From the Record:
Fuller impact of home foreclosure debacle hits N.J.
The number of New Jersey home repossessions by lenders has soared in the past two years and is on track to increase again in 2015, in sharp divergence to the national trend.
Completed foreclosures, where banks and mortgage companies have taken the homes, climbed 34 percent in the state last year, to about 5,780, after an 11 percent surge in 2013, according to The Record’s analysis of RealtyTrac data. By contrast, on the national level, completed foreclosures fell by double digits in each of the past three years.
In the first three months of this year, Bergen County was on pace to nearly double last year’s total of sheriff’s auction sales with 201 properties sold.
A CoreLogic report released Tuesday showed that in May 4.9 percent of mortgaged homes in New Jersey were completed foreclosures, the top rate in the country. The percentage of homes where the mortgages are seriously delinquent also was the highest at 8.4 percent.
The statistics indicate the foreclosure debacle, which has eased in other states following the housing meltdown that began in 2007, may only now be peaking in New Jersey, where foreclosures had been crawling through the system.
The reasons for the slow processing include a state judiciary that has tried harder than other states to hold banks accountable for illegal and improper paperwork. Also, New Jersey’s non-profit housing groups, which have support in the state Legislature, have worked to help keep homeowners in their homes. It has taken debt collectors about two years and 10 months on average from the time an initial notice is delivered until the property is repossessed, according to real estate information company RealtyTrac. Only Hawaii’s process is longer.
Now repossessions are moving faster. According to housing activists and lawyers who defend homeowners faced with foreclosure, the acceleration has coincided with a pickup in the real estate market. Although bankers deny it, homeowner advocates say that uptick seems to have made banks more eager to complete foreclosures, cash out and recover what they can from their losses.
“There have been secondary-market buyers coming in as a reaction to the housing market starting to rebound a bit,” said Adam Deutsch, a lawyer with Denbeaux & Denbeaux in Westwood, which has defended hundreds of New Jersey homeowners in contested foreclosures.
…
New Jersey has throughout the foreclosure debacle had a lower home-repossession rate than most states when measured as a percentage of the total number of homes. Last year, for example, the state ranked 30th, with about one in 350 homes going all the way through the repossession process, according to an analysis of RealtyTrac data. Nationwide, the rate in 2014 was about one in 225 homes.Bankers tend to blame the courts, lawmakers and housing activists for the state’s inability to clean up its foreclosure mess in a timely fashion. They say homeowner assistance programs have delayed the inevitable.
“This [surge in repossessions] represents the ones that should have been completed years ago,” said Michael Affuso, director of government relations for the New Jersey Bankers Association.
…
Homeowners facing foreclosure often stay in their homes without making any mortgage payments for years as the process drags on, partly because lenders refuse to accept partial payments once a loan is in default.But it’s not a free ride for the homeowner. Missed interest payments and late fees, as well as arrears in taxes and insurance, typically are added to what is owed.
Bankers are reluctant to speak on the record about their foreclosure practices. “It is a politically sensitive and customer-sensitive issue,” one industry veteran said. But regulatory filings by publicly traded lenders offer some insight into the effect the surge in homeowner defaults has had on these companies.
…
Homes in foreclosure continue to be a drag on New Jersey’s housing recovery, and the sooner they are sold to buyers who want to live in them, or to investors who want to resell them or rent them, the better, said the New Jersey Bankers Association’s Affuso.“This is a nightmare for a bank,” Affuso said. “They’ve already written the loans down and they want to get rid of them.”
…
Even so, there were nearly 49,000 new foreclosure complaints filed statewide last year, the most since 2010, according to data from the Office of Foreclosure. The counties with the highest numbers last year were Essex, Camden, Ocean, Middlesex and Bergen, in that order.“It’s a difficult situation,” Affuso said. “We are closer to the next recession than we are from the last recession and there are still about 85,000 properties in foreclosure, and probably 40 percent are older than 2013.”
FRIST!!!
Just did a quick (lazy) check of Realtytrac, 497+ pages with about 10 listings per page would roughly equal 5,000+ foreclosures for Bergen county. Seems about right.
Two questions: 1. anyone have a more accurate source for a total count. 2. what’s the major hurdle for home buyers going the foreclosure route? I understand financing and lack of risk mediation (no inspection, etc.), but was wondering if there is anything else.
24. Juice from yesterday.
8 year 120k was best I could buy on my last Honda.
Top of the line minivan. Went to install tow hitch. Required added items were transmission and power steering coolers, for a rated tow of 3500.
Sienna had no restrictions.
Also, local dealer wanted 2k for warranty. Bought warranty from dealer in Mass for 800, pocketed 1200. Never towed with it. Trans was fine when I traded it, 400/fuel cost for driving around town was too much (fuel prices higher then)
For those that missed this yesterday, thought it was good myself.
http://www.esri.com/data/esri_data/ziptapestry
hawk (2)-
I could write a book on that subject (and might, one day).
Do not play the game unless you are a RE professional or have the guidance of one you trust. 30 Year Realtor from this board would be a guy who could help you get it done.
In short, buying FK properties represents a minimum of good outcomes for the purchaser. However, the possibilities for bad outcomes are infinite.
My group has purchased 15 properties at sheriff sales in NJ in the last 10 months. On the negative side there have been 2 leaking oil tanks. On the positive side there was the house I got for $235,000 and assigned my bid for a $120,000 profit.
The business requires a great deal of research and knowledge. Risk is tremendous.
I think the overtime change is a good idea, for the following reasons:
The rule already exists today.
The rule hasn’t been adjusted for inflation.
I know for a fact that this is abused.
Anyone arguing against the change, should be arguing for the rule to be abolished entirely.
My stance on this is similar to the NJ farmland assessment argument, we can argue about whether or not the rule should exist or not exist at all, but what we can all agree on is the fact that the usage is wildly different today based on the fact that the cutoff amounts were not adjusted for inflation.
Not sure how republicans can rally against this, considering the last president to adjust it upwards was Bush.
And before that it was adjusted upwards in 74 or 75, not sure if it would have been under Nixon or Ford, but that was also under a Republican president.
I see that according to that web sit Little silver ha the highest median income in Monmouth county …what’s up with that ..http://www.esri.com/data/esri_data/ziptapestry
Don’t want my slaves gettin’ no goddam ideas about overtime…
5. eloquent response. makes you think. would avoid.
That cap idea, in the second comment, is a good idea. Makes a lot of sense and protects the regular worker who is not making much.
“Her are a few reforms that could save million$. Get all the municipal prosecutors, municipal attorneys, etc. out of the police and fire pension. If your job description does not say police or fire then you have no business collecting a fat pension after just a few years of appointed service. Toss the double and triple dippers from the system. Most don’t belong there anyhow. Governor always looking to take more from the working guy/gal and protecting his wealthy friends so their check arrives on time. Can’t wait until we are done with him!”
“As opposed to tossing the double- and triple- dippers, I would prefer to see a hard cap on pensions. The political appointees get all the attention, but there’s a lot of common workers who work multiple part-time jobs to make ends meet (for schools, there are nurses who work part-time for two different small school districts, people who work as bus drivers before/after school and as lunch servers during the day, etc.). For people like them, their two pensions combined wouldn’t come anywhere even close to what one of those political appointees would make from one pension alone.
Put a hard cap on the pension payout that would make getting the extra cushy job worthless, and don’t shaft the honest little guy in the process.
Also, something has to be done about the people who work part-time their whole career, and then get appointed to a full-time job their last couple years and collect their pension based off of the full-time salary instead of the part-time salary they spent their career at.”
http://www.nj.com/politics/index.ssf/2015/07/christie_wont_accept_public_employee_pension_payme.html#incart_2box_nj-homepage-featured
3
24 juice from yesterday
It was specific to the oil burning issue in Hondas. They had a class action on the V6 for a few specific years. End result if I understand it right is that the engine is covered for eight years regardless of mileage. Tranny is something different. Cue JJ.
My wife’s pilot and my Accord fell into the time period. My wife had that specific issue on the pilot, Lakewood Honda charged us for it, scumbags, had to file and get reimbursed. Sea Girt Honda guys made me aware of it. No issues on the accord so far.
I’ve gotten 300k out of my last three cars. A Mazda, a ford and a Pontiac with nothing more than routine maintenance. Lots of parkway and turnpike miles, I run them to death and or safety issues. My wife runs maybe 10K per year. When I hit 300 on the accord I’ll just take her pilot and run it for another 200K.
Honda engines are basically bullet proof, I’ll take my chances.
Got 280K on a 2002 F-150 4X4 with a 5.4 Triton V8. Regular maint. Damn thing can still light ’em up while carrying a load of…whatever. Gonna give it to my son in a few years. Some rust but the drivetrain is…nuclear proof. The only vehicle that served me better was a 1949 Chevy pickup (5 window). I called it the tank. Should have never sold it.
Second major property damage incident in six years of tony Colts Neck…..this time someone kicked major dents into my car……..estimates pending……I love the smell of napalm in the morning….it smells like victory…..
Dumb white kids.
Alabama, South Carolina and other states that are major government recipient of aide from major economic States like NJ are the one saying get Government out of my life.
https://www.youtube.com/watch?v=zRx0z-pijqI
Yup, complain, but have their hand out.
yome says:
July 20, 2015 at 6:24 am
Alabama, South Carolina and other states that are major government recipient of aide from major economic States like NJ are the one saying get Government out of my life.
https://www.youtube.com/watch?v=zRx0z-pijqI
@StephenKing:
Bumper sticker idea: I’M ONE OF TRUMP’S CHUMPS. Jesus, how do I come up with these? Just lucky I guess.
Looks like Trump has indeed fallen on his sword, only a matter of time for him.
But he served a very useful purpose, namely moving the country to the right when it comes to combatting the third world infiltration that’s been taking place.
“The six-year bull market for U.S. stocks has at least another two years left, Omega Advisors Inc.’s Steven Einhorn said Sunday.
“There’s quite a while to go before this particular bull market ends,” Einhorn, vice chairman of the New York-based hedge fund, which oversees more than $9 billion, said on the television program “Wall Street Week.”
The Standard & Poor’s 500 Index gained 2.4 percent for its best week since March as a Greek bailout agreement eased fears that the nation would exit from the euro and a rout in Chinese equities leveled off. Domestically, economic fundamentals remain strong and the pace of interest rate tightening by the Federal Reserve is likely to be gradual, boding well for equities, Einhorn said.
The former Goldman Sachs Group Inc. partner, who joined Leon Cooperman’s Omega Advisors in 1999, said health care and technology stocks will outperform in a slower U.S. expansion, while recommending avoiding the materials and consumer staples industries.”
http://www.bloomberg.com/news/articles/2015-07-19/omega-s-einhorn-sees-another-two-years-left-in-u-s-bull-market
Honda’s are not even reliable. It is all perception. The three most reliable car brands are Lexus, Buick and Caddie so impressive
Buick’s are boring but they are a non-luxury car brand and are the second most reliable car brand in the world
In the 2015 JD Power awards for most reliable cars, meaning cars with fewest problems. Amazing to me is that the Chevy Camaro is more reliable than the highest rated Honda.
So go ahead get a Camaro SS Convertible in Bright Red and a V8 and tell your wife you are being practical.
Buick LaCrosse; Chevrolet Camaro; Chevrolet Malibu; Chevrolet Silverado HD; GMC Sierra LD; GMC Terrain; and GMC Yukon.
@dantherriault: #Trump on national media tour proving new face of GOP same as old: xenophobic, narcissistic, unapologetic & fighting for billionaires.
Thought I would give you guys a Baltimore update. So family did a Washington DC Hershey Park vacation. As we are leaving DC up to Hershey had a choice of taking the beltway around Baltimore or going through the heart of Baltimore downtown on a weekday afternoon 3pm. With 3 accidents on the 695 beltway, I chose driving through downtown to get on 83. To my surprise it was like driving through Paramus on a Sunday morning. You have these huge 5 lane boulevards with no traffic. The place was empty. there was even metered parking spots available right in front of the harbor/restaurant area. No one walking around, I hit a couple of green lights in a row and took no more than 5 minutes to go through the entire city.
Property damage update……our cameras picked up a perp……early sixties man with tinted glasses, collared shirt with multiple buttons undone revealing ample gray chest hair, wired-rimmed round glasses, neck tattoo with the words “fifty years in the wilderness” scrawled in Greek characters…..threw various empty wine bottles and a fifth of Knob Creek into our dumpster and tried to light a fire……we had no audio, but we clearly could make out the words “bitter renters”…….female companion who was obviously a hooker joined him on our front stoop and they were doing blow on the top step…….
I so want that to be real.
http://crimefeed.com/2015/07/doctors-spark-fury-after-posting-delivery-room-selfies-with-womens-vaginas-as-they-give-birth/
If I was a doctore
had no audio but could make out the words. we already know more about this perp that his info on LinkedIn
Move along, nothing to see here.
China Crash ‘Way Bigger Than Subprime’ for Billionaire Paul Singer
Hedge fund manager Paul Singer said that China’s debt-fueled stock market crash may have larger implications than the U.S. subprime mortgage crisis, echoing warnings from fellow billionaire money managers Bill Ackman and Jeffrey Gundlach.
“This is way bigger than subprime,” Singer, founder of hedge fund Elliott Management, said at the CNBC Institutional Investor Delivering Alpha Conference in New York in response to a question about China’s crash potentially affecting other markets. Singer said it may not be big enough to cause a global financial market conflagration.
China’s stock market has dropped from a June 12 peak wiping out almost $4 trillion in value in less than a month after investors who borrowed to buy shares had to unwind trades. Markets tumbled even as President Xi Jinping’s government ramped up efforts to stem the rout, including preventing share sales of companies.
The threat to markets from the country is a bigger concern to Ackman, who runs Pershing Square Capital Management, than Greece.
“China is a bigger global threat by far,” Ackman said Wednesday at the conference. “The Chinese stock market is a fairly remarkable phenomenon and I think kind of a frightening one.”
http://www.newsmax.com/Finance/StreetTalk/china-paul-singer-stock-crash-subprime/2015/07/16/id/657401/
How do you do everything to avoid serving your country and condemn a POW?
What Donald Trump was up to while John McCain was a prisoner of war
It was the spring of 1968 and Donald Trump had it good.
He was 21 years old and handsome with a full head of hair. He avoided the Vietnam War draft on his way to earning an Ivy League degree. He was fond of fancy dinners, beautiful women and outrageous clubs. Most important, he had a job in his father’s real estate company and a brain bursting with money-making ideas that would make him a billionaire.
“When I graduated from college, I had a net worth of perhaps $200,000,” he said in his 1987 autobiography “Trump: The Art of the Deal,” written with Tony Schwartz. (That’s about $1.4 million in 2015 dollars.) “I had my eye on Manhattan.”
More than 8,000 miles away, John McCain sat in a tiny, squalid North Vietnamese prison cell. The Navy pilot’s body was broken from a plane crash, starvation, botched operations and months of torture.
As Trump was preparing to take Manhattan, McCain was trying to relearn how to walk.
The stark contrast in their fortunes was thrown into sharp relief Saturday when Trump belittled McCain during a campaign speech in Iowa.
http://www.washingtonpost.com/news/morning-mix/wp/2015/07/20/what-donald-trump-was-up-to-while-john-mccain-was-suffering-as-a-prisoner-of-war/
“The stark contrast in their fortunes was thrown into sharp relief Saturday when Trump belittled McCain during a campaign speech in Iowa.”
It’s fun watching McCain supporters denounce Trump when they did the exact same thing to John Kerry.
If you haven’t taken it upon yourself to start saving for retirement, you could already be in trouble.
Even worse, you could be part of a national crisis that’s brewing under everyone’s radars.
In an earnings call Thursday, Blackstone president and COO Tony James articulated the problem and its origins.
“I have the view that the hidden crisis in America that no one is talking about is what’s going to happen with all of these 20, 30, 40-year-olds who no longer have corporate pension funds of defined benefit,” he said. “So, they have got 401(k)s and they are making little contributions in there, which is earning very, very little.”
In the good old days, young Americans went to work for an employer who would promise a comfortable retirement in the form of a pension plan — that is, a defined-benefit plan. Those plans were run by professional investment managers. And if the assets in those plans fell short of what was promised in retirement, the employer would make up for the difference.
But as James points out, it’s increasingly become the responsibility of the worker to put money away for retirement in the form of a 401(k) plan or an IRA — that is, a defined-contribution plan. Not only are people expected to put away money, they have to figure out how to generate a reasonable return on their assets.
“When they retire at 65 and they don’t have enough to live on and it’s an entire generation, maybe two generations of people, we are going to go, oh my God, what happened?”
31. Exactly.
It’s been scientifically proven that right wing tendencies are linked to low IQs. And prejudice.
“Looks like Trump has indeed fallen on his sword, only a matter of time for him.
But he served a very useful purpose, namely moving the country to the right when it comes to combatting the third world infiltration that’s been taking place.”
PSA
Adultery site Ashley Madison hacked, user data leaked
Hackers have stolen and leaked the personal details of users of Ashley Madison – a site that hooks up people who want to have affairs.
A group or individual known as The Impact Team claimed to be behind the attack and that it had data on all of Ashley Madison’s 37 million users and its partner sites, Cougar Life and Established Men, all owned by Canada’s Avid Life Media (ALM).
The Impact Team claims to have access to the company’s user database and is threatening to release all of the information unless the site is taken down. So far the group has released 40MB of data which include credit card details as well as internal ALM files and documents
http://www.cnbc.com/2015/07/20/adultery-site-ashley-madison-hacked-personal-data-leaked.html
26 – You need to post that video for us.
Can I pay a fee to get a list of all the women on Ashley Mad within 15 minutes of my office
34. “Scientifically proven”
Where’s the study?
37. Jib. Cut. Like.
All politics are local. Vote Bernie🙏🏼
Christie gun law changes held up
http://www.northjersey.com/mobile/news/christie-gun-law-changes-held-up-1.1377163
Three weeks after Governor Christie said, in a late-night email on the eve of his presidential campaign, that he would propose “common-sense” changes to New Jersey’s gun regulations, no plan has been put forward.
But Christie, campaigning for president under the “Telling It Like It Is” slogan, has presented potential voters with a different version.
After announcing his White House bid in Livingston on June 30, Christie set off for New Hampshire, the first-in-the-nation primary state, and told a crowd in Sandown that “we just issued a new regulation in New Jersey yesterday.” Four hours later on Fox News Channel, Christie told host Sean Hannity that “we issued new regulations to deal with the tragedy that happened in our state.”
Even if the governor’s proposal is submitted by Aug. 7, the next deadline in the rule-making process, the earliest that Christie’s plan to prioritize and expedite gun permit and license applications from victims of domestic violence could go into effect would be late in the fall.
As of Friday afternoon, the governor’s proposal had not made the first step in a months-long process.
“A rule proposal remains just that until it is formally adopted,” Paul Loriquet, a spokesman for the Attorney General’s Office, wrote in an email.
Shortly after 9:30 on the night before he officially declared his campaign for the White House, Christie attached a copy of the regulatory change that he said would be filed by the attorney general. It proposed prioritizing and expediting firearm identification card and handgun permit applications for those who have been or are victims of violence, are threatened with violence or a deadly weapon, or are “living under a demonstrable threat,” like court-ordered protection through a restraining order.
Christie announced the change nearly a month after the fatal stabbing of Carole Bowne, a 39-year-old Camden County resident whose firearms application was delayed beyond the statutory deadline. Her death drew wide attention, especially among gun advocates, who called the killing — allegedly carried out by a former boyfriend who was the subject of a restraining order — an outrage, and said Bowne died as a result of New Jersey’s strict gun laws. Last week the town committee in West Deptford, where Senate President Stephen Sweeney lives, passed an ordinance restricting protests after gun rights groups picketed outside the senator’s home.
Christie’s decision was met with a mix of praise and criticism — in some cases from the same people. While the governor announced he would make the regulatory change, he did not sign legislation on his desk that would close a loophole in the state’s gun law requiring domestic violence offenders and those with restraining orders against them to give up all their firearms. Bill sponsors and critics of the Republican governor expressed disappointment, and some said it served as an example of how Christie is trying to appeal to a conservative base.
“It looks to me like he’s playing [to] a particular audience,” said Dolores Phillips, legislative director of the advocacy group Ceasefire NJ.
She called it a “deceptive practice” and said the press release “gives the appearance of policy initiatives to benefit his presidential campaign and clearly is using his office staff and official website to do so.”
The announcement and proposed regulation change disappeared from the governor’s website the day after Christie announced his campaign for the White House. The executive order, however, remained online.
Christie spokesman Kevin Roberts said it was a “technical issue,” and the release was reposted to the governor’s state website the day after The Record asked about its disappearance.
Assemblyman Lou Greenwald, a primary sponsor of the gun loophole bill, said he agreed with Christie’s idea to change the gun regulations for victims of domestic violence. Greenwald is a Democrat who represents Camden County, where Bowne was stabbed to death while her handgun permit was being reviewed. New Jersey’s statutory deadline for handgun permit processing is 30 days. Christie’s proposal would require reviews and processing for victims of violence be prioritized and expedited within 14 days, if possible.
But by Christie announcing he would make the change, then not moving to make it, Greenwald said it was “more sensationalism and 30-second sound bites” from the governor.
“He got the press out of it; now the follow-up doesn’t matter as much,” Greenwald said.
Roberts said in an email that the governor’s “language has been pretty clear that we are working through regulations to make those changes.”
Roberts pointed back to the Fox News appearance, in which Hannity asked whether they was anything Christie could do through executive order to allow law-abiding citizens to get a gun permit.
“Not under our current statutes,” Christie replied. “Now, we’re working with regulations to try to make sure that they’re done in a much more efficient and effective way.”
A regulatory change must first be filed with the state’s Office of Administrative Law for review, which takes about two weeks. It is then published in the New Jersey Register, usually with a 60-day comment period. Friday was the submission deadline for rule changes to be published in the Aug. 17 register.
Had the proposal been filed Friday, then the comment period would have ended Oct. 16 and the earliest date of adoption would have been a month later, on Nov. 16, according to the office. The next submission deadline is Aug. 7 for the Sept. 8 register. That would push the comment period back to the period ending Nov. 7, and an adoption date about a month later.
In addition to announcing two weeks ago he would make the regulatory change, Christie signed an executive order creating the New Jersey Firearm Purchase and Permitting Study Commission, tasked with reviewing the laws, regulations and procedures for guns, “ensuring they do not infringe on New Jerseyans’ constitutional rights.” The governor has not yet announced the panel’s members.
Email: racioppi@northjersey.com
[35] I’ve been waiting for something like this to launch my competing site, HoBook.com. We should be going public in 6 months.
Adultery site Ashley Madison hacked, user data leaked
Once I get the full Ashley Madison list, I’m going to post it on my just-registered domain, Wankyleaks.com .
Paul Krugman: “I may have overestimated the competence of the Greek government”
http://cnnpressroom.blogs.cnn.com/2015/07/19/paul-krugman-i-may-have-overestimated-the-competence-of-the-greek-government/
lol, that’s not the only government Krugman overestimated the competence of.
“It’s fun watching McCain supporters denounce Trump when they did the exact same thing to John Kerry.”
John Kerry deserved it Otto. That’s the difference. Though I do give Kerry a lot more credit than I give Hilary. At least he had the conviction to divorce his cancerous wife once she couldn’t do anything for him. Hilary on the other hand, continued to get embarrassed with regularity from Bill’s transgressions. Can’t wait for Bill to get caught again as a dirty old man.
[35] FKA
PSA? Don’t you mean JJ Service Announcement?
It’s Ashley Madison Time.
banco (16)-
Take the confederate flag off the roof, genius.
“Second major property damage incident in six years of tony Colts Neck….”
[34] footrest
If you’re so damn smart, why aren’t you rich?
Oh, I forgot, you eschew such bourgeoise tendencies in favor of the greater good. Okay, so what have you done to improve the world? Link or citation for a write-up of your good works or evidence of erudition?
Go ahead and use big words in your explanation; I’ll try to keep up.
Yep. When I lived in Centerport, LI and used to take the train from milquetoast Greenlawn station some kids slit my rag top to break into my car and found a spare ignition key. They stole the car, dropped it off about 4 days later 1000 feet from where they stole it with a burned out clutch and they kicked in both fenders, both doors, and both quarter panels multiple times. Only white kids would do that.
Second major property damage incident in six years of tony Colts Neck…..this time someone kicked major dents into my car……..estimates pending……I love the smell of napalm in the morning….it smells like victory…..
Libturd at home says:
July 19, 2015 at 10:59 pm
Dumb white kids.
banco (26)-
If it had been me, I’d have taken a dump on your front porch.
“Property damage update……our cameras picked up a perp……early sixties man with tinted glasses, collared shirt with multiple buttons undone revealing ample gray chest hair, wired-rimmed round glasses, neck tattoo with the words “fifty years in the wilderness” scrawled in Greek characters…..threw various empty wine bottles and a fifth of Knob Creek into our dumpster and tried to light a fire……we had no audio, but we clearly could make out the words “bitter renters”…….female companion who was obviously a hooker joined him on our front stoop and they were doing blow on the top step…….”
[44] Should have been:
Paul Krugman: “I may have overestimated the competence of
the Greek governmentmyself.”ben (45)-
Hey, that’s Bernie’s future FedCo chair you’re disparaging!
“lol, that’s not the only government Krugman overestimated the competence of.”
At some point, Krugman will end up in charge of something important. And completely fcuk it up beyond repair.
[48] libturd,
Years ago, a colleague at my former firm was signing up for this, even after starting a relationship with a total hottie (also very high maintenance hottie from LI, probably a JJ castoff). I told him he was wasting his time because the early reviews were that all the women were escorts. (he later married the high maintenance LI hottie, against my advice to the contrary).
Seems that was incorrect: According to one lawsuit I read about, they hire women to answer emails and get guys paying up for service. It popped up in, of all places, a lawsuit–seems these women want Ashley Madison to pay overtime or something to that effect. But what struck me was that this practice seemed to be fraud on a massive scale. This is not my area of law so I cannot really say that with any authority, but based on the textbook definitions I learned, it seems to fit.
I surmise that the only reason Ashley Madison hasn’t been shut down by the FTC is that they are not targeting a protected class.
[52] splat
“early sixties man with tinted glasses, collared shirt with multiple buttons undone revealing ample gray chest hair,”
Early 60’s? I take offense to that!
All I know if Ashley Madison is that catchy lingo that play all the time on Howard Stern. Plus the name sounds so waspy.
Amen! Yet, we continue to destroy the last of the pensions. Instead of destroying them, we need to grow them. This is going to be a disaster when 401k generation goes to retire. Of course they will raise taxes on the future workers to support this mess. All those ceo’s and investors who made out like bandits in the savings from switching pensions to 401k’s should be lined up and shot. Disgusting moves on their part. Took the money and ran. Anyone rooting against pensions in favor of 401ks should also be shot. YOU ARE ALSO PART OF THE PROBLEM.
“When they retire at 65 and they don’t have enough to live on and it’s an entire generation, maybe two generations of people, we are going to go, oh my God, what happened?”
Yes, sir!! Vote Bernie if you want to end the madness of a govt that has been bought and sold.
Essex says:
July 20, 2015 at 10:04 am
All politics are local. Vote Bernie🙏🏼
I can’t wait to provide high interest loans to all of my fellow generation X’ers who were to0 greedy to save. Maybe I’ll open a Social Security loan center. It will be like payday loans, but instead of your paycheck, I’ll give you your monthly SS check in advance. Maybe combine it with a pawn shop?
Either that, or I’ll rent out refrigerator and water heater boxes for my peers to live in. After all, they followed the direction of Blumpkin. To spend it all today.
The reason why Krugman is getting so much air time these days is because he’s saying things now that were being said years ago by smart people. I look forward to his op-eds in the future claiming how he was right, and the following articles of those making fun of him by pointing out his previous incorrect positions.
Is he losing weight?, he looks even goofier now
I got an interesting fortune from my cookie which came with my check at the local vegetarian Chinese Restaurant last night. It said, “There are dreamers and there are achievers. The difference between the two is action!” I’m thinking about mailing it to Krugman.
I don’t over-spend and I don’t under-spend. I’m a moderate. No way I could be an extreme spender and buy two properties by the age of 31, this day and age. How would I come up with the 20%?
Libturd in Union says:
July 20, 2015 at 12:35 pm
I can’t wait to provide high interest loans to all of my fellow generation X’ers who were to0 greedy to save. Maybe I’ll open a Social Security loan center. It will be like payday loans, but instead of your paycheck, I’ll give you your monthly SS check in advance. Maybe combine it with a pawn shop?
Either that, or I’ll rent out refrigerator and water heater boxes for my peers to live in. After all, they followed the direction of Blumpkin. To spend it all today.
[58] libturd
I only remember one advert, on network TV, probably during a football game. A bit campy but not suggestive. Still, I expect it provoked a firestorm because I don’t recall seeing it again.
59. Same old goats that are getting pensions, social security and medicare think they are the only ones that deserve it. It’s where the term “grandfathered” comes from.
[59] plumpkin
“All those ceo’s and investors who made out like bandits in the savings from switching pensions to 401k’s should be lined up and shot.”
Do you propose to shoot all of the taxpayers who made out because the PBGC wasn’t paying for the underfunded pensions that no longer existed?
Can you research your mental dumps before posting? It literally hurts my brain to see you make a claim with no basis in reality. Pension “savings” don’t go to investors or CEOs because there are no “savings” and an employer may actually pay out MORE currently under a 401(k) than a pension. The only way investors and CEOs make out is if their share prices appreciate because the employer doesn’t have a FUTURE liability, and isn’t incurring all of the COSTS associated with keeping a defined benefit plan.
Now, personally, I like DB plans precisely because they are so costly. I get paid. But get your facts straight, willya?
What a glorious hack, I’m sure the blackmail emails have already gone out.
Talk about moneymaker. Much easier to extort 500,000 cheating idiots, than 1 large financial or retail organization. Especially if the extortion attempts are distributed, which they probably will be. What’s the breach size? I bet you they can collect $5,000 from at least 25% of the list. Even better, it doesn’t even matter that cheating took place, they’ve got intent, which is good enough in my book. Heck, if the list gets sold out to multiple organizations, some of these folks could be good for 2 or 3 extortion attempts. Talk about paying long term dividends.
Both of my parents retired on 401k’s. Nothing wrong with them.
I will admit though, my dad is thankful that the federal government squirted agent orange all over him when he was in the marines and gave him cancer and diabetes. They apologized with a small pension.
The Great Pumpkin says:
July 20, 2015 at 12:22 pm
Amen! Yet, we continue to destroy the last of the pensions. Instead of destroying them, we need to grow them. This is going to be a disaster when 401k generation goes to retire. Of course they will raise taxes on the future workers to support this mess. All those ceo’s and investors who made out like bandits in the savings from switching pensions to 401k’s should be lined up and shot. Disgusting moves on their part. Took the money and ran. Anyone rooting against pensions in favor of 401ks should also be shot. YOU ARE ALSO PART OF THE PROBLEM.
“When they retire at 65 and they don’t have enough to live on and it’s an entire generation, maybe two generations of people, we are going to go, oh my God, what happened?”
When a large segment of the population fails to save for retirement, it’s not their problem, it’s our problem.
We’ll probably find out we’re all suckers for saving.
Apparently pensions aren’t so great for the elderly in Japan….they’ve had to supplement their “income”.
Japanese pensioners are committing more crimes than teenagers
http://www.independent.co.uk/news/world/asia/japanese-pensioners-are-committing-more-crimes-than-teenagers-10399475.html
The majority of crime committed by the Japanese elderly, according to a government white paper written in 2012, were acts of shoplifting by impoverished pensioners, although national police have said that homicides carried out by the elderly were rising with 50 times more assaults in 2011 than in 1992.
People dont like 401Ks as it makes folks volunarily save for retirement and they have to withstand urge to borrow or withdraw from them and you have to keep a large part in stocks.
Someone who graduated college in May 2005 if they did the max at a company with an above average max would have around 500K now.
Having one million total in 401ks is fairly common and working couples easily have two million by retirment.
or not
http://money.cnn.com/2015/01/29/retirement/401k-balances/
Average 401(k) balance hits record $91,300
Someone who graduated college in May 2005 if they did the max at a company with an above average max would have around 500K now.
I suspect you may be using some assumptions that don’t quite hold true over the broader population.
I know a lot more millennials jumping from job to job, thus not getting the match, and then just cashing in the 401k (how is $12,000 going to help me retire attitude). The question is will there be a tipping point in the future as these seniors come to realize their is no retirement for them? Will there be protests? A nationalization of savings from 10% for the greater good? Pensions came after the depression and seeing the old tossed to the curb by families.
The first generation makes it
The second generation takes it
The third just gives it all away
-this saying generally works for the family owned business
re # 75 – The Greeks just paid off their emergency loan with another emergency loan. €7.2bn bridge loan up in smoke in a matter of minutes to pay off other loans to IMF and EU, which bailed out the banks who issued the crap debt in the first place. Meanwhile capital controls in Greece are still in place and VAT on FOOD is now 23%.
You really think your 401k is safe? Don’t put all your eggs in the same basket.
re # 76 – Make that the Greeks made two late payments to the IMF, they did not pay off their loans. Next month is same story.
76 – You are always full of good news.
Do the max since day one in 100% equities in a plan that has a good match.
grim says:
July 20, 2015 at 1:48 pm
Someone who graduated college in May 2005 if they did the max at a company with an above average max would have around 500K now.
I suspect you may be using some assumptions that don’t quite hold true over the broader population.
[68] grim,
“I’m sure the blackmail emails have already gone out.”
Has JJ received his? I imagine he quoted the Duke of Wellington.
Can someone explain how any progress is made on the Conrail Viaduct, or the approach to the Holland Tunnel? I’ve driven through at all times of the day and the workers are eating, on phones, and milling about. I realize these guys want overtime but this abuse is so blatant its laughable. A few weeks ago, I saw a woman in her car snapping photos. It’s truly amazing to say the least.
[80] redux
I actually wonder how effective that would be. Think about it; first a great many emails are anonymous so those don’t help (I assume they have credit card data). Second, there has to be a number of people who would not care or be in a position to be hurt (e.g., folks already divorced or widowed) and they would fight back. Third, more than enough opportunities to be stung here and slapped with centuries worth of sentences for numerous and sundry violations of state and federal law. Or, if you blackmailed the wrong person and they had the means, they will find you and kill you.
If I were the perps, I’d be realllllly careful about how I used this treasure trove.
79, not quite. Much closer to 300k assuming a somewhat realistic 7% annual rate of return.
Do the math for me, because I have no idea how you graduated in 2005 and now have 500,000 in your 401k. Not trying to be a dick, but total bs.
JJ says:
July 20, 2015 at 3:07 pm
Do the max since day one in 100% equities in a plan that has a good match.
grim says:
July 20, 2015 at 1:48 pm
Someone who graduated college in May 2005 if they did the max at a company with an above average max would have around 500K now.
I suspect you may be using some assumptions that don’t quite hold true over the broader population.
What’s to stop them from just adding a few names to the hacked list for fun?
If all S&P and all reinvested in a company with a decent match. Like dollar to dollar up to 12k match you would be doing pretty good. Amazing what $2,400 a month for a decade in stocks can do with a big bull market at your tail wind
jcer says:
July 20, 2015 at 3:15 pm
79, not quite. Much closer to 300k assuming a somewhat realistic 7% annual rate of return.
84- how much are you getting paid in your first gig out of college? You are lucky if you get health insurance, never mind matching 401k.
You see, there is going to be a judgement day for getting rid of pensions, matching 401k’s, and retirement benefits. All these chumps did was push the cost of these retirement on future generations. Just think about it, and that’s exactly what these crooks did. It’s just so far into the future that the majority of people can’t see the crime here.
re # 78 – Here is some more good news. I mentioned Greece simply because we are not far behind. Just compare debt as a percentage of tax revenue.
Japan is #1, with 900 percent <<<— Everyone agrees they are F*uck*ed
Greece is #2 with 475 percent<<<— Everyone knows they have been F*uck*ed
USA is #3 with 408 percent <<<— Everyone here thinks they won't be F*uck*ed
This cacluation does not include the several trillion dollars owed to Social Security, sintting in a file cabinet somewhere in Virgina, yet it does include the Social Security taxes collected!
Shall we mention the unfunded liabilities?
How does this massive debt not equal increased taxes and reduced beneifts? Ask the pensioners in Detroit or the people of Greece or Cyprus for that answer.
84, company would need to offer very generous match and your average annual ROR needs to be sky high. Not an entirely common set of variables, couple that with recent grads being lowly paid and the high cost of living most new grads aren’t fully funding 401k’s.
And there will be a judgement day for lowering workers pay and getting rid of good jobs. Everything has a consequence. They are destroying the economy. The consumers won’t be able to support it. Clock is ticking.
Are you serious? If there are no savings, why did they get rid of the pensions in the first place? Those savings just vanished into thin air, they didn’t go into people’s pockets?
Comrade Nom Deplume, the anon-tidote says:
July 20, 2015 at 12:56 pm
[59] plumpkin
“All those ceo’s and investors who made out like bandits in the savings from switching pensions to 401k’s should be lined up and shot.”
Do you propose to shoot all of the taxpayers who made out because the PBGC wasn’t paying for the underfunded pensions that no longer existed?
Can you research your mental dumps before posting? It literally hurts my brain to see you make a claim with no basis in reality. Pension “savings” don’t go to investors or CEOs because there are no “savings” and an employer may actually pay out MORE currently under a 401(k) than a pension. The only way investors and CEOs make out is if their share prices appreciate because the employer doesn’t have a FUTURE liability, and isn’t incurring all of the COSTS associated with keeping a defined benefit plan.
Now, personally, I like DB plans precisely because they are so costly. I get paid. But get your facts straight, willya?
Great post! Well said.
Walking Bye says:
July 20, 2015 at 2:11 pm
I know a lot more millennials jumping from job to job, thus not getting the match, and then just cashing in the 401k (how is $12,000 going to help me retire attitude). The question is will there be a tipping point in the future as these seniors come to realize their is no retirement for them? Will there be protests? A nationalization of savings from 10% for the greater good? Pensions came after the depression and seeing the old tossed to the curb by families.
The first generation makes it
The second generation takes it
The third just gives it all away
-this saying generally works for the family owned business
86, there are very few 401k’s matching 12k, that would be a very generous match, many more 3k or 6k matches. Also SP500 average annualized returns from 2001-2015 are only ~6%.
Bingo!!
So yes, I worry when pensions are almost extinct. That’s the canary in the coal mine for some major trouble down the road. We shouldn’t be fighting to get rid of pensions, it’s against everyone’s own interest.
grim says:
July 20, 2015 at 1:15 pm
When a large segment of the population fails to save for retirement, it’s not their problem, it’s our problem.
We’ll probably find out we’re all suckers for saving.
Anybody feel luck and want to try catching a falling knife? LINE selling off like it is cutting the monthly distribution again.
most new grades jump ship their first 10 years as it’s the only way to get a raise. Therefore third is no company match as its forfeited , at most after 10 years they Are looking at $50k. Most of the time they just take the money out to put a down payment on a new car after 8 years
“Also SP500 average annualized returns from 2001-2015 are only ~6%.”
Less fees and taxes.
F that JJ. I’ve been putting in between my max allowance and the company match 100% of the first 4% (used to be 7%). Since 1999. Didn’t have a 401k at my first gig. Grand total is 330K for me (Gator’s is rolled into an IRA). So call it 10% of my annual pay on average. You need to rerun your numbers fo sho!
And that’s with some masterful market timing with the financial crisis and tech bubble.
98, exactly my wife has maxed out and gotten match from big 4 public accounting firm and large wall street bank since before 2005 and she doesn’t have 500k in her 401k. ~300k is what it really is if you’ve been maxed out for 10+ years with match, it is much harder to get to 500k in 10 years without an overly generous match. Now 2+ million after 40 years is pretty easy to do.
[92] pumpkin
Something for your mom.
http://laughingsquid.com/why-is-your-millennial-crying-a-guide-for-parents-other-concerned-parties-by-gemma-correll/
JJ says – “Amazing what $2,400 a month for a decade in stocks can do with a big bull market at your tail wind”
What kind of first job offers a salary high enough that you can put $2,400 a month into non-liquid savings?
Realize that national non-metro AMI is 54,100. That means 50% of the working population make less than that. On your numbers, they need to be saving > 53% of their gross income to hit your numbers of $2,400/month.
My first post-college job 15 years ago – I didn’t make $2,400/per month in take home pay . I guess I never learned how to live, eat, sleep and F4ck in my 401(k) like the great JJ.
[91] punkin
Okay, let me explain this again, only slowly and with small words:
First, getting rid of a DB plan and replacing it with a DC plan may not have much, if any savings. Especially if there is a match. Company still paying out. Also, not all DC plans have employee withholding–some are employer funded entirely. So where are the savings?
Second, DB plans have savings insofar as future costs may be limited. Note the word “future”. Also, those costs are legal, compliance, etc. You are seriously complaining that I’m not getting paid?
Third, You are under the belief that the old days, when corporate raiders took over companies for their overfunded plans, still exist. Section 4980 of the Code killed that. Decades ago. Now, if you terminate a plan, all benefits vest, and if any funds are reverted, there is a 20 or 50 percent excise tax depending on whether there is a replacement plan.
Now, where do I send my bill?
IMO, the 401K is much better than the pension plan because you know it will be there when you retire. I know of way too many cases where the the pension was raided and the workers who never contributed to it and didn’t save in IRAs concurrently ended up with nothing when the company went under and many were near retirement. Sure, your 401k might be down in a bear market, but at least you know it’s there. I really feel bad for the public workers who aren’t saving outside of their pension for example.
JJ is not remembering that guys like us weren’t always over 50 (so you can contribute another $6K catchup) with a sizable match on top. $2400/month = $28,000 which is $5K more than max contribution. Anyone under 50 would need to have a $200K salary and a 6% match, which is not impossible, but not the Main Street norm.
What kind of first job offers a salary high enough that you can put $2,400 a month into non-liquid savings?
My first job out of college matched 401k up to 6% of salary, and the 6% was calculated based on the larger of your salary or $100,000 (or some similar number). Too bad it was right before the market crashed.
I wouldn’t be likely to take a job that didn’t match contributions. I have never had a 401k match that “vested”… they’d have to offer some sweet perks to justify that sort of BS.
Lib – A couple things come to mind. 1.) So long as you roll it over into your own account before a company officer absconds with it. We all *think* we have our own personal company 401Ks at Fidelity or T. Rowe Price, etc., but the entire company plan is actually a kind of big hoax inside a giant annuity wrapper(that’s why you have different classes of MF shares than you could buy on your own). Your CEO and/or CFO can say that the plan is moving from one provider to the other and suddenly all the funds go missing during the blackout period. It doesn’t happen too often, but I recommend when changing jobs never roll you old 401K into your new one; Set up your own rollover account and sleep well knowing you have complete control. 2.) I have college friend who is the VP of HR at good sized company. He and his counterparts are very worried about this kind of stuff : http://www.forbes.com/sites/nextavenue/2012/12/29/watch-out-your-401k-is-being-targeted/
IMO, the 401K is much better than the pension plan because you know it will be there when you retire.
My place of work offers a 401k but you aren’t even vested until you are there for 5 years. Staying anywhere for 5 years is not that common . The match is pathetic, but at least they can say they do provide some match. No pension, of course. Raises are also pathetic, how is a millennial going to save much? For me, I don’t care as this is my semi-retirement job but man, I can’t imagine what the 20 something year old’s are going to do at my age.
All you need to do is neuter the stretch IRA rules (essentially return them to their original form)…..the IRS will get all the revenue they need….all the rest of this crap is smoke and mirrors choosing one set of stakeholders over another…….
This article is interesting….but don’t believe the life insurance response alternative…..the insurance market will self-correct there too…..tax is tax
http://www.financial-planning.com/news/retirement_planning/rip-stretch-ira-here-are-alternatives-2692356-1.html
The Original NJ ExPat says:
July 20, 2015 at 5:55 pm
Lib – A couple things come to mind. 1.) So long as you roll it over into your own account before a company officer absconds with it. We all *think* we have our own personal company 401Ks at Fidelity or T. Rowe Price, etc., but the entire company plan is actually a kind of big hoax inside a giant annuity wrapper(that’s why you have different classes of MF shares than you could buy on your own). Your CEO and/or CFO can say that the plan is moving from one provider to the other and suddenly all the funds go missing during the blackout period. It doesn’t happen too often, but I recommend when changing jobs never roll you old 401K into your new one; Set up your own rollover account and sleep well knowing you have complete control. 2.) I have college friend who is the VP of HR at good sized company. He and his counterparts are very worried about this kind of stuff : http://www.forbes.com/sites/nextavenue/2012/12/29/watch-out-your-401k-is-being-targeted/
IMO, the 401K is much better than the pension plan because you know it will be there when you retire.
I’ve set it in the past…..the people who are currently 55-65 are laughing all the way to the bank…..they were the last of Mohicans who were supposedly bilked with a frozen pension so they were given Mighty Mongo 401(k) benefits……..the millennials will be fine…..in fact they will inherit their parents unholy wad of coin…..it is people 40-55 are totally fuct with no real estate equity, no benefits, no good jobs, and young kids……the boomers refuse to step aside and will die at their desks……
What’s essentially happened is that demography will ensure no one from the GOP has a serious shot at the White House for decades.
You are still missing my point. Why did they switch over? For savings, how? Future liabilities. Share price went up, ceo made out, and so did existing shareholders. At who’s expense did they make out, at the future costs of their workers retirement. Once a couple companies saw this profit, they all marched in line to reward their ceo’s and shareholders at the expense of future workers retirement. That whole liability has been thrown at these workers who will not be able to pay for it.
Comrade Nom Deplume, the anon-tidote says:
July 20, 2015 at 5:10 pm
[91] punkin
Okay, let me explain this again, only slowly and with small words:
First, getting rid of a DB plan and replacing it with a DC plan may not have much, if any savings. Especially if there is a match. Company still paying out. Also, not all DC plans have employee withholding–some are employer funded entirely. So where are the savings?
Second, DB plans have savings insofar as future costs may be limited. Note the word “future”. Also, those costs are legal, compliance, etc. You are seriously complaining that I’m not getting paid?
Third, You are under the belief that the old days, when corporate raiders took over companies for their overfunded plans, still exist. Section 4980 of the Code killed that. Decades ago. Now, if you terminate a plan, all benefits vest, and if any funds are reverted, there is a 20 or 50 percent excise tax depending on whether there is a replacement plan.
Now, where do I send my bill?
112- Yes, you can’t trust most workers to save up for retirement. There must be a plan in place, or the savers like me, get taken for a ride when these individuals can’t survive on their retirement.
JJ’s math is way off. Say you have the dream start were you can put away the max out the gate and you get a match after 6 months. Most places will match 60c up to a limit. Lets be generous and say its $19K per year. Getting to 2008 at 6% will give a balance of about $75K. With the crash as its 100% equities, its down the chute to $40K.
Next six years we are back on schedule, with a high return, say 12% as the market bounces back . You end up with about $300K tops.
111 Essex,
I made that call in here back in 2008.
GOP 2020, the next time they are relevant.
(or 2024 if Hillary runs)
Breakdown of my tax bill for 2015 on my single family. Prob hit the 18,000 mark next year. This does not include sewer tax. I’m still living comfortably and I don’t make as much as the the Ragners of this world. Wonder why it’s so hard for a 1%er to contribute a little more, instead my tax money has to go to building their stadiums where they can profit off me some more by selling 10 dollar beers and god knows what for just parking. A sin for my tax money to be used to build money generators for the 1%. But hey, we can’t have the wealthy class contributing more, just throw it on the backs of the middle class.
County taxes 25.59%. $ 4533.30
School taxes 51.41%. $ 9106.90
Municipal taxes 23%. $ 4073.25
Seems like mental gerbils such as gluteus, anon and Punkinhead now rule the after-hours here. Such a shame.
Now it’s safe for ottos little one at college:
http://onion.com/1LyXAjU