As goes our infrastructure, so goes our economy

From Bloomberg:

N.J.’s Creaky Mass Transit Endangers Boom for Wall Street West

Jersey City, one of the few bright stars in New Jersey’s employment recovery, is in danger of being strangled by the state’s transportation crisis.

The city on the Hudson River waterfront accounted for 10 percent of the state’s job growth in the past year. It has lured residential development and companies like JPMorgan Chase & Co. and Fidelity Investments, and outpaced the state and nation in reducing joblessness. Mayor Steven Fulop expects Jersey City to surpass Newark as the state’s most populous municipality in 2016.

He’s not so sure, though, that New Jersey’s rails and roads can handle the influx. A new commuter-rail tunnel into Manhattan is at least a decade away. The existing ones are vexed by repairs and delays. Governor Chris Christie’s calls for fiscal restraint are threatening the growth of cities like Fulop’s that are dependent on public transportation.

“Jersey City’s success has largely been correlated to investment in mass transit,” said Fulop, a Democrat. “Trenton’s lack of a plan has really had and could potentially have a devastating impact.”

His 14-square-mile (36 kilometer) community of 257,300, one train stop from Manhattan, has lured financial firms in the past decade, earning the nickname Wall Street West. Fulop, 38, who worked at Citigroup Inc. and Goldman Sachs Group Inc., quit Sanford C. Bernstein & Co.’s trading desk to run for mayor and took office in 2013.

Millions of dollars in tax incentives have persuaded companies to move to Jersey City. New York Life Insurance Inc. received $33.9 million over 10 years from the New Jersey Economic Development Authority to bring 625 jobs to Goldman Sachs Group Inc.’s waterfront building, itself the recipient of a 20-year tax break. JPMorgan secured about $188 million in tax benefits over 10 years, according to filings with the development authority.

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71 Responses to As goes our infrastructure, so goes our economy

  1. Comrade Nom Deplume with jet lag says:


  2. anon (the good one) says:

    Marco Rubio’s trickle-down nonsense: Tax cuts for the rich make sense because his father was a bartender!

    “Ever since he debuted this tax scheme of his, Rubio has been trying to pitch it as a boon to the middle class, and his father’s personal story and in his own working-class upbringing fit into that message. It’s nonsense. Rubio’s tax plan redistributes income up the economic ladder while blowing a hole in the budget and throwing a few crumbs to middle-income Americans.”

  3. Hey anon: you and your idiot liberal circle jerks had better figure out a way to keep President Trump from happening. ‘Cuz when Frank Luntz does focus groups on this guy’s supporters and comes away saying “my legs were shaking”, his candidacy starts to seem like a lot more than a publicity stunt.

    Trump is now in for the long haul. He’s done at least ten things that would’ve sunk a ‘normal’ candidate, and his support has only grown. So what’s gonna do him in? Another verbal faux pas (no)? Running out of money (no)?

    Really hope this comes down to Bernie v Trump…24/7 entertainment!!!

  4. anon (the good one) says:

    trump is the right wingers fukcing problem. thought it was funny to support imbeciles such as W eh? clearly the bar wasn’t low enough. it follows a pattern you created

  5. anon (the good one) says:

    @ianbremmer: Latest National Poll: GOP (Quinnipiac)

    Trump 28
    Carson 12
    Cruz 7
    Bush 7
    Rubio 7
    Walker 6
    Kasich 5
    Fiorina 5

  6. grim says:

    Republicans continue to be their own worst enemy.

    The only option to displace Trump is for a large enough portion of the candidates to quit early. The field is too broad, and too much support is spread over the large candidate base, giving Trump the lead based on popularity alone.

    You want to take down Trump? Do it by quitting. Big fat egos, nobody will do it, so Trump will win.

  7. grim says:

    But Trump on top, followed by Carson? What an embarrassment…

  8. nwnj4Trump says:


    Not sure what makes it an embarrassment, it’s a rejection of the political establishment. Dupes and morons like anon keep cheerleading the destruction of their livelihood, some people what to shake up the balance of power.

  9. FKA 2010 Buyer says:

    It’s still too new for me to make a purchase but this is a compelling story. Understand Audi is looking to jump into the market.

    This is the best car Consumer Reports has ever tested

    Tesla just made Consumer Reports history.

    The product testing agency on Thursday gave the new, high-performance P85D version of the automaker’s Model S a rating of 100—a perfect score—calling it “the best-performing car that Consumer Reports has ever tested.”

    “It really blew up our system,” said Jake Fisher, the head of automotive testing for Consumer Reports. “It actually scored above 100 in our system before we had to make some changes to account for this car.”

    Initially, the P85D Model S scored 103 points when Consumer Reports measured the car’s acceleration, braking, handling and other key performance characteristics. Fisher and his team then modified their scoring model to make the P85D fit into a 100-point scale.

    When asked about the rating from Consumer Reports, Tesla spokeswoman Khobi Brooklyn said, “The Model S being the first car to receive 100 out of 100 points is truly a testament to our commitment to continually give our customers enhancements in range, performance and value, and ultimately a better driving and ownership experience.”

  10. Banco Popular Trust Preferred Shares says:

    How does the Hudson Tunnel affect JC? Trains to Hob or PATH from Newark?

  11. FKA 2010 Buyer says:

    Move along, nothing to see here. The Trump comedy tour is the best thing running. Did you see his impersonation of Japanese negotiators? Great stuff.

    It’s Official: China Confirms It Has Begun Liquidating Treasuries, Warns Washington

    On Tuesday evening, we asked what would happen if emerging markets joined China in dumping US Treasuries. For months we’ve documented the PBoC’s liquidation of its vast stack of US paper. Back in July for instance, we noted that China had dumped a record $143 billion in US Treasuries in three months via Belgium, leaving Goldman speechless for once.

    We followed all of this up this week by noting that thanks to the new FX regime (which, in theory anyway, should have required less intervention), China has likely sold somewhere on the order of $100 billion in US Treasuries in the past two weeks alone in open FX ops to steady the yuan. Put simply, as part of China’s devaluation and subsequent attempts to contain said devaluation, China has been purging an epic amount of Treasuries.

    The clear takeaway is that there’s a substantial amount of upward pressure building for UST yields and that is a decisively undesirable situation for the Fed to find itself in going into September. On Wednesday we summed the situation up as follows: “one of the catalysts for the EM outflows is the looming Fed hike which, when taken together with the above, means that if the FOMC raises rates, they will almost surely accelerate the pressure on EM, triggering further FX reserve drawdowns (i.e. UST dumping), resulting in substantial upward pressure on yields and prompting an immediate policy reversal and perhaps even QE4.”

    Well now that China’s UST liquidation frenzy has reached a pace where it could no longer be swept under the rug and/or played down as inconsequential, and now that Bill Dudley has officially opened the door for “additional quantitative easing”, it would appear that the only way to prevent China and EM UST liquidation from, as Citi puts it, “choking off the US housing market,” and exerting a kind of forced tightening via the UST transmission channel, will be for the FOMC to usher in QE4.

  12. Anon E. Moose says:

    Tool [4];

    trump is the right wingers fukcing problem. thought it was funny to support imbeciles such as W eh? clearly the bar wasn’t low enough. it follows a pattern you created

    Says the guy who voted for Obama twice…

  13. Anon E. Moose says:

    See, I can do the brain-dead re-tweet thing, too!

    TakingHayekSeriously ‏@FriedrichHayek 8 hours ago
    Remember when Paul Krugman said a giant housing bubble was the best thing we could do for the health of the economy?

  14. FKA 2010 Buyer says:

    Very interesting theory. I will say that if you are not buying/selling homes all the time or do some type of negotiation deals for work, you want leave it to your RE Agent to get the deal done.

    Real estate agents may be colluding to rip you off

    A new study shows that brokers who charge lower commissions are punished in the marketplace.

    Navigating the real estate market can be tough for the average joe, but you might be surprised to find that economists find it confounding too.
    The profession has long puzzled over the question of why commissions in the United States are so much higher than elsewhere in the developed world.

    They hypothesized that this was because of the fairly unique nature of the residential real estate market, in which sellers of real estate pay both the commissions for their listing agent and that of the buyer’s agent. Given this arrangement, it’s necessary for buyer’s agents and lister’s agents to cooperate to make a sale. Given this arrangement, it’s possible that dominant brokers in the industry could refuse to work with upstart competitors who are setting their commissions too low.

    And when they looked at the data, they found that brokers charging commissions of less than 2.5% were in fact discriminated against.

  15. joyce says:

    China dumping treasuries… who’s buying them and at what price?

  16. 1987 Condo says:

    Get me a 3% 10 year yield and I’ll buy them

  17. leftwing says:

    “trump is the right wingers fukcing problem. thought it was funny to support imbeciles such as W eh? clearly the bar wasn’t low enough. it follows a pattern you created”

    you mean as opposed to the lightweight caricature with ‘community organizer’ [lol] roots currently residing at 1600 Penn?

    “But Trump on top, followed by Carson? What an embarrassment…”

    The only embarrassment is that the party powers that be can’t decipher that when ***40%*** of your voters support two highly unqualified candidates whose major common factor is that they have ***zero*** government experience over a wide field of your ***best and brightest*** bench sumpin’ might be going on you want to listen to….

  18. yome says:

    Good question!
    Why will Emerging Markets dump their Dollar holdings while their currency is losing value? Ex. A company that holds debt in Dollar denominated will need more of their currencies value to buy Dollar. Strange to dump Dollar you are holding to buy New Dollar at a higher price

    joyce says:
    August 27, 2015 at 10:23 am
    China dumping treasuries… who’s buying them and at what price?

  19. jcer says:

    17, here’s the issue on that stage of clowns(career politicians) for the most part only Trump and Carson have accomplished anything real. Carson was a very successful surgeon, he seems a little off his rocker and probably shouldn’t be in politics with the way he talks but you cannot deny the mans accomplishments. As for Trump, the guy like him or loath him has been fairly successful in real estate development and investment and merchandising, really the Trump brand and people eat it up, he’ s an absolute Boob but has managed to make it work for him to the tune of billions.

  20. yome says:

    China has been buying Treasuries to hold down value of Yuan. Do they now want to increase the value of the Yuan after after devaluing it? That will be the effect of dumping US Treasuries

  21. NJGator says:

    Grim 6 – Bingo! In a 19 candidate field even an urban democratic bastion like Jersey City managed to elect a conservative Republican – Brett Schundler.

  22. yome says:

    Tribute to Stevie Ray Vaughan 25th Death Anniversary

  23. Libturd in Union says:

    Tesla P85D – $110K – Nice headlines, but limited audience…shame.

    Anon – You can make all the fun of Trump that you want. Your choice was cheated on multiple times, had trouble passing the bar. Rides her husband’s coattails even to this day. Used New York like she used her husband. Put an email server in her bathroom installed by a low-budget mom & pop company who happened to be donors. Used her private email to conduct state business some of which was most likely confidentail. Then deleted the server when asked to turn it in by the DOD. She might lose security clearance and then there is the obvious conflict of interest with the Clinton Foundation. I’d take Trump’s leadership over her complete lack of success any day of the week.

  24. Statler Waldorf says:

    Don’t see how Trump (a proven executive and leader with 22,000 employees) is not a serious candidate, but “community organizer” Obama with zero executive and leadership experience is a man worthy enough to send a tingle up Chris Matthews’ leg.

    Trump is a proven “doer,” completing impossible projects where numerous others failed before. Throwing the grandstanding Jorge Ramos out of a press conference the other day was a thing of beauty.

    The time to “clean house” is long overdue.

  25. joyce says:

    Statler Waldorf says:
    August 27, 2015 at 11:57 am

    Throwing out Ramos and then letting him back in to ask several questions in a row was a good move.

  26. D-FENS says:

    When Trump let him back in, Jorge Ramos’s questions weren’t exactly riveting.

    They were along the lines of:

    How are you going to build a wall? It’s so big!

    What about the little children?

  27. leftwing says:

    Love the Ramos toss, and good politics to let him back in. Funny how all the talking heads were parsing ‘protocol’, ie. was he technically asking a question since he wasn’t recognized and should not have been removed. Who cares? Not John Q Public. Just made Trump look strong and a no BS kind of guy.

    Trump is out-Christying Christy. Remember Christy shouting down the vet for a ‘stupid question’ at a town hall? Must be killing Christy his mantle was usurped…

    BTW, CC did the rounds this morn, CBS This Morning and CNBC. Looking and sounding good actually. The women on CBS tried to bait him on VA shooting and Christy did a nice sidestep. Basically said we need better mental health and need to enforce the laws on the books not pass new ones. Used Camden as an example, noting he fired the entire police force, brought in new, and murders are down 60%. Ripped into Hillary on both shows. Pulled out his bona fides as a former US Attorney and said instead of running she should be prosecuted. Made a nice argument, you could see the resident liberals on both shows wince, and keep quiet. He’s not electable, but if he gets some good air time and a Trump collapse he may get some traction.

  28. leftwing says:

    “Tribute to Stevie Ray Vaughan 25th Death Anniversary”

    Thanks. Now I really do fell old……

    “How are you going to build a wall? It’s so big!”

    Trump’s answer was priceless. Along the lines of “A wall? That’s easy. Try building 94 stories straight up on a single block. That’s hard.”

  29. The Great Pumpkin says:

    Bernie or trump, I’ll take either one. Things need to be shaken up. The parties in power are much too comfortable and powerful, leading to unbelievable corruption and a govt no longer for the people.

  30. Nomad says:

    Well it looks like The Donald would like to go after carried interest. Definitely shaking things up.

    Any guesses as to who on the Republican side will drop out by the end of October?

  31. nwnj4Trump says:


    Yep, and he’s right on the money with that. If he can add term limits and campaign finance reform to the platform I’m all in.

  32. Comrade Nom Deplume with jet lag says:

    Is it my imagination or are anon’s retweets sounding as stupid as he is?

  33. Libturd in Union says:

    Remember all of those useless endorsements from useless mouth breathers coming out in support of the adultery supporter when they jump aboard the Colonel’s ship. Dorks!!minpct=10&mindate=2015-02-01&estimate=custom

  34. anon (4)-

    You imbecile, learn to pay attention to what people here say. If you could do anything other than RT the cranial diarrhea of our worst & dullest, you’d know that I don’t vote, am not political and support neither party nor anyone afflicted with the mental illness otherwise known as seeking elected office.

    “trump is the right wingers fukcing problem. thought it was funny to support imbeciles such as W eh? clearly the bar wasn’t low enough. it follows a pattern you created”

  35. Walking Bye says:

    Trump -For those who think the he will lose the Hispanic vote I think they will be surprised. I believe the Hispanic vote appreciates his no nonsense style leadership especially when it comes to terror and Russia. Another interesting thing, Mayor Diblasio was booed heavily at the Dominican Parade. Why? He stated that Dominicans must learn to be open to illegal Haitians, refuges, entering Dominican Republic. The practice of deportation must end. Why is it that all of Central and South America can have strong immigration laws yet the US cannot?

  36. Ponderer says:

    NJ education at its finest… “the arbitrator found that the Roosevelt school district failed to give him adequate notice to correct his behavior” and that “the quality of his teaching outweighed his tardiness.” Phew! That makes it all better. Had me worried for a bit. Silly me!

    New Jersey teacher who was late for work 111 times keeps job

    AUGUST 27, 2015, 11:55 AM LAST UPDATED: THURSDAY, AUGUST 27, 2015, 12:00 PM
    NEW BRUNSWICK, N.J. (AP) — A New Jersey elementary school teacher has been allowed to keep his job even though he was late for work 111 times over a two-year period.

    In a decision filed Aug. 19, an arbitrator criticized a claim by 15-year veteran teacher Arnold Anderson that the quality of his teaching outweighed his tardiness.

    The arbitrator says Anderson was late 46 times in the most recent school year through March 20 and 65 times the previous school year.

    However, the arbitrator found that the Roosevelt school district failed to give him adequate notice to correct his behavior and that Anderson is entitled to progressive discipline before being fired.

    Anderson earns $90,000 a year.

    The district has withheld raises for Anderson’s tardiness, and Anderson will remain suspended without pay until January.

  37. Libturd in Union says:

    It’s strange. Everytime someone knocks a teacher here, the progressives claim they all make like 50K a year. But every time you read about a problematic teacher (most likely not the cream of the crop), they always make 80K to 100K (based on a 9 month year).

  38. Juice Box says:

    The new Portal Bridge needs to be built before they start running more trains into NYC, they actually need two Bridges cost $ 2 Billion.

  39. New Jersey. Fcuk up and move up.

  40. stu (38)-

    Any teacher with 111 tardies is someone who’s still waking up drunk from the night before.

  41. Libturd in Union says:

    Juice…I mentioned that the plans that Christie poopooed did not include an upgrade of the portal bridge. They called for 4 tracks into the city but still only 2 over the Hackensack.

  42. Libturd in Union says:

    Tue Jun 28, 2011 7:23 am
    The Portal Bridge project was/is separate from the Hudson rail tunnels, no construction funding has yet to be secured for the Portal bridge replacement. There’s funding secured for the planning and engineering of the replacement of the bridge, but no funding yet for actual construction. Once the ARC project was underway funding was going to be sought for the Portal Bridge replacement. Now with ARC cancelled and the new Amtrak lead plan many years away, if ever, the Portal Bridge project will probably happen before too long.

    “Once the ARC project was underway funding was going to be sought for the Portal Bridge replacement”

    Hmmm…wonder who would have paid for it?

    “When the governor of New Jersey, Chris Christie, a Republican, announced that New Jersey Transit was canceling its plan to build rail tunnels under the Hudson River to Manhattan, he criticized Democratic elected officials for failing to include funding for a new Portal Bridge in that project. In 2011, Mr. Christie said he had let federal officials know that New Jersey was prepared to contribute a “significant amount of money” toward a new bridge.”

    Estimated cost today to replace the current bridge and to build a second span? 2 billion. Remember…NJ only takes in 30 billion a year in tax revenue. Maybe we should cut the pension payment again to pay for the bridge? Wasn’t the pension payment promised in 2015 from the reforms in 2011 somewhere around 2 billion?

  43. Ponderer says:


    Yup! That’s 9 months and after “The district has withheld raises for Anderson’s tardiness”. My youngest’s teacher from last year was somewhere in the $130K range I believe and on auto-pilot (and has been for years) waiting for retirement. On the other hand, her teacher this year (who comes with good reviews) is in her second year and is in the $20K range. That’s too low to attract good ones (unless they put the years in and retire with the pension and benefits).

  44. Libturd in Union says:

    20 K is a pretty bad starting salary even including the perks. But 50K with those perks for starters is pretty fantastic.

  45. A Home Buyer says:

    44 –

    Correct me if I mistaken, but starting salary is a minimum 40K for teachers in non urban districts, and around 49K for teachers in urban districts.

    If they are paid 20K, I do not believe they were hired as a teacher.

  46. Fast Eddie says:

    Correct me if I mistaken, but starting salary is a minimum 40K for teachers in non urban districts, and around 49K for teachers in urban districts.

    It’s funny; the spouse has been a Parochial School teacher for well over a decade and barely scratches 40K. And the kids generally come out with a much better education in a Parochial setting but that’s no secret.

  47. A Home Buyer says:

    47 –

    The true tragedy is the how those poor children are being deprived a much better education. If only their teacher’s were paid equally to public teachers. Then those lazy Parochial teachers would be forced out and only top tier talent would be cultivated at those institutions.

    You just need to spend more money to get students to learn more, right?

  48. Grim says:

    Declare the Hackensack a non-navigable waterway and make Bergen county build a pipeline to Newark. A traditional bridge probably costs 1/8th of the proposal.

  49. Anon E. Moose says:

    Home Buyer [48];

    Another board I frequent has the ability (and socially imposed requirement) that dripping sarcasm be rendered in green text.

  50. Banco Popular Trust Preferred Shares says:

    new teacher client….random nobody with 15 years experience and just a bachelor’s…..makes $90K+ in blue-collar school district……petulant about having to pay a dime for healthcare and thinking Christie is going to steal her pension……drives a new Lexus SUV…..

  51. Fast Eddie says:

    You just need to spend more money to get students to learn more, right?

    Yes, it’s for the children. D@mn it, what about the children!!

  52. A Home Buyer says:

    51 –

    Truth be told I am perfectly fine with teachers being paid between 40-80K, especially in New Jersey. I would love to see private schools paid more as well. Its unlimited pensions and health benefits that I take issue with because how the heck do you budget that?

    But our escape plan is in motion so New Jersey can shift its 53K debt burden per tax payer to someone else. Wont be my issue come a few years…

  53. Ponderer says:

    Home Buyer (46)

    You must be right. Although the BOE records show she was hired in the $20K range in 2013, at, it shows her salary updated recently at the $49K range. I wonder if there is a para- or probationary teaching period and salary? Whatever the case, I’m happy for her. $20K is just too low!

  54. 1987 Condo says:

    #55..she may have been a “maternity leave” replacement and then got a full time job, or an aid to a full time position.

  55. Ponderer says:

    Home Buyer (54),

    Well, I’ll be carrying that burden for many more years unfortunately. But I agree with the salaries (including the privates). Which is why I am prepared not to dissuade my daughter and son if they suggest pursuing a career in teaching or law enforcement (in Bergen).

  56. Banco Popular Trust Preferred Shares says:

    Chocolate Thunder < Vigoda

  57. Banco Popular Trust Preferred Shares says:

    Heading here tomorrow morning…..

  58. Comrade Nom Deplume with jet lag says:

    Kicking back with brew that the wife bought, Southern Tier Imperial Pumking. And it reminded me of this blog: there is such a thing as too much pumpkin.

  59. Comrade Nom Deplume with jet lag says:

    [49] Joyce

    How do I get on that list? Seriously, I did not read the article but I can tell you the purpose: it’s to build a list so that should Aurora be forced to issue carry permits, they have a database of people they can deny.

  60. Alex Bevan says:


    If she’s that good of a teacher you’d think she could prove it in Paterson, or at least another public school where they didn’t hand pick their students?

    I’m a pretty good golfer. If I only had to play par fives I’d probably average near par, but those pesky threes and fours trip me up. Have to play them all to compare.

  61. Alex Bevan says:


    Always been the most pumpkin of pumpkin beers. Almost tastes more like fresh pumpkin then pumpkin pie? DFH is my pumpkin beer of choice. Years may very.

    Pumpkin beers in August are just wrong. They are never around in Oct or Nov. when they seem more in tune with the drinking season. Always end up on Belgians by then.

  62. NJT says:

    I’m in MOD? Really?

  63. Ben says:

    It’s strange. Everytime someone knocks a teacher here, the progressives claim they all make like 50K a year. But every time you read about a problematic teacher (most likely not the cream of the crop), they always make 80K to 100K (based on a 9 month year).

    I’m no progressive, but it’s true. Most of them make 50k a year. You can view APP public teacher records. No problematic teacher makes 50k a year because they’ve already been fired. The ones making 80k a year are the ones who slipped through the system years ago and coasted the system doing nothing.

  64. Comrade Nom Deplume with jet lag says:

    [63] Alex

    It’s cool here. They’re selling it. She bought it. I’m drinking it. Deal with it.

  65. Comrade Nom Deplume with jet lag says:

    [57] ponderer

    My girls could turn out to be less than stellar in school. So teaching is an avenue I have to tell them to keep open.

  66. Libturd at home says:

    Ben…the voice of reason.

  67. Ben says:

    Btw…you’ll don’t often see top teachers pulling in the 100k range. Every teacher that was that was worth their weight in gold usually breaks their back and works nonstop every minute of the day and night on their craft. They end up fizzling out 10 years into it because they are talented enough to do something else and get paid more.

  68. Wily Millennial says:

    I have a lot of teacher friends in their 20s and 30s. Some are moving to rural districts for CoL and the rest are looking to move to better jobs.

    My first job out of school paid more then than these guys make now, and they have several years experience and Masters degrees.

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