From the Philly Inquirer:
Camden plans to demolish nearly 600 houses
Within a two-block stretch of Sheridan Street in Camden, 13 homes have boarded-up windows and bright-orange Department of Public Works stickers marking them for a demolition day that has yet to come.
“I face four of them,” said Valerie Roberts, 26, who grew up in the neighborhood and now lives on the 1200 block. “I would love to see them come down. They’ve been like that 15, 20 years, though.”
For decades, Camden’s 77,250 residents have lived among vacant dwellings, which drive down property values, harbor crime, and create upkeep nightmares for residents whose homes are attached to crumbling structures.
On Tuesday, the city will launch what it describes as the largest single demolition project in the state by putting out requests for bids to demolish 61 properties in Whitman Park and three in Cramer Hill. A second phase, beginning in a few weeks, is to demolish 534 properties citywide.
“As a lifelong Camden resident, I feel the same way our residents do about vacant and abandoned properties – I don’t like them,” Mayor Dana L. Redd said. “Camden is now poised to undertake the biggest demolition initiative ever attempted in the city or state. . . . I truly believe this first phase will send a clear message that we are serious about transforming and improving our neighborhoods.”
Phase I will be funded with a $970,000 federal Community Development Block Grant. The second $8 million citywide phase will be financed by a bond to be paid off with revenue from a tax on city parking lots.
…
Camden has 1,629 abandoned residential properties, according to city code enforcement officials. Of those, 598 met the criteria for demolition and 1,031 are slated for stabilization, city officials said. Not all of the properties have been acquired by the city.Since 2010, the city says, there have been 464 abandoned properties demolished and 2,272 boarded up.
When nonresidential structures are included, the total number of abandoned buildings in the city may be closer to 3,000, according to a survey by CamConnect, a nonprofit research group based in Camden. The group found that Camden has 8,142 empty lots. Vacant parcels and abandoned buildings occupy 37 percent of land in the city.
“There are far more vacant lots in Camden than abandoned buildings,” said CamConnect project manager Josh Wheeling. “It’s impossible to do something with all of them.”
Thought this one was important enough to post up to the main page
From HousingWire:
Is the era of buying homes with cash coming to an end?
Cash sales are slowly turning into the endangered species of the industry, reaching the lowest share since August 2008.
Tumbling 35.9% from July 2013, cash sales made up 32.9% of total home sales in July 2014, according to CoreLogic’s latest report on July’s cash sales.
On a monthly basis, the cash sales share was mostly flat, falling only one tenth of a percentage point from June 2014. But it’s important to note that cash sales share comparisons should be made on a year-over-year basis due to the seasonal nature of the housing market.
Cash sales have fallen each month since January 2013, and prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%.
The peak occurred in January 2011, when cash transactions made up 46.3% of total home sales.
From National Mortgage Professional:
Zillow: Mortgage Rates Plummet to 16-Month Low
The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently at 3.81 percent, down 15 basis points from this time last week. The 30-year FRM dropped Wednesday, then hovered around 3.88 percent for most of the week before falling to its current rate.
“Rates dropped to the lowest level since June 2013 on news that the Federal Reserve has more reservations about the health of the U.S. and global economy than expected, which in turn, may delay rate hikes,” said Erin Lantz, vice president of mortgages at Zillow. “With little economic news planned to overshadow the Fed’s latest comments, this week we expect rates to fairly remain stable, hovering just shy of four percent.”
Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey.
The rate for a 15-year fixed home loan is currently 2.96 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.70 percent.
Ebola in Texas: Second Health Care Worker Tests Positive.
http://www.nbcnews.com/storyline/ebola-virus-outbreak/ebola-texas-second-health-care-worker-tests-positive-n2261
4 – That I’m not surprised by, but this is f^cking insanity..
CDC: Dr. Nancy Snyderman did not put public at risk by violating Ebola isolation agreement
The director of the Centers for Disease Control and Prevention told CNN that Dr. Nancy Snyderman did not put the public at risk when she broke a voluntary isolation agreement after exposed to Ebola.
“If she was not sick, she was not putting others at risk,” Dr. Thomas Frieden said when he appeared on CNN’s “Situation Room With Wolf Blitzer.”
No, let’s blame the nurses, because clearly they must have breached protocol to have gotten themselves infected. But the f*cking idiot doctor? No, no problem. CDC will throw the nurses under the bus, but the doctor is infalible?
One thing is certain, nobody believes anything the people at the CDC or on CNN say about ebola.
If you liked Eric Holder, you’re gonna LOVE Tom Perez:
http://www.bloomberg.com/news/2014-10-10/white-house-said-not-to-tell-reid-of-holder-replacement.html
Obama says no nomination until after mid-term. Why does this WH always wait until after an election to announce something?
And if it’s Perez, I will personally volunteer my time for the defense of any patriot that caps him. He makes Eric Holder look like a statesman.
Imagine anon or Ottoman as Attorney General and you get the idea of what DoJ under Perez would become.
hat tip to chifi for sending me some recent findings of these authors. I think this earlier article serves as an executive summary for their recent research
http://www.nytimes.com/2011/05/15/opinion/15arum.html?_r=0
“While some colleges are starved for resources, for many others it’s not for lack of money. Even at those colleges where for the past several decades tuition has far outpaced the rate of inflation, students are taught by fewer full-time tenured faculty members while being looked after by a greatly expanded number of counselors who serve an array of social and personal needs. At the same time, many schools are investing in deluxe dormitory rooms, elaborate student centers and expensive gyms. Simply put: academic investments are a lower priority.”
“The situation reflects a larger cultural change in the relationship between students and colleges. The authority of educators has diminished, and students are increasingly thought of, by themselves and their colleges, as “clients” or “consumers.” When 18-year-olds are emboldened to see themselves in this manner, many look for ways to attain an educational credential effortlessly and comfortably. And they are catered to accordingly. The customer is always right.”
[5] grim
Describing the agency heads Obama appointed to CDC, VA, Labor, IRS . . . as partisan hacks is an insult to partisan hacks.
Normally, you appoint a crony, sure, but one who knows the business or at least can keep the agency on task. These agency heads are every bit as feckless as the boss.
On the subject of Camden….one thing the city faces is a large number of properties exempt from property taxes…along with a shrinking tax base.
I think this problem is echoed across the state in cities and now also in county seats where many county offices….often tax exempt are located.
I’ve read there are efforts to alleviate this through state legislation…either by increasing the number of liquor licenses available in county seats, asking for more state aid, or offsetting the costs by having surrounding municipalities pay fees within their property taxes that go to the county seat.
Merkel = dr. Nancy Snyderman
@BloombergNews: Merkel’s plan to balance the budget to the last euro cent may be in doubt
#9..a few years ago I visited Elon in NC with my son. I could only hope that after 40 years of hard work and success one could aspire to retire to such an environment. It is a complete shock when these kids go from that environment to the real world. But it explains why everyone learns that you just swipe a magic card for “free” coffee “free food” and free swimming pools, gyms, etc. After all, they enjoyed the amenities before they had a job, imagine how much more they should be able to enjoy after they are actually making money!!!
http://www.njherald.com/story/26787994/2014/10/14/con-man-found-guilty-of-renting-houses-he-didnt-own-to-tenants
SUPERIOR COURT — Robert Kosch was like any landlord; he took care of his properties and collected rent.
The difference, according to a Sussex County jury’s verdict, was that the Bloomfield man did not own the properties he was renting to unsuspecting tenants.
The 12 jurors in state Superior Court in Newton on Tuesday afternoon found Kosch guilty of renting out two Highland Lakes houses on Tanglewood Drive and one Hamburg house on Greenhill Road he did not own, but let him off the hook for a fourth house in Highland Lakes on Hemlock Drive.
The verdict, returned after two days of deliberations and a month-long trial, found Kosch guilty of five counts of theft, two counts of forgery and one count of unlawful possession of personal identification information. He was found not guilty of three counts of theft and one count of forgery.
Judge Thomas J. Critchley said to the jury of seven men and five women that the case “was not an easy case to sit on” because of the time it took to review the information
presented.
“Don’t think your service and diligence were not noticed; they were,” Critchley said.
Kosch, who is being held in the Sussex County jail, is scheduled to be sentenced Dec. 5. Because of the degree on some of the counts, he is facing possible prison time.
Kosch has a criminal history dating back three decades and was called by one judge a “likable con man,” according to the Record.
Tuesday’s conviction stems from Kosch’s arrest in May for falsifying deeds and signatures to pass himself off as the landlord of properties facing foreclosure. He collected rent, including some federal Section 8 subsidized rent, from unknowing tenants.
Kosch, who represented himself, said during the trial that while the real estate transactions may be “unique,” they were not illegal. Morris County Assistant Prosecutor Sahil Kabse, representing the state, disagreed with the characterization in court.
Kosch is still facing nearly 300 counts in Pennsylvania of using fake scripts to obtain more than 13,000 Oxycodone pills.
You thought wrong…..
grim says:
October 15, 2014 at 6:25 am
Thought this one was important enough to post up to the main page
Hey at least you get hat tips…. :(
Oops…
$680,000 Home Built on Wrong Lot in Flagler County
http://mynews13.com/content/news/cfnews13/news/article.html/content/news/articles/cfn/2014/10/14/_680_000_home_built_.html
Sayerville War Memorial HS scored 71 out of 75 on State Anti-Bullying campaign, as you would expect.
ten years treasury at 2.17 today crazy.
mortgage rates, muni bonds rates and oil prices falling like a brick.
Was having dinner with friends and their kids are a bit older than mine. Both their kids say the anti-bullying stuff is total BS. When actual real bullying is reported nine times out of ten the bullying continues….
Michael said it, this is the right time to buy RE
jj says:
October 15, 2014 at 8:45 am
ten years treasury at 2.17 today crazy.
mortgage rates, muni bonds rates and oil prices falling like a brick.
Depends, rates are super low which is good, but if this is truly deflation buying a hard asset on margin AKA a mortgage is not a good idea
Trouble with deflation is our salaries fall and our stock prices fall and our home prices fall but our property taxes will keep rising as the unions have locked in guaranteed raises
anon (the good one) says:
October 15, 2014 at 8:48 am
Michael said it, this is the right time to buy RE
jj says:
October 15, 2014 at 8:45 am
ten years treasury at 2.17 today crazy.
mortgage rates, muni bonds rates and oil prices falling like a brick.
My biggest long shot which is a few days away from the buying opportunity is Oil/Energy related junk bonds.
Junk bonds in particular ones related to oil prices have been hammered. If you can time it near bottom of Oil Bear Market and junk market sell off you can get in sweet on a 20 year bond with a 15 percent yield. Trouble it is a double variable you are guessing the junk bond and oil sell off bottom.
[9] If you have 80 minutes to kill (which I apparently do):
http://vimeo.com/21656324
Also, their new book:
http://www.amazon.com/Aspiring-Adults-Adrift-Tentative-Transitions/dp/022619728X/ref=la_B001IOBLZK_1_1?s=books&ie=UTF8&qid=1413377507&sr=1-1
30 Year: 2.84
10 Year: 2.06
This guy, Mark Grant, has been on CNBC since January calling for a 2.00% 10 year while all others calling for 3%. I guess he was right
Not sure I heard him right but Jim Cramer on CNBC just made a statement that implies the stock selloff is because people are afraid of ebola?
[24] If nothing else, watch just two or three minutes starting at 18:30
http://vimeo.com/21656324
TRANSOCEAN INCORPORATED BOND
06.80000% 03/15/2038CALL MAKE WHOLE ISIN #US893830AT68
starting to see investment grade corporate oil related bonds with a 7.2% yield.
Another ten bucks down a barrel I am buying Exxon and BP oil bonds.
Looks who’s trying to shake up the market. Was talking to a realtor friend the other day, said they were busy trying to get deals done. Most of the people that come to her have already done their research online and selected houses that they want to see. She’s basically a professional scheduler now.
Trulia launches new push for data accuracy
http://www.housingwire.com/articles/31713-trulia-launches-new-push-for-data-accuracy
Trulia (TRLA) is launching a new campaign designed to improve the accuracy of its data. Trulia’s “Get Fresh” campaign aims to help brokers secure the most up-to-date listings on Trulia through their multiple listing service, for free.
In an attempt to get MLSs and brokers to push listings directly to Trulia, the site is offering brokers the chance to win $5,000.
All the brokers have to do to gain eligibility for the giveaway is to sign up on Trulia’s site and authorize their MLS to send listings directly to Trulia.
My best bet this year was I loaded up on munis bonds between December 2013 and April 2014 to the gills. So far I currently dont have a single call pending. But giving the complete collaspe in interest rates last few weeks and muni yields at scary low levels with low inventory and a market thirsty for new issues I bet the December/Janaury calls will be brutal.
Another kick in the pants for folks chasing yield. I guess we can count our blessings we had that late 2013 and early 2014 window to load up on bonds.
[4] phoenix
Most of the people (doctors and nurses) in the health care field don’t know anything about the protocols for containing a virus like Ebola. That’s the freaking scary part. Everytime you see someone out in their scrubs, they are not taking the spread of disease and infections serious. The purpose of scrubs is to NOT introduce germs but they sit on public seats and the like. That’s why you can catch something while in the hospital.
This is a glaring example that we wouldn’t be equiped to handle any zombie type scare. It will spread quickly and hopefully they get this under control.
grim, et al.
Does anyone know the best places to look at prefabricated vanity tops? The big box stores?
The fabrication costs are killing my hopes of getting a custom top.
If you demolish Camden especially near the waterfront, I could see condos and buildings going up there like they did in Jersey City.
I bought some solid muni credits from December to August with a “hold my nose and buy” mentality……I said WTF, I have a mandate and I will follow it……I thought I was being a bit imprudent…..I guess not…..
jj says:
October 15, 2014 at 9:09 am
My best bet this year was I loaded up on munis bonds between December 2013 and April 2014 to the gills. So far I currently dont have a single call pending. But giving the complete collaspe in interest rates last few weeks and muni yields at scary low levels with low inventory and a market thirsty for new issues I bet the December/Janaury calls will be brutal.
Another kick in the pants for folks chasing yield. I guess we can count our blessings we had that late 2013 and early 2014 window to load up on bonds.
If you demolish Camden especially near the waterfront, I could see condos and buildings going up there like they did in Jersey City.
I can also see people getting robbed their, like they do in Jersey City.
their = there
JJ: I have some NJ Transport zeros to 24, 25, & 27……they are so far into the black I am stunned…..and the bid/ask is really tight because it is liquid……there is no friggin way you buy these now….
Deflation? all these right wingers talking of Inflation for the past 7 years
jj says:
October 15, 2014 at 8:50 am
Depends, rates are super low which is good, but if this is truly deflation buying a hard asset on margin AKA a mortgage is not a good idea
Trouble with deflation is our salaries fall and our stock prices fall and our home prices fall but our property taxes will keep rising as the unions have locked in guaranteed raises
anon (the good one) says:
October 15, 2014 at 8:48 am
Michael said it, this is the right time to buy RE
jj says:
October 15, 2014 at 8:45 am
ten years treasury at 2.17 today crazy.
mortgage rates, muni bonds rates and oil prices falling like a brick.
re: Next AG after midterms.
Lame Duck Barry?
Only 19 days to go…. 36 Senate races in the 2014 midterm elections. There are about 10 that could go either way, no wonder Pres O is in Union NJ today fundraising. It is a Democratic Senate campaign fundraiser. Dems are worried and they should be.
No, let’s blame the nurses, because clearly they must have breached protocol to have gotten themselves infected. But the f*cking idiot doctor? No, no problem. CDC will throw the nurses under the bus, but the doctor is infalible?
The doctor has connections. She’s embedded within NBC. She’s also apparently friends with the mayor of Princeton (Michelle’s favorite place). I’m sure they are out on the PR front to try to prevent her from losing her license or job.
If I were the medical community, I would suspend her license. She doesn’t practice anyway.
If I were NBC I would fire her for being a PR nightmare.
If I were her, I would shut the hell up instead of taking this “I’m know I’m right” attitude. Doctors aren’t supposed to diagnose themselves and doctors are supposed to follow protocol. The fact that the medical community hasn’t come out and criticized her en masse is alarming to me.
The CDC has always been a bunch of hacks. I used to have a friend who worked there in the PR wing of the building. He sent me over all kinds of Bird Flu/Swine Flu propaganda posters that they were thinking of releasing. Some of them were outright hilarious as to how stupid they were.
Now, they actually have a real threat and they are showing how inept they are.
Munis are the best performing asset class this year. You know what is starting to look very interesting and it is another hold the nose bet. The Common Stock of BP and Exxon. The yield is getting very good. Also JP Morgan has some good yield.
Trups and Pref I dont like right now. It is just an yield play and in a market sell off I like commmon that will pop more on the upsid.e
Check this out up to a 17% yield on Dividend. Ouch
OCH ZIFF CAPITAL MANAGEMENT GROUP LLC
10.28Down -0.22 (-2.10 %)
chicagofinance says:
October 15, 2014 at 9:23 am
I bought some solid muni credits from December to August with a “hold my nose and buy” mentality……I said WTF, I have a mandate and I will follow it……I thought I was being a bit imprudent…..I guess not…..
DJIA 16,029.34 -285.85 -1.75%
NASDAQ 4,149.99 -77.18 -1.83%
S&P 500 1,847.25 -30.45 -1.62%
10-year Treasury yield plummets toward 2% after data
By Ben Eisen, MarketWatch
MARKETWATCH — 2 MINUTES AGO
NEW YORK (MarketWatch) — Treasury prices surged Wednesday after a slew of weak data, adding fuel to a rally that has pushed benchmark yields down over half a percentage point since mid-September.
The 10-year note (10_YEAR) yield, which falls as prices rise, was down 19 basis points on the day at 2.014%, a day after yields made a forceful push lower, according to Tradeweb. The yield has fallen 61 basis points since its recent high on Sept. 18.
Break out the flame throwers…..
Tweet from the naughty Doctor Snyderman on Oct 1.
“Everything that comes in contact with an Ebola patient must be incinerated. Protection begins with basics”
https://twitter.com/DrNancyNBCNEWS
DJIA 15,959.90 -355.29 -2.18%
NASDAQ 4,141.02 -86.15 -2.04%
S&P 500 1,838.75 -38.95 -2.07%
Yup. Just saw 2.03 on the ticker. The mortgage people are going to be very happy again.
Wow, over the past two days, nearly every trade trigger I had in place, executed. Most were limits, only a few were stops.
Been largely in cash for awhile. Was beating myself up for missing out on a good deal of runup. Not anymore.
Yes please let’s put the government in charge of running more of the economy. They are so smart, just, and effective.
10-Year Treasury Yield Plunges Below 2% On Weak Economic Data
1.87!!!
Nom,
Let me know how those stops end up working out for you. I never found them useful. As a matter of fact, I find I lose more with them than without them. For me, if you are holding on to the stock, then you believe in that companies fundamentals. Stock price moves too much based on psychological reasons. As long as the fundamentals don’t change, better to ride out the bumps that shake out those holding less than best of breed to an eventual index beating gain (hopefully).
We can’t say we weren’t warned . . .
http://blogs.wsj.com/moneybeat/2014/10/08/dealpolitik-allergan-battle-may-showcase-unintended-consequences-of-inversion-rules/
Begs the question whether the stock blowoff will make some US names more attractive to foreign buyers now. I rather doubt it.
Interestingly, the move by Ireland to change (not eliminate as Fabian suggested) its beneficial tax regime, may have the unintended effect of spurring acquisitions in both the US and Ireland. That remains to be seen but it is possible.
1.93%!!
[52] lib
I don’t like using them but they are easy and cheap. I tend to use them as a floor under securities that have significant gains and that I plan to sell short term. If I plan to keep it, I don’t have stops. It’s more about having insurance so that a bad 2008 style downdraft doesn’t catch me at a time when I cannot devote any attention to my portfolio, which happens more than I care to admit.
Yes, TSLO’s are a decent tool to protect your gains, but in a volatile market, you get screwed. You’ll know if it’s 2008 if the correction breaks 20%. If it remains between 10 and 20, then I think you are better off holding through it. Seeing the downdraft is easy. Seeing the end of the downdraft and getting back in anywhere near the start of the recovery is much, much harder.
Re: 10-yr.;
Flight to quality?
[56] libturd,
Don’t forget tax planning. I got out of some dogs as well and the losses offset gains from the stop sales. Also, there’s ownership form and similar investments. Have to be concerned with the wash sale rules but there is some laddering and overlaying going on and the stops are simply a tool for getting out of investments that might have more to run but that gave a good run and are not long for my portfolio anyway.
For example, I got stopped out of the CMCSA that I held through the 2008 downturn but was thinking about exiting. Should have just pulled the trigger on it but hadn’t made up my mind whether to sell or gift. Now decision is made for me; gain offsets losses from dogs I dumped, and I will instead gift the ED I still have after trimming my position to my kids. That way, I can protect another $32o0 in gains from taxation.
I just realized I said I have ED. I meant Con Edison but I am waiting for JJ to smash that obvious softball over the left field fence.
I think Oblamer probably would like the Repubs to win Congress. He knows he cannot pass anything anyway, and he still basically gets to make up laws via his expanded and politicized agencies anyway. But having Repubs in charge of Congress would give Oblamer a new vigor, and bigger enemy to blame for everything that is going wrong with the world. So a Repub Congress would relieve him of the last little bit of responsibility he still cannot deny is his, allowing him to take credit for whatever minor good things may ever happen, while blaming everything else on someone else.
Did I mention on the board that I converted my 401k to cash last month? Not the top hour, like my silver sale, but close enough.
But I still have massive market exposure I can never escape that comes from working in the industry. So my circumstances don’t necessarily mirror anyone else’s.
[61] rags,
I was probably about 50-60% in cash. Will wait a bit before putting it to work
22- JJ, come on now, you know we are not going to see deflation. That is everyone’s worst nightmare. If it does happen, we are screwed for a long long time. At least 10 years. You really think deflation is happening or will occur?
Some economic anecdata:
For the past several years, I have taken ski trips to Utah. And I am used to seeing solicitations this time of year.
Now, it could be largely due to the early season snowfalls in recent years, or the very public spat over PCMR, but I don’t ever recall getting as much solicitation email or snail mail from Utah sources as I have this year. Ticket deals, rental deals, you name it. And from sources that never used to contact me, like Deer Valley where I have yet to ski.
At first I thought I am just on more feeds so more emails. But they are taking on a tone that suggests they are not seeing the preseason bookings that they are accustomed to and are now panicking.
You have to think that with Park City’s international reputation and the fact that skiing is a very elastic expense, this is a pretty clear reflection on the state of the global economy, or at least the perception of it by people with money to spend.
You really think deflation is happening or will occur?
Salaries are the same for the last 15 years. What is that called?
[60] rags,
I considered that as well. But if the GOP takes the Senate, then they can start proposing legislation, including things that the dems have been champing at the bit to get. Then it forces the dems to either cooperate and give the GOP some of what it wants or become obstructionist in their own right. If Obama is forced to wield his veto pen on a daily basis, or the Dems obstruct bills daily, that gives the GOP a fresh opportunity to point out how much legislation died in the Senate, and how much the Dems are now the Party of No.
Real Estate must be back in style: The flippers’ seminars are back! Check out this morning’s Yahoo login splash: https://flic.kr/p/oJExLz
The biggest letdown on Obama’s watch has been stagnant incomes, which is the one category he performs worst in.
http://finance.yahoo.com/news/voters-are-punishing-obama-for-this-one-economic-failure-150704224.html
I don’t know your circumstances, but if you are not retiring anytime soon, this is a stupid move. You can’t time the market. Trying to time it will destroy you sooner or later. Do you know that most of the major gains made in the stock market are made in one day. You miss that boat sitting on the sidelines and you will have made a huge mistake. Right now, it’s working out for you so you will not listen to me, but you should.
Ragnar says:
October 15, 2014 at 10:43 am
I think Oblamer probably would like the Repubs to win Congress. He knows he cannot pass anything anyway, and he still basically gets to make up laws via his expanded and politicized agencies anyway. But having Repubs in charge of Congress would give Oblamer a new vigor, and bigger enemy to blame for everything that is going wrong with the world. So a Repub Congress would relieve him of the last little bit of responsibility he still cannot deny is his, allowing him to take credit for whatever minor good things may ever happen, while blaming everything else on someone else.
Wage stagflation. But prices on goods have not stayed flat. So it’s inevitable that we will see wage inflation. Why? Because the only other option is to lower prices. That means deflation. Deflation is the ENEMY. It will be ruthless and almost impossible to contain or stop. So you can bet your a$$ that the fed will pump out a ton of more money before they just sit there and let deflation take control of our economy. If deflation occurs, the fed has lost TOTAL CONTROL of the economy. I don’t see this happening. Sorry.
Fast Eddie says:
October 15, 2014 at 11:03 am
You really think deflation is happening or will occur?
Salaries are the same for the last 15 years. What is that called?
So it’s inevitable that we will see wage inflation.
How? How do you force a company or business to increase wages?
http://abcnews.go.com/Health/wireStory/foods-roll-rankings-produce-26210603
pass on to the wife
jj- On oil. The price will be volatile but it is only going to be going one direction and that’s down. There is a ton of pressure on oil from alternative energies. The technologies are improving every day. In 30 years, oil will be an alternative energy and the alternative energies will become main stream. It’s inevitable.
“53 percent of new electric generating capacity in the U.S. in the first half of 2014 came from solar.”
I may need to take a sabbatical from the board here….can’t take mid 30 year old’s explaining “facts” and what will happen based on their limited understanding of last decade….
Gas…$2.65. Not seeing the inflation there. Though was in Kam Man recently and the food imported from Japan has gone up by nearly 50%. Strong dollar weak yen?
You show them the alternative if they don’t increase wages ( if they have any type of economic mindset they should already understand). What alternative? The corporation’s loans will have to be paid back on less profit year after year in a deflationary environment. Your revenue decreases every year no matter what while your loan becomes tougher and tougher to pay back. It’s a total nightmare. As a business owner, your worst nightmare is to have to lower your prices every week.
Don’t even get me started on what deflation will do to people holding mortgages. This is not happening. If it does, I don’t even know what to say. We will be screwed beyond belief.
Fast Eddie says:
October 15, 2014 at 11:21 am
So it’s inevitable that we will see wage inflation.
How? How do you force a company or business to increase wages?
If idiot could grasp just one concept, I wish it were “standard of living.” He’s 100% oblivious that it can increase or more likely in our near future decline.
Okay, so explain it to me then. Why is deflation going to happen?
1987 Condo says:
October 15, 2014 at 11:26 am
I may need to take a sabbatical from the board here….can’t take mid 30 year old’s explaining “facts” and what will happen based on their limited understanding of last decade….
Thank God Personally I have never had a deflation problem.
Michael says:
October 15, 2014 at 11:00 am
22- JJ, come on now, you know we are not going to see deflation. That is everyone’s worst nightmare. If it does happen, we are screwed for a long long time. At least 10 years. You really think deflation is happening or will occur?
Use Ebola to kill off the labor supply? Just thinking out loud here…
“How? How do you force a company or business to increase wages?”
Why not? Look at Japan.
There are a lot of differences between the US and Japan, but it proves that it can happen in an industrialized nation with a central bank.
Michael says:
October 15, 2014 at 11:35 am
Okay, so explain it to me then. Why is deflation going to happen?
Not necessarily saying it will, but could?…and being screwed for 10 years is not a real long time, unfortunately.
Muni 10-Year Yields Fall Below 2% for First Time Since May 2013
By Brian Chappatta Oct 15, 2014 11:27 AM ET
Benchmark 10-year municipal yields fell below 2 percent today for the first time since May 2013, joining a broad fixed-income rally on waning bets the Federal Reserve will boost interest rates in the first half of 2015.
Yields on top-rated state and city debt due in 2024 fell 0.05 percentage point to 1.97 percent, data compiled by Bloomberg show. It’s the lowest level since May 23, 2013.
The interest rate on similar-maturity Treasuries dipped below 2 percent today for the first time since June 2013.
The $3.7 trillion municipal market has earned 9.6 percent this year, compared with 5.4 percent for federal debt, according to Bank of America Merrill Lynch data.
For full SS benefits a spouse has to be screwed by her Husband a full ten years before divorcing him. So Ten years is a long enough screw to get a free ride.
1987 Condo says:
October 15, 2014 at 11:46 am
Not necessarily saying it will, but could?…and being screwed for 10 years is not a real long time, unfortunately.
Jenner reveals to the group that he is the only remaining member of staff at the CDC. He mentions that when walkers [zombies] began to overrun Atlanta, many of the CDC workers left to be with their families. When the Military protection of the CDC was overrun, many of the remaining doctors ran. The remaining doctors at the CDC eventually committed suicide until the Jenners and only a handful of other scientists remained. Candace Jenner was eventually infected, her death recorded, and her life ended. Jenner does not disclose the information on how the remaining doctors eventually “left” the CDC. Jenner and the other doctors had remained in contact with presumably other governmental agencies until the communication network broke down roughly a month after the outbreak. Afterwards, Jenner continued to broadcast progress reports to anyone still listening in a lonely, hopeless manner. At the same time of the loss of communications, the power grid crashed, leaving the CDC to run on generators.
Dr. Jenner was a scientist working with samples in order to find a cure. On Day 64, after constantly working to try and discover a cure, he is in the lab when he accidentally tips a vial over, causing a corrosive toxic smell. Vi notes the poor air quality and calls for an immediate full scale decontamination. Unfortunately, during the decontamination, it destroys the valuable samples (TS-19) Dr. Jenner needed which sent him into despair, in which he decides to get drunk over wine, until he sees other survivors outside and (after some hesitation) lets them in.
Dr. Jenner discusses his findings about the outbreak and the disease. He shows an MRI of his wife, Candace, as Test Subject 19 since she was infected and what the result of the infection was. After much discussion, Dale notices a digital clock that appears to be counting down. The clock counts down to the amount of fuel still left in the basement generators attempting to keep the facility running. When the clock hits zero, a facility wide full decontamination occurs in order to keep the viruses and diseases from spreading out.
Rick and most of the survivors scramble to try and find a way out. Carol points out to Rick that when he first got to camp, she washed his uniform and found an army grenade inside his pocket. She hands it over to Rick and he uses it to blow open a window. Everyone runs out towards the vehicles just as the facility explodes.
http://www.marketwatch.com/story/10-year-treasury-yield-plummets-toward-2-after-data-2014-10-15
#84..I stand corrected!
SAN and NYCB got some popping div yields today. Love the smell of a bear market in the morning.
Bout time for a joke, since we are talking about screwing anyhow
Q. What do you call the sweat on your balls after your done screwing your sister?
A. Relative Humidity
BTW…good job CDC and Texas Presbyterian…
I was told that Japan’s problem stems from its’ problem with demographics. Their population has been burdened with the task of taking care of an enormous elderly population. They didn’t have enough kids so their population became unbalanced. They went through a huge growth curve in their economy when all these older people were young and growing the economy with their demand. They became old and do what old people do…..they stopped spending money and making money. With no younger generation stepping in to replace the void in demand left by the older generation, their economy could not grow. America is not Japan and never will be. We are totally different. So tough to use it as a case study as to why deflation will occur in the United States.
Toxic Crayons says:
October 15, 2014 at 11:46 am
Why not? Look at Japan.
There are a lot of differences between the US and Japan, but it proves that it can happen in an industrialized nation with a central bank.
Get ready for panic folks…
Federal officials are tracking down people who were on the same flight as a second health care worker diagnosed with Ebola virus in Dallas. The woman was isolated Tuesday after she developed a slight fever, but she’d flown to Dallas from Cleveland the day before her temperature rose.
http://www.nbcnews.com/storyline/ebola-virus-outbreak/ebola-search-widens-flight-taken-infected-nurse-n226471
#91..see #89
Anyone who flies pm Frontier or Spirit for that matter probably deserves Ebola.
DJIA 15,946.86 -368.33 -2.26%
NASDAQ 4,143.77 -83.40 -1.97%
S&P 500 1,834.52 -43.18 -2.30%
Re: 91 – I am ready with my flame thrower.
Obama cancels trip to NJ, Conn to hold Cabinet meeting on Ebola: White House
POSTED 12:16 PM, OCTOBER 15, 2014, BY JEREMY TANNER, UPDATED AT 01:15PM, OCTOBER 15, 2014
http://pix11.com/2014/10/15/obama-cancels-trip-to-nj-conn-to-hold-ebola-cabinet-meeting-white-house/
Juice Box says:
October 15, 2014 at 9:30 am
re: Next AG after midterms.
Lame Duck Barry?
Only 19 days to go…. 36 Senate races in the 2014 midterm elections. There are about 10 that could go either way, no wonder Pres O is in Union NJ today fundraising. It is a Democratic Senate campaign fundraiser. Dems are worried and they should be.
But yeah, we need a head of CDC who wants to treat gun violence like a medical problem….
Is everything still Bush’s fault?
‘The Walking Dead’ Ratings: Season 5 Debut Shatters Cable Records As 17.3M Watch
http://deadline.com/2014/10/walking-dead-ratings-premiere-season-5-amc-850319/
As it stands right now, the hourlong S5 opener “No Sanctuary,” directed by EP Greg Nicotero, has scored a touchdown over the NFL, Fox’s football overrun and NBC’s Sunday Night Football among the key demo to win primetime in both broadcast and cable. That could change in the final numbers, as it did with last season’s debut, which nfl nbc sunday night football logoeventually saw a slim SNF win after what initially looked like a WD victory. However, the Philadelphia Eagles crushing 27-0 win over the NY Giants last night and the ensuing ratings fall from last week and last year makes it a hard one for the usually unbeatable NFL and SNF to turn around this time. Last season, The Walking Dead not only proved the most successful nonsports show on TV among the 18-49s but actually beat the NFL twice and the Winter Olympics three weeks in a row.
Gator (93):
With the disease symptoms for the flu and ebola nearly identical there is going to be full scale chaos at nearly every large city hospital this winter.
People will now say “god bless you” with the original meaning this cold and flu season.
And just how ridiculous do Frieden and Snyderman look now? No credibility whatsoever, they should both be sacked.
This Ebola thing is so overblown. Americans really are stupid. It could not have been more evident than what I witnessed yesterday at jury duty. And the attorneys dismissed any potential jurors with any sign of intelligence, opting to put a panel of functional retards in the box. Though, they did dismiss a young lawyer, which probably increased the combined IQ of the jury. Sorry Nom.
And now something positive about Ebola. The pres cancelled HIS trip making MY trip home from the plant in Union much easier. What was he doing here anyway? I assume raising money for some mid-term electee? Baa. Baa.
Tard – was supposed to be at the Da Benito restaurant in Union Township
Strange place for a meeting with the POTUS, unless you did not want anyone there recording waht you are saying etc.
https://www.google.com/maps/@40.6771687,-74.2681805,3a,75y,341.97h,81.84t/data=!3m4!1e1!3m2!1s6LvJLpaG0Ehd0zkptc_njg!2e0!6m1!1e1
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$10,000 to $32,400 to get into that Dem lovefest. Baa. Baa.
I think it’s comical that the market is reacting like this to Ebola. Wow!
Can’t find economic factors for a correction, so the market corrects based on Ebola? Can’t make this stuff up.
#102
It’s not overblown at all, there should be outrage from coast to coast. Risking one US life so we can maintain status as the third world dumping ground is too many.
re # 107 – “Can’t find economic factors for a correction”
Passion flute – You are right for once.
Here what I see from my armchair economist view.
Right around the time that the Fed has said it is going to reduce the rate of asset purchases the markets are going into negative territory for the year.
I believe we are now at the end of a politically motivated asset bubble re-re-inflation that began nearly two decades ago.
Some may think where does this stock market correction end?
My answer may surprise you for you see my answer is this really isn’t a stock “market” and hasn’t been since since Dot Com 1.0 . First a bubble that nobody saw, then a bigger reflation bubble that nobody saw, then another even bigger re-reflation of that bubble that still nobody sees.
The stock market will continue to correct until the FED sees it re-reflation failing because inflation falling at an alarming rate, and the the FED will say due to unexpected weakness in the economy it will hold off on the dreaded taper meaning it will keep pumping in via asset purchases and the markets will turn and melt up for a while.
For credibility Yellen will blame external causes, such as the Asian and European economies, and the politicians will sprinkle in ISIS and Ebloa and whatever factors they can blame other than themselves.
Speaking of politics, anybody following the congressional race in NJ’s 5th district? NJ-05 was redistricted and now encompasses large parts of Bergen County….I imagine some of you are in the NJ-05 district.
http://www.nj.com/politics/index.ssf/2014/10/democratic_congressional_candidate_cho_within_striking_distance_of_republican_garrett_poll_finds.html#comments
#109..I am confused about tapering…you imply that it is starting, in fact it has been ongoing and actually ends this month and there are no more asset purchases going forward. Now the realization that it has in fact ended may be one of the catalysts for the recent market volatility.
Michael: I will spell it out for you ‘nkay? The nightmare with deflation is that you cannot screw …….as Nom…..as he stated he has ED…..
jj says:
October 15, 2014 at 11:39 am
Thank God Personally I have never had a deflation problem.
Michael says:
October 15, 2014 at 11:00 am
22- JJ, come on now, you know we are not going to see deflation. That is everyone’s worst nightmare. If it does happen, we are screwed for a long long time. At least 10 years. You really think deflation is happening or will occur?
as Nom = ask Nom
Is deflation bad for everyone? If you are on a fixed pension with no cost of living provision, inflation is the enemy.
Rest assured:
LOS ANGELES (MarketWatch) — The Texas health-care worker who got on a flight two days before being diagnosed with Ebola was starting to get a fever at the time she boarded the plane, health officials said Wednesday.
Centers for Disease Control and Prevention Director Tom Frieden said it’s unlikely the nurse spread the virus to others on the flight since the most contagious period for Ebola is when patients are at their sickest.
CNN Defends New Slogan
NEW YORK (The Borowitz Report)—The president of CNN Worldwide, Jeff Zucker, attempted on Wednesday to defuse the brewing controversy over his decision to change the network’s official slogan from “The Most Trusted Name in News” to “Holy Crap, We’re All Gonna Die.”
“This exciting new slogan is just one piece of our over-all rebranding strategy,” Zucker said. “Going forward, we want CNN to be synonymous with the threat of imminent death.”
He added that the network expected to see strong ratings growth as a result of having the words “Holy Crap, We’re All Gonna Die” on-screen twenty-four hours a day.
Part of Zucker’s new strategy was on display during Tuesday’s edition of the network’s signature program, “The Situation Room,” in which a visibly ill-at-ease Wolf Blitzer appeared dressed as The Grim Reaper.
“That’s a work in progress,” Zucker said about Blitzer’s makeover. “But once Wolf gets comfortable swinging that scythe, he’s going to be amazing.”
http://www.newyorker.com/humor/borowitz-report/cnn-defends-new-slogan?utm_source=tny&utm_campaign=generalsocial&utm_medium=facebook&mbid=social_facebook
Hmmm….suddenly buying a house that you can live in for 30 years and isn’t worth so much afterwards doesn’t seem so bad….
re # 111 – yeah my bad, I was never a great writer “taper ending.” I am implying asset purchases won’t end and will actually change direction.
Fed’s SOMA increased by 2.75 Billion last week.
Current Portfolio is 4,174,361,237.2 printed up from nothing…
Is the Fed board already gassing up their Jet fleet for a meet and greet?
So, let me get this straight: You can be in full Haz Mat gear and still get this disease. I am really curious as to what type of “breach” occurred that would cause these two nurses to get sick. Has anyone read anything? What is the theory or likely cause as to how they contracted the virus?
Condo 115 – So how long can I legitimately use this as an excuse to not visit Stu’s relatives in Ohio :)
Eddie 119 – From what I’ve read it sounds like people treating Duncan were not fully protected. Scary stuff.
http://www.boston.com/health/2014/10/14/dallas-nurses-cite-sloppy-conditions-ebola-care/GqpH1p5wqvZWJdVA62T1lI/story.html
http://www.nydailynews.com/news/national/gonzalez-hospital-nurses-claim-lack-ebola-protocols-article-1.1974703
Gator,
What I’ve read recently is that this isn’t that easy to contract; that the fluids of a contaminated person needs to enter another person. So, by what method did it go from one person to another person? That’s what I really want to know.
Eddie – The articles I have read have mentioned “explosive diarrhea”, “projectile vomiting” and lack of care taken in disposing of waste. If all that is true, I wouldn’t be surprised if many more people got sick in Dallas.
Gator [124];
If all that is true, I wouldn’t be surprised if many more people got sick in Dallas.
Exactly how this sort of thing gets out of hand. How many people who didn’t think they were infected or dangerous (just like this second nurse) were going about their ordinary lives, flying on airplanes, etc…
It’s really difficult to stay healthy when bombarded by explosive diarrhea. Masks and gloves just aren’t enough if that shit gets atomized in the air.
Anyone remember that scene from the movie “Dumb and Dumber”?
Most hospitals are run by bureaucratic cheapsters. Contamination likely happened because CDC is telling hospitals to have 2 layers. Many hospitals do not have money or resources to provide what is needed. The Dallas Hospital would have gotten better expertise out of the Dallas Fire Dept Haz Mat team than the CDC, simply because the Haz Mat team is meant to be mobile and their equipment disposable.
Look up in you tube “biological level 4 lab – threading the neidl” & look up Haz Mat Level A training videos. Both are essentially the same one for labs one for chemical exposures . To take of this mess, if it spreads it will end up in cheap double wide trailers with hooks ups into it for air, electricity, water and waste. Everything incinerated later.
For now in NYC the hospitals are Jacobi & Bellevue. Both are city owned hospitals, but you got to realize that any hospital that undertakes this, essentially will be blacklisted by most people, and now one will go there. So if you are a non-government facility you are essentially committing financial suicide. That is where the Feds have to step in eventually.
120
Even Ebola doesn’t want to go to southern Ohio.
Banks in charge of running the economy would be much better, as in 2007
Ragnar says:
October 15, 2014 at 9:51 am
Yes please let’s put the government in charge of running more of the economy. They are so smart, just, and effective.
this is a good strategy only if you are an old fart getting ready for retirement.
everybody else should never try to time the mkt
Ragnar says:
October 15, 2014 at 10:47 am
Did I mention on the board that I converted my 401k to cash last month? Not the top hour, like my silver sale, but close enough.
126 – go long huggies
And rubber stoppers!!!
I’m sorry no developer shared my idea for the old Yankee Stadium. I wanted to see them build a luxury high-rise right in the middle of the field and leave the old stadium standing as the “gate” to the gated community. A fully fortified Nompound community right in the middle of the Bronx. That would have been an ironic beauty.
If you demolish Camden especially near the waterfront, I could see condos and buildings going up there like they did in Jersey City.
I can also see people getting robbed their, like they do in Jersey City.
Michael – Money Velocity.
Ask someone very smart who has a great deal of patience to explain it to you.Never mind.Wage stagflation. But prices on goods have not stayed flat. So it’s inevitable that we will see wage inflation. Why? Because the only other option is to lower prices. That means deflation. Deflation is the ENEMY. It will be ruthless and almost impossible to contain or stop. So you can bet your a$$ that the fed will pump out a ton of more money before they just sit there and let deflation take control of our economy. If deflation occurs, the fed has lost TOTAL CONTROL of the economy. I don’t see this happening. Sorry.
Nashville Police Chief documenting Secret Service unlawful behavior
http://www.youtube.com/watch?v=Qt0CIUqljsI&feature=youtu.be
#10 Eddie Ray
Harriet Mires
[136] Morrissey
http://www.youtube.com/watch?v=oi94MDgk9t8
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