From Bloomberg:
Purchases of New Homes in U.S. Probably Held Near Record Low
Purchases of new houses probably held close to a record low in April, showing the real-estate market remains a weak link in the U.S. expansion, economists said before a report today.
New homes sold at a 300,000 annual pace last month, the same as in March, according to the median forecast of 75 economists surveyed by Bloomberg News. Purchases sank to a 270,000 pace in February, the weakest in 48 years of data.
The prospect that foreclosures will keep driving down property values means that buyers may continue to shun new houses in favor of previously owned dwellings, hurting builders like D.R. Horton Inc. Unemployment at 9 percent, stagnant wages and credit restrictions add to the headwinds, signaling a housing recovery will take years to unfold.
“Until that overhang of existing homes works its way down, new-home sales will remain depressed and construction as well,” said Steve Blitz, a senior economist at ITG Investment Research Inc. in New York.
The Commerce Department’s report is due at 10 a.m. in Washington. Estimates in the Bloomberg survey ranged from 280,000 to 320,000.
…
Douglas Yearley Jr., chief executive officer at Toll Brothers Inc., the largest U.S. luxury-home builder, last week said the spring home-selling season has been “disappointing” and that “people are still scared.”
Good Morning New Jersey
Is the food any good?
http://www.toastmontclair.com/
Foggy this A.M. Some Thunder Storms last night.
#2 – Pretty good breakfast joint, they usually have an interesting special (red velvet pancakes, sweet potato pancakes).
Toast will be toast if they open, as planned, in Asbury Park.
Montklair should be renamed Toast. Or, Gulag.
Menu looks good, want to try the homemade corn beef hash, now I’m hungry thanks NJ Toast!
Peoples’ Reeducation Zone?
Feh. The beef is probably wheat gluten.
Hobo did your daughter like playing on our field?
Builder better change their designs. More yard less house and close to mass transportation. Who would want to buy a house anyway when our country in 3 wars and trying to start a 4th with nuclear armed Pakistan?
Sign of apocalypse: Steven Rattner on CNBC right now, flogging the Nasquack.
Yeah, no bubble there, pal. It’s all sustainable.
Hobo I gather it is top of the line stuff, know very little about synthetic fields surfaces.
the menu to me looks like processed crappy cheap carbs, made to sound good. This place is for slobs. Ohh I know they have steel cut oatmeal, sorry thats carbs too!!!! Better off making some nice eggs at home! Its cheaper and probably better in taste and carb free!!
mike (10)-
She thought the field was great. However, somebody might want to ask the taxpayers if they like it to the tune of 11K in property taxes for a 3BR shitbox.
rather (14)-
Pooh on you. You know the Peoples’ Republic has to fatten up the lardassed layabouts before giving them their free pool passes.
It will soon be swimsuit season.
Hobo 15 they are clueless at the board of end(not a typo). On a hopeful note my friend just became mayor,we changed from town manager to a strong mayoral system. He gets it, hope he is successful cutting the pork.
I remember Peter Fonda saying something like this in an interview many, maybe 20, years ago:
“I like living on my boat, because I own my boat. A lot of people think they own land, but they don’t. If you don’t believe me, just stop paying your property taxes and you’ll find out who really owns your land.”
NJ RE taxes are like an infinity year ARM.
…or I guess really a 1 year ARM with an infinity duration.
According to the Federal Reserve, all financial instruments and policies now have infinity duration.
Kickus the canus. So simple, so classic.
Nj Expat can’t ARMs go down, not so with property taxes.
Just cruised the MLS. A lot of price reductions over the weekend, and many of them are substantial (not the usual 1-2% reduction).
Barb no one will be spared
Edumucation Bubble anyone? According to NY Times 50% of 2009 college grads are either unemployeed or working at jobs that don’t require college degrees. Wait a minute, I thought education is the best investment.
http://tinyurl.com/3unbf4w
25. No M series BMWs are the Best Investment. Education is only good if it helps you get a job. Reading is only worthwhile if it helps you to be more productive. Writing can be construed as a waste of time if you are not blogging. And so on..,
Screw it. It’s all a waste of time.
We basically live in 1934 redux…with a better social safety net that allows the real extent of the poverty to be masked.
Even better my friend who was invited last minute did not have a blazer or dress shoes, so he went to saks in southampton bought a jacket and shoes, slowly pealed label off bottom of shoes, scotch taped jacket tag. He pulls up to party in his used porsche convt and gets out in his socks and does not put shoes and jacket on to he is on the grass.
So there is an auction at event, me and buddy figure out there is a sweet science to bidding, bid towards end once or twice so you seem a playa but bail out so you don’t win. I was bidding and I recall I went a little to far, and I get going going, I look up and susan luchi, the kennedy kid form AMC, John John, Christina Lawford even god dam Chuck Scalborro are all staring at me as the high bidder and time stood still, then someone tops me last minute right before I almost pooped in my white linen pants. Of course buddy keeps up game and he does a bid on having lunch and playing a round of golf with a rockerfellow at his private club. He gets going once, going twice and is loving the attention with celebs checking him out then they go SOLD. Me and him had maybe ten bucks between us. They took credit cards so it was like a few hundred bucks. He had a good time though. Next day he returned shoes and jacket, girl goes are these used shoes? He goes look I wore them a lot around house, girl goes no way, finally girl gets him to fess up he wore shoes to kennedy house and can’t afford them cause he bid too much on a golf thing with the rockafellows, she took them back.
Sadly half the kennedys are dead.
Comrade Nom Deplume says:
May 24, 2011 at 1:20 am
[108] JJ
Ah, this is classic JJ
“Was told players park on sidewalks in Brooklyn. However, the Kennedy’s in Southampton were not amused when I tried to park on their front lawn with explanation the driveway was full. No wonder Arnold cheated, what a stuck up bunch. What am I to park on street with Hoi Polli? ”
JJ, I had no problem parking at the Kennedy Compound in Hyannisport. The last time I was there, I really had fun frying Joe Kennedy’s onions for getting my name wrong. And I was surprised Kerry remembered me from the same party a year prior. She’s a riot.
jj (28)-
Nah, man. The Dead Kennedys are still together.
Oh. THOSE Kennedys…
Sorry.
29. Yeah, we had great parties with kennedy klan. White only invites. If you impregnated a girl, her body was supposed to be dumped to the river. Teddy screw up that, though.
so who’s selling their equities? This spring and summer are starting to look ugly…
Whipped not selling everything only the non-performers.
888 US banks on FDIC problem list.
A college “education”:
1. It always goes up in value, that’s why it’s ok that it always goes up in price. Way up.
2. Since it goes up so fast in price, better get yours now while you can still afford it. You don’t want to get priced out of a fabulous white collar future.
3. Easy financing available, and available to everyone.
4. It’s the American dream
Sound familiar?
make money says:
May 24, 2011 at 9:12 am
Edumucation Bubble anyone? According to NY Times 50% of 2009 college grads are either unemployeed or working at jobs that don’t require college degrees. Wait a minute, I thought education is the best investment.
(28) jj
Classic.
We once won a celebrity golf round at the uber exclusive Brae Burn club in Newton. The first tee was in front of the members porch. I wad sweating it a bit, but I gripped it and ripped it right down the middle, just behind our celebrity. He said, wow, nice shot, and I said it would be the only fairway I hit that day. I was right.
Recently attended a family function a Communion party. Everybody was dressed pretty much business casual. It used to be suit & tie for men and dresses for women for baptisms and communions but lately it has become more and more business casual. The party was low key with a buffet with a DJ at a reasonably dining hall in a middle class NJ town. Kids were mostly playing outside with toys provided by the host family. There was one person attending on the other side of the family who was there in Nike basketball shorts, sneakers and a ugly tshirt. Guy looked to be about 38, overweight and he proceeded to gorge himself the entire time on the free liquor and the food. I even witnessed this guy cut the kids off in the food line and the desert line. He spoke to only a few members of his family and did not even give me a proper greeting when I said Hello.
I cannot imagine how someone has the guts to show up to a family function dressed like that, and just sit there and act like a real live pig. I don’t care if he was on drugs, recently lost his job or was recently divorced you still put on a pair of pants heck even jeans and a collared shirt for a family function and show a little respect for yourself and your family. My family no matter how broke and poor we were always put on our best pair of pants even if they were bought at Kmart and a simple white shirt and shoes even if they had holes in the bottom that were taped shut.
I mentioned to a cousin that I might as well keep my gift since fatso cannot even wear pants and I no longer want to come to these things since I am the one of the few who even wears a tie anymore. He told me we should stop marrying Italians into the family and I told him I agree.
I like the idea of living on a boat. In fact that’s my retirement plan. Of course a trailer on an acre of land somewhere other than jersey will be necessary.
(28) jj
When I was 18 years old I was working at a McDonald’s in Rockaway, NJ over the summer. The Rockaway mall was brand new and somebody got me to apply for a Bamberger’s credit card. They actually gave me one. I used it for all my college years as a merchandise library card. Blazers for dates, car stereo for Fort Lauderdale spring break, most expensive binoculars for US Grand Prix at Watkins Glen. Returned it all. Never risked shoes, though. I once needed money to take a girl out, and by then I had 3 department store credit cards and kited a $50 check for 2 or 3 weeks before I got a summer job to pay it back. I noticed that if I wrote a check at a department store it didn’t clear my bank for 4 days. Write a check at Bamberger’s for cash at customer service. 3 days later write a Check at J. C. Penney’s and deposit the cash to cover the Bamberger’s check. 3 days later write a check at Sears and deposit the cash to cover the JCP check. Luckily I had a bank branch also at the mall. It still got kind of old real quick, I was glad to finally get a job as I was running out of money to buy gas to go to the mall every 3 days.
Juice Box,
Ever stop to think that was his best clothes?
Juice Box
You should refer him to the first episode of this season’s Real Housewives of NJ
They really know how to dress for a communion- and how to throw one….Oh my GAAAAWD!!
A college “education”:
1. It always goes up in value, that’s why it’s ok that it always goes up in price. Way up.
2. Since it goes up so fast in price, better get yours now while you can still afford it. You don’t want to get priced out of a fabulous white collar future.
3. Easy financing available, and available to everyone.
4. It’s the American dream
I recognize your sarcasm and would like to help you put a bullet in the first point you made. Education doesn’t always go up in value, case in point, recent graduates are making less money now for the same degree, thus the degree has fallen in value.
Research, Policy, and the Future of Financial Education
http://www.federalreserve.gov/newsevents/speech/duke20110524a.htm
The financial crisis and the slow recovery from it has obviously had a dramatic impact on the financial decisions made by American families. Many now have fewer financial resources and limited options. The pace and timing of their saving and investing life cycle has also been disrupted.
…
In addition, starting salaries for recent college graduates have also declined, which means that young Americans who are employed will have fewer resources for saving and investing than their predecessors. Young people are living with their parents longer, which helps conserve their limited resources but likely places a strain on their parents’ budgets.
nick you have a future in education bubble blogging
That federal reserve speech just gets better an better. Here is another quote about high gas prices affecting families decisions. I think that this lends itself to yesterdays discussion about gas prices.
Similarly, the recent increase in gasoline prices has affected consumer choices in housing and other purchases, big and small. Family incomes have not kept pace with rising costs and many families, particularly those with low-to-moderate incomes, are actually facing the decision between buying gas to drive long distances to work and paying their mortgage. During the housing boom, when gas prices were much lower, potential homebuyers moved steadily farther away from employment centers in search of more affordable homes. This was referred to as the “drive till you qualify” method of home buying. Foreclosures remain high in these areas where the cost of driving to work has become so great.
(42) Nicholas
You’re preaching to the choir. The game is completely upside down now. In 1977 tuition, room, and board at Rutgers was $2600/year. Take as many credits as you want, the only thing extra you really needed was books and lab fees on top of that. If you majored in Engineering, your first job was easy to get and starting salary was more than DOUBLE the ENTIRE cost of a college education. No brainer. Nowadays if a recent graduate is lucky enough to get a job it’s guaranteed to be at a FRACTION of the total cost of college. Take a private school at $50K + ~$30K of lost income x 4 years = $320K. There has to be a point where it just doesn’t make for a good financial move at all and I think we are well beyond that point. It’ll only take a couple more years of kid’s graduating with a mortgage and no house or job to show for it, just the debt, before something breaks in a big, bad, way.
New home sales unexpectedly hit a 4 month high!
The average out of pocket tuition at hunter college in Manhattan is $250 bucks a year. So $1,000 for a four year degree. Cheap. Baruch is like 21K for a combined BS/Masters at full tuition no schlorship. Cheap.
From Bloomberg:
Sales of New Homes in U.S. Rose in April
Purchases of new houses rose in April to the highest level this year after plunging to a record low two months earlier.
Sales climbed 7.3 percent to a 323,000 annual pace last month, figures from the Commerce Department showed today in Washington. The median estimate in a Bloomberg News survey of economists called for sales at a 300,000 annual rate, unchanged from the prior month. Housing prices rose from a year earlier.
…
Estimate in the Bloomberg survey of 75 economists ranged from 280,000 to 320,000. Sales in March were revised to a 301,000 annual rate from a 300,000 previously reported. New houses sold at 278,000 rate in February, matching the pace in August as the lowest in data going back to 1963.
…
The median sales price increased 4.6 percent from the same month last year, to $217,900, today’s report showed.
The gain may reflect a change in the mix of sales to higher- priced homes in the West, where demand jumped 15 percent. The other three regions also saw purchases increase.
The supply of homes at the current sales rate dropped to 6.5 month’s worth in April, the lowest in a year, from 7.2 months in March. There were 175,000 new houses on the market at the end of April, the fewest since records began in 1963.
U.S. students are enamored with the thought of “going away” to college so they can be “independent”, party and climb the rock wall. It’s not the college; its the degree and the student that makes all the difference…go to school at a nearby non-flashy school, live at home, get good grades and save your money..plenty of kids with me in medical school who attended community colleges and local state schools
MLS 2853889
This home was foreclosed on, then sold several months ago for something under 300k. Fixed up and now back on the market for sale.
Is this database just slow on updating recent transactions?
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0721&block=2608&lot=8&qual=
Sales of New Homes in U.S. Rose in April
How? The weather was terrible!
I don’t understand all of the negativity regarding college degrees. For most moderately to highly intelligent people who aren’t craftsmen, it can provide a positive economic return.
This study gives some facts:
http://cew.georgetown.edu/whatsitworth/
Of course, if you are an idiot and spend hundreds of thousands to study a field in which there should be no jobs, (e.g. race-studies) you can get a negative return. But there are many fields with a positive ROI. The main thing to teach kids is that college is an investment of time and money and needs to be treated as such with a goal kept in mind. It’s not an entitlement, or a lifestyle, or a present you get for graduating high school.
Whipped, 48
Amen to that! I was in med school with cornell grads, princeton grads, tufts grads, you name it. My dad paid my at home, in state rutgers tuition and I worked (usually with him installing appliances) to pay for books, gas, insurance.
NJMS loans (in state, at home) — came out with 68K in debt. Ballooned to >100K after interest was factored in (deferment, forebearance.) Kept writing checks for 20K and 30K at a time to repay it after residency.
Lived in a one BR, utilities included rental in Millburn for $750/mo for 9 years but left there debt free.
sl
re: #40 – Whipped joke is on the TV viewers. Seems even the bent nose crowd has changed all of the rules no more hiding in social clubs in Paterson or Newark just hide in plain sight on TV.
WASHINGTON – The number of banks at risk of failing made up nearly 12 percent of all federally insured banks in the first three months of 2011, the highest level in 18 years.
That proportion is about the same as in the October-December quarter last year, though the increase in the number of banks on the Federal Deposit Insurance Corp.’s confidential “problem” list is slowing. The FDIC added only four banks to its list in the January-March quarter. That brought the total to 888 from 884. Banks on the list are deemed by examiners to have very low capital cushions against risk
Expat… if someone is worried about 30k of lost income right out of high school (setting aside the question about what job they would get at 17/18?), they shouldn’t drop in 50k in a private college.
The better way to look at it is, if someone is spending that kind of money for education, they should get something more from it — at least come out as a better person (the “replace empty mind with open mind” blah blah).
Starting salary or even career earnings are difficult to figure out at the onset of a college education. Some “hot” careers now become obselete in four years. Timing of career choices also makes a big difference: one could be a PhD physicist that ends up as a postdoc with 30k salary [and then end up as a high school teacher!] or as a quant making a lot of money, and look at the other careers with both jealously and derision simultaneously.
Would you encourage your kid not to pursue a college education? Short of a kid going to military, being a start athlete, or a hollywood star, I can’t think of many options. Even for managing family businesses, some education is useful.
Juice [53],
Yeah, you tell ’em! It’s those damn eye-talians!
44. OK, well “Rutgers”…I wouldn’t waste money there anyway. Agreed.
#48 That is what I have been saying for years. College is not all that expensive, and very doable that way. The problem with going away, in many cases, is the kids think they are grown ups now (except somebody else is paying their way), except they are not. Nothing wrong with living at home, going to school, and having a part time job; at least this way with a job you have one foot in the real world.
I know kids 22/23 years old, who have never ever worked a single day in their lives.
Finally the going away syndrome is the most common in NJ vs any other state. These kids go to state schools all over the country only to find that the overwhelming majority of the kids are from that state.
#44 The problem also now is that every run of the mill private school now is pushing 50K a year, absolute madness. Of course they sell themselves to the parents as we are almost like an Ivy League. Whether one buys the Ivy League premium or not, the fact is there is Ivy League, and that is that. There is no such category called almost Ivy League.
Silly home owners who have voted to increase taxes, and spend millions on school building projects, refuse to understand that these kids who have graduated in the last 10 years or so with staggering amounts of debt, ain’t gonna be buying over priced, over taxed houses any time soon.
#57 Yeah, so waste it at South Carolina Coastal University instead. Rutgers gets a bad rap in state, but is well respected outside NJ. Of course it does not have the bucolic campus setting, and a Starbucks on campus, so of course it does not rate.
Hobo, free pool pass hehe!! Yep, swimsuit season, so lets load up on our processed pancakes. Thanks for the reply!
sastry (55)-
No college education is required for being a nomadic hunter/gatherer, living on scrounged and found items, sleeping in the open and warming oneself next to trash drum fires.
Which is where all of us are headed.
Hobo your very sharp and funny, the dead Kennedys! I love reading your posts. Your quick, smart and sharp.
3b (59)-
Change that. They won’t EVER be doing this. My daughter figured out when she was 16 that she wouldn’t be able to afford to rent in a town nicer than Paterson, much less ever own a home here. She is already anticipating living in VA, MD or somewhere further south once she gets out of college. Hell, many of her friends who are already in college don’t even come back for the summer. They can’t find jobs.
“Silly home owners who have voted to increase taxes, and spend millions on school building projects, refuse to understand that these kids who have graduated in the last 10 years or so with staggering amounts of debt, ain’t gonna be buying over priced, over taxed houses any time soon.”
rather (63)-
You sound just like the voices in my head.
Went to a party in Garden City LI this weekend. Saw tons of nerdy, white waspy/jewish 40-50 year old rich guys with young hot wives, most of who would have never talked to them when they were in their 20’s. I doubt at best the girls had a local bs college degree, most community college, meanwhile they have brand new cars, million dollar homes, summer houses.
America is a tough place to live if you are dumb, have no personality or not good looking. Only way to top is to be smart and good looking. The alternative is for a smart person to marry a good looking person.
You never see a broke good looking person marrying a broke good looking person.
Guys/Girls today want to take Jersey Shore route to be rich with no work, back up plan is to marry rich. Hard work and education is for nerds and foreigners.
To cut to the heart of it, the real issue is fostering a sense of intellectual curiosity coupled with ambition. The concern is attending a school with a huge sticker price and small endowment. That means one of two things….either rich kids that are average/unfocused (recipe for academic mediocrity), or else huge loans for just a typical kid (undue burden). I have a good list of these schools…..I would have to place Fordham and Seton Hall way up there on the pure shite…..not in the past, but for today’s high schoolers…..total waste of time and money…..even brand names such as Syracuse have a lot of fking balls charging $60K+ all-in per year to graduate a lot of knuckleheads……not everyone, but too many at that price…..
3b says:
May 24, 2011 at 12:27 pm
#44 The problem also now is that every run of the mill private school now is pushing 50K a year, absolute madness. Of course they sell themselves to the parents as we are almost like an Ivy League. Whether one buys the Ivy League premium or not, the fact is there is Ivy League, and that is that. There is no such category called almost Ivy League.
Song Titles:
• California Ueber Alles
• Kill the Poor
• Jello For Mayhor
• Drug Me
• The Man With the Dogs
• Insight
• Let’s Lynch the Landlord
• Bleed for Me
• Holiday in Cambodia
• Viva Las Vegas.
Too Drunk to F&CK
What girl would want to hang out with guys with a small endowment?
chicagofinance says:
May 24, 2011 at 12:53 pm
To cut to the heart of it, the real issue is fostering a sense of intellectual curiosity coupled with ambition. The concern is attending a school with a huge sticker price and small endowment. That means one of two things….either rich kids that are average/unfocused (recipe for academic mediocrity), or else huge loans for just a typical kid (undue burden). I have a good list of these schools…..I would have to place Fordham and Seton Hall way up there on the pure shite…..not in the past, but for today’s high schoolers…..total waste of time and money…..even brand names such as Syracuse have a lot of fking balls charging $60K+ all-in per year to graduate a lot of knuckleheads……not everyone, but too many at that price…..
I read an article recently, IIRC, that quantitatively compared the quality of life of one who pursued the trade of plumbing versus a college education. I forget the particulars (public or private, amount of college debt, etc.), but financially it came out as a wash. I’m not naive, I’m sure that’s probably how the author wanted it to come out. That’s not the point, anyway. My point is merely this:
At some price point, the cost of a college education is just too high for the large majority of students and majors, especially where DEBT is taken on. For a small minority it will always be OK even if it was a less than stellar financial choice at the time, let’s say for most all-cash buyers.
Let’s take public schools up to $50k/year and private schools up to $85K/year for arguments sake. Still worth it? How about $100K/year public, $200K/year private? At some price point measuring just the pure education received (not the official degree) a very few amount of students could hire their own professional instructors and receive a better education (talking pure book stuff here). Left alone the market will fix itself, offering up better options and I think that should be very soon. My kids are in 3rd & 1st grade, so I’m betting on a crash before my wife and I have to ante up. If they were of college age now, I’m guessing they would go to a state school. As they’ll be adults when they finally go, they will be free to make their own mistakes (loans), but I suspect we’ll arrive at some incentivized parent/child relationship that nets them a good education without incurring any debt.
sas3 says:
May 24, 2011 at 12:02 pm
Expat… if someone is worried about 30k of lost income right out of high school (setting aside the question about what job they would get at 17/18?), they shouldn’t drop in 50k in a private college.
The better way to look at it is, if someone is spending that kind of money for education, they should get something more from it — at least come out as a better person (the “replace empty mind with open mind” blah blah).
Starting salary or even career earnings are difficult to figure out at the onset of a college education. Some “hot” careers now become obselete in four years. Timing of career choices also makes a big difference: one could be a PhD physicist that ends up as a postdoc with 30k salary [and then end up as a high school teacher!] or as a quant making a lot of money, and look at the other careers with both jealously and derision simultaneously.
Would you encourage your kid not to pursue a college education? Short of a kid going to military, being a start athlete, or a hollywood star, I can’t think of many options. Even for managing family businesses, some education is useful.
chi (67)-
The vast majority of US skoolchildren who have innate intellectual curiosity have it completely removed by the time they are in 6th grade (except for the de minimus minority fortunate enough to attend the handful of private schools left in the US that actually encourage development of the intellect and critical thinking).
What we’re left with in so many instances are kids who- at best- are candidates for advanced vocational training both attending these 50K/yr. Chuck-e-Cheeses and expecting such schools to provide them both a DeVry/ITT set of job skills and a degree of sufficient cachet to impress the other imbeciles in their peer groups.
NJ Expat: don’t worry….the great awakening will occur before your kids get there….then next 10 years will be pain…..pure demographics….
And I should know. My daughter will be attending such a skool. At least it is virtually all on their dime.
The best thing my daughter ever did for her education and her future was pick up a lacrosse stick.
Wine gurus, Loius Jadot reds.
What say you? price range? someone gushed over this and am curious.
Sastry
Would you encourage your kid not to pursue a college education? Short of a kid going to military, being a start athlete, or a hollywood star, I can’t think of many options. Even for managing family businesses, some education is useful.
Trades. a master plumber, master electrician, master machinist. You will probably end up better off as any of those then the large majority of college degrees. And if you are truly interested in expanding your mind, there is nothing stopping you from picking up a few books in your free time.
Do we start our next war with Syria before or after the 2012 elections?
* UN SAYS SYRIA VIOLATED NUCLEAR AGREEMENTS
* SYRIA VIOLATED INTERNATIONAL AGREEMENTS, BUILT REACTOR
* UN NUCLEAR WATCHDOG EVALUATING NEW IRAN WEAPON DOCUMENTS
We better get Hans Blix in there stat!!!
I see that coming too. I fully expect my kids will work in a different country and we’ll retire there. All the best and brightest will eventually be heading for the exits leaving a gene pool here akin to a coal mining town, where, I hate to agree with JJ, but all the smart and pretty find their way out thereby ever decreasing the yield of the next generation.
chicagofinance says:
May 24, 2011 at 1:00 pm
NJ Expat: don’t worry….the great awakening will occur before your kids get there….then next 10 years will be pain…..pure demographics….
#67 I have friends who have kids who have graduated from public and private colleges, and sadly I have yet to see that intellectual curiosity, that was fostered when I went to my little college. I see lots of whiners, complainers,a nd slackers, who seem to feel because they went to college, that in and of itself means they are entitled to a good job, and forget about starting at the bottom. It appears to me that many have not learned one thing in college. And as I said some have never worked a day in their lives in any capacity. Of course now with the recession you can argue that jobs are slim, but still some of these kids could be bagging groceries, or something, but consider it beneath them; after all they are college graduates. Hey a buck is a buck, as long as it is honestly earned. Many of these young people, have no drive, no ambition etc. They are like zombies. So they sleep all day fart around all night, and time goes by. Ironically when I worked at GS, all the partners kids had summer jobs, or taught English in Central America etc. Nothing was handed to them. And many who came from a real privilege, were some of the most down to earth people I have ever met.
Poor N.J. districts must receive $500M more in school funding, state Supreme Court rules
http://www.nj.com/news/index.ssf/2011/05/abbott_districts_must_receive.html
The next wave of successful peeps will be resilient, multilingual, doublejointed, And carry a 4-6 percent BMI.
#76 My recently deceased Father in Law was a master carpenter trade school (Europe) no HS or College, was one of the most intelluctually curious people I knew. Embraced the internet in his 60’s, well read, travled etc.. The same with my Mom (before she passed) always reading always wondering about different things etc. I have found that in many cases the people who are the least formally educated turn out to be the most educated in so many ways.
Wonder how many more pre-school truancy officers we’ll get in Elizabeth now.
#64 Your daughter sounds like mine, in that they get the joke.
Sitting at EWR with a hyperactive 8yo, waiting for a cross country flight. Do I get a medal for this?
vodka (75)-
If you’re spending big $$$ on red Burgundy, there are excellent small domaines where the viticulture & winemaking are much more hands-on and the wines made in a much more natural manner (i.e., unfiltered). To me, that’s why you pay the money. Jadot is a negociant, relying almost entirely on purchased grapes & juice.
The above being said, you can build a pretty convincing case that Jadot is the best negociant in the game. My only knock on their reds is that they display a bit of a “house style” that might best be described as a bit overextracted, alcoholic and candied.
IMO, the best red they make is actually a Cru Beaujolais, from the Chateau Des Jacques in Moulin-a-Vent. In top vintages, it is incredible.
3b says:
May 24, 2011 at 1:22 pm
And many who came from a real privilege, were some of the most down to earth people I have ever met.
3b: all it takes is a few from real privilege, were are NOT some of the most down to earth people you have ever met to stick in your craw for a lifetime….I still remember being lectured by my junior year slampiece’s apartmentmates about what a shallow moron sellout I was for being a business major…this was in between their bong hits…..WTF…you stupid bichez….I hope the walls are even thinner than I think….
buck (80)-
The NJ Supreme Court will not rest until the middle class has been butt-banged out of existence here…or all rendered as poor as the poor slobs they misguidedly keep oppressing under the guise of advocacy.
3b (84)-
Yeah. And she gets that ultimately, the joke’s on us.
Problem with college for all is the bell curve does exist. And the top 5% and bottom 5% – perceive the world very, very differently from those in the middle 90%. The trick for those in the top 5% is to realize that, logically, there is nothing gained from reminding others that they are “smarter” or “better looking” than the rest.
The middle 90% must float through life. The bottom 5% are destined for failure. But our trophy for all Oprah society teaches us we are all the best.
The top 5% can be brains, looks, money, sports, and/or personality. The rare David Becknam, Tom Brady or Mark Sanchez type person has it all. Most are lucky to be in the top 5% in any of these categories.
I have a brother in law who is dead in the middle. Average job, Average looks, Average Personality, Average Coordination, Average Income. Has boring car, boring clothes, boring little ranch and does boring things and his two kids are average looking with no talent in anything but are average students.
Mr. Average cannot excel. Other than winning lottery his fate is sealed. Mr. Average is a good guy to have work for you. But when the boss quits he never gets promotion as Mr. Average is not a leader or a thinker. He is average.
Silver seems to have consolidated and getting ready to go parabolic again.
Boy, this is going to be one fun summer.
Bank stocks down, Treasury yields down, USD up, PMs up.
I’m gonna guess that this is a correlation last seen in the 1930s.
#89 Nah, the joke is on them, because our generation messed it all up for our kids generation.
Would you encourage your kid not to pursue a college education? Short of a kid going to military, being a start athlete, or a hollywood star, I can’t think of many options. Even for managing family businesses, some education is useful.
I have already counceled a few of my nefews to seriously consider not attending college. It is not only a waste of time for those who are not fully committed but a net drain on themselves, their parents, and the economy. The cost of attending college, even at the state college, has become unbearable.
I managed to get scholarships and grants and came away with 13k in debt for four years of education (2003 grad). Year over year 10% increases in tuition rates has brought the cost per year to some 23k or higher. The reality is that educating yourself is free. The only thing that college teaches you is how to pick up a book and read. Freshmen year you get 5 classes and they all repeat the same exercise, read chapter 1, answer questions at the end of chapter one….read chapter 2, answer questions at the end of chapter two, etc… By the time you reach your senior year and they are still repeating the same exercise you begin to understand that you were sent here to learn one thing: If you want to know the answer to something, pick up a book and start reading, converse with others about the topic, and find the answer.
I have just taught you what you will learn through four years of practice and you didn’t pay 100k for the pleasure.
As an engineer I can tell you that very little of what I did in school was applicable to any job. I designed an analog modem with a digital signal processing chip. I’m sure glad those skills came in handy when I actually made it into the workforce. Analog modems went out the door in the late 90s, TI doesn’t even manufacture that chip any more and the assembly language that I programmed it in is worthless. My time would have been better spent working on something else. It is the person, not the degree, that you should focus on.
JJ, at least in the US, your average guy can bask in the glory of being far wealthier than the average person born on the globe, thanks mostly to the capital accumulated in the US. That spread is increasingly narrowing, however, as geography begins to matter less in the global economy.
Sastry,
I agree, who wouldn’t advise a reasonably intelligent kid to go to college in the US. Even for a trade like engine mechanic, a community college would be an advantage, proving to employers that they know how to show up on time, besides possibly learning something.
But Sastry, what is the end you have in mind for this kid’s material progress – source of funding for the allmighty state, or this kid’s individual happiness in his/her own life?
In the world of high taxes and handouts, the economic argument for college, and all purposeful effort, declines.
young buck NJ Supreme court f*cks the rest of us for the democratic meat macines in the urban s*ckholes. If Christine had b*lls and not fat sacs hanging between his legs he would tell them to find revenue sources that don’t f*ck the rest of the state out of a fair and efficient educations. How high is number per pupil in those urban warzones again? Lets do a little calcultion ([cost per student * x students per class] – teachers annual numerical cost{salary +benefits}]) = actual cost of political graft per classroom in each urban school district. Example calculation (16500 * 30) – 120000 = 375000 really puts the ridiculousness into perspective doesn’t it for a population of non critical thinkers that our schools produce
JJ,
Let me introduce you to the 10-60-30 model for the new decade. You reward your top 10%. The remaining 60% are your average workers. The lowest 30% are headed out the door.
I think that this is why so many people are struggling today is because of the paradigm shift in the make up of “normal”. It is easier to get into the top echelons but it is also easier to get shifted out of the company.
pain (96)-
If Vietnam taught us anything, it should’ve been that you keep the numbers of poor, inner-city youth at manageable sizes by conscripting them to fight endless wars of attrition.
hobo isn’t that what we are doing now?
…and when they get gut-shot, you don’t move heaven and earth to try and save them.
Just ends up costing you tons of $$$ in lifetime veterans’ benefits.
pain (99)-
All-volunteer now. I don’t want some kid doing it for a buck or for his ideals; I want a nasty-ass dope slinger from Trenton out on the perimeter.
If we can get him hooked on dope while in country, all the better.
Hobo scary that I agree with you
What’s really scary is that the insane scenario I describe has happened before and may well happen again.
Funny how when central banking is introduced into any economy in the world, it’s not long until war becomes the central lever in policy action.
Funny part management focuses on keeping the 10% stars and pushing out the bottom 30% The middle 60% are forgotten. Luckily I am irreplacable. Now only if I could spell that word.
Nicholas says:
May 24, 2011 at 2:12 pm
JJ,
Let me introduce you to the 10-60-30 model for the new decade. You reward your top 10%. The remaining 60% are your average workers. The lowest 30% are headed out the door.
I think that this is why so many people are struggling today is because of the paradigm shift in the make up of “normal”. It is easier to get into the top echelons but it is also easier to get shifted out of the company.
One social theory (Confucious) sez that every so often a striver is allowed to ascend to a higher station in life. That way they can serve as a model for others at the lower end of society and they don’t simply give up.
Don’t get too comfy, jocko. We’re all expendable now.
Bailout for me; austerity for you.
Don’t worry. It’s for the greater good.
As for two attractive broke people hooking up: That was quite literally my wife and I.
#08 And modest too. By the way there is only room for one JJ here.
Silver bitchez!!!
Getting back to the college subject
everyone essentially knows the heart of the issue but fails to state it; Ted Knight said it best in Caddyshack: ” they need ditch-diggers, don’t they?”
-09.juzt tellin it like it is. Besides around here it’s more shameful to be BROKE than UGLY.
Pictures please? Not you the wife. Are you still broke?
Essex says:
May 24, 2011 at 3:35 pm
As for two attractive broke people hooking up: That was quite literally my wife and I.
You know come to think of it I have a mistress in NJ who said she has a good looking husband.
Essex says:
May 24, 2011 at 3:35 pm
As for two attractive broke people hooking up: That was quite literally my wife and I.
#112juzt tellin it like it is. If you say so.
As for two attractive broke people hooking up: That was quite literally my wife and I.
Since everyone else is joinging the internet bashing of Essex’s smugness regarding his own beauty, I will try my hand at it.
To a starving person anything tastes like a gormet meal.
Congrats Essex on you and your wife’s brokeness and corresponding mutual hotness.
broke-ness or brokeness
I’m now doubting that they mean the same thing. Sounded better in head.
116. That was 20 years ago. We are neither broke nor especially hot anymore.
#116Since everyone else is joinging the internet bashing of Essex’s smugness regarding his own beauty, I will try my hand at it.
You know what they say about beauty being in the eye of the beholder,?Well in Essex’s eyes he is beholding it.
#118 OK you have redeemed yourself.
This is intertesting. BoA data leak:
http://www.latimes.com/business/la-fi-lazarus-20110524,0,1687635.column
It’s chump change, compared to what the banks themselves have stolen from the public fisc.
funny thing is men married to good looking women cheat with ugly women. threfore you can’t win either way
This blog AINT for everybody….only the sexy people.
Bailouts for me, austerity for you.
That is no way to refer to your first cousin!
Essex says:
May 24, 2011 at 4:28 pm
116. That was 20 years ago. We are neither broke nor especially hot anymore.
The end is nigh (Suckas Edition):
“But what these folks don’t realize is their towns are sending seven to 10 times as much to Trenton in income tax, yet the Abbotts are getting 65 to 100 times as much back as the other towns are getting.”
TRENTON — The New Jersey Supreme Court ruled the state must pour $500 million more into schools — but only in 31 of the state’s poorest or most overtaxed districts.
The high court said the state breached promises to fully fund schools for three years, based on a court-approved formula. Gov. Chris Christie has shorted the formula by more than $3 billion statewide since taking office, and he has proposed shorting it in his upcoming budget. ( Read the decision.)
After the ruling Tuesday, Christie said he had a constitutional obligation to follow the court’s order, casting aside any possibility he might defy the court and plunge the state into a constitutional crisis. ”I’ve got to comply with what the court’s ordered because I have a constitutional obligation to do so,” he said.
The ruling was not the worst-case scenario for the governor’s budget proposal. Some had speculated the court would order the state to spend $1.7 billion in the upcoming year to bring the whole state in line with the formula.
But in a 3-2 decision, the court said its jurisdiction was limited to districts that have been represented for the past 30 years by the Newark-based Education Law Center in the case Abbott v. Burke. The law center sued the Christie administration last summer over the cuts.
The court said that New Jersey must spend $500 million more than planned in the 2011-12 budget year, which begins July 1, on needy districts in Newark, Paterson, Camden and Asbury Park.
The state has money to cover the new school spending, but fights are likely over how it will pay. Options include making cuts in the state’s roughly $30 billion budget, reducing property tax rebates, trimming a planned payment to the state pension funds and levying a new tax.
Christie tossed that responsibility to the Democratic-controlled Legislature, saying he done his part by proposing a $30 billion budget back in February. When lawmakers pass a budget, Christie said he would make “the appropriate amendments.” The Republican governor did not directly rule out a tax increase on the rich in his remarks Tuesday, although he reiterated his belief that it’s not the right way to go.
The decision is the latest in a long-running fight over school funding in New Jersey, which originated with the Robinson v. Cahill decision in 1973 when the court found it was unfair to rely solely on property taxes to fund schools. In subsequent decisions in the Abbott v. Burke cases, the court said the state had to spend more money on designated “Abbott districts” to bring educational quality up to par with suburban and wealthy districts.
In 2009, the court agreed to switch from special funding for certain districts to a formula that takes the characteristics of specific student populations into account. But the court said the state had to fully fund the new formula for three years. After taking office, however, Christie made massive cuts in funding in the second and third years of the plan, prompting the lawsuit.
Meanwhile, Christie has been on a quest to remake the state Supreme Court by replacing its members, drawing criticism that he is interfering with judicial independence. In the wake of Tuesday’s 3-2 ruling, the governor called the court “horribly fractured” and said one of the justices who ruled on the case was illegitimate.
Two justices recused themselves, and one justice siding with the majority is a temporary justice filling a seat after Democratic lawmakers blocked one of Christie’s nominees.
In New Jersey, Supreme Court justices are nominated for an initial term of seven years, and then are traditionally re-appointed for tenure until the mandatory retirement age of 70. Christie bucked tradition last year when he decided not to re-nominate a sitting justice.
Legislative reaction began pouring in soon after the ruling was announced Tuesday. State Sen. Ray Lesniak, a veteran Democratic lawmaker, said an increased tax on the rich was the only option. Cutting property tax rebates or other services would hurt the poor and middle class, he said.
“The way to go is to the wealthy folks who have been let off the hook and are not part of the shared sacrifice plan of this governor,” Lesniak said.
State Sen. Mike Doherty, a Republican who has been one of the most vigorous critics of the state’s method of funding schools, said his party members needed to start holding town halls to wake people up to what he described as the inequalities of the system.
“I believe that the so-called soccer mom out there has a feeling, ‘Oh it’s nice we’re taking care of poor kids,’” he said. “But what these folks don’t realize is their towns are sending seven to 10 times as much to Trenton in income tax, yet the Abbotts are getting 65 to 100 times as much back as the other towns are getting.”
Senate President Stephen Sweeney, a Democrat who controls the voting agenda in the Senate, said in a statement he wanted to bring all districts up to full funding, not just the Abbott districts
“it does not have the bucolic campus setting, and a Starbucks on campus, so of course it does not rate.”
3b, campus is beautiful, they have starbux and it rates in many ways. Rutgers is good deal.
JJ:
“I have a brother in law who is dead in the middle. Average job, Average looks, Average Personality, Average Coordination, Average Income. Has boring car, boring clothes, boring little ranch and does boring things…”
Someone that is so “average” in so many things is probably very unique (and I’d say lucky)…
West, regarding a kid’s material progress… a sound education/skill set, pleasant demeanor, and a good work ethic, should guarantee a “reasonable” life style. I would suggest a kid to set that as a minimum baseline target for income/quality of life (I fear it may even be a bit below what JJ calls “average”). Most people that are intelligent, educated, and hardworking will eventually end up at a point well above their baseline. Beyond that, exceptional material progress is difficult to predict or to prepare for — it requires a lot of things falling in place.
From JJ: You never see a broke good looking person marrying a broke good looking person.
JJ, the above are a main reason how we got in whole housing screw up. Or as you would say, the pretenders.
Expat… re 100k/200k college costs… I think at some point people will wise up and join some lower priced colleges that offer similar level of education at a substantially lower price (e.g. the public schools here are “good enough” for many compared to 25k+/yr private schools). If the private school costs were much lower (e.g. vouchers — probably a toxic topic), the balance starts tilting towards private schools. A balance is possible and definitely doable. All of my friends’ kids that are getting into college (from lib arts to engineering) got offers at private colleges with 50%+ tuition waivers.
Ket/3b…
“And if you are truly interested in expanding your mind, there is nothing stopping you from picking up a few books in your free time.”
I think most of the education will happen outside of the class and the book — college has some intangibles — interacting with other college students, professors, etc., even things like exams, project deadlines. Pure book knowledge can be a double-edged sword. There’s an Indian saying, “knowledge without a guru is not useful”. This doesn’t mean that one has to go to an “accredited four year college”. An electrician working for two years as an apprentice is in some sense “going to a vocational college,” while getting paid…
Nicholas, “As an engineer I can tell you that very little of what I did in school was applicable to any job.”
Someone told me this: at the end of the degree, the most important final product is you — not the thesis, not the grades. It may sound a bit cliched, but there is some truth to it. Reminds me of Randy Pausch’s head fake theory (worth checking out).
94.
Nicholas,
Buy you a beer for that post.
The smartest parents wont let their kids be cannon fodder for some bankster war. Its coming. I wonder which cities we are going to have to sacrifice?
A guy I know from our church, his wife is a recruiter for Bentley College, excuse me, Bentley University. She either just finished or is still on a multi-country South American recruiting blitz. I asked her husband what justifies the expense of recruiting foreign nationals face-to-face. Silly me. No financial aid, their families pay cash. $53K for this coming year.
Bentley:
http://undergraduate.bentley.edu/tuition-and-financial-aid/tuition-and-fees
Just doin our part to beautify the world:
http://www.psychologytoday.com/blog/the-scientific-fundamentalist/201101/beautiful-people-have-more-daughters
Thank Me Later:
http://www.buzzfeed.com/mrbabyman/amsterdam-bikini-barging-b7t
I just gave my wife the good news that this is the reason we have two daughters and went out on a limb to tell her that unless both Rob Lowe and I lower our standards we will never sire sons. She told me that she thinks Rob Lowe has only sons. Oh well.
Essex says:
May 24, 2011 at 8:32 pm
Just doin our part to beautify the world:
http://www.psychologytoday.com/blog/the-scientific-fundamentalist/201101/beautiful-people-have-more-daughters
A nice input for the clients in giving them overview on positive real estate sales for April.
#139 Put the crack pipe down.
#131 Leaving the Ivies out of the discusion, that is the whol point. There is no real difference in any of them. .
#128 Oh I agree I think it rates very well, putting it side by side to some so called better 50k a year private school. But some in NJ turn their noses up at it because it does not look like Harvard,so send the kid to Univ of RI which is the latest NJ must go to school, and tuition room and board is about 50K.
Pretty soon the Abbott schools will cost as much as ivy league unis. Hey why not when its other people’s money? They can spend 100k per kid per year, but the teachers, students, and admins will still turn out to be mostly garbage until their culture changes.
Futures looking “grim” , not to worry shorts in place. Let’s just cal it “pant down demand”.
3b 140 Today’s numbers a drop in the bucket look at YOY.
On path to riches, no sign of fluffy majors
http://www.washingtonpost.com/business/economy/if-money-matters-this-report-is-a-major-deal/2011/05/23/AF7r459G_story.html
In case anybody missed it:
http://newsfeed.time.com/2011/05/24/harold-camping-judgment-day-did-actually-happen-saturday/
chi (127)-
The guvnor is fugazy. Screw these corrupt, shithole schools. This is nothing less than the court declaring war on the middle class.
Folks, all we have here is even further proof that the only vote that counts is a vote with a bullet.
Court orders 500mm to be shoveled into an incinerator. Time to ventilate a couple of these buffoons.
The governor has no constitutional obligation to stand aside as a court of fools steals money from the citizenry.
pat (135)-
I bet these whores would take Hugo Chavez’ kids.
Note to Palpatine and Bonehead, please collect your dead canary from the coalmine.
http://www.politico.com/news/stories/0511/55644.html
3b (142)-
URI? That’s the best joke I’ve heard in ages.
Any school that would admit Lamar Odom is just an absolute joke.
gluteus (151)-
This is just proof that the idiot populace will vote itself bread and circuses until the whole rotten scheme collapses.
The preacher didn’t get the exact date right, but we sure as hell have entered the endtimes.
#36 Nom,
I’m playing Trump National in Bedminster next week. Getting a straight drive of the 1st tee is my only goal.
Would love to get a Biden 2016 sticker for the back of my Prius. I would slip the valet a Jackson for a nice spot in the car park.
Your car would be on blocks in Somerset by the time you finish your round.
I want Eric Sprott to be president. Even though he’s Canadian.
#153 Clot
I just found this game show on Spike. It gets a 5 star WOW.
http://www.spike.com/video-clips/325ai1/repo-games-wallace-tries-to-keep-her-car-from-being-repod
Clot,
A good example of why Fergie is hated by many. A lot of people want to know if Giggs will start the game.
http://news.bbc.co.uk/sport2/hi/football/13521267.stm
On a side note, I’m playing Trump with a guy that actually owns a footie club. They were in Division 3 when he bought them. He also has corporate seats for the Emiraties.