I’d like a tax cut, but can we afford it?

From the APP:

Gov. Christie takes rosy look at state revenues

By calling for a 10 percent income tax cut, Gov. Chris Christie must believe boom times are coming to state finances.

Because with the scheduled increases for pension payments and transportation funding, it will take tax revenue jumps of 4 percent or 5 percent a year — or smaller increases combined with further state budget cuts — to pay for the proposed tax cut that would eventually reach some $1.2 billion or more.

It was hard for most analysts and experts to see that scenario on Wednesday as the state reported that tax collections for the current budget were $325.7 million, or 3.2 percent, under the administration’s own expectations.

Meanwhile, New Jersey is required by law, under reforms Christie enacted, to pay $484 million toward its pension system by June 30, and then dramatically increase that contribution to $1 billion in the next fiscal year and $5 billion by fiscal year 2016.

“The governor set out a laudable goal of reducing the tax burden, but I would caution that we do it in a prudent way,” said Raphael J. Caprio, a professor of public administration at Rutgers University who was part of a group that issued a dire report on state finances last year.

“As we phase in tax cuts, we will be phasing in pension liabilities and other obligations. We need to careful of undermining one at the expense of the other,” Caprio said.

In addition to pension costs, the state plans to spend $8 billion, through 2016, for the Transportation Trust Fund, which pays for large-scale bridge and road repairs, new trains and rail, and other major projects.

Private estimates Wednesday pegged the Christie tax cut as a $150 million cost to the upcoming budget, then grow to $350 million in fiscal 2014 and $950 million in fiscal 2015 before being fully implemented at $1.2 billion a year later.

This entry was posted in Economics, New Jersey Real Estate, Politics. Bookmark the permalink.

149 Responses to I’d like a tax cut, but can we afford it?

  1. grim says:

    From HousingWire:

    Home prices dip again in FNC index

    U.S. home prices fell 0.4% in November from October, the fourth-straight monthly decline according to FNC’s residential price index.

    November prices also decreased 4.6% from a year earlier, though FNC said year-over-year declines have stabilized in recent months. The Oxford, Miss.-based company said delinquent mortgages and foreclosures continue to handcuff the housing market.

    FNC’s measure excludes sales of foreclosed homes and is not seasonally adjusted.

  2. Mike says:

    Good Morning New Jersey

  3. Mike says:

    This clip from Seinfeld reminds me of the cruise ship captain http://www.youtube.com/watch?v=AnfbhdELQLA

  4. funnelcloud says:

    Morning Mike, Morning Jersey
    I’d like a tax cut also, I thought home prices were in a total recovery

  5. grim says:

    From CNBC:

    One Million Homeowners May Get Mortgage Writedowns

    About one million American homeowners would get writedowns in the size of their mortgages under a proposed deal with banks over shady foreclosure practices, U.S. Housing and Urban Development Secretary Shaun Donovan said Wednesday.

    The deal, which could be struck within weeks, would mark the largest cut in the mortgage load since the start of the credit crisis.

    “We’re very close to a settlement that would both fix the servicing problems, but also help over a million families around the country stay in their homes and get help,” Donovan said at a U.S. Conference of Mayors meeting in Washington.

    Talks involving federal officials, state attorneys general and major banks to resolve allegations of “robo-signing” and other misconduct in foreclosures have dragged into their second year.

    Donovan’s announcement came the same day that two big regional U.S. banks disclosed they had set aside funds related to mortgage servicing matters, a sign that lenders beyond the five largest mortgage servicers may join the expected settlement.

    Using Donovan’s estimate, the settlement could provide roughly a $20,000 reduction each for the one million borrowers.

  6. BearsFan says:

    love the last paragraph of the main article…should be our national slogan:

    ““The thing about the income tax cut is that it’s immediate, people see it right away,” Riccards said. “There is no question we’re kicking cans down the road … We’re always going to do that. It’s the nature of politics. If you can postpone it, put it to the next generation, that’s great. People will say, ‘You’re hurting our grandchildren.’ But that’s all right: The economy will be much different for our grandchildren.”

  7. funnelcloud says:

    They’ll give you a cut on your income taxes then charge you fee’s for services that were included in the taxes, Your not going to get a break. Best way to avoid NJ taxes is to leave NJ. If you love NJ “pay it” otherwise “Leave it”. I’m a poor guy for this state,, so I’ll have no alternative, Just waiting for my daughter to finish college.

  8. NWNJHighlander says:

    A long form article discussing the failures of low mortgage rates on future RRE market, or a long form of NJRER’s comment section:

    http://www.americanbanker.com/bankthink/the-hidden-cost-of-free-money-1045846-1.html
    The Hidden Cost of Free Money
    Here we go again. A series of uncoordinated government policies are once more setting up the U.S. banking system for major losses and possibly another financial crisis.

  9. NWNJHighlander says:

    http://dailycaller.com/2012/01/18/chris-christie-eugene-robinson-ignorant-shouldnt-have-a-platform-to-speak/
    Chris Christie: Eugene Robinson (Of WaPo) ‘ignorant,’ ‘shouldn’t have a platform to speak’

  10. NWNJHighlander says:

    Corzine and Carla Katz ars raped us in the end. THey told us to bend over to pick up a can full of cash, they kicked the can, then pounced.

    http://mobile.nj.com/advnj/db_96837/contentdetail.htm?contentguid=pEmAIZNW
    State employees’ paid leave days can roll over from year to year indefinitely, court rules
    MaryAnn Spoto/The Star-Ledger
    Posted: 01/18/2012 7:28 PM

    TRENTON — Days off that state employees negotiated with former Gov. Jon Corzine in return for pay raise deferral and furloughs are not like unused vacation time and can be carried from year to year indefinitely, a state appellate court panel ruled today.

    The ruling in favor of the Communications Workers of America and two other state employee unions reverses a 2010 amendment to state Civil Service regulations that, once enacted, prohibited state employees from carrying so-called paid leave bank days beyond June 30, 2012.

    Under an agreement negotiated between the Corzine administration and the unions in 2009, the employees agreed to take 10 furlough days and an 18-month deferral of raises to avoid massive layoffs. The agreement gave the employees seven paid leave bank days that could be carried from year to year indefinitely. Any unused paid leave bank days would be cashed out upon an employee’s retirement, according to the agreement.

  11. Mike says:

    Grim 5 Any idea how much of a write down you are getting?

  12. NWNJHighlander says:

    http://www.theatlantic.com/business/archive/2012/01/half-of-us-households-took-government-benefits-in-2010/251529/

    Of the remaining 51%, at a minimum 20% work for the government.

    Ok, enough doom, must work for my bread.

  13. Agree with Highlander. So many people in this state hooked on transfer payments that it will never change. We are a state full of Wall-E-type slug people.

  14. grim says:

    Clearly you’ve never been to Ohio.

  15. BK for EK.

    Green shoots.

  16. grim (14)-

    I grew up in the home office for human slugs, Memphis.

    Somebody told me the largest candidate pool for Biggest Loser is from my hometown.

  17. Shore Guy says:

    “help over a million families around the country stay in their homes and get help”

    Their homes? Did they pay them off? Did they keep up with the payments? If not, it was never their home.

    So, in the end, we again reward bubble-generating behavior at the expenst of those who acted prudently. Freaking amazing, yet so expected.

  18. Shore Guy says:

    Expenst, expense, whatever.

  19. funnelcloud says:

    CNN now saying Santorum won Iowa by 34 votes, This is a real pick your loser election, Just depends on how and by whom you you wish to be violated, anyway you look at it, your going to end up with anal fissure’s.

  20. Nice to see we’ve come up with our own version of the Taliban.

  21. Dissident HEHEHE says:

    Seriously, what is $20K on most of these mortgages? The people can’t meet the payment now and are in arrears do they think a $100 less monthly is somehow going to change any of that? Just another gimmick for the government to say they “did something” and another slap on the wrist for the banks. Instead of voting at a polling station this year why don’t they just do it through ATM’s, f’g banks decide who runs and wins anyway.

  22. Confused in NJ says:

    For $3.5M you can buy the only existing 1954 Olds F88 Concept Car. There were only four built, but never went into production, as it compeated with the Corvette.

  23. yo says:

    MS back office workers got 1% increase no bonus.Did not even inflation at 2.5%.

  24. JJ says:

    So went to a meeting last night that discussed the consensus of what the heads of the equity trading desks of wall street thought about 2012. Lots of mumbo jumbo but here it is.

    The IB quants are predicting a 20% chance in next 12 months of an uncontrolled default of a nation in Europe which in turn will cause US Equities to plunge 30%. We have record cash on sidelines and traders are no taking positions now and volume is low due to fact no news that will move markets will come till after election as washington is hold off on any big decisions. Hence why put money into a flat market to take a 20% chance of losing 30% of you month. Now the binary even. if 30% drop will happen market will be dead for 2-3 years. If drop does not happen and Europe rights its ship towards end of year we will have a “melt-up” in stocks. A violent short bull market. Therefore better to wait on sidelines for next few months and miss a few points of upside then risk 30% down.

    Why will this happen? It is all engineered and most happen. What is fed helping for? through back door efforts and IMF Europe has no uncontrolled default, Fed keeps rates at zero on everything for next few months so people on sideline are punished, after election when we realize economy is good and we start talking about stimulus an tax concerns in DC we should experience a violent upturn as people stampede into stocks like they stampeded out of a sinking cruise ships.

    What does this mean for housing. We are at the bottom. But until jobs improve and we have the “melt-up” in stocks housing will remain at this low level. Housing is flat in 2012 and in 2013 the binary event in stocks, melt-up or melt-down will cause housing to either extend its bear market or enter new bull market in housing.

    There it it, enjoy.

  25. gary says:

    yo [23],

    They should take anything they can get and do a Tebow in appreciation. Little do these back office guys know that this time next year, they’ll be a temp worker doing help desk at $23/hour praying to get extended every 3 months. I’m sure that’ll do wonders to help the housing recovery that’s all the rave these days.

  26. JJ says:

    Pre-market. BTW dont fell sorry for MS workers in back office. Those guys did well. In January 2009, 2010 and 2011 MS gave vast majority of bonus in restricted stock that vests in two years. Prior to 2009 mainly cash. Those guys now have all that stock vesting. That easily makes up for a 1% raise and then some.

    BAC, +5.9%

    MS, +6.7%

  27. Mike says:

    Confused 22 Do you have any link to that?

  28. seif says:

    #9 – maybe he could walk to his kid’s baseball game instead of having tax payers give him a helicopter ride. could have burned a few calories there.

  29. All Hype says:

    JJ:

    This will not help the housing recovery and the melt up in stocks….

    http://www.calculatedriskblog.com/2012/01/housing-starts-decline-in-december.html

  30. Shore Guy says:

    Well, the new Springsteen single is out and…. Well, I can’t say that it is on a par with Radio Nowhere, Badlands, Rosalita, etc. I t will be interesting to hear the rest of the album. In any event, in any given concert, only a few of the 28 or so songs are likely to come fromthe new album, so, it will still be well worth going to the live show to find a little joy in the midst of the housing meltdown and economic stagnation. Whether to buy the album is another matter.

    BC, are you alive out there?

    http://www.youtube.com/watch?feature=player_embedded&v=M3Bz0d2xm7U

  31. Libtard in the City (and it's cold) says:

    JJ:

    Pretty much what I said a few days ago. The market will trade in a range (probably near it’s top now) until the Euro issue works itself out. A thirty percent drop seems reasonable as there is so much 1% money on the sidelines that they will start piling in before the drop gets overdone. I will be piling in with them. Outside of my investment clubs which always stay at least 75% vested in equities, I own a little NLY and VZ in my IRAs. Maybe 70% in low risk bonds/m0ney market with the rest. When the Euro crisis worsens (expect Greece to leave Euro first), I will be researching fundamentals like a madman. Of course, I could be completely wrong, so 50% of my 401K will stay long and strong. Currently I’m at 75% long, but getting closer to dropping it to 50 every up day on the US markets.

    For anyone stupid enough to follow my strategy, keep in mind that I base most of my decisions on the results of a Magic Eight Ball. (insert drug reference here)

  32. JJ says:

    BAC at 7.5 was only 4.99 a month ago. Now that is a melt up. Imagine if you bought a house for $499k and four weeks later it was worth $750K.

    All Hype says:
    January 19, 2012 at 9:08 am

    JJ:

    This will not help the housing recovery and the melt up in stocks….

  33. gary says:

    BTW, the Keystone pipeline project would’ve created a total of 140,000 jobs. 20,000 would’ve been directly tied to construction of the pipeline and 120,000 for associated services and manufacturing. But, Oblammy rejected it and we all know Oblammy has an agenda. And Oblammy has a narcissistic personality disorder that can only be fulfilled by pandering to the zombies that will pull the level for him, once again.

  34. JJ says:

    But those in all cash missed a very good start to year. We may trade flat all year and unless you were in market the first three weeks you might have lost your chance.

    Dumb move I made was I could not understand why insitutions were tendering at year end Bank of America 8% trups at 92 cents on a dollar when you can hold them to maturity at par. The tender was in common stock paid out when stock was $5. I should have realized the melt up was about to happen. So if you tendered one million in bonds you got $920,000 worth of common stock now worth 1,120,000 three weeks. Meanwhile bonds only popped to $950,000 on good news.

    Libtard in the City (and it’s cold) says:
    January 19, 2012 at 9:25 am

    JJ:

    Pretty much what I said a few days ago. The market will trade in a range (probably near it’s top now) until the Euro issue works itself out. A thirty percent drop seems reasonable as there is so much 1% money on the sidelines that they will start piling in before the drop gets overdone. I will be piling in with them. Outside of my investment clubs which always stay at least 75% vested in equities, I own a little NLY and VZ in my IRAs. Maybe 70% in low risk bonds/m0ney market with the rest. When the Euro crisis worsens (expect Greece to leave Euro first), I will be researching fundamentals like a madman. Of course, I could be completely wrong, so 50% of my 401K will stay long and strong. Currently I’m at 75% long, but getting closer to dropping it to 50 every up day on the US markets.

    For anyone stupid enough to follow my strategy, keep in mind that I base most of my decisions on the results of a Magic Eight Ball. (insert drug reference here)

  35. gary says:

    Your Vice President:

    The Giants are going all the way!

    That sentiment would draw cheers in San Francisco during baseball season, but drew jeers when Vice President Joe Biden mixed up the city’s baseball and football teams during a campaign event this afternoon.

    Biden, speaking at an event in San Francisco’s Financial District in support of President Obama’s re-election, told supporters that “the Giants are on their way to the Super Bowl,” according to reporters covering the event.

    When the comment drew boos from the crowd, Biden quickly apologized, saying he was used to talking about the San Francisco Giants’ baseball victories, then clarified that he meant to say “49ers.”

  36. Shore Guy says:

    Theme song, courtesy of Albert King, for Real Estate (or Greece) for 2012:

    http://www.youtube.com/watch?v=UnVlB3WMGng&feature=related

  37. Shore Guy says:

    I hear Biden will be in NY on Friday to extol the virtues of the Red Sox.

  38. Shore Guy says:

    Then, on Saturday, he and Obama will be making plans to pic the winners in the new economy.

  39. Shore Guy says:

    Wow! Perry is out and is backing Newt.

  40. All Hype says:

    Shore guy (40):
    I do not think Perry was ever in the race. The right wing of the Republican Party hates Romney like there is no tomorrow. They will try just about anything to prevent him from getting the nomination.

  41. gary says:

    Gingrich is still the smartest guy in the room, I don’t care what anybody says. The outlets that want to see him defeated have a tabloid mentality that mirrors the majority of the country. The proletarians have the attention span of a flea and the intelligence of a Kardashian. Most people’s comprehension goes no further than the level of “push button, get a pellet.”

  42. Libtard in the City (and it's cold) says:

    JJ SAY: “But those in all cash missed a very good start to year. We may trade flat all year and unless you were in market the first three weeks you might have lost your chance. ”

    Libtard SAY: True, fortunately my 401K, which is by far my largest investment account, has been 80% aggressive since the Dow was below 9,000. I’m more of a stock picker with my IRAs and have been doing well with it.

    I hope noone here jumped on your recent BK cheering JJ. It seems that nearly every company pops temporarily, just before going under. Hmmmm. No insider trading there. Obviously, the only person who inside trades is that arrogant cook from Nutley.

  43. Shore Guy says:

    Satan-orium, Romney, Paul, and Gingrich. This is the best my party can do? The sooner Satan-orium is out the better, but that will still leave:

    Romney who Obama’s machine will shred;

    Paul who will scare people with his hyper-isolationism and his rightful quest to shrink the federal budget and will thus get crushed by O;

    Gingrich, who could win but who is such a bombthrower one wonders what the heck kind of messes he will get the country into.

    Obama must be wondering who he can get to perfom at the inaugural balls this time.

  44. Libtard in the City (and it's cold) says:

    Gary…do further research into Newt. He has said things that would make Biden sound eloquent. Did you read Doonesbury this past Sunday? What this country needs is someone not beholden to either party nor loyalists. Ain’t gonna happen. Don’t matter who gets in really. They all behave the same way.

    You think for a minute that if McCane was elected, he wouldn’t have bowed to big oil to make sure that pipeline didn’t go in?

    All the same. Baa, Baa.

  45. New in FL says:

    Mike – #28

    Click your choice of links…

    http://www.google.com/search?q=1954+Olds+F88+Concept+Car

  46. Shore Guy says:

    Newt has the professor’s (and congress member’s) propensity to make outrageous pronouncements in order to stir the pot, as it were. This is fine for a teacher, and for a legislator; it could pose some massive problems for a president and Newt will need to quickly adopt a presidential demeanor as soon as Satan-orium is out and all the conservative money and support starts flowing his way. If he doesn’t, Obama’s opposition research shop will eat him for lunch.

  47. gary says:

    Libtard [45],

    I’ll take my chances. Put him up against the Annointed One in a debate. And if Gingrich somehow can win the election, let’s see where the country is at in the following four years. I guarantee we’ll have job offers galore and rising investments. Right now, this administration is a f*cking disaster… the absolute worst.

  48. jj (25)-

    They honestly pay people 7-8 figures to prognosticate this kind of mumbo-jumbo? There are gambling touts in Vegas with a more coherent investment view.

  49. 3b says:

    #5 $20,000 reduction each for the one million borrowers.

    Can we get a check for 20k too!!!

  50. gary says:

    Oblamma was elected on a wave of stupidity. He’s a failure, a flop and a mope. If both political parties are the same as everyones says, then let’s see what someone else can do. Goodness knows, it can’t be any worse.

  51. Dissident HEHEHE says:

    Thanks for the inside scoop JJ. Those the same guys who said the nobody could see the credit crisis coming?

  52. Shore Guy says:

    “20,000 reduction each for the one million borrowers”

    Heck, if anyone paid off a mortgage 10-20% or more quickly than was required, they should get a check twice or three times the size of people who over borrowed and then did not pay off the mortgage.

    Dear Treasury Department,

    You know where we live. Please send the “good-behavior check” without delay.

    The Shore Family

  53. Only person in Amerika now that can make a difference is the person willing to use a gun.

  54. Shore Guy says:

    “elected on a wave of stupidity. He’s a failure, a flop and a mope.”

    Please! Stop beating around the bush and just tell us how you feel.

  55. Shore Guy says:

    Back to the salt mine.

  56. gary says:

    Meat [52],

    The voice out of that loud speaker is Oblamma saying, “Vote for me and I’ll give you all a 52″ flat screen TV!”

  57. Shore (54)-

    Please accept my earnest advice: find a way to get you and your family addicted to transfer payments. Fast.

    I’d think a creative guy like you can scam right into some WIC, food stamps and Medicare for the kids.

  58. gary (58)-

    The rat is holding out for an unlimited supply of Olde English 400.

  59. seif says:

    WASHINGTON (AP) — The number of people seeking unemployment benefits plummeted last week to 352,000, the fewest since April 2008. The decline added to evidence that the job market is strengthening.

    http://finance.yahoo.com/news/unemployment-claims-352-000-fewest-133912012.html

  60. Libtard in the City (and it's cold) says:

    Gary,

    I agree with your assessment of Obama and trust me, I don’t support him it all, but was he really any worse than the guy before him?

    The mistake we all make is in thinking that either party is out to help US. They are both out to help THEMSELVES. If this weren’t the case, both sides would agree to campaign finance reform. Both sides absolutely abhor the concept. It would essentially put an end to their purpose which is to enrich themselves. It’s quite a racket their running. Sometimes I question if after the debates, they all just get together at Scores to laugh at us.

  61. Juice Box says:

    Gingrich’s ex-wife’s interview is tonight on CNN. From what I have read she is going to disparage him to no end, true or not it will have an effect in South Carolina.

    If they had video of him in ass-less chaps doing the can can, I still doubt he would be embarrassed. The man has no shame and little conscience, not good for someone in charge of the US Military.

  62. gary says:

    I agree with your assessment of Obama and trust me, I don’t support him it all, but was he really any worse than the guy before him?

    Yes.

  63. Painhrtz - I ain't dead yet says:

    Gary – really Newt is a whore. Calling Paul an isolationist is ridiculous, but for us libetarians he is not far enough individual rights, as for Ex Senator frothy mixture he gets the jesus crowd all winkly in their pants, the establishment won’t let him near the nomination. That leaves Romney who makes John Kerry look like a firm decision maker. Just because you want to see the suit and chief destroyed in a debate doesn’t make Newt a good choice. I want what is best for the country not some republican revenge fantasy that will march us off to another war with brown people in Asia at the expense of our childrens future.

  64. JJ says:

    I sold my Kodak bond last week with a settlement date of 1-18 at a loss but got my interest payment. No biggie Bought at 63 in April 2009 and sold January 2012 at 25 since it had a 9% coupon and was a June/December bond I got six intrest payments. Still lost money. Companies that have an BK coming up fall rapidly first day announced, then next few days as company tries to get some good new out and day traders buy shares trying to get some pops before BK it rises. Then of course it falls in Kodak case I timed my exit well to minimize loss. However, whoeve bought bond the bond is still trading at exact same price as last week as they have solid assets and will have a good recoverty. Issue it they had to pay accrued interest to buy and now they won’t get that accrured interest back.

    Not every bond I buy will be a GMAC, Ford, AIG, Citi where I get a huge pop. I get some dogs mixed in. But hey if I can get a few interest payments before it minimizes loss. The absolute worst case is buying a bond with a high coupon and paying a lot of accrued interest and having it go bk before you get first interest payment. Generally I wont buy shakey bonds where I have to pay a lot of accrued interest.

    I still strongly believe in Kodak. I never believed in their common stock. I think with tax loss selling today if you have a very strong stomach their senior bonds might actually be a good bet. Symms bonds for instance are way way up since BK a few months ago as people realize the buildings and lands they own in a sale were far more valuable than the stupid stores they ran.

    Libtard in the City (and it’s cold) says:
    January 19, 2012 at 9:52 am
    JJ SAY: “But those in all cash missed a very good start to year. We may trade flat all year and unless you were in market the first three weeks you might have lost your chance. ”

    Libtard SAY: True, fortunately my 401K, which is by far my largest investment account, has been 80% aggressive since the Dow was below 9,000. I’m more of a stock picker with my IRAs and have been doing well with it.

    I hope noone here jumped on your recent BK cheering JJ. It seems that nearly every company pops temporarily, just before going under. Hmmmm. No insider trading there. Obviously, the only person who inside trades is that arrogant cook from Nutley.

  65. BearsFan says:

    calling Paul an isolationist may be a tad of a stretch…he seems to be doing well with the young vote, which is definitely a positive sign imo

  66. The Original NJ Expat says:

    [42] – gary Gingrich is still the smartest guy in the room, I don’t care what anybody says.

    Agreed. Unfortunately though, if you look up smarmy in the dictionary his picture is there. Maybe a Ron Paul – Gingrich ticket? I don’t know what chance they would have, but I would pay pay-per-view prices to watch a Gingrich-Biden VP debate.

  67. Libtard in the City (and it's cold) says:

    We’ll see JJ. From my experiences working with them. They were an absolute train wreck. Though, I will admit, they have some great scientists and I imagine their research is quite valuable. It was their execution that got them. Always last to the dance.

  68. seif says:

    Santorum is another no shame hypocrite. The guy married a woman who shacked up with an abortionist for many years and lived of “baby killing” money.

  69. Comrade Nom Deplume says:

    [42] gary,

    The proletarians have the attention span of a flea and the intelligence of a Kardashian. Most people’s comprehension goes no further than the level of “push button, get a pellet.”

    You can’t fight the tape. Best you can do is invest and prep accordingly. I am down with Meat—get transfer payments and keep the powder dry.

    As for the tax cut, no we can’t afford it but I want it anyway. Don’t plan on being in NJ when the check comes to the table.

  70. Comrade Nom Deplume says:

    And the first para. should have been in quotes, with attribution to gary.

  71. Libtard in the City (and it's cold) says:

    Unfortunately, a VP debate is a supreme waste of time. The VP is useless and it’s been 50 years since a president has been shot and 40 since won was forced out. Plus, so few people actually watch the debates anyhow. And the majority that do have their minds made up already. The best thing a hopeful could do would be streak across the field during the Superbowl.

  72. gary says:

    Juice [64],

    They can show footage of him banging a porcupine for all I care. I have selfish reasons like wanting multiple job offers and a president that doesn’t wear a chin strap and knee pads when meeting with global leaders. The same people that supported Bill Clinton and looked the other way shouldn’t be the same ones to line up with a rock in hand.

  73. Comrade Nom Deplume says:

    [69]

    I had thought that Newton was in it not to win because he knew he couldn’t, but to stir the pot. Financially, he makes out great if he loses after a hard fight and Obama is reelected.

    But then I read an article about his teaching days, and came to realize that Newt, for all of his intelligence (and he is extremely bright), also comes with a lot of hubris. When he considers himself qualified for a position, he simply puts it out there without regard for those who disagree with him.

    So I don’t know what to believe. Manipulating schemer or true believer?

  74. Dissident HEHEHE says:

    Kodak’s patents are like Symms land

  75. Comrade Nom Deplume says:

    [75] gary,

    Obama has me nostalgic for Carter. At least in Carter’s case, it was bad luck on foreign policy and his inability to use conventional tools to solve an unsolvable problem. He also did not seek to change our entire socioeconomic system wholesale.

    Obama has had easy pickings in foreign policy and has brought out unconventional tools yet failed to wield them effectively or use conventional tools effectively to stem the bleeding. He sought to convert us to a Rawlsian ideal but has been forced to back off, and now acts as if his highly divisive campaign and approach is not a problem.

    I think when history is written, Carter will be seen as a misunderstood visionary and professional, and Obama will be seen as an amateur who personifies the Peter Principle.

  76. The Original NJ Expat says:

    [64] Juice ass-less chaps

    Redundant?

  77. Painhrtz - I ain't dead yet says:

    nom Lou Rawls?

  78. Juice Box says:

    Gary – Newt does think in terms of decades or more when it comes to Foreign Policy. For example our relationship with our trading partner China or the troubles in the Middle East. However Newt’s fatal flaw is he eventually comes to an inevitable conclusion that in 30 years from now they are going to try and annihilate us so we should create a New War Strategy of getting them before they get us (sometime in the way way future). We cannot run our country on fatalism, and you can find it sprinkled throughout his writings.

    I will say one thing about his personal life. He may have matured to become a grandfather but the crap he pulled during the 90s was over the top. Newt because of his personal life past or perhaps even present should be on the Jerry Springer show not in the White House.

    We need someone honorable to lead, not someone who will fire the first shot(s) and ignite several additional wars we cannot pay for.

  79. chicagofinance says:

    Ah…Newtonian Physics….
    Newt Gingrich’s ex-wife says he wanted an ‘open marriage’ so he could see mistress
    POST WIRE SERVICES

    Last Updated: 11:09 AM, January 19, 2012

    Posted: 10:56 AM, January 19, 2012

    Don’t mess with a woman scorned.

    GOP presidential hopeful Newt Gingrich lacks the moral character to serve as commander-in-chief because he wanted an “open marriage” so he could have a wife and mistress, his second ex-wife Marianne said in a bombshell interview.

    She told ABC News that Gingrich’s positions regarding the sanctity of marriage are bogus and don’t fit with what she experienced during their 18 years together.

    In her first TV interview since their 1999 divorce to be broadcast tonight on Nightline, Marianne Gingrich said the former House speaker sought an “open marriage” so he could have a mistress and a wife.

    She said when Gingrich admitted to a six-year affair with a close aide, he asked her if she would share him with the other woman, Callista, who is currently married to Gingrich.

    “And I just stared at him and he said, ‘Callista doesn’t care what I do,'” Marianne Gingrich said. “He wanted an open marriage and I refused.”

    There was no immediate comment from Gingrich on his ex-wife’s allegations, though he has said he won’t attack her. He also has said that he has “no relationship” with Marianne.

    Marianne, a Republican herself, described her “shock” at Gingrich’s behavior — including how she says she learned he conducted his steamy affair with Callista “in my bedroom in our apartment in Washington.

    “He always called me at night and always ended with ‘I love you.’ Well, she was listening,” she said.

    This all took place at the same time Gingrich condemned President Bill Clinton for his lack of morality while in the White House.

    She said Newt moved for the divorce months after she had been diagnosed with multiple sclerosis.

    “He also was advised by the doctor when I was sitting there that I was not to be under stress. He knew,” she said.

    Gingrich divorced his first wife, Jackie, as she was being treated for cancer.

    With AP

  80. JJ says:

    That would make a great bye line for a news story. I am looking forward to tommorrows WSJ where we can now talk bond recoveries from sales of patents and assets. The company was bleeding out but like Symms they have good assets. Better to shut it down while it still has value.

    Dissident HEHEHE says:
    January 19, 2012 at 11:16 am
    Kodak’s patents are like Symms land

  81. Shore Guy says:

    “Kodak’s patents ”

    Did I hear correctly that they want to sell off all the digital patents so they can concentrate on being a printer and ink company?

  82. Dissident HEHEHE says:

    The patents were the only card managemnt had left to try and avoid bankruptcy. Bondholders weren’t going to let them be sold on the cheap to keep management afloat. At least in bankrupcty there’ll be an auction.

  83. Juice Box says:

    re # 79 – Expat – err not really the cowboys wear pants with the chaps. Newt went
    pant-less with chaps at the Bohemain Grove back in the 90s, but says it was all part of his Fantasy Life.

    Newt is part of the “futurist” group, but he lies about his membership. He has firm beliefs in Tofflers – The Third Wave which is a bunch of neo-con communist speak, sprinkled with the tiniest bit of capitalism. Newt really is a bigger globalist than Romney or Clinton ever was. GATT, NAFTA and WTO all came to being with his leadership as Minority Whip and Speaker in Congress.

    Gary your employment issues are due in part to Newt’s direct actions.

  84. JJ says:

    yep, but they also have good medical and commerical businesses. But in BK the courts will have to approve anything stupid which is a good thing. The kodak trademark will be worth a fortune alone. I will be drooling over the Journal tommorow.

    Shore Guy says:
    January 19, 2012 at 11:55 am
    “Kodak’s patents ”

    Did I hear correctly that they want to sell off all the digital patents so they can concentrate on being a printer and ink company?

  85. Libtard in the City (and it's cold) says:

    For the record, I would vote for Romney over Obama, but wouldn’t expect a different result for the country. Maybe less money would go to sham outfits such as that solar company Obama screwed up with, but the Halliburton’s will once again reap wonderful rewards. It’s all the same.

  86. Brian says:

    Has anyone seen this article on CNN?

    http://money.cnn.com/2012/01/17/pf/local_currency/index.htm?iid=HP_River

    There’s a resurgance of local communities creating their own currencies. Some are motivated by fear of the economy and distrust of government. Others want to keep money from transactions local thereby stimulating their local economies. The article says legislators in 10 states are circulating proposals for their own currencies too.

    How about a NJREREPORT currency?

  87. Libtard in the City (and it's cold) says:

    What should we call it?

    1. The Bednar
    2. The Adler (Sue)
    3. The Skittle

  88. JJ says:

    delmoncos on wall street had their own currency before the existence of US currency.

  89. funnelcloud says:

    When Romney was ahead by 8 votes in Iowa he was declared the winner. Upon recount Santorum wins by 34 votes and then its a tie, I’m an anybody but Obama guy, I just feel like I’m going from bad to bad with the choices that I have. Gingrich is a slug but if I had to vote today I would probably give my vote to him over Romney, He supports 2nd amendment rights which jersey tramples all over, He supports the death penalty, He likes the weed, he’s big time pro choice,,,I’m more pro life but do believe its a womens private right to choose and that I have no right to interfer with another’s choice. So out of all the slugs I align more with the newt. Wish their were better choices though,

  90. Libtard in the City (and it's cold) says:

    Funnelclouds a pothead! Funnelclouds a pothead! Can I get some?

  91. NjescaPee says:

    I’ll have mine vaporized ;)

  92. gary says:

    I will switch gears and go in a lighter direction. Let’s see how macho and savy you guys are. Identify the following:

    Answer: Omaha! Omaha!
    Question: ??

  93. Barbara says:

    Obama worse than Carter? Sometimes you guys lay it on a little thick. Osama, Ghadafi and an entanglement we didn’t have to get into directly… I’ll wait while you feverishly type out how I’ve got it all wrong.

  94. The Original NJ Expat says:

    [86] Juice – err not really the cowboys wear pants with the chaps.

    some of them

  95. gary (95)-

    What is Warren Buffett’s hometown (FTW)?

  96. Funnier by the day watching the ways MSM continues to ignore/trivialize/stigmatize Ron Paul.

  97. gary says:

    Meat,

    Buzzz! That is incorrect. :)

  98. The Original NJ Expat says:

    I pledge allegiance to the Barack Obama, Leader of the United States of America, and to the Democrat Party for which he stands, one nation, under Socialism, divisible, with government programs for all.

  99. Barbara says:

    Therewentmeat,
    MSM is going easy on Ron Paul. I don’t care if he didn’t write the newsletters, unless they are about another Ron Paul, you pretty much have to take ownership or file a lawsuit for defamation.

  100. Comrade Nom Deplume says:

    [80] pain,

    No.

  101. Comrade Nom Deplume says:

    (95) gary

    Who is TIM Tebow?

  102. JJ says:

    gary says:
    January 19, 2012 at 1:29 pm
    I will switch gears and go in a lighter direction. Let’s see how macho and savy you guys are. Identify the following:

    Answer: Omaha! Omaha!
    Question: ??

    Where to buy steaks on line?

  103. homeboken says:

    gary (95) – What is Eli Manning’s signal for audible at the line?

  104. gary says:

    Nom & JJ,

    No and No. lol!

  105. The Original NJ Expat says:

    [95] gary – Answer: Omaha! Omaha!

    Question: What word is frequently in Eli’s snap count?

  106. gary says:

    homeboken,

    Ding! Ding! Ding! Ding! You are a winner, young man! :)

  107. gary says:

    Expat,

    You win, too! :)

  108. Comrade Nom Deplume says:

    [89] Brian,

    Local scrip has come and gone for awhile. IRS had no issue with it as long as taxes are paid.

  109. Comrade Nom Deplume says:

    Aw, come on Gary. I’m an AFC guy.

  110. gary says:

    Nom,

    You know I just have this feeling we’re gonna see 2007 all over again. And you know it’s gonna come down to the 4th quarter. I think it’s just inevitable!

  111. Comrade Nom Deplume says:

    (96) barbara

    Osama and Gadhaffi? Really, really, low hanging fruit, okay?

  112. Comrade Nom Deplume says:

    [113] Gary,

    Maybe, but I couldn’t take a repeat. Too many obnoxious giants fans around.

  113. Barbara says:

    Oh, Osama no biggie? I can’t keep up with you insiders. How about Betty White? That was better than Carter, right? RIGHT???

  114. seif says:

    94 – are you referring to vaporizing your unborn baby or your weed? or both?

  115. gary says:

    Nom,

    C’mon, you want the repeat. Just think of how much alcohol you and I would need to consume to get through that game! lol!

  116. seif says:

    “Osama and Gadhaffi? Really, really, low hanging fruit, okay?”

    that’s rich

  117. Libtard in the City (and it's cold) says:

    I’m 6 and 2 in our 50-person office pick-’em. The problem is, the tie-breaker is differential and I’m getting creamed there. There is one dude who is 7-1 and six guys at 6-2. Of these seven guys (besides me), five of them picked the Giants in week one and the Giants and Patriots in week two. The sixth guy picked the Falcons in week one, but the Giants and Patriots in week two. I picked the Giants in week one, but the Packers and the Patriots in week 2. So it appears, the only way that I’m taking the prize will be to play it contrarian.

    With that said, “Go Ravens and Niners!”

  118. homeboken says:

    My office is filled with Bostonians and their desire is for a rematch and vengenance. I’d prefer the G-men take on B-more, but let’s get past the Niners first.

  119. homeboken says:

    Gary – Which QB is this:

    Three Nineteeeeeen!
    Three Ninteen.

  120. gary says:

    homeboken,

    Phil Simms comes to mind.

  121. NjescaPee says:

    117 weed

  122. Juice Box says:

    Yeah, why worry.

    “The Treasury on Tuesday started dipping into federal pension funds in order to give the Obama administration more credit to pay government bills.”

    http://news.yahoo.com/treasury-dips-pension-funds-avoid-debt-limit-202850021.html

    Current Debt projections
    FY 2012 $16.7 trillion
    FY 2011 $15.5 trillion
    FY 2010 $13.5 trillion
    FY 2009 $11.9 trillion
    FY 2008 $10.0 trillion

  123. All those federal desk jockeys had better develop a taste for cat food, because those pensions are gonna be bled dry before this whole debacle is over.

  124. Then again, we can economize with retiring federal workers by ushering them into internment camps in the Mojave desert.

  125. The Original NJ Expat says:

    Is cat food cheaper than a 99 cent McD double cheeseburger? Nutritionally I know the cat food is superior, but still.

  126. Libtard in the City (and it's cold) says:

    Juice…At the onset of the recession, my investment club jumped into Advanced Auto Parts and LKQ Corp (a large after market parts manufacturer). We saw it coming.

  127. njescapee says:

    clunkers are fashionable here. we call them key west cruisers.

  128. Confused in NJ says:

    The Federal Reserve is likely to step in with $1 trillion worth of easing that could be announced as soon as this month, according to a growing consensus of economists who see the recent uptick in economic growth as unsustainable.

    With the Fed’s Open Market Committee set to meet next week, expectations are rising that the languishing housing market will drive the central bank to buy up mortgage-backed securities.

    The goal of the purchases will be to drive down interest rates even further from current record-low levels, and, less obviously, to spur confidence that more monetary tools remain to stimulate the economy.

    Of course, the announcement also could push stock prices higher, as did the Fed’s last balance sheet expansion begun in November 2010.

  129. NWNJHighlander says:

    Talking about local currencies:

    $100 Bill

    It’s a slow day in the small town of Pumphandle and the streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.

    A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.

    As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.

    (Stay with this…..and pay attention)

    The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.

    The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.

    The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit.

    The hooker rushes to the hotel and pays off her room bill with the hotel Owner.

    (Almost done…keep reading)
    The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.

    At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.

    No one produced anything. No one earned anything. However, the whole town now thinks that they are out of debt and there is a false atmosphere of optimism and glee.

    And that is how a “stimulus package” works!

  130. homeboken says:

    Gary – Rodgers, though it isn’t his audible cadence, it is his normal snap count. Too bad you won’t get to hear that again until next year. Go Blue!

  131. relo says:

    115: Nom,

    I happened to be at the last regular season game in’07 with my kids. Lots of Pats fans in attendance. One in particular was trying to goad me as time was running out with various casual remarks (while wearing a 16-0 t-shirt or such). I didn’t take the bait, and wished them luck in the playoffs. Alas. I did think about him during the Super Bowl rematch, and still every now and then…

  132. Anon E. Moose says:

    Meat [127];

    Then again, we can economize with retiring federal workers by ushering them into internment camps in the Mojave desert.

    Boomerville?

  133. The Original NJ Expat says:

    [133] $100 – And if the hooker skips town with the $100, the hotel proprietor is in deep you know what ant the traveler gets blind-sided by a big loss he never saw coming.

    And that is how counter-party risk works.

  134. The Original NJ Expat says:

    [137] Or I guess you could also look at it as $100 liquidity withdrawn from the system resulting in $200 in losses (the hotel proprietor and the traveler are both out $200). I guess that’s the multiplier effect.

  135. Painhrtz - I ain't dead yet says:

    Juice 129 my 12 year old truck approves this message.

    The used car market is crap right now. When the economy was just starting to head for the crapper I had the opportunity to pick up a lightly used 2005 truck for 12.5K same truck today with double the miles is going for 14K. Supply and demand is a bitch

  136. The Original NJ Expat says:

    both out $200 should have been $100 each or $200 combined.

  137. The Original NJ Expat says:

    [139] Yep. Used car market is ridiculous right now. I bought new in the fall for the same price as asking on a 2 year old model. I think if you don’t have the cash or the credit to buy new you now get stuffed down to the used tier where you get whacked on *both* price and terms.

  138. The Original NJ Expat says:

    [135] relo – I watched that last reg season game with my Pats fan BIL on TV and he was gloating. I told him right then and there we’ll see how they do in the rematch in a few weeks. He laughed and laughed. Then, not later.

  139. JJ says:

    When I bought my BMW at auction in October 2008 my buddy called me back in October 2011 and had someone who wanted it and offered me my full purchase price.

    Cars are leased in 3 or 4 year cycles. You had employee pricing in summer 2005 which sold a huge amount of cars many leased from 3-4 years that all came back from Summer 2008 to Summer 2009 in height of recession. No one bought new cards from 2008 to 2010 hence as the used car market for 2-4 year old cars are nearly non existent which drives prices higher. Forcing you to buy a 2005/2007 era used car or buy a new 2012 car.

    However, GM and BMW had a very good 2011 and should have a record 2012 in sales. So starting in 2014/2015 we will once again see good used cars on market in 2-4 year old range.

    I really don’t drive much anymore. I work in city, go to city a lot on train as I have a monthly to see shows, dinners etc and kids ride free. Last year I put 500 miles on my BMW and around 1,500 on my wifes car truck. Even more amazing half of that is highway miles. I only buy gas around four times a year and it is always sticker shock. I noticed lots of cars in my neighbor hood are pushing 20 years old. There really is no reason to buy a new car more than every 20 years or so they run really good and must people who take train to work rarely drive more than 2k a year anyhow.

  140. HEHEHE says:

    Bonus Watch: Goldman Sachs (IBD)
    By Bess Levin

    .
    1
    inShare..

    A few junior mistmaker numbers.

    First years: 40k annualized (base: 70k)
    Second years: 40-56k (base: 80k, 10k bump in August)

    http://dealbreaker.com/2012/01/bonus-watch-goldman-sachs-ibd/#idc-container

    Somebody needs to do something about this; these are 1998 type numbers; get on the phone to D.C.

  141. relo says:

    HTJ,

    One less “trade-up” on the market. Buy now and be priced in forever.

    http://www.zillow.com/homedetails/320-W-Oak-St-Ramsey-NJ-07446/38000740_zpid/

  142. Juice Box says:

    re # 144- Summer Rentals are going to take a beating if Wall St bonuses are toast. More power for me, I was able to get a sweet deal last minute last summer, I should be able to do even better this summer.

  143. Comrade Nom Deplume says:

    (119) seifadoo,

    “That’s rich” isn’t much of a rebuttal.

    Can you elaborate for us illiterate constitutional scholar and presidential historian wannabes who don’t have the benefit of your superior insight?

  144. Comrade Nom Deplume says:

    (135) relo,

    Never said we weren’t obnoxious fans also. In fact, back in the day, Pats games were like Philly games without the cheesesteaks.

  145. Comrade Nom Deplume says:

    (90) lib,

    I’m light this week. Can you spot me a few Bednars?

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