From New Jersey Newsroom:
N.J. jobless rate drops to 9%, lowest since May 2009
New Jersey’s unemployment rate in December dropped 0.1 percent to 9 percent, the lowest jobless rate in the state since May 2009, 31 months ago.
And while the state’s unemployment rate has declined in four of the last five months, that is not welcome news to the 7,200 New Jerseyans who lost their jobs in the private sector. Another 7,300 people found work, including 2,400 who obtained public employment, mainly in municipal and county governments.
Job losses occurred in construction 2,800, manufacturing 200, trade, transportation and utilities 4,100, and leisure and hospitality 100. Job gains were made in financial activities 1,800, professional and business services 1,500, other services 1,300, and education and health services 300.
The number of New Jerseyans who had jobs at the end of last month was 3,881,100. Another 410,700 are unemployed.
“The numbers show that 2011 was the best year for private sector job growth since the year 2000,” state Chief Economist Charles Steindel said. “We still have a long way to go to get back close to full employment, but it’s evident we are going in the right direction.”
From the Record:
New Jersey added just 400 jobs in December and unemployment fell slightly in a weak finish to a year in which the state added a relatively healthy 39,400 private sector jobs.
The state lost 2,000 private sector jobs and added 2,400 government jobs, according to the monthly jobs report by the Department of Labor and Workforce Development.
Unemployment, fell from 9.1 percent to 9 percent, leaving it still above the national rate of 8.5 percent.
For the year, the state added a total of 36,400 jobs, losing 3,000 government positions.
…
The report also revised downwards the previously released figures for November, reporting 10,000 jobs added, instead of 10,300.
State labor force grew by 82k over the past year, so it’s not an artifact of a lower participation rate.
Almost a fristanista!!!! Damn Grim and his secondary commentary :)
Sing it now:
http://www.youtube.com/watch?v=iL0Qt7IF8Q4&feature=related
Labor force grew by 82K? That makes the hyenas in Trenton salivate in anticipation of even more tax revenues.
Is it appropriate to say “Good Morning New Jersey” at 12:01 am? It is so lonely to be an owl on this blog populated by the early birds… finally got a chance to one-up Mike.
Good Morning New Jersey!
Cobbler sneaks in a “Good Morning New Jersey” under the wire !
This is even sneakier: Where are Jim, Tim, and Franklin now?
Here’s a quick look into the three former Fannie Mae executives who
brought down Wall Street.
Franklin Raines – was a Chairman and Chief Executive Officer at Fannie Mae.
Raines was forced to retire from his position with Fannie Mae when
auditing discovered severe irregularities in Fannie Mae’s accounting
activities. Raines left with a “golden parachute valued at $240 Million in
benefits. The Government filed suit against Raines when the depth of the
accounting scandal became clear.
Tim Howard – was the Chief Financial Officer of Fannie Mae. Howard “was a
strong internal proponent of using accounting strategies that would ensure
a “stable pattern of earnings” at Fannie. Investigations by federal
regulators and the company’s board of directors since concluded that
management did manipulate 1998 earnings to trigger bonuses. Raines and
Howard resigned under pressure in late 2004. Howard’s Golden Parachute was
estimated at $20 Million!
Jim Johnson – A former executive at Lehman Brothers and who was later
forced from his position as Fannie Mae CEO. Investigators found that
Fannie Mae had hidden a substantial amount of Johnson’s 1998 compensation
from the public, reporting that it was between $6 million and $7 million
when it fact it was $21 million.” Johnson is currently under investigation
for taking illegal loans from Countrywide while serving as CEO of Fannie
Mae. Johnson’s Golden Parachute was estimated at $28 Million.
*****************************************************************************************
WHERE ARE THEY NOW?
FRANKLIN RAINES?
Raines works for the Obama Campaign as his Chief Economic Advisor.
TIM HOWARD?
Howard is a Chief Economic Advisor to Obama under Franklin Raines.
JIM JOHNSON?
Johnson was hired as a Senior Obama Finance Advisor and was selected to
run Obama’s Vice Presidential Search Committee.
Kinda makes you sick to your stomach.
Our government seems to be rotten to the core !
Are we stupid or what? Vote in 2012..it is the most important election
of our lives…
Mike 8 I would vote for anybody other than “O”, although that Santorum guy ought to keep out of peoples bedrooms, etc. Like his no tax on manufacturing idea to get some jobs going. Deal with the economy stupid leave the social issues alone, dam party highjacked by the Christen right. It will be there undoing.
Good morning bloggers, Good morning Mike,
Public employees are the only ones that get good benefits and pensions anymore, so naturaly if people can get a job in the public sector they are going to take it. Very soon their will be no private jobs left. except of course the managers that run the shanghi plants from their US based offices.
[8] FNMA ex-execs. wow.
#8 Mike
Just for balance go take a look at Mitts team. He could only get the lobbyists out of Freddie.
How many Bednars for an ounce of gold this AM?
Oh, and can our Bednars be partially asset backed like th $20 silver Canadian Maple Leaf that was issued in February 2011? I think it’s the most innovative modern coin. $20 face value, 1/4 ounce of pure silver. They sold out in a heart beat because it was a no-brainer. Canadians were charged $20 fiat for a $20 pure silver coin, no shipping charges or other fees. Interestingly they sell on eBay for about $35 each right now. So you can buy a 1 ounce American Silver Eagle with $1 face value for about the same amount as 1/4 ounce silver Maple Leaf with a face value of $20.
http://www.youtube.com/watch?v=9Ai5hV9N9mw
Victor Martin Jr. WHAT IS POLITICS? This little boy goes to his Dad and asks, “What is politics?” Dad says, “Well, son let me try to explain it to you this way… I’m the breadwinner of the family, so let’s call me ‘Capitalism’. Your Mum, she’s the administrator of the household, so we’ll call her the Government’. We’re here to take care of YOUR needs, so we’ll call you ‘The People’. The nanny, well, she works hard all day for very little money, so we’ll consider her ‘The Working Class’. And your baby brother … we’ll call him ‘The Future’. Now, think about that and see if it makes sense.” So the little boy goes off to bed thinking about what his Dad has said. Later that night, he hears his baby brother crying, so he gets up to check on him. He finds that the baby has severely soiled his nappy. So the little boy goes to his parents’ room and finds his mother sound asleep. Not wanting to wake her, he goes to the nanny’s room. Finding the door locked, he peeks into the keyhole and sees his father in bed with the nanny. He gives up and goes back to bed. The next morning, the little boy says to his father, “Dad, I think I understand the concept of politics now.” The father says, “Good, son, tell me in your own words what you think politics is all about.” The little boy replies, “Well, While Capitalism is screwing the Working Class, the Government is sound asleep, The People are being ignored, and the Future is in deep sh!t!!!!
Fab 12 Your position is ” O” was able to attract bigger crooks? Am I missing something?
“Just for balance go take a look at Mitts team. He could only get the lobbyists out of Freddie.”
Yo 15 , good one. LOL
Was it not the Right,the Conservative’s policies for the last 30 years that screwed the middleclass?Think about their policies and how it affected you.
the United States has experienced a massive upward redistribution of income over the last three decades, leaving the bulk of the workforce with little to show from the economic growth since 1980. This upward redistribution was not the result of the natural workings of the market. Rather, it was the result of deliberate policy, most of which had the support of the leadership of both the Republican and Democratic parties.
Rarely does this upward flow of income require a government check to the wealthy. But when the checks are necessary, they come. The Treasury and the Federal Reserve Board gave trillions of dollars in loans, at below-market interest rates, to the largest Wall Street banks at the peak of the financial crisis in 2008. These loans kept Goldman Sachs, Citigroup, and most of the other major Wall Street banks from collapsing, and the subsidies implied by the loans and guarantees to the world‟s largest banks were in the tens if not hundreds of billions of dollars. Yet somehow this massive intervention on behalf of these banks‟ executives, shareholders, and bondholders – some of the richest people in the country – is not viewed as interference with the market.
Yo 18 I gather you are talking to me as nobody else is posting. Going with the Libtard position they all su*k. I do not like “O” at all incompetent to say the least, Hillary would have done a much better job. So forced into a vote for any Repug they put up. If Hillary were up instead & they put up Santorum it would be different.
The U.S. economy has been driven by asset bubbles since the mid-1990s, but this is not the ordinary source of our economic growth. In the three decades following World War II, the economy had strong growth driven by wage-led consumption. Throughout this period, productivity growth translated into wage growth at all points along the income ladder. Those at the bottom saw their wages and income rise as fast, or faster, than those at the top. This created self-sustaining growth, since most workers spent most of their income and ensured that demand kept pace with productivity growth. Firms would then invest in new plant and equipment, which would lead to further increases in productivity, and in turn to additional wage growth.
#17 mike, just posting parts of what I am reading
If we elected a King for life, we could disband Congress & Political Parties, and save enough money, with “No Elections”, to pay off the National Debt. A King could never be as corrupt as Congress. All displaced politicians could be put to work digging ditches on Public Works projects. Republicans could build border fences to keep illegals out, and Democrats could build border tuinnels to let them in. They love circle jerks, so it may be the ideal replacement work for them.
Yesterday was compensation announcement day at GS;ugly. At least some of these people will not be contributing to the sure to come housing upswing in the Spring.
Both parties are rotten, and I accept that. My biggest complaint is that we still insist on telling the rest of the world they should be more like us.
#14, so the coin is worth $8 in silver….
Front page on the NYT’s this morning, the Afghan military is deliberately shooting U.S soldiers. It is not as the Pentagon described as isolated incidents by unstable individuals, or taliban infiltrators. Deep resentment on both sides, U.S. Afghan army and Afghan civilians. So we can please just get out of there now? Or are we going to continue with the nonsense that Americans are dying over there to preserve our freedoms and way of life.
The two most important levers of economic policy are the Federal Reserve Board, through its control of interest rates, and the Treasury, through its ability to influence the value of the dollar in international currency markets. Both policies are far removed from democratic control by explicit design, so it is difficult for even a well-informed public to alter them. However, it is essential that people at least understand how these levers are controlled so that they understand the ways in which government policy determines economic outcomes.
The Fed‟s control of interest rates cannot always lift the economy quickly back toward full employment, since interest rates take a long time to affect the economy. And in an economy in which consumers are already heavily indebted and in no position to borrow more, as is the case in the United States in 2011, the Fed finds its traditional tools to be of relatively limited value.
But the Fed is not so hobbled when it wants to move the economy in the opposite direction. If it raises interest rates enough in response to real or imagined inflation, it will slow growth and reduce employment. Furthermore,if it has an unemployment target that it does not want to see breached – for example, a 6.0 percent estimate of the non-accelerating inflation rate of unemployment (NAIRU) – the Fed can raise interest rates enough to ensure that the unemployment rate does not fall below this level.The Federal Reserve Board is further removed from democratic control than any other institution of the federal government, with the possible exception of the Supreme Court. Nothing symbolizes this lack of accountability better than the Fed‟s budget. In contrast to the Supreme Court, which must have its budget approved by Congress, the Fed draws up its own budget. The budget outlines the major streams of income flows (e.g., interest on holdings of government debt, fees from check clearing and foreign exchange clearing) and the major categories of spending. It simply sends over a copy of this budget to inform Congress, not to get congressional approval.
Under the law, the Fed is a mixed public-private entity. The public portion of the Fed, the board of governors, is located in Washington. The seven members of the board are appointed to 14-year terms by the president and approved by Congress. The length of the term is intended to give the governors considerable independence from the president who appointed them and the particular Congress that approved them. (As a practical matter, most governors do not serve full 14-year terms, and the average period of appointment is considerably shorter.) The chair of the board of governors is appointed to a 4-year term, although he or she can serve as a governor for 14 years. (By custom, chairs have resigned from the board at the end of their term as chair.)
The 12 district banks are the private portion of the Fed. Each of these banks is formally controlled by a nine-person board of directors. There are three categories of directors. The three Class A directors are selected by the banks in the district and are supposed to represent the interest of the banking industry. The three Class B directors are also selected by the banks in the district, but are supposed to represent other portions of the business community. The three Class C directors are selected by the board of governors in Washington and are supposed to represent broader segments ofthe community. Historically, Class C directors have included individuals associated with labor unions, consumer and community groups, and nonprofits, as well members of the business community.
This process for selecting directors basically puts the banks in control of the district Federal Reserve Banks. They appoint the Class A directors, who are by far the most important directors under the law. Furthermore, by virtue of their knowledge of banking, these directors are likely to be far more effective in influencing decisions than the Class B or Class C directors, who often have little background in finance or economics. While they may occasionally be able to raise a point for consideration by the board, it is highly unlikely that the Class B or Class C directors would be able to push an agenda item over the united opposition of the bank-appointed Class A directors.
Each district bank board picks a president. In addition to overseeing the operations of the district bank, the bank president also sits on the Federal Reserve Board‟s Open Market Committee (FOMC), which is the Fed‟s main decision-making body. The FOMC votes every six weeks on interest rate policy and monetary policy more generally. All seven governors are voting members of this committee, as is the president of the New York District Federal Reserve Bank, by far the most important district bank because its venue includes Wall Street. The other 11 bank presidents rotate into 4 remaining voting slots. This means that at any point in time, 5 of the 12 voting members of the FOMC will be individuals who were essentially selected by the banks. In addition, the seven other district bank presidents, who were also effectively appointed by the banks, take part in the policy discussion.
This formal structure creates a strong bias toward the interests of the banks in setting monetary policy, but the informal mechanisms pushing in this direction may be even stronger. The Fed was originally established in 1913 to provide a government backup for the banks. The immediate impetus was the financial crisis of 1907, in which the banker J.P. Morgan acted as a backstop to the financial system and helped to prevent a complete collapse. The country‟s leading bankers, recognizing the need to institutionalize the role played by Morgan in this crisis, lobbied Congress to establish the Fed.
The Fed‟s banker-friendly organizational structure was not an accident; it was first and foremost intended to serve the banks and only secondarily to serve the larger public. The Fed‟s culture is thoroughlyintermeshed with the financial industry. While its legal mandate from Congress places an equal priority on the goals of price stability and full employment,40 the Fed has maintained a much greater commitment to the former goal than the latter. In fact, current Fed Chairman Ben Bernanke has openly committed the Fed to targeting inflation at 2 percent, a policy which implies that the Fed would be willing to tolerate high jobless rates if it were concerned that more expansionary policy would raise the rate of inflation above its target.
Inflation is generally the main concern of the financial industry for the simple reason that its loans are fixed in dollar terms. If inflation reduces the value of the dollar, lenders lose money. This loss takes two forms. First, if inflation is running at a 5 percent annual rate, then the money paid back to lenders at the end of the year on loans they made at the beginning of the year is worth 5 percent less than the money they lent.
Of course if the banks had anticipated 5 percent inflation then they would adjust for this expectation in the interest rate they charge by adding into it this amount of expected inflation. If they were prepared to make a loan at 3 percent interest in a world with zero inflation, then they would demand 8 percent interest in a world where the inflation rate was expected to be 5 percent.
This brings up the second way in which banks lose money as a result of inflation. The bonds and loans they hold will fall in value in response to a rise in the rate of inflation. The price of bonds and long-term loans moves in the opposite direction of interest rates. If interest rates rise, then the price of these assets falls. And so if people come to expect higher rates of inflation, and then interest rates rise in response, the existing bonds and loans held by the banks will be worth less. For this reason, banks and other financial institutions typically face large losses if the rate of inflation increases.
Wow, home really is the most dangerous place:
http://online.wsj.com/article/APba2a6adf56b04a6d9a3b3544f7d8a403.html
PLATTEKILL, N.Y. — Police say a 54-year-old man has been killed in an accident involving a truck making a U-turn in the driveway of his Hudson Valley property.
Police in the Ulster County town of Plattekill tell the Times Herald-Record of Middletown (http://bit.ly/AxpNJa ) that Jack Drobot was splitting wood on his property and had engaged the truck driver in a conversation by climbing on the side panel of the truck’s cab. Officers say Drobot jumped off, but the driver didn’t see him while making a U-turn in Drobot’s driveway and ran over him with the truck’s rear wheels.
snip
Obama blew it when he did not pull us out of Afghanistan after we killed UBL. After we leave, whenever that is, the place is going to fall apart. Hence, it is better to get out sooner than later. I suggest we go after a couple of high-profile people, kill or capture them, declare victory and get the troops home.
http://www.nytimes.com/2012/01/20/world/asia/afghan-soldiers-step-up-killings-of-allied-forces.html?google_editors_picks=true
“KABUL, Afghanistan — American and other coalition forces here are being killed in increasing numbers by the very Afghan soldiers they fight alongside and train, in attacks motivated by deep-seated animosity between the supposedly allied forces, according to American and Afghan officers and a classified coalition report obtained by The New York Times.
“A decade into the war in Afghanistan, the report makes clear that these killings have become the most visible symptom of a far deeper ailment plaguing the war effort: the contempt each side holds for the other, never mind the Taliban. The ill will and mistrust run deep among civilians and militaries on both sides, raising questions about what future role the United States and its allies can expect to play in Afghanistan. “
Mike #8 –
I am not supporting what these guys did because it cannot be supported but for some additional light, check out the following link:
http://www.snopes.com/politics/obama/fanniemae.asp
Just another day at the office:
http://www.huffingtonpost.com/2012/01/19/jpmorgan-fraud-lawsuit_n_1216404.html?ref=business
Somewhat of a myth. My friend 12 years ago went to work for state of ny with a fixed pension and free medical for life. We both made same salary when he left, we both had same title. Well he did get a 15% raise. But he gets zero bonus and he missed the good raise of 2004, 2005, 2006, 2007 and now he is making around 100K less a year than all his friends his age as his salary is stagent. He is currenly only in mid 40s. Even after assuming a 40% tax bracked he is walking away from 60K a year for around 20 years. If he just bought 60K mix worth of treasuries, CDs, Munis, investment grade bonds, blue chip div stocks every year for 20 years I cant imagine his pension and free medical is worth that much. But remember, lets say he gets divorced and gets hit by a truck a day after he retires. Everything stops. He may have a present value annuity of two million for his pension and free medical but he cant pass that on. If he had two millon saved he could give that away.
He also told me NYS has a 401K but no match as they have a pension, and since he has a smaller salary and no match hardly anyone puts that much in it. His friends when they turn 50 will be putting around 24K a year in their 401k and some get a 12K match.
Govt job are an amazing deal for people with HS and Community College degrees who are a bit lazy. But for someone with an MBA like my friend he is nuts, he likes the safety and security he can’t get fired and fact he gets a guranteed pension and free medical. But that is a big cost. What if Obama care happens and in ten years we all get free medical and we enter another bull market and 401Ks shoot up, well he is screwed.
funnelcloud says:
January 20, 2012 at 7:05 am
Good morning bloggers, Good morning Mike,
Public employees are the only ones that get good benefits and pensions anymore, so naturaly if people can get a job in the public sector they are going to take it. Very soon their will be no private jobs left. except of course the managers that run the shanghi plants from their US based offices.
Nomad 31 Sorry it showed up in my inbox this morning. :(
[26] 87 condo so the coin is worth $8 in silver….
But it has $20 of purchasing power. It’s like a $20 bill with a built in put option (downside protection). It may be worth $8 in silver but it will always be worth at least $20 in purchasing power so long as Canadian currency is a medium of exchange. If you sanded down the front and back to remove all minting, it would be worth whatever the market price is for a 1/4 ounce silver round, but as presently constituted it is worth at least $20 and the market value of it is more like $30 due to limited supply and collector value and, possibly, the uniqueness of having a face value that exceeds the precious metal content, which is the reverse of all other precious metal sovereign coins. If Silver goes to $80/ounce it’s currency value and precious metal value will be equal.
re # 27 – 3B – France surrendered to Afghanistan.
http://www.voanews.com/english/news/europe/France-Suspends-Afghan-Military-Operations–137749718.html
Another day in hell.
juice, so the cheese eating surrender monkeys dropped their rifles and ran. Sad to say it but they are the smart ones
http://www.rasmussenreports.com/public_content/business/housing/january_2012/confidence_in_housing_market_improves
Rush to your realtor/Hurry/ prices at levels you’ll never see again. Forget the property
taxes, that’s the price you pay to live in NNJ.
Afghanis have only been beating and chasing away the best armies in the world for a few centuries now. Too bad the assclowns who run our country know this all too well. We are only in Afghanistan as part of TPTB’s continuing war on the individual Amerikan. Perpetual, grinding, losing wars impoverish the citizenry, enrich military industrialists and create chronic demoralization.
freedy (39)-
It’s just warm chum on the water, thrown out to lure in the most recent vintage of suckers.
It’s also a great time for the individual investor to re-enter the stock market.
[sarc off]
Our realtor who helped us into our house and became a friend was over yesterday to see my wife and bring the babies a gift. I get home wife states and I quote “realtor” states improvements we made defiantely will improve the values of our home. I chuckled to myself and went about repairing the various little bugaboos we have. I’m figuring with the improvements we made total cost about 25K and the current rate of slide we are probaly in the hole an additional 60K. Whatever we are there to live not cash out. anyone have popcorn?
We may be at bottom or RE prices. That is irrelevant. The big question is when will they start rising at greater than the rate of inflation? My neighbors house that just sold, it is a junky house with a great lay-out that needs TLC and maint and has 12K in taxes. New owners between mortgage, RE taxes and trips to home depot, closing costs, moving costs, insurance etc. Will need home to rise 50K in first year to break even. Even at 4% the 450K house if couple put down 50K will be $1,600 mortgage, 1k property tax and around $200 a month insurance for a total of $2,800 plus a house costs at least $500 month in heat/electricity and since house needs a lot of minor things at least $500 a month in projects so you are up to $3,800 a month.
Couple is a newlwed couple young with no kids, why do they need a 4 bedroom, three bath 70×100 split? They could have bought a tax free muni with their 50K, rented a $1,200 a mont apt and started saving $2,500 a month. Heck live there a few years and have kid there and when kid is like one year old move. By then they could buy a better house for cash. Instead they will be still have 20 years of mortgage left on this piece of junk they bought and have spent around 300K on the house in monthly bills. Kids today are plain stupid. They still think you get married and get a house right away and one bedroom apts are for losers.
Funny part is the other three houses next to there are all old timers with no mortgages bought in 1970s-1990s cheap. Hard to believe a young couple starting out making maybe 120K will be paying $3,700 a month to live in a house will have much money left over for any enjoyment.
PacSun, Lady Footlocker & American Eagle bring the total to 26 stores closed at the Phillipsburg Mall. Meanwhile Walmart is opening a brand new Super Walmart in the adjacent Strip Mall. We may get to a point where Walmart is the only store left in the U.S.
We may get to the point where Europe re-enters the 16th century:
http://globaleconomicanalysis.blogspot.com/2012/01/money-supply-figures-suggests-italy.html
Should be interesting when Sarkozy gets trounced at the polls, too.
re: #44 JJ – bottom? The only thing that has bottomed is Wall St bonuses.
Housing will continue the decline unabated.
re # 46 – Merkel too.
Lol – Tiki – I remember when he was blasting Coughlin and now he is begging for a meeting.
http://espn.go.com/new-york/nfl/story/_/id/7464475/tiki-barber-wants-meeting-says-new-york-giants-coach-tom-coughlin-accept?ex_cid=2012_local_ob_ny_ban_lnk
BC,
If you are alive out there, I just saw this tidbit:
“But when will Bruce tour the U.S.? The Chicago Cubs’ Vice President of Ballpark Operations Carl Rice would not confirm if Bruce is set to play Wrigley in September, 2012. But the Sun Times is reportedly that Springsteen is “tentatively” set to perform Wrigley in September. No date has been confirmed. But the field is available September 3-13, and ticket scalpers claim the concert date will be September 8.”
http://news.lalate.com/2012/01/19/bruce-springsteen-2012-u-s-tour-date-revealed/
Well, well, well. Who could it be? Could it be Satan?
Well, just Eric Holder, it turns out.
http://www.msnbc.msn.com/id/46070458/ns/business-us_business/?google_editors_picks=true
U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.
The firm, Covington & Burling, is one of Washington’s biggest white shoe law firms. Law professors and other federal ethics experts said that federal conflict of interest rules required Holder and Breuer to recuse themselves from any Justice Department decisions relating to law firm clients they personally had done work for.
Both the Justice Department and Covington declined to say if either official had personally worked on matters for the big mortgage industry clients. Justice Department spokeswoman Tracy Schmaler said Holder and Breuer had complied fully with conflict of interest regulations, but she declined to say if they had recused themselves from any matters related to the former clients.
Reuters reported in December that under Holder and Breuer, the Justice Department hasn’t brought any criminal cases against big banks or other companies involved in mortgage servicing, even though copious evidence has surfaced of apparent criminal violations in foreclosure cases.
snip
Back to the salt mine.
JJ [44];
Because the 2BR rental (so they don’t have to move immediately on having the first kid) is $1,800, not $1,200; ins is $100, not $200; heat is a wash because that $1,800 rental does not include utilities, and in the final analysis the rental still sucks b@ll$ as a place to live. Add to that — making the decision to move when the kid is 1-2 means you actually move when the kid is 3-4, because it takes a year to look at all the BS listings (see Grim’s 80% not really for sale because sh!t or overpriced).
Shore should we be surprised?
JJ…Check out rents now. So many people are so pissed at housing losses or can’t save for a DP that the rental market is outrageous right now. My rental is spinning off cash like never before, even though I went into it never thinking it could. I have a galley kitchen and 3 BR. No dining room. You can convert one of the 3 BR to a dining room perhaps. Or convert the living room into a dining room and make a BR a living room. Utilities are not included. Keep in mind, kitchen cabinets are circa 1926, but I did repaint them white. I don’t charge for sewer or water. There is a powder room in the finished basement. How much do you think it costs to rent this beauty?
51 – Shore, thanks for link. It’s so maddening how pathetic our society has become that people cannot/won’t by choice get upset at this theft and lack of prosecutions, and then go on their way thinking that it does not affect them. I keep sharing with those in my network, but it just seems to make them more annoyed with me than the reality.
Back to salt mine.
In other annoying news…the picks have been released at my workplace and it appears the best I can do (barring a miracle) is finish in 2nd.
It looks like two other 6-2 guys matched my picks and the 7-1 guy picked the Giants and Ravens. If I hit both the 9ers and the Ravens, there will be a 4-way tie for first. I’m done. Then, what would be the likelihood of me catching the superbowl without the other three catching it. At best, I’m looking at 2nd. The differential tie-breaker blows. Would much prefer the comes closest to final score tiebreak employed most commonly. Oh well.
Bearsfan/Shore:
Most of congress should be in prison. Nuff ‘said.
Most likely 4k a month. But I believe in renting the biggest dump possible. Cheapest apt in my town is one room studios, no bathroom, they are in hallway, no kitchen but a small fridge and a hot plate. Going for $500 a month including utilities. A coulple could live there and shower at the gym if bathroom in hall disgust you Then bank tons of money.
My biggest regret in manhattan housing was back in 1991 city was selling unusable plots in manhattan they owned, Unusable as too small to build anything on them and an odd shape. Had chance to buy over in Alphabet City, Hells Kitchen, China town areas. One lot extemely narrow, on an angle around nine feet by 23 feet actually had a swing fence in front that opened to street and had taxe of like 75 bucks a year I could have bought for 5k. I could have bought a cheap small mobile home with a blown engine or tranny limped to that spot and backed it right in and closed the gate, got electrical hook up and would have a free place to live in city rest of my life!!!!
Landlord is a funny relationship, I have been a landlord and been a tennant. Mostly in my role as landlord I tried to be nice, but hard to as I want to collect as much as possible. In my role of tennant I tried to be nice but wanted to pay as little as possible.
One landlord we had blew a gasket he said he was keeping our deposit before we left. But none of us had out names on lease. Apparantly when we threw a end of lease party served 3000 jello shots, spaggitee on paper plates and told guest landlord does not like too much TP in cess pool so wipe and throw on ground apparantly it is frowned upon. Guy was not the landlord type cause apparantly when stealling deposits on clean houses claiming they are messy he should not brag about it before tennant is out.
Libtard in the City (and it’s cold) says:
January 20, 2012 at 12:00 pm
JJ…Check out rents now. So many people are so pissed at housing losses or can’t save for a DP that the rental market is outrageous right now. My rental is spinning off cash like never before, even though I went into it never thinking it could. I have a galley kitchen and 3 BR. No dining room. You can convert one of the 3 BR to a dining room perhaps. Or convert the living room into a dining room and make a BR a living room. Utilities are not included. Keep in mind, kitchen cabinets are circa 1926, but I did repaint them white. I don’t charge for sewer or water. There is a powder room in the finished basement. How much do you think it costs to rent this beauty?
Since when do kids need bedrooms?
Anon E. Moose says:
January 20, 2012 at 11:51 am
JJ [44];
Because the 2BR rental (so they don’t have to move immediately on having the first kid) is $1,800, not $1,200; ins is $100, not $200; heat is a wash because that $1,800 rental does not include utilities, and in the final analysis the rental still sucks b@ll$ as a place to live. Add to that — making the decision to move when the kid is 1-2 means you actually move when the kid is 3-4, because it takes a year to look at all the BS listings (see Grim’s 80% not really for sale because sh!t or overpriced).
Ya way overshot JJ, $2300. Still, the mortgage, tax and insurance works out to $3357 on a 20-year mortgage. Keep in mind there is a 2nd unit very similar to the first. Figure it’s good for $2,000 per month. The house is now worth 400K at best.
So you can see, buying vs. renting has gotten a lot closer to even.
The PRO move is to do what Captain Cheapo did and go the owner-occupied route. You would get to live in a $2,000 apartment for $1300/month and paying yourself instead of some greedy landlord. Then there’s the deductions and depreciation.
I just sold a pair of my son’s hockey skates on Craigslist for $40. I think I paid $70 for them. He got two years use out of them (they were extendable). Why hasn’t the Craigslist creator monetized that site? If he took a flat .25 cents of everyone’s sale regardless of size, he would be filthy rich.
Cuase then when people are raped, murdered, strangled and left in shallow graves he would be liable.
Libtard in the City (and it’s cold) says:
January 20, 2012 at 12:48 pm
I just sold a pair of my son’s hockey skates on Craigslist for $40. I think I paid $70 for them. He got two years use out of them (they were extendable). Why hasn’t the Craigslist creator monetized that site? If he took a flat .25 cents of everyone’s sale regardless of size, he would be filthy rich.
I have seen some people recently set up shell companies to buy a house with zero down where they are the principal of the LLC. That way they can walk away or keep the profits. With Jets/Giants PSLs I noticed tons of people do it. See banks have thought people valuable lessons.
#61 Lib:The house is now worth 400K at best.
What did you pay for it if you do not mind my asking?
#47 Juice: both GS and MS ugly bonus numbers this year.
I do mind you asking, but I’ll tell you anyway.
$480K in a private sale in Oct of 2004. At the towns reval at the peak, it was appraised at $620K. Yet the town claims the average home has lost 19% of it’s value in Montclair since the last assessment (Oct. 2006). I calculate a mere 35% drop on mine. I suppose the multi’s must be getting crushed, even though the rental market is on fire :P
I’m not selling before 2030 so it doesn’t matter much to me anyway. Bother me when I sell it to pay for my son’s college education and then it’ll matter.
Boo f’ing hoo.
68 was to 66.
3B,
Keep in mind that I’ve sunk about 75K in improvements/repairs over the last 8 years into that pit.
Still. When it sells in 2030, with the tenants paying the remaining $330K on the loan, I won’t feel too bad about it. That is, if the S&P 500 isn’t at 5,000 at that time.
Don’t worry Clot…I know you weren’t talking about my short-term (cross your fingers) loss.
#67 lib: sorry for asking, and thanks.
I have a 4 family in western NJ, near PA line that I rent out for about $3500 total. Rents are currently under market because I prefer steady payers that last 5 years each over getting top dollar but having tenants switch once a year or two. The turnover costs are astronomical. I am paying $1750 a month total on the property and if refinancing goes through, should reduce by $250 or more. Bough it in 1997. Funny, the appraiser for the refi could not find any comparables within the last year so he had to go to the slums of Pburg to find anything. Brought my appraisal down. Heck, at that price I would buy 10 similar units right now. Turns out, no one, absolutely no one is selling multis now unless they have to. That’s because everyone knows the comps will show low-ball numbers. And the ones that bought low and are able to refi are making out big time. It would be nice to clear $2k a month on a property that I essentially put no money down on in the 90s.
#68 There: yeah but that money was supposed to help the Spring housing rebound ;just saying.
PARIS/CHARIKAR, Afghanistan (Reuters) – France threatened on Friday to pull out early from the NATO-led war in Afghanistan after a rogue Afghan soldier opened fire on French soldiers, killing four and wounding about 15 others
Libtard No. 62 At 25 cents an ad still worth it, might filter out some of the riff raff too
http://www.abajournal.com/news/article/law_school_applications_for_fall_2012_drop_more_than_15_percent/?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=ABA+Journal+Top+Stories
Law apps down. For those of you who want to switch to law
Mainstream “Nompound” article: 12 Places to Go If the World Goes to Hell
http://tinyurl.com/7yxcz68
64; Banks are allowing loan to be held by LLC w/out personal guarantee?
Rep. Allen West (R-Fla.), a former Army lieutenant colonel, sends THE WEEKLY STANDARD an email commenting on the Marines’ video, and has given us permission to publish it.
“I have sat back and assessed the incident with the video of our Marines urinating onTaliban corpses. I do not recall any self-righteous indignation when our Delta snipers Shugart and Gordon had their bodies dragged through Mogadishu. Neither do I recall media outrage and condemnation of our Blackwater security contractors being killed, their bodies burned, and hung from a bridge in Fallujah.
“All these over-emotional pundits and armchair quarterbacks need to chill. Does anyone remember the two Soldiers from the 101st Airborne Division who were beheaded and gutted in Iraq?
“The Marines were wrong. Give them a maximum punishment under field grade level Article 15 (non-judicial punishment), place a General Officer level letter of reprimand in their personnel file, and have them in full dress uniform stand before their Battalion, each personally apologize to God, Country, and Corps videotaped and conclude by singing the full US Marine Corps Hymn without a teleprompter.
“As for everyone else, unless you have been shot at by the Taliban, shut your mouth, war is hell.
No banks, kinda main street flushing above a bodega places at a higher rate. But still you have less risk. I saw someone near me with a house they were into for 750K now worth 500K sell it to the LLC took out a 100% loan and he was seller and buyer and still lives there.
relo says:
January 20, 2012 at 1:55 pm
64; Banks are allowing loan to be held by LLC w/out personal guarantee?
81: Why go through the trouble? I’d be more anxious over the main street flushing above bodega guys trying to pierce and collect on a deficiency judgement (or otherwise), than BAC, etc. You can spend eternity going around with the latter and stay in the house during.
mike (80)-
Got that just about right. Too bad this guy doesn’t realize we’re not at war to save ourselves, save anyone else or “preserve a way of life”.
We are at war in order to facilitate TPTB’s destruction of the Amerikan middle class and continued broad daylight robbery of the public fisc.
relo (82)-
Yup. Last I heard, BAC doesn’t dabble in Oklahoma Evictions.
81: JJ,
That guy gives honest deadbeats a bad name.
Wonder if Grim can update us monthly on how much money he has sunk into his house?
CS employees toxic MBS bonus of late 08 up 75% how has non toxic actually single family homes done in that time period?
[67] lib
Don’t sell it to pay for his education. Sell it after graduation to pay off the student loans.
And before you have to file a FAFSA, talk to me. We want you to look as poor as possible.
MS Research today.
Client poll shows bullishness on equities, employment, the US dollar and tech stocks.
With almost 9% cash as a percent of their portfolios, greater than 77% of respondents are looking to allocate money to equities.
Surprisingly, institutional investors expect value names to outperform growth stocks.
Investors are willing to shun bonds, utilities and telecom services shares as well as commodities other than gold.
In an intriguing reversal, the majority of investors now expect President Obama to win re–election.Valuation alone cannot drive markets higher.
Lib – Selling in 2030? Shows just how good you are at math. Lil Gator will be 25 in 2030. God help us if he’s first going off to college then.
Little tidbit for the masses.
Mitt Romney’s private equity firm, Bain Capital, owns Clear Channel Communications, one of America’s largest media conglomerates. Clear Channel broadcasts conservative luminaries such as Rush Limbaugh, Sean Hannity, Glenn Beck and many others.
It’s amazing how these talk show hosts can overlook other candidates if your paycheck depends on it. Clear Channel essentially owns the conservative talk radio industry.
And now you know why Mitt is the “favorite“.
And now you know why Mitt is the “favorite“.
I thought it was because he has the best hair.
“Perhaps the clearest window into a nation’s soul is its criminal justice system. Criminal law is legislated morality: certain acts are so vile, we exile the perpetrators to prison. But not every criminal. America will never have enough resources to catch and prosecute all criminals. As a result many guilty go free without ever being pursued, simply because the government decided spend its limited resources elsewhere. Looking at whom the government prosecutes, therefore, is an easy way to see law enforcers’ priorities in action.
Sadly, when it comes to the Financial Meltdown perpetrators, scrutiny reveals those priorities are deeply distorted. Our law enforcers chose to become the protection detail of our wealthy-beyond-dreaming-crooks-in-chief, while throwing the book at their guilty but less destructive subordinates.
Who should we be prosecuting? Well, there’s Dick Fuld of Lehman; James Cayne of Bear, Stearns; Joseph Cassano of AIGFP; Angelo Mozillo of Countrywide; and E. Stanley O’Neal of Merrill Lynch, just to name a few. There’s also all the bailed out top bankers still in power, such as Lloyd Blankfein, Jamie Dimon, and the meltdown era executives at the other biggest bailout recipients: Citigroup, Bank of America, Wells Fargo, Morgan Stanley. And that’s not an exhaustive list.
As I lay out below, AG Holder and President Obama have abandoned the cherished American principle–the core democratic principle–of equality before the law. That’s a kind of moral corruption that strikes at the heart of our national identity. And as best I can tell–again, the evidence follows–this corruption flows from Treasury Department/Wall Street fear mongering and revolving door conflicts of interest.
Worst of all, our top law enforcers abandoned equality before the law precisely when our democracy desperately needs it. Our only defense against the growing tyranny of the 1%, the only means we have of policing the bounds of their power, is the vigorous and equal enforcement of the law”
http://abigailcfield.com/?p=686
Juice [90];
Little tidbit for the masses.
Mitt Romney’s private equity firm, Bain Capital, owns Clear Channel Communications, one of America’s largest media conglomerates. Clear Channel broadcasts conservative luminaries such as Rush Limbaugh, Sean Hannity, Glenn Beck and many others.
It’s amazing how these talk show hosts can overlook other candidates if your paycheck depends on it. Clear Channel essentially owns the conservative talk radio industry.
And now you know why Mitt is the “favorite“.
You mean like when Rush goes to bat for Newt?
http://dailycaller.com/2012/01/19/rush-limbaugh-its-time-to-focus-on-the-personal-lives-of-journalists/?utm_source=twitterfeed&utm_medium=twitter
This I don’t get, home value counts extremely little in financial aid formulats, income, liquid savings count a lot more. No one would have to sell their house to pay for college.
NJGator says:
January 20, 2012 at 3:03 pm
Lib – Selling in 2030? Shows just how good you are at math. Lil Gator will be 25 in 2030. God help us if he’s first going off to college then.
94: If I’m following, it’s the rental property.
Found this on the MSN home page. Imagine my surprise to find out that this guy is a Brigadoonian. Supposedly–I smell scam, especially since the badly pixelated check has someone else’s name.
http://grants.fundingspot.net/grants2012.php
Actually Gator,
The plan was for him to do loans (which Nom pointed out). By the time he earns his law degree or his doctorate in nuclear physics, it will be 203o and we can pay off his loans lump sum. But really…I did my math wrong!!!
“You mean like when Rush goes to bat for Newt?”
That’s the Oxycontin talking.
I can’t believe you can spell out the whole word for Oxy without getting moderated here.
And to think I just put money aside for their college.
Now for a serious question.
I have someone coming back from Maternity leave from having their first kid. Am I expected to do anything? I know when my wife went back to work all she got was a huge pile of work on her desk and a few thousand emails to go through.
Libtard in the City (and it’s cold) says:
January 20, 2012 at 4:37 pm
Actually Gator,
The plan was for him to do loans (which Nom pointed out). By the time he earns his law degree or his doctorate in nuclear physics, it will be 203o and we can pay off his loans lump sum. But really…I did my math wrong!!!
Chuck Norris endorses Gingrich
http://www.wnd.com/2012/01/gops-biggest-celebrity-makes-his-endorsement/
[100] JJ
Are you trying to get legal advice on the cheap???
Chuck must not have seen Romney’s hair; maybe he’ll change his mind.
I bet 1,000 new Chuck Norris jokes are being spawned right now.
Oh the irony. All those OWS types camped out in parks, texting away on their Apple devices.
http://seekingalpha.com/article/318794-apple-s-foreign-cash-hoard
JJ 100 – The rental house is our college savings plan. Tenants pay it off for us and then we sell it when the college bills come due. I am not selling the house we live in to put the kid through school.
With any luck the kid gets a hockey scholarship, and then it just becomes a nicer beach cottage for us.
Nom [96];
Surely you’ve seen this guy:
http://en.wikipedia.org/wiki/Matthew_Lesko
As for the name on the check (“Matthew Hoeffer”), that’s a horrible job. Calling it a “Photoshop” would be demeaning to a highly regarded brand name.
“Thanks to the advice from my cousin, and the 2 forms I filled out, I’m doing great. I have more money than I ever need to provide for my family, and for those rainy days. After qualifying for my third grant this year, my wife and I celebrated in the big apple, New York City! Below is a picture of us at Ruth Chris’ Steak House in NYC.”
Lots of people live comfortably on the government teat. Some prefer to at least pretend they’re working for it, rather than begging. Buy hey, that once-in-a-lifetime dinner at Ruth’s Chris must be worth it.
My pontifications for the evening…..
This year is likely to be better than most expect given the historical ties of elections years and Ben Bernanke at the Fed. Combine that with the LTRO which should send at least 300 billion sloshing over to the US in one form or another.
The black swan of the year could occur secondary to the illuminous not getting the desired results in the election. While I prefer to think that war is more likely after the election. It could come early depending on how the election is going.
Keep in mind that it will be turning to sh_t in a most unimaginable way eventually. Economic collapse followed by world war is on the menu. The US is the antagonizer and if the people dont capitulate to the new police state then we will lose that war. Israel will also be sacrificed.
Con’t [107];
That webpapge (particularly the coding) reeks of “SCAM”. Hint, never click “OK” or “Cancel” on a non-standard pop-up dialog box (like when I tried to close the tab on that page). Click the close button (red “X”, top right corner). The dialog box buttons can be programmed to say anything (including the opposite of what is meant) and do anything (like authorize a malware trojan script).
Nope just do I take her out to lunch with dept, let her work from home a day or two a week for awhile, let her leave on time for a few weeks or just be BAU about whole thing.
Comrade Nom Deplume says:
January 20, 2012 at 4:50 pm
[100] JJ
Are you trying to get legal advice on the cheap???
http://pricesignals.blogspot.com/2012/01/ivy-zelman-bottom-in-housing.html?spref=tw Ivy says the bottom is end. More and more saying .
Hurry to your realtors office. Snow or not get in the cycle . If you don’t buy now you may be left out . Don’t worry about property taxes, NJ only had 2% increase last year.
Rick Santorum, chasing the votes of factory workers and laborers in South Carolina (BEESSC), is promoting what he calls his “Made in America” plan to eliminate U.S. corporate income taxes on manufacturing companies and reverse the flow of jobs to lower-cost countries.
When he invests, however, Santorum’s been putting his own money in companies that ship much of their manufacturing work to factories in China, Thailand, Malaysia and other countries.
Of 18 publicly traded stocks listed in the former Pennsylvania senator’s most recent financial disclosure, six companies sell fiber-optic equipment and outsource production to overseas factories-for-hire or operate their own plants abroad.
The payroll at one of Santorum’s investments, Fabrinet Inc. (FN), last year included 5,300 manufacturing workers in Thailand, 1,200 in China and 30 in the U.S., according to its latest annual report.
http://www.scribd.com/doc/78876832/Farrar-Welden-Swensson-Powell-v-Obama-Order-on-Motion-to-Quash-Subpoenas-Georgia-Ballot-Challenge
“Georgia Judge Malihi Denies Obama’s Motion to Not Appear At Georgia Ballot Challenge Hearing
Farrar-Welden-Swensson-Powell v Obama, Order on Motion to Appear, Georgia Ballot Access Challenge – 1/26/2012
The loss of civil liberties. The driving issue that will make Ron Paul the only choice.
Shore hello Shore
Springsteen’s ‘wrecking ball’ to swing through Newark before European tour, sources say 6:56 PM
Sources close to the negotiations say prior to Springsteen’s Wrecking Ball tour in Europe, ‘The Boss’ will hit Newark — for the first time ever — with a date at the Prudential Center for some time in late April or early May Watch video
http://www.nj.com/
In some places it is not just unemployment and house prices that are droping.
http://a5.sphotos.ak.fbcdn.net/hphotos-ak-snc7/s320x320/384427_267160560013255_100001579386215_724354_894734455_n.jpg
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