From the Star Ledger:
The rich get richer: Data show N.J.’s upper class growing rapidly while middle class languishes
The number of New Jersey’s wealthiest households has doubled over the last decade, and new data from the U.S. Census Bureau show that the middle class has continued to shrink following the Great Recession, widening the wealth gap in the Garden State.
The data, released Thursday, is part of the most recent 2010 to 2012 American Community Survey, a three-year sample study of U.S. residents focused on social, economic and housing issues. The new information shows that while the state’s richest residents have prospered considerably since the recession, the state’s middle class has languished.
“What it points to is that a college degree still has substantial value but people are going to have to work harder to get the better paying jobs. In the 1980s and early 1990s those jobs were there for the taking. They’re not there anymore,” said James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. “It’s not quite the hollowing out of the white-collar job industry, but it’s getting close.”
…
• The number of households with an income of more than $200,000 has increased by 112 percent since 2000, and by more than 12 percent since the height of the recession, the most of any income bracket.• The number of households making less than $100,000 has decreased by tens of thousands since 2000. No income bracket below this level has grown during this period, which Hughes said is at least partly due to the number of people fleeing the state’s cost of living.
• Since the height of the recession, the middle class is shrinking while the state’s poorest and richest income brackets have seen, in some cases, stark increases, signaling that the gap between New Jersey’s rich and poor is widening.
“The post-recession gains have really been led by the more affluent, the people that are high up in corporations,” Hughes said. “They’ve been making gains, and when you look at pure wealth, they’re the stockholders.”
Friday Night Lights by me they are playing hells bells as much as things change they stay the same
So if my wife goes back to work we are upper class funny I don’t feel that way
New Jeeeahsey and you. Perfect Together.
So the $35K-$125K crowd is going away, what’s the big deal? Who needs those mopes hangin’ around? Fuhgeddaboutit!
Funny that the average patrolman is way outside of middle class their 3rd year in.
From Bloomberg:
Bid Wars Wane in U.S. Housing Markets on Supply Rise
Mike Imgarten witnessed a frenzy of demand and a dearth of inventory during a two-month house hunt in Sacramento, California. Fearing he would pay too much after a surge in prices, he said he took a break from searching in June.
Sales in Sacramento now are off by more than 25 percent from a year ago and, while inventory remains tight, the supply of homes on the market has almost doubled, according to Erin Stumpf, Imgarten’s real estate agent.
“Several homes I drive by on my way to work have had for-sale signs up for a couple months, while before, they’d be gone within a week,” said Imgarten, a 29-year-old civil engineer.
In states such as California, Arizona and Nevada, where bidding wars have fueled the country’s largest gains in home prices, booming markets are showing signs of cooling as buyers like Imgarten step back. The surge in values, combined with higher mortgage rates, is reducing affordability while also encouraging more sellers to list their properties, indicating that price growth will slow after the biggest increases since 2006.
Asking prices in September were lowered on about 25 percent of listings, the biggest share in two years, while last month they were cut on 23.8 percent, according to Seattle-based brokerage Redfin, which tracks 22 cities across the country. The inventory of unsold U.S. homes climbed in September from a year earlier for the first time since 2011, while contracts to buy previously owned residences plunged the most in three years, data from the National Association of Realtors show.
…
“We are shifting from a frenzy to where buyers are taking a step back and being more analytical and unwilling to just make rash decisions,” said Ellen Haberle, an economist for Redfin.
The first personal militia should be organizing any day now in NJ.
Perhaps my daughter can join a personal militia when she graduates kolledge.
Can anyone say, “barbell effect”?
Sales in Sacramento now are off by more than 25 percent from a year ago and, while inventory remains tight, the supply of homes on the market has almost doubled, according to Erin Stumpf, Imgarten’s real estate agent.
Send some of that stuff over to the east coast. It would be nice to walk into 3 or 4 homes on the weekend without gaging on the stench along with the ridiculous asking price.
Let’s take a stroll down Memory Lane…
“On 15 November 1923 decisive steps were taken to end the nightmare of hyperinflation in the Weimar Republic: The Reichsbank, the German central bank, stopped monetizing government debt, and a new means of exchange, the Rentenmark, was issued next to the Papermark (in German: Papiermark). These measures succeeded in halting hyperinflation, but the purchasing power of the Papermark was completely ruined. To understand how and why this could happen, one has to take a look at the time shortly before the outbreak of World War I…”
http://www.zerohedge.com/news/2013-11-15/90-years-ago-end-german-hyperinflation
gary (10)-
Have you ever considered that it is a personal failing of yours not to have fallen in love with the smell of Rheingold and cabbage?
“The post-recession gains have really been led by the more affluent, the people that are high up in corporations,” Hughes said. “They’ve been making gains, and when you look at pure wealth, they’re the stockholders.”
Invest in equities, dollar cost average and do it consistently over time. If you have a job, you can do it, even if it’s a smaller amount. You need time, patience and income to make money. Where people fail is when it comes to the “patience” factor. Knee-jerk reactions are a killer. Invest and forget it.
Meat Snapper,
I think a beer and cabbage scent, sprinkled with some hoarding is the new trend. Toss in a hint of body 0dor from an overweight family and you have me running for my checkbook!
Of course, most Amerikans would rather see Matt Lauer dressed as a woman than watch an actual news show…
“The trouble with proclaiming ‘victory’ over the crisis in Spain (read the whole of Europe) and the ECB enabling governments profligacy with the ghost of OMT future is that it merely emboldens. As Al Jazeera reports, Madrid’s garbage collectors have been on strike since November 5 to protest layoffs and pay cuts. With garbage piling up on the streets of Madrid, the mayor issued private trash-collecting companies an ultimatum on Wednesday: end the street cleaners’ strike or lose their contracts. More than 30,000 residents have signed a petition to the defense minister asking for the streets to be cleaned. The following images show the chaos…”
http://www.zerohedge.com/news/2013-11-15/madrid-buried-trash-garbagemen-strike-continues-10th-day
The number of New Jersey’s wealthiest households has doubled over the last decade, and new data from the U.S. Census Bureau show that the middle class has continued to shrink following the Great Recession, widening the wealth gap in the Garden State.
I just increased the potential sale price of my house by $10,000 after reading that statement. F.uck you, pay me. You don’t like it? Consider moving out of state as one realtor suggested.
When I secure Bommacare for me and my family, my first goal is to become fat and diabetic, so that I can be a net taker in the system rather than be the healthy idiot who helps fund the Ponzi.
I will also encourage all my young, healthy employees in the store to stay off the Bommacare until such time as they get sick or have an accident.
Snapper [17],
Now you’re cooking! That’s the spirit! You should go to that government entitlement handout web page and apply for food stamps and welfare and sh1t. Grinding up resources at the expense of taxpayer dollars is fun sh1t!
Don’t shoot the messenger, kids.
This one sold for a cool $1,000,000 back in 2003; currently asking $899,000:
Tick… tick… tick… tick…
http://www.trulia.com/property/1087272025-85-Fairview-Ave-Park-Ridge-NJ-07656
gary (19)-
The only resources I will be using will be the ink and paper it takes to print the worthless little green pieces of paper I need in order to be obese and happy.
The taxes are only $25,000 per year. It’s for the children and to keep the riff raff out:
http://www.trulia.com/property/3123885840-267-Hampshire-Rdg-Park-Ridge-NJ-07656
Only thing I’m worried about is how to hide assets from being subject to the 10% wealth tax that the IMF is eventually going to impose on us.
gary (21)-
Perfect example of the Commerce Bank design movement.
Izzat a garage, or a drive-thru ATM (cue jj)?
$600,000 and it’s yours. They want six hundred f.ucking thousand dollars for this one. Take a look at that bathroom layout and the inviting backyard. In fact, try to pick out all the architectural gems in this masterpiece:
http://www.trulia.com/property/3124765048-56-Ridge-Ave-Park-Ridge-NJ-07656#photo-1
Gary, you could stuff at least 12-15 illegals in that place, paying $600/mo cash.
Meat, the illegals are getting smart; they’re the ones shopping the place hoping to bamboozle Graydon and Ellery’s geeky parents.
Already here. Have you seen how many swat teams there are in BC?
Spine Snapper says:
November 16, 2013 at 8:02 am
The first personal militia should be organizing any day now in NJ.
Gary #10,
Here is a gem in my area. Please pick out one positive of this home. It is the antithesis of home buying opportunity..just like the hundreds of other LSD munchers out there. You mean someone did not rush to buy it at 700K? Oh, and now you reduced your asking price by 200K. I think another 500K reduction should do it.
http://www.trulia.com/property/1093841411-2870-Black-Rock-Tpke-Fairfield-CT-06825
What a slippery slope the libs(loaded word I know) started with all of the feel good anti bullying laws. It appears the primary accomplishment was turn late gen X-ers and beyond into institutionalized pvssies.
“Anti bullying” has now inflitrated the sports world and will apparently soon dominate it. It could easily be extended to the workplace, child rearing, and practically anywhere that discipline is enforced. These kids are a bunch of cvnts.
Private security is the new rage in Oaktown. With the cost to add a cop to the force in this area, I think it could catch on.
http://www.npr.org/2013/11/15/245213687/with-robberies-up-oakland-residents-turn-to-private-cops
(23)
$999,000 and $25,000 taxes for a condo. And they don’t even mention the monthly association fee.
(31)
I like the roof.
Bystander [31],
They’re m0rons. The statement that 30 year realtor posted a week or so ago tells the whole story: 25 listings in Paramus, 4 were under contract, 3 of the 4 were REO, one was an actual seller with realistic views. What does that tell you? It tells me that most sellers are fat, f.ucking sl0bs.
23 looks nice other than the high taxes. What’s the attraction of living in that area though?
#31,
Hah, I guess if you call a tarp a “roof”.
Some early footage of Eddie Ray at a Celtics game has emerged.
http://www.utrend.tv/v/1-one-chance/
The theme from C.L.O.T.
https://www.youtube.com/watch?v=I0Ba8rQtwY8
Street Justice says:
November 16, 2013 at 9:12 am
Already here. Have you seen how many swat teams there are in BC?
Spine Snapper says:
November 16, 2013 at 8:02 am
The first personal militia should be organizing any day now in NJ.
What happens when a bad case of Krugmanitis is allowed to fester unchecked…..
http://www.bloomberg.com/news/2013-11-16/princeton-meningitis-outbreak-prompts-vaccine-import-to-u-s-.html
37 Ragnar,
Nixon lived in that complex when he died.
Krugman is probably patient zero for that meningitis in Princeton.
Dude takes it no Vas.
Spine [45];
You ever see his ‘wife’? *shudder*
anon (44)-
No doubt she takes a str@p-on to his monty white ass on the regular.
No Vas.
Keynesian pincushion mf’er.
Actually, Krugman will probably argue that the outbreak is a form of economic stimulus. In fact, I wouldn’t be surprised if he proposes that we infect everyone in Princeton (other than his wife and himself) to increase the economic benefit.
@billmaher: #Obamacare Things that started as jokes went on to huge success: EuroDisney, Hubbel telescope, Spiderman musical…Ronald Reagan. Chin up
anon takes it in the brain, no Vas.
@the,truth: #Person touted as a great thinker and transformational genius but turned out to be a fake, con artist and fraud: Barry Obama.
Guess who’s back?
Back again.
Shady’s back.
Tell a friend.
http://money.cnn.com/2013/11/05/real_estate/down-payment-mortgages/index.html
52 – Couldn’t make it past the first paragraph without the bullshit alarm going off.
After the housing bubble burst, buyers needed to come to the table with as much as 20% down or they had to turn to the Federal Housing Administration for a low down-payment loan.
This was never, ever, the case. Do I need another ever? I think I might.
10% + PMI was EXTREMELY COMMON throughout the entire downturn and 5% was readily available for those with good credit.
@SenSanders: Right now, a billionaire pays the same into Social Security as someone who makes $113,700. I think that’s wrong. #Budget2014
[anon]
Well, when the said billionaire retires he’ll be paid SS benefits similar to $117,400 guy… what’s wrong here? Isn’t income tax good enough? If Sen. Sanders gets votes, he can try raising it…
And if he only is talking about stabilizing the Social Security finances, keeping the current system in place and increasing FICA rates by 0.2% every year till 2025 (total 2% raise) will take care of this till 2070…
Change you can believe in…….OR ELSE!
WASHINGTON – The DC mayor fired his insurance commissioner the day after the official objected to President Obama’s move to delay health plan cancellations.
DC Insurance Commissioner William White got his walking papers Friday from a deputy to Mayor Vincent Gray, who told him the mayor “wants to go in a different direction.”
White told the Washington Post in Sunday’s edition that the timing couldn’t be ignored, although he said the deputy never mentioned his criticism of the president’s fix for the millions of people dropped from health plans because of ObamaCare.
White, who held the post for nearly three years, said that he was “basically being told, ‘Thanks, but no thanks.’”
Neither the mayor’s office nor the White House would answer questions about White’s termination.
A day earlier, White was one of the first insurance commissioners in the country to push back against Obama’s plan to let them decide how to revive health plans outlawed by ObamaCare.
He said it “undercuts the purpose of the exchanges … by creating exceptions that make it more difficult for them to operate.”
The National Association of Insurance Commissioners raised similar complaints.
White’s statement was removed from the city Web site as he was shown the door.
[39] Fabius,
Yeah, fewer grey hairs then. But I can still carry a tune and bust those moves.
[54] anon,
Finally, we can put aside the pretense that SS is an insurance program.
It is a tax, just like Obamacare’s mandate. SCOTUS said so then and they say it now, and the dems want to use it as a tax. And they will.
But it isn’t the billionaires that are targets here, are they?
[57] chifi
A lot of insurance executives started to tell the admin “WTF” but were warned not to make waves or else. That’s why no insurers have commented on this.
AG Holder asks for appeal in Fast and Furious case holding him in contempt
Attorney General Eric Holder wants to appeal a recent judge’s ruling that allows the House to continue with its contempt case, related to Holder’s refusal to turn over documents concerning the Justice Department’s failed Operation Fast and Furious gun-tracking program.
http://www.foxnews.com/politics/2013/11/16/ag-holder-asks-for-appeal-in-fast-and-furious-case-holding-him-in-contempt/
Holder made the request Friday night to U.S. District Court Judge Amy Berman Jackson, asking that the Justice Department be allowed to put the case in front of a federal appeals court before Jackson makes any final decisions.
In September, Jackson rejected the Obama administration’s request to have the case dismissed.
The GOP-led House voted last year to put Holder in contempt of court after President Obama invoked executive privilege and Holder refused to turn over the documents.
Bojangles is the ruler (and his bankster handlers). Clowngress and the courts are jerking themselves off, as they won’t touch Holder.
FlabMin: Europeans always have to top the U.S. in scumbaggery don’t they…..go stick a soccer ball up your pasty white a%%…..
EUROPE NEWS
Drug Allegations Hit Former Co-op Bank Chairman
By MARGOT PATRICK
Nov. 17, 2013 1:09 p.m. ET
LONDON—The British banking industry in recent years has been rocked by government bailouts, multibillion-dollar trading blowups, market manipulation investigations, rampant misselling of financial products, and a parade of executive-suite cleanouts, including one instance of an ex-CEO being stripped of his knighthood.
Over the weekend, a new scandal joined the list: The former chairman of a nearly collapsed lender was shown on video allegedly discussing a drug purchase and counting out money for the transaction.
Just days after testifying to British lawmakers about his role in the implosion of Co-operative Bank PLC, former Chairman Paul Flowers was in the northern England city of Leeds buying cocaine and crystal meth, according to the Mail on Sunday. The tabloid published photos and video of the alleged transaction, with Mr. Flowers appearing to be discussing drugs he allegedly wanted to buy and counting out £300 ($482). It also published text messages in which a person said to be Mr. Flowers allegedly discusses the purchase and use of drugs with an acquaintance.
Mr. Flowers, a 63-year-old Methodist minister, stepped down as the bank’s chairman in June. Since then, Co-op Bank’s swelling losses have threatened the health of parent company Co-operative Group Ltd., whose businesses range from grocery stores to funeral parlors, and have become the latest symbol of the U.K. banking industry’s struggle to recover from the financial crisis.
Can’t a brother do a little meth in peace?