From the Star Ledger:
14 percent of N.J. businesses thinking of moving out of state
The New Jersey Chamber of Commerce’s biannual Baker Tilly Spring Economic Outlook Survey brings grim news for the state’s lagging employment prospects: Fourteen percent of those surveyed said they were currently considering moving their businesses out of New Jersey.
Ten of the 14 business leaders considering relocating their businesses blamed high taxes or high cost of living as their reason. Just four cited opportunities elsewhere.
“It is no surprise that high taxes are at the top of the list,” said Tom Bracken, president and CEO of the New Jersey Chamber of Commerce.
“New Jersey-based corporations pay a 9.4 percent tax rate, one of the highest in the country. Despite that, some in the state Legislature last month proposed increasing the corporate tax rate again to 10.75 percent. We fought hard against it and thankfully Gov. Christie vetoed it.”
…
There was also some good news in the Baker Tilly survey, which consults 100 Garden State business owners, CEOs and senior executives. More than four out of 10 respondents (42 percent) said they expect the state’s economy to improve over the next 12 months, while only 16 percent said they expect it to worsen. This is an improved outlook from survey results a year ago, when only 35 percent of respondents said they expected the economy to improve, while 26 percent said they expected it would worsen.And large majority of respondents — 82 percent — said they expect their companies will either maintain or increase their staffing levels over the next 12 months. Some 77 percent of the respondents said they expect their companies’ revenue to stay even or increase.
Good Morning New Jersey
Crazy early flight out of Newark this morning. Drove down McCarter Highway around 3am. What’s with the hookers? Have I just never noticed this before? Usually don’t fly out this early, by 4 or 5 rt 21 is pretty much hopping. Pretty sure the ladies in cocktail dresses hanging out under the train overpass weren’t just getting out of the club late.
What’s the alternative? Go where there is low cost of living and limited business opportunities?
“Ten of the 14 business leaders considering relocating their businesses blamed high taxes or high cost of living as their reason. Just four cited opportunities elsewhere.”
NJ can maintain a high tax rate on immobile businesses because the surrounding states are comparable when it comes to taxes. Ironically, the Dem governor of PA has floated a significant biz tax cut (approx 1/3) but the strings attached to it are waaaay too scary for even his own party so it’s going nowhere. Nothing motivates people to support a tax cut for someone else by telling them that they get to pay for it. Points for honesty at least.
Many locations with solid candidate pools for lower wage jobs across the U.S. have seen some decent sized increases in wages. Vegas was a hot spot because the hospitality and restaurant layoffs made a big pool of workers available. As the economy has picked up, those segments are hiring again, and hiring at better wage rates relative to the newcomers. The relo businesses in that area are really starting to feel the pain. They can’t hire, candidate quality is terrible, and even with boosted wages it’s markedly worse that during the recession.
[3] punked
Hertz, Mercedes, Post, Sealed Air, Genentech, . . . Yeah, they didn’t see the potential in the massive NJ market they kissed off. Not like they’re global or anything. Wonder if they’re missing all that money yet?
Now we need to hear fron anon, the other weight on the dumbbell.
“Mike Abelson calls it his “man cave.”
After his wife passed away, the 65-year-old sold his house and began renting a 1,400-square foot apartment eight miles away in Bethesda, Maryland. The trial attorney now uses his downtime to enjoy warm summer evenings on his terrace.
“I pay a pretty steep rent, but it’s worth it,” Abelson said. “I don’t pay property taxes, I don’t pay for maintenance, plumbing or electrical. I don’t have to pay for the grass cutting. It’s just easier than being a homeowner.”
The number of renters who are 65 or older will reach 12.2 million by 2030, more than double the level in 2010, according to research by the Urban Institute in Washington. While the millennial generation born after 1980 has driven demand for apartments in recent years, baby boomers — those born from 1946 to 1964 — will be the next wave, pushing up rents and spurring construction of more multifamily housing.
Real estate developers such as Bozzuto Group, Abelson’s management company, and Alliance Residential Company are building projects where multiple generations can coexist. Should the supply of rental properties fail to keep up, however, younger people will be competing for housing with the burgeoning population of older Americans.
“It’s a combination of their sheer size and that they’re entering the age range where they increasingly downsize,” Jordan Rappaport, a senior economist at the Federal Reserve Bank of Kansas City, who has also studied the subject, said in a telephone interview. As a result, “it will put upward pressure on rents for all types” of multifamily homes, he said.”
“One downside is that seniors on fixed incomes who have to, rather than choose to, rent will be hurt if supply doesn’t keep pace with the projected increase in demand, said Laurie Goodman, director of the Housing Finance Policy Center at the Urban Institute. Generation X adults — born from 1965 to 1980 — may also introduce another wrinkle, as those who lost their homes in the housing crisis remain in rentals.”
http://www.bloomberg.com/news/articles/2015-07-21/boomers-competing-with-millennials-for-u-s-urban-rental-housing
This will pretty much guarantee that all new large scale multifamily is geared towards luxury/high income.
http://www.nj.com/bergen/index.ssf/2015/07/massive_edgewater_fire_sparks_interest_in_third_bi.html#incart_river_mobileshort
6 – If NJ goes, PA is toast. There are huge swaths of PA that still have not recovered from the loss of coal, steel, and manufacturing. It may be the case that they never will.
The east coast megalopolis is inextricably linked. Philly metro would probably take the brunt.
Those businesses were in a position to leave. I’m sure there are many businesses that are not in a position to leave, but will try to use these other examples of businesses that can leave to set off some hysteria that businesses are leaving nj in masses so that they can get some tax breaks. If all the businesses are leaving, I want to be one of the businesses that remain. They will have a good ol’ time taking advantage of the limited competition and direct location to a huge consumer base.
Comrade Nom Deplume, feeling very old says:
July 21, 2015 at 8:13 am
[3] punked
Hertz, Mercedes, Post, Sealed Air, Genentech, . . . Yeah, they didn’t see the potential in the massive NJ market they kissed off. Not like they’re global or anything. Wonder if they’re missing all that money yet?
Now we need to hear fron anon, the other weight on the dumbbell.
@pourmecoffee:
If every few years people like Sarah Palin and Donald Trump burst in like Kool-Aid and take over your party, you may have a little problem.
10- Also, I can’t wait for all those businesses, that left to take advantage of cheap labor, get bit in the ass. Hope they attract lots of new people to the location of their business. With every new person arriving to that location, an increase in labor and cost of living will follow. Those states expanding their populations at a fast pace will see their cost of living increase in 10 years at just as fast a rate as the increase in population. People leaving nj for greener pastures will be in for a rude awakening.
That’s the irony of a population rushing to a cheap cost of living area. With so many people rushing to the area, it will no longer be cheap. Taxes will rise with the demand in new services. Labor costs will be driven up with the increase in cost of living. It’s all easily predictable.
Nj’s costs are pretty predictable. They can’t go much higher. The state is pretty developed and you don’t have this massive inflow of new people driving up costs. You can see that in our real estate prices. They didn’t go up as high during the bubble as other parts of the country, and they didn’t crash as hard as other parts of the country. This area is a lot more stable than other parts of the country. Point of the passage, be careful leaving nj for a lower cost of living, these other areas have unpredictable costs. They could rise rather quickly if enough people find the area desirable.
Everyone wants transparency these days. Put this info online and now you know that there is a celebrity in your building.
New Disclosure Rules for Shell Companies in New York Luxury Real Estate Sales
Mr. Jiha said he was spurred to make the changes partly by a series of articles in February in The New York Times that examined the growing use of limited liability companies in real estate transactions, particularly in high-end real estate in New York, a market that has become less and less transparent and increasingly alluring for foreign buyers. A number of the apartments examined by The Times were bought, using shell companies, by international buyers who have been the subject of government inquiries around the world, either personally or as heads of companies.
In all, more than half of New York condominium sales above $5 million last year were to limited liability companies, which can be established in many states without disclosing the names of the actual, or “beneficial,” owners.
The primary intent of the new rules is fairly narrow: to help identify real estate owners who may be avoiding city income taxes by claiming legal residency outside the city or even the country. An estimated 89,000 of the city’s condos and co-ops — valued at $20 billion based on city tax assessment data but with an actual estimated fair market value of $80 billion — are owned by people who claim to be nonresidents of the city.
http://www.nytimes.com/2015/07/21/nyregion/new-disclosure-rules-for-shell-companies-in-new-york-luxury-real-estate-sales.html
#2 -re: Newark Airport – One time I missed the turn off in the early morning to the long term offsite parking off Rt 1 South past the Hilton near Elizabeth. I went down some side street at 5AM to go back around and there was some scary looking “ladies” creeping around there. Mix of Truckers and Hotels and Airport breeds some crazy crackhead streetwalkers.
[9] grim,
True enough. I see a migratory pattern at work as well. Regional Biz leaves NYC for NJ, then leaves for DE or PA. Multis leave NYC for NJ, then leave for GA or TX. Except banks–they leave for DE.
In the Northeast, New England seems to hold its own. Biz may migrate across the Mass line. But the region is so compact, Econ activity tends to radiate across lines.
The “sharing” economy charade continues:
http://www.nj.com/news/index.ssf/2015/07/rent_your_car_while_its_parked_at_the_airport_and.html#incart_2box_nj-homepage-featured
Don’t believe your lying eyes, Punkin’. Pretty much every biz in NJ is either thinking about- or actively pursuing- GTFO. Entire industries (pharma, telecom) have been pursuing a GTFO of NJ for years.
If you’re the last one out, please be sure to turn off the lights.
Ain’t nobody going to Delaware.
I wouldn’t bet on the Banks to stay, and if the military base ever shuts down, kiss all of Dover goodbye.
[10] punked,
“If all the businesses are leaving, I want to be one of the businesses that remain. They will have a good ol’ time taking advantage of the limited competition and direct location to a huge consumer base.”
Sooooo, none of the businesses that relocated ops out of NJ do any business there?
I’m stupider for having read this. I’m gonna stop reading your posts before I kill off any more brain cells and wind up pasting tweets on a blog.
[19] grim
Oh, they’re going. Not at a breakneck pace but they’re going.
Not that they want to. Aside from no sales tax and a few nice beaches, there isn’t anything I can say about DE to praise it. And you’re right about Dover but it’s huge and still needed unless President Sanders cuts our military to JDF status.
Is 50 Cents on the A&P Board?
Grocery store chain A&P files for bankruptcy
Great Atlantic & Pacific Tea, the supermarket company known as A&P, and certain affiliates filed for Chapter 11 bankruptcy protection late on Sunday.
The company, which owns stores such as A&P, Best Cellars, Pathmark, Superfresh and Waldbaum’s, listed assets and liabilities of more than $1 billion in its bankruptcy filing.
The Montvale, New Jersey-based company employs about 34,000, according to its website.
http://www.cnbc.com/2015/07/20/grocery-store-chain-ap-files-for-bankruptcy.html
“the first time she and her husband picked up left their car after leaving it with the company, she found a chicken wing in the compartment of the driver’s side door.”
Probably left as a tip by the renters.
Fast Eddie bought a house. The sellers accepted an offer. Yes, the earth just stopped spinning.
re# 24 – Congrats Eddie on becoming a proud double bag holder. Now dump that first POS ASAP before the market crashes!
FE,
When you stopped looking a while ago, how long did it truly last? a week, a day, an hour? :-)
When did 14% become “everyone”?
And FWIW, there will be insurance-industry jobs moving TO nj.. from pa. ACE will be consolidating a lot of the jobs in Philly into Chubb’s Whitehouse location.
@RyanLizza:
Trump at 24% in new ABC poll, 11 points over closest rival,
making this largest lead any GOP candidate has had in any poll taken this cycle.
Trump’s polling is evidence this country has lost its mind.
joyce [26],
How long did my cease fire last? Probably right after the drugs wore off. What’s the defintition of insanity again? :)
“Trump’s polling is evidence this country has lost its mind.”
No…just the nutty Republicans. I don’t see Hilary in much better light than I see Trump or Palin. And Trump certainly wouldn’t have been dumb enough to conduct national business in his personal email account. Nor would he allow his spouse to chubby chase. Just saying.
Juice,
Yes, I am entering the realm of double bag holder. How’s that for f.ucking crazy?!
29-No, that was already confirmed last election.
http://tinyurl.com/gary-s-new-house
Congrats!
Lol!
Nice Stu! :)
24 congrats Gary all the best! It’s like the end of an era!!
#24..Gary, congrats!
What town Gary?
So Gary. Was it a steal or did you have to compromise?
Nice to have friends in high places, or at least be of the right sort of class . . .
“It might seem like common sense that top U.S. Olympic athletes would have excellent health insurance to cover potentially serious injuries and illnesses. But it turns out that the health plan for about 900 elite athletes — provided through the U.S. Olympic Committee — fails to meet minimum requirements of the Affordable Care Act…. When it became apparent in recent months that athletes could face penalties for the 2014 tax year for having inadequate coverage — through no fault of their own — federal health officials decided to grant exemptions to all affected athletes who apply[.]”
The Great Pumpkin says:
July 21, 2015 at 8:42 am
Nj’s costs are pretty predictable. They can’t go much higher
Easily the stupidest thing I have read in a long time. I am not surprised you were the author.
Gary bought a house. The world truly did stop spinning.
Now if Pumpkin posted something thoughtful and Ottoman decided to get move up from barista to assistant manager, I’d take that as the Seventh Sign . . .
Pumkin, what you fail to realize is that the state assumes revenue growth models(it likes to paint a rosy picture) to pay back all those bonds, and fixed costs they are on the hook for. As all these companies leave you are left with fewer people/ companies picking up those costs. So you begin to a) cut services and b) increase taxes. Lets face it when you drive around NJ and look at the schools they all look like crap many of them built 70 years ago. Take a drive to NC, Virginia, schools are modern and brand new. We are not building new schools just slapping paint on it year after year. So where is all this school money going? mostly just to pay for fixed benefit costs and a few $ to the existing teachers. This will only get worse as Grim has noted a flat population growth over the last 5 years. So you have increasing fixed costs but the same amount of people supporting it, eventually the model fails. The last ones left are holding the bag and getting nothing for it.
The town is north of I-80 and East of Rt. 208. That’s all I’ll say for now. ;) I guess I made them an offer that couldn’t refuse. :)
[41] boken
The one thing I will say in Michael’s defense is that he admits he doesn’t have all of the answers. That is what differentiates him from his fellow travelers in anon, Otto and Fabian. They are all moronic in their way but at least he is more honest about it.
Gary congrats, looking forward to the GTG at Maison Gary. Salt mine beckons.
For summer homework I recommend pumkin drives to Rhode Island and reports back. Ahh what a great industrial state now laying in ruins. Many of its pretty mansions abandoned by its owners.
A field of rotting pumpkins. Sorry, had to stop reading by post 13.
….Nom………help
10. “Those businesses were in a position to leave. I’m sure there are many businesses that are not in a position to leave…”
Policy making by extortion. We can do to you what we like because you can’t leave. Sign of a health, I’m told.
12. “Also, I can’t wait for all those businesses, that left to take advantage of cheap labor, get bit in the ass.”
Of course the gold plated multinational companies moving their corporate headquarters and specialized manufacturing from NJ did so to save $10k annually per executive assistant. What was I thinking? It’s not like the employees of Genentech, Schering, Wyeth, etc do anything value added or specialized. Any bubba can develop and manufacture drugs. Hey Einstein, in case you didn’t notice in the area where NJ once had a formidable and unique competitive advantage for high paying professionals – pharma – jobs are leaving in droves. You are losing to San Francisco. San Francisco. The reason companies bolt from NJ given the opportunity has little to with employee labor costs.
13. “Nj’s costs are pretty predictable. They can’t go much higher. … You can see that in our real estate prices. … Point of the passage, be careful leaving nj for a lower cost of living, these other areas have unpredictable costs. They could rise rather quickly if enough people find the area desirable.”
So in other words if I join the outflux into a growing area elsewhere in addition to current cost of living and quality of life benefits I may get the benefit of an explosion in my new home price over several years as others follow and demographics move my way, a la NJ 1998-2006? Yeah, caution that.
Pretty sure that there is no upper limit for cost here in the states. Can’t wait for a 25% VAT.
Eddie, congrats.
Happy for you but gonna miss the rants.
“Happy for you but gonna miss the rants.”
I expect a whole bunch of new rants when he discovers all of those little hidden gems that come with home ownership. I know it’s his second home purchase, but one quickly forgets about the work that was involved in raising a puppy.
For years economists tended to think that inequality was helpful for economic growth, and thus provided cover for the trickle-down ideology. But increasingly, economists recognize that the decline of the American middle class has harmed our economy. Without a strong middle class, consumer demand is unstable and too dependent on debt, fewer people are able to develop their human capital, government becomes captured by the wealthy, and the social trust that makes transactions possible weakens.
http://www.marketwatch.com/story/finally-democrats-challenging-trickle-down-economics-2015-07-20?dist=lcountdown
A strong middle class is a source of America’s economic growth, and not merely the result of a strong economy, as was previously thought.
Economists have long known that inequality is high in the United States, but new data developed by economists like Thomas Piketty and Emmanuel Saez showed just how extreme inequality in the U.S. was compared to other wealthy countries. The data also showed that the share of the nation’s income the top 1% received equaled record levels in American history.
Another blow to trickle-down came from the actual growth rates of countries around the world. In the developing world, some relatively equal countries like South Korea grew much faster than more unequal countries like the Philippines. Similarly, even in the early 2000s, it was obvious that the U.S. economy had grown more slowly over recent decades that it had in the 1950s and 1960s when the country was more middle class.
It took the onset of the Great Recession to fundamentally change the way economists thought about inequality. To be sure, there isn’t a formulaic relationship between economic inequality and financial collapse as some have claimed, but the story of the Great Recession is closely related to economic inequality. High levels of debt for the middle class and inadequate financial regulation due to the wealth and political power of Wall Street clearly helped fuel our most recent economic downturn.
This growing body of academic research has deeply affected the way many progressive policy makers think about inequality and the economy. Not surprisingly, many leading Democrats— many of whom only danced around the edges previously — have now sharpened their critique of trickle-down economics. Arguments that tax cuts for the rich would reduce the amount of money available for education spending have given way to direct challenges to the theory of trickle-down.
Congrats Eddie. That’s the only positive thing I’ve heard on this website this morning. Everything else sounds depressing
I know it’s his second home purchase…
Third, but who’s counting. Of course, now, the inventory flood gates will open and prices will drop 20%.
How the fcuk can pumpkin be a financial analyst?
walking bye (43)-
Apparently, the decades-long phenomenon of shrinking municipal tax bases in Amerika has completely evaded Punkin’s flea-like attention.
53. Hopefully I’m looking at dogs with fleas right now. Making me wish I bought a bigger place in 2011-2012 when I didn’t need it and couldn’t afford it.
Congrats, Gary. Looking up in the sky now for horsemen. Grim can shut down the blog now ;-)
Share some details on the transaction . The chubby muppets and their fat tour guide meet their master. What a special day…years in the making.
Will LA pay for their Stadiums?
How do you get taxpayers to chip in $500 million on a more than $1 billion stadium when only one city, Indianapolis ($620 million), has ever paid that much. Tell them you’ll move their 54-year-old NFL franchise to Los Angeles.
Vikings owner Zygi Wilf did just that and got the state of Minnesota and the city of Minneapolis to go along for the ride. With the Hubert H. Humphrey Metrodome’s roof collapse moving games in 2010 and competing L.A. stadium plans just waiting for a team, Minnesota panicked and came up with a plan for a new stadium on the Metrodome site that the state would pay for through “charitable gambling.” Though the plan was approved in 2012, the funding portion never worked out and led to a tax on cigarette inventory instead.
http://www.marketwatch.com/story/5-cities-getting-the-worst-deals-from-sports-teams-2015-07-17?link=MW_home_latest_news
Another R enters the race, this is truly a clown car now.
Gary is gonna ask his home inspector to do the inspection with a flame thrower.
Rethuglican slate looking like a g@ng bang now.
All of them humping Jindal from behind.
I wouldn’t be surprised if the inspection kills the deal.
I’m in Gary-denial, too. Nowhere else to get my daily dose of angry white guy rants.
How the fcuk can pumpkin be a financial analyst?
A question that has crossed my mind a number of times since the revelation as well.
Put a lot of Punkins together in a room, and you too can create a 2008-like financial crisis.
You guys are killing me! lol! I guess I need to focus on the f.uckery of politics to get angry now. I’m too stunned by the decision I made these last few days to feel otherwise. The chubby muppets and flame throwers. lol!!
Focus on this, Gary. Who cares about Trump, elections when the shit’s about to hit the fan again:
“To hide this death spiral, the U.S. government (like all Western regimes) refuses to adjust its “retail sales” number for inflation, and also tells ridiculous economic lies, claiming the official “inflation rate” is near-zero, even as we see food and real estate prices skyrocketing at a never-before-seen pace. But while you can lie about an economic collapse to populations of Kamikaze Lemmings , you can’t hide the economic carnage produced from that collapse – forever.
Thus, roughly every eight years, the One Bank and its Western political servants stage an official “crash”. It triggers a collapse in our bubble stock markets , which triggers a short-term economic shock, but most of the “crash” itself is simply our corrupt governments partially adjusting their previous economic lies, to acknowledge (in part) this economic death-spiral.
With the Crash of ’08 now nearly eight years behind us as we look in our rear-view mirrors, this can only mean that the Next Crash is near. But we also know that the Next Crash is coming soon, because these crashes are deliberately timed to coincide with the U.S. presidential cycle – and the next U.S. election is now little more than one year away.
The crashes are timed to coincide with the eight-year “changing of the guard” in the U.S. Two-Party Dictatorship. The incumbent, Tweedle-Dee, is blamed for the crash, and temporarily banished to political exile, in disgrace (for precisely eight years). Tweedle-Dumb is hailed (by the Corporate media) as the White Knight, riding to the rescue of the U.S. population.”
http://www.sprottmoney.com/blog/us-retail-sales-fall-again-the-next-crash-is-near-jeff-nielson.html
In 6 months Gary will be screaming – I see the muppet renters on the platform every day, each one of them should have bought. Instead they said owning a home was a sinkhole. Screw them let em rent till they die!
Enough with calling me an idiot. Prove you guys wrong most of the time.
So let me get this straight, you are telling me nj is dead? Guarantee nj is still an economic leader and ranked top 3 for richest states 10 years from now. Sorry, the area is too lucrative. You can bash it all you want, but it will survive and it will get stronger, esp when christie is gone. I’m the idiot, but you guys are calling apocalypse for nj, now that’s funny. You are the same people that were claiming armedgeddon for NYC in the 70’s and 80’s…..how did that work out?
How long have I been saying this on this blog? How many time was I called an idiot for thinking this. Now it’s going mainstream. Yet, i’m the idiot.
Just like wage inflation will be here in 2017-2018, yet I was called an idiot for calling for wage inflation when most didn’t think it was possible anymore back in 2012/2013. Don’t tell me I dont have the ability analyze or research, when I was making predictions that nobody was calling anywhere and 5 years before it would come. Give me some respect for goodness’ sake.
yome says:
July 21, 2015 at 10:44 am
For years economists tended to think that inequality was helpful for economic growth, and thus provided cover for the trickle-down ideology. But increasingly, economists recognize that the decline of the American middle class has harmed our economy. Without a strong middle class, consumer demand is unstable and too dependent on debt, fewer people are able to develop their human capital, government becomes captured by the wealthy, and the social trust that makes transactions possible weakens.
http://www.marketwatch.com/story/finally-democrats-challenging-trickle-down-economics-2015-07-20?dist=lcountdown
A strong middle class is a source of America’s economic growth, and not merely the result of a strong economy, as was previously thought.
Economists have long known that inequality is high in the United States, but new data developed by economists like Thomas Piketty and Emmanuel Saez showed just how extreme inequality in the U.S. was compared to other wealthy countries. The data also showed that the share of the nation’s income the top 1% received equaled record levels in American history.
Another blow to trickle-down came from the actual growth rates of countries around the world. In the developing world, some relatively equal countries like South Korea grew much faster than more unequal countries like the Philippines. Similarly, even in the early 2000s, it was obvious that the U.S. economy had grown more slowly over recent decades that it had in the 1950s and 1960s when the country was more middle class.
It took the onset of the Great Recession to fundamentally change the way economists thought about inequality. To be sure, there isn’t a formulaic relationship between economic inequality and financial collapse as some have claimed, but the story of the Great Recession is closely related to economic inequality. High levels of debt for the middle class and inadequate financial regulation due to the wealth and political power of Wall Street clearly helped fuel our most recent economic downturn.
This growing body of academic research has deeply affected the way many progressive policy makers think about inequality and the economy. Not surprisingly, many leading Democrats— many of whom only danced around the edges previously — have now sharpened their critique of trickle-down economics. Arguments that tax cuts for the rich would reduce the amount of money available for education spending have given way to direct challenges to the theory of trickle-down.
Come on Lib, I expected better out of you.
Libturd in Union says:
July 21, 2015 at 11:56 am
How the fcuk can pumpkin be a financial analyst?
A question that has crossed my mind a number of times since the revelation as well.
Sorry Pumps. You just drink too much Kool Aid to be a financial advisor. At least, not in the traditional sense of the occupation. I mean, I can call myself a landscape architect. After all, I mowed my lawn this week.
And let me know when the wage growth occurs.
I am upset because I like NJ.
What I am saying is that absent great leadership, and a simplification of taxes, building code, business laws, etc., NJ becomes less competitive with other states and other countries.
I am offended at the blatant corruption and civil rights violations that occur on the soil where many Revolutionary War battles were fought, and where the nation’s capital once was.
The Great Pumpkin says:
July 21, 2015 at 12:26 pm
Enough with calling me an idiot. Prove you guys wrong most of the time.
So let me get this straight, you are telling me nj is dead? Guarantee nj is still an economic leader and ranked top 3 for richest states 10 years from now. Sorry, the area is too lucrative. You can bash it all you want, but it will survive and it will get stronger, esp when christie is gone. I’m the idiot, but you guys are calling apocalypse for nj, now that’s funny. You are the same people that were claiming armedgeddon for NYC in the 70′s and 80′s…..how did that work out?
What do you think will happen to these areas they have been building up in the past 20 years with poor planning? They will be a disaster. Their costs will get out of control, you just wait.
Think of it in an equilibrium type of way. Balance. When businesses and people flee one area, it drives down the costs. When people and businesses come to an area, it drives up the costs. The scenario you describe with everyone leaving and a few left with the cost is impossible. As people and businesses leave, the costs come down. You don’t need as many cops, firefighters, teachers, road maintenance, etc.
Also, if nj loses all these businesses and people, then they will be the state getting back 3 dollars for every 1 dollar paid in fed taxes. Let’s see how the carolinas do with not getting money back from the fed govt and only paying in. Nj is not going anywhere. You guys are dead wrong.
Btw, I expect north carolina areas to be a disaster in time. Just let the people keep coming and let the greedy developers continue to develop based on profit and not a long term plan. It will be a major disaster.
Walking Bye says:
July 21, 2015 at 10:14 am
Pumkin, what you fail to realize is that the state assumes revenue growth models(it likes to paint a rosy picture) to pay back all those bonds, and fixed costs they are on the hook for. As all these companies leave you are left with fewer people/ companies picking up those costs. So you begin to a) cut services and b) increase taxes. Lets face it when you drive around NJ and look at the schools they all look like crap many of them built 70 years ago. Take a drive to NC, Virginia, schools are modern and brand new. We are not building new schools just slapping paint on it year after year. So where is all this school money going? mostly just to pay for fixed benefit costs and a few $ to the existing teachers. This will only get worse as Grim has noted a flat population growth over the last 5 years. So you have increasing fixed costs but the same amount of people supporting it, eventually the model fails. The last ones left are holding the bag and getting nothing for it.
Libturd in Union says:
July 21, 2015 at 12:35 pm
Sorry Pumps. You just drink too much Kool Aid to be a financial advisor.
He never said advisor, he said analyst. In the world of finance the term “analyst” can be many things. Could be a senior analyst on an IBD deal team that advises on M&A or could be some kid 2 years out of school that does P&L reports for a trade desk begging to get a shot to get into the middle-office and some day the front.
IT’s like the Seinfeld episode when Elaine says “But I am an Associate” George says “Me too.” The waitress says “Yeah me too”.
Title means nothing.
If I believed that lowering taxes on billionaires was good for the economy, then you can say I’m drinking the kool-aid.
Libturd in Union says:
July 21, 2015 at 12:35 pm
Sorry Pumps. You just drink too much Kool Aid to be a financial advisor. At least, not in the traditional sense of the occupation. I mean, I can call myself a landscape architect. After all, I mowed my lawn this week.
72,
FA at Granny’s Capital LLC, maybe. Blump, did you miss that Eddie is under contract? Thought you would claim that one already.
Yes, I called that. Said the market would improve. Instead I was called an idiot and that real estate was dead for 50 years. Yes, I’m the idiot. People need to look in the mirror.
Bystander says:
July 21, 2015 at 12:45 pm
72,
FA at Granny’s Capital LLC, maybe. Blump, did you miss that Eddie is under contract? Thought you would claim that one already.
Congrats, fast eddie! I’m really happy for you.
Now you will be able to see my point of view on why the past 4 years have been a great time to buy. Still is. Like I said, wait till the wage inflation kicks in, then inflation in general, and by 2020, you will see the real estate market head towards another bubble. By 2025, look to sell for profit if you own more than one home.
Yome, wrote this post below last night. Exactly what your post describes. The tax game these billionaires play off the middle class is disgusting. If you don’t cut me a break in millions, I’ll take the jobs somewhere else. If you don’t help pay for my stadium(that will generate millions for the billionaire owner) then I’ll take my team somewhere else.
When is someone going to start playing hardball with these crooks? When? Instead we let them get away with murder. Such bs. Makes me sick getting blackmailed by billionaires. Tell them to go f themselves, but you pussies worship the ground they walk on.
The Great Pumpkin says:
July 20, 2015 at 9:45 pm
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
yome says:
July 21, 2015 at 11:32 am
Will LA pay for their Stadiums?
How do you get taxpayers to chip in $500 million on a more than $1 billion stadium when only one city, Indianapolis ($620 million), has ever paid that much. Tell them you’ll move their 54-year-old NFL franchise to Los Angeles.
Vikings owner Zygi Wilf did just that and got the state of Minnesota and the city of Minneapolis to go along for the ride. With the Hubert H. Humphrey Metrodome’s roof collapse moving games in 2010 and competing L.A. stadium plans just waiting for a team, Minnesota panicked and came up with a plan for a new stadium on the Metrodome site that the state would pay for through “charitable gambling.” Though the plan was approved in 2012, the funding portion never worked out and led to a tax on cigarette inventory instead.
http://www.marketwatch.com/story/5-cities-getting-the-worst-deals-from-sports-teams-2015-07-17?link=MW_home_latest_news
NJ is in trouble because we over compensate the vast majority of our public workers and the government here is just too big. It also doesn’t help that we have too large a number of decaying cities and a liberal assembly that feels that sending the lion’s share of the tax revenues to the voters in these cities will allow the blue team to maintain power here. In no other state in the nation, would we spend at least 250 million dollars to widen the GSP for the 10 mile stretch between miles 30 and 40 where there is traffic two days of the year, yet the most heavily traveled portion of the highway between exit 138 and 160 remaining 3 lanes wide in many portions. This section of highway is subject to standstill traffic seven days a week and at almost any time of the day. NJ really does blow.
Jets/Giants and PSL holders built their own stadium. No tax payfunds.
pumpy (70)-
Yeah. Once we get a business-friendly Dumbocrat (like Corslime or McGravy) back in the gubnor’s mansion, NJ’s necronomy is gonna skyrocket. And businesses will move here in hordes to willingly support the giant entitlement class that elected the Dumbocrat.
Seriously, you should stop huffing gasoline. It just makes you blood stupid.
“You can bash it all you want, but it will survive and it will get stronger, esp when christie is gone. I’m the idiot, but you guys are calling apocalypse for nj, now that’s funny.”
At school taxes of $9106.90 even with just a single kid in the schools you are a drain on the system
County taxes 25.59%. $ 4533.30
School taxes 51.41%. $ 9106.90
Municipal taxes 23%. $ 4073.25
D Fens (75)-
Stop harshing Plumpy’s buzz.
Where do you recommend someone living in jersey move to and why?
first point–It’s not extortion, it’s called if you want to do business here and make millions, it comes at a cost. Paying taxes is not extortion. It’s supporting the community. Don’t want to pay taxes, then support the community directly by paving the roads your businesses use, by paying the police that protect your business, and by paying for the education of your workers.
point 2- Nj lost it’s manufactoring base and people like you were calling the end for jersey….guess what? Pharma came in. Now that pharma is leaving, you will now see a new industry move in. Guarantee it!!
point 3- Other way around, you will be paying top dollar now, and after that area goes to shit, you will be selling your home for less and moving back to jersey. Get it straight, don’t get it twisted.
leftwing says:
July 21, 2015 at 10:25 am
A field of rotting pumpkins. Sorry, had to stop reading by post 13.
….Nom………help
10. “Those businesses were in a position to leave. I’m sure there are many businesses that are not in a position to leave…”
Policy making by extortion. We can do to you what we like because you can’t leave. Sign of a health, I’m told.
12. “Also, I can’t wait for all those businesses, that left to take advantage of cheap labor, get bit in the ass.”
Of course the gold plated multinational companies moving their corporate headquarters and specialized manufacturing from NJ did so to save $10k annually per executive assistant. What was I thinking? It’s not like the employees of Genentech, Schering, Wyeth, etc do anything value added or specialized. Any bubba can develop and manufacture drugs. Hey Einstein, in case you didn’t notice in the area where NJ once had a formidable and unique competitive advantage for high paying professionals – pharma – jobs are leaving in droves. You are losing to San Francisco. San Francisco. The reason companies bolt from NJ given the opportunity has little to with employee labor costs.
13. “Nj’s costs are pretty predictable. They can’t go much higher. … You can see that in our real estate prices. … Point of the passage, be careful leaving nj for a lower cost of living, these other areas have unpredictable costs. They could rise rather quickly if enough people find the area desirable.”
So in other words if I join the outflux into a growing area elsewhere in addition to current cost of living and quality of life benefits I may get the benefit of an explosion in my new home price over several years as others follow and demographics move my way, a la NJ 1998-2006? Yeah, caution that.
One fine piece of news to report: my recent college grad daughter just got a real job, with a real big medicine/big pharma company. Benefits, decent salary. Gotta move to Chicago, start on 9/21.
One kid down, one to go.
Think of it in an equilibrium type of way. Balance. When businesses and people flee one area, it drives down the costs. When people and businesses come to an area, it drives up the costs. The scenario you describe with everyone leaving and a few left with the cost is impossible. As people and businesses leave, the costs come down. You don’t need as many cops, firefighters, teachers, road maintenance, etc.
So who is firing these excess public employees?
Forgot to mention; that job came after sending out 200+ resumes, rounds of interviews with companies that either wouldn’t hire her or made offers that Spartacus wouldn’t accept.
justpassingby (90)-
Obviously, this idiot has never been to Phila, Memphis, Houston or Detroit, the poster kids for devastated municipal tax bases.
Once the tax base goes, it never comes back, either.
The Pineys. Affordable and uncrowded.
“Where do you recommend someone living in jersey move to and why?”
Do you think adding phrases like “Guarantee it!!” or “Prove it!” or “Get it straight” add any weight to your commentary?
Have you graduated 6th grade yet?
Houston? There’s plenty of corporate activity in Houston.
Splat congrats to your daughter on the job. Just in time for a good Chicago winter.
88:
… if you want to do business here and make millions, it comes at a cost.
So anyone not making millions should leave.
That’s most people.
just passing-
Thanks. Daughter went to skool in the Finger Lakes, so I doubt Chicago will seem much different.
As for Houston, they could be the next Detroit. Municipal finances in danger zone. Corporate activity doesn’t make a dent in their problems.
remember the “He doesn’t understand what it takes to do business in nj” referring to Musk/Tesla?
NJ will soon be a colony of only the rich and the entitlement classes…with nothing in between.
Classic barbell effect. Too bad at some point, Punkin dropped a loaded barbell on his throat and cut off the air to his brain.
http://www.businessinsider.my/new-jersey-car-dealer-on-tesla-2014-3/#WPwKKlqeF7r37M8c.97
RE: Barbell effect…
My Dad visited Brazil with his ex wife once. He told me it seemed like everyone was either rich, or dirt ass poor.
People with means live in gated communities that are more like fortresses than homes. At night…no one stops or even slows down at red lights or stop signs…unless you want a guy on a motorcycle to stick a gun in your face and carjack you and kill you.
He said it was an exhausting way to live and cut his trip short…left early.
[89] splat
The missus knows folks at Abbott, if the young’un needs contacts.
Pumpkin is congratulating fast Eddie! Thinks they are best buds. Next it’s cats and dogs laying down together! The world has truly gone mad!!
[102] DFENS
“At night…no one stops or even slows down at red lights or stop signs…unless you want a guy on a motorcycle to stick a gun in your face and carjack you and kill you.”
That’s how friends in St. Louis used to describe East St. Louis (Ill.)
[88] punkin
“first point–It’s not extortion, it’s called if you want to do business here and make millions, it comes at a cost. ”
Yes, but if I can move to another location that’s cheaper and still sell you cars/drugs/clothes/food/internet service, why wouldn’t I? Also, it’s not just about the taxes; its the entire package–If you relo your workers to RTP or Austin or Atlanta, or just get new ones there, you save money because your land/labor/tax costs are lower and so are your employees. How much is it worth to have great pizza down the street, or to be able to drive to Manhattan in two hours? Admittedly, I miss the pizza.
“point 2- Nj lost it’s manufactoring base and people like you were calling the end for jersey….guess what? Pharma came in. Now that pharma is leaving, you will now see a new industry move in. Guarantee it!!”
One hopes. What that will be exactly, I don’t know. But that’s a prediction, not a fact, so you aren’t right (or wrong. Yet.)
“point 3- Other way around, you will be paying top dollar now, and after that area goes to shit, you will be selling your home for less and moving back to jersey. Get it straight, don’t get it twisted.”
Rather an individual thing so I can’t really comment except that, again, this is a prediction, not a fact. Try not to conflate the two again please.
Clot, congrats! What was her major?
Interesting development guaranteed to give the NRA ammo (pun intended) and cause anon’s brain to explode: Apparently, someone at the naval center attacked in Chattanooga returned fire with his own weapon. The rub? The employees at that center were violating the law by carrying.
This story came through my feed but was from a Fox link, so stay tuned for confirmation (or not).
When this prepper realized that President Obama enacting restrictive gun laws was simply propaganda after he spent most of his retirement funds, he died right there on the spot.
LAPD finds man’s decomposing body in car, 1,200 guns in his home
It wasn’t what police expected to find when they searched a man’s Pacific Palisades home last week.
More than 1,200 guns were strewn about the Palisades Drive house and garage, police said. The weapons ranged from high-end pistols to shotguns and rifles. Many had never been fired. Some were still wrapped in their boxes, with the price tags still attached.
It was a “staggering number of guns,” said LAPD Cmdr. Andrew Smith. Police also found roughly two tons of ammunition.
“Our truck couldn’t carry it all,” Smith said. “We had to go back and make another trip.”
http://www.latimes.com/local/lanow/la-me-ln-lapd-guns-20150720-story.html
Congrats Fast Eddie
Bet he was an oathkeeper.
The state of NY considers them a terrorist organization and a threat to law enforcement. That’s how backwards things are these days. If you swear to uphold your oath…you are considered a domestic terrorist.
Comrade Nom Deplume, Device-Hopping Today says:
July 21, 2015 at 1:38 pm
Interesting development guaranteed to give the NRA ammo (pun intended) and cause anon’s brain to explode: Apparently, someone at the naval center attacked in Chattanooga returned fire with his own weapon. The rub? The employees at that center were violating the law by carrying.
This story came through my feed but was from a Fox link, so stay tuned for confirmation (or not).
speaking of guns, I went to CNN for confirmation and found this video. At first, I was like WTF, there are a boatload of legal issues there, so I watched it.
http://www.cnn.com/videos/us/2015/07/21/owner-declares-gun-store-muslim-free-costello-bts-nr.cnn
I loved his opening quote “the goal was to offend as many people as I could . . .” And when you listen to what he actually wanted to do/say/provoke, it has to cause liberal heads to explode.
[109] FKA
That’s not a prepper, that’s a dealer or a crazy person. It’s either a business decision or mental illness to amass enough firepower to equip a battalion and then some.
It’s called retirement. This process doesn’t happen overnight. Remember, I don’t think nj is sinking. Any state close to the shore with every county categorized as a metropolitan county is not going anywhere. It’s too good of a location.
Btw, spoke with someone from det when I was test driving the Volvo XC90. He stated det is making a big comeback. It won’t be dead forever, I promise you that. It might never be as large as it was, but it’s far from dead.
justpassingby says:
July 21, 2015 at 1:01 pm
Think of it in an equilibrium type of way. Balance. When businesses and people flee one area, it drives down the costs. When people and businesses come to an area, it drives up the costs. The scenario you describe with everyone leaving and a few left with the cost is impossible. As people and businesses leave, the costs come down. You don’t need as many cops, firefighters, teachers, road maintenance, etc.
So who is firing these excess public employees?
Yes, why income inequality is good for no one. Even if you have money, can’t enjoy it. Always have to be on the lookout for someone robbing or kidnapping you. That blows. Who wants to live like that. America better fix this middle class problem quickly or we will become the same. At that point, is it worth being rich if you need to live in a fortress, drive a bullet proof car, and hire guards to protect you? That blows, but keeping letting income inequality get out of control.
D-FENS says:
July 21, 2015 at 1:25 pm
RE: Barbell effect…
My Dad visited Brazil with his ex wife once. He told me it seemed like everyone was either rich, or dirt ass poor.
People with means live in gated communities that are more like fortresses than homes. At night…no one stops or even slows down at red lights or stop signs…unless you want a guy on a motorcycle to stick a gun in your face and carjack you and kill you.
He said it was an exhausting way to live and cut his trip short…left early.
Nom, you really believe the economic powerhouse that is nj will just die? No way I can see that happening. California was in dire need of fixing only 10 years ago, and now it’s okay. How many people were writing of Cali, where are these soothsayers now? Nj is not going anywhere. People need to stop beating it down.
Comrade Nom Deplume, Device-Hopping Today says:
July 21, 2015 at 1:35 pm
[88] punkin
“first point–It’s not extortion, it’s called if you want to do business here and make millions, it comes at a cost. ”
Yes, but if I can move to another location that’s cheaper and still sell you cars/drugs/clothes/food/internet service, why wouldn’t I? Also, it’s not just about the taxes; its the entire package–If you relo your workers to RTP or Austin or Atlanta, or just get new ones there, you save money because your land/labor/tax costs are lower and so are your employees. How much is it worth to have great pizza down the street, or to be able to drive to Manhattan in two hours? Admittedly, I miss the pizza.
“point 2- Nj lost it’s manufactoring base and people like you were calling the end for jersey….guess what? Pharma came in. Now that pharma is leaving, you will now see a new industry move in. Guarantee it!!”
One hopes. What that will be exactly, I don’t know. But that’s a prediction, not a fact, so you aren’t right (or wrong. Yet.)
“point 3- Other way around, you will be paying top dollar now, and after that area goes to shit, you will be selling your home for less and moving back to jersey. Get it straight, don’t get it twisted.”
Rather an individual thing so I can’t really comment except that, again, this is a prediction, not a fact. Try not to conflate the two again please.
If the millionaires are leaving nj in droves, show me the data saying so.
If millionaires were leaving nj in droves, you wouldn’t see wealthy towns supporting these sales. You would see a decline in pricing. I see none of it, quite the opposite. Telling me glen ridge went down in price the past 4 years?
118- show me one upper tier town that went down in pricing in the past 4 years? If not, quit the millionaires are leaving bs talk.
117, NJ’s economy is not going to fare very well. NJ is becoming more and more a bedroom community for NYC and Philly, with less and less economic activity occurring within the state. I don’t see NYC going anywhere again much like California but NJ for all intents and purposes is dead, no middle class jobs, only NYC commuters. The Brazilification is here, wealth and poverty.
Pumpkin be careful about being an analyst too long, eventually you’ll be too old and they’ll lay you off if you don’t get promoted. At least that is what I have seen at the major banks, if you are in your 40’s and are not a VP you won’t be around too long.
millionaires are leaving on paper a lot, saving on taxes once the income can be redirected away from NJ.
Millionaires that are retiring, right?
July 21, 2015 at 2:27 pm
millionaires are leaving on paper a lot, saving on taxes once the income can be redirected away from NJ.
I don’t think nj is dead. Too much potential. Nyc effect alone will keep us alive.
I can’t mention my company. Signed a contract that I would not speak of my company on blogs or any social media site. Not allowed to say anything. I can’t even post from computer unless I pull some moves to hide my tracks. I’m a senior financial analyst and have no intentions of going for vp. Not for me. I have been with this company for 10 years. If they push me out, I will just get another job with higher pay. They are begging for financial analysts. I get so many recruiters offering me jobs, it’s not even funny. I think I will be fine, but if not, I will do my best to find something else.
jcer says:
July 21, 2015 at 2:26 pm
117, NJ’s economy is not going to fare very well. NJ is becoming more and more a bedroom community for NYC and Philly, with less and less economic activity occurring within the state. I don’t see NYC going anywhere again much like California but NJ for all intents and purposes is dead, no middle class jobs, only NYC commuters. The Brazilification is here, wealth and poverty.
Pumpkin be careful about being an analyst too long, eventually you’ll be too old and they’ll lay you off if you don’t get promoted. At least that is what I have seen at the major banks, if you are in your 40′s and are not a VP you won’t be around too long.
The worst form of inequality is to try to make unequal things equal. – Aristotle
The Great Pumpkin says:
July 21, 2015 at 2:13 pm
Yes, why income inequality is good for no one. Even if you have money, can’t enjoy it. Always have to be on the lookout for someone robbing or kidnapping you. That blows. Who wants to live like that. America better fix this middle class problem quickly or we will become the same. At that point, is it worth being rich if you need to live in a fortress, drive a bullet proof car, and hire guards to protect you? That blows, but keeping letting income inequality get out of control.
123- if nj is really dead, point me in what direction to go. Only places that I would go to right now are Massachusetts, Cali(big risk with water issues), or parts of ny. Screw Texas and all the other wannabes growing too fast for their own good. Telling you, the planning in these fast growth areas has been too fast and based on profit taking, not long term planning.
Love your state but hate it’s government.
No one is calling for “perfect equality” where everyone is equal. You just want to have enough balance where ALL PEOPLE believe that they can be rich too with hard work. Once income inequality gets to a point where people start to lose hope in the system and feel trapped, it will create major problems for that society. America loved the rich because everybody realized that hard work made you rich. Therefore, they idolized the rich for their hard work. When crony capitalism is the reason for being rich, and the greedy 1% suck off 99% of the gains in the economy(taking away people’s chances of working hard and getting ahead), you have yourself a problem. But let the fools continue to take 99% of the gains in the economy…..I’ll be there to tell them “I told you so” when shit hits the fan.
D-FENS says:
July 21, 2015 at 2:41 pm
The worst form of inequality is to try to make unequal things equal. – Aristotle
The Great Pumpkin says:
July 21, 2015 at 2:13 pm
Yes, why income inequality is good for no one. Even if you have money, can’t enjoy it. Always have to be on the lookout for someone robbing or kidnapping you. That blows. Who wants to live like that. America better fix this middle class problem quickly or we will become the same. At that point, is it worth being rich if you need to live in a fortress, drive a bullet proof car, and hire guards to protect you? That blows, but keeping letting income inequality get out of control.
Equality
Obama collecting personal data for a secret race database
http://nypost.com/2015/07/18/obama-has-been-collecting-personal-data-for-a-secret-race-database/
A key part of President Obama’s legacy will be the fed’s unprecedented collection of sensitive data on Americans by race. The government is prying into our most personal information at the most local levels, all for the purpose of “racial and economic justice.”
Housing database
The granddaddy of them all is the Affirmatively Furthering Fair Housing database, which the Department of Housing and Urban Development rolled out earlier this month to racially balance the nation, ZIP code by ZIP code. It will map every US neighborhood by four racial groups — white, Asian, black or African-American, and Hispanic/Latino — and publish “geospatial data” pinpointing racial imbalances.
The agency proposes using nonwhite populations of 50% or higher as the threshold for classifying segregated areas.
Federally funded cities deemed overly segregated will be pressured to change their zoning laws to allow construction of more subsidized housing in affluent areas in the suburbs, and relocate inner-city minorities to those predominantly white areas. HUD’s maps, which use dots to show the racial distribution or density in residential areas, will be used to select affordable-housing sites.
HUD plans to drill down to an even more granular level, detailing the proximity of black residents to transportation sites, good schools, parks and even supermarkets. If the agency’s social engineers rule the distance between blacks and these suburban “amenities” is too far, municipalities must find ways to close the gap or forfeit federal grant money and face possible lawsuits for housing discrimination.
Civil-rights groups will have access to the agency’s sophisticated mapping software, and will participate in city plans to re-engineer neighborhoods under new community outreach requirements.
“By opening this data to everybody, everyone in a community can weigh in,” Obama said. “If you want affordable housing nearby, now you’ll have the data you need to make your case.”
Mortgage database
Meanwhile, the Federal Housing Finance Agency, headed by former Congressional Black Caucus leader Mel Watt, is building its own database for racially balancing home loans. The so-called National Mortgage Database Project will compile 16 years of lending data, broken down by race, and hold everything from individual credit scores and employment records.
Mortgage contracts won’t be the only financial records vacuumed up by the database. According to federal documents, the repository will include “all credit lines,” from credit cards to student loans to car loans — anything reported to credit bureaus. This is even more information than the IRS collects.
The FHFA will also pry into your personal assets and debts and whether you have any bankruptcies. The agency even wants to know the square footage and lot size of your home, as well as your interest rate.
FHFA will share the info with Obama’s brainchild, the Consumer Financial Protection Bureau, which acts more like a civil-rights agency, aggressively investigating lenders for racial bias.
The FHFA has offered no clear explanation as to why the government wants to sweep up so much sensitive information on Americans, other than stating it’s for “research” and “policymaking.”
However, CFPB Director Richard Cordray was more forthcoming, explaining in a recent talk to the radical California-based Greenlining Institute: “We will be better able to identify possible discriminatory lending patterns.”
Credit database
CFPB is separately amassing a database to monitor ordinary citizens’ credit-card transactions. It hopes to vacuum up some 900 million credit-card accounts — all sorted by race — representing roughly 85% of the US credit-card market. Why? To sniff out “disparities” in interest rates, charge-offs and collections.
Employment database
CFPB also just finalized a rule requiring all regulated banks to report data on minority hiring to an Office of Minority and Women Inclusion. It will collect reams of employment data, broken down by race, to police diversity on Wall Street as part of yet another fishing expedition.
School database
Through its mandatory Civil Rights Data Collection project, the Education Department is gathering information on student suspensions and expulsions, by race, from every public school district in the country. Districts that show disparities in discipline will be targeted for reform.
Those that don’t comply will be punished. Several already have been forced to revise their discipline policies, which has led to violent disruptions in classrooms.
Obama’s educrats want to know how many blacks versus whites are enrolled in gifted-and-talented and advanced placement classes.
Schools that show blacks and Latinos under-enrolled in such curricula, to an undefined “statistically significant degree,” could open themselves up to investigation and lawsuits by the department’s Civil Rights Office.
Count on a flood of private lawsuits to piggyback federal discrimination claims, as civil-rights lawyers use the new federal discipline data in their legal strategies against the supposedly racist US school system.
Even if no one has complained about discrimination, even if there is no other evidence of racism, the numbers themselves will “prove” that things are unfair.
Such databases have never before existed. Obama is presiding over the largest consolidation of personal data in US history. He is creating a diversity police state where government race cops and civil-rights lawyers will micromanage demographic outcomes in virtually every aspect of society.
The first black president, quite brilliantly, has built a quasi-reparations infrastructure perpetually fed by racial data that will outlast his administration.
““Where do you recommend someone living in jersey move to and why?””
Costa Rica. A duh.
128- I don’t support this. You should be able to live in any type of community you wish. So there goes china town and and little Italy? People like to live next to people that they have things in common with. This is bullshit telling people where and where you can’t live based on how you look. This will work as well as affirmative action. Racist policy that is supposed to end racism. Makes no sense. Who came up with this?
lol!
Donald Trump gives out Lindsey Graham’s cell phone number
Should be fun when they tell the insular religious communities that living in close proximity to each other and their place of workship is unethically unequal and can no longer be permitted.
128 – I believe they were trying to do this with doctors as well. If you don’t see enough % Medicare patients they could revoke your state license to practice.
I saw a bumper sticker on my way in to work that read, “My child banged your honor student’s math teacher!”
http://www.nj.com/news/index.ssf/2015/01/people_are_fleeing_nj_faster_than_any_other_state_moving_company_says.html
Grim 132 – you described the exact opposite of the orthodox jewish model of community. Move into a town, take over town council, board of ed, etc. Make it totally uncomfortable for anyone that is not of your ilk and bam. You now have an orthodox school system on the government dime.
Obama hates Jews?
Libturd. “Financial analyst” is basically the entry level corporate finance title. Like what a 23 year old college grad with a Bachelor’s does for a couple years before his first promotion. Pumpkin’s voting history suggests he’s at least 33. Meaning his peers have been promoted and he’s left as the bitter low potential guy doing drudgework, basically bookkeeping. Which he justifies to himself by saying he doesn’t want to manage people and wants work life balance.
Obama hates Jews?
He s.ucked Iran’s c0ck, I would say so.
Of course he does he won the Popular Vote
Fast Eddie says:
July 21, 2015 at 4:27 pm
Obama hates Jews?
What? Entry level? Sorry, years of experience matter in my field. I make low 6 figures with very good benefits and a bonus every year. Why can’t I be content with this? Why do I have to go be the vp with no life? My wife makes 6 figures too. I own an income producing property that is paid for. Tell me again why I should become vp if I’m content with my current life? Making money is not about your job, it’s all about how you put that money to work.
Ragnar says:
July 21, 2015 at 4:07 pm
Libturd. “Financial analyst” is basically the entry level corporate finance title. Like what a 23 year old college grad with a Bachelor’s does for a couple years before his first promotion. Pumpkin’s voting history suggests he’s at least 33. Meaning his peers have been promoted and he’s left as the bitter low potential guy doing drudgework, basically bookkeeping. Which he justifies to himself by saying he doesn’t want to manage people and wants work life balance.
One of the best feelings in the word is opening up NJ RE Report, seeing 141 posts at 5PM, and fearing a huge time commitment just to keep current……then as you scroll through the thread, it turns out most are Pumpkin and you can just skip most posts without even the need to reading anything. There isn’t even a drawback since no important information is lost, nor the continuity of the thread…..what a relief!
This post either is not Gary, or else today is April 1st.
Fast Eddie says:
July 21, 2015 at 9:31 am
Fast Eddie bought a house. The sellers accepted an offer. Yes, the earth just stopped spinning.
Wacky – completely off the charts. You people are certifiable .
wha?
Lost power last week to FIOS, the ONT power supply unit was dead. Verizon tech showed and replaced power supply and bolted. TV is OK except for On Demand, home phone is OK, internet does not work wifi or wired. Also Verizon tech ripped out the battery backup off the nice painted wood in my garage and wired the new power supply directly to ONT, that isn’t how it is supposed to be since battery backup is for emergency phone calls etc.
Its been a few days chatting with service techs online. They shipped me a new router. I am now online with them again, released IP and got a new one, rebooted, reset and still no joy. Router has a WAN address, just won’t send any traffic no matter what we try. I am wondering if the ONT is bad, it uses the MOCA connection via the COAX to connect, all lights green just no transmit, the lights don’t blink on COAX or Internet lights a bad sign plus I see zero packets on the router admin webpage for the WAN connection. After several rounds of rebooting and resetting with three different techs via Chat they are now sending another Verizon tech. The next tech isn’t leaving until it is fixed, I will be here this time to deal and will block in his truck with mine if I have too. :)
So glad I have my phone’s wifi, had to work a bit today and yesterday from home, beats driving to a cafe for wifi or to GASP to work!
Detroit is dead, right?
“Last fall, construction crews began digging trenches in downtown Detroit to lay super high-speed fiber optics cable below a new street. This workspace wasn’t far from three-and-a-half miles of reconstructed pathways, parks, green space and a refurbished luxury hotel along the Detroit River.
Rocket Fiber, an ultra-high-speed Internet and TV service for central Detroit, will offer advanced broadband in a major boost to the city’s technology startup scene. The hope is that it will entice more upscale residents to the area.
Related: Detroit’s Bankruptcy Exit Plan Gets a Thumbs Up
While Detroit is far from the first major or even medium-sized city to be wired for the new one gigabit-per-second service – comparable to Google Wire – it is an important sign of how the one-time motor capital of the world is emerging from the worst Chapter 9 municipal bankruptcy in history. The city is reinventing itself as an edgy urban center of business, research and innovation thanks to a unique public, private and philanthropic coalition. This coalition wants to restore Detroit to its long-ago glory days as a center of commerce, innovation and culture – and early signs of a renaissance are beginning to spread from the inner core out.
Dan Gilbert, the billionaire founder of Quicken Loans and the patron saint of Motown’s revival, has purchased or taken out leases on 60 or more properties in the downtown area, including the iconic Hudson’s department store. Many of his purchases are 20th century architectural masterpieces. Gilbert is bankrolling Rocket Fiber, the high-speed Internet service that analysts and business experts say could help downtown businesses compete on a national level for customers and employees.
Gilbert and others view Detroit’s mission as a race to the top among Rust Belt cities that have lagged behind the Southwest, the East Coast and Silicon Valley in building critical infrastructure – roads, bridges, transit, airports – essential to their economic futures, The Detroit Free Press has reported. While Congress and the Obama administration have struggled over new long-term infrastructure policies, Detroit and other cities on the rebound are taking matters into their own hands.”
http://www.thefiscaltimes.com/2015/03/29/Now-It-s-Detroit-s-Turn-High-Speed-Comeback
They don’t have running water in parts of Detriot but they’re getting high speed internet!
a new toy for clot…… The Clotdrone…..
https://www.youtube.com/watch?v=r_kfUVZdTkU
Congrats EDDIE!!!!