From the WSJ:
Chinese Billionaire Nabs One57 Condo For a Mere $23.5 Million
A three-bedroom unit on the 62nd floor of One57, a newly built condominium towering over New York City’s Central Park, has sold for $23.5 million, or 25% under its original sale price of $31.7 million.
According to Noble Black of Douglas Elliman Real Estate, who had the listing with colleague Emily Sertic, the apartment was first listed for roughly $41 million with another firm in 2014, almost immediately after the seller closed on the purchase from builder Extell Development. It has since seen several price reductions, and was most recently asking $25 million. The seller’s identity is shielded by the entity Escape From New York LLC.
The buyer is Chinese billionaire Liu Yiqian, according to Jeremy Hu of Compass, who represented him in the transaction. An investor who lives primarily in Shanghai, Mr. Liu is known for his large art purchases: Last year he paid $170.4 million for Amedeo Modigliani’s portrait of a “Reclining Nude,” one of the highest prices ever paid at auction for a work of art.
…
The buyer is Chinese billionaire Liu Yiqian, according to Jeremy Hu of Compass, who represented him in the transaction. An investor who lives primarily in Shanghai, Mr. Liu is known for his large art purchases: Last year he paid $170.4 million for Amedeo Modigliani’s portrait of a “Reclining Nude,” one of the highest prices ever paid at auction for a work of art.
Shorting REITS? As I recall, that strategy did not work during the last bust. Volatility aside, I thought some REITS fared pretty well.
From HousingWire:
Homeowners facing foreclosure hits 9-year low
A new report from Black Knight Financial Services shows that by one metric, the housing market is healthier than it’s been since the crisis began.
According to new data released Tuesday morning by Black Knight, the rate of loans in active foreclosure is lower right now than at any point in the last nine years.
Black Knight’s “First Look” at the September mortgage data shows that only 1% of the total number of mortgages in the U.S. are currently in active foreclosure, which is 3.38% lower than the previous month, 31.23% lower than the same time period last year, and represents a nine-year low.
Black Knight’s report also showed that there were 61,700 foreclosure starts in the month of September, which represents a 10.32% decrease from the previous month and a 22.78% decrease from the same time period in the previous year.
Overall, the total loan delinquency rate, which represents loans that 30 or more days past due, but not in foreclosure, is at 4.27% of all loans. That represents a slight increase of 0.74% from the previous month, but a 12.24% decrease from 2015’s total.
According to Black Knight, September’s slight increase in delinquencies is “relatively mild” by historical standards.
…
On a state-by-state basis, the top five states by non-current percentage are Mississippi at 11.16%; Louisiana at 10.32%; New Jersey at 8.13%; Alabama at 7.85%; and West Virginia at 7.72%.
I’ve been looking at apt REITs in major cities, like DC (conventional wisdom is that DC is recession-proof). I’ll avoid commercial REITs; I hear those advertised on XM all the time–my rule is that if an investment is any good, you would not need to advertise.
GOLDMAN SACHS CEO: I support Hillary Clinton
http://www.businessinsider.com/goldman-sachs-lloyd-blankfein-supporting-hillary-clinton-2016-10
The lord’s work?
Gold is pumped nonstop by all adds in radio, tv right wing shows
Comrade Nom Deplorable, just waiting on the Zombie Apocalypse. says:
October 25, 2016 at 7:12 am
my rule is that if an investment is any good, you would not need to advertise.
there’s that add with some very serious sounding dude about the treasury releasing a new batch of gold coin…hahaha right wingers are such a fukctards
Looks like the stock market figured out twitter is infested with morons and trolls. Stock subsequently tanked.
Trump promises new spending in swing states
http://jamiedupree.blog.palmbeachpost.com/2016/10/24/trump-promises-new-spending-in-swing-states/
Trump promising infrastructure spending while Clinton collects Goldman Sach’s endorsements. It’s tough to tell who is the Democrat and who is the Republican in this race.
“We need a 350 ship Navy,” Trump said. “This will be the largest effort at rebuilding our military since Ronald Reagan.”
“The Philadelphia Navy Yard is a perfect example,” Trump said referring to the former U.S. military base that’s been turned into a business development center, after it was closed down by a special military commission in the 1990’s.
“I will instruct my Secretary of the Navy to study locations like Philadelphia,” Trump said, as he vowed to include several key states in his military buildup.
“We’ll establish centers of excellence in places like Philadelphia, and Portsmouth, New Hampshire, and Hampton Roads, Virginia, to produce the master craftsmen we need to rebuild our fleet,” as Trump rang the bell on three swing states that could benefit from a U.S. Navy buildup.
“We will rebuild our Navy and we will do it with American steel, made right here in Pennsylvania,” Trump said to cheers.
@jbarro
Trump mostly represents a shift on the right from elaborately deceptive narratives to very simply deceptive ones.
@Jbarro
Instead of having a fancy model that lies with math to say tax cuts pay for themselves, you can just say “I’ll make us so rich, believe me.”
@jbarro
And instead of an elaborate story about why the poll samples get the electorate wrong, as Rove et al told in 2012, you can just say “rigged”
Large blocks of imbiciles don’t know it yet but both parties are broken. The new party lines will be drawn along NWO vs. national autonomy. Everything other issue is a “fake culture war”. Simply distract the fools like anon.
Do they still know how to make steel in Pennsylvania?
No.
But Comrades will come together under directives from the National Autonomy plan to open steel mills around the country
grim says:
October 25, 2016 at 8:20 am
Do they still know how to make steel in Pennsylvania?
The funny part about that isn’t that what you said is funny, it’s that you believe that it’s Republicans who are the Communists.
Cold, hard, empty
Light that has left me
How could I know that you would die?
Farewell again, our dear land
So hard for us to imagine that it’s real, and not a dream
Motherland, native home
Farewell, our Motherland
Let’s go; the sea is waiting for us.
The vastness of the sea is calling to us, and the tides
Hail to our fathers and forefathers
We are faithful to the covenant made with the past
Now nothing can stop
Our Motherland’s victorious march
Sail on fearlessly
Pride of the Northern Seas
Hope of the Revolution, you are the burst of faith of the people
In October, in October
We report our victories to you, our Revolution
And to the heritage left by you for us
The Reds are out there, but summarily dismissed by the DNC prior to the primaries. The lobbyist alliance stacked the deck.
from last night:
Braz – Thanks for the idea, I may be able to use ESS at some point. Specifically, I would like to short the Boston RE market (I am going back to renting, and will be selling our home, so that part will work), but I think Boston may suffer a very unique real estate bust in the not too distant future. We are at all time highs right now in terms of prices and rents and I think a part of that is the high concentration of colleges and college salaries in Boston. College costs have already peaked, what hasn’t gone down is advertised “list prices” of college. My prediction is that most colleges are going to have to compete on price in the near future and that is going to mean mass layoffs of non-teaching positions (administrative/IT/facilities etc.). Currently we are riding high because money from NY/NJ and all over is still flowing into our city freely in the form of tuition/housing/discretionary dollars on behalf of our out-of-state students. I don’t see that gravy train rolling down the tracks forever.
O NJ Expat,
Short ESS, an apartment owner with portfolio concentrated in San Francisco Bay Area and metro Seattle, markets with similar economic and real estate drivers as the Boston area. ESS’s 3rd market is Los Angeles region but that market is diverse and stable and won’t drive the stock. What prevents house prices from crashing in these markets is lack of negative equity and local land use laws that prevent overbuilding of single family houses. These constraints won’t prevent overbuilding of apartments and falling rents though.
Or you could just live in the Boston area and rent.
grim – REITs have actually done pretty miserably over the last quarter as interest rates are edging up. In addition, there are now 11 S&P industry sectors as S&P has divided financials into, basically, REITS and non-REITS, which is a good thing. The Financial sector had been tough to track because it was a mixed bag of companies that do great with low interest rates and others that do better with high interest rates. So previously you might use XLF, which still exists, to track the old Financial sector, now you would use XLFS to track Financial Services and XLRE to track the new sector.
Shorting REITS? As I recall, that strategy did not work during the last bust. Volatility aside, I thought some REITS fared pretty well.
It’s not really a bubble, imo. It’s more a reflection of the changes to our economy. I would not count on a major bust anytime soon. Remember, just because prices are at all time highs, doesn’t make it a bubble. And if you think colleges are the single factor driving home prices in Boston, you are wrong.
The Original NJ ExPat says:
October 25, 2016 at 9:19 am
from last night:
Braz – Thanks for the idea, I may be able to use ESS at some point. Specifically, I would like to short the Boston RE market (I am going back to renting, and will be selling our home, so that part will work), but I think Boston may suffer a very unique real estate bust in the not too distant future. We are at all time highs right now in terms of prices and rents and I think a part of that is the high concentration of colleges and college salaries in Boston. College costs have already peaked, what hasn’t gone down is advertised “list prices” of college. My prediction is that most colleges are going to have to compete on price in the near future and that is going to mean mass layoffs of non-teaching positions (administrative/IT/facilities etc.). Currently we are riding high because money from NY/NJ and all over is still flowing into our city freely in the form of tuition/housing/discretionary dollars on behalf of our out-of-state students. I don’t see that gravy train rolling down the tracks forever.
Here’s the new music Trump is using at his campaign stops…….
https://youtu.be/W7GMMTMdIjs?t=1m10s
Pumpkin is back!!
LOL. College educations always go up in value. That’s why you need to buy one now before you get priced out forever.
It’s not really a bubble, imo. It’s more a reflection of the changes to our economy. I would not count on a major bust anytime soon. Remember, just because prices are at all time highs, doesn’t make it a bubble. And if you think colleges are the single factor driving home prices in Boston, you are wrong.
I just heard a great quote on Bloomberg radio. Ken Hoffman, a metals analyst who used to work at a hedge fund, claimed he had a great mentor there who told him, “When things go crazy they can go two times crazy.”
LOL
http://www.thegatewaypundit.com/2016/10/wow-tim-kaine-holds-rally-30-people-show/
College education is more important than ever. Without college, your chances of landing a good job are not in your favor. Mine as well go play the lottery.
The Original NJ ExPat says:
October 25, 2016 at 10:10 am
LOL. College educations always go up in value. That’s why you need to buy one now before you get priced out forever.
ExPAT
Did you change the signs to this event?
http://www.bostonmagazine.com/news/blog/2016/10/24/curt-schilling-trump-rally-breitbart/
Interesting read on hedge funds recently, in which a reader noted to Barrons that since the SEC began clamping down on hedge funds insider trading, performance has declined significantly.
And houses always go up in value.
College education is more important than ever. Without college, your chances of landing a good job are not in your favor. Mine as well go play the lottery.
Healthcare
https://market-ticker.org/akcs-www?post=231587
You could probably form a metric to predict the collapse of the college bubble if you had a way to track the population of debt-laden college graduates inhabiting suburban basements.
Interesting thesis……
walking bye says:
October 25, 2016 at 10:28 am
Interesting read on hedge funds recently, in which a reader noted to Barrons that since the SEC began clamping down on hedge funds insider trading, performance has declined significantly.
Hands up, don’t shoot……
http://nypost.com/2016/10/25/cops-crack-down-after-teen-mob-attacks-temple-students/
Nothing always goes up in value, but there are plenty of locations in America that have went up in value significantly over time. Minted millionaires. So don’t think there isn’t some truth in land always goes up in value. It’s matter of location.
The Original NJ ExPat says:
October 25, 2016 at 10:45 am
And houses always go up in value.
And I doubt Boston is primed for a huge correction….sorry. If anything, price will just stabilize till the next leg up.
Of course college education is a bubble. It’s a government funded debt bubble just like housing was in the 2000’s. The universities are living it up big time too. The number of administrative staff and capital improvements have sky-rocketed over the course of the past 20-30 years.
Don’t you think if students were shelling out what they believed was real money they’d be a heck of a lot more cost selective in their educational choices?
The way debt financing is so ingrained in the minds of people in this country is fascinating. There are no negative repercussions ever discussed. “You’ll earn more with a college degree” will be right up there with “real estate never declines” when this thing inevitably explodes.
Our economy changed from manufacturing to a creation/service based economy. Did you think secondary education won’t be impacted by this? You think college campuses would decrease in size as their role becomes more important in this new economy? The transition was/is not going to be perfect, but to sit here and think that our university system will collapse doesn’t make sense. If our higher education system collapses, so does our country. Without it, how are we any different from India or China?
“Of course college education is a bubble. It’s a government funded debt bubble just like housing was in the 2000’s. The universities are living it up big time too. The number of administrative staff and capital improvements have sky-rocketed over the course of the past 20-30 years”
It is indeed real money. You can’t default on college loans. There is no running away from this debt. Nothing like the loose credit that took down the housing market.
“Don’t you think if students were shelling out what they believed was real money they’d be a heck of a lot more cost selective in their educational choices?”
dumbass
lost says:
October 25, 2016 at 12:00 pm
It is indeed real money. You can’t default on college loans. There is no running away from this debt. Nothing like the loose credit that took down the housing market.
“Don’t you think if students were shelling out what they believed was real money they’d be a heck of a lot more cost selective in their educational choices?”
If it makes yourself feel good, go for it.
chicagofinance says:
October 25, 2016 at 12:03 pm
dumbass
lost says:
October 25, 2016 at 12:00 pm
It is indeed real money. You can’t default on college loans. There is no running away from this debt. Nothing like the loose credit that took down the housing market.
“Don’t you think if students were shelling out what they believed was real money they’d be a heck of a lot more cost selective in their educational choices?”
They are filling out a bunch of forms that less than 1% even take the time to read. They are able to borrow MORE than the cost of tuition room and board etc. and use the loans for living expenses. Sound familiar?
That’s not even factoring in the unemployed etc. who are living off student loans taken out by these bs. for profit colleges. I have a relative who got her PHD from the University of Friggin’ Phoenix. She used a portion of one of the student loans as a down-payment for a car. She’s NOT the only one doing that.
If you can’t maintain a 3.0 GPA or higher you’d be better off avoiding the debt and being a plumber.
Few 18 year olds have the capacity to appreciate they just signed themselves into 30 years of indentured servitude.
Perfect
https://www.youtube.com/watch?v=pADHLsECWxY
wha? you think those guys are real geniuses?
if that was the case why would they want to be employed intead of trading from home for their own account
walking bye says:
October 25, 2016 at 10:28 am
Interesting read on hedge funds recently, in which a reader noted to Barrons that since the SEC began clamping down on hedge funds insider trading, performance has declined significantly.
One thing to consider about the bubble recipe for Boston is that the commercial market is pricing out a lot of the Bio pharma startup groups. Many of the big Pharma groups are moving in and driving up rents. The thinking being that Big Pharma is looking for organic cross pollination of ideas and the interactions that occur from clustering of so many startups in such a small area. With rent going up will new startups search out other areas? or does MIT/Harvard role in such startups keep the area a hub much like silicon valley.
There are some who say this is the replacement grand plan to control the citizenry. In my parents day kids got married sometime between 18 and 23, bought a house, had kids and now Dad would dutifully bring home the bacon to pay for it all for the rest of his working life. When I hit the professional workplace in 1984 you were already seeing this break down because a lot of us weren’t getting married and having kids though we were still coupling up, maybe buying some real estate, but if we didn’t buy a house or condo we had a lot of mobility and freedom and no debts. Personally, I only had one big decision when I graduated college. Move home and buy a new Porsche or get my own apartment and buy a new Honda. I went the Honda route. No wife, no kids, no debt, or coupled-up we were known as dinks (Dual-income, No Kids). We could move, demand raises, say FU to jobs we didn’t like, take a year off and live off UE benefits and severance, etc. We were not captive workers like our parents were. Some think the college debt load is the new yoke to bring the citizenry back into control since we can’t force the kids to have kids or buy houses. I don’t have an opinion on whether it is intentional or coincidental but it has the same effect as what our parents and grandparents were subject to. Demobilize the youth and keep them in the town where they were born with no future unless they decide to be a good worker and make the payments to the company store.
Few 18 year olds have the capacity to appreciate they just signed themselves into 30 years of indentured servitude.
Grab them, it is a simple elegant thesis which I can appreciate. The reader noted that as the fines and jail times went up the performance of the funds went down. A sort perverse risk/reward relationship.
As for the home account, I believe it’s the fee structure, (2 and 20?) which these guys get which makes them profitable vs trading at home. remember a lot of pensions, endowments and others were sold the alternative investment product as a way of getting greater market returns.
This is sad and true. Unfortunately, just accepting a lower standard of living might not win the game either if we continue to let government grow unchecked. Hence Trump’s popularity. In reality we have been accepting a lower standard of living since at least the 1970’s. First wives went to work to make up the shortfall created by rampant inflation in the 1970’s, then an expansion of consumer credit reduced retirement savings beginning in the 1980’s, then the Home ATM was tapped for more cash flow after that, further reducing savings. So for decades we’ve used and exhausted extra labor and extra credit to surround ourselves with looks like an ever better current life and now there are some baby boomers hitting the wall at the end of their working life where a comfy retirement used to await. Older workers will be working longer, harder, and leading the downsizing frenzy that is sure to come.
Like we’ve been saying for the past 10 years. To compete globally, Americans will need to accept a lower standard of living. This is exactly that.
I think it’s a similar song and dance the government is pushing with education that they have been pushing with housing. It’s resulted in a similarly huge miss-allocation in capital. College wasn’t meant to be for everybody; unless you dumbed down the standards to a level to include everyone that you make the degree relatively meaningless; in doing so you increase the size of the student body and the amount of tuition inflow and the largesse of college budgets. You increase the number of college graduates, supposedly increasing their earnings potential, but in the end they are living in their parents basement with $37,000 on average in student loan debt, and few job prospects.
Michael Moore: “Trump’s election will be the biggest “F*ck You” ever recorded in human history”
https://www.youtube.com/watch?v=YKeYbEOSqYc
People from cities like Boston/NYC aren’t the ones voting for him…
Fabius Maximus says:
October 25, 2016 at 10:28 am
ExPAT
Did you change the signs to this event?
Trump was the “human molotov cocktail that they’ve been waiting for – the human hand grenade that they can legally throw into the system that stole their lives from them…”
-Michael Moore
They probably have it drop-shipped for risk-free 15%(think shipping and insurance overcharges) profit. Why wouldn’t you pump it? Even a reputable gold dealer buys at spot and sells at 6% over spot unless you are buying 5-6 figures quantities. For the small investor in physical, platinum looks like the thing to buy. I can’t see platinum remaining at a $300 discount to gold when it has traditionally sold at a premium.
Gold is pumped nonstop by all adds in radio, tv right wing shows
The film maker noted that “the elites who ruined their lives hate Trump, corporate America hates Trump, Wall Street hates Trump, the career politicians hate Trump, the media hates Trump.”
DFENS
It would, if it were to ever happen. But I think the two likely outcomes are:
1. he loses, and
2. he loses badly.
I cannot abide by the idea of living under a president that Rory, Footrest and the Twitiot would willingly vote for, but I think it inevitable. My best hope is that she pulls a Bill and tosses the left under the bus, and gets her azz impeached for something.
In the meantime, if anyone wants to put cash on The Donald, I will take the other side of that bet.
chicagofinance says:
October 25, 2016 at 11:26 am
That is why I don’t venture north of Vine without my two bestest buddies: Mr. Smith and Mr. Wesson.
Those aren’t real colleges and should not be included in the discussion. Call it what it really is; businessmen lacking morals, setup schools for profit to ripoff individuals that could not get into real schools. Yes, capitalism isn’t always perfect, meaning the need for profit doesn’t always produce good things in the economy. Profit, in this case, clearly did a great job of misallocating resources by ripping people off with the idea that they were getting a real education that would lead to real skills to land a good job.
HEHEHE says:
October 25, 2016 at 12:20 pm
They are filling out a bunch of forms that less than 1% even take the time to read. They are able to borrow MORE than the cost of tuition room and board etc. and use the loans for living expenses. Sound familiar?
That’s not even factoring in the unemployed etc. who are living off student loans taken out by these bs. for profit colleges. I have a relative who got her PHD from the University of Friggin’ Phoenix. She used a portion of one of the student loans as a down-payment for a car. She’s NOT the only one doing that.
If you can’t maintain a 3.0 GPA or higher you’d be better off avoiding the debt and being a plumber.
FYI – a 2.9 GPA from Syracuse is worthless and costs $250,000
lost says:
October 25, 2016 at 1:43 pm
Those aren’t real colleges and should not be included in the discussion. Call it what it really is; businessmen lacking morals, setup schools for profit to ripoff individuals that could not get into real schools. Yes, capitalism isn’t always perfect, meaning the need for profit doesn’t always produce good things in the economy. Profit, in this case, clearly did a great job of misallocating resources by ripping people off with the idea that they were getting a real education that would lead to real skills to land a good job.
HEHEHE says:
October 25, 2016 at 12:20 pm
They are filling out a bunch of forms that less than 1% even take the time to read. They are able to borrow MORE than the cost of tuition room and board etc. and use the loans for living expenses. Sound familiar?
That’s not even factoring in the unemployed etc. who are living off student loans taken out by these bs. for profit colleges. I have a relative who got her PHD from the University of Friggin’ Phoenix. She used a portion of one of the student loans as a down-payment for a car. She’s NOT the only one doing that.
If you can’t maintain a 3.0 GPA or higher you’d be better off avoiding the debt and being a plumber.
Put Seton Hall and Fordham in that bucket too, except Fordham is closer to $300K
D-FENS
I have an actual visceral hate for Michael Moore. Everything about him is repulsive.
Having said that the video, filmed in front of an apparently democratic crowd, is the single best campaign ad FOR Trump.
He should be running it in every swing state.
Spending $200,000 to $300,000 for a degree in “______- studies” is taking that money and flushing it down the toilet.
I was just quoting the national average in student loan debt. There’s countless examples of brick and mortar universities charging ridiculous amounts in tuition that they do not have the academic reputation nor the post graduate job placement statistics to justify. The only way they get by doing it is the fact that a big chunk of the tuition is debt financed. That and of course I forgot they are providing a “college experience”. Whatever that is?
Beauty is in the eye of the beholder. For some, it is flushing money down the toilet, for others it is an investment.
Why is the price a problem? There are cheap options available? No one told you to go away to some ritzy college if you can’t afford it. If you are not capable of getting a job with a meaningful degree from one of these $200,000 schools, you should not have went there in the first place. Don’t blame the school if you came out of a 200,000 school unable to find a job, blame yourself. You obviously did something wrong or you would have a job with that kind of education.
Alex says:
October 25, 2016 at 2:07 pm
Spending $200,000 to $300,000 for a degree in “______- studies” is taking that money and flushing it down the toilet.
Really? The people on this board are going to judge the value of degree programs?
An education is worth what you put into it. If you have no other redeeming qualities than that sheepskin. Then yeah. You are going to be disappointed. Possible way under employed and perhaps bitter.
It’s the other people you meet at school, the chance to pursue more knowledge in an academic setting…and don’t forget the parties. Oh yeah. The parties.
I just can’t believe there are that many hold their nose voters for Hillary out there and I’m starting to lean to believing that the polls are just massive frauds. If she can’t draw a crowd anywhere and Kaine can’t even draw flies. Anecdotally Hillary seems so universally hated that even people who tell me they are voting for her don’t even use her name, they just say their voting Democrat. As for the polls, If CNN is what it is, why would we lend any credence to a CNN poll. I think an honest poll like IBD/TIPP (the only one to call the last election right) still will come short of those actually voting for Trump. Ever since 2008 when every R vote became a Racist vote your everyday Northeast conservatives have taken to STFU mode, I think that marked about the end of being able to poll those voting Republican accurately. I think the last gasp Hillary tactic is to just get out the megaphones and tell everyone it is going to be a YUGE Hillary blowout to convince the weak-willed they will hate themselves if they cast their ballot on the biggest losing side ever. It’s kind of like the Fed, which can’t get to 2% inflation, says they are going to go for 4%. I’m calling huge win Trump.
Tuition is only high because it’s debt financed? People didn’t sign for these loans? People’s choices have nothing to do with the problem? People weren’t tricked into taking these loans?
Govt tried to put a good thing in place by guaranteeing loans so people could invest in themselves and get a higher education. Of course loser capitalists that make money on ripping people off, as opposed to creating value, took full advantage of the guaranteed loans system and now have made a joke of a good thing. Now all higher education will suffer because schools were created to rip people off instead of providing them with a real education to get a job in the 21st century. So don’t throw all higher education under the bus for the misdeeds of these profit seeker schools that raided the higher education loan system.
So what is the alternative to college? There are legions of individuals in our society incapable of getting a job because they didn’t go to college and get the skills needed to do so, or worse, they went to a fake college, got ripped off, and now are in debt because they were ripped off.
HEHEHE says:
October 25, 2016 at 2:30 pm
I was just quoting the national average in student loan debt. There’s countless examples of brick and mortar universities charging ridiculous amounts in tuition that they do not have the academic reputation nor the post graduate job placement statistics to justify. The only way they get by doing it is the fact that a big chunk of the tuition is debt financed. That and of course I forgot they are providing a “college experience”. Whatever that is?
” Of course loser capitalists that make money on ripping people off, as opposed to creating value, took full advantage of the guaranteed loans system and now have made a joke of a good thing.”
You on crack? It’s all the colleges exploiting the system; not just the University of Phoenix’s. Look at the people at the top of universities. Most of them come from government. They know a cash cow and how to milk it.
We have prema facie evidence that you are a “some” and not an “others”…….
lost says:
October 25, 2016 at 2:38 pm
Beauty is in the eye of the beholder. For some, it is flushing money down the toilet, for others it is an investment.
Why is the price a problem? There are cheap options available? No one told you to go away to some ritzy college if you can’t afford it. If you are not capable of getting a job with a meaningful degree from one of these $200,000 schools, you should not have went there in the first place. Don’t blame the school if you came out of a 200,000 school unable to find a job, blame yourself. You obviously did something wrong or you would have a job with that kind of education.
Alex says:
October 25, 2016 at 2:07 pm
Spending $200,000 to $300,000 for a degree in “______- studies” is taking that money and flushing it down the toilet.
BOOYA
http://www.cnbc.com/2016/10/25/atts-directv-now-online-video-service-to-cost-35-per-month.html
[9:30 AM] If you think that colleges are not the single factor driving home prices in Boston, then you are wrong. Even the $1-$5 million dollar SFHs would be worth a fraction of that if you removed all of the colleges. Your premise makes as much sense as saying that Financial firms are not the single factor driving home prices in Manhattan.
lost – BTW, the Population of Boston is only 650,000. 152,000 are college students and there are 42,600 are employed by the colleges. That population supports an additional 68,400 jobs in Boston and 82,360 jobs state wide. If you fail to understand these numbers, you just fail to understand and your handle is well chosen.
http://www.bostonredevelopmentauthority.org/getattachment/3488e768-1dd4-4446-a557-3892bb0445c6/
And if you think colleges are the single factor driving home prices in Boston, you are wrong.
“I just can’t believe there are that many hold their nose voters for Hillary out there and I’m starting to lean to believing that the polls are just massive frauds”
There’s an oversampling of Dems in most polls because there are more registered Democrats. The skew varies on how far left the publication tends to be.
I suspect as you do that there’s a larger amount of people out there who are going to vote for Trump than are letting on.
This Wikileaks thing is a death by a thousand cuts for Hillary.
Unless they got something else out there on Trump other than that audio tape and these women’s claims of groping he might even win the thing.
The thing Trump has going for him is what Leftwing referenced Moore pointing out – the middle finger to D.C. vote. That’s definitely out there. The size of it is hard to gauge.
Loser back I see, at least under a more appropriate handle.
I bugged out of here for a few weeks when I realized a four channel root canal I had a little while back was more pleasurable than reading his posts. May be time for another hiatus.
C’mon Essex and Lost, you’re going to justify spending $200,000 to $300,000 on a “Women’s Studies” degree or some such as money well spent?
Hey pumps, the house we are moving to in January is in a neighborhood of all dead end streets, cul-de-sacs, and circles. Unlike your daughter, mine will be able to ride their bikes around the neighborhood.
HEHEHE
That video was amazing. Not only did the crowd sit there quietly, taking it all in. Looks like some were actually in serious contemplation.
Again, assuming it was a Dem event given Moore was speaking and the apparent Hillary youth photos in the background. It should not be a receptive or thoughtful audience. If some of *that* group actually consider switching, who knows. Even just 3% moving from one side to the other in a swing state makes all the difference.
Still can’t believe with 315 million citizens these two azz clowns are the best we can produce to govern the country.
If I had it to over again I’d go for something more exciting than Electrical Engineering with Computer Science Emphasis. I’m thinking Chicano Studies.
Maybe…but I think the majority of people who vote don’t really pay attention to what’s going on in the election.
Elitists and hardcore Democrats will all gleefully pull the lever…they don’t care how corrupt she is they hate conservatives more…and the NeverTrump butthurt Republicans will stay home.
The Original NJ ExPat says:
October 25, 2016 at 2:44 pm
I just can’t believe there are that many hold their nose voters for Hillary out there and I’m starting to lean to believing that the polls are just massive frauds.
Did anybody notice the account name on the Michael Moore video account?
https://www.youtube.com/watch?v=YKeYbEOSqYc
Lost,
Housing is only high because it’s debt financed? People didn’t sign for these loans? People’s choices have nothing to do with the problem? People weren’t tricked into taking these loans?
Govt tried to put a good thing in place by guaranteeing loans so people could invest in themselves and get a nice place to live. Of course loser capitalists that make money on ripping people off, as opposed to creating value, took full advantage of the guaranteed loans system and now have made a joke of a good thing. Now all housing will suffer because developments were created to rip people off instead of providing them with a real home in the 21st century. So don’t throw all houses under the bus for the misdeeds of these profit seeker builders, lenders and insurers that raided the Fann1e/Freddie loan system.
So what is the alternative? There are legions of individuals in our society incapable of getting a nice home because they didn’t work hard enough to get the skills needed to afford one, they purchase a ninja liar loan with no money down, got ripped off, and now are homeless because they were ripped off.
See the comparison? Repeat after me. EVERY TIME THE GOVERNMENT GIVES OUT MONEY FOR FREE THE RESULT IS A TRAINWRECK. Be it a college loan, a home loan or section 8 housing. It sucks to have impoverished people running around selling ch1cklets to eek out an existence, but it’s worse to lock people into the cycle of poverty guaranteeing no way out at the expense of those working their arses off to stay off the government teet. The rich? Well we know they don’t pay nearly enough in taxes, but that never going to change without a revolution. And I kind of sympathize for them seeing how poorly the government spends money soc1ally. Obamacare anyone?
Lost,
Housing is only high because it’s debt financed? People didn’t sign for these loans? People’s choices have nothing to do with the problem? People weren’t tricked into taking these loans?
Govt tried to put a good thing in place by guaranteeing loans so people could invest in themselves and get a nice place to live. Of course loser capitalists that make money on ripping people off, as opposed to creating value, took full advantage of the guaranteed loans system and now have made a joke of a good thing. Now all housing will suffer because devel0pments were created to rip people off instead of providing them with a real home in the 21st century. So don’t throw all houses under the bus for the misdeeds of these profit seeker builders, lenders and insurers that raided the Fann1e/Freddie loan system.
So what is the alternative? There are legions of individuals in our society incapable of getting a nice home because they didn’t work hard enough to get the skills needed to afford one, they purchase a n1nja liar loan with no money down, got ripped off, and now are homeless because they were ripped off.
See the comparison? Repeat after me. EVERY TIME THE GOVERNMENT GIVES OUT MONEY FOR FREE THE RESULT IS A TRAINWRECK. Be it a college loan, a home loan or section 8 housing. It sucks to have impoverished people running around selling ch1cklets to eek out an existence, but it’s worse to lock people into the cycle of poverty guaranteeing no way out at the expense of those working their arses off to stay off the government teet. The rich? Well we know they don’t pay nearly enough in taxes, but that never going to change without a revolution. And I kind of sympathize for them seeing how poorly the government spends money soc1ally. Obamacare anyone?
Alex [15:18];
C’mon Essex and Lost, you’re going to justify spending $200,000 to $300,000 on a “Women’s Studies” degree or some such as money well spent?
Depends on what they plan on doing with it. I read once that America’s elite universities are he finishing schools for th children of cultural marxists. The students aren’t the subjects of the left’s weapons in the cultural wars, they are the pupils learning to wield them.
So if someone spends $200k for an ivy-pedigree sheepskin in “Wymin’s Studies”, then parlays that into a Jackson/Sharpton-esque shakedown operation bringing in multi-millions a year; or even just a posting in one as a loyal lieutenant getting $100k/yr. on a W-2 (Rachel Dolezal, anyone?), isn’t that financially, cost/benefit-wise at least as good as getting a STEM degree only to see the job openings off-shored to Pakistan? The former may not be an honorable living, but it sure looks like a comfortable one.
ninja
Orginal expat – If your call on the polls being incorrect comes true that would be a huge upset. Im thinking bigger than Truman. But think about this. The pollsters and prognosticators have a reputation as well. Getting this one wrong by this margin (7% lead currently) would be yuge blow to their reputations, no?
ex pat said -I think the last gasp Hillary tactic is to just get out the megaphones and tell everyone it is going to be a YUGE Hillary blowout to convince the weak-willed they will hate themselves if they cast their ballot on the biggest losing side ever. It’s kind of like the Fed, which can’t get to 2% inflation, says they are going to go for 4%. I’m calling huge win Trump.
Took 18 attempts to get that post through. Still not sure what tripped it up.
Turd [3:33];
Like is used to say to the apologists for deadbeat home-debtors; the poor unsuspecting saps just walked down the street and tripped over a closing table — oops!! — wouldn’t you know it they have a new house with a Neg-Am, Int-only exploding NINJA ARM.
That sounds like it should be a comic book villain.
Con’t: Turd [3:33];
There are legions of individuals in our society incapable of getting a nice home because they didn’t work hard enough to get the skills needed to afford one, they purchase a n1nja liar loan with no money down, got ripped off, and now are homeless because they were ripped off.
Reynold’s Law — “Subsidizing the markers of status doesn’t produce the character traits that result in that status; it undermines them.”
It’s really true. Someone must earn it to respect it. You’ll never see it more than if you are a landlord.
The problem though, is that cards are stacked against the poor. Not to make this political and all of this talk of Trump winning is really kind of silly and reeks of desperation. But the social policies brought on by the CRM and MLK are doing more damage than help. The Dems are locked into the cycle of providing these crumbs to maintain their base though. Once again the two party system is at fault for further hurting our country.
The government is bought (we all can agree).
The lower classes are fukced (we all can agree).
Both parties are purchased. One party only helps the poor for their vote. The other party doesn’t give two sh1ts about them since they don’t vote for them (except in southeast for some reason).
Now does anyone here really think the government exists to help the people any longer?
Time for a third party all ready. We NEED a centrist from the majority. Is there one sane white guy to rescue this country?
The b1tch will win and it won’t even be close. I’m actually hoping to see the libs win the House and Senate as well and to have Hitlery endorse two l1beral judges. It’ll get so bad in this country that a civil war will be inevitable. I want to see how much abuse hard-working people can endure before violence begins.
“Still can’t believe with 315 million citizens these two azz clowns are the best we can produce to govern the country.”
I still cannot relate to people who are overtly supporting either of these candidates. I can see rationalizing one being less worse than the other but you have to have a screw loose to be an avid supporter.
my thought is Trump is more of a talker and is universally hated by anyone who matters, he would be a lame duck president with repubs or dems in control. That is why I’d like to see him win, I’m having a hard time voting for him though. Honestly the third party candidates are imminently more qualified than either of these idiots…..
HEHEHE,
The layabouts endorse Hillary because she justifies their failures in return for their votes. The performers and producers endorse Trump because they had the b.alls to dismiss the Republican party. They want someone who at least recognizes that their hard work and earnings shouldn’t be confiscated. The layabouts have no guts… they want guidance, a nanny, someone to show them the way and coddle them.
HEHEHE,
The layabouts endorse Hillary because she justifies their failures in return for their votes. The performers and producers endorse Trump because they had the balls to dismiss the Republican party. They want someone who at least recognizes that their hard work and earnings shouldn’t be conf1scated. The layabouts have no guts, they want guidance, a n.anny, someone to show them the way and c0ddle them.
Unmod me!
“Getting this one wrong by this margin (7% lead currently) would be yuge blow to their reputations, no?”
I would agree with you in a normal election but I’ve never seen an election in which the media has been this slanted. They’ve almost made Trump look sympathetic; which is the last thing in the world he deserves.
bye – I was of this mindset until just a couple days ago. Then I thought to myself, “Who is going to stop watching CNN because the CNN poll was wrong? ABC? CBS?” Those are the polls
IBD/TIPP is the only one that got it right last time around and they frequently have Trump up (Clinton +1 today). Same for Rasmussen. Nate Silver at FiveThirtyEight doesn’t count Trump out. Meanwhile only polls with MSM names in front of them have these ridiculously large leads. To my eye the race looks very close, though probably not here in MA or down there in NJ and I think that in this race more than any previous race there are more silent R voters than ever before who simply won’t be polled.
Orginal expat – If your call on the polls being incorrect comes true that would be a huge upset. Im thinking bigger than Truman. But think about this. The pollsters and prognosticators have a reputation as well. Getting this one wrong by this margin (7% lead currently) would be yuge blow to their reputations, no?
I think there are too many stodgy conservative Rs who are not going to vote for the party hijacker. This will kill him in the electoral college swing states. It’s simply over. We can all pray that 2020 will see a centrist take over and begin the healing. Hey. Did Gitmo ever get closed?
“The study found that, on average, for a $1 increase in the subsidized-loan cap, tuitions rose by as much as 65 cents. ”
Federal Aid’s Role in Driving Up Tuitions Gains Credence
By JOSH MITCHELL
Imagine a scenario in which the federal government helps households pursue the American dream with ultra-loose credit, only to see prices skyrocket and families take on loads of debt they can’t repay.
Yes, it sounds like the housing market of a decade ago, but some say it is also the challenge of today’s higher-education system.
The federal government has boosted aid to families in recent decades to make college more affordable. A new study from the New York Federal Reserve faults these policies for enabling college institutions to aggressively raise tuitions.
The implication is the federal government is fueling a vicious cycle of higher prices and government aid that ultimately could cost taxpayers and price some Americans out of higher education, similar to what some economists contend happened with the housing bubble.
Conservatives have long held that generous federal-aid policies inflate higher-education costs, a viewpoint famously articulated by then-Education Secretary William Bennett in a 1987 column that came to be dubbed the Bennett Hypothesis.
Now, more mainstream economists and academics are adopting that view, or at least some variation. And while college institutions reject the notion that they game the federal student-aid system to jack up prices, many higher-education officials concede there is a pricing problem, and changes are needed.
“There’s widespread concern among policy makers and college officials that it has become too easy for students to borrow large amounts of money without necessarily appreciating what they are getting into,” said Terry Hartle of the American Council on Education, a trade group representing college and university presidents.
The government’s student-credit spigot burst open in recent decades as Americans sought a leg up in an increasingly sophisticated economy, and accelerated during the last recession. Annual student-loan disbursements—which include some private loans but come mostly from the federal government—more than doubled between 2001 and 2012 to $120 billion, according to the New York Fed’s David O. Lucca, Taylor Nadauld and Karen Shen.
And it’s not just that more people went to college; the amounts borrowed also grew sharply. During that time, the average loan per recipient rose 58%, after inflation, to $5,777 a year.
Federal student loans allow Americans to borrow at below-market rates with scant scrutiny of their credit and no assessment of their ability to repay. Meanwhile, federal Pell grants, which help low-income college students and don’t need to be repaid, more than tripled to more than $30 billion a year between 2001 and 2012. Education tax credits roughly quadrupled to about $20 billion a year.
The cost of getting a degree similarly exploded. From 2000 to 2014, consumers’ out-of-pocket costs for college and graduate-school tuition rose 6% a year, on average, according to the Labor Department’s consumer-price index. By comparison, medical-care inflation looks meek at an average 3.8%. Overall consumer prices climbed 2.4% a year.
Correlation or causation? The study looked at schools that derive a great share of revenue from student aid with those that derive a small share from aid. It compared tuition growth at those schools during the past decade with several moves made by Congress to increase caps on individual Pell grants and undergraduate subsidized loans, which are based on financial need and have better terms than unsubsidized loans.
The study found that, on average, for a $1 increase in the subsidized-loan cap, tuitions rose by as much as 65 cents. For Pell grants, it translated to 55 cents on the dollar. The study pinpoints private schools—both nonprofit and for-profit—as bigger offenders than public ones.
One thing the latest research doesn’t address is the effect of student aid on graduate-school tuitions, which have disproportionately driven the surge in student borrowing. And grad school is perhaps where the market is most distorted by federal policies.
The federal government limits how much undergrads can borrow—up to $57,500 total—but doesn’t for grad students, who can borrow to cover any amount their schools charges through a decade-old program known as Grad PLUS. Economists say that has given institutions unprecedented pricing power. Debt-forgiveness programs also could be desensitizing grad students to high prices.
“Did Gitmo ever get closed?”
He already won the Nobel Peace Prize what’s he care.
““The study found that, on average, for a $1 increase in the subsidized-loan cap, tuitions rose by as much as 65 cents. ””
Doesn’t surprise me in the least. The money’s available. We better grab it before the U up the interstate grabs it.
Aetna CEO Says Young People Pick Weekend Beer Over Obamacare
http://www.bloomberg.com/news/articles/2016-10-25/aetna-says-obamacare-plans-aren-t-worth-it-to-healthy-people
Alex…I’ma spend $80k on two years of middle school, ur damn right I’ma get her whatever degree she wants. Carnegie Mellon? Sure. Why not. Though theater is more likely, screw it man. Practicality is for peasants. Joking really. But parents tend to indulge their kids here in New Jersey.
“I’m calling huge win Trump.”
I’ll take the other side of that bet. Here is a point you seem to be missing. For all those silent Trump supporters out there, they will be matched by those R’s silently voting Hillary.
In 2012, my Town went 52% Romney 47% Obama and 1% others. I want to see how far that needle moves this time around.
Buttocks Bubble Boy [19:00];
In 2012, my Town went…
A) In any federal election, New Jersey is in the tank for whatever corpse or ham sandwich the Democratic party sees fit to nominate. See, Torch->Lautenberg. So even if correct, your “insight” is irrelevant.
b) What a lovely bubble you travel in. “How could Nixon have won? Nobody I know voted for him” -Pauline Kael
Congrats to the Mets, 30 years ago today!
https://www.youtube.com/watch?v=18caPNisP2U
I would pick beer over Obamacare too.
At least you know what you are getting into.
Good posts Turd,
A centrist? Johnson and Weld are liberal ex-Republicans, not actual libertarians, and they cannot get even 15% or invitations to debate.
Sadly, I don’t think the American voter has the gumption to save themselves from eventual collapse. Dems are now commie crooks while Repubs are holy rollers or fascists.
Thanks for pointing this out and it makes me think. You know when you were in elementary school and the teacher said that the class would be rewarded for good behavior, but a couple of knuckleheads would ruin it for everyone else. Our govt could work perfectly if it weren’t for the knuckleheads always trying to get over on someone. Our capitalist system could be run perfectly, and allow for some much more than it currently does, but the knuckleheads ruin it for everyone.
You know it’s sad that the govt comes in with good intentions of giving people a low cost loan for an education and a home, but knuckleheads at the bottom and top have to take advantage, and screw it up for everyone else. They turn a loan program with good intentions, and morally corrupt it to no end till it crashes and now everyone has to pay the price. Beyond f’ed up. It’s not the govt program, or govt in general that is the problem, it’s the got damn morally corrupt knuckleheads that are the problem. They are always looking for a loop hole or a way to get over on everyone else. Always looking for the easy way out. We all know what happens with these fools. Anything they touch, they ruin. There is no hope for society unless you put a gun to the morally corrupt and pull the trigger. Then and only then, can any policy or institution function as it was intended.
Think about it. How can any institution or policy function as intended with constant attacks by morally corrupt individuals into the foundations of its fabric changing it from what it originally was? Just impossible.
“See the comparison? Repeat after me. EVERY TIME THE GOVERNMENT GIVES OUT MONEY FOR FREE THE RESULT IS A TRAINWRECK. Be it a college loan, a home loan or section 8 housing. It sucks to have impoverished people running around selling ch1cklets to eek out an existence, but it’s worse to lock people into the cycle of poverty guaranteeing no way out at the expense of those working their arses off to stay off the government teet. The rich? Well we know they don’t pay nearly enough in taxes, but that never going to change without a revolution. And I kind of sympathize for them seeing how poorly the government spends money soc1ally. Obamacare anyone?”
re: “Huge win”
Nah it is going to be closer than most people think.
Bernie bots in my circle are still having a very hard time with Hillary. I bet many don’t bother to show rain or shine, many tell me they have tuned out already. So let’s say 50% of who voted for Bernie will not swallow the turd sandwich say perhaps 6 million votes?
Then there was the general low voter turnout in Democratic Primary.
35.4 million in 2008 vs 30.1 million in 2016. More than 5 million Democrats did not bother to vote in the Primary. I guess there was not enough emotional attachment this time just not enough Hope and Change to get to the voting booth? Perhaps even stalwart black voters did not bother and won’t bother in the general election?
I bet it will be close….
Let’s all hope Democracy prevails and there are no shenanigans on election day.
For Fabius.
she·nan·i·gans
noun informal
secret or dishonest activity or maneuvering.
Moose,
You miss the point.
Because NJ is going D the state vote doesn’t matter. I live in North Bergen County, or as I like to refer to it “Republican He11”. The micro vote in my town will be significant. If Hillary wins here, it will be a direct reflection on the GOP base. Those silent R will be voting D!
Listen, don’t rag on the smart individuals that make our society go. You are claiming someone is dumb based on their ideology. Since when is an ideology right or wrong? I can see how a country can be successful as a collective ideology, and I also can see how a country can be successful with individualism. Neither is right or wrong. What matters more is the integrity of the characters that are the building blocks of said country.
Anon E. Moose, saying ‘Come back, JJ’ says:
October 25, 2016 at 3:34 pm
Alex [15:18];
C’mon Essex and Lost, you’re going to justify spending $200,000 to $300,000 on a “Women’s Studies” degree or some such as money well spent?
Depends on what they plan on doing with it. I read once that America’s elite universities are he finishing schools for th children of cultural marxists. The students aren’t the subjects of the left’s weapons in the cultural wars, they are the pupils learning to wield them.
So if someone spends $200k for an ivy-pedigree sheepskin in “Wymin’s Studies”, then parlays that into a Jackson/Sharpton-esque shakedown operation bringing in multi-millions a year; or even just a posting in one as a loyal lieutenant getting $100k/yr. on a W-2 (Rachel Dolezal, anyone?), isn’t that financially, cost/benefit-wise at least as good as getting a STEM degree only to see the job openings off-shored to Pakistan? The former may not be an honorable living, but it sure looks like a comfortable one.
FAB – a bunch of NY transplants are your sample? Last time NJ went red was GHWB, they simply could not pull the trigger on that turd nitwit Dukakis.
Now you just have a Turd, this one will be close.
Fab I live in north Jersey too. One of the blue ribbony town as well. It was republican for years. Reasonable taxes good schools etc. It went democrat about a decade ago. Spent millions on the school’s and they are no better than they were before we spent millions. The taxes are now some of the highest! The budget surplus is long gone and we are down to once a week garbage collection for most of the year. The republicans do a better job a much better job at least on the local level. I will take your so called republican he’ll over the decline and decay of the high tax democrats on the local level.
3b
Post your towns numbers. The point here is not so much, if you town goes Red or Blue, its more does the Red vote hold?
http://www.bergencountyclerk.org/web_content/pdf/elections/o/2012-General-Election.pdf
One of the biggest criticisms laid against the GOP, was that they never vetted him. If Rubio, Bush, Cruz, CC and the rest had run this as an ad in the primaries, we would not be having this conversation.
Like I said, there is still a lot of dry power on the Donald.
https://www.youtube.com/watch?v=-2Obeu_VYY4
Dedicated to clot……wherever you are….
https://www.youtube.com/watch?v=sZ4gpR579Ys
Yeah. In later life I can remember a similar type of knucklehead ruining good conversation because he was just so far out of his league when it came to intellect or open-mindedness. That knucklehead left for a while and the class had such a great time while he was gone. Come to think of it, I think he was more of a dumb cunt who was so stupid that he overpaid for a house on a busy street and just couldn’t shut up about what a great investment it was.
Thanks for pointing this out and it makes me think. You know when you were in elementary school and the teacher said that the class would be rewarded for good behavior, but a couple of knuckleheads would ruin it for everyone else.
BTW, the Michael Moore video is out of context from his film. It would be amazing if the excerpt becomes better known than his film and has the opposite effect:
https://www.youtube.com/watch?v=q1EnRLZ3p4o
^^^^ Oh…and ironically, those are mostly, or maybe half, Trump voters in the audience and…wait for it…it takes place in Clinton County, Ohio.
I have this ever-changing list of people I like and another of people I trust. The people that are on both lists has never grown beyond five in number.