From Bloomberg:
Menendez, Boxer plan bill to help struggling homeowners
Underwater homeowners may get additional federal assistance for refinancing government-backed loans under a proposal being revived in the U.S. Senate.
Democratic Senators Robert Menendez of New Jersey and Barbara Boxer of California plan to introduce a bill as soon as this week that would expand the existing Home Affordable Refinancing Program by promising lenders they won’t be forced to absorb the loss on refinanced loans that default, according to a person with knowledge of the matter. The person asked not to be identified because the timing is not final.
The bill is the first of a series of measures planned by the White House and congressional Democrats to promote refinancing as a way to spur a recovery of the housing market.
The Menendez-Boxer bill, a new version of a measure that failed to advance in the last session of Congress, would include a one-year extension of HARP, which is aimed at helping borrowers who are current on their mortgages but unable to refinance because their home values have dropped. The program, which applies to loans backed by U.S.-owned mortgage finance companies Fannie Mae and Freddie Mac, is set to expire at the end of this year; the bill would extend it through 2014.
“We believe the legislation — if it could be adopted — would be positive for the mortgage originators by giving them more time to find borrowers eligible for HARP,” Jaret Seiberg, senior policy analyst at Washington Research Group, a unit of Guggenheim Securities LLC, wrote in a market commentary today.
…
Menendez and Boxer were unable to pass the bill during the last session of Congress because they were unable to garner Republican support without opening up the measure for amendments.Passage also is not assured this session, Seiberg wrote.
“We detect little support among House Republican leaders,” he said. “So even if it can pass the Senate, it may well die in the House.”
More circus for the masses.
The more I see of things like this, the more I believe Clot.
From CNBC:
Guess Who’s Driving the Demand for Rental Apartments?
The housing market is supposedly roaring back. Home prices are seeing their biggest annual gains since 2006.
Renters must be rushing back to buy, right?
Not exactly.
In fact, even as housing and the greater economy improve, a shift in demographic trends will likely favor the rental apartment market for the foreseeable future. It is all about women.
“I rent in an apartment building because it gives me a certain amount of freedom: I’m not positive that I want to stay in D.C. long term so I could leave at year’s end if I wanted to,” says 25-year-old Caitlin Huey-Burns, a working journalist. “My building has nice, built-in amenities, and it’s in the location I want, but where I know I wouldn’t be able to afford to buy.”
…
“What drives demand for single family homes is, ‘Oh honey, I’m pregnant,” says Buck Horne, a housing analyst at Raymond James.
But those words are being uttered less and less. Horne claims the shift in female education, marriage and fertility rates will drive rental apartment demand going forward. He points to a growing educational imbalance, that is, 3.1 million more women enrolled in college than men and 4 million more college-educated women in the workforce than men.
“That creates a structural imbalance in the number of suitable partners. Women leave college with good income prospects and are not finding suitable husbands and fathers,” says Horne.
Consequently, the millennial generation is delaying marriage and motherhood, and birth and fertility rates are dropping. The female fertility rate is at its lowest level in recorded U.S. history, according to the Centers for Disease Control/Raymond James research. 41 percent of children are born out of wedlock. Horne’s research finds single mothers prefer living closer in to cities and staying in full amenity apartment rentals. This all points to more structural, long-term demand for rental housing.
Some interesting stuff yesterday about how the two income household had caused significant inflation, to the point at which a one income household is almost impossible to afford.
So if the working wife was the trigger for the previous case, what does the demographic shift discussed in #2 cause? Does it make the two income “house”hold even more difficult to afford? Or does it go the other way? Does it cause significant disinflation, making the spending power of the two income household even greater (as a two income household becomes statistically less prevalent among all households).
I don’t think it’s so clear cut, on one hand the discretionary spending power of the average household will be reduced as the average cost of shelter per household increases, which points to the disinflation case, however on the other hand, it will likely cause inflation, primarily in housing, as the number of single member households increase. It would take a significant amount of time to adjust the housing stock to meet the demographic. On the third hand (I’m an economist, I have 3 hands), you’ve got a significant amount of child-related spending that would be dislocated to some other sector (maybe it’s shelter).
#3 grim
Two income household for most only works if you have outside help. Either Nanny childcare or in a lot of cases, family members. There is a lot of unpaid value in grandma picking the kids up from school.
Elizabeth Warrens book is a great read on this.
http://www.amazon.com/Two-Income-Trap-Middle-Class-Parents-Going/dp/0465090907
4 – To me it seems similar to a prisoners dilemma situation. If every two income family had a single wage earner leave the workforce, everyone would be better off. However, nobody would leave for fear that the other parties wouldn’t also conform, leaving them worse off (or the converse, they would act in their own self interest and remain dual income).
Fair to say the likelihood of it changing in the near future is nil.
However, the demographic in #2 appears to upset that status quo, in a much unexpected way, single women choosing not to marry, staying single, supporting their own single income childless household. Should the demographic breakdown of male/female hold true, this would result in a higher number of single income childless male households. Really, this is creating a whole new segment of single income households where there hadn’t been before.
I suppose this would all be net positive for the 2+ member single wage earner households, as well as the double incomes, who would now see enhanced spending power. However, the crux of this is housing costs. In many regions of the country this new demographic would be competing with multi-member households for the existing housing stock, as household formation starts to jump upwards quickly (why quickly? You would have 2 households forming where 1 (or maybe some number from 1.25-2) would have been previously expected. As housing is one of the largest household expenses, does increased housing cost negate any or all of the positive impacts?
We hired my wifes aunt as live-in help when she came from the old country. That was a big help, she stayed with us for 13 years and my eldest was able to take care of his sister for a few hours until we came home. Without her, one income will be a struggle
What happens when a one income family losses a job? 2 income have the protection. You can save the other income while surviving with other. No?
http://www.miamiherald.com/2013/01/29/3207543_fbi-raids-west-palm-beach-office.html#storylink=addthis
Another of NJ’s wonderful pols
The age old question. I find in general the married man with young three kids, a stay a home wife is like a racoon trapped in a corner by a farmers pitchfork. He is doing anything to survive. A married man with a working wife is not as desperate. Also I notice until layoffs get serious most bosses will whether they know it or not will favor the man or women who is sole supporter of family.
At my old big four firm the senior partner in charge of the NY office said after 9/11 I have a burden to bear. Letting go employees is bad, but knowing the paychecks support multiple young children, stay at home spouses, aging parents of employees makes it even harder to let people go.
Bottom Line, 24 year old suzie q who lives at home and goes to shore on weekends with no expenses and mr I dont have to work here my wife is a doctor and little spoiled rich kids whose daddy owns a mansion and a yacht are guilt free fires.
yome says:
January 30, 2013 at 8:02 am
What happens when a one income family losses a job? 2 income have the protection. You can save the other income while surviving with other. No?
7 – No, therein lies the problem, the average household requires both incomes to support the costs of the household. It’s not that 1 income covers the costs and the other is “gravy”, it’s that both incomes are required/mandatory/etc. In either case losing a job puts the family in a significant deficit position where savings would be quickly eroded.
9 – Yeah, no kidding, I feel like the Jamaicans from In Living Color.
Hey Mon, I’ve got 9 jobs myself ya know
http://www.youtube.com/watch?v=r-nJJTxaoSI
BTW housing in NY/NJ has four huge headwinds facing it in 2013
1) Nov 1 after SANDY FANNIE/Freddie placed a 90 day hold on foreclosures in any zipcode remotely near the water. Feb 1 this Friday they start foreclosing again
2) Fannie/Freddie just starting walk away program and around 30% of homes are underwater.
3) ten year notes are up 5 days in a row and at a yearly high, mortgage rates soon to follow up
4) Homeowners/Flood Insurance/Oil and RE Taxes are going up in NY and NJ due to Sandy which makes homeownership more expensive. The monthly costs other than mortgage
Mortgages are still hard to get, unemployment is still somewhat high and consumer confidence still low. Folks remember the 90’s 1993-1999. Lots of folks did not view housing as a good investment. Remember, we were on etrade, schwab etc. clicking a button and buying junk bonds and stocks. I recall friends saying if stocks rise 20% a year every year and housing rises 5% a year why would I buy a house? Of course that ended ugly in 2000. But nevertheless, that went on for five years.
Long term I think housing looks great. Short term, 2013 in NY/NJ we gots lots of bumps in road, that rest of country may not even have.
Let’s see how that skank Wasserman spins the fact that a big donor of hers pimps little kids to Menendez.
I guarantee you she will open that fat pie hole of hers and try. The results should be entertaining.
Real GDP – 0.1 concensus 1.0 prior 3.1
For all you IT people, is this UPnP thing a big deal and is it only a real problem for big corporate networks or does it impact individuals too?
http://www.reuters.com/article/2013/01/29/us-cybersecurity-bugs-idUSBRE90S06320130129
Good Morning New Jersey
HighlightsThe fourth quarter GDP number is shockingly low. The economy weakened in the fourth quarter, posting a minus 0.1 percent annualized pace, following a third quarter gain of 3.1 percent. The latest GDP number fell far short of the consensus forecast of 1.0 percent. It was the first GDP decline since 2009.Much of the slowing in growth was largely due to a sharp slowing in inventory investment. Demand figures were not quite as weak as overall GDP but still sluggish. Final sales of domestic product rose 1.1 percent, following an increase of 2.4 percent in the third quarter. Final sales to domestic producers (which exclude net exports) posted a modest 1.3 percent gain after rising 1.9 percent the quarter before.Headline inflation for the GDP price index showed a 0.6 percent annualized inflation rate versus 2.7 percent in the third quarter. When excluding food and energy, inflation pressure came in at 1.1 percent, compared 1.3 percent the prior quarter.The latest numbers clearly are disappointing. But final sales were modestly stronger and the latest monthly data are more positive overall.More detail coming.
In addition to the safety of a second income, isn’t part of the reason there is a “need” for two income families is that they are buying much larger homes today than 30 years ago?
Once upon a time a family of four could get buy with a 1400 sq ft home with 1.5 or 2 baths. With suburban sprawl to larger homes and better (at least perceived) schools, the nut to cover housing grew faster than income.
The Depression continues.
I don’t see Belkin, D-link, Netgear and Linksys equipment commonly used in the enterprise.
My guess is this is more of a concern for small businesses and home users.
15.Nomad says:
January 30, 2013 at 8:47 am
For all you IT people, is this UPnP thing a big deal and is it only a real problem for big corporate networks or does it impact individuals too?
http://www.reuters.com/article/2013/01/29/us-cybersecurity-bugs-idUSBRE90S06320130129
Mortgage application volume fell 8.1% in the week ended Jan. 25, as refinances dropped 10% and purchases were down 2%, according to the Mortgage Bankers Association’s weekly mortgage applications survey.
A family of four? Everyone had four or five kids back then in those small houses. Why do you think kids were outdoors playing most of the time, house was a shoe box with no cable, internet and Dad would not let you use his phone or watch any show but his show.
Unless sitting on a folding chair watching Merv Griffin or Lawrence Welk was exciting to you as a ten year old kid you were out playing even in the freezing cold.
Nomad says:
January 30, 2013 at 8:52 am
In addition to the safety of a second income, isn’t part of the reason there is a “need” for two income families is that they are buying much larger homes today than 30 years ago?
Once upon a time a family of four could get buy with a 1400 sq ft home with 1.5 or 2 baths. With suburban sprawl to larger homes and better (at least perceived) schools, the nut to cover housing grew faster than income.
Dual income families, combined with the tendency of people to be relative status maximizers, and the willingness of financial institutions to lend against both incomes, helped to push up home prices, particularly in capacity constrained areas like northern NJ. As incomes moved up, the quality or supply of the housing stock in desired areas didn’t. Thus we have the debacle of one couple I know, a doctor and an investment analyst, who paid $900k for a 3br/2ba pos cape in Milburn, about 200 yards from 78. And were so happy they announced it to their friends.
(Buldozers demolishing all of Newark/Orange/Irvington and rebuilding to the tastes of income earners rather than government dependents could have helped change this, and pave the way for better housing supply).
PS, I recommend Eric Falkenstein’s book “Finding Alpha” for those interested in how the tendency for people to maximize relative status (envy) rather than maximize absolute wealth (greed), tends to distort financial markets and other economic activities. The theory provides a really good foundation of understanding why, psychologically, people did such irrational things in the bubble, mostly related to “keeping up with the Joneses” even if it drove then to borrow and destroy their savings. (The book doesn’t address this, but it logically follows)
combined with the tendency of people to be relative status maximizers
I don’t believe this is the typical case, given that the conspicuous consumer is obvious in their flaunting, we probably just notice them more often than the others, giving the impression that it’s commonplace. While it’s fun to knock the $300 jeans set, I can’t imagine they are anything but a small subset of the population, even here.
I know, a doctor and an investment analyst, who paid $900k for a 3br/2ba pos cape in Milburn, about 200 yards from 78. And were so happy they announced it to their friends.
The dirt cost $650,000, the house cost them $250,000. What is their combined income? North of $400k a year is probably likely, and north of $500k a year isn’t out of the realm of possibility.
Given they purchased a house that cost less than 2x their annual income, are you sure they didn’t purchase conservatively? Contrast this to a couple with a combined income of $200k purchasing a $750,000 house in a lower cost neighborhood, who overspent?
Keep Obama im president, you know
He gave us a
phonehomeHe gonna do more.
Financially, it wasn’t a likely stretch for the couple, but the point is that they buy in a market where you compete against people willing to stretch much further. Houses generally sell to the highest bidder, (except when JJ brings cookies, a flattering note about the house, and cash). Mortgage lenders turned home bidding into a game of chicken – who is willing to lever up the most, for a given level of income. Plenty of people were willing to play that game. Similarly, many dual income families prefer to spend today rather than save for retirement, playing a game of chicken with the government and fellow citizens.
We are on a rocket sled back to the 16th century. And the sled is accelerating.
http://redtape.nbcnews.com/_news/2013/01/30/16762661-exclusive-your-employer-may-share-your-salary-and-equifax-might-sell-that-data?lite
A another new low for employers
http://www.cnbc.com/id/100419346?utm_source=dlvr.it&utm_medium=twitter
As Corzine sits on the sidelines a Happy ending for MF customers ?
It’s all good. Watch for Corslime to open a new fund soon.
Bow down to your masters.
27 – I don’t understand the comment at all, what are you getting at? We should all be able to afford reasonably priced homes in what are today the most expensive communities in our state? Blame it on the stupid people who all paid too much and ruined it for the rest of us?
That’s great, I agree, I’d love to be able to spend $350k on a 4 bedroom center hall in Short Hills or Summit, where do I sign up?
This is the nature of the open market, is it not? Prices will find their own level?
You know, there is a big misconception about affordability in these high priced communities. The ol’ my uncle bought a house in Saddle River for $300k, I don’t understand why he wants $1.2 million for it today? Whereas the truth of the matter is, there was a time when these communities weren’t expensive, and subsequently became expensive after the fact. Aside from being the same geographic location, the nature of pricing pre and post gentrification can not be compared. In some cases it was subtle, in other cases it’s far from it.
Good example of this, how can you realistically compare the price of a house in Hoboken in 1970 with the equivalent price today? Who was it on the blog who purchased two brownstones near harlem complete with dead hookers on the stairs?
To some extent, ‘affordability’ in many of these areas was nothing more than sheer luck for the people that lived there, as the prices escalated up around them.
Would have been fabulous for me if my parents had purchased a couple of buildings in Greenpoint back in the early 80s when it was little Warsaw, we’d have a mint today.
(29) Speaking of salaries, has anyone ever found websites like salary.com to be useful? Are there any sites that at least get the ranges of pay right for certain titles/positions?
That’s bass-ackwards. Two income households took root in the 70’s *because* of stagflation.
70’s-80’s – Real family incomes declined, Mom went off to work to fill the gap.
80’s-90’s – Real family incomes declined, credit cards used to fill the gap.
90’s-00’s – Real family incomes declined, home equity used to fill the gap.
JJ & I will harp on about the way it was, but like JJ stated yesterday, kids graduated college with no college debt in our time and maybe more importantly, no monthly nut. When you got your first place back then (which was immediately after college if not *before* graduation) all of your monthly costs were tied to your apartment (rent, utilities, food, cable tv, etc.). Now it’s just plain backwards. Kids already have a hefty monthly nut (iPhone , credit cards, student loans) so they stay home for free rent, utilities, food, cable tv, etc. Wrapping all the way back to two income families, it’s the parents these days who put their kids on the wrong track. Working mommy is guilty for not being home like she should so she ramps up the spending on Chinese plastic for her
day carewarehoused kids. Stay at home mommy is good at keeping her kids in line and saying no. Working mommy “rewards” and praises her kids and tries to negotiate and suggest good behavior. That tactic works about as well at age 3 as it does at age 23.Some interesting stuff yesterday about how the two income household had caused significant inflation, to the point at which a one income household is almost impossible to afford.
I’ve lived in London and a brother has worked in Singapore and, now, Canada. In all these places, getting affordable childcare (read: nanny) or house help (maid) has allowed us the ability to have dual income households.
The US (individuals and the government) spend so much to educate a substantial portion of the workforce, i.e. women, but severely limit their options because the cost of childcare is so high. At the same time, you have a pool of workers from lower income countries who would be willing to work here at a lower cost, especially in these types of jobs.
Other countries seem to have found some sort of balance. Why can’t we?
My parents bought their first home when they were in their mid 40s. They put down 60%,. they lived in a small rent stabalized apt for 16 years.
I would say today the equivalent apt in a so so part of queens/SI is still pretty cheap.
Get a two bedroom rent controlled apt near the N train in Astoria, have no car, walk to train and never eat out in a restaurant and get a part time job on weekends and you you will see how the asians who make 40K base at work can amass hundreds of thousands of dollars in their 40s.
Look at Hasedic Jews today, they dont believe in mortgages or working wives, men often wait till their 40s to marry so they can buy a house cash and support 5-7 kids and a stay at home wife. It can be done. It is extremely hard. We just dont do it.
Ragnar says:
January 30, 2013 at 9:28 am
Financially, it wasn’t a likely stretch for the couple, but the point is that they buy in a market where you compete against people willing to stretch much further. Houses generally sell to the highest bidder, (except when JJ brings cookies, a flattering note about the house, and cash). Mortgage lenders turned home bidding into a game of chicken – who is willing to lever up the most, for a given level of income. Plenty of people were willing to play that game. Similarly, many dual income families prefer to spend today rather than save for retirement, playing a game of chicken with the government and fellow citizens.
35 – Growth of household debt in relation to incomes is a clear example of the American Households unwillingness to accept the lower standards of living demanded by globalization, period.
I was in Europe last week and working women are miserable. Sure cheap or even free govt childcare allows them to continue to work full time. But opportunities in the work force for women at exec levels are nearly non existent and women in europe often have only 1-2 kids as opposed to 2-3 in USA.
Remember, at best 10% of us have rewarding jobs that pay well. The other 90s have jobs at walmart standing on their feet, stressful jobs etc.
Also 99% of your education value is done by 40. Look at all of my wives friends who are stay at home moms. All graduated college, all worked till their early to mid 30s. My wife graduated with a great GPA, got into management training program at a top notch white shoe bank. Rotated throughout bank. Finance, Retail, Lending, went through three mergers, had promotions, traveled, happy hours etc. But at end she was married, pregant, the internet bubble crashed, 9/11 was just around corner and bank was in massive cost cutting mode and work involved doing 60 hours of work each week, no lunch break and only perk left was free coffee if you bring mug and wash pot.
So she left work in early 2001. Wow she missed 9/11 downtown, she missed economic meltdown, in 2009, she missed massive flooding of her office downtown in 2012, She missed a big commute. The best part of any career is 21-35 when you are young, single, newly married and you have all the hopes and ambitions of promotions, bonuses etc. The worst part is like 45-65, you peaked, drugery of 25 plus years doing same thing work is no longer as fun and friends you go to happy hours and games dwindle off.
All I saw in Europe last week was women 40-65 forced to go to a meaningless office job in their little tiny car in a remote location while american women 40-65 played with kids, drove brand new SUVs, enjoyed lunch with GFs. etc.
I highly doubt the 90% of women with junky jobs and over 35 with two kids would welcome the ability to stay at work for another 30 years.
DuckVader says:
January 30, 2013 at 9:51 am
I’ve lived in London and a brother has worked in Singapore and, now, Canada. In all these places, getting affordable childcare (read: nanny) or house help (maid) has allowed us the ability to have dual income households.
The US (individuals and the government) spend so much to educate a substantial portion of the workforce, i.e. women, but severely limit their options because the cost of childcare is so high. At the same time, you have a pool of workers from lower income countries who would be willing to work here at a lower cost, especially in these types of jobs.
Other countries seem to have found some sort of balance. Why can’t we?
Ask for 10x your age salary and stomp out and cry if you dont get it.
250k says:
January 30, 2013 at 9:41 am
(29) Speaking of salaries, has anyone ever found websites like salary.com to be useful? Are there any sites that at least get the ranges of pay right for certain titles/positions?
35 expat
So once all of the ways to financially survive are exhausted, whats left– sell your daughters to JJ to pay the bills? Something tells me although he would like that idea, he would not be willing to pony up too much.
Grim, 27,
No, you miss my point. Houses get bought on the free market, with buyers competing with one another. This explains why people are never going to get cheap houses in desirable areas. People with more income and or more willingness to leverage will buy the more expensive houses. I think in NJ, family incomes and competition for homes have risen faster than the desirable housing stock. Because of this, you get rising prices and situations that would look strange in other parts of the country, where they’d just knock out forest or farmland and build the houses people want. It seems like this is what happened for the most part in Dallas during the boom time – supply actually kept up with demand, preventing home prices from rising so fast.
Hong Kong has had a constrained supply situation like this. As incomes rose over the decades, it was converted into more money for the government/property development cartel. Home size or quality didn’t move up so much, but prices did.
Houses in NJ get bought in a free market? I would say NJ real estate is most manipulated non free market around, from fannie, to freddie, to shady RE lawyers, building inspectors, non transparent MLS data and excessive RE commissions it is hardly a free market.
Ragnar says:
January 30, 2013 at 10:14 am
Grim, 27,
No, you miss my point. Houses get bought on the free market
42 – Dynamic of the housing market in areas where there is sufficient room to build new developments is also very different from here. While the cost of housing is lower, the overall resale value of properties is very different.
I’ve told the story here before of the last time I was down in San Antonio and making my way through the housing developments. Phrase I heard numerous times:
“Nobody buys used houses”
This is a phrase that is almost incomprehensible in NJ. Nobody buys used houses? What the hell is used house? Aren’t they all? Well, that’s actually the case down there. If you bought in a mid tier development that closed out building 10 years back, you are going to be very hard pressed on the sale, as you’ll be competing with numerous shiny new developments with asking prices lower than you’d hope. You aren’t selling to the same socioeconomic group that originally purchased into the development, all of those people are at the new Toll Brothers and Pulte sites, they aren’t going to slum it in your old dirty neighborhood. No better way to describe it than scorched earth housing.
So which is the better situation?
No there are many factors. Including the Feminist movement.
35.The Original NJ ExPat says:
January 30, 2013 at 9:41 am
That’s bass-ackwards. Two income households took root in the 70′s *because* of stagflation.
A little practice before the new gun laws go into effect. Limit is a 5 arrow magazine aka clip.
http://abcnews.go.com/US/wireStory/nj-man-charged-bow-arrow-killing-18354101
I thought the feminist movement mainly was they would no longer fake organisms and we did not have to hold the door for them
Brian says:
January 30, 2013 at 10:25 am
No there are many factors. Including the Feminist movement.
35.The Original NJ ExPat says:
January 30, 2013 at 9:41 am
That’s bass-ackwards. Two income households took root in the 70′s *because* of stagflation.
ExPat – Working mommy is guilty for not being home like she should so she ramps up the spending on Chinese plastic for her daycare/warehoused kids. Stay at home mommy is good at keeping her kids in line and saying no. Working mommy “rewards” and praises her kids and tries to negotiate and suggest good behavior. That tactic works about as well at age 3 as it does at age 23.
Only a true moron can speak in such generalizations and claim them as fact. Get your head out of your a$$ moron
[38]grim – LOL. You’re just not old enough to know how it started. It was already starting when I was a kid. Check writing at the supermarket was something done only by the families doing well, probably 50% or more paid cash. Seeing this even as a little kid was already molding the next generation into a feeling of comfort of “buy now with no cash.” My mom once said “we can’t afford that” about something, and I replied “Just write a check” as I was already growing up in the “alternative to cash” society. Also stagflation in the 70’s shattered the axiom of working and saving to buy something. You might save all year and be no closer to buying it the following year as the price had risen more than the net of your savings. As a young paper boy in 1974 I was saving for an expensive bicycle, $265 was the price. I read in Bicycling Magazine in the Fall that Raleigh was planning a price increase on January 1st. I put a down payment on the bicycle I wanted and they held it for me as “lay away” (Would anyone under 30 even know what that was?). January 1st the price rose to $290. March 1st the price rose to $329, a 24% increase in less than 6 months. I paid off my bike and picked it up in April. Had I continued to save instead of locking in a price I might not have been able to buy. This was going on with everything, houses, cars, etc. In the early 70’s all the Moms were home on my street otherwise the Fuller Brush man and Avon Lady would have no one to sell to. By 1980 they were all at work, just to maintain the same lifestyle. Dual incomes changed the entire family dynamic. The end result is “I want it now” has usurped “I’ll work to earn it”, period.
35 – Growth of household debt in relation to incomes is a clear example of the American Households unwillingness to accept the lower standards of living demanded by globalization, period.
[48] homeboken – LOL, I guess something hit close to home(or the office?) for you.
Only a true moron can speak in such generalizations and claim them as fact. Get your head out of your a$$ moron
50 ExPat – My wife is a stay at home mom, I just can’t stand idiots claiming that just b/c something works for them, then it is gospel. Good luck being trapped inside that head of yours.
[51] What did I say was working for me? (scratches head) Maybe there’s something that isn’t working for you?
50 ExPat – My wife is a stay at home mom, I just can’t stand idiots claiming that just b/c something works for them, then it is gospel. Good luck being trapped inside that head of yours.
#5 grim
I think the intersting stat would be the 28yo singles I woukd suggest that the female is more likely to own than the male so the single conndo market will refflect the numbers in rent vs own.
I think the loss of one income than two is more devestating than the loss off the single. The single income know they are on a tightrope and plan accordingly. The duel get their come to J moment when they realise that takking out the childcare they needed the second income to cover the biggeer house and the second car.
#15 Nomad
Worth turning off but I don’tt think its that big a deal.. I think the latest Java bug is a far bigger issue.
Blackberry 10 looks nice. If its not buggy, it should be enough for a bounce back.
I was sorta hoping they would work so I could stay home and goof off all day. If they told me we both had to work I would not have agreed.
47.JJ’s B.Se says:
January 30, 2013 at 10:32 am
I thought the feminist movement mainly was they would no longer fake organisms and we did not have to hold the door for them
55 – I read a very interesting analysis of the RIM model that suggested they would have been better off reducing their reliance on hardware and instead focusing on their extending their BIS infrastructure to IOS and Android. Basically, why isn’t Blackberry just an app that enables business-centric calendar, contact, email and messaging integration regardless of the underlying hardware platform. There is nothing within their existing hardware model that can’t be reproduced in the application space in a platform agnostic way, security, encryption, policy, etc.
>>Stay at home mommy is good at keeping her kids in line and saying no.
Not where I live.
I don’t intend to start a daycare vs. SAH mom battle and obviously, we’ll all be naturally biased to support what we chose for our children, but I agree with 250K. Sure there are outliers in both camps, but by and large, the majority of the slowest and unprepared kids that I witnessed in Gator Jr’s public school kindergarten class were raised by SAH moms. Many of these children were socially awkward, were way behind in math and writing and lacked self-confidence. Of course, a few of the kids that did attend the more child-directed daycares/preschools also showed similar traits to the SAH kids and there were a few SAH kids that were very well prepared for school, and I would say some were even better prepared. I’m guessing that teaching children independence was not a high priority on the SAH educational agenda.
Saw the same thing at the Little Gym and at other activities. Lots of these kids had a lot of trouble even participating in a class where their mommy wasn’t in the room with them. Then again, this was in Montklair where many of those kids were probably still being breastfed and slept in the family bed, so take from it what you will.
House question.
I had a house not far from me that became a bank REO in early Oct 2012, before bank could list it house got flooded. Now bank has priced house today as is and will sell for 110K. I think I could get it for 90K. Cash only.
If I buy a house from a bank directly in a REO for 90K how much would closing be? I could skip or get title insurance on line. Dont need a home inspection, guess I need lawyer but barebones contract as is, no escrow I own house.
Just curious. Could I close for like under 10K
That is you rich folk. All my kids are way more independent than working moms. I ignore them all the time so they have to be independent. This weekend I am having my six year old do my taxes, shine my shoes and solve world hunger
Libtard in the City says:
January 30, 2013 at 11:59 am
I don’t intend to start a daycare vs. SAH mom battle and obviously, we’ll all be naturally biased to support what we chose for our children, but I agree with 250K. Sure there are outliers in both camps, but by and large, the majority of the slowest and unprepared kids that I witnessed in Gator Jr’s public school kindergarten class were raised by SAH moms. Many of these children were socially awkward, were way behind in math and writing and lacked self-confidence. Of course, a few of the kids that did attend the more child-directed daycares/preschools also showed similar traits to the SAH kids and there were a few SAH kids that were very well prepared for school, and I would say some were even better prepared. I’m guessing that teaching children independence was not a high priority on the SAH educational agenda.
Saw the same thing at the Little Gym and at other activities. Lots of these kids had a lot of trouble even participating in a class where their mommy wasn’t in the room with them. Then again, this was in Montklair where many of those kids were probably still being breastfed and slept in the family bed, so take from it what you will.
I am far from rich. If I was rich, I would have the time to improve my grammar or perhaps, even proof read.
[62] libtard,
You just might be rich, by dint of presidential fiat. I remember calling my mom and derisively telling her “hey, guess what? I’m rich now. The president said so!”
Rich is 400K AGI, which means you have most likely gross income of more than 500K. Obama raised it from 250K
Comrade Nom Deplume. Apparently. says:
January 30, 2013 at 12:43 pm
[62] libtard,
You just might be rich, by dint of presidential fiat. I remember calling my mom and derisively telling her “hey, guess what? I’m rich now. The president said so!”
“Similarly, many dual income families prefer to spend today rather than save for retirement, playing a game of chicken with the government and fellow citizens.”
I am seriously starting to think that this is the smartest approach to retirement savings, at least in terms of saving anything that can be easily identified and taxed by Uncle Sam to pay for your spendthrift fellow citizens’ lack of retirement savings. It is a sad state of affairs.
As for the SAHM/SAHD versus dual-working parent issue, I think it’s a sideshow. SAHM works great for our family. But the real issue is how parents raise their kids, or more specifically, the entitlement, no-discipline mentality. Just read an article about it last night:
http://www.theatlantic.com/national/archive/2013/01/why-parents-need-to-let-their-children-fail/272603/
Last week I lucked out and happened to be working from home on the scheduled day for the parent/teacher conference for my oldest (5) kid. He’s in kindergarten. Met with the teacher, he’s doing fine in all the kindergarten metrics etc. She sort of hesitantly then starting talking about how he had sort of become the class clown, and even had a little catchphrase (think kindergarten version of RE Investor 101’s “damn real estate terrorists” line) that he would say at EVERY opportunity and crack the kids up (and annoy the teacher to no end, it was clear to me). Told her I would deal with it. Later that day when he came home from school, had a talk with him and told him he’d better knock it off or he’d be in trouble.
Next day, teacher emails me and is astonished, he actually stopped being disruptive and saying his little catchphrase, even when other kids were trying to get him to say it. This week she checked in via email again and said he has kept up the good behavior and has not uttered the annoying catchphrase a single time. She’s asked me twice now via email how did you do it, what did you say to him, etc.?
I’m thinking: what? This passes for astonishing these days? Why is this so amazing? This should be the expected result.
Of course, I know the reason and see it all the time: parents have no control over their kids, and are afraid to correct them and keep them in line, even when doing so would be better for them. We wouldn’t want to hurt Graydon and Ellory’s hothouse-flower self-esteem now, would we?
Grim,
“Some interesting stuff yesterday about how the two income household…”
When I tracked back to yesterday’s thread I didn’t see anything relevant. Did I miss it?
WINDS WILL GUST BETWEEN 45 AND 50 MPH TONIGHT
SAH is the best in the long run….yeah it may not look right at the pre-school level, but as the kids age, they generally crush the one who spend the day at the orphanage.
Libtard in the City says:
January 30, 2013 at 11:59 am
Sure there are outliers in both camps, but by and large, the majority of the slowest and unprepared kids that I witnessed in Gator Jr’s public school kindergarten class were raised by SAH moms. Many of these children were socially awkward, were way behind in math and writing and lacked self-confidence. Of course, a few of the kids that did attend the more child-directed daycares/preschools also showed similar traits to the SAH kids and there were a few SAH kids that were very well prepared for school, and I would say some were even better prepared. I’m guessing that teaching children independence was not a high priority on the SAH educational agenda.
Saw the same thing at the Little Gym and at other activities. Lots of these kids had a lot of trouble even participating in a class where their mommy wasn’t in the room with them. Then again, this was in Montklair where many of those kids were probably still being breastfed and slept in the family bed, so take from it what you will.
You just described the last two years worth of posts on anything.
I say October 2008 to March 2009 was the best posts on this sites
zieba says:
January 30, 2013 at 1:20 pm
Grim,
“Some interesting stuff yesterday about how the two income household…”
When I tracked back to yesterday’s thread I didn’t see anything relevant. Did I miss it?
Mabye my kid is the outlier in your scenario but that was a concern of ours. My son is now four and we have him in preschool two days a week to help with social interaction. Also, I just signed him up for soccer. I know it’s a bit young but it’s a place for him to run around with other kids and burn off some energy…
It takes work, the mom can’t just sit there and hand them video games and plop them down in front of the TV. Repeatedly disciplining a child in an effective manner and teaching them manners and how to interact with others is not something they are just born with and it takes detirmination and repitition.
Teaching indepences is part of the SAH mom’s job too…as well as the Father’s when he is around. It’s tempting to do something for your child when you’re in a rush to get somewhere but you have to constantly tell them they can do it and seize those moments when they try to assert their independence and let them try new things for themselves.
I also think it helps when they have siblings or cousins to interact with.
Libtard in the City says:
January 30, 2013 at 11:59 am
“Many of these children were socially awkward, were way behind in math and writing and lacked self-confidence. Of course, a few of the kids that did attend the more child-directed daycares/preschools also showed similar traits to the SAH kids and there were a few SAH kids that were very well prepared for school, and I would say some were even better prepared. I’m guessing that teaching children independence was not a high priority on the SAH educational agenda.”
Agreed Brian. Glad you understand where I’m coming from. Unlike that douchenozzle ChiFi guy whose kid will probably grow up to be one of those goth kids.
RVC Long Island was the best in regards to dual income parents. After the last recession parents cut back on allowances for kids in HS. Most parents are dual income parents as RE is expensive. Well anyhow a few months in the 14-17 girls were buying Iphones, Ipads, new shoes, going to mall, buying makeup while the boys were taking bus and did not have lunch money.
Girls with working parents were giving $20 dollar bjs from 3pm to five pm daily since no parents were home.
In HS I always wish I had a dual income parents, free periods and after school their were some good coke/pot parties going on at those houses. My favorite was this kid I forget his name like biggest pot dealer on east coast. 3-6 pm daily out of his home.
I was there once and guy had like pounds and pounds of the stuff locked in his room. His claim to fame was he sold regularly to Robert Chambers who later strangled Jennifer Levin. He is now a Lawyer, as they say all drug dealers eventually go to jail or become lawyers. In his case it worked out well.
chicagofinance says:
January 30, 2013 at 1:28 pm
SAH is the best in the long run….yeah it may not look right at the pre-school level, but as the kids age, they generally crush the one who spend the day at the orphanage.
Grim not RIM anymore dood. Blackberry. BBRY.
See you were right. RIMM is dead.
I will miss telling RIMM Job jokes.
[64] JJ,
That’s tax code compromise. Obama still considers me rich.
I remember reading a press release on their website where they announced they might do something like this. BES would work with and manage any of the platforms…..IOS, Android, or BB handhelds. I think afterwards they switched CEO’s….and I never heard anything about it again.
Maybe it makes sense technologically but not in a business sense?
57.grim says:
January 30, 2013 at 11:41 am
55 – I read a very interesting analysis of the RIM model that suggested they would have been better off reducing their reliance on hardware and instead focusing on their extending their BIS infrastructure to IOS and Android. Basically, why isn’t Blackberry just an app that enables business-centric calendar, contact, email and messaging integration regardless of the underlying hardware platform. There is nothing within their existing hardware model that can’t be reproduced in the application space in a platform agnostic way, security, encryption, policy, etc.
http://www.nj.com/news/index.ssf/2013/01/driver_of_paint_truck_given_tw.html#incart_m-rpt-1
[65] HR – Ding! Ding! Ding! We have a winner! I knew I would ruffle some feathers with my overt generalizations about SAHM/D, when the real problem is, as HR expounded (h/t for the article too), what parents expect and demand from their children in terms of behavior and responsibility and, more importantly, what they don’t. Dual income couples can certainly be great parents as can Single income families. One spouse working 70 hours/week while the other stays home probably doesn’t yield wonderful average results either. Kids need parents and kids need socialization with other kids and there’s lot of ways they can have those needs met. The alarming thing to me, though, is to see parents out and about talking to their young children like they are coworkers. Maybe worse that that, talking to them like they are government coworkers. I can’t help thinking that too much time in the office for one or both parents have indoctrinated the parents such that 6 year olds have the same rights as adults. I remember when I learned about Dictators in school and thought I had my Dad cornered on logic the next time he wanted me to do something I didn’t want to do. I told him that he was a Dictator and that this family was being run like a Dictatorship. He told me I was right, being a parent is a lot like being a Dictator and being a child is like living under a Dictatorship. I had no comeback.
I’m thinking: what? This passes for astonishing these days? Why is this so amazing? This should be the expected result.
Of course, I know the reason and see it all the time: parents have no control over their kids, and are afraid to correct them and keep them in line, even when doing so would be better for them. We wouldn’t want to hurt Graydon and Ellory’s hothouse-flower self-esteem now, would we?
[65] renter
“I am seriously starting to think that this is the smartest approach to retirement savings, at least in terms of saving anything that can be easily identified and taxed by Uncle Sam to pay for your spendthrift fellow citizens’ lack of retirement savings.”
Yup. The best retirement plan is one that provides for your needs and comfort but is beyond the reach of both creditors AND the taxman.
“Later that day when he came home from school, had a talk with him and told him he’d better knock it off or he’d be in trouble. . . . . She’s asked me twice now via email how did you do it, what did you say to him, etc.?”
I strongly recommend you not be specific. Just say that you spoke to him. Nothing to suggest that jr. would get a butt whipping if he acted up. You don’t want to give the teacher any ammunition to make out a spurious abuse charge later should you two get into a p1issing match.
I called DYFS on Chifi for playing Depeche Mode around his kid.
[81] ernest,
In NJ, you have near-absolute immunity for calling DYFS. The only way you could be sued for making a spurious charge to DYFS is if you alleged recent abuse and it turned out the kid died of cancer two years prior.
There are cases in special ed law where parents got into acrimonious disputes with school districts and then found themselves in a DYFS investigation. The parents sued for retaliation, which is actionable against school actors under the IDEA, but there is no recourse in civil tort law due to the statutory immunity.
Had the t.v. on while working (you’d be surprised how many lawyers have TVs in their offices). There is a full court press on right now over Hegel, Obama’s DoD Sec pic. He’s getting smeared for everything from the Middle East to the sinking of the Andrea Doria.
Has anybody played with a 1040 or play with the free tax filing online in regards to retirement. If your home is fully paid for and living in a no tax State $3000 to $4000 a month is enough to live on. I assumed retiring in 5 years at 62 ,SS 2400 a month for me and my wife. If I took $1000 a month in 401k I will not owe any federal taxes.My before tax 401k will still not be taxed. At $2000 a month I will owe $700 in federal tax for that year. This is not touching my after tax savings account yet. What is left can be transfered to a benificiary if I die young. How much does one really need for retirement that we have to worry the government will tax it to death? After paying PITI that amount at retirement is more than what we live now.
HARP has already helped millions. It’s time to expand HARP to all homeowners who are underwater – not just those who have loans back by Freddie Mac and Fannie Mae!
you mean borrowers, not home owners
HARP Loans says:
January 30, 2013 at 2:49 pm
HARP has already helped millions. It’s time to expand HARP to all homeowners who are underwater – not just those who have loans back by Freddie Mac and Fannie Mae!
Just dont live to 90, inflation will kill you
yome says:
January 30, 2013 at 2:47 pm
Has anybody played with a 1040 or play with the free tax filing online in regards to retirement. If your home is fully paid for and living in a no tax State $3000 to $4000 a month is enough to live on. I assumed retiring in 5 years at 62 ,SS 2400 a month for me and my wife. If I took $1000 a month in 401k I will not owe any federal taxes.My before tax 401k will still not be taxed. At $2000 a month I will owe $700 in federal tax for that year. This is not touching my after tax savings account yet. What is left can be transfered to a benificiary if I die young. How much does one really need for retirement that we have to worry the government will tax it to death? After paying PITI that amount at retirement is more than what we live now.
To #83 Comrade
Could it be??
Hagel Warned Obama Of Rogue Pentagon Leading A ‘New World Order’
Chuck Hagel
AP
As Chuck Hagel seeks support for his nomination to become Secretary of Defense, Bob Woodward has released a story about a White House trip the former Senator made in 2009.
The Washington Post reports:
According to an account that Hagel later gave, and is reported here for the first time, he told Obama: “We are at a time where there is a new world order.
“We don’t control it. You must question everything, every assumption, everything they” — the military and diplomats — “tell you. Any assumption 10 years old is out of date. You need to question our role. You need to question the military. You need to question what are we using the military for.”
Hagel warned the president about getting “bogged down” in Afghanistan and voiced concern over the deployment of 51,000 additional troops sent at the time to fight in the war.
The Post reports Hagel went so far as to say privately in 2011: “The president has not had commander-in-chief control of the Pentagon since Bush senior was president.”
Can we stop HARPing on this.
Or could it be??
Why Iran Supports Chuck Hagel
David Meyers, The Daily Caller | Jan. 11, 2013, 5:26 PM | 259 |
SANTORUM: Iran Could Get A Nuclear Bomb If Chuck Hagel Is Confirmed As Secretary Of Defense
President Obama’s nomination of Chuck Hagel was meant to send a message, and it has: That President Obama is not serious about stopping Iran’s nuclear weapons program, and that Tehran has an anti-Israel ally in the president’s war cabinet.
Chuck Hagel’s misguided policies on Iran and the Middle East have already received considerable coverage.
Chief among them is his opposition to sanctions on Iran. Both in 2001 and 2008 (at which point the United Nations had already sanctioned Iran) Hagel steadfastly opposed sanctions against Tehran.
Hagel has tried to explain away those votes, but he has also opposed sanctions against countries such as North Korea, Syria, Libya, and Cuba.
This aversion to sanctions is incompatible with Obama’s strategy on Iran, and it’s also flat-out wrong (the progress we’ve seen in Burma is a direct result of sanctions).
Hagel supporters say that the “Jewish lobby” is using paranoia and scare tactics to overhype the threat of a nuclear Iran.
Yay!
85.HARP Loans says:
January 30, 2013 at 2:49 pm
HARP has already helped millions. It’s time to expand HARP to all homeowners who are underwater – not just those who have loans back by Freddie Mac and Fannie Mae!
I got my after tax savings that can protect against inflation and un withrawn 401k will still be earning
JJ’s B.Se says:
January 30, 2013 at 2:56 pm
Just dont live to 90, inflation will kill you
SS adjust to inflation too
You think I’m bad?
http://www.youtube.com/watch?v=6cmiroY8jUw
Ernest Money says:
January 30, 2013 at 2:21 pm
I called DYFS on Chifi for playing Depeche Mode around his kid.
you so funny
yome says:
January 30, 2013 at 3:08 pm
SS adjust to inflation too
New Depeche Mode…
http://kroq.cbslocal.com/2013/01/30/exclusive-depeche-mode-premiere-heaven-from-forthcoming-album-delta-machine/
[80] “I strongly recommend you not be specific. Just say that you spoke to him. Nothing to suggest that jr. would get a butt whipping if he acted up. You don’t want to give the teacher any ammunition to make out a spurious abuse charge later should you two get into a p1issing match.”
Good point, Nom. That thought didn’t even cross my mind (although it should have). In the People’s Republic of New Jersey it’s scary that I was oblivious to that risk.
But honestly, “the talk” with my son really boiled down to me sitting down (so that I would be closer to eye level with him) and telling him, in my Angry Dad voice, something like: “I talked to Mrs. Teacher today. I’m not happy. You’d better knock off the ‘mama mia!’ nonsense — that’s enough. It’s stupid. I’m tired of hearing it, your mom is tired of hearing it, your teacher is tired of hearing it, and next time I talk to your teacher if I find out that you are still saying it in school, you are gonna be in big trouble. And I don’t want to hear it around the house either.”
He started to break into tears, but I gave him a hug and said my stock line: “I love you. But it’s my job to teach you and it’s your job to learn. So OK – go play.”
I think he asked a follow up question: “What trouble will I be in if I say it again?” And I said something like “Don’t worry about that — just knock it off.”
And that was that. And later I told him I was proud of him when I heard from his teacher that he behaved all week.
True, he’s been angling for “Skylander Giants” since getting so much post-Christmas exposure to it from his friends (and we don’t even own a gaming console yet — that’s a whole other battle) so I’m sure that’s part of his motivation to behave. And the vauge reference to being in “Big Trouble” I’m sure acts as a decent deterrent at this age. But I think in the main, kids naturally want to make their parents proud . . . as parents we just gotta make ’em earn it a little bit.
FORMS ARE GOING FAST- SIGN UP TODAY!
Becoming Illegal (Actual letter from an Iowa resident sent to his senator,)
The Honorable Tom Harkin
731 Hart Senate Office Building
Phone (202) 224 3254
Washington DC, 20510
Dear Senator Harkin,
As a native Iowan and excellent customer of the Internal Revenue Service, I am writing to ask for your assistance. I have contacted the Department of Homeland Security in an effort to determine the process for becoming an illegal alien and they referred me to you.
My primary reason for wishing to change my status from U.S. Citizen to illegal alien stems from the bill which was recently passed by the Senate and for which you voted. If my understanding of this bill is accurate, as an illegal alien who has been in the United States for five years, all I need to do to become a citizen is to pay a $2,000 fine and income taxes for only three of the last five years. I know a good deal when I see one and I am anxious to get the process started before everyone figures it out. Simply put, those of us who have been here legally have had to pay taxes every year so I’m excited about the prospect of avoiding two years of taxes in return for paying a $2,000 fine. Is there any way that I can apply to be illegal retroactively? This would yield an excellent result for me and my family because we paid heavy taxes in 2004 and 2005.
Additionally, as an illegal alien I could begin using the local emergency room as my primary health care provider. Once I have stopped paying premiums for medical insurance, my accountant figures I could save almost $10,000 a year.
Another benefit in gaining illegal status would be that my daughter would receive preferential treatment relative to her law school applications, as well as ‘in-state’ tuition rates for many colleges throughout the United States for my son.
Lastly, I understand that illegal status would relieve me of the burden of renewing my driver’s license and making those burdensome car insurance premiums. This is very important to me, given that I still have college age children driving my car. If you would provide me with an outline of the process to become illegal (retroactively if possible) and copies of the necessary forms, I would be most appreciative. Thank you for your assistance
Your Loyal Constituent, (hoping to reach ‘illegal alien’ status rather than just a bonafide citizen of the USA )
Donald Ruppert
Burlington , IA
Get your Forms (NOW)!! Call your Internal Revenue Service at 1-800-289-1040
(Please pass this on to your friends so they can save on this great offer.)
“He started to break into tears, but I gave him a hug and said my stock line: “I love you. But it’s my job to teach you and it’s your job to learn. So OK – go play.”
From the Broadway play “Rex Ryan Loves Mark Sanchez”
I don’t understand how the illegal alien is supposed to produce the tax forms for the last 3 years – request a TIN (he/she can’t get a SSN being illegal), and file late returns? Then, they can’t have a W-2 for this TIN, can they?
Here’s a question — if the lift the cap on earnings subject to SS tax, can I just give my SS number to some illegals and get them to pay the tax for me? They’re never going to collect under the SS number they give anyway, it looks like free money to me.
How much do they think illegal aliens make? $50, 000 for a couple max? If they file federal income taxes even for all the years they worked, after deductions they still will not owe taxes.
Diid we forget 48% of Americans dont pay federal taxes? Th e media loves to print drama
What’s the funny catchphrase for kindergarden – “that’s what yo mamma said”? I think not, the backstory is too mature.
What’s the best catchphrase for the NJRER?
“because every POS cape is different”
“never let them crush your valor”
“expanding the chasm between impossibly demanding buyers and reality-denying sellers”
The rules will be special for NJ . They may even run an illegal for Gov .
We also need an illegal Mexican to run Motor Vehicle Division. At least he /she will speak the language
This is how illegals get a Ss number, they get them from dead Americans. It will be obvious to the IRS if the number is registering income in different States at the same time.
Maybe Expat with his superb data mining skills can find the day/posts where I said the same exact thing (that SS adjusting for inflation is a joke) to JJ when he was talking his usual b.s.
95.JJ’s B.Se says:
January 30, 2013 at 3:15 pm
you so funny
yome says:
January 30, 2013 at 3:08 pm
SS adjust to inflation too
The End Is Nigh (McGreevey Redux Edition):
Feds raid office of doc who allegedly provided male escorts to Sen. Menendez
Live royal
ragnar (103)-
Any questions?
“What’s the best catchphrase for the NJRER?”
Pesche has been working the same meme here for years, and it never gets old.
That is a talent.
You folks complain too much the average blue ribbon NJ train town person only pays SS tax in January.
Anon E. Moose says:
January 30, 2013 at 4:19 pm
Here’s a question — if the lift the cap on earnings subject to SS tax, can I just give my SS number to some illegals and get them to pay the tax for me? They’re never going to collect under the SS number they give anyway, it looks like free money to me.
Can’t wait until pesche has more Menendez material to work.
You mama so fat she irons her dresses in the driveway was popular in my day
Ragnar says:
January 30, 2013 at 4:27 pm
What’s the funny catchphrase for kindergarden – “that’s what yo mamma said”? I think not, the
“What’s the best catchphrase for the NJRER?”
Not sure they’re catch phrases, but some of my personal favs . . .
– “Pant up demand”
– “Any questions?” (and the derivative “Please refer all questions to Gary”)
– “Tick tock”
– “Embrace the oblivion”
– “Brigadoon” (and the derivative “Brigadoon-on-Hackensack”)
– “Upper Haughtyville”
– “Got Nompound?”
– anything with unicorns, skittles, Graydon, or Ellery
oh, how could I forget “Live Royal” a true classic
No list could be complete without….
BOOYAH
You probably need to be a long timer to remember that one.
Booyah Bob, and Hoboken Frank (‘en fuego!’) who took his economic indicators from the Garden State Plaza parking lot.
JJ, I see on my W2 that last year I paid significantly more medicare tax than I did SS tax, because the medicare tax is unlimited. I wonder if they will means-test me out of it when it comes time for me to use it.
This means the medicare tax is already a millionaire tax. This year up to 3.8% on all income, add it to Obama’s higher tax rate on the rich and we’re up to about 43% federal, NJ gets up to 9% marginal tax. So people making over $500k/yr in NJ are getting shaken down for 52% state plus federal. Yet that jerk Warren Buffet keeps on braying about how the rich aren’t paying taxes, so now the general population actually believes it.
“friskies”
“condoshack”
“pret said no more writedowns”
“shiny”
cause all his income was capital gains. I bought a lot of munis since 2009 now they are pretty expensive, that 3.9% tax is a real killer on CDs, money markets and investment grade bond interest. You are already getting peanuts it is fully taxed and now add in 3.9% nuts
Ragnar says:
January 30, 2013 at 6:07 pm
JJ, I see on my W2 that last year I paid significantly more medicare tax than I did SS tax, because the medicare tax is unlimited. I wonder if they will means-test me out of it when it comes time for me to use it.
This means the medicare tax is already a millionaire tax. This year up to 3.8% on all income, add it to Obama’s higher tax rate on the rich and we’re up to about 43% federal, NJ gets up to 9% marginal tax. So people making over $500k/yr in NJ are getting shaken down for 52% state plus federal. Yet that jerk Warren Buffet keeps on braying about how the rich aren’t paying taxes, so now the general population actually believes it.
I ‘d like to know if NJ has any fake driver licenses out their ?
Telemundo shifts from Obama on immigration to the alegaciones against Bob Menendez
http://www.9news.com/news/article/313505/222/Fort-Collins-students-read-Pledge-of-Allegiance-in-Arabic
I believe we already do this in NJ. Paterson,Passaic,
Conservatives are slamming President Barack Obama for a shock drop in GDP last quarter. But we’ve pointed out that the big reason for a surprise shrink was due to a fall in government spending — particularly a big plunge in military spending associated with war drawdown.
That’s not a good thing for GDP growth, but it also means that the shrink isn’t a reflection of weakness in the economy or current economic policy. It’s a reflection of reduced government spending, with more to come in the form of sequestration next month.
The Republican argument, as noted by RNC communications director Tim Miller, is that the economy is not in a good spot when government spending cuts combined with running large deficits creates GDP shrinkage.
U have a nice website over here. I just wanna say thanks for all the interesting information on it. I’ll follow your weblog if you keep up the good work!
Gotta mention Abercrombie & Finch and Bilova
check out this data this guy states around the 2:30 mark.
http://www.bloomberg.com/video/u-s-housing-in-fragile-recovery-wachter-says-L6ak6rFoRvaJ_xihRSJd3g.html?source=Patrick.net
$20 oil
I can write a script in 60s
Pack a lunch
They’ll be rioting in the streets by June
[116] renter
As much as I should plug the Nompound, I’m going with “any questions?”
Way Back Machine brings us
Q: “Why do I get the feeling that once the RE market for the outer boroughs implodes, Manhattan is next?”
A: IMPOSSIBLE, Manhattan is too close to Manhattan.