only people in the world who create problems and then campaign against them.
Have you ever wondered, if both the Democrats and the Republicans are against deficits, WHY do we have deficits?
Have you ever wondered, if all the politicians are against inflation and high taxes, WHY do we have inflation and high taxes?
You and I don’t propose a federal budget. The President does.
You and I don’t have the Constitutional authority to vote on appropriations. The House of Representatives does.
You and I don’t write the tax code, Congress does.
You and I don’t set fiscal policy, Congress does.
You and I don’t control monetary policy, the Federal Reserve Bank does.
One hundred senators, 435 congressmen, one President, and nine Supreme Court justices equates to 545 human beings out of the 300 million are directly, legally, morally, and individually responsible for the domestic problems that plague this country.
I excluded the members of the Federal Reserve Board because that problem was created by the Congress. In 1913, Congress delegated its Constitutional duty to provide a sound currency to a federally chartered, but private, central bank.
I excluded all the special interests and lobbyists for a sound reason. They have no legal authority. They have no ability to coerce a senator, a congressman, or a President to do one cotton-picking thing. I don’t care if they offer a politician $1 million dollars in cash. The politician has the power to accept or reject it. No matter what the lobbyist promises, it is the legislator’s responsibility to determine how he votes.
Those 545 human beings spend much of their energy convincing you that what they did is not their fault. They cooperate in this common con regardless of party.
What separates a politician from a normal human being is an excessive amount of gall. No normal human being would have the gall of a Speaker, who stood up and criticized the President for creating deficits. The President can only propose a budget. He cannot force the Congress to accept it.
The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. Who is the speaker of the House? John Boehner. He is the leader of the majority party. He and fellow House members, not the President, can approve any budget they want. If the President vetoes it, they can pass it over his veto if they agree to.
It seems inconceivable to me that a nation of 300 million cannot replace 545 people who stand convicted — by present facts — of incompetence and irresponsibility. I can’t think of a single domestic problem that is not traceable directly to those 545 people. When you fully grasp the plain truth that 545 people exercise the power of the federal government, then it must follow that what exists is what they want to exist.
If the tax code is unfair, it’s because they want it unfair.
If the budget is in the red, it’s because they want it in the red.
If the Army & Marines are in Iraq and Afghanistan it’s because they want them in Iraq and Afghanistan …
If they do not receive social security but are on an elite retirement plan not available to the people, it’s because they want it that way.
There are no insoluble government problems.
Do not let these 545 people shift the blame to bureaucrats, whom they hire and whose jobs they can abolish; to lobbyists, whose gifts and advice they can reject; to regulators, to whom they give the power to regulate and from whom they can take this power. Above all, do not let them con you into the belief that there exists disembodied mystical forces like “the economy,” “inflation,” or “politics” that prevent them from doing what they take an oath to do.
Those 545 people, and they alone, are responsible.
They, and they alone, have the power.
They, and they alone, should be held accountable by the people who are their bosses.
Provided the voters have the gumption to manage their own employees…
We should vote all of them out of office and clean up their mess!
Charlie Reese is a former columnist of the Orlando Sentinel Newspaper.
Zero,
I can’t speak for anyone else on thid board but, I am, in fact, paid by many media outlets for my analysis — both in North America and overseas.
Zero,
Just because people who are well informed choose to share information on a free site does not make the views ininformed nor does it make the information worthless.
AWest, Do you think the chinese govt is going to accept you with open arms when you decide to expatriate or will they just confiscate your wealth and laugh in your face?
147,
Sounds about right.
AWest, Will the chinese govt accept you with open arms when you decide to expatriate or will they just confiscate your wealth and laugh in your face?
AWest, Will the chinese accept you with open arms when you decide to expatriate or will they just confiscate your wealth and laugh in your face?
In honor of gold breaching the $1500 mark, I’d like to bring out a quote that I made about 356 days ago when gold was at the $1200 mark and silver was at the $18 mark. It’s too bad that meter guy isn’t around anymore.
Now watch it go up in price and I’ll be here telling you how wrong you were a year from now just like I’ve done to others when they were rehashing the same things you did when Gold was $600 or $900.
Ben you were right once, now you have to be right a second time with your exit point and then right a third time in what to reinvest in and then right a fourth time when you sell that. trading is a bitch
Ben says:
April 20, 2011 at 5:31 pm
In honor of gold breaching the $1500 mark, I’d like to bring out a quote that I made about 356 days ago when gold was at the $1200 mark and silver was at the $18 mark. It’s too bad that meter guy isn’t around anymore.
Now watch it go up in price and I’ll be here telling you how wrong you were a year from now just like I’ve done to others when they were rehashing the same things you did when Gold was $600 or $900.
Happy Easter everyone! I am off for a few days of no bonds and no real estate. Just lots of chocolate. Be good while I am gone.
JJ, right once is pretty much all I needed to transform myself from grad student living below the poverty level into a very well off 30 year old in a span of 2 years. That’s good enough for me. We don’t all need front row tickets to watch Gang Green lose each year.
Sas3,
So if I complain about taxes then that is “reminding people of my success” and means that I “hate America”?
America is a nation of individuals with the right to life liberty and pursuit of happiness. People established the government to protect those rights. I know that you are familiar with those words, so why can’t you grasp the meaning?
They abolished slavery and indentured servitude more than a century ago, this applies to “the rich” (though I don’t think I deserve that categorization, many in govt have decided to apply it to me as a signal that my income may be freely redistributed).
The end is nigh (Hughes Comedy Edition):
Suit accuses chef David Bouley of being neighbor from hell
By VINITA SINGLA and DAREH GREGORIAN
Celebrity chef David Bouley is getting skewered, sauteed, flambed and sliced and diced with accusations that he’s the neighbor from hell.
In papers filed in Manhattan Supreme Court, W. Robert Curtis says Bouley’s chronic “mishandling of the disposal of raw garbage and refuse” have turned his Tribeca building into an unrentable paradise for bugs and vermin.
Bouley’s “unpermitted and illegal food preparation and waste-disposal operations” in the basement next to Curtis’s office have the space “at time uninhabitable from an infestation of fruit flies, blood-sucking bugs, bugs that just raise welts, odors of rotting garbage, seeping black ooze through the floor and dangerous waste piled high in front of 155 Duane Street,” the suit says.
“There are times when a glass of wine gathers several hundred fruit flies. There are times when a welt arises from a bite on every day of the week.”
Reps for Bouley and his restaurants on Duane, Studio, Upstairs and Bouley, declined comment.
Curtis also declined comment, but his suit doesn’t mince words, and at times sounds downright personal.
“For more than 20 years, Bouley’s neglect of all manner of human relationships, his recklessness with food safety and health, and his disregard of obligations as a chef-owner and partner has caused the failure of numerous restaurants,” the suit says.
It says Bouley’s had numerous run-ins with the city over his unsanitary operations, and makes empty promises about fixing the problems. He also tries to deflect blame, at one point saying an infestation of fruit flies in his basement kitchen was because of “the 300 baby carriages that came into his restuarant each day,” the suit says.
A section of the suit entitled “David Bouley’s Exploitation of 9/11” recounts the work he did making often donated food for rescuers at Ground Zero – and the $5.3 million he was paid by the Red Cross for his services, “an amount he took largely as a windfall profit for himself.”
That payment later got him sued by his insurance company because he’d submitted claims for $2.3 million in damages to his restuarants from the attacks. Bouley denied any wrongdoing, and the suit later settled.
Curtis’s suit says he was one of the chef’s biggest supporters until this past fall, when Bouley moved his food operations into the basement near their shared wall.
“Bouley promised he would change these dangerous conditions and did not. [He] now attempts to conceal these dangerous conditions, rather than eliminate them, which could happen with a minimum of expense,” the suit says, adding at one point Bouley even promised to “freeze” the garbage.
Curtis says hes been unable to rent out his $30,000 a month office space there as a result of Bouley’s inaction, and is seeking $120,000 plus punitive damages because of Bouley’s “utterly reckless, gross, wanton and willful acts.”
Here some good doom for you. Interview with Jim Sinclair re: QE and America’s future.
“Jim Sinclair: Every nation that has ever done this has turned into a banana republic. People can live in banana republics but there will be few wealthy people. There will be a few super wealthy people and an enormous amount of poverty. You can see it across the border in Nogales, Mexico, where people continue to live in extreme poverty.
HRN: America is becoming like Mexico?
Jim Sinclair: The standard of living is going much lower. People have to realize that the damage is already done. It’s not a question of whether the U.S. can be pushed over the edge. We are over the edge. We are watching the consequences play out now.
http://news.goldseek.com/GoldSeek/1303311900.php
unmod
Royal Virility Performance
“is about consummation, not commemoration”
http://www.brewdog.com/product/royal-virility-performance
Ranger (122)-
I hear that at the Crimex, the pillars are shimmed into place with piles of paper silver and gold.
Probably just some evil blogosphere rumor, though.
“The 2nd largest US academic endowment woke up the world when they took delivery of close to 1B of gold bullion. The pillars of the Comex certainly took notice.”
10- you’re taking overcomplication to a whole other level there buddy, lol, physics formula and all. I was just referring to the new tax caps and anti-tax environment. It makes huge increases in property taxes less likely.
The end is nigh (Hug[h]e[s] Asshole Edition):
HOW I BUILT IT
APRIL 20, 2011
How a Famous Foodie Got His Start
By COLLEEN DEBAISE
Since stumbling upon cooking at age 17, Bobby Flay has opened a cadre of restaurants—from New York’s venerable Mesa Grill to Bobby’s Burger Palaces, a chain of casual-dining eateries. And he’s become a cookbook author, Food Network star and Iron Chef along the way. Mr. Flay, 46 years old, credits much of his prolific career to timing, powerful mentors and a good deal of chance. As a judge and investor on NBC’s “America’s Next Great Restaurant,” he plans to fund an aspiring restaurateur’s dreams when the show wraps May 1.
Q. How did you get your start at such a young age?
A. I dropped out of high school. I really had no interest in doing any school work whatsoever. My father, who is very much a scholarly guy, said: “Well, you’re going to have to get a job then.” Two days later, he called and said the bus boy at a restaurant where he was a partner [Joe Allen, in New York’s Theatre District] needed two weeks off to visit his sick grandmother. I was told to fill in.
Q. What happened after two weeks, when the bus boy came back?
A. I was literally walking out of the restaurant and the chef said, “Do you want to work in the kitchen?” And I said, “Sure.” It was because I had nothing else to do that day. If I had plans with friends, I probably would have said no. I wasn’t desperate to work in the kitchen.
Q. So you didn’t have dreams as a kid of becoming a chef?
A. No! This was 1981—food and America hadn’t had its renaissance yet.
Q. When did you take a liking to cooking?
A. I remember waking up one morning, staring at the ceiling, and thinking: “Wait, I really want to do this today.” Something clicked. I had been so disinterested in doing school work. I finally found something I could do with my hands that was productive.
Q. You did go back to school a short time later, enrolling in the French Culinary Institute’s six-month program at age 18.
A. It was not my favorite thing. But I knew this was my last chance without my father killing me. It gave me a foundation forever. I utilize things I learned in FCI every day.
Q. What was your first job, post-FCI?
A. I was hired as a sous-chef at a restaurant on the Upper East Side. The chef liked to drink—some mornings we would find him sleeping [on the floor]. Two weeks after its opening, I became the chef. I was 20 years old, and way over my head. I had to hire the cooks and do the menus. I did it for a year, but I thought, I need to know how to cook better.
Q. You went to work for Jonathan Waxman, then one of New York’s hottest chefs. How did that happen?
A. I was at a cocktail party at the French Culinary Institute. This woman Gail Arnold met me—she was the chef at Bud’s (a Waxman restaurant) and I said: “I would love to work there.” And she said OK.
Q. Just like that?
A. It’s easier than you think it is to get a job. I said to her: “I will promise you this, I will give you 120%. Just tell me what to do.” Today, when I hire, I look for people who want to be trained and molded.
Q. You wound up working at three of Waxman’s restaurants—what did you learn?
A. That was the first time I had seen Southwestern ingredients, like blue corn meal and chile peppers. I fell in love with the flavors, the colors, the textures. It became the palette that I reach for always.
Q. You solidified your reputation when you opened Mesa Grill in New York, in 1991 at age 26—how did that opportunity arise?
A. Jerry Kretchmer [the New York restaurateur] had just come back from a trip to the Southwest, probably because he wants to be a cowboy. And he asked around—who cooks really good Southwest food? So he heard about me, and he asked if I wanted to open a restaurant with him and I said yes.
Q. Did you have to come up with the start-up capital?
A. No—he and another partner, Jeff Bliss, took responsibility for raising the money. I think it was a bank loan. I didn’t have to sign it. I was bringing sweat equity.
Q. A few years later, you started to appear on TV—what drew you to that?
A. The Food Network was just starting in New York, and I was getting lots of attention from Mesa Grill. They had no money, so if you couldn’t get there by subway, you couldn’t be on. It wasn’t like TV was something I really wanted to do—but I knew it would be great publicity for my restaurants.
Q. Which has been your most successful restaurant?
A. In terms of revenue, it’s between Bar Americain in New York, Mesa Grill in Vegas and and Bobby Flay Steak in Atlantic City. But they’re also the biggest restaurants.
Q. If you had to streamline everything you do—and pick just one thing—what would it be?
A. Standing in a kitchen in my whites, cooking. Period. No question.
Q. How is “America’s Next Great Restaurant” doing?
A. The ratings are moderate, but they’re not off the charts. It’s in a bad time spot. But I’m definitely happy with the show.
Q. What advice would you give an aspiring restaurateur?
A. Have twice as much capital as you think you need. If you think it’s going to take eight months to build the restaurant, know that it’s twice that. Expect the unexpected. It will ultimately happen, whether it’s the health department [coming in], or the chef quits, or the gas line doesn’t work. And go slow. Don’t try to feed 300 people the first night. You want to be a good restaurant for 20 years, not 20 weeks.
–
chicagofinance says:
Your comment is awaiting moderation.
April 20, 2011 at 6:43 pm
The end is nigh (Hug[h]e[s] A55hole Edition):
HOW I BUILT IT
APRIL 20, 2011
How a Famous Foodie Got His Start
By COLLEEN DEBAISE
Since stumbling upon cooking at age 17, Bobby Flay has opened a cadre of restaurants—from New York’s venerable Mesa Grill to Bobby’s Burger Palaces, a chain of casual-dining eateries. And he’s become a cookbook author, Food Network star and Iron Chef along the way. Mr. Flay, 46 years old, credits much of his prolific career to timing, powerful mentors and a good deal of chance. As a judge and investor on NBC’s “America’s Next Great Restaurant,” he plans to fund an aspiring restaurateur’s dreams when the show wraps May 1.
Q. How did you get your start at such a young age?
A. I dropped out of high school. I really had no interest in doing any school work whatsoever. My father, who is very much a scholarly guy, said: “Well, you’re going to have to get a job then.” Two days later, he called and said the bus boy at a restaurant where he was a partner [Joe Allen, in New York’s Theatre District] needed two weeks off to visit his sick grandmother. I was told to fill in.
Q. What happened after two weeks, when the bus boy came back?
A. I was literally walking out of the restaurant and the chef said, “Do you want to work in the kitchen?” And I said, “Sure.” It was because I had nothing else to do that day. If I had plans with friends, I probably would have said no. I wasn’t desperate to work in the kitchen.
Q. So you didn’t have dreams as a kid of becoming a chef?
A. No! This was 1981—food and America hadn’t had its renaissance yet.
Q. When did you take a liking to cooking?
A. I remember waking up one morning, staring at the ceiling, and thinking: “Wait, I really want to do this today.” Something clicked. I had been so disinterested in doing school work. I finally found something I could do with my hands that was productive.
Q. You did go back to school a short time later, enrolling in the French Culinary Institute’s six-month program at age 18.
A. It was not my favorite thing. But I knew this was my last chance without my father killing me. It gave me a foundation forever. I utilize things I learned in FCI every day.
Q. What was your first job, post-FCI?
A. I was hired as a sous-chef at a restaurant on the Upper East Side. The chef liked to drink—some mornings we would find him sleeping [on the floor]. Two weeks after its opening, I became the chef. I was 20 years old, and way over my head. I had to hire the cooks and do the menus. I did it for a year, but I thought, I need to know how to cook better.
Q. You went to work for Jonathan Waxman, then one of New York’s hottest chefs. How did that happen?
A. I was at a cocktail party at the French Culinary Institute. This woman Gail Arnold met me—she was the chef at Bud’s (a Waxman restaurant) and I said: “I would love to work there.” And she said OK.
Q. Just like that?
A. It’s easier than you think it is to get a job. I said to her: “I will promise you this, I will give you 120%. Just tell me what to do.” Today, when I hire, I look for people who want to be trained and molded.
Q. You wound up working at three of Waxman’s restaurants—what did you learn?
A. That was the first time I had seen Southwestern ingredients, like blue corn meal and chile peppers. I fell in love with the flavors, the colors, the textures. It became the palette that I reach for always.
Q. You solidified your reputation when you opened Mesa Grill in New York, in 1991 at age 26—how did that opportunity arise?
A. Jerry Kretchmer [the New York restaurateur] had just come back from a trip to the Southwest, probably because he wants to be a cowboy. And he asked around—who cooks really good Southwest food? So he heard about me, and he asked if I wanted to open a restaurant with him and I said yes.
Q. Did you have to come up with the start-up capital?
A. No—he and another partner, Jeff Bliss, took responsibility for raising the money. I think it was a bank loan. I didn’t have to sign it. I was bringing sweat equity.
Q. A few years later, you started to appear on TV—what drew you to that?
A. The Food Network was just starting in New York, and I was getting lots of attention from Mesa Grill. They had no money, so if you couldn’t get there by subway, you couldn’t be on. It wasn’t like TV was something I really wanted to do—but I knew it would be great publicity for my restaurants.
Q. Which has been your most successful restaurant?
A. In terms of revenue, it’s between Bar Americain in New York, Mesa Grill in Vegas and and Bobby Flay Steak in Atlantic City. But they’re also the biggest restaurants.
Q. If you had to streamline everything you do—and pick just one thing—what would it be?
A. Standing in a kitchen in my whites, cooking. Period. No question.
Q. How is “America’s Next Great Restaurant” doing?
A. The ratings are moderate, but they’re not off the charts. It’s in a bad time spot. But I’m definitely happy with the show.
Q. What advice would you give an aspiring restaurateur?
A. Have twice as much capital as you think you need. If you think it’s going to take eight months to build the restaurant, know that it’s twice that. Expect the unexpected. It will ultimately happen, whether it’s the health department [coming in], or the chef quits, or the gas line doesn’t work. And go slow. Don’t try to feed 300 people the first night. You want to be a good restaurant for 20 years, not 20 weeks.
chicagofinance says:
Your comment is awaiting moderation.
April 20, 2011 at 6:43 pm
The end is nigh (Hug[h]e[s] Asshole Edition):
HOW I BUILT IT
APRIL 20, 2011
How a Famous Foodie Got His Start
By COLLEEN DEBAISE
Since stumbling upon cooking at age 17, Bobby Flay has opened a cadre of restaurants—from New York’s venerable Mesa Grill to Bobby’s Burger Palaces, a chain of casual-dining eateries. And he’s become a cookbook author, Food Network star and Iron Chef along the way. Mr. Flay, 46 years old, credits much of his prolific career to timing, powerful mentors and a good deal of chance. As a judge and investor on NBC’s “America’s Next Great Restaurant,” he plans to fund an aspiring restaurateur’s dreams when the show wraps May 1.
Q. How did you get your start at such a young age?
A. I dropped out of high school. I really had no interest in doing any school work whatsoever. My father, who is very much a scholarly guy, said: “Well, you’re going to have to get a job then.” Two days later, he called and said the bus boy at a restaurant where he was a partner [Joe Allen, in New York’s Theatre District] needed two weeks off to visit his sick grandmother. I was told to fill in.
Q. What happened after two weeks, when the bus boy came back?
A. I was literally walking out of the restaurant and the chef said, “Do you want to work in the kitchen?” And I said, “Sure.” It was because I had nothing else to do that day. If I had plans with friends, I probably would have said no. I wasn’t desperate to work in the kitchen.
Q. So you didn’t have dreams as a kid of becoming a chef?
A. No! This was 1981—food and America hadn’t had its renaissance yet.
Q. When did you take a liking to cooking?
A. I remember waking up one morning, staring at the ceiling, and thinking: “Wait, I really want to do this today.” Something clicked. I had been so disinterested in doing school work. I finally found something I could do with my hands that was productive.
Q. You did go back to school a short time later, enrolling in the French Culinary Institute’s six-month program at age 18.
A. It was not my favorite thing. But I knew this was my last chance without my father killing me. It gave me a foundation forever. I utilize things I learned in FCI every day.
Q. What was your first job, post-FCI?
A. I was hired as a sous-chef at a restaurant on the Upper East Side. The chef liked to drink—some mornings we would find him sleeping [on the floor]. Two weeks after its opening, I became the chef. I was 20 years old, and way over my head. I had to hire the cooks and do the menus. I did it for a year, but I thought, I need to know how to cook better.
Q. You went to work for Jonathan Waxman, then one of New York’s hottest chefs. How did that happen?
A. I was at a c-cktail party at the French Culinary Institute. This woman Gail Arnold met me—she was the chef at Bud’s (a Waxman restaurant) and I said: “I would love to work there.” And she said OK.
Q. Just like that?
A. It’s easier than you think it is to get a job. I said to her: “I will promise you this, I will give you 120%. Just tell me what to do.” Today, when I hire, I look for people who want to be trained and molded.
Q. You wound up working at three of Waxman’s restaurants—what did you learn?
A. That was the first time I had seen Southwestern ingredients, like blue corn meal and chile peppers. I fell in love with the flavors, the colors, the textures. It became the palette that I reach for always.
Q. You solidified your reputation when you opened Mesa Grill in New York, in 1991 at age 26—how did that opportunity arise?
A. Jerry Kretchmer [the New York restaurateur] had just come back from a trip to the Southwest, probably because he wants to be a cowboy. And he asked around—who cooks really good Southwest food? So he heard about me, and he asked if I wanted to open a restaurant with him and I said yes.
Q. Did you have to come up with the start-up capital?
A. No—he and another partner, Jeff Bliss, took responsibility for raising the money. I think it was a bank loan. I didn’t have to sign it. I was bringing sweat equity.
Q. A few years later, you started to appear on TV—what drew you to that?
A. The Food Network was just starting in New York, and I was getting lots of attention from Mesa Grill. They had no money, so if you couldn’t get there by subway, you couldn’t be on. It wasn’t like TV was something I really wanted to do—but I knew it would be great publicity for my restaurants.
Q. Which has been your most successful restaurant?
A. In terms of revenue, it’s between Bar Americain in New York, Mesa Grill in Vegas and and Bobby Flay Steak in Atlantic City. But they’re also the biggest restaurants.
Q. If you had to streamline everything you do—and pick just one thing—what would it be?
A. Standing in a kitchen in my whites, cooking. Period. No question.
Q. How is “America’s Next Great Restaurant” doing?
A. The ratings are moderate, but they’re not off the charts. It’s in a bad time spot. But I’m definitely happy with the show.
Q. What advice would you give an aspiring restaurateur?
A. Have twice as much capital as you think you need. If you think it’s going to take eight months to build the restaurant, know that it’s twice that. Expect the unexpected. It will ultimately happen, whether it’s the health department [coming in], or the chef quits, or the gas line doesn’t work. And go slow. Don’t try to feed 300 people the first night. You want to be a good restaurant for 20 years, not 20 weeks.
New jersey is mexico ,been so for a few years now. they love it here
http://finance.yahoo.com/news/Poor-households-take-lead-in-apf-2493059879.html?x=0
freedy: it’s everywhere, not just here….
http://www.reuters.com/article/2011/04/20/us-citigroup-shareholder-lawsuit-idUSTRE73J5Q720110420?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28News+%2F+US+%2F+Business+News%29
http://www.bloomberg.com/news/2011-04-20/banks-await-foreclosure-deal-s-financial-terms-as-states-split.html
“afraid much? did you just buy or you can’t sell? if you lost equity the fed will bail you out”
C4, No, wrong, wrong and not true. 0 for 4. Horrendous.
jj (155)-
Is this your weekend for chocolate wrestling at that strip joint off I-81 in Pennsyltucky?
chi (158)-
I could fill this blog everyday with stories about people he has completely screwed over.
Geez, David Bouley makes Flay seem like a priest.
Only thing wrong with Flay is that he’s a shoemaker.
“Neanderthal is on the doom light side of the fence and “believes” in america”
Doom light yes but also devils advocating makes for deeper discussion/deliberation. Just because x is in decline or deteriorating, which we can all agree on – or not, doesn’t mean collapse in y.
Things in motion tend to stay in motion.
Just saying.
West, your predicament of having to pay taxes isn’t something unique –many in the past generations have paid their taxes, which provided money for creating things immensely useful for others. You make it sound like you are being punished for being successful and rest of the country or world is leeching. Your effective tax rates aren’t unusually high; in fact, they are most likely at the lowest levels since the 50’s.
Your posts remind me of the ones that went like, “I am off to work to pay for your lifestyle” type, from people that later lost their jobs… Why tempt fate? An after-tax return of 142% [230% with a tax of 38% (28 fed + 3 medicare + 7 state)] is something many will find really great, so cheer up. Most likely, the taxes you are paying are propping up the banks that in turn create bubbles (I think precious metals is a bubble) that benefit you…
“Think about it, there is very little diversity of opinion here, it’s a singular drum beat”
clock you don’t have a clue. the drums here saved me and my family from being over $150k underwater, and the declines ain’t done yet. Second reason you don’t know anything is that owner of the blog is homeowner, actively looking to buy another. There is plenty of diverse opinion but you have to be willing to explain it and then back it up with some sort of evidence or logic. If any of us wanted tobe spoon fed rosy outlooks all day, we could just watch cnbc.
Hobo,
Crimex? Sounds familiar, no?
6$ Gas by Summer?
April 20, 2011
By Jeff Cox, Staff Writer, CNBC.com
A dollar plumbing three-year lows is hitting Americans squarely in the gas tank, and one economist thinks it could drive prices as high as $6 a gallon or more by summertime under the right conditions.
With the greenback coming under increased pressure from Federal Reserve policies and investor appetite for more risk, there seems little direction but up for commodity prices, in particular energy and metals.
Weakness in the US currency feeds upward pressure on commodities, which are priced in dollars and thus come at a discount on the foreign markets.
One result has been a surge higher in gasoline prices to nearly $4 a gallon before the summer driving season even starts, a trend that economists say will be aggravated as demand increases and the summer storm season threatens to disrupt oil supplies.
“All we have to have is a couple badly placed hurricanes which could constrain some of the refinery output capacity in some key locations,” says Richard Hastings, strategist at Global Hunter Securities in Charlotte, N.C. “If you get weakness in the dollar concurrent with the strong driving season concurrent with the impact of one or two hurricanes in the wrong place, prices could go up in a quasi-exponential manner.”
Using a model that combines “subtle rates of change” with movements in the dollar index and commodity prices, Hastings figures the low dollar is responsible for about one-third, or $1.31, of the total gas-at-the-pump cost. Regular unleaded Wednesday was $3.84 a gallon nationwide, according to AAA.
While there’s far from unanimity about the dollar’s future course, the proportionate contribution that currency weakness makes to oil prices is clear.
The dollar as measured against a basket of foreign currencies has dropped 6 percent this year, while regular unleaded gasoline is up about 28 percent.
Gas prices also have been boosted from turmoil in the Middle East which in turn has triggered a wave of speculation that traders estimate has added about $15 or so to the cost of a barrel of crude, which is now teetering above the $110 mark.
Hastings sees gasoline having “no problem” getting to $6.50 a gallon over the summer after increased demand and storm disruptions come into play
Ms. Wantanopoulos is feeling a bit feisty these days.
“One of the more interesting “war zones” that most have never heard of is not in North Africa, nor in the Middle East, but in Greece. Meet Keratea, a small city of 15,000 people located close to Athens, where after over 100 days of struggle between authorities and the broder population, the riot police has officially decided to abdicate the city to its fate in what is the first popular mini-revolution in the developed world. From the Independent: “As explosions boom, the town’s loudspeakers blare: “Attention! Attention! We are under attack!” Air-raid sirens wail through the streets, mingling with the frantic clanging of church bells. Clouds of tear gas waft between houses as helmeted riot police move in to push back the rebels. This isn’t a war zone, but a small town just outside Athens. And while its fight is about a rubbish dump, it captures Greece’s angry mood over its devastated economy. As unemployment rises and austerity bites ever harder, tempers seem to fray faster in Greece, with citizens of all stripes thumbing their noses at authority. Some refuse to pay increased highway tolls and public transport tickets. There has been a rise in politicians being heckled and even assaulted. Yesterday, in Thessalonika, scores of activists were arrested after violent clashes with police.” Meet the new and improved face of austerity: now in a small town in Greece, which is about to default all over again, and soon in many other places in the increasingly more insolvent European periphery.”
http://www.zerohedge.com/article/meet-keratea-greeces-war-zone
“people with anything to say of value are paid for their views, speech, & opinion. Paid well I might say. ”
Im sure grim can charge you to read here if you really think it will make it more believable.
Hobo, you’re a pisser.
“You make it sound like you are being punished for being successful and rest of the country or world is leeching. ”
As long as liberals insist on “progressive taxation,” then here will be people leeching off of others. If we all pay the same rate, the charge would not hold. In a situation where those of us in the top few percent of income pay for 80 or whtever percent of the cost of running the country — an are picking up the tab for all the socual welfare benefits for those unable or unwilling to provide for themselves and even their children — it is not unreasonable that we who are paying through the nose are not thrilled about it. I have to deprive my children of things in order to pay for other people; and you want me to be happy about it? As for the folks who pint to the high top rates in the past, puhleese! Tht was also a time when there were loopholes large enough to sail a luxury ocean liner through.
I have no problem paying many times what other people pay in taxes. Our household is blessed by an income I never could have imagined when I was shivering in the dark in a house with no heat and not enough food. That said, my last dollar earned is no different than anyone elses and they should all be taxed the same rate.
Oh, and West, Mrs. Shore and I want to go to dinner tonight. Can we stop by a little later? We need some cash and I hear you are loaded.
“6$ Gas by Summer?”
Heck, bring it on. It will reduce the number of unnecessary trips and reduce the crowding on the road.
If we get $10 gas, it may even be possible to travel from Avon to Toms River on a Friday evening in less than 2 hours.
Hey, NJC, got the cabana open yet?
185-
Well said, (If the only available option was to have an income tax, and I can’t stress that enough)
I’ve always liked the idea of having flat percentage, on income from all sources, above an amount like double the poverty level.
Also, why is the concept of a flat tax (a flat amount, not flat percentage) never discussed?
For example, in theory, every single person benefits the same exact amount from a national defense (not trying to get into the benefit people derive from the MIC). So a flat capitation tax would seem 100% fair.
About the tax on gains from silver/gold…
If you believe (as I mostly do) that the rise in silver/gold more accurately follows price inflation (cost of living) then the CPI and let’s say investing in TIPS… then (with either investment, PM’s or TIPS) no matter where you put your money- you are guaranteed a loss, after tax, after inflation. As long as the tax is above 0%, you will have a loss in real terms.
“6$ Gas by Summer?”
Bull market in Sailboats?
Shore, using this logic, why stop at same rate? One can push for same amount in taxes [completely regressive] — once one naive fresh off the boat kiddo from India asked me about that…
My main peeve is about people pushing for sudden change of rules in the middle, especially by the banksters. It’s one thing to debate whether Clinton era rates are better or W’s rates should continue, but it’s completely out there to start with “all taxes are evil” and “zero is the right rate”. The rate that West was complaining about (38% — 28% fed + 7% state + 3% medicare tax) total is close to “median” marginal tax rate (25% fed + 7.5% FICA + 4% state), and with available options to make it much less — by 13%, that too only payable when the gains are realized.
To complain about that rate while announcing a 230% gain is a bit silly. I think if I win a lottery and complain about the taxes, it would be equally silly. Oh, he frequently does make a point about how loaded he is, so you can probably start with reciting some Ayn Rand mantras and see where it goes.
Joyce 189
The tax code is a favorite social engineering tool and political favor dispensary, that you would have to hang a few congressmen before anyone would ever consider shutting down by going to a flat tax.
A flat tax is pretty much antithetical to the way the US government current functions. A flat tax wipes out decades of constructed social engineering! How dare you even suggest such an action.
Per Gallon Gas prices should be Tiered. $6 for Passenger Car, $12 for Truck Based SUV’s, $18 for Light Trucks, $24 for Heavy Trucks. That should help cut down on fuel consumption, and traffic congestion.
SAS3
your position seems to be based on the concept that the income belongs to the state not to the individual. If that is the case then there is unlikely to be any common ground between you West or Shore, as both of them are clearly in the camp of the income belonging to the individual.
You consistently argue that we should all be grateful for what we are allowed to keep, yet it is the labor of the individual that produced the income in the first place. And yes there are always a handful of extreme outliers who will make huge incomes simply by who they know or how they are connected, just as there will always be poor people.
Tough Love, Save Money
EASTON, Pa. (CBS) — Authorities say a Pennsylvania teen who pulled two of his own teeth with pliers needed emergency surgery because his father wouldn’t take him to the dentist.
Francisco Torres, 41, surrendered to authorities Tuesday after his 14-year-old son used pliers to pull out two of his own teeth to relieve months of pain.
Torres didn’t take the boy to the dentist – saying he has neither insurance nor a way to get there.
Easton Police Detective Chris Miller says the boy began complaining of pain in two molars last summer.
“Finally around Jan 16 or 17, the child has so much pain he goes and gets the pliers and pulls one out and then the other,” said Miller.
But shards of broken teeth were left behind – and the child required surgery to remove them and to repair his gums.
SAS3
To complain about that rate while announcing a 230% gain is a bit silly. I think if I win a lottery and complain about the taxes, it would be equally silly.
Why does the state have any arbitrary claim on the income? The state had nothing to do with you winning the lottery or West make a 280% on an investment ( the state pretty much everything to do with West’s metal gains, they are the ones buggering the $).
“Things in motion tend to stay in motion.”
Ha, but what ever happened to cyclicality?
196 confused, that just had to be in easton, didn’t it?
Kettle, lottery is state run, sorry man
Gold $1,506.60 $1,507.60 $7.70
Silver $45.57 $45.62 $1.09
USD 74.27
Madness.
Al
http://people.rit.edu/ash8744/imm/media/this-is-sparta-7.jpg
“Hey, NJC, got the cabana open yet?”
“cause down the shore everything’s all right
You and your baby on a saturday night
You know all my dreams come true
When I’m walking down the street with you”
Al [201],
Everything that dies, someday comes back.
Ket, I think there is a very good role for the government (defense, regulations, science and technology, arts, etc.) and I think there should be some basic safety net for people — people that aren’t fortunate shouldn’t have to starve or sell themselves. All these cost money years ago and still cost money. At any point the then current earners pay their share (note that the share hasn’t been going up at all — at least over the past two decades).
Taxes have been trending lower — which will result in more deficits and will necessitate sharp tax increases later on — making those suckers pay way more. I think the John Galt wannabes think they “earned” the right to pay lower taxes now at the expense of the next generation.
My belief is that deficits and taxes should be actively managed so that drastic raises don’t become necessary in the future. W’s tax cuts created big deficits… future generations will pay through higher taxes or baby boomer retirees will have major cuts to medicare and SS benefits. The ones that received major tax breaks from W’s era will be the first to wave a US flag and bolt to Dubai.
“W’s tax cuts created big deficits…”
If you go back, pre GWB tax cuts/1999, and didn’t adjust, we would have approx $70B more in treasury receipts today. That’s assuming capital didn’t flee. You’re pissing in the wind.
Lone, 70B/yr over a decade is nothing to sneeze at… Add medicare part D, and O’s new tax cuts, we are looking at well over $1.5T!
I call BS on the capital fleeing because the taxes stayed at the same rate as late 90’s. Capital didn’t flee in 1999 and absent W’s cuts, why would capital suddenly flee in 2000 and 2001?
Is there any negotiating with a bank if they counter a short sale offer? Or is their viewpoint usually take it or leave it?
don’t forget Iraq, Afghan, DHS,
199.Neanderthal Economist says:
April 20, 2011 at 9:08 pm
196 confused, that just had to be in easton, didn’t it?
Sad wherever it occurred, although Easton is a lot poorer, then days gone by. Easton actually was very nice in the 50’s.
Well, the essentially Randian argument that the high rates discourage the productive activities holds only certain amount of water. Specifically, I don’t see why speculation in precious metals ETFs is a productive activity, and don’t see anything wrong in its getting discouraged via the tax code. For that matter, I don’t think that the preferential treatment of the cap gains from any passive investment is fair or productive – and I think that such gains when above a certain threshold should be taxed at a higher rate than the earned income. Low cap gain tax rates had been set up to reward people for starting and growing the businesses, not for having enough spare time during their working hours to trade commodities, stocks and futures on the side.
#185 Shore
I leave the rebuttal of your 80% to one of Noms sources. I think Tax Prof for Jes us will have to go to the wood shed for this one.
America’s Tax System Is Not as Progressive as You Think
http://taxprof.typepad.com/taxprof_blog/2011/04/ctj-.html
Shore, dinner would be a pleasure, undoubtedly interesting conversation. I’m not a good enough cook myself, but I’d be willing to treat a several to a meal at my favorite Sichuan place, China Chalet in Florham Park.
Added, I enjoy your blog! :)