Wrong title – We already made the big bet

From the WSJ:

U.S. Gambles With Mortgage Retreat

hree years after virtually nationalizing the U.S. mortgage market, the government has embarked on a pullback to see whether private industry picks up the slack.

Some people in the housing industry worry that Washington’s move will cause fresh pain in many regions where demand has yet to recover amid the sluggish economy.

At issue are the loan limits that Congress expanded in 2008, allowing Fannie Mae and Freddie Mac to buy mortgages that exceeded the national cap of $417,000.

When the mortgage market melted down four years ago and sent private mortgage investors fleeing, interest rates rose sharply on “jumbo” mortgages—those too large for backing by Fannie, Freddie or agencies such as the Federal Housing Administration. That accelerated home-price declines in high-end markets throughout California and the Northeast, where many pricey homes couldn’t be bought with a government-backed loan.

To stem the fallout in prices, Congress raised the loan caps to as high as $729,750 in markets such as Los Angeles and New York. It then passed a series of one-year extensions to keep the higher limits in place. But this year, Congress and the Obama administration opted against an extension.

As a result, the limits in hundreds of counties fell by 10% or more on Oct. 1. For loans backed by Fannie and Freddie, the limits declined to between $417,000 and $625,500 in about 200 counties.

More worrisome to real-estate agents are declines in the FHA limits, which fell to between $271,050 and $625,500 in 600 counties. Those changes are causing heartburn because the FHA allows buyers to make down payments of just 3.5%, and it has financed as many as half of all home purchases in recent quarters.

Policy makers allowed the limits to fall because they want private companies to hold more mortgage risk, and dialing down loan limits is one way to carve out space for those investors. Fannie, Freddie, and the FHA currently back nine in 10 new mortgages. Taxpayers already are on the hook for $141 billion in losses at Fannie and Freddie, and the FHA’s reserves have plunged to razor-thin levels.

This entry was posted in Mortgages, National Real Estate, Risky Lending. Bookmark the permalink.

88 Responses to Wrong title – We already made the big bet

  1. Mike says:

    Good Morning New Jersey

  2. funnelcloud says:

    First again Good morning Mike!

  3. grim says:

    From USA Today:

    $1B foreclosure aid program ends with $568 million unspent

    The federal government will disburse just $432 million from a $1 billion program to help unemployed homeowners avoid foreclosure, a government official said Thursday.

    The rest of the money will return to the U.S. Treasury because the Emergency Homeowners’ Loan Program has ended, and not enough people were approved in time to receive aid.

    The funding provided forgivable loans up to $50,000 to temporarily help unemployed or underemployed people avoid foreclosure in 32 states and Puerto Rico.

    Out of 100,000 applicants, 11,832 were conditionally approved for the program that the government initially said could help up to 30,000 people. Assistance will average $35,000 to $45,000 a homeowner, said Brian Sullivan, a spokesman for the Department of Housing and Urban Development.

    The program’s failure to reach or process enough applicants in time is “sad and shameful,” says Lewis Finfer, executive director of the Massachusetts Communities Action Network. It worked to pass the legislation to make the program possible.

    Finfer, other community groups, and Rep. Barney Frank, D-Mass., have said that HUD took too long to launch the program.

  4. Comrade Nom Deplume says:

    An almost perfect sports weekend. Would have been better if I didn’t hyperextend my knee while helping out at my daughter’s soccer game. Ouch.

  5. grim (3)-

    Yet another failed attempt to bail out individuals.

    Funny, Hank Paulson only had to write a one-page outline to get billions (stolen from the US taxpayer) funneled into the banks almost immediately.

  6. The world is a nompound.

    “A world insolvency crisis, a Thermidorian reaction in Egypt, a hard landing in China, the first non-PIIGS nationalized bank… The world is on fire yet despite all of the above (or rather due to) what is the topic of one of the most commented articles on Bloomberg over the past week? Why how to hide one’s gold. Bloomberg’s Ben Steverman writes: “If you’re looking for a safe place to put your investments, Chad Venzke has a suggestion: Dig a hole in the ground four feet deep, pack gold and silver in a piece of plastic PVC pipe, seal it, and bury it. Venzke is hardly the only investor who wants his precious metals nearby at all times. A pound of gold worth about $24,000 can easily fit in a pocket; how to protect it is a decision that carries expensive consequences. Do-it-yourself investors who don’t trust banks must find creative storage options, whether burying gold in the yard, submerging it in a koi pond, stashing it behind air-conditioning ducts, or placing it under carpets.” Indeed, as Venezuela is about to reclaim possession of its tons of gold from UK vaults, even as the Dutch central bank proudly admit to hiding its own gold in precisely the same venues that are no longer good enough even for Chavez, the topic of where one should hide their physical is rapidly becoming a very incendiary. One thing is certain: among the hard core “physical” community, the idea of storing it in the same banking system that would be insolvent once the fiat status quo collapses, is verboten anathema. So what are the options?”


  7. funnelcloud says:

    Our governing body lacks to vital qualities to lead people, The first is common Sense and the second is sense of Honor Anyway on a happy note, A couple of weeks ago I was looking for some festivals to go to in or around the North Jersey, New York state area and got alot of great feedback My wife and I attended 2 garlic festivals (bought some great garlic) and took a cruise up to Wilmington NY to see Whiteface Mountain, Thanks for all the positive input from the bloggers and If you know or hear of anything interesting coming up,, post it… Some cheer is always good, Thats why I tend to respond to Mike, (Poster number one today,) he always starts the day on a positive note, regardless of the crap that’s happening, a simple good morning goes a long way and is a nice way to start off the day. So good Morning Again NJ.

  8. funnelcloud says:

    Should be “2” vital qualities not “to” sometimes I type faster than I think

  9. Mike says:

    Thanks Funnelcloud, went to the Hershey, PA swap meet this weekend beautiful classic automobiles!

  10. chicagofinance says:

    chicagofinance says:
    October 9, 2011 at 11:38 pm
    Bost, Shore and Coast….

  11. chicagofinance says:

    The End Is Nigh (NJ RE Report Edition):

    This blog is toast…..

  12. 3B says:

    #11 It does appear to be winding down.

  13. All Hype says:

    “This blog is toast”

    Come on, it was a beautiful weekend. I was out both days for 12+ hours. No time to sit and read about pending doom.

    Risk on trade today. Europe’s plan of a plan that cannot be shown publically is more than a reason to get Sky Net and HAL9000 to buy a few S&P futures.

  14. gary says:

    The blog isn’t winding down… we’re in an economic constriction across the board which we’re witnessing in slow motion. When the next “revelation” unfolds, it’ll be dissected here ad nauseum with laser precison, as always. This blog is simply so far ahead of the curve that we have to wait for the field to catch up. We’re in the 5th inning; the best is yet to come.

  15. 3B says:

    #14 gary: As always you have a very valid point; just a bit of a lull.

  16. 3B says:

    #17 Juice: As he said they have been talking it (the hair cut) for quite some time. And yet amazingly through all the economic woes etc over there, the pubs are still packed!!!!

  17. Juice Box says:

    3B “the pubs are still packed” Actually no my cousins pub business is about 50% off. Might be the smoking ban but the pubs are not doing well.

    Costs of food and liquor are very high as well.

    Cost of a pint ranges $5-$6 dollars and anything with a shot will set you back $10

    Wasn’t that long ago when a pint was only $3

  18. v23 says:

    We’re under contract for a home moving out of NJ. New Hampshire here we come. This blog and everyone posting did “unknowingly” provide some input, so thanks guys!

  19. Comrade Nom Deplume says:

    This will get Jamil’s irish up.

    The new Consumer Financial Protection Bureau is hiring attorneys. Because these are fed jobs, the jobs have to be posted publicly.

    The posting on USAJobs comes out on October 5th. The closing date for applications is THE NEXT DAY!!!!

    Anyone care to hazard a guess as to why this new Obama agency would post attorney positions and hold open the application period for only one day? Why not do what the DoJ did, and simply include language in posting of the sort they used (“prior experience demonstrating a strong commitment to civil rights/fair housing/etc. preferred”)? Or was that too cute by half, judging by some of the details that emerged about DoJ preferential hiring practices?

    Yeah, better to keep a very short open period that only your friends know is coming up.

  20. chicagofinance says:

    v23 congrats…

    I travelled past clot’s oasis this weekend appears roomy and may very well have a wall to project HWAS & HC2 (FS)

  21. Comrade Nom Deplume says:

    [20] v23

    Good luck in the Sovereign State of New Hampshire. Breathe some free air for the rest of us. And be sure to get your carry permit—NH is “shall issue” and doesn’t give you a lot of smack about it.

    Where are you going to be living? I can give you some input as I know the state very well.

  22. 3B says:

    #19 Juice: Perhaps maybe only in Dublin. But they are getting killed on the generous social safety net in place; especially for all the refugees they have taken in over the last 10 to 15 years.

  23. Comrade Nom Deplume says:

    [20] v23

    I also can’t wait until the day I remove the puke yellow from my bumper and replace it with Live Free or Die. Still have my old NH plates in the garage.

  24. v23 says:

    Chicagofinance – thanks!

    Comrade Nom Deplume – one of the first things I’ll be doing once I switch my driver’s license over is taking classes and then proceeding from there. Actually, it was a big selling point for me. We’re moving to milford. Very nice small town, had a pumpkin festival over there. No traffic lights.

  25. Juice Box says:

    End is nigh (PB&J edition)

    The U.S. Department of Agriculture is predicting this year’s peanut crop could be about 3.61 billion pounds, 13 percent smaller than last year’s 4.16 billion pounds.

    The J.M. Smucker Co. of Orrville, Ohio, which makes the country’s No. 1-selling Jif peanut butter and dominates 45 percent of the peanut butter market, expects to raise prices by 30 percent in November.

    “Our peanut costs will be significantly higher as we end calendar year 2011,” said Smucker President and Chief Operating Officer Vincent Byrd.

    A 30 percent increase on a $3.19 jar of Jif would make that 18-ounce jar cost $4.15.

  26. v23 says:

    “Your comment is awaiting moderation. ”


  27. schabadoo says:

    New Hampshire here we come.

    Enjoy having no sales/income taxes. Don’t be surprised by how much it costs to register your car, however.

    If only winter wasn’t six months long up that way…

  28. v23 says:

    Chicagofinance – thanks!

    Comrade Nom Deplume – one of the first things I’ll be doing once I switch my driver’s license over is taking classes and then proceeding from there. Actually, it was a big selling point for me. We’re moving to milford. Very nice small town, had a pumpkin festival over there. No traffic lights.

    Schabadoo – Very true. Fortunately, the savings in income tax will more than offset any car expenses. In fact, my car insurance was cut in half and home owner’s policy was as well.

  29. v23 says:

    Schabadoo – Very true. Fortunately, the savings in income tax will more than offset any car expenses. In fact, my car insurance was cut in half and home owner’s policy was as well.

  30. JJ says:

    Its a BULL Market Baby!!!! Just joking, but last Monday;s WSJ had a big story cover about individual investors throwing in towel and selling. Most likely biggest buy indicator of year. I did not buy more Monday as I also was getting worn out. But I did not sell. Good News is I max out my 401K on 10/15 and will hit my 16.5K so from here on I want and dont want it to go up. Want it to go up as sick of down mkt and maxed out 401k. Dont want it to go up as bonuses will be smaller this year so you want your stock grants at a low price to make up for it. Best case is we get a big run up after we all get our smaller stock grants.

    Sadly even if recession ends and unemployment falls and stocks fly up the folks out of work since late 2008 who have had no 401K and sold all their stocks to pay for food pretty much lost all their retirement money and missed buying opportunity of decade. Anyone over 50 unemployed in excess of two years can’t make this up.

    My maxing out 401K in a company that never stopped matching in 2008, 2009, 2010 and 2011 really boosted my balance. I can’t imagine damage getting laid off in October 2008 and missing buying at the low and then selling at the low.

  31. Comrade Nom Deplume says:

    [28] boo,

    I did not find NH winters to be much worse than ours. More snow, to be sure, but temps and season length not really noticeably worse.

    Course, it helps if you like to ski/hike/Mt. bike/etc. Loved being able to go mt biking right out my backdoor in a town next to Manchester.

    It is a different lifestyle up there. No resemblance to NJ at all. The average NJ’er would probably go bonkers inside of two years, if the locals didn’t hogtie him and drop him over the Mass border first.

    v23, avoid the temptation to drive everywhere with your highbeams. May seem dark to you at night, but you will have to adapt.

  32. Comrade Nom Deplume says:

    More on the ejumacation bubble. With a side trip down memory lane for me.


    I had always thought that many of the liberal arts schools in N.E. were doomed, but when schools like Smith start to feel the pinch, that is a troubling portend.

  33. Double Down says:

    JJ, here’s an interesting 401k discussion:

    Lets talk the scam that are 401K and 457b/403b

  34. Libtard in the City says:

    What up peoples?

    This blogs got plenty of life left in it. Just wait until we get nearer to the election and Jamil starts creaming in his Underoos all over again.

  35. chicagofinance says:

    This place is walking distance from my house…..4 records consisting of 2 lots and farm acreage.


    Wall Street Journal
    OCTOBER 8, 2011
    A High Roller Feels the Bite of Foreclosure


    A property owned by Paul Parmar in Colts Neck, N.J., is scheduled to be sold at a sheriff’s auction.

    As most of the country struggled with the widening recession in 2008, Paul Parmar, a private-equity investor, said that as one of the super rich, he was continuing to support the economy by spending on luxury cars, homes and jets, without worry about the cost.

    In April 2008, he was quoted in a newspaper interview as saying the downturn didn’t affect him at all “on a spending level.” He said he had recently acquired a $110,000 BMW for his girlfriend, and a Bentley for himself.
    Now Mr. Parmar has joined the many homeowners who have faced foreclosure on their properties.

    His 32-acre classical-style compound in Colts Neck, N.J., which features a private lake, outdoor pool with beach, an oversize indoor pool and two bowling lanes, has gone through foreclosure proceedings and is scheduled to be auctioned off by the Monmouth County Sheriff on Oct. 31.

    According to PropertyShark.com, Mr. Parmar owes $26.3 million on the property in Colts Neck, an affluent enclave about 10 miles from the Jersey Shore. The foreclosure case was brought by Deutsche Bank, which held a $23 million mortgage on the compound.

    In an email to The Wall Street Journal, Mr. Parmar said that he was on the rebound, after certain of his businesses had “run into difficulties.”

    “In certain cases, the difficulties in my businesses have impacted me personally,” he said. “I am working through those issues and expect they will all be resolved favorably.” He didn’t comment on the foreclosure and declined to elaborate.

    Things appeared far rosier for Mr. Parmar in 2008. That spring, he showed off his 39,000-square-foot property on an ABC “Nightline” installment dealing with “recession-proof living.” He said he was helping the economy by spending more.

    “Yes, what recession,” he said in another interview appearing on CNN, speaking as he rode on his private jet.

    Calin Onet, an analyst at Propertyshark.com, said that the Parmar foreclosure auction was the largest that the property website has tracked in recent years in New Jersey, based on the size of the lien owed. An auction was held in June in Manhattan for the Sloane Mansion on East 68th Street off Fifth Avenue, which had a lien of $28 million.
    Mr. Parmar, known as Parjit Singh Parmar on property deeds, worked for investment firm Paine Webber in the 1990s and left to form his own consulting firm in business strategy and operations. In 2004, he formed a private investment group, known as Pegasus Blue Star Fund, that specializes in acquiring small privately held service businesses.
    By 2008, he had investments in a number of private aviation and charter-service companies, several health-care companies, investments in movies as well as his own production company, known as Funky Buddha Media.
    His bio on the Pegasus website says he started with no financial backing or family money. He eventually acquired a series of homes, including a 8,900-square-foot house in Florida, and in 2007 bought 140 acres of land in Texas, and said he was spending $20 million to build a refuge there for abused tigers.
    Mr. Parmar paid about $2.9 million in 2000 and 2003 to buy two large parcels in Colts Necks, property records show, and he hired a developer to transform them into his elaborate estate.
    Robert Hanna, a broker with an estate listing also in Colts Neck for $19.9 million, said that in the current market the Parmar estate might be valued at about $15 million, but bidders might offer far less because of the foreclosure status.
    Mr. Parmar had a loss on a home in Florida last year. In 2007, property records show, Mr. Parmar purchased an 8,870-square-foot waterfront home with a 100-foot dock in Pompano Beach for $12 million, including a $9 million mortgage.
    He sold it for $3.8 million last fall, and the buyer then immediately flipped it for $5.4 million, according to property records.

  36. nwnj says:

    Another reason 401k’s suck is means testing. It will be here soon so every dollar you have in a 401k is likely one less you’ll get from SS.

  37. v23 says:

    Comrade Nom Deplume – Thanks for the advice! Milford will be a peaceful relaxing town. Nothing like Jersey but then again I live in the suburbs anyhow. I’m looking forward to the small town living. Didn’t spot a fast food joint within miles, i like it.

  38. v23 says:

    Why are all of my posts being removed?

  39. Dan says:

    The death of NJRE……..

    I don’t see it so much as a death but as a measure of success. I think most of us came here years ago because we were pissed at the price of housing and all the reasons that caused it. We were sick of hearing to buy real estate because it only goes up. We were sick of reading about 3 bed 1 1/2 crapshacks going for $500k in Montclair or for $550k in Ridgewood. And we were sick of listening to people brag about how smart they were by getting a home equity line to build kitchens granite countertops and maxed out their credits because, hey, another home equity line addition was no problem. We all got together in one place to vent about where this imaginary money came from and make sense of something that made no sense.

    Five years later, look where we are.
    The Siena which five years ago was my ridiculously unattainable place to live is a certified flooded craphole. We have kids, we have houses, we’re even refinancing at historical lows and we’re doing it now at less than the cost of renting.

    Even Grim bought a house for cripes sake. Even I bought a house.

    We no longer need to come here to justify our conversations with friends or rearm and reload the financial arguments about why buying real estate is stupid. They all know. There’s no one left to convince (as if we all don’t know someone who lost their house who was a poster child example of what was wrong with the real estate market in the first place).

    At some point there should be a victory GTG or in Clot’s case, a confirmation stench of death GTG.

    Ideal location would be a bike trail in the town of unicorns.

  40. gary says:

    Dan [38],


  41. chicagofinance says:

    Who needs to be induced….

    Woman runs marathon, gives birth

    CHICAGO — Amber Miller says she felt contractions minutes after crossing the Chicago Marathon finish line.

    A few hours after completing the 26.2-mile race Sunday, the suburban Chicago woman gave birth to her daughter, June.

    The 27-year-old is an experienced marathoner who found out she was pregnant after signing up for the race months ago. She figured she’d play it by ear on whether or not she’d run. When the baby hadn’t been born by Sunday, she got clearance from her doctor to half run and half walk the race.

    She finished in 6 hours and 25 minutes, much slower than her previous seven marathons.

    Miller spoke to The Associated Press from the hospital and says she received encouraging cheers during the race and never felt bad, except for some feet blisters.

  42. 3B says:

    #38 DaN: All very true. You know we have been vindicated, when the talk is no longer real estate. In fact people get uncomfortable now if we bring it up;it is almost impolite as far as they are concerned. Of course nobody thought it was impolite when we sold near the top and have been renting. People told us we were fools, or looked at us with a mix of pity and or disdain. Now not even a whisper of real estate.

    Although we have not bought yest, as my wife and I have decided we are in no particular hurry, and prices are not going up, we know we will, but it will be on our terms. For us it will ismply be a long term rental.

    Congrats on your purchase. Did you end up buying in one of the blue ribbony train towns?

  43. Mike says:

    Dan No. 38 Bravo! Well said

  44. chicagofinance says:

    An analysis by 24/7 Wall St. examines the nine municipal bodies with the worst credit ratings assigned by Moody’s, not including school systems, rated Ba2 and lower. (For perspective, Moody’s rates junk bonds as Ba1.)

    Coming in at No. 9 on the list is Camden. The city has been beset with money issues for quite a while, highlighted by a mass layoff of its police officers and firefighters earlier this year. The city collected $181,257,000 in revenue in 2009, but was in debt to the tune of $103,284,000 during that same year.

    >> More from Yahoo! Finance

    Moody’s notes that “more than half of Camden’s real estate is tax-exempt, hampering already weak tax collections.” The city has had a speculative grade credit rating since 1998. And it doesn’t help that three out of the past five Camden mayors have been sent to prison for corruption, the most recent in 2001.

    Camden isn’t the sole Jersey city on the list. It is joined by Salem and Harrison, coming in at Nos. 6 and 4, respectively. Both towns have stumbled financially in part because of bad investments.

    Salem built a large office building downtown with the intention of leasing office space. But construction delays caused lease payment delays and money has been taken from the debt fund numerous times.

    In 2010, Harrison built the $200 million Red Bull Arena. The venue cost the city $39 million in debt but has yet failed to have the expected returns. To help solve its debt problem and inch toward recovery, the city has drawn inspiration from Camden and plans to fire some police officers and firefighters.

    Aside from the cash-flow issues, the nine struggling locales on the list have little in common — even the reasons they are going broke are vastly different. Central Falls, R.I., which tops the list, is in the red due to a bloated pension plan. Strafford County, N.H., spent two-fifths of its budget on a single nursing home. And Detroit was the victim of a tanking economy that saw several major employers, such as Chrysler and General Motors, declaring bankruptcy and residents leaving to find work and homes elsewhere.

    The full list:

    1. Central Falls, R.I.

    2. Pontiac, Mich.

    3. Jefferson County, Ala.

    4. Harrison, N.J.

    5. Detroit, Mich.

    6. Salem, N.J.

    7. Riverdale, Ill.

    8. Strafford County, N.H.

    9. Camden, N.J.

  45. schabadoo says:

    I did not find NH winters to be much worse than ours. More snow, to be sure, but temps and season length not really noticeably worse.

    I’m more familiar with Vermont really, but it got brutal. Last time up there it was zero degrees and consistently snowing. People I know up there have to own snowmobiles to get around during winter.

    It wasn’t as bad as last year’s Winter Carnival in Saranac Lake. Honestly, it seems like merely surviving winter up there is a goal.

  46. Dan says:

    3B, I’ll leave it to Grim to define the town we live in. I don’t know enough about Wayne to know how to describe it.

  47. schabadoo says:

    Re: 46
    Kids in American addicted to alcohol and drugs because “mom and dad, and pop stars all do it”

    We got 5,000,000 kids on ADHD drugs alone. Amphetamines for 12-year-olds as long-term treatment…just brilliant.

  48. Back1nJersey says:

    Can anyone here provide a referral for a competent Inspector in the Central Jersey area?

  49. JC says:

    3b: New listing in WT, pretty aggressively priced, quiet street:


  50. 3B says:

    #49 JC Yes it does, and it looks like it is in great shape too! (new kitches bth etc)I hope the guy who spent 400K on that other lhouse does not see it. Talk about being depressed!! When we finally get around to doing something our most likely choices will be Hillsdale and WT. Thanks for the heads up on this listing; it is appreciated

  51. freedy says:

    Whats the taxes on the WT ranch?

    Maybe they can get 325K

  52. 3B says:

    #51 freedy: Taxes are only 8k, which is very reasonable today. Taxes on that house in the land of Unicorns, would be around 12K!!!!. They may their asking considering the taxes, and it is in great shape.

  53. Juice Box says:

    Suits for the Hippies! Empty your closets!

    In the Battle of Ideas, Aesthetics Matter
    Occupy Wall Street is a lot of things. But at the core it’s a conversation — a conversation about tactics, a conversation about democracy, a conversation about in what kind of world we want to live.

    For a successful conversation, parameters are defined, topics delineated. The consensus-building at Zuccotti Park works on this, slowly, methodically, setting the stage for further action.

    It’s a lot of talk, and a lot of effort, but, for a lot of people, it just doesn’t matter.

    Why? Because to them we look like a bunch of dirty hippies.

    Conversation: Over.

    We Propose a Solution: Suits
    We all look great in suits. To reporters, to workers, to skeptical tourists, we’ll look like people to listen to, or, at the very least, to hear out. Lazy journalists won’t be able to easily dismiss us and will have to actually listen to what we say. The conversation will grow out of the echo chamber and into the wider world — where it belongs.

    Suits are camouflage in the warrens of Wall Street. And there are other advantages.

    Need a bathroom? Try wearing a suit. It’s easy.

    Want to walk past a police barricade? Put on a suit.

    Let’s Show Them We’re Serious
    In the 1960s you could fly your freak flag high. In 2011, it just looks sloppy. We are the 99 percent, but we need the support of the 60 percent who think we’re just messing around.

    On October 15, our crack team of well dressed artists, designers, and wardrobers will deliver racks and racks of business attire, free of charge to anyone at Liberty Square. We’ll be joined by progressive tailors, radical barbers, and folks who want everyone to look great.

    The way you say it matters as much as what you say. So say it in style. Say it in a suit.

    What We Need and What You Get
    You can help us realize this vision with your donations. Twenty dollars will put a protester in a crisp thrift store suit.

    Or mail us a nice suit you’re not using anymore. It’s free if you mail it from work. Here’s our address:

    Proper Business Attire Working Group
    C/O The House of Yes
    342 Maujer Street
    Brooklyn, NY

    Extra suits and late deliveries will be donated to Threads for Success, an innovative New York City program that dresses young people in the justice system for court appearances and job interviews.

    Let’s get organized.

    Look sharp. The whole world is watching.

    Other Ways You Can Help
    Post our campaign to anyone who needs to see it.

    And straighten your tie.


  54. chi (22)-

    Almost time to host a GTG, featuring high-alcohol craft beers and a screening of Human Centipede.

  55. kraeusened says:

    54. As long as it is fully kraeusened.

  56. Everything here that needs to be bottle conditioned, is.

  57. Fiddy Cents on the Dollar says:

    Various Topics —

    Fairs & Festivals — There’s an Apple Festival out in New Hope PA the first weekend in November. If the weather is nice, it’s a wonderful weekend to go “leaf-peeping” across the Delaware. Just Google “Apple Fest Lahaska Pennsy” and you’ll get the details.

    The State of the Blog — I think we’ve formed a community atmosphere and there are many topics we discuss here. Just look at today’s entries and you’ll find a good cross-section, just like around the Coffee Machine in the Office…..Monday is Anything Day. If you really want an eyeful, go back into the archives around 2007 or so. Several of our main contributors laid out the whole catalog of chaos that was coming down. And we all profited from it.

    Home Inspector in Central Jersey — Just for Back in Jersey #48….Call Peter Bennett at 732-758-9887. He’s in Monmouth county, but covers all the Central counties.

  58. Perhaps a little Rauchbier will help mask the stench of death…

  59. chicagofinance says:

    Back1nJersey says:
    October 10, 2011 at 4:05 pm
    Can anyone here provide a referral for a competent Inspector in the Central Jersey area?


  60. What do Das Boot and Hobo With a Shotgun have in common?

  61. chicagofinance says:

    clot: I know a guy who lives in JC and works at Park & 57th. Not that I would go out of my way to eat in Paulus Hook, but just railed against every place in Newport/PH. Granted he eats at BLT Steak for lunch, but is he foolish….would you recommend anyplace. I remember eating at Light Horse Tavern and being amazed that they managed to arrest the taste out of every last morsel of everything. I used to eat at Iron Monkey about 15 years ago when it was the only place in the entire neighborhood open after 5PM. I thought it was good for what it was although I never ate any food before downing 6 or 7 irish coffees….

  62. chicagofinance says:


    hobo: IT’S ALL I KNOW

  63. Back1nJersey says:

    Fiddy/Chicago – Thanks will reach out to him.

    Back1nJersey says:
    October 10, 2011 at 4:05 pm
    Can anyone here provide a referral for a competent Inspector in the Central Jersey area?


  64. Fabius Maximus says:

    The biggest Romney news from the weekend, was not his Religion, it was that he actually brought up Roe vs Wade. WTF is his campaign thinking.Its bad enough that he has just alientated a big chunk of the independent centre that he needs to win, he is already on record for it being settled law.

    Its like McCain all over again, he swings the bus hard right and the right say “yea right!”

  65. Fabius Maximus says:


    Fire and Oak is not bad in Newport, Triumph I think was opened by the french people that ran Madame Claude on Newark.

    My favorite is Prestos for Italian.

  66. Fabius Maximus says:

    Scrub that, Triumph is closed, but Madame Claude is still open.

  67. chi (61)-

    Skinner’s Loft isn’t bad. Beyond that, this town is a culinary wasteland.

  68. Abbodanza is a brick-fired pizza place that just opened @ Liberty Harbor. Good pizza and BYOB. I’d rate it over Skinner’s, just because it’s cheap and good.

  69. Actually, you should just come buy wine from me, and drink it in your car.

    If you get hungry, they sell beef jerky at the Sunoco just off the 95 approach to the Holland.

  70. Painhrtz - Salmon of Doubt says:

    I’m not dead yet just started a new job and busy getting stuff ready for the twins. On the other hand most of the characters have dropped off in their lunacy. Grim also bought a house so there is no point

  71. Libtard at home says:

    I’m working on a large project at work, so I don’t have any time to blog lately. Plus, I can’t stand Jamil.

  72. Comrade Nom Deplume says:

    [44] boo

    “Honestly, it seems like merely surviving winter up there is a goal.”

    Guess cold weather climes are not for everyone. I loved it, but then I love being out in winter and remember winters in Mass much worse in the 60’s and 70’s than they were for decades later.

  73. Comrade Nom Deplume says:


    Surprised to see Strafford County on the list, but I am reminded that we used to refer to Strafford County and its environs as “the Bermuda Triangle” of New Hampshire.

  74. Comrade Nom Deplume says:

    Apologies if posted already

    Factcheck.org calls BS on Moveon.org.


  75. Comrade Nom Deplume says:

    This from former Montclarian Peter King:

    “It’s with heavy hearts that my wife and I leave Boston after 32 very enjoyable months in the city’s South End. We’re moving to Manhattan. The work’s there, and rather than commute back and forth on the train every Friday and Monday for nearly half the year, we just figured it’d be smarter for us to be located where most of my job takes place.

    Five things we’ll miss: Walking 28 minutes to Fenway Park … Our neighbors who became good friends in the building at the corner of Shawmut and Waltham … The South End restaurants (Picco in particular). I remember when we moved there Tom Brady told me, “You’ll love the restaurants there. They’re incredible.” He was right … Running along the Charles River last year with my half-marathonmeister, Roberto Portocarrero … Walking everywhere in a tremendously walkable city. The one thing we really got used to was going two and three weeks without driving, a culture shock after New Jersey suburban life. Walking, particularly in a tremendous neighborhood like the South End, was a good leisure activity in itself.

    Five things we won’t miss: Hmmmm. There aren’t five. We won’t miss the wind (surprisingly strong year-’round) … We won’t miss the litter — though I have a feeling we’ll be heading into a new era of litter in New York … The fact that April 10 felt like March 3 in the world we were used to … But I can’t think of much else. Boston was a terrific time in our lives. You’ve got a great place, Mayor Menino.

    We’ll be back early and often. I’m not giving up the family Red Sox tickets; I just won’t go as much. I always wondered what it would be to live in the place that was The Big city when I was a kid growing up in Connecticut, and now, happily, I’ve found out.”

    Hopefully, he flies his Nation flags proudly.

  76. Comrade Nom Deplume says:

    Whenever I drive back to Mass., I roll down the windows and breathe deeply. The air feels more free, and it is energizing. Even though it’s the People’s Republic of Mass., it just feels freer, more invigorating.

    That’s how v23 will feel when he passes the bilingual signs welcoming him to the Granite State. If freedom has a smell, it is evident in the crisp air there.

  77. Comrade Nom Deplume says:

    [71] libtard,

    ” I can’t stand Jamil.”

    I’m not a fan of his style, but he is right more often than not.

  78. chicagofinance says:

    Nom: Boston is OK if you are white….otherwise not so much….a lot of really nasty fcuks in that town….to be clear, NYC is more arrogant and douchey….

  79. chicagofinance says:

    There Went Meat says:
    October 10, 2011 at 8:54 pm
    Actually, you should just come buy wine from me, and drink it in your car.

    I always refuse a bag/box from any liquor store. Always say “thanks, but I am going to drink it on the way home.” Either elicits a good laugh or else a concerned look….

  80. stu (71)-

    It’s all Jamil’s fault.

  81. Does this qualify as a bank run?

    “A few weeks ago it was Siemens pulling money out of French banks, then it was the Chinese, now it is EADS’ (Airbus parent European Aeronautic Defence & Space) turn to warn about French bank liquidity. From Dow Jones: “French banks are experiencing difficulties providing financing for aircraft purchases by airlines, a market that is largely dominated by dollar transactions, Louis Gallois, chief executive of European Aeronautic Defence & Space Co. (EAD.FR, EADSY), said Monday. “French banks clearly have problems financing aircraft purchases,” he said, speaking on the sidelines of an event to launch a new French think-tank to promote the French industry. Mr. Gallois’s comments come as French banks have indicated that they were planning to cut back on dollar financing, as raising dollars has become increasingly difficult.” Not like any of this will come as news to anyone who does not get their news from the mainstream media, but it is something different to see it in practice. Net result: we now finally see why companies are hoarding so much cash on their books – in lieu of an insolvent banking system, they are all becoming their own vendor and customer financing providers!”


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  84. Keturah says:

    Where is the facebook like button ?

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