From the Star Ledger:
Homes sales increased 17 percent in 2013 while prices held steady at year’s end
Home sales are up in New Jersey, but the number of properties on the market continues to fall. Meanwhile, prices have leveled off.
According to the Otteau Valuation Group, home sales last month rose 23 percent over the previous November, marking 26 consecutive months of sales increases. Overall, home sales in 2013 rose more than 17 percent. Over the past two years, home purchases are up 24 percent.
At the same time, however, the availability of homes for sale has fallen. The number of “for sale” signs is at its lowest since 2006, according to Otteau, dropping by 5 percent over the past year and 25 percent since 2011. In terms of inventory, New Jersey had a 13.3 month supply of homes for sale in 2011, as compared to 8.1 months now.
From the Record:
Home values up 4.9% in region, 13.6% nationwide
Values of single-family homes rose 4.9 percent in the New York metropolitan area, which includes North Jersey, in the 12 months ended in October. That compares with a rise of 13.6 percent nationwide – the biggest year-over-year jump since 2006, when the housing market was booming.
Even with these increases, home prices are only at the levels of almost a decade ago, mid-2004, and remain about 20 percent below their peaks in mid-2006, both nationally and in the area.
Case-Shiller does not break out prices by county, but according to the New Jersey Association of Realtors, Bergen County single-family prices rose 3.6 percent, to a median $430,000, and Passaic County prices rose 8.8 percent, to a median $310,000, in the 12 months ended in October.
Haha! First bitchez !
Quick snapshot of 2013 vs 2012 sales activity. Summary? 2013 was a strong year for North Jersey real estate.
Bergen
2012 – 6734 Sold – $498,070 Avg SP.
2013 – 8020 Sold – $514,335 Avg SP.
Essex
2012 – 3563 Sold – $447,964 Avg SP.
2013 – 4308 Sold – $493,676 Avg SP.
Hunterdon
2012 – 1201 Sold – $384,384 Avg Sp
2013 – 1549 Sold – $391,654 Avg Sp.
Morris
2012 – 4355 Sold – $456,895 Avg SP.
2013 – 5274 Sold – $488,532 Avg SP.
Passaic
2012 – 2196 Sold – $293,420 Avg SP.
2013 – 2647 Sold – $305,664 Avg SP.
Somerset
2012 – 3050 Sold – $451,561 Avg SP.
2013 – 3749 Sold – $448,476 Avg SP.
Sussex
2012 – 1287 Sold – $246,250 Avg SP.
2013 – 1589 Sold – $248,845 Avg SP.
Union
2012 – 3218 Sold – $394,885 Avg SP.
2013 – 3759 Sold – $412,707 Avg SP.
Warren
2012 – 871 Sold – $213,852 Avg Sp.
2013 – 1065 Sold – $222,561 Avg Sp.
Even with these increases, home prices are only at the levels of almost a decade ago, mid-2004, and remain about 20 percent below their peaks in mid-2006, both nationally and in the area.
So, despite insatiable demand, rates still at historic lows and no inventory, the best we could do is 2004 prices? What does that tell you?
We’re not in another bubble?
What’s going to happen when rates are 100 bps higher? How about 200 bps higher and that STILL leaves us with relatively low rates. You think salaries are going to increase by the same amount? They haven’t for over a decade, why should it change? What percentage of that Friday job report is career, good-paying jobs vs. retail, part-time and hospitality jobs?
[89][prior thread] spine,
gluteus (72)-
Prima facie evidence that you are a complete sucker and nanny state lickspittle:
“Healthcare Reform? The market served me up a nice policy for next year. For the first time in a decade, my costs are actually going down.”
****************
It occurs to me that if Fabian’s costs are going down, either one of the following things happened:
1. He changed from family or spousal coverage to individual (either voluntarily or not);
2. he entered an exchange, possibly with an employer subsidy, and is lying about his income to get gov subsidies;
3. He changed to another employer with a lower cost plan;
4. He is luckier than JJ and hit the Obmacare lottery; or
5. He is lying his ass off.
Otherwise, there is no effing way a highly compensated professional white male is actually going to see a reduction under a scheme that, by design, is going to increase his costs.
Median salaries don buy homes. Add up the 2013 transactions above, they represent some 2% of NJ households.
Need to hunt down the stat, but I believe the median household income of a NJ home buyer in 2012 was 30-40% higher than the statewide median.
Which does confirm that buyers with a median income or lower are less represented among homebuyers.
Median salaries don buy homes. Add up the 2013 transactions above, they represent some 2% of NJ households.
So, why aren’t the prices of houses going even higher? No supply, insatiable demand, rock bottom rate… we should be on a sky rocket, no?
They will go higher..be patient
Grim, precisely. And those troll posts the other day of tony towns where median price were up higher than median hh income completely miss that point. Is not an affordability problem, more rather a priced item for the selected few..I would even wager than those towns median income is going up not be people getting raises, rather richer folk moving in…
Based on the 2012 Profile of Buyers and Sellers (a survey of buyers and sellers conducted by the NJAR/NAR) –
Median Income of a NJ Buyer in 2012 was $102,900 (statewide median was $69,667 – which means the median home buyer in NJ makes 45% more than the median household)
Median Price of a NJ home in 2012 was $288,400
This would put the *actual* price to income ratio of NJ buyers at 2.8x
#11…probably what happened in Hoboken, Brooklyn, etc…salaries did not go up for indigenous population, but rather “richer” folks moved in..gentrification?
Folks, Bojanglescare is a complete fail. It was designed to fail. The actuarial side of this crap makes people on PCP seem sane.
Within the next 12-18 months, “people” will begin to clamor for the gubmint to “do something”, as the people who are supposed to float the boat (young, healthy) stay out of the exchanges in droves, driving costs out of control. The gubmint will oblige by stepping in, taking over the entire sickcare system and instituting single payer.
Gubmint playbook in modern Amerika:
1. conceive policy to give average citizen the biggest screwing possible
2. realize policy can’t be instituted all at once
3. create watered-down intermediate policy that sheeple will accept
4. create pre-ordained failure mechanism for rollout of policy
5. agency that creates failed policy and mechanism steps in upon failure and grabs more power
11 – So, it’s just small pockets of “rich folk” in specific areas that are skewing the numbers of median price?
gary (15)-
You can almost smell the idiocy through your computer.
Snapper Meat,
Please, believe me, I know. The aroma of denial and avoidance is 10 times stronger than those p1ss-reeking, cabbage and Rheingold dumps they’re hoping I bid on.
I would define affordability not by means but as follows: take hh income for 70% couple in the 30-35 yo bracket and compare to 2br condo in B type of town..not Millburn but Springfield…
It’s not that it’s rich folk skewing the median higher, it’s that lower income residents simply aren’t home buyers/owners. Assuming that 100% of the resident population are candidate buyers is nice, but that assumes a 100% home ownership rate is possible, which we know is an impossibility. All income tiers are represented in the buyer population, however these breakdowns are simply skewed to the right when compared to the statewide numbers.
When you look at resident household income to median price – you get a number around 4x – any everyone screams bloody murder about this being out of control. However, when you look at the same metric, but only focus on who is doing the buying, the number falls to a very reasonable 2.8x. So it’s clear, homes are not affordable to everyone (SHOCKER!) – but they are more affordable to those doing the buying.
Given that only 2-5% of the state’s housing stock turns over every year, it doesn’t require the full non-owning population of the state to participate in the buyer pool.
-13 in the towns you commonly mention? Hell yeah
Based on the last ACS survey – homeownership rate of the highest income bracket ($114k+) in NJ is 89.5%, among the lowest income bracket? 36.2%
Grim..precisely..was funny the discussion the other day about towns like Westfield are expensive…like the downstores werent enough!
Of course all this talks of dynamics of median income do not include white whale events…say JJ moving to town
Today’s Average Mortgage Rates
4.69% (30-year fixed)
0.32 (average points)
Mortgage rates climbed for the third straight week as they entered the New Year.
The 30-year fixed-rate mortgage rose six basis points to 4.69 percent. A basis point is one-hundredth of 1 percent.
The 15-year fixed-rate mortgage rose three basis points to 3.73 percent.
The average rate for a 30-year jumbo mortgage rose five basis points to 4.72 percent. A jumbo mortgage is generally a loan of more than $417,000.
The 5/1 adjustable-rate mortgage jumped nine basis points to 3.52 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.
My prediction for the 10 yr was 3.5 at the end of 2014 sheep will pile in once rates rise as the Fed winds down. Credit standards will be lowered to make it happen.
That sounds funny. But in my blue collar town I know around 5-10 folks with really good incomes. One a managing director at Morgan Stanley, one a Senior Partner in a CPA firm. One just moved in. There is a few single house left before my town was subdivided and one is like one acre, huge victorian house, swimming pool, five car garage built around 1903. All in with renovation two million. If all of use 5-10 families moved out income would fall considerably.
Also income in my town took a big hit after sandy. I noticed a few low income minority families moved in and bought houses when prices fell and thre flooded capes near my house that sold for like 175K to 225k were bought it appears by single engaged guys. Scooped them up cheap. One I saw all his buddies for a few weeks fixed it up with him.
A few also were bought by rich investors but once again that lowers income as they rent to lower income folk.
charlie says:
January 2, 2014 at 8:33 am
Of course all this talks of dynamics of median income do not include white whale events…say JJ moving to town
Income is also screwy when you have pockets of wall street folks and stocks are up.
This may sound odd. But today tons of folks like me deferred stock grants vest. With the way the market did in last 2-5 years depending on grant date folks getting their vesting in their paycheck will be more in one paycheck than average annual income in their town.
Meanwhile the stuff that vested in 2008-1010 was near worthless as it was 2005-2007 grants.
Bergen
2012 – 6734 Sold – $498,070 Avg /2.8= $177,882.14
2013 – 8020 Sold – $514,335 Avg /2.8= $183,691.07
Essex
2012 – 3563 Sold – $447,964 Avg /2.8= $159,987.14
2013 – 4308 Sold – $493,676 Avg /2.8= $176,312.86
Hunterdon
2012 – 1201 Sold – $384,384 Avg /2.8= $137,280.00
2013 – 1549 Sold – $391,654 Avg /2.8= $139,876.43
Morris
2012 – 4355 Sold – $456,895 Avg /2.8= $163,176.79
2013 – 5274 Sold – $488,532 Avg /2.8= $174,475.71
Passaic
2012 – 2196 Sold – $293,420 Avg /2.8= $104,792.86
2013 – 2647 Sold – $305,664 Avg /2.8= $109,165.71
Somerset
2012 – 3050 Sold – $451,561 Avg /2.8= $161,271.79
2013 – 3749 Sold – $448,476 Avg /2.8= $160,170.00
Sussex
2012 – 1287 Sold – $246,250 Avg /2.8= $87,946.43
2013 – 1589 Sold – $248,845 Avg /2.8= $88,873.21
Union
2012 – 3218 Sold – $394,885 Avg /2.8= $141,030.36
2013 – 3759 Sold – $412,707 Avg /2.8= $147,395.36
Warren
2012 – 871 Sold – $213,852 Avg /2.8= $76,375.71
2013 – 1065 Sold – $222,561 Avg /2.8= $79,486.07
[28] Message to families not getting well into six figures: No home for you in North Jersey except for Sussex & Warren counties.
The availability of homes for sale has fallen 25 percent since 2011 while purchases are up 24 percent over the same time period. Home prices are only at the levels of almost a decade ago, mid-2004, and remain about 20 percent below their peaks (mid-2006) in our area. Meanwhile, prices have leveled off.
How does price level off when inventory declines?
BTW, 2.8 x income is a very responsible place to buy with a 20% down payment.
When buyers fall out of the market at the same rate?
How does price level off when inventory declines?
I listened to a podcast (This American Life) a couple days ago where they spent a month following virtually every employee in Town & Country Jeep in Levittown. It was really interesting to see how miserable everyone is at a car dealership (except for their top salesperson, a 28 year old who sells twice as many cars as everyone else). Of note was how bad off the used car market is in Long Island. They went two whole weeks selling a total of 1 used car at one point last year. Superstorm Sandy erased a huge swath of the inventory while pulling demand forward last Winter. So far fewer used cars anywhere on LI and with all the demand pulled forward by the special event of the storm. Way less inventory, but even less sales.
[33] I meant even less sales demand, i.e. buyers.
When buyers fall out of the market at the same rate?
I’m told purchases are up 24%. So, inventory declines, purchases are up and price levels off?? I thought supply and demand is what dictates price?
Based on #2 – the only place prices leveled off in 2012 was Somerset, otherwise up across the board in North Jersey.
I see, so we shouldn’t believe what the Otteau Valuation Group is telling us?
That didn’t come from Otteau – it was from the Star Ledger author – presumably based on David Blitzer’s comments about the national index.
In fact, if you want to play numerology games with the S&P Numbers, NY Metro actually showed a very interesting phenomenon in November.
Typically, home prices fall between October and November in this area. It’s a fairly regular event, primarily due to the fact that the mix of houses sold shifts slightly after the September school closings (sales to families falls off slightly).
The only time that prices increased between October and November was during the bubble. In fact, the last time we saw an increase between Oct and Nov was 2005, and we all know how crazy 2005 was.
This November, while the aggregate non-adjusted measure didn’t increase, it didn’t fall either – it actually stayed equal with Oct. If we dive into the tiered price indices, we actually saw the mid and high tiers RISE, and only the low tier fall, which is completely contradictory.
Everyone on Long Island is afraid of buying any used car build before Superstorm Sandy. There are tons of flood cars out there. Even brand new cars on dealer lots got water and folks with insurance who got water and rebuilt it is not even noted on salvage title Combine that with extremely low interest rates all of 2013 and GM doing zero percent six year financing for a lot of year used cars were a hard sell.
My one neighbor car was nearly dead last spring, she choose to fix the dog as her mechanic advised her wait for a 2014 model. Folks are even shying away from 2013 cars as many was build in August to October 2013 and have a stigma if registered on Long Island.
My mint BMW even if I had moved it before Sandy I noted on my car fax before insurance took it Carfax noted on my Carfax “this car was registered at an address that was declared a FEMA disaster site in SuperStorm Sandy, there is a high probability this car was damaged or flooded, have car independently tested to verify it was not flooded or damaged”
Yea good luck selling that car for top dollar even if I moved it.
My caddie I bought used. But it was from Scarlesdale, New York. And was traded in a few days Before Sandy, and was sitting indoors in dealership day of Sandy. And I bought it right from GM.
The guy at the junk yard told me sandy is just a 3-5 year event for cars. Any car that got salt in it even if rebuilt the cars will start going a bit haywire as salt will cause electronics and wires to prematurely age. He said by 2017 all cars that were in Sandy will be gone. And it will be safe to buy Pre-Sandy cars again as only ones on road will not have been flooded.
The Original NJ ExPat says:
January 2, 2014 at 9:04 am
I listened to a podcast (This American Life) a couple days ago where they spent a month following virtually every employee in Town & Country Jeep in Levittown. It was really interesting to see how miserable everyone is at a car dealership (except for their top salesperson, a 28 year old who sells twice as many cars as everyone else). Of note was how bad off the used car market is in Long Island. They went two whole weeks selling a total of 1 used car at one point last year. Superstorm Sandy erased a huge swath of the inventory while pulling demand forward last Winter. So far fewer used cars anywhere on LI and with all the demand pulled forward by the special event of the storm. Way less inventory, but even less sales.
did everyone see the NJ Monthly front page. Sell your home now! I guess realtors want the inventory.
http://njmonthly.myshopify.com/products/january-2014-sell-your-home-now
http://njmonthly.com/articles/lifestyle/sell-your-home-now.html
I suspect quite a lot of new houses coming on this spring as people who’ve been waiting decide its finally time.
From Bloomberg:
Homebuyers Missing Housing Rebound Depend on Yellen
Adam Bregman, a 28-year-old Florida attorney who lives with his mom, said he hopes 2014 is the year he finally buys a home of his own.
Bregman’s prospects probably will hinge mostly on one person: Janet Yellen.
Yellen, 67, who takes over as chairman of the Federal Reserve if the Senate confirms her in a vote scheduled for next week, will hold significant sway over the direction of the U.S. housing market in 2014. Following last year’s jump in prices that rivaled gains during the housing boom, Yellen will guide the winding down of the Fed’s bond-buying program that influenced mortgage rates for five years.
If Yellen tapers too quickly, investors could panic, causing mortgage rates to surge, said Diane Swonk, chief economist of Mesirow Financial Inc. in Chicago and an adviser to the Federal Reserve Board. If the new chairwoman goes too slowly, low rates coupled with an improving economy will cause the housing market to overheat, Swonk said.
“Mortgage rates will decide when we buy a house and what kind we can get,” said Bregman, who has been living in his childhood home in Boca Raton for two years to save money for a down payment. “I’m hoping rates don’t spike up another percentage point, like they did in 2013.”
…
More at: http://www.bloomberg.com/news/2014-01-02/homebuyers-missing-housing-rebound-depend-on-yellen-mortgages.html
11- Thank you Charlie. Feel like I’m talking to the wall with some of the people on this board. Calling me names and putting me down just because I don’t agree with their opinion. I’m sorry, the towns Eddie is looking in are for the wealthy. No idea, why he doesn’t realize this. If you want cheap real estate in nj, they are there. He just doesn’t want to live there. You can find houses in many towns for 200,000. You can find houses 5 miles outside of Franklin Lakes for 30,000 in Paterson.
Problem is that you want the value and prices of a honda but are looking for cars at Porsche dealerships. Why am I the idiot for stating that the 700,000 piece of crap in a haughty town is not overpriced. You are just looking at the wrong location for your budget. Call me an idiot but this is the truth.
Yellen at the Fed, Watt at the FHFA. Any questions?
Who care’s if you lose a 7.25 an hour job that is now moving up to 8.25. You are in the same boat either way….screwed. Comical to use that as an excuse to keep someone earning 7.25 an hour. At 7.25 an hour, combined with the cost of living in this state, these people are nothing more than wage slaves.
Now I’m going to get yelled at for not realizing that these businesses need to profit. If they don’t have wage slavery they can’t profit, right? Damn, did slavery ever really go away?
“However, opponents, including many business groups, say that the wage hike is unaffordable for small businesses and may lead to loss of jobs.”
http://www.nj.com/news/index.ssf/2014/01/map_is_the_new_minimum_wage_hike_enough_to_live_on.html#incart_m-rpt-1
Ever consider multiple income households? If you were 18 and just graduated high school, would you rather make this amount or have no job? If you had any diligence, would you appreciate the opportunity to work and build some experience so that when you are 19, you can apply for a better job that makes $10? or would you rather have no job for a year and then try to get a better job?
Michael says:
January 2, 2014 at 11:06 am
Who care’s if you lose a 7.25 an hour job that is now moving up to 8.25. You are in the same boat either way….screwed. Comical to use that as an excuse to keep someone earning 7.25 an hour. At 7.25 an hour, combined with the cost of living in this state, these people are nothing more than wage slaves.
grim knows Toni Martin….in fact she was the one who wrote the NY Times piece on him….
Richard says:
January 2, 2014 at 10:10 am
I suspect quite a lot of new houses coming on this spring as people who’ve been waiting decide its finally time.
Chifi ever consider when minimun wage is so low folks dont work at all on the books.
I had a job all through HS and College on the books part time, 20 hours during school year and 35 hours in the summer. Full benefits, real companies. First year and 1/2 Barclays then Mastercard until I got a job a few months after graduation.
Along the way, I sold pot, sold beer, soda, frozen milkyways at beach, scalped tickets, worked at flea market other words any get rich quick thing on side. If pay is not high enough crime happens more. Folks at work were also doing that pyramid scheme stuff, marykay and tupperware parties, out of trunk car radios and hubcaps stuff, garbage picking stuff then holding monthly garage sales, shacking up with BF or GF so they could afford rent, running keggers out of their house, handiman work on side, most did not have car insurance. You name it. Half the folk already did side jobs before work.
Yep low min wages are fine for college students looking for experience to pad bio. But where I worked in college 95% of folks this was their life. Even one buck an hour made a world of difference. Heck I took a job killing lab animals and another which involved running a bull dozer when I was only 16 as it paid one buck more an hour then a BS job. Even took a job once at 15 bucks an hour once when I was 18 which involved 6 of us moving the entire contents of a house while husband with a gun was at work for wife who was leaving him unexpected. Man did we move quick we filled two moving trucks between 9am and 4pm. Took the guys Piano. To this day I recall that nice four bedroom house in Syosset, Long Island. Filled to brim with stuff guy leaves for work at 8am and comes home at six pm wife is gone and so is everything and I mean everything. That guy could have shot all of us. But hey ten hours of work at $150.
Recent closings (past 90 days) below; 11 out of 12 properties sold above asking price.
MLS # / Address / List Price / Sale Price
————————————————————————–
2994210 1 Woodstone Circle $996,995 $1,043,866
2940042 3 Woodstone Circle $976,995 $999,954
3084082 5 Woodstone Circle $955,995 $1,101,750
3084522 6 Woodstone Circle $1,239,995 $1,239,995
3084056 7 Woodstone Circle $1,025,065 $1,104,374
3055408 8 Woodstone Circle $1,269,995 $1,259,995
3046332 25 Woodstone Circle $1,344,995 $1,344,995
2961996 27 Woodstone Circle $1,247,495 $1,285,283
3084052 29 Woodstone Circle $1,267,495 $1,292,370
3004944 31 Woodstone Circle $1,282,495 $1,324,544
3084515 33 Woodstone Cicle $1,257,495 $1,292,767
3086741 35 Woodstone Circle $1,281,495 $1,233,799
Is that new dev? Big builder? Sometimes the higher close price reflects upgrades that weren’t initially included in the original list, and not necessarily multiple/over ask bids.
Correction: 10 out of the 12 properties sold at or above asking price.
On health care: this is what I’d like to see.
http://johnhcochrane.blogspot.com/2013/12/what-to-do-when-obamacare-unravels.html
The unraveling of the Affordable Care Act presents a historic opportunity for change. Its proponents call it “settled law,” but as Prohibition taught us, not even a constitutional amendment is settled law—if it is dysfunctional enough, and if Americans can see a clear alternative.
Source: David Gothard, Wall Street Journal
This fall’s website fiasco and policy cancellations are only the beginning. Next spring the individual mandate is likely to unravel when we see how sick the people are who signed up on exchanges, and if our government really is going to penalize voters for not buying health insurance. The employer mandate and “accountable care organizations” will take their turns in the news. There will be scandals. There will be fraud. This will go on for years.
Yet opponents should not sit back and revel in dysfunction. The Affordable Care Act was enacted in response to genuine problems. Without a clear alternative, we will simply patch more, subsidize more, and ignore frauds and scandals, as we do in Medicare and other programs.
There is an alternative. A much freer market in health care and health insurance can work, can deliver high quality, technically innovative care at much lower cost, and solve the pathologies of the pre-existing system.
Grim, yes and yes. Either way, haggling on price is not in play.
Re minimum wage
Price controls always lead to market distortions.
It’s immoral to forbid voluntary exchange between people.
If you legislate people must be paid more than their economic value, they are unlikely to work.
I thought this board came to the consensus that stats using “median sales price” as a basis for analysis wasn’t helpful for NNJ, since you can’t find a “median house” here.
If we are still operating under the assumption that their is a bifurcation in the housing stock (cheap ones for sale in bad neighborhoods, expensive ones for sale in nice neighborhoods), then why is everybody giving themselves warm fuzzies by comparing median HH income of homebuyers to median price? You are basically saying 2.8x income buys you an imaginary house.
Who the heck makes $200K per year and opts to buy in Newark or Patterson?
“Who the heck makes $200K per year and opts to buy in Newark or Patterson?”
Sounds like something Anon might do. Nah..Better to drive a Prius.
chicagofinance says:
January 2, 2014 at 11:11 am
Ever consider multiple income households? If you were 18 and just graduated high school, would you rather make this amount or have no job?
chicagofinance,
I have multiple out-of-work family members and the poor logic that they apply just like Micheal did is embarrassing. Just from an economic standpoint resources that are not productive are just wasted resources. They use the fallacy that working at 7.25$ an hour isn’t a living wage so they are not going to do it because it wouldn’t be enough to live on. They never consider that zero dollars per hour isn’t a living wage either.
Lets just not work, keep paying our cell phone bills, surf the internet all day long, and watch cable TV all night.
I have advanced education degrees. I’m a property manager for my own homes. I am an accomplished guitarist. I’m technically savvy and build all my own computers. I am a very good cook. Once someone asked how I have time to get all this done to which I replied, “I don’t watch television”. American’s are blessed with an inordinate amount of free time, just don’t waste it on nonsense activities.
As an example I have a sister-in-law that had to move back in with my mother-in-law due to financial reasons (her husband isn’t working). He worked construction trades for many years before the housing bust. Fence is bent/broken in the yard but instead of fixing the fence he watches old episodes of M.A.S.H. all day waiting for the phone to ring. I’m done with people who cannot see the larger picture; use your idle time to better your situation rather than waste it watching paint dry, grass grow or god-forbid…television.
Chinatown prices have gone way up in last five years as it was priced cheap for manhattan as stores, folks who lived their and buildings are undesirable.
Richer aka whiter folks figured out if we force folks out, raise store rents and build new condos we create a wealth effect. As buildings, people and stores become trendier and more desirable prices shoot up.
Now chinese landlord are creating “yellow flight” as opposed to
white flight” by doing their best legally or illegally to force rent stabilized tenants out in order to renovate and rerent or sell to white yuppies which in turn jack up rates even more.
When I was 19, I worked two jobs at Cornell. I worked the counter at a coffee shop and I graded papers for an accounting professor. The pay for the coffee shop was $3.35/hr (in 1987) and $3.75/hr for grading…..I worked about 20 hours a week. I took 18 credits and pulled a 3.4 that semester…..I would have had better grades, but I needed the money and the experience.
The counter job meant that I was in line to be the manager when I was a senior. The grading job became a teaching assistant job when I was a senior. Both jobs helped by resume when I went to get my first full-time job and also in my business school application………THANK GOODNESS THAT THESE JOBS WERE AVAILABLE FOR ME!
The Olympics and the auto industry have a long and illustrious history, both because athletes have to get around just like anyone else, and because any company with half a brain knows the Olympics are great exposure and want to be involved any way they can. But BMW is doing more than buying ads, throwing an arm around athletes and claiming to be best buds. The German auto company is the Official Mobility Partner of the United States Olympic Committee, and today they announced a first-of-its
[14] spine
You forgot “6. Fire or threaten anyone who makes waves and ontradicts the party line.”
http://www.washingtonpost.com/local/dc-politics/dc-insurance-commissioner-fired-a-day-after-questioning-obamacare-fix/2013/11/16/b88eaea0-4f17-11e3-9890-a1e0997fb0c0_story.html
[61] redux
BTW, the DC commish wasnt the person I was referring to yesterday when I spoke of an official who was told to STFU when he raised warning flags about Obamacare. Totally different state.
Those were rich folk jobs. I could not afford to work for $3.75 an hour in college.
My wife actually worked full time in Waldbaums in the union as a checker during all four years of college. Mandatory 40 hour work week all standing on her feet. Back then you had to know the prices and people did not help you bag. Thanksgiving and Xmas is the big times for grocery stores. My wife said she recalls final weeks working 40 hours bagging 30 pound frozen turkeys all day for old rich Jewish women who did not offer to help then doing final exams. She had a 3.6 GPA. She graduated on time and her degree was 130 credits over four years. I have no clue how she did it. She got a job offer to be in the Manufacturers Hanover Management Training program Spring of her Senior year when most people go no jobs and her starting pay was 10K higher than most. Pretty much the dean was asked to send over one or two resumes of the best candidates pre-selected.Basically the interview congratulated her on being on deans list while working 40 hours a week and graduating on time and tell her they are very confident you will have no problem working in Banking and Wall Street.
Obivously I did not get that type of reception in my interview process. I got twice as many moving violations in college as I did A grades.
chicagofinance says:
January 2, 2014 at 12:44 pm
When I was 19, I worked two jobs at Cornell. I worked the counter at a coffee shop and I graded papers for an accounting professor. The pay for the coffee shop was $3.35/hr (in 1987) and $3.75/hr for grading…..I worked about 20 hours a week. I took 18 credits and pulled a 3.4 that semester…..I would have had better grades, but I needed the money and the experience.
The counter job meant that I was in line to be the manager when I was a senior. The grading job became a teaching assistant job when I was a senior. Both jobs helped by resume when I went to get my first full-time job and also in my business school application………THANK GOODNESS THAT THESE JOBS WERE AVAILABLE FOR ME!
[45] Michael,
This is a tech driver. Imagine if you will, the mcDs drive up. Instead of the tinny voice, you touchscreen your order and swipe your card. It is delivered at the drive up through a bank style drawer. Take and go and you never see a person. Now the one person who bags your order and puts it on the conveyor replaces the two, or even three, people who used to handle it. Inside, there is a similar setup with one person delivering the orders from the prepaid touchscreen station. Naturally, these are fast so, like EZpass, there are more and more lanes as people seek the speed. And with the new McDs app, you can preorder and pay from your smartphone.
Now, because these are existing technologies, few new jobs are created. But the savings realized from replacing 20-40% of your low wage workforce with tech is huge. And the remaining workers are more vulnerable: fcuk up and the guy we laid off last month gets your job.
But hey, at least he gets another $1 an hour so his increased spending more than makes up for the lost spending power of the newly unemployed. Right?
I said, right?
bueller?
ChiFi and others. I’ve been employed since I was old enough to deliver newspapers. Heck, even before that, I would sell cards door to door. I never had allowance as a kid so you did what you had to do. I also had 2 older brothers and 4 older sisters so I never got anything new. I was Mr. Handmedown.
Here is my work history…
1980 – Sold cards door to door for peanuts.
1982 – Delivered the Star Ledger and the Sentinel also for peanuts.
1983 – Started mowing lawns/Spring/Fall cleanups for $15 – $20 per lawn.
1984 – Subbed out my mowing business to friends. I got $5 per lawn that they mowed.
1984 – Burger King
1985 – Burger King (hourly manager – I used to do their books)
1986 – Kay Bee Toy & Hobby and Kmart Automotive
1986 – Started temping as well at the pharmaceutical warehouses and made some real scratch finally
1987- Continued temping and worked full-time over the Summer as a forklift operator at the drug company that made Ben Johnson’s Steroids.
1988 – Off to college and worked as Desk assistant (parents paid for my freshman year of college where I partied hard all the way to academic and resident probation).
1989 – Parents no longer paying for my party so I buckled down and figured it all out. Worked at Kay Bee at the Willowbrook, became a Resident Assistant, managed a computer lab, managed the campus radio station and wrote for the college paper.
1990 – Was promoted to residence hall manager (which thankfully covered room and board) and still held all of the other jobs but dropped Kay Bee.
1993 – Midway through my Masters (why not…it was free), I got fired for having beer in the fridge of my Residence Hall over Christmas break (dry dorm). Another dorm director gave it to me as a Christmas gift (was 23 at the time) and I figured I would bring it home after the break since I took mass transit home from school and was not about to carry a case of beer home on the bus-train-bus ride.
1994 – Started work at a boutique design firm midtown.
1999 – Started work at current employ.
Never took a Spring Break trip or Winter vacation like everyone else. Always drove forklifts. The money was just too good. Also shoveled driveways when it snowed.
I agree with what Nicholas said. TV is crap. Lucky to watch one show per week and an occasional sporting event (while multi-tasking in most cases).
I bet anyone and everyone here that I made more cash money than all of you (including JJ) until age 21. I am still astounded every year which I get my Social Security statements. I remember during my high school years that my sister almost went crazy when she saw the balance in my passbook savings account. I had made it to 5 figures. This was quite an accomplishment making $3.35 to $3.75 an hour at Burger King. My net, even after a 40-hour Summer week was barely $100. The lawnmowing business was where it was at though. I could easily pull in $200 on the weekend. Oh, and my parents made me buy my own lawnmower as I would constantly break the the cotter pin on theirs which held the real wheels to the axle on the self-propelled heels. Cheapass Snapper. I bought a Honda, but wouldn’t let them touch it.
And JJ…I graduated with low honors (3.65 or so) which is quite an accomplishment as I had a 2.1 after my Freshman year. Very hard to move that kind of bar.
[14]. Spine,
You don’t have to preach that Obamacare was designed to fail. Just click on the video links to hear that in the designers’ own words:
http://townhall.com/tipsheet/katiepavlich/2014/01/02/michael-moore-obamacare-is-awful-n1770894
64 – Forget which fast food chain was piloting it, but there is a good chance the person you are talking to on the other end of the drive-thru loudspeaker is in Mumbai, and not inside. Similar situations apply to bad delivery fast food. Why pay someone minimum wage to take phone orders, when you can pay them even less? Or better yet, just let them order via mobile app.
I understand and I agree. Someone has to live like that, so I can have my current lifestyle. I just feel bad that someone has to live like that. 7.25 an hour is a joke. Just think, you can work a 10 hour day and still only make 72.50. That’s a 10 hour day. Never mind that you still have to pay Uncle Sam on that. That’s insane. No idea how you take care of yourself, never mind your family on that budget. Glad it’s not me.
“Re minimum wage
Price controls always lead to market distortions.
It’s immoral to forbid voluntary exchange between people.
If you legislate people must be paid more than their economic value, they are unlikely to work.”
Libturd a dry college? Are you Morman? WTF
Actually you having more money then me or I having more money than you is meaningless at this point as you and I are so cheap we will never spend it.
I am so cheap sometimes my wife has to laugh I dont even want to spend other peoples money. So my garage which is just a dumping ground for stuff now that Mercedes is out of it NY state came by and paid me 4k to resheet rock it and replace garage door and put in new outlets. Instead, I mold spray it to death, cut some sheetrock, shove in like $50 bucks worth of insulation to replace wet installation I removed and put check in the bank. Wife is bugging me to fix garage, I told her that 1955 light switch still works after Sandy you just have to flip it a few times as it sticks due to rust and the bubbles in garage door and peeling paint is called character. Sadly come Spring she if forcing me to spend the money as NYS has a right to audit clause and a right to enter house clause for a five year period and when they come back if not done they take back check. Now this if a Free Ham event for me. A tale of two cheapness. If I dont fix garage I have free cash, but NYS could take it back and I end up with a wrecked garage and no cash. This is why Boars Head ham is always on Sale during Yon Kippur. NYS is torturing me.
[68] grim,
My scenario even cuts out the guy in Mumbai. And probably improves service except for the fat fingers crowd. I see a Jetsons future in many industries, and for things like retail, that has important consequences.
Imagine you want to buy jeans. You go to the much smaller store that doesn’t have inventory on the floor. You take a try on or tester pair to the fitting room and try them on. If they fit, you scan the tag into the scanner, swipe your card, and your order is bagged and arrives down a chute. This saves on employee costs, square footage, and eliminates shrinkage. naturally, all the tester clothes have sensors on them that cannot be removed. Maybe you have one cashier who is at the front and also acts as a security guard.
Innovation like this doesn’t happen without a driving force. That driving force may well be things like minimum-wage hikes, Obamacare, and increased regulation. If the cost-benefit analysis says hire the iPads and dump the humans, that is what will happen.
After all, employees are so 2013
“Actually you having more money then me or I having more money than you is meaningless at this point as you and I are so cheap we will never spend it. ”
So true!
I don’t call michael an idiot and a waste of meat and space in order to be gratuitous and ad hominem. I call him these things because he has demonstrated himself to be an absolute fcuktard.
plume (71)-
Already clothing stores like that in Seattle.
Wait until you can see what a robot can do with a hamburger.
Snowmageddon is coming….quickly, buy 6 gallons of milk everyone….
#54
“If you legislate people must be paid more than their economic value, they are unlikely to work.”
That has to be the dumbest thing you have written in here and considering how much Randhead stuff you post, that is saying something.
So if the job overpays for an economic activity I am less likely to take it? If I do take it I am less likely to try and hold onto to it by actually doing the job?
re# 71 “Maybe you have one cashier who is at the front and also acts as a security guard. ”
Nah – How about R2D2 with a Taser?
http://venturebeat.com/2013/12/04/this-5-tall-300-pound-r2d2-security-robot-could-be-the-future-of-public-safety/
Big deal Nom,
In 1995, I was eating Sushi made by a robot which made it really cheap. I think I mentioned this a few weeks ago when someone asked for lunch advice.
http://www.nytimes.com/1995/01/04/garden/sushi-in-just-3-seconds-from-a-robot.html?pagewanted=all&src=pm
#6 Eddie Ray
1) No
2) No
3) No
4) No, even though I assume the questions is rhetorical.
5) No
Michael,
Why the f.uck would I buy a 200K house in Paterson? Why would I want to move into a place where I need to arm myself with glock and a Belgian Malinois? The Pascack Valley region is for the wealthy? Do you know what the term “wealthy” means? Signing for a house with little to no assets is not wealthy. Leasing a German car does not increase wealth. The first priority for being wealthy is when you’re debt free. Wealth is defined by increasing net worth, not by bringing a check to the table when you sell.
Wherever you raise the minimum wage, it will guarantee that employers will not hire people who do not have the skills that merit that rate of pay.
$10, $15, $20 an hour…matters not. The higher you raise the minimum wage, the more people get thrown out of work, many forever.
Wait ’til you see what a robot can do with a hamburger.
[75] “Snowmageddon is coming….quickly, buy 6 gallons of milk everyone….”
Don’t forget the bread!
http://www.youtube.com/watch?v=i6zaVYWLTkU
gary (80)-
Remember, you’re addressing a pea-brained stooge who’s been duped into believing that debt = wealth.
Stooge also thinks that fiat creation = wealth
65- Half of these jobs don’t exist today..lol
“Here is my work history…
1980 – Sold cards door to door for peanuts.
1982 – Delivered the Star Ledger and the Sentinel also for peanuts.
1983 – Started mowing lawns/Spring/Fall cleanups for $15 – $20 per lawn.
1984 – Subbed out my mowing business to friends. I got $5 per lawn that they mowed.
1984 – Burger King
1985 – Burger King (hourly manager – I used to do their books)
1986 – Kay Bee Toy & Hobby and Kmart Automotive
1986 – Started temping as well at the pharmaceutical warehouses and made some real scratch finally
1987- Continued temping and worked full-time over the Summer as a forklift operator at the drug company that made Ben Johnson’s Steroids.
1988 – Off to college and worked as Desk assistant (parents paid for my freshman year of college where I partied hard all the way to academic and resident probation).
1989 – Parents no longer paying for my party so I buckled down and figured it all out. Worked at Kay Bee at the Willowbrook, became a Resident Assistant, managed a computer lab, managed the campus radio station and wrote for the college pape”
This is for clot – so he can better profile his customers:
http://www.businessinsider.com/heres-what-your-favorite-drink-says-about-your-politics-2014-1
Worked at a prep cook in an Italian restaurant on the weekends, taught me everything I ever need to know about getting things done in the business.
80- Fast eddie, I didn’t say 200,000 in Paterson. I said You can get something for 200,000 in towns in New Jersey. For example, you can find something in Clifton for 200,000. The 30,000 was for Paterson. In Irvington, you can get something for 20,000. My point was the same, it all matters where you are looking. You pay a premium for a better location…..bottom line.
Meat [83],
It’s somebody posting to break b@lls. I know he/she is not for real. Nobody who claims to own a multi dwelling posts that kind of sh1t.
Tying median income to house prices will never work. For a start there will be a large percentage of the lower half that will never own a home. Home ownership for the most part will be couples. Now you can say it will have an impact on first time buyers, but for the most part that will be couples so the numbers are doubly skewed.
Now say we have someone buying a $600K house having sold their house for $550K where does median income factor into that purchase.
Median income in NJ will differ from the rest of the country, but add to that the median income within NJ itself differs wildly, were Hunterton is twice that of Cumberland.
http://en.wikipedia.org/wiki/New_Jersey_locations_by_per_capita_income
You pay a premium for a better location…..bottom line.
The industry loves people like you. They hurl a sales pitch, and you nod in agreement. They could smell the “cha-ching” from a mile away. Hurry, bring your checkbook, Michael. This one won’t last.
As for wealthy, it’s all on a personal definition. My take. I don’t care if it’s on credit or not. They have nice German cars and live in a nice house in a town like Franklin Lakes, Tenafly, or Woodcliff Lake…..they are wealthy. If someone gave them the credit, it’s not because they can’t afford it. This isn’t 2004. If it looks like they are living that life, chances are they really are living that life. Yes, they might be two pay checks away but they are still affording it and building equity in their home.
Court upholds restrictions on concealed weapons in New Jersey.
http://www.northjersey.com/news/opinions/238332951_The_Record__Concealed_weapons.html
Christie also ordered his AG not to defend the state’s laws and the court still upheld them.
91 – Yes, they might be two pay checks away but they are still affording it and building equity in their home.
Hysterical. I laughed out loud.
Wow…JJ’s right on the line with the Malibu Coconut.
Re: [91] v. [83];
Game, Set, Match, Spine Snapper!
90- I’m not promoting anything. How the hell do you think they come up with pricing? You make it sound like I can put my house up for any price and someone will buy it. I want 8 million and a sucker will buy my house. It doesn’t work like that. Pricing is there because there is a market and demand for the product. Don’t get mad at me because a lot of people, myself included, will pay a premium to not live next to the rift raft aka ghetto. Obviously, all these rich people in the same market for that location will drive up the price. Once again, I disagree with your opinion that houses are overpriced because they look cosmetically like crap but are in a premium location aka great town. The location makes it expensive. You consistently miss the point.
“The industry loves people like you. They hurl a sales pitch, and you nod in agreement. They could smell the “cha-ching” from a mile away. Hurry, bring your checkbook, Michael. This one won’t last.”
Don’t be mad that you don’t understand how money works. Debt is not always a bad thing. My debt is helping me, not hurting me. You have it all confused, otherwise you wouldn’t think I’m a pea-brained stooge. I guess, you will just never understand.
“gary (80)-
Remember, you’re addressing a pea-brained stooge who’s been duped into believing that debt = wealth.
Stooge also thinks that fiat creation = wealth”
I can tell you from my JC experience that heavy oxy and PCP users are frequent voters for the dumbocrat party.
If I would have listened to everyone claiming real estate was dead in 99 and instead put it in stocks, I would have been tko in 2001. Thankfully, I stuck to my instincts and bought the multi in 1999, right before the run up.
Going forward, can we all affectionately refer to Michael as Forest Gump?
You’re unlikely to work because you’re unlikely to FIND work. dolt
76.Fabius Maximus says:
January 2, 2014 at 2:03 pm
#54
“If you legislate people must be paid more than their economic value, they are unlikely to work.”
That has to be the dumbest thing you have written in here and considering how much Randhead stuff you post, that is saying something.
So if the job overpays for an economic activity I am less likely to take it? If I do take it I am less likely to try and hold onto to it by actually doing the job?
stu (100)-
I suggest Shit-for-Brains.
Who is everyone in this fantasy world of yours? I know it wasn’t the people on this blog considering it didn’t exist in 1999.
100.Michael says:
January 2, 2014 at 3:01 pm
If I would have listened to everyone claiming real estate was dead in 99 and instead put it in stocks, I would have been tko in 2001. Thankfully, I stuck to my instincts and bought the multi in 1999, right before the run up.
re #100 # 102- How about Skittle Brains?
Stu: did you see this chart?….it is excellent……it really gives you are sense of proportion and where the S&P 500 returns were concentrated in 2013……
http://online.wsj.com/news/articles/SB10001424052702304361604579290640166626578?mod=ITP_moneyandinvesting_2
the chart on the left called GREEN LIGHT….enlarge it
I’ll take a look at that chart tonight.
re # 105 – “As in recent years, moves by the Federal Reserve helped dictate the magnitude of the gains in various sectors.”
Everyone rags on the food service industry – delivering pizzas on a good Friday night would typically yield me $500 in tips. I’m not talking about Pizza Hut, Dominos, or Papa Johns – folks ordering that crap give you the change on the $14.99 special (and I don’t mean five bucks). Delivering 4 nights (Wednesday Specials, Thursday, Friday, Saturday night) – would easily pull $1000 a week in cash tips. We had a standing Friday night order that would always be good for $100 tip – 1 delivery alone. If you were dressed nice, they’d even let you stay for a couple of hands of blackjack. If you weren’t lucky enough to be born a hot female bartender, this was probably the next easiest way to pull in dough (I knew some bartenders that pulled in $1000 a night on the weekends in Hoboken). The owner of the place made a god damned mint – pizza essentially costs nothing to make. Bad luck for him though, got plowed down by a car on vacation in the islands.
Hell, some times we’d load up the car with an extra 6 pies just in case someone called in that was along the route (always good for an extra couple of bucks tip when you deliver a hot pie in under 5 minutes), or deliver an extra free pie or two to a party – you lock that customer in for life and usually get double the tip. If nobody called, you swung by city hall and dropped ’em off for the police, fire, etc. (god knows you’d need to drop a dozen names getting pulled over at 5x the limit on a side street).
To get you an idea of the volume – the owner made us drop cash once we got to a thousand dollars in your pocket. We would routinely make multiple drops a night. You always needed enough cash in your front pocket in case you got held up, you needed to give them a fat enough stack to make them run away happy. Remember one time my co-driver buddy was really sick and he got someone to cover – kid didn’t drop – by the end of the night it looked like he was wearing diapers. He probably had close to 4 or 5 grand in small bills in his pockets.
Remember, here in Hunterdon we keep the riff-raff out. Not with high prices but with high taxes. And yes, Clot, that Flemington crowd is growing. Did you read the Democrat several weeks ago? One of the neighborhood apartment complexes is getting out of control. Thank God Walmart opened up. Now they can head back and forth in parallel instead of straying all over town.
Libturd #94, clot #98
My take was the high turnout voters are attracted to mass-produced wine like moths to the flame …while the truly disenfrachised seem to reach for Don Julio (I prefer Cazadores myself).
MS-13 bitchez!
The typical high-turnout voter in Hudson Co typically prefers malt liquor.
Wish NJ allowed alcohol delivery, I’d be the Uber of booze.
It’s not illegal if you don’t get caught.
(113) Doesn’t it already? We get wine and beer shipped all the time. Are we talking about harder stuff?
Liquor store near me has a sign out front that says “we deliver”.
113.grim says:
January 2, 2014 at 3:39 pm
Wish NJ allowed alcohol delivery, I’d be the Uber of booze.
Michael = Nuttier than squirrel poop.
116 – You need to order and pay in person, and they will deliver your purchase. For example, having a party and need a few kegs.
I delivered for a liquor store back in the day. Has it changed?
If this is somehow legal and nobody told me about it, I’m going to be upset over all the money I lost out on.
http://www.superpages.com/yellowpages/C-Liquor%20Delivery%20Services/S-NJ/
someone call for a delivery and have it sent to me as a test please….
Different states have different laws. Did you base that statement on assumptions or legal advice? Taken from local licquor store website:
Bourbon Street Wine & Spirits Shipping Policy
Age Requirement
The purchase of alcohol by persons under the age of 21 is prohibited by law. You must be at least 21 years old to purchase wine or spirits. By placing an order through our website, you are representing yourself to us as at least 21 years of age and that the person to whom it is being shipped is at least 21 years old. We reserve the right to ask for proof of identity before processing an order.
Title to the wine you order passes to you as soon as it leaves our doors; it is up to you to know the relevant laws in your state.
An adult signature with proof of age verification is required at time of delivery. Please be aware that someone over the age of 21 must be available to sign for the package. If no one is available at the time of delivery, the package will not be left…
Again, no mention of harder stuff.
#101 Joyne
“You’re unlikely to work because you’re unlikely to FIND work. dolt”
No its means that if you don’t over pay for the activity you are not going to fill the job. It doesn’t stop the worker going to work elsewhere. Its like the lettuce farmers complaining that as the illegal immigrant labor supply dries up, they have to pay more to harvest. They have a choice, pay up or don’t harvest.
Wiki factoid:
Federal law prohibits alcoholic beverages from being shipped through the mail.[101][102] New Jersey effectively prohibits the shipment of beer and spirits to customers by requiring a liquor license to transport alcohol, but not having any class of liquor license that grants permission to ship beer or spirits.[103] United Parcel Service (UPS) and Federal Express will ship wine to a person’s home, but will only deliver beer or hard liquor to a licensed business.[104] Although uncommon, it is legal for a liquor store to deliver alcoholic beverages by car or van to a person’s home.[105] ABC regulations mandate that the alcoholic beverages being delivered are paid for in advance, that they are received by someone 21 or older, and that they take place when the licensed establishment is permitted to be open
http://www.shopritewine.com/customer-service/free-local-delivery.html
When will weed delivery be legal? You could really crush it in tips delivering pizza and weed.
Seems like you would be able to set up something like drizly found in link below. So you can’t go full Uber where you set the prices and the the drivers work for you. I guess it would be more like a seamless.
http://www.bostonmagazine.com/news/blog/2013/05/14/drizly-app-alcohol-delivery-boston/
126 – who cares about owning the dispensary, too much headache, I want to own the greasy slop shack next door.
Man, I want to grow the choom.
At sony brook we used to order up the Hash Pie from a pizza joint in Port Jeff. Guy would thow some balls of hash on pie and deliver it. Man it was great.
re # 128 – One of the new dispensaries in Colorado said their business was expected to grow tenfold to approx $350k a month, however prices there have already topped $500 an oz do to supply and demand. There has to be a reality TV show or two in the works now, how about Choom Millionare next door?
What could be easier? Set up a grow house, barcode each plant and let the state gubmint come in and count with you every few months. Easy money.
If the supply of labor decreases, labor’s economic worth will increase. That is different than mandating an increase of labor’s worth. Color me shocked you didnt’ see the difference.
123.Fabius Maximus says:
January 2, 2014 at 4:00 pm
#101 Joyne
“You’re unlikely to work because you’re unlikely to FIND work. dolt”
No its means that if you don’t over pay for the activity you are not going to fill the job. It doesn’t stop the worker going to work elsewhere. Its like the lettuce farmers complaining that as the illegal immigrant labor supply dries up, they have to pay more to harvest. They have a choice, pay up or don’t harvest.
132 – hard part isn’t growing – it’s fighting off the zombie mobs
[79] Fabian,
Well, there is either a question I didn’t ask or you are prevaricating. It’s just an amazing coincidence that one of the biggest cheerleaders for Obamacare on this board scored a deal when the system was designed, yes designed, to cause you, personally, to pay more and yet you didn’t.
The impact of Obamacare is to cause rates to rise generally. Then there are the provisions that require rate equality based on gender. This has the effect of raising rates for male insureds. So, based on this, your rates should have risen or at least stayed the same. Now, it is true that subsidies and tax provisions will cause rates to be lower for some people, but those people don’t include you. Unless you are making a lot less than you led us to believe.
So you are either lying, prevaricating, or hit the Obamacare lottery with an outlier deal. Not calling BS because you could have scored a deal, but don’t pretend you haven’t when folks in your situation are supposed to pay more.
[135] redux
or, the sixth question I forgot earlier is whether your employer changed or modified its plan. This includes major changes in size because of a merger or acquisition as an employer can gain price concessions by enrolling more people.
A video adaptation of all of Michael’s posts:
https://www.youtube.com/watch?v=6xQnbv8apfc
grim – In Los Angeles gourmet cupcake stores have popped up at approximately a 1:1 ratio with dispensaries.
126 – who cares about owning the dispensary, too much headache, I want to own the greasy slop shack next door.
Wait until your neighborhoods turn into Newark and Camden. Not enough buffer zone in those blue ribbony towns of N Jersey. Like I recommended a million times on this board. Dump 100 feet of hot asphalt on Newark and Camden now before its too late!
Then ask Christie to make it a state park so we can cover the maintenance costs.
BTW: Deblasio is a fing moron. NY is screwed. Good for NJ real estate though.
I think it’s a lock that DeBlasio will be mugged sometime during his first term by an armed illegal alien. Hilarity will ensue as he tries to talk about the incident without offending his many entitlement class backers.
That fugly wife of his should go back to the bitchez.
(140)
Spine,
Will he not be surrounded by a team of armed security guards?
For what it’s worth, Obamacare improved our insurance rates (40 person private company in NY…we just had a firmwide meeting about it a few weeks ago).
joyce (142)-
Yeah, prolly. Only the elite and the criminal class have guns in NYC.
ccb (143)-
This year’s Bojanglescare rates are all teasers. Wait til you see next year’s rates…assuming, that is, that Bojanglescare makes it to next year.
Better bet that one of DeBlasio’s trainwreck kids gets into some sort of beef and gets all uppity with some peasant while cameras are rolling.
DeBlasio embodies everything that’s disgusting about egghead liberals.
Only thing close to a real job he’s ever had was running Hillary’s campaign into the ground.
91:
Just f’ing ponderous.
If someone gave them the credit, it’s not because they can’t afford it.
The End Is Nigh (Culinary Retail Edition):
Wal-Mart Stores Inc., the world’s largest retailer, has recalled donkey meat sold at some outlets in China after tests showed the product contained the DNA of other animals, the US company said.
Wal-Mart will reimburse customers who bought the tainted “Five Spice” donkey meat and is helping local food and industry agencies in eastern Shandong province investigate its Chinese supplier, it said late on Wednesday in official posts on China’s Twitter-like Weibo. The Shandong Food and Drug Administration earlier said the product contained fox meat.
The scandal could dent Wal-Mart’s reputation for quality in China’s $1 trillion food and grocery market where it plans to open 110 new stores in the next few years. China is the largest grocery market in the world and is set to grow to $1.5 trillion by 2016, according to the Institute of Grocery Distribution.
“This is another hit on Wal-Mart’s brand, meaning wealthy shoppers will start to lose the trust they had before,” said Shaun Rein, Shanghai-based managing director of China Market Research Group. CMR estimates Wal-Mart’s market share fell from 7.5 percent to 5.2 percent over the last three years.
Wal-Mart, which operates more than 400 facilities in China, competes with market leaders Sun Art Retail Group Ltd and China Resources Enterprise Ltd, which in August teamed up with British retailer Tesco Plc.
WSJ
Waiting Tables at Top-Tier Restaurants Is New Career Path for Foodies
Head waiters can earn $80,000 a year or more including tips, versus $45,000 for a line cook working longer hours
By Alina Dizik
It only took eight years and a bachelor’s degree, but Leah Beach has finally stopped hearing her least-favorite question: What do you really plan to do for a living?
Ms. Beach is already doing it, as a server at restaurant L20 in Chicago. She meticulously assembles and arranges place settings for the restaurant’s 14-course $210 tasting menu. She learns about foods and dishes like velvet crab, matsutake mushrooms and craquelin bread and curates it all into engaging talking points for each new party of guests. “I’m not just listing off a series of ingredients,” says Ms. Beach, 31, who moved to Chicago from Minneapolis in 2011 to pursue her food career. “I’m telling them a bit of a story.”
Far from biding time before the next acting audition, many of the newest generation of servers at the nation’s top restaurants are waiting tables as a way to hone their chops for a career in restaurant management. They are coming out of top culinary and Ivy League schools, and they consider themselves professionals. To get a foot in the door at legendary establishments, many food-obsessed 20-somethings are busing tables.
High-end restaurants are boosting their service game as prices rise up over $100 for a fine meal and guests become more demanding. A sharp wait staff establishes trust before the food arrives. Josiah Citrin, chef owner of Melisse, a Santa Monica, Calif., French restaurant that offers a $125 prix fixe dinner, only wants to hire servers with a professional track record. “When waiting tables, there’s no chance to fix the error” Mr. Citrin says. “It’s not like in the kitchen.”
The kitchen has been the customary entry point for the restaurant industry, with culinary and hospitality grads launching their careers in jobs as prep cooks or line cooks. But recently, ambitious grads are realizing they can earn more money working in the dining room.
Head waiters at top-tier restaurants can earn from $80,000 to as much as $150,000 a year including tips, according to industry executives. In comparison, a line cook might earn as little as $35,000 to $45,000 a year while working longer hours. The nation’s highest-rated restaurants, including Per Se, Le Bernardin and Eleven Madison Park in New York and Alinea in Chicago, hire as few as 10% of the individuals applying for waitstaff jobs.
At the Culinary Institute of America in Hyde Park, N.Y., 20% of graduates from two- and four-year programs go into “front of the house” positions in the dining room, which also include maitre d’s, bartenders and sommeliers, compared with 5% roughly 15 years ago, says Jennifer Purcell, an associate dean overseeing the hospitality and service curriculum. In the past six years, the Culinary Institute has added customer-focused courses, including one on brewed beverages and one on advanced serving. This year, 350 students completed the course work, she says.
Customer expectations of servers are high. Waiters are expected to be at ease and in command of a wide range of facts and skills. In a 16-course dinner at Eleven Madison Park, a single plate might have 15 ingredients and five preparations, says co-owner Will Guidara. Menus change seasonally. Servers are expected to have accurate answers to specific questions about food allergens, the type of sea salt in a particular dish or the origin of the duck. Service of one dessert, a seasonal cheesecake with chocolate, requires the server to perform a card trick.
When they are at the top of their game, servers help create a sense of enthusiasm. “As a guest, the more passion you feel for the people serving you the food, the more delicious the food,” Mr. Guidara says.
Details count. For a tasting-menu meal, which can take more than three hours, servers introduce dishes at precisely timed intervals. Before the dinner service, servers polish silverware, light candles, smooth tablecloths, arrange wine glasses and box up after-dinner cookies and other take-home treats.
During development of a new dish or beverage, they may weigh in on the type of knife or wine glass to be used. And they give a final inspection to dishes on their way out of the kitchen. At Eleven Madison, the counter where dishes are passed from kitchen to server is covered in a white tablecloth so the wait staff can see the plate exactly how the guest will see it.
Many of the servers at Eleven Madison are recent grads of the Culinary Institute, Cornell, University of Pennsylvania and Harvard. To attract young talent, Mr. Guidara says, the restaurant cultivates a teaching atmosphere, with events such as a weekly “happy hour” course on c-cktails and wine often taught by experienced servers on staff. “It’s hard for us to keep our staff from coming in three or four hours early,” he adds. “They are not just here for a job; they give themselves fully.”
Several servers who have moved from Eleven Madison Park to more casual restaurants have instituted a similarly professional atmosphere, he adds. A networking group called the Dining Room Collaborative began in New York in 2013 to foster education and a sense of professionalism among wait staff at fine-dining establishments. The idea is to make server “a sexy dining-room job,” says Anthony Rudolf, the group’s co-founder and former general manager at Per Se, in New York.
Celia Erickson, a 24-year-old server at Eleven Madison, has an undergraduate degree in hospitality from Cornell University and completed a yearlong wine and beverage program at the Culinary Institute of America (where her father is provost). When starting at Eleven Madison Park last summer, she shadowed kitchen staff as part of her training and had an entry-level server role. She says she has gained insight into managing a top restaurant. “My first two months, it was really hard for me. I spent five years in school and now I was waiting tables,” she says.
“It’s almost better if the guests don’t notice you,” says Chris Humberson, a 23-year-old graduate of the Culinary Institute and a server at Daniel in New York. Mr. Humberson says while in school he realized he didn’t want to be a chef. Few guests in a contemporary French restaurant realize how much training it takes to be a server or even bus tables. “We are definitely viewed as less skilled in the eyes of the [guest],” he says. “And you have to be OK with that.”
Maybe we fix the necronomy by selling each other chunks of foie gras and Screaming Eagle Cab?
[143] ccb
Well, that’s great for you if true. But I suspect that involves use of tax credits through SHOP, which was set up to aid small businesses who would otherwise kick their people to the exchanges. That may be true also for Fabian but I don’t know his company size.
I’d be curious if anyone other Han two of the boards better known cheerleaders for Obamacare saw premium and/or cost reductions. Bueller?
私のポイントを描画するには、私たちは、例えば、ドアをみましょう、認証機関は確かに不適切な認定コンポーネント/部品とそれらの定格