From the Philly Inquirer:
Area’s home prices increase slightly
Prices for single-family homes in the Philadelphia region rose 0.7 percent in the second quarter, the first increase since 2008 that was not the result of government intervention in the real estate market.
An analysis of data for Prudential Fox & Roach by economist Kevin Gillen, vice president at Econsult Corp. of Philadelphia, showed second-quarter prices rose 0.9 percent in the suburbs and 0.2 percent in the city from first-quarter levels.
Gillen’s suburban data cover Bucks, Montgomery, Chester, Delaware, Camden, Gloucester, and Burlington Counties, as well as Salem and Mercer Counties in New Jersey and New Castle County, Del. – the locales in which Prudential Fox & Roach sells real estate. The data do not include condo sales.
The modest increase came after three consecutive quarters of declines totaling an average of 11 percent since the April 2010 expiration of the home-buyer tax credit. What adds to the significance of the second-quarter rise is that it occurred without any assistance from the government.
Not every county saw prices go up: Delaware and Salem Counties fell 1.3 percent and 4.1 percent, respectively; Bucks and New Castle were flat. Of the counties in which prices rose, Camden County was up 0.6 percent; Chester, 1.5 percent; Burlington, 1.6 percent; Gloucester, 2.4 percent; Montgomery, 2.5 percent; and Mercer, 6.1 percent.
“With these most recent price changes, the region’s house values have fallen by a cumulative average of 19 percent” since the market downturn began in third quarter of 2007, Gillen said.
Single-family-home sales – there were 13,558 in the second quarter – are running 18 percent below normal, he said, and the average time to sell a house in the region was 100 days, down from 120 in the first quarter.
…
What he finds notable is that city home values (excluding condos) have held up better than those in the suburbs. From their peak in 2007, city single-family-home prices have fallen 16 percent; suburban prices dropped 20 percent in the same period.In the 1990-94 economic downturn, prices in Philadelphia fell 17 percent, while the suburbs dropped just 2 percent. City values have held up much better, even though the current downturn is more severe, Gillen said.
…
Outer-ring suburbs have seen home values drop more than closer-in suburbs. In the city, outer neighborhoods lost more value than Center City and adjacent neighborhoods.In the 1990-94 downturn, the average home in Center City depreciated 41 percent. Today, value has dropped an average of 13 percent.
“That’s enough to actually negate the underperformance of Philadelphia homes during the 1980-2000 period,” Gillen said.
“If you were standing in 1980, and had a choice between buying a random home in Philly and a random home in the suburbs, and then were to hold that home until today, the Philadelphia home would actually outperform the suburban home in terms of total appreciation.
“If you predicted that to anyone in 1980 they would have had you committed!”
Good Morning New Jersey
From the WSJ:
Home Listings Fall but Woes Persist
The number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.
At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago.
Shrinking inventory often is seen as a positive sign for housing because it usually means demand is rising, which often leads to higher prices. But in the current environment, the decline in inventory may instead reflect how the market remains anything but healthy. While sales are picking up in some cities, analysts say the sharp decline in inventory also reflects the slow pace at which banks are processing foreclosures.
The Wall Street Journal’s latest quarterly survey of housing-market conditions in 28 major metropolitan markets found inventory levels were down in all but three markets and were down by double digits in 16 markets in the second quarter, compared with a year ago. Listings in Miami were down 43% from a year ago and were off 30% in Washington, D.C. Several cities, including Charlotte, N.C.; Seattle; and San Francisco, saw declines greater than 20%, according to figures compiled by John Burns Real Estate Consulting.
…
If supply remains constrained, prices could stabilize. “We’re not at the end of the housing nightmare, but we seem to be getting closer,” said Jeffrey Otteau, president of Otteau Valuation Group, an East Brunswick, N.J., appraisal firm. But if banks accelerate foreclosures, inventories will swell again. Mr. Otteau says it is too soon to celebrate because “we are all expecting that foreclosure ‘tidal wave’ to begin sometime soon.”
Has the big dump begun?
From Calculated Risk:
FHA sells record number of REO in June
Earlier this year, Tom Lawler noted that the FHA was having REO inventory problems, and the FHA’s REO inventory increased in Q1.
It now appears the FHA REO problem has been solved. The FHA sold a record number of REO in April, more in May, and another new record in June.
According to HUD, the FHA acquired 7,667 REO in June and sold a record 13,609 properties (breaking the record of 12,671 properties sold in May). The FHA REO inventory has declined from 69,958 at the end of Q1 2011, to 54,645 at the end of Q2.
…
I expect Fannie and Freddie to report declines in REO inventory in Q2 too.
“Of the counties in which prices rose… Mercer, 6.1 percent.”
Yep, this is what I’ve been complaining to you guys about. Prices just wont crash further than 15% in this county, unless you opt for a crack den in a gang infested school district. No thank you.
With income gap widening,will it be right to say the $600k and above are selling and find an upward trend in price.Anybody have numbers comparing sold below and above $600k and trend in price
Yome, grim does the 3 tiered case shiller chart for ny metro, maybe that shows strength at the high end.
From what I see in Mercer county, prices are flat or down, not up 6% but then again my price point is below $400k.
Yo [5];
$600k and above are selling
With gov’t backing of mortgages above $625k going away? Not likely. I see compression of the pseudo-affluent into the $500k’s. Those may even see bidding wars. Above? Crickets.
Almost every single f*cking day I’m hearing about another friend of a friend or relative either losing a job or forced to take a pay cut and/or reduction in benefits. Anyone currently selling a house in our area undoubtedly needs to sell and anyone signing a contract is out of their f*cking minds.
Fab (EWR Parking):
We always park at ABC Parking in Elizabeth and have never had an issue and it works out to about $10 per day after taxes and you get dropped off at the ticketing level doors which is way better than having to take the oft-broken EWRmonosnail. They used to be located just South of the airport behind the Perkins on 1/9 North (right before the highway starts its loop around the airport.
http://abcairportparking.net/
The funny thing is, we went there about three weeks ago and they moved to another location (was not aware) so we tried the new owners (EWR Parking I think the name is now) and they were equally as good and cheaper (for now). $8 per day all inclusive. I spoke with the owner and he actually asked me if ABC used to collect certain taxes. I asked him if they planned to raise the price and he said he was not sure. I haven’t looked where ABC moved to, but I’ll continue to use EWR until they flake. For the record, I find ABC and EWR significantly easier than Avistar, Skypark and the like. DO NOT USE PARK123. NOTHING BUT BAD NEWS WITH THEM!
Letting B of A off the hook and punishing those who didn’t buy or bite off more than they can chew? We’ll see:
http://www.housingwire.com/2011/08/02/side-deal-with-bofa-would-cede-liability-in-exchange-for-homeowner-relief
Gold over 1672. Silver up even more percentagewise.
Job cuts rose “unexpectedly.”
Moodys says outlook negative.
Clot? You’re up.
# Sorry, still not convinced. If they are dropping in premier Bergen County, they will drop more in your area too.
Nom got him covered – Stench of Death, grain alcohol, grumble grumble grumble
What’s really funny about working in the investment industry – all of these problems have been well known for months, but it’s only when stock prices fall that most people take them seriously. When you’re ahead of the curve, it always seems that markets underreact, underreact, underreact, and then suddenly react and then overreact.
NEW YORK (Reuters) – The number of planned layoffs at U.S. firms rose to a 16-month high in July as sectors which had been seeing fairly few layoffs unexpectedly bled jobs, a report on Wednesday showed.
Employers announced 66,414 planned job cuts last month, up 60.3 percent from 41,432 in June, according to a report from consultants Challenger, Gray & Christmas, Inc.
July’s job cuts also were up from the same time a year ago, rising 59.4 percent from the 41,676 job cuts announced in July 2010, and recording the largest monthly total since March, 2010.
Yes… We… Can…
re: Gold over 1672
Why oh why do those pesky central banks keep buying? Is the tradition really that strong?
BOA off hook? Most of their losses from bad mortgages were from the stupid TARP meeting where the idiot CEO thought the Govts ideas to buy Merril Lynch and Countrywide was a good thing. Most of the loans in question were either bought by Merril or orginated by Countrywide, Stanley Oneal at Merril and Mr. Tan himself at Countrywide are the two dopes that got BOA into this mess and they never actually worked at BOA
Poor Bugs!!
They must really be woried about earnings, economy, double dip, debt celing, politics, Bergabe, empty suit, 2012 election, jobs, europe,wall street, layoffs, bonuses, housing rebound, stimulus, etc…(sarcasm off),
keep printing baby.
It’s amazing to much fun it is to what an investment shoot straight up year after year after year.
10 yr. @ 2.62
carry on…
#16 It is tradition, the bearded one said so.
Ok, we “avoided” default so the question still begs: where are the f*cking jobs? I know the answer, do you?
#16 Juice: So will the market focus on the almost always wrong (better than expected today) ADP report, or will it focus on the Challenger report, which has a much better track record. Of course this will all be filler until Friday’s BLS #.
#17 They own it it is their problem.
crazy low but mortgage rates sometimes are meaningless.
Back in 2000-2002 rates were around 7% and homes were rising 20% a year
Now in 2011 rates are 4% and homes are rising 0% a year.
gary says:
August 3, 2011 at 9:14 am
10 yr. @ 2.62
carry on…
Gary (21) – When I reported for Grand Jury selection last week, every other person appearing before the judge claimed economic hardship as an excuse for not being able to serve. They’re either working freelance or on commission and won’t get paid, or in a new job and scared sh*tless that they’ll be canned if they are out so much. The other half of the folks openly claimed bias, knowing that it would be announced to the rest of the people in the room. The only thing that saved me from having to do it, was that 23 unemployed and retired folks were called up for my panel before I was.
You just wrote the thesis of why dollar cost averaging into stocks makes sense.
A.West says:
August 3, 2011 at 9:09 am
What’s really funny about working in the investment industry – all of these problems have been well known for months, but it’s only when stock prices fall that most people take them seriously. When you’re ahead of the curve, it always seems that markets underreact, underreact, underreact, and then suddenly react and then overreact.
At what point in time do you realize that political ideology becomes meaningless and panic begins to set in as you realize that this administration is not only totally clueless, but downright destructive?
Gator [25],
Quite telling, isn’t it? :)
http://www.nj.com/news/index.ssf/2011/08/rockaway_township_dunkin_donut.html
Gary about a year ago, i don’t panic I get prepared
Montgomery up 2.4 percent? WTF? I was hoping that the Mainline area was due for another dip. Not that I’ve been tracking it too closely. I guess the area hasn’t had the run up that we experienced here in the Northern NJ area so the downside is limited.
11 Worst Decisions Made in Recent Financial Markets History
http://hereisthecity.com/2011/08/03/11-of-the-worst-decisions-made-in-recent-financial-markets-histo/
Coming in at #10
The industry’s collective decision to buy, warehouse and sell subprime mortgage debt between 2005 – 2008. The ‘suckers’ ended up being most of the big banks.
(27) Gary,
Would you believe 1991?
re #17 – JJ – BAC AKA BankofAmerrilwide is well capitalized you should load up on their stock now. It screams buy, buy, buy at $9.49 for the common.
Tier 1 capital reserves for BAC is 162 Billion and according to the Fed they area “well capitalized” all those lawsuits from investors and insurance companies for the securitzaitons which are estimated to be about a 50% fradulent will be settled for cents on the dollar.
The next self bio by the big-eared messiah should be simply entitled Audicity. His message for hope includes punishing those who aspire to become successful while acknowledging to the rest of the world that America’s best days have passed. I want someone who has the b@lls to give the rest of the planet a big fat f*cking middle finger and daring them to knock us off our perch, not someone who walks with his p*ssy tail between his legs.
Imagine being the coach of a football team and telling your guys to just try to make it look like you’re being competitive? And what we also need to do is smack the sh1t of our spoiled little rotten kids, take the electronics out of their hands and tell them they get nothing to eat until they make something using their hands or their f*cking brains.
America’s Top Public Transportation Cities
Hoboken is #1
http://blogs.forbes.com/nathanvardi/2011/08/01/americas-top-public-transportation-cities/
Still, the reality is the New York region is by far more dependent on public transportation than any other section of the U.S. New York and its suburbs represent about one quarter of the nation’s public transportation sector and eight of the top ten public transportation cities in America. Five of those towns—Hoboken, Jersey City, West New York, Guttenberg and Union City—are clustered on the New Jersey side of the Hudson River. All these places are linked together with the Hudson-Bergen Light Rail and have access to N.Y. Waterway ferry docks. The PATH network also plays a significant role in the commutes of many people who live on the New Jersey side of the Hudson River.
3B – tradition
It’s Thailand’s fault today for being traditional.
“(Reuters) – Central banks of emerging market countries such as Korea and Thailand have added more than $10 billion of gold to their reserves this year in a sign of waning faith in the West’s benchmark bonds and currencies like the dollar and the euro.”
BO is a really bad president. But I’m glad McCain and Palin didn’t win. The economy was going in the dumptster no matter what. I can only imagine what a field day the leftist media would be having with this mess if McCain and the evil republicans were in charge. There’d be a story every day about babies starving to death while the president and VP host $10,000/plate dinners with corporate “fat cats”. McCain’s policies wouldn’t be any more “free market” than Obama’s have been (excluding Health Care, which he wouldn’t have wasted time on). But the media would be telling everyone that the ongoing economic weakness was proof that “free market” policies were continuing to fail.
I say let the public have what they want – BObama – good and hard.
BTW, I would have thought that O might have exerted more effort to extract the military from expensive engagements, rather than adding one more to the pile. I also would have thought that if he was going to give away stimulus money, he would have at least made people do some new work for it, rather than just giving it all away to his political friends who already have jobs. I think they built maybe one new road and a bridge with all those trillions, but mostly they protected a bunch of tenured government employees, and a bunch of big banks and government mortgage companies. McCain would have done much the same, though, I suspect he would have cut defense more, and spent more on public works, in typical counterintuitive political fashion (e.g. Nixon in China, Clinton cutting welfare).
Juice,
CB’s must be a comprised of a bunch of really traditional guys. I mean these guys bleed tradition.
On gold and central banks – if there was ever a rearguard action whispering about a new bretton woods with gold as a foundation, all the central banks would run to get ahead of all the others in stockpiling gold.
Not saying it will happen, but it’s interesting to envision. I know of at least one fairly prominent asian strategist who sees the end of the paper dollar standard as the ultimate endgame of the housing debt crisis that he’d been calling since at least 2005. He’s not calling it for this year, mind you.
make – I went to see Fiddler on the Roof when I was a kid at Lincoln Center.
I met Ed Koch too since it was a NYC city event honoring my dad for saving several families from a burning building back when the Bronx was burning.
I am not dancing on the roof yet, but I will be singing the Tradition song and dancing on the roof soon enough if this keeps up.
Shore
from 182 yesterday:
WASHINGTON — There is something you should know about the deal to cut federal spending that President Obama signed into law on Tuesday: It does not actually reduce federal spending.
By the end of the 10-year deal, the federal debt would be much larger than it is today.
Indeed, both the government and its debts will continue to grow faster than the American economy, primarily because the new law does not address federal spending on health care.
Now consider that 50% of health-care outlays are consumed by the top 5% of health-care users.
one study of many that documents that: http://www.ahrq.gov/research/ria19/expendria.htm#HowAre
The US needs to have a very serious national discussion on quality of life Vs cost when it is being funded from public sources. for example; Medicare officials say they will likely pay for a prostate cancer drug that extends life about four months at a price of $93000 per patient (Provenge), such treatments are flat out irresponsible for medicare/aid to be funding. At the end of the day there are a limited # of $ available to be spent for publicly funded health-care treatments.
I’m sure that if you really dig into publicly funded treatments that you would find a plethora of similar cases.
[35] gary
“And what we also need to do is smack the sh1t of our spoiled little rotten kids, take the electronics out of their hands and tell them they get nothing to eat until they make something using their hands or their f*cking brains.”
In the current Nanny State, you can be prosecuted for that. I’m serious.
[42]
“The US needs to have a very serious national discussion on quality of life Vs cost when it is being funded from public sources. for example; Medicare officials say they will likely pay for a prostate cancer drug that extends life about four months at a price of $93000 per patient (Provenge), such treatments are flat out irresponsible for medicare/aid to be funding. At the end of the day there are a limited # of $ available to be spent for publicly funded health-care treatments.”
Death panels???
[40] Awest
While the dollar will lose its reserve status (of that, I am certain), it doesn’t mean a return to the gold standard.
Kettle1^2 – #42,
Seems as though you are closing in on “death panel” territory. Good luck having a very serious national discussion.
Ket [42];
50% of health-care outlays are consumed by the top 5% of health-care users.
I don’t think this says much. It is simply the nature of any insurance scheme — the people who get sick use lots of resources; the people who get hit by a bus don’t. It the direct costs were spread more evenly, then insurance itself would be a far less attractive proposition.
I do agree with you about the need to make some tough cost-benefit choices.
[29] JJ
What I found really remarkable is that she managed to conduct all her “business” with cops in the shop all the time.
Oh, wait . . .
Ket nobody wants to be told Grandma and Grandpa are gonna die since the exhale magic pixie dust when they are being ignored by their families. While I will agree any measure that can extend the quality and quantity of life should be explored. Just extending as some form of human vanity in which we can outsmart nature is just stupid. Is it cold of course it is, but they pulled this crap with my grandmother. Her bone marrow stopped producing new blood cells and they performed every extrodinary measure to extend her life a grand total of 8 months. Was i happy to have those extra months sure, but that was my own selfishness. She did nothing but suffer the length of that time while the doctors, hospitals, and finally hospice care used her as a vessel to extract every ounce of life savings and medicare payment they could.
All things die, you would think the religous right would be creaming their collective shorts to the thought of being bounced on the knee of the invisible sky wizard but they fight it at every turn.
Nom
if it’s public money and you want a 93K 4 month life extension? yes! If medicare cut funding for things like that you would see prices fall.
I am getting my Dow 10,000 hat out of the basement.
[25] gator
“The other half of the folks openly claimed bias, knowing that it would be announced to the rest of the people in the room.”
The public is starting to figure out the automatic get out of jury duty free card. I remember being in fed court in VA for voir dire, and a guy who decided he wanted to be my friend kept bugging me on how to get out of jury duty. I told him “in your job, you deal with a lot of [redacted] hoods, right? So tell the court you have a problem with these people, and you just don’t see how you can be fair.” He was excused immediately.
I thought about it, and said hmmmmm, it worked for him, but I don’t want to tell the court I am a rac1st. But being imaginative, I was able to come up with something not so blatant, based on the nature of the case itself. I was excused immediately.
Nom,
you cant really call that a death panel. You are dead either way in the case of provenge, and its not a guaranteed four month extension. You would have a better quality of life spending 93K on hookers and blow in your final months.
Ket if I get a terminal diagnoses I imbibing every ilicit addictive substance I can get my dirty little hands on. Who give a f*ck about addiction when your going to die. Or I’ll just do enough LSD to permantly live the rest of my days on the yellow submarine
Moose 47
I’m not so naive as to think that any such discussion will actually take place until external influences force the issue.
Nom 48
I guess one of the police officers wasn’t a satisfied customer.
kettle[53],
Are you saying that medicare should pay for hookers in order to create jobs and icrease quality of life. Many old folks will kick their buckets with an orgasm. Now thats one subsidy I’m willing to pay for.
Great idea.
Pain 54
I have told my family that i would take a similar route if i ever end up with a terminal condition. I would go with a combination of heroin, MDMA and some amphetamines, maybe a psylocibin thrown in for good measure.
re # 53- “You would have a better quality of life spending 93K on hookers and blow in your final months.”
Some seniors do something similar. Allot of Cruise ships have programs where you can retire and live on board a ship for your an entire year. My last cruise we had to turn the ship around and head back to Sicily because one of the old timers passed away, he had been on the ship for about a year.
I always joke with my wife put me on a boat and send me out to sea I don’t want to wake up with someone holding pillow over my face in a nursing home.
From one of the flacks at the WashPrav, er, Washpost.
“Democrats will have exactly one chance to overcome the GOP’s resistance to tax revenue. Next year, the Bush tax cuts expire. If Congress does nothing, we revert to Clinton-era tax rates for everyone, and the federal coffers fill with $3.6 trillion in additional revenue over the next 10 years — enough to stabilize deficits. This is a rare opportunity in which it’s Democrats who hold the hostage and Republicans who have to compromise. . . .
But Democrats have another option. Just as Republicans planted a trigger for 2011 that ensures spending cuts, Democrats should use the Bush tax cuts as a trigger in 2012 to force revenues. Which is not to say they should campaign for raising taxes. They should campaign against an outdated, inefficient, unfair tax code as well as the Washington way of leaving hard problems for somebody else to handle.”
The voters are stupid enough that this may just work.
And who was it that said the Democrats “won” the tax hike argument by getting to preserve the issue for the 2012 campaign? Hmmmm. Who was it?
Nom,
I once told a judge during jury selection, “I didn’t like the nword(s).” Not only did I get off, but I was warned by the judge that I would be held in contempt of court if I ever said that expletive again in his presence. Needless to say, I wasn’t called back to serve for like 15 years after that. I did it kind of as a joke as I told some friends I made in the waiting area that I was going to do it (one of them was African American) and man were they in stitches as I winked and walked out the door.
In other news… $2.55!
No “Glazed” comments pertaining to Dunkin Donuts in Rockaway?
Learned of a nasty little practice that Elizabethtown Gas imposes on its customers. Goes like this.
Assume you get a bill you think is wrong. If you complain to the utility or the BPU, the utility is barred from shutting off your power/gas/water until it is resolved. I had a meter problem (the gas co acknowledged this), and I got an outsized bill that was actually changed three times (from $650 to 1,800, to zero, then to 1,300). I asked for an accounting because their story did not make sense (they said they estimated bills, but also admitted they had actual monthly figures), and filed protective complaints with the utility and the BPU. I also paid all but the disputed portion of the bill.
In the meantime, I got a shutoff notice. I called them and they said, no, we are not shutting you off as you have a protection on your account. I then said I had the notice, and they said that the system generates the notices automatically. I asked if they would go out even if there was a protection on the account, and they said yes.
So people get these notices, and pay up to avoid shutoff, even though the utility cannot shut them off, and even if their own records say they won’t shut them off. All the while the utility knows that this is happening, and, of course, they allow it.
I told the rep that it seemed like a pretty obvious violation of NJAC 14-3, and probably violated the NJ Consumer Fraud Act as well.
Moral of the story: If you get a shutoff notice after having complained of a bill, it is likely a deceptive device to get you to pay up. Confirm that there is no actual shutoff and resume business as usual. I may also change my BPU complaint to a formal complaint–costs $25 and some of my time, but it forces the utility to send a lawyer to contest it, which will likely cost them more than the bill, so there is some upside.
Does the N word stand for New Jersey?
Libtard in the City says:
August 3, 2011 at 10:54 am
Nom,
I once told a judge during jury selection, “I didn’t like the nword(s).” Not only did I get off, but I was warned by the judge that I would be held in contempt of court if I ever said that expletive again in his presence. Needless to say, I wasn’t called back to serve for like 15 years after that. I did it kind of as a joke as I told some friends I made in the waiting area that I was going to do it (one of them was African American) and man were they in stitches as I winked and walked out the door.
re #59 – Last time I was interviewed during Jury selection I said I would use “logic and reason” to determine the outcome of the trial. Needless to say the Defense Attorney exercised his only peremptory challenge removing me.
[59] stu
The judge was out of line. You cannot be held in contempt under those circumstances as you did not disobey a lawful order of the court.
Big deal I met Abe Beame when I was 7 and I was already taller than him. I could tell your Dad is not from the Bronx, us natives start fires we don’t put them out.
Juice Box says:
August 3, 2011 at 10:10 am
make – I went to see Fiddler on the Roof when I was a kid at Lincoln Center.
I met Ed Koch too since it was a NYC city event honoring my dad for saving several families from a burning building back when the Bronx was burning.
I am not dancing on the roof yet, but I will be singing the Tradition song and dancing on the roof soon enough if this keeps up.
Well if she needed college paid for she would have had a glowing article written about her.
Cops-donuts-BJs, jeez if they would have only thrown a few Dover residents in for Target practice I think these cops would have died and gone to heaven. Dollars to doughnuts she wouldn’t give a cop the expected freebie and suddenly an elaborate sting was concocted to catch this seditous criminal
Speaking of the N word, I have a feeling the upcoming election will not be a clean fight.
Pat Buchanan was forced to clarify some potentially controversial remarks he made on MSNBC Tuesday night.
Buchanan was on Al Sharpton’s 6 PM show, having a very boisterous discussion with the Rev. about President Obama’s debt deal. Sharpton was defending Obama’s handling of the situation, and Buchanan was challenging his interpretation of events. He brought up the issue of the Bush tax cuts.
“And let me tell you, your boy, Barack Obama, caved in on it in 2010 and he’ll cave in on it again,” he said. Sharpton looked shocked.
“My what? My president Barack Obama? What did you say?” he asked. “He’s your boy in the ring, he’s your fighter,” Buchanan responded.
“He’s nobody’s boy,” Sharpton thundered back. “He’s your president and he’s our president. And that’s what y’all have got to get through your head.”
On Wednesday’s “Morning Joe,” Buchanan sought to clarify his remarks.
“I was asked who was the big losers in these battles and the big winners, and I said one of the big losers, using boxing terminology, was ‘your boy,’ and I meant the president of the United States,” he said. “Rev. Sharpton said my boy is the president of the United States and he’s doing a rope-a-dope in the Ali fashion and he’s going to finish off your crowd. Now this was taken, some folks took what I said as some kind of slur. None was meant, none was intended, none was delivered, for the record.”
aka Jewish Lightning…..
Juice Box says:
August 3, 2011 at 10:10 am
honoring my dad for saving several families from a burning building back when the Bronx was burning.
Nom, that might not have been his exact words…but it was something similar if not exactly contempt.
So what do you think the code name was for a BJ at the DD? Boston Cream?
“A democracy is always temporary in nature; it simply cannot exist as a permanent form of government.
A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.
The average age of the world’s greatest civilizations from the beginning of history has been about 200 years. During those 200 years, these nations always progressed through the following sequence:
* From bondage to spiritual faith;
* From spiritual faith to great courage;
* From courage to liberty;
* From liberty to abundance;
* From abundance to selfishness;
* From selfishness to complacency;
* From complacency to apathy;
* From apathy to dependence;
* From dependence back into bondage.”
Someone forwarded this quote to me this morning, I thought it was apropos.
You would think with all of this talk about the economy continuing it’s spiral down that people would be a little more hesitant in purchasing homes. So can anyone tell how the hell did I get outbid on two separate properties?
I thought Pat Buchanan was politically dead, as dead as Newt Gingrich.
Looks like Republicans will offer a choice of retreads or retards for president.
Will nobody serious challenge B.O for the Dem nomination? I guess not.
Pacific Investment Management Co. and BlackRock Inc., which together oversee almost $5 trillion, say the U.S. economy is stalling.
Bill Gross, who runs the world’s biggest bond fund at Pimco, and Peter Fisher, head of fixed income at BlackRock, say the Federal Reserve is preparing measures to counter the slowdown.
“We’re not looking at a recession yet, but we’re at a tipping point,” Gross said yesterday in an interview on Bloomberg Television. “We’re at what we call a stall speed in which corporate profits don’t grow, jobs aren’t created,” said Gross, who is based in Newport Beach, California.
tick… tick… tick… tick…
V23
Welcome to wonderland! The average joe has no concept of the scale of what is going on. Consider that the average joe feels informed if the watch 30 min of CNBC of whatever their favorite propaganda network is.
Got nompound?
#73
Not sure what “stall speed” means.
If you are in a plane 35000 ft in the sky, what happens if the plane stalls.
Kettle1
And to think I’ve been coming to this site for all the optimistic point of views. Maybe I should start watching some “news” to find out what’s really going on….
[note: sarcasm]
#71 Don’t feel bad; you were simply bested by morons. I have to buy too, and I am not enthusiastic about it.
Zach [75];
A plane has to be moving at a minimum airspeed in order to generate enough lift to maintain level flight. Within a certain range, you increase lift at a given speed by increasing the angle of attack (nose up). At a certain speed, the wing can no longer generate enough lift to sustain level flight regardless of angle of attack. That is the stall speed. The solution in flight is to nose down, give up altitude to gain airspeed, and get the wing flying again, albeit downward.
I think the analogy is that if the economy isn’t moving forward or growing, corproate profits can’t just hover, they will decline.
Zach [75];
If you are in a plane 35000 ft in the sky, what happens if the plane stalls.
Form current state of the investigation, Air France 447 is what happens.
Con’t [79];
“An interim report from the BEA on 27 May 2011 revealed that the aircraft crashed following an aerodynamic stall.” http://en.wikipedia.org/wiki/Air_France_Flight_447
75 zack
When a plane reaches stall speed, the wings generate virtually0 lift and the plane goes from flying to falling like a rock.
a better analogy might be a coffin corner. a condition in flight where the stall speed and the critical mach # ( the speed at which the airflow separates from the wing and the wing loses lift) are equal. In such a situation, the plane become unstable pretty much no matter what you do.
Daddy cut a check or someone inherited money…..also bear in mind that some people have been stuck in limbo for 3-6 years and are dying to do something…..
v23 says:
August 3, 2011 at 11:48 am
You would think with all of this talk about the economy continuing it’s spiral down that people would be a little more hesitant in purchasing homes. So can anyone tell how the hell did I get outbid on two separate properties?
3b
We don’t feel bad, but we’re just going to have to play the waiting game a while longer. Home #1 went to someone who decided to pay very close to asking and Home #2 went to a person paying mostly cash and partial conventional loan (foreclosure).
To be clear about money being inherited…..
I’ve seen seven figure accounts at my practice that have be stable for at least 20 years, then the owner in their 80’s passes away and it gets split up among 2-3 kids……..these guys come out like locusts and it dissipates within 24-36 months. The pattern is always the same…..someone pays off about $50K-$100K in non-mortgage/non HELOC debt. Checks to Bemmer or Benz dealership. Checks to building contractors……
You even say the same for us. We’ve been on the sideline for the past 5 years and are anxious to get into the game at this point. We’re just trying to analyze the trade off with the lower interest rates (4% w 2 pts) vs home prices dropping. To me, as long as your job is secure (to the best of your knowledge) perhaps buying a home within the next 6 -12 months might be a good option.
chicagofinance says:
August 3, 2011 at 12:26 pm
Daddy cut a check or someone inherited money…..also bear in mind that some people have been stuck in limbo for 3-6 years and are dying to do something…..
it is a sad, sad thing when a nation with our space heritage and long can-do history no longer finds the resources to push sorward human exploration of space; however, we find the money to waste on rescuing bankers from their own excesses.
http://www.nasaspaceflight.com/2011/07/preliminary-nasa-evolved-sls-vehicle-21-years-away/
#84 Parents/relatives work hard to accumulate all that money, and the greedy stupid offspring go through it mindlessly.
Zack
a c-17 stalling on takeoff
http://www.youtube.com/watch?v=lCAcTEQy7vg&NR=1
#85 True, But do your homework (not saying that you have not) investigate your potential town from top to bottom , the information is out there. Look for towns where the taxes are more stable. The difference between towns tax structures some right next to each other is amazing. Also IMO stay away form the “wannabe” towns, my experience indicates the residents make poor decisions on spending etc.
“If Congress does nothing, we revert to Clinton-era tax rates for everyone, and the federal coffers fill with $3.6 trillion in additional revenue over the next 10 years — enough to stabilize deficits.”
Nom,
Now, if we take the $1T us cuts congress just made, then, instead of $1.5 T in additional cuts in the next round of negotiations, we actually got $3T, that would net us $4T then the Bush tax cut reversal brings in $3.6 T. Now, at close to $8 T we are starting to make a dent in out fiscal mismanagement.
Shore
please correct me if i am wrong, but in a debt based monetary system aren’t you generally forced to continually expand debt, otherwise you induce deflation. Given the debt levels of the average joe, deflation would crush them and the nation overall as debts became completely unserviceable.
Shore when business start to realize the amount of resources within the solar system out side of regulation, and opportunity cost exploration will increase. Imagine an Apple bringing millions of metric tons of lithium from asteroids or one of the rocky planets. Not only due they have the fuel for their devices but have the ability to look like a great global company because no Earth was harmed in the making of these I crap devices.
Put a man on the moon in ten years and returned him. just need valid reasons to go back to the stars. the government just won’t be the ones to do it.
Ride down a hill on a bike; the absolute point at which you must peddle to keep from falling over = stall speed.
Pain 92
Even better, no environmental regulations off planet!!!! who really cares if you use cyanide compounds to extract gold from a meteorite and leave the waste products onsite?!
the companies involved had best be willing to lose some people in the process and able to do so politically. any such venture virtually guarantees the loss of the occasional crew. one stray solar storm could easily fry a crew within minutes of first detecting it.
“Obama is scheduled to attend a 50th birthday gala on Wednesday at the Aragon Ballroom, an event featuring Jennifer Hudson and Herbie Hancock. There’s also a dinner fundraiser planned for some special donors to go with the show at a cost of $35,800 a person.”
He only hates the rich who don’t agree with his idea of utopia. And is it true that each one of those special donors get a shovel ready unicorn as well?
“Obama is scheduled to attend a 50th birthday gala on Wednesday at the Aragon Ballroom, an event featuring Jennifer Hudson and Herbie Hancock. There’s also a dinner fundraiser planned for some special donors to go with the show at a cost of $35,800 a person.”
He only hates the rich who don’t agree with his vision of utopia. And is it true that each one of those special donors get a shovel ready unicorn as well?
It’s Tradition, Tradition, Tradition!!!
Central Banks Join Rush to Gold
by WSJ staff
Wednesday, August 3, 2011
by Liam Pleven, Se Young Lee and In-Soo Nam
Central banks are ramping up their gold buying as they seek to diversify their reserves away from the dollar and other beleaguered currencies.
South Korea became the latest government to disclose a big bullion purchase, saying Tuesday that it recently bought 25 metric tons – more than doubling its holdings to 39 metric tons. Mexico, Russia and Thailand have also been major buyers in 2011.
This year, governments have almost tripled their net gold purchases, increasing their holdings by 203.5 metric tons this year, up from a 76-metric ton rise last year, according to the World Gold Council, an industry group backed by miners.
The demand marks a major shift in central banks’ thinking about gold. Increasingly, they see bullion as protection against risks posed by declining paper currencies and global economic upheaval, and their vast resources and conservative bent make them a powerful force in the gold market.
Juice,
I didnt know central banks were into collecting barbarous relics.
Kettle trapped in a mine or trapped in space WTF is the difference. i think it will be done with robots and the only manned crews will be on orbital waystations. Imagine a jumping off point orbiting the moon. there they will asemble the nuclear engines needed for solar system travel, manage flight and mining operations. Process materials in plants on the moon and send them back to earth using a rail gun. the technology already exists for most of this stuff just the will and the resources to get the ball rolling.
Also for those of you who get a warm tingle up your leg for gold. there is a hell of a lot of it in space and about the only thing that could crash the price would be flooding the market with space gold.
Old article but a worthy read, also note the price of gold in the article
http://news.bbc.co.uk/2/hi/sci/tech/401227.stm
BOOOINNNG!
[64] juice
“Last time I was interviewed during Jury selection I said I would use “logic and reason” to determine the outcome of the trial. Needless to say the Defense Attorney exercised his only peremptory challenge removing me.”
Usually, disclosing my status as an attorney is sufficient.
chronicle of gloom headline from Marketwatch.
Perhaps Grim should rename his blog “Chronicle of Gloom”
Carter 2.0 ?
The last time the Dow lost ground for nine straight sessions was in 1978, when Jimmy Carter was president.
WASHINGTON (AP) — Unemployment rates rose in more than 90 percent of U.S. cities in June, mirroring a national slowdown in hiring.
Keynesian economics will rescue us.
#04 What will July bring??
#96 It is tradition you know.
Pain 99
from the article
No one knows how much a robot mission to mine an asteroid would cost but I am willing to bet it would be the best return on an investment since Leonardo da Vinci bought a sketch pad or Paul McCartney a guitar.
I bet it would cost less then bailing out the banks!
Gary – wasn’t it so nice that the debt ceiling debate took precedence over the jobs debate?
Let’s see if the MSM brodcasts the protesters in Chicago who will be at Obama’s 50th birthdays bash tonight. They will be holding up signs about JOBS.
U6 at 16.2% what does that equates to in numerical?
108- this is exactly my main complaint about Obama since he took office. It’s like he’s living in lala land, while the rest of us worry about jobs. But then again, I don’t see Congress discussing the issue very much either. I guess they assume the unemployed don’t vote.
BAC perf stock or bonds also a good buy. Might be a long long time before any good div comes out of BAC common
Juice Box says:
August 3, 2011 at 9:43 am
re #17 – JJ – BAC AKA BankofAmerrilwide is well capitalized you should load up on their stock now. It screams buy, buy, buy at $9.49 for the common.
Tier 1 capital reserves for BAC is 162 Billion and according to the Fed they area “well capitalized” all those lawsuits from investors and insurance companies for the securitzaitons which are estimated to be about a 50% fradulent will be settled for cents on the dollar.
Ket and that is what makes the theft wrought on us so much more disconcerting. short sided self interest has robbed all of us at the best chance at shared prosperity the world over.
Just got here. Regarding the article, school districts that rival and even beat what The Berg and Essex offers can be had in the Phila burbs at nearly 1/2 the prop taxes and 1/3 more house. The taxes have always been a little more stable. We made the choice because we do not depend on a daily Manhattan commute. Of course, the run up down there wasn’t nearly as crazy as the North’s so, likewise, maybe the rundown isn’t as dramatic. Just an opinion, no graphs to back that up but I was actively looking in that market for five years.
Someone at the WH reads this blog.
The economy and 2012 loom over Obama’s bus tour of the Midwest
President Obama will travel the Midwest by bus this summer to talk up the White House’s job-creation efforts and to try to shore up political support in battleground states.
Obama will embark on a three-day tour, from Aug. 15 to 17. The administration said Wednesday that the trip had long been planned but wouldn’t outline an itinerary beyond saying the stops would be in the Midwest.
The bus is a rare mode of travel for a sitting president. Commanders in chief usually travel in the comfort of Air Force One or Marine One. On the ground, the president has a limousine and motorcade.
http://thehill.com/blogs/blog-briefing-room/news/175185-obama-plans-august-bus-tour-of-midwest
Juice so he is already starting to campaign for 2012. Listen I am under no pretenses that a president on their own can make an economy turn. He can’t make jobs materialize out of thin air, but by setting policy, showing leadership, and the impression that they are working tirelessly on solutions can do more for re-election that constant campaigning. What is he going to campaign on the economy sucks, my policies have added more debt, look at the new entiltement you didn’t need, I have further divided Washington into a bipartisan $hithole platform. I don’t even think the moderates in his own party can believe half the crap they have to deal with because of his actions and words. The idiots dyed in the wool lefties will vote for him, but if the waricons can actually nominate someone with an ounce of credibility, not the typical drones who placate the christian evolution denying portion of the wing, their victory would be a slam dunk. Their Job ad should read like this
Wanted Nominee for President
Skillset
Plainly spoken and intelligent
Understands fiscal respsonsibility including the need for a uncomplicated taxcode.
must be able to rationally discern implications of smoot hawley act, inflationary monetary policy, and the repeal of Glass Steagal
Strong on defense, and by defense we mean actual defense of the country not international misadventures
Ability to streamline non-essential services
Recognize the uselessness of all the declared and undeclared wars this includes. Iraq Afghanistan, the war on drugs, poverty, illeteracy
Religously tolerant (All religons no just christianity) and without political correctness.
Demand us to be better, we will try
Kensyians, Social conservatives, flip floppers and anyone familiar with Washington Accounting Principals need not apply
pain [115]
Do you, seriously, think that the U.S. of A. will be able to long term retain the middle class as a major share of population without going to something similar (in spirit) to Smoot-Hawley?
re #115 – not all that inspiring on Energy Policy either
Chevy only sold 125 Volts last month, pitiful sales. That was the ride he was pimping for only a few months ago. GM reports tomorrow, they have built up 6 months worth of unsold truck inventory and are booking the profits now, after that look out below.
why exactly do we need a middle class in NJ and LI? what purpose does it serve? Basically every married man with kids who makes under 100K has a wife who works, most guys making 200K and up wife does not work. These people are supported by gas station attendents, coffee shop workers, maids, lawnservice people, jiffy lube guys and cab drivers who are below middle class.
where does the middle class fit in
Cobbler, yes it can be done once the pols stop f8cking the beach ball with the banks
jj [[18]
why exactly do we need a middle class in NJ and LI? what purpose does it serve?
Obviously, to buy all these houses…
Pain, the banks contribute some to the middle class’ disappearance (they speed it up), but it is naive to think that the globalization is not a main driver.
sorry if it’s been asked before a bunch…any recommendations on lenders/mortgage companies from the crew here? Spoke to someone at wells recently, wasn’t impressed with the rate or the closing costs. Any good shops in CNJ area anyone recommends (or an actual member of this board who may be in the biz)?
Juice,
I bet the folks at the USSS are just “thrilled” with the prospect of such a high-profile protectee riding around in a huge un-armored vehicle. The position is always a target and a bus is a lot easier to hit than an SUV or “The Beast.” I hope this stunt does not get any members of the Secret Service injured or killed. There is a reason we provide presidents with the transportation we do; this is just a silly stunt.
Barbara,
You guys bought in Lindenwold?
For those of you old enough to have used regularly rotary telephones, this blast from the past:
http://www.hypebot.com/hypebot/2011/08/mtv-turns-30-today-watch-the-first-10-mins-video-.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+typepad/DqMf+(hypebot)&utm_content=Twitter
Pain
the US government strip mines Eros ASAP and we control the world markets once again since we have the ability to flood the marked at will with the major metals and rare earths.
Of course that also starts the next “arms race” as the major powers capable of space mining would promptly try to build a similar position.
Really a win win for all involved. talk about some astounding rapid tech development.
Poor BHO, lambasted from the press on the left and called-out by the right. It is not as much fun being president as he thought it would be, I suspect.
http://online.wsj.com/article/SB10001424053111903341404576484124282885188.html?mod=googlenews_wsj
Pain
if we went the apollo route and considered it a national security issue we could probably have mining underway within 5 years.
here is a fun start
http://en.wikipedia.org/wiki/StarTram
“strip mines Eros ASAP ”
Why not just tow it back here and drop it someplace that is causing us problems?
Kettle,
Didn’t you see the link I posted above? Our follow-on heavy-lift rocket will not be finished before 2031. Our leaders lack vision. We as a people seem to have lost our pioneering spirit. The good news, though, is that after China mines the heavens, they will likely build all sorts of neat things for us to buy from them.
Eros,
That is one approach.
129 EROS
the impact would cause a planet level extinction event
Shore [125];
Kind of ironic what’s become of the channel that was too cool for itself. They had to adapt out of their raison d’etere just to stay alive.
Kind of reminds me of the HS or college team captain who was master of the universe, now an anonymous J6P living in some non-descript suburb doing middle-management somewhere, totally unrecognizeable as his former self. “Hey, weren’t you…” Yes, he was, emphasis on the past tense.
shore 130
that is a government jobs program for executives. building a rocket is just an unfortunate side effect. if the really want a functional rocket they can have it in 5 years or less. we have been there and done that. we have proven it can be done when you are determined.
Moose,
I know LOTS of people like that, including former Olympians, NFLers, etc.
Ket,
I know. We already know how to build the rockets and spacecraft, how to execute complex missions, etc. Thingd we had to learn 50 years ago. It is a matter of will. For 10% of the bank bailout we could amaze the world.
124. Shore
No. Why do you keep saying that?
The original Orion booster was theoretically capable of approaching 1% c
Must protect bike paths at all costs.
http://www.theatlanticwire.com/global/2011/08/lithuanian-mayor-crushes-mercedes-parked-bike-lane/40725/#.TjnQqauw3XE.mailto
Many firms already use solar panels to generate some of the energy they need. Now Israeli firm Pythagoras Solar has developed a solar window. It has two panes embedded with solar cells, which not only generate electricity for buildings, but also reduce energy use. CEO Gonen Fink says the concept is unique. SOUNDBITE: Gonen Fink, Co-founder and CEO of Pythagoras Solar, saying (English): “it’s actually transparent and it’s designed and built to be used as part of the building envelope. We generate solar power but at the same time we also shade the building and improve the energy efficiency of the building and all this in transparent window that allows people to view the outside of the building and to get a lot of light, daylight into the building, further eliminating the need for artificial lighting.” The solar solution costs more than your average window – around $100 per square foot. But its creator says you can expect a return on investment in between three and five years. Solar panels can take around twice as long to pay for themselves. Chief Technology Officer, Itay Baruchi, says the solar windows produce 13 watts of power per square foot. SOUNDBITE: Itay Baruchi, Co-Founder and Chief Technology Officer of Pythagoras Solar, saying (English): “Very simple optics, very simple manufacturing technologies – not transforming the whole way that the solar industry is manufacturing but upgrading it to a new type of solution which is revolutionized.” Pythagoras Solar is four years old and was recently awarded $100,000 by General Electric. Having raised $10 million in financial backing, the company is now moving into mass production. And they hope owners of commercial buildings and environmentally-minded architects will also see the light. Joanna Partridge, Reuters
http://www.reuters.com/video/2011/08/03/solar-windows-see-power-savings?videoId=217832518&videoChannel=6
[131] “The good news, though, is that after China mines the heavens, they will likely build all sorts of neat things for us to buy from them.”
Buy? Buy with what? If they’re lucky, our descendants will be making some components for their Chinese overlords, at sweatshop labor wages.
“Chinese overlords”
Sure, look at the downside.
Now we are getting into interesting territory.
Best rate I see is 4.125, 30 year, conforming with 400 in fees.
Swiss Francs are not an acceptable safe haven. Capital controls already in place.
All fiat currencies will devalue against gold. You cant erase 5000 years of history.
Barry Soetoro can campaign all he wants. His career is finished.
He couldnt carry illuminist Jon Corzine in 2009 and he sure as heck wont win in 2012.
Can anyone comment on whether this is accurate or not? The US only has 400 billion until we hit the debt ceiling again (which would last about a mnth)
From zerohedge:
America’s Debt/GDP just hit a post World War 2 High of 97.2%. Becasue as the Daily Treasury Statement as of last night indicates, total US marketable debt surged by $124.6 billion, while debt in intragovernmental holdings (Social Security, Government Retirement Accounts, etc), soared by $113.6 billion, for a combined one day change of $238.2 billion, the single biggest one day increase of US debt in history. Obviously this is a result of massive underfunding and disinvestment in the various government retirement accounts as well as due to deferred debt which was to be booked since the debt was breached on May 16. However, how marketable debt could increase by a whopping $125 billion without any actual auction settlement is slightly confusing. Just as confusing is that according to the endnote in the debt subject to limit calculation, the new ceiling is not the $900 billion increase as requested, but only $400 billion more than the $14.294 billion previous, or at $14.694 billion
http://www.zerohedge.com/news/gross-us-debt-surges-240-billion-overnight-us-debt-gdp-hits-post-world-war-ii-high-972-official#comments
Latest treasury statement
https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=11080200.pdf
Eric Holder is trying to make a run on your guns.
Check out the results of this USA today poll.
“Does the Second Amendment give individuals the right to bear arms?
Yes = 97%
No = 2%
Undecided = 1%
Total Votes = 8,776,626”
http://www.usatoday.com/news/quickquestion/2007/november/popup5895.htm
FROM MY COLD DEAD HANDS!
I’m shocked, shocked, there is gambling going on in this establishment”
http://www.politico.com/news/stories/0811/60601.html
Funny I suspected the RNC were behind the migraines!
Bears (122)-
Bob Farrell, First Valley Funding, (908) 565-1640. He’s done several loans for people who post here.
I already smell tomorrow’s stench of death.
Why call the president a tar baby? Bojangles is much more fitting.
I do believe that congressclown is stupid enough not to know what tar baby means, though.
A little change of pace….
http://www.youtube.com/watch?v=j0BRLQ5VmrQ
The end is nigh (GPS Edition):
http://www8.garmin.com/vehicles/starwars/
Would that the Empty Suit In Chief exhibited more of these:
http://www.cnn.com/2011/LIVING/08/03/good.leader.traits.cb/
151 – Thanks Meat.
Ket,
Similar by ABC:
http://blogs.abcnews.com/thenote/2011/08/national-debt-14580705000000-and-counting.html
The results of the debt limit increase became apparent this afternoon as the official Treasury Daily Statement finally ticked up above the $14.294 trillion limit that was the focus of so much debate during the past several months.
The nation’s official debt total was updated to reflect the “borrowing” we did during the May to August period from Federal worker retirement savings.
The new official national debt figure stands at $14,580,705,000,000 (14-trillion, 580-billion, 705-million dollars) as of the end of the day on Aug. 2.
The amount subject to the new debt limit is $14,532,332,000,000 – just $162 billion below the new limit Congress agreed to ($14.694 trillion).
Based on the average daily growth of the nation’s debt that gives us just 46 days of new borrowing before we rub up against the debt ceiling again. Of course, the compromise provided for up at least $2.1 trillion in debt limit increases in the coming years, so financial catastrophe isn’t right around the corner.
snip
Gotta love that Southern cookin’:
http://www.latimes.com/health/la-na-women-life-expectancy-20110803,0,6814693.story
Hey, savers. BOHICA:
http://www.theatlantic.com/business/archive/2011/08/inflating-our-way-to-prosperity/243032/
snip
the only practical way to shorten the coming period of painful deleveraging and slow growth would be a sustained burst of moderate inflation, say, 4-6% for several years. Of course, inflation is an unfair and arbitrary transfer of income from savers to debtors. But, at the end of the day, such a transfer is the most direct approach to faster recovery.
Eventually, it will take place one way or another, anyway, as Europe is painfully learning.
Some observers regard any suggestion of even modestly elevated inflation as a form of heresy. But Great Contractions, as opposed to recessions, are very infrequent events, occurring perhaps once every 70 or 80 years. These are times when central banks need to spend some of the credibility that they accumulate in normal times.
Or in short, high inflation is bad, but the consequences of allowing economic stagnation to drag on for a decade or more would be worse. Let’s assume he’s right. Could the U.S. simply inflate its way out of this mess?
snip
Latest quarterly expatriate report released today (damn near on time for once).
Approx. 370 more wealthy renunciants in this quarter.
So pace of renunciants since Obama took office remains between 4 and 5 times the rate that existed under Clinton and Bush.
Hope and change.
[161] shore
Guess it makes sense for the Nompound to have a mortgage.
They are hoping to change their address to a place where they can keep more change in their pockets.
I got an e-mail from a friend today that said:
The debt deal screws the middle class in favor of you rich guys. It is time you rich folks started paying your fair share.
163
Perhaps.
Woh I love your articles , saved to favorites ! .
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your place is valueble for me. thanks!
That’s way more clever than I was expetcnig. Thanks!