From the Washington Post:
Predictions of a crash in housing prices have not come true
Were fears overblown that changes to the federal tax law would trigger plunging home values?
You might recall the scary predictions that began coming last fall from the realty industry and some independent economists: Cutting tax benefits for homeowners would inevitably lead to declines of 4 to 10 percent in home prices, and maybe even more for upper-bracket properties in high-tax areas.
So how are those dire warnings holding up? It’s still early in the game for hard statistical answers. But it’s not too early to gather anecdotal evidence on whether buyers — citing higher tax burdens — are pushing asking prices downward and whether sellers are caving or resisting.
To get answers, I contacted realty agents and economists who keep a close eye on consumer behavior in markets around the country. The consensus was summed up best by Ralph McLaughlin, chief economist of Trulia, a San Francisco company that tracks prices and local market trends in hundreds of communities.
Price declines are nowhere in sight yet and cannot be totally ruled out, he said, but “we think the potential negative impacts [of the tax bill] will be muted by the likely fact that most households will actually have more money in their bank accounts at the end of the year because of the tax plan.”
That, plus the ongoing shortage of homes for sale, strong buyer demand, low unemployment and growth in wages, may offset any whatever tax-deduction concerns. Cheryl Young, senior economist at Trulia, cited the latest Standard & Poor’s Case Shiller index, which documented steadily rising prices in most markets.
…
Noah Goldberg, an agent with Redfin in Jersey City, says clients “were waiting on the sidelines at the end of the year due to the uncertainty around tax reform.” But “now that [they’ve] had a chance to calculate the monthly costs, income taxes and deductions,” they’re streaming back. Some buyers have told Goldberg that the lower federal income taxes they’re likely to owe will offset the real estate deductions they’re likely to lose. So the net effect could be a wash.
…
Chicago real estate broker Alexis Eldorrado says some sellers of upper-bracket properties have become more flexible on their initial asking prices, knowing that buyers may come in with Excel spreadsheets detailing how their tax bills are going up. Jill Eber, a broker in Miami, told me that tax law may actually be driving some owners from high-tax states to tax-friendlier Florida.“We’re hearing from more people from New York, the Northeast and California than usual,” she told me in an interview, and some are specifically citing the tax bill as a reason for considering switching domiciles. What impact that might have on pricing isn’t yet clear, however.
Thank You Pwesident Twump.
From the Star Ledger:
Top Democrat says millionaire’s tax pushed by Phil Murphy is now ‘absolutely last resort’
New Jersey’s top Democratic state lawmaker and once-leading advocate for raising taxes on wealthy residents said Thursday that a millionaire’s tax is now the “absolute last thing” he will consider.
“It’s the absolute last thing that I’m willing to look at,” state Senate President Stephen Sweeney, D-Gloucester, told reporters in Trenton. “It’s too much right now. Absolutely last resort.”
Only three months ago, on the morning after Democrat Phil Murphy captured the governor’s office, Sweeney tweeted that the “long-overdue millionaires tax” would be “the first bill we pass in January.”
But a 180-degree reversal had been building since then, with the south Jersey Democrat cautioning that the recent Republican-backed federal tax reform had complicated matters locally.
Thursday’s statement was his sharpest rebuke yet of the tax promise that for eight years topped Democrats’ policy wish list and was expected to lead their progressive agenda with Democrats in control of the state Legislature and governor’s office.
…
Sweeney says the state can’t risk hitting residents with another tax punch and driving them out of the Garden State. Instead, he wants lawmakers to conduct a sweeping review of the state and local tax structure.
“Before we talk about raising any taxes, we have to talk about the cost of government,” Sweeney told NJ Advance Media this week. “What Trump did to New Jersey made me do a complete about-face and say, hold up. I am not rushing to do taxes. I’m not gonna run in an do something that’s gonna cause even more problems for the economy.”
Clearly I woke up in Bizarro-world:
“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”“Before we talk about raising any taxes, we have to talk about the cost of government”
How much would taxes go down if Jersey City and hoboken stop being Abbott districts and have to pay their fair share?
Black Friday
You got to put something into it, if you wanna get something out of it:
https://www.youtube.com/watch?v=aj5DccgBYeM
@ianbremmer
Biggest one-day point drops in Dow history
Feb 5, 2018: 1,175.21
Feb 9, 2018: 1,032.89
Sep 29, 2008: 777.68
Oct 15, 2008: 733.08
Sep 17, 2001: 684.81
@markets
European stock selloff intensifies
I never trusted the number 8…
The Murphy platform was dead before he took office. He’ll accomplish about the same amount as Bama, which was nothing. Instead of actual legislation he’ll look to enact some social experiments on the state. I can only imagine what he’ll come up with.
@keithboykin
This Week:
-The Dow fell 1,175 points
-Trump called Democrats “treasonous”
-Trump asked for military parade
-Rob Porter resigned for domestic abuse
-John Kelly defended Porter
-Trump said “I’d love to see a shutdown”
-The Dow fell 1,033 points
Murphy is more interested in making a name for himself as anti-Trump, as a setup for his presidential campaign. It appears that at least 3/4 of his time is dedicated to rebelling against Federal law as a social justice warrior.
Murphy evidences a moral compass. That in itself is incredibly valuable in the trump era
grim says:
February 9, 2018 at 8:21 am
Murphy is more interested in making a name for himself as anti-Trump, as a setup for his presidential campaign.
“your house is your bank”
Heard this morning in a Bloomberg tv ad for cashcall.
He better be careful with the next California nonsense In that case. Nj looks good compared to that place in terms of dysfunction.
I also think Abbott will be on the table eventually but probably not under Murphy and nor as a means to lower taxes. The cuts will be used to pay pensions and other deficits. So the net effect will be higher taxes in the abbotts to pay for their own failing schools.
@ananavarro
Porter – accused of domestic abuse
Lewandowski- arrested for battery
Manafort- indicted for financial crimes
Gorka- wanted for arrest in Hungary or somewhere
Flynn- guilty of lying to FBI
Bannon- guilty of breathing
Trump didn’t drain the swamp.
Trump is a swamp.
Bamas political mentor was a terrorist. Starting to look like he ran his presidency using the same playbook.
” The liberal agenda gratifies various types of pathological dependency; augments primitive feelings of envy and inferiority; reinforces paranoid perceptions of victimization; implements manic delusions of grandeur; exploits government authority for power, domination and revenge; and satisfies infantile claims to entitlement, indulgence and compensation.”
This makes the most sense:
“I also think Abbott will be on the table eventually but probably not under Murphy and nor as a means to lower taxes. The cuts will be used to pay pensions and other deficits. So the net effect will be higher taxes in the abbotts to pay for their own failing schools.”
Taxes aren’t going down in NJ no matter what they do, any reduction in abbott funding will go to school aid elsewhere to lower property taxes IF we are lucky. The issue in NJ is the progressive income tax, it is a bad tax policy, it chases away wealth, CT has the same issue. NJ should change to a 4 or 5% flat tax, instantly we become the most attractive state in metro NY area for high earners, we would see an instant drop in people becoming “Florida residents”. Then we should de-fund the abbott districts, how Newark a city with a huge industrial tax base, a port, an airport, office buildings needs people in suburban towns to subsidize their schools is beyond me, the middle class schmuck is Essex county should pay 15k a year in property tax for his 50 yr old 3bd/2bth cape because he lives in a town with nothing but single family houses where the schools spend LESS per student than Newark does. Does that make any sense? We need to set a baseline school funding formula, the state can handle the distribution, a school property tax equalized across all property in the state based on local assessments, which need to be policed the corruption in assessments in Jersey City is appalling, those “Democrats” should be run off, Fulop and his predecessors were protecting the wealthy at the expense of some of the poorest people in Jersey City. If one looks into Newark I’m sure we will see a similar pattern of corruption where rich entrenched interests are not paying their fair share of municipal taxes all while the NJ taxpayer is footing the bill.
@nypost
Porter’s ex-wife: He will abuse Hope Hicks ‘if he hasn’t already’
The solution to taxes is NJ is to slow the rate of growth, not cut them. We can’t even get a logical proposal around that issue……
“Modern liberalism rejects, to one degree or another, the competence and sovereignty of the common man and subordinates him to the will of governments run by liberal elites.
The science fiction of Marxian economic evolution, the grandiose fantasy of a New World Order, the utopian dreams of The Great Society, the myth of the divine emperor, have all had their turns on center stage in irrational man’s attempts to legitimize government control and deny individual liberty.
The realities of the human condition, especially the inherent sovereignty of individuals and their inevitable differences in choice and preference, render all collectivist doctrines absurd.”
10:47 You blame em??
Chi progressive politics and bad union deals have ruined the finances of this state. We need a plan to transition off the pension bus, reduce/end cola on pensions, new employees don’t get traditional pensions, tie the pay outs to salary over the course of the employees career and market performance rather than ending salary, no guaranteed benefits going forward, we need to de-risk the pension program and put it on a more solid footing going forward(no more pension fund magic put it in index funds). If the unions don’t like it they can all be fired and replaced with non-union workers not a problem. In no way should NJ “cut” taxes they should change the tax policies to encourage growth and stable revenues, they should cut expenses and increase efficiency, but we are in no way fiscally stable enough to cut taxes.
I wouldn’t be surprised if politicians peel off some of the costs paid by property taxes and reassign them to the water and sewage bill. In Texas I pay about $8 a month for garbage pickup and another $6.50 for drainage billed to my monthly water bill. If a nj town transferred those costs to the water and sewage bills than the council could brag about reducing the average 10k a year property tax by almost 2%. Meanwhile there are no savings, just shuffling around where the bills go . And the masses would fall for it too.
hold, in Essex county it’s already been done. I get an annual sewerage bill and pay for private trash collection in addition to my obscene 35k+ tax bill, compared to my property tax bill it’s insignificant probably 6-700 dollars at most.
Libs made another fine mess…
Ruining the once beautiful city of San Francisco.
Headline by way of Drudge in an article from CBS SF Bay Area:
“San Francisco Bay Area Experiences Mass Exodus of Residents”
So 5 times the democrats put the millionaires tax on CC desk and he vetoed it …looks like CC was right all along ….
I wouldn’t be surprised if politicians peel off some of the costs paid by property taxes and reassign them to the water and sewage bill.
Montclair did this during the great recession. They went on to claim they cut taxes. Meanwhile, they made sewage and water non-deductible by taking it out of local tax. So not only did they not lower taxes with their trickery. They actually raised them more than they would have had they just left them alone. I’m always quick to point this out whenever they talk about the rate of growth in property taxes in Montclair. My multi pays nearly $1,000 a year for water and sewer.
I keep telling you guys. CC’s optics were horrible. But where it mattered, he probably saved NJ.
Jcer and lib,
That is depressing
Two houses came on in my blue ribbony train town both purchased in 2009 and move in condition. One asking original purchase price one 15k below original purchase price. Just saying.
This trickery was performed by the most progressive of mayors Montclair ever saw. This mayor is now in charge of figuring out how to make NJ’s roadways safer for bikers and pedestrians. He now works for the DOT and the Federal Highway Commission. It’s good to be a government worker in NJ.
This guy was the absolutely most elitist prick I ever witnessed. He made Obama look like a conservative.
http://njbikeped.org/staff/jerry-fried/
Poor Mr. Market. After going up every day for 9 years, it’s starting to give it all back. Who could have predicted this after last years near 30% gain in the indexes.
I just keep reading about 50+ year old execs getting killed riding their bike around town.
Lib,
He looks like an insurance salesman
“Like all other human beings, the modern liberal reveals his true character, including his madness, in what he values and devalues, in what he articulates with passion.
Of special interest, however, are the many values about which the modern liberal mind is not passionate: his agenda does not insist that the individual is the ultimate economic, social and political unit; it does not idealize individual liberty and the structure of law and order essential to it; it does not defend the basic rights of property and contract; it does not aspire to ideals of authentic autonomy and mutuality; it does not preach an ethic of self-reliance and self-determination; it does not praise courage, forbearance or resilience; it does not celebrate the ethics of consent or the blessings of voluntary cooperation.
It does not advocate moral rectitude or understand the critical role of morality in human relating. The liberal agenda does not comprehend an identity of competence, appreciate its importance, or analyze the developmental conditions and social institutions that promote its achievement. The liberal agenda does not understand or recognize personal sovereignty or impose strict limits on coercion by the state. It does not celebrate the genuine altruism of private charity. It does not learn history’s lessons on the evils of collectivism.”
Most cyclists abhor carve-outs for cyclists, since it ultimately results in reducing your flexibility or ability to ride, especially bike lanes. Cyclists don’t need bike lanes to ride on the road, but when you make a bike lane, there is now an expectation that the only place a bicycle should operate is in a bike lane.
Not to mention, bike lanes are deathtraps.
Moscow routed millions of dollars to the U.S. expecting the funds would benefit ex-President Bill Clinton’s charitable initiative while his wife, Hillary Clinton, worked to reset relations with Russia, an FBI informant in an Obama administration-era uranium deal stated.
Can you imagine if this was Trump and not Clinton? Why isn’t the media reporting this?
https://www.yahoo.com/news/russia-routed-millions-influence-clinton-204844833.html
There are bike lanes in my town, but I have only seen them right around schools, and those roads are 1.5 lanes wide and are heavily signed and have cyclist stick figures painted on the bike lane area. Plus the speed limit is 20. Mph in those areas for 30 minutes after school gets out.
I just saw a school district in Minnesota has dropped huckleberry Finn and to kill a mockingbird because the high school students felt uncomfortable with the use of the n word and depictions of racism. I thought art was supposed to make people think and create discussions that would make people feel uncomfortable.!Meanwhile I bet half those kids listen to music that is filled with the n word and other racist and misogynistic lyrics.
The perfect worst-case scenario with bike lanes is the situation where the cyclist needs to make a left at a busy intersection.
The bike lane being a constrained afterthought at the right of the road, it becomes impossible to make the left from that position, since you would have to clear-cut cross over at least two lanes of traffic, with little to no warning, probably the most dangerous maneuver possible.
Realizing this is the dumbest way to make a left, the cyclist would be with car traffic in the left hand lane, for example, signaling, and turning left with traffic. However, drivers will now not expect a cyclist to be outside of the restrictive bike lane.
So which is it? Take the risky approach and cut across traffic, or make a left with traffic in the same way a motorcycle or a moped would?
You,
Give it a rest. Neither side preaches the values mentioned in that drivel. History has shown time and time again that any form of government over time will eventually grow, become corrupt then protectionists of their power at expense of self determination and freedom. Blue, red, Obama, GWB..really? We all lost major self determination with Patriot Act and again with Freedom Act. When govt can blindly gather, review and store data on everything you are doing, be damned sure that if you step of line then they will crush you with it, Constitution or not.
“Meanwhile I bet half those kids listen to music that is filled with the n word and other racist and misogynistic lyrics.”
Drake ruined hip-hop for ever.
“Headline by way of Drudge in an article from CBS SF Bay Area:
“San Francisco Bay Area Experiences Mass Exodus of Residents””
Their population is growing 1% a year, the median SF house sales price in 2017 was $1,420,000.
How does it feeeeeelll in my arms? – Kylie Monigue
rockstar
I tried posting the lyrics to rockstar. There’s not enough time in the day for me to figure out how to get it through mod. With that said, I think Kid Rock’s bad rapping has finally been surpassed.
Lib Essex county in general is bad with the liberals but montclair is on another level, I think they need to ring fence the town so the bad ideas cannot escape….
I’m just glad I OWN there and don’t LIVE there. There is a serious case of kids being brainwashed (indoctrinated) by their parents to the Democratic playbook. It’s so bad that these parents take their kids with them on these protests and the kids are too young to even have a clue what they are protesting.
The latest issue is that 90% of the suspensions are of black students. Felice Harrison, who was such a bad teacher that she got moved to the central office and has now been promoted to Director of Operations and School Support Services claims that the teachers in her school system are racist. A racist school teacher in Montclair would be about as probable as finding a brain cell in Moana’s head.
So what are you advocating for? People not make money, “so everyone can afford to live there?” You conservatives are all the same. Want everything cheap except your paycheck, not knowing that the avg paycheck is what makes a place low cost of living or high cost of living.
For individuals that claim to be masters of economics and business, this simply flies over your head.
Everyone wants a high paying salary, but they somehow want products to remain cheap, houses to remain cheap, and their taxes magically lowered on the backs of govt workers living and working in the same high cost environment….what a fantasy! Yes, you can have it all!!
Alex says:
February 9, 2018 at 11:33 am
Libs made another fine mess…
Ruining the once beautiful city of San Francisco.
Headline by way of Drudge in an article from CBS SF Bay Area:
“San Francisco Bay Area Experiences Mass Exodus of Residents”
@BillKristol
The party of Lincoln today: Bows to Donald Trump, supports Roy Moore, features Steve Wynn, excuses Rob Porter.
“Our progress in degeneracy appears to me to be pretty rapid.”
A. Lincoln, Aug. 24, 1855.
If you are going to advocate that govt employees in high cost areas take a pay cut to lower your taxes, how bout we apply this to both public and private. This way when you lower the govt workers salary, they can afford to live there, since everything will be cheaper as people have less money to drive up prices.
You want low cost living, then get paid lower salaries….but this doesn’t work for you, right? I said right!
Now you know why low cost areas are a hell hole for individuals still working. You get paid crap, and go nowhere. Low cost areas are good for retirees, who greedily leave the place that helped them make their fortune, so they can live amongst low cost workers and save a ton of money. Pinnacle of greed, but you people will never recognize it for what it is.
So be like lib, take your money and move to Costa Rica to take advantage of the low cost workers. F USA which helped make your money.
Way to give back!!
@AoDespair
It used to be a paradigm of vicious political rhetoric to ask a man,
“When did you stop beating your wife.”
But with this administration, “How many wives did you beat?” is now merely the dry query of straight-up fact-gathering.
Or be like expat, complain about liberals, but then move to one of the most liberal cities in America and take full advantage of the socialized programs…..hypocrite!
@AlecMacGillis
Oklahoma now has 91 school districts that can only afford to open schools four days per week;
drunk drivers in the state can keep their licenses bc there are no bureaucrats to take them away.
Remind me about the SW/Sun Belt growth model everyone’s touting?
@slpsht67
It’s so sad for people like you caught up in this horrible cycle of self destruction that these people accept. I truly don’t get it. Can’t understand how citizens of Oklahoma votes in such overwhelming numbers for republicans over & over while the state collapses around them.
“What the liberal mind is passionate about is a world filled with pity, sorrow, neediness, misfortune, poverty, suspicion, mistrust, anger, exploitation, discrimination, victimization, alienation and injustice.
Those who occupy this world are “workers,” “minorities,” “the little guy,” “women,” and the “unemployed.” They are poor, weak, sick, wronged, cheated, oppressed, disenfranchised, exploited and victimized. They bear no responsibility for their problems. None of their agonies are attributable to faults or failings of their own: not to poor choices, bad habits, faulty judgment, wishful thinking, lack of ambition, low frustration tolerance, mental illness or defects in character.
None of the victims’ plight is caused by failure to plan for the future or learn from experience. Instead, the “root causes” of all this pain lie in faulty social conditions: poverty, disease, war, ignorance, unemployment, racial prejudice, ethnic and gender discrimination, modern technology, capitalism, globalization and imperialism.
In the radical liberal mind, this suffering is inflicted on the innocent by various predators and persecutors: “Big Business,” “Big Corporations,” “greedy capitalists,” U.S. Imperialists,” “the oppressors,” “the rich,” “the wealthy,” “the powerful” and “the selfish.”
Imagine if Rand Paul was president.
Previous generations of immigrants in my family were all taken advantage of in one way or another. You just don’t get it.
“Those who occupy this world are “workers,” “minorities,” “the little guy,” “women,” and the “unemployed.” They are poor, weak, sick, wronged, cheated, oppressed, disenfranchised, exploited and victimized. They bear no responsibility for their problems. None of their agonies are attributable to faults or failings of their own: not to poor choices, bad habits, faulty judgment, wishful thinking, lack of ambition, low frustration tolerance, mental illness or defects in character.”
Do you know what it feels like to be in a position of hopelessness and some great capitalist sticking it to you, because he knows he can take full advantage of your weak hand. You seriously are so short sighted.
It’s great hearing my 8 year old daughter say “….jumpin’s out the pool with no bra…”
Libturd says:
February 9, 2018 at 2:27 pm
I tried posting the lyrics to rockstar. There’s not enough time in the day for me to figure out how to get it through mod. With that said, I think Kid Rock’s bad rapping has finally been surpassed.
3:01 I’m pretty sure anyone living and working in NJ for any amount of time has ‘given’ plenty.
3:17 and your point is…..? seriously, describing something and having any type of solution are world’s apart. Perhaps you are an imbecile.
this is most of you: https://www.youtube.com/watch?v=4ACGbvkLzI4
@tedlieu
Trump said that he was “very sad” that Rob Porter had to leave the WH and he wished him well.
He also said: “I think you have to remember that he said very strongly yesterday that he’s innocent.”
And those women that Porter beat the hell out of?
Meh.
The liberal cure for this endless malaise is a very large authoritarian government that regulates and manages society through a cradle to grave agenda of redistributive caretaking. It is a government everywhere doing everything for everyone. The liberal motto is “In Government We Trust.”
To rescue the people from their troubled lives, the agenda recommends denial of personal responsibility, encourages self-pity and other-pity, fosters government dependency, promotes sexual indulgence, rationalizes violence, excuses financial obligation, justifies theft, ignores rudeness, prescribes complaining and blaming, denigrates marriage and the family, legalizes all abortion, defies religious and social tradition, declares inequality unjust, and rebels against the duties of citizenship.
@theintercept
Porter remained in his position, operating on an interim clearance, accumulating more and more responsibilities even as high-level officials learned about his former partners’ allegations of abuse.
Clinton remained in his position, operating on presidential clearance, accumulating more and more responsibilities even as high-level officials learned about his former interns’ allegations of abuse.
New Jersey Teachers Union Calls for ‘Black Lives Matter Week’ in All Schools…..https://www.yahoo.com/news/jersey-teachers-union-calls-black-000003328.html
Pumpkin jizz everywhere. It must be Friday.
Libturd,
That was different because it was a personal private matter and European government officials are so much more grown up about these things than us, and wow we just blew up an aspirin factory, and hey that Ken Starr guy is a creep anyway. And now it’s cute because he’s old, but not gross like Bush Sr. with his alleged David Cop-a-feel wheelchair harassment. And Menendez is also a totally personal private matter, totally irrelevant to fitness as NJ senator. So it’s all cool.
They are all deplorable
@kurteichenwald
…for the willfully stupid, here is an economist: Mark Zandi, chief economist of Moody’s Analytics:
“Deficit financed tax cuts and spending increases in a full-employment economy will result in more Fed tightening and higher interest rates.”
WHICH..kills the middle class.
“Through multiple entitlements to unearned goods, services and social status, the liberal politician promises to ensure everyone’s material welfare, provide for everyone’s healthcare, protect everyone’s self-esteem, correct everyone’s social and political disadvantage, educate every citizen, and eliminate all class distinctions.
With liberal intellectuals sharing the glory, the liberal politician is the hero in this melodrama. He takes credit for providing his constituents with whatever they want or need even though he has not produced by his own effort any of the goods, services or status transferred to them but has instead taken them from others by force.”
Pumps, you’ve always spoken out against economic inequality, San Fran may be the most economic unequal city in the country, and yet you’re defending it. CBS referred to people leaving that once great city as a “mass exodus”. Those are their words. Liberals run that city, and look what’s become of it. You have a segment of very wealthy, but you also have a propotionally high number of homeless, crime, drug use, decay plus sky high taxes. So what’s the result? “Mass exodus”.
How exactly does higher interest rates kill the middle class, Mr Zandi fanboy?
Because they might work, save and earn interest on their savings, instead of borrowing more to spend money they haven’t earned yet?
Mark Zandi, like most chief economists who go on TV, is a menace. Here are some more brilliant quotes from this blabbermouth:
Associated Press – July 6, 2007
“It’s premature to say the economy is reviving in a consistent way, but I think it is fair to say the economy isn’t going to weaken any further.”
CNN Money – Sept. 4, 2007
“Economy.com is forecasting that foreclosures will peak at 900,000 or so in 2008, above the 750,000 forecast for 2007. It projects the existing single family median house price will bottom out at just over $200,000 by mid-2008, a little more than 10 percent below its peak in 2005 and the current median of $220,000 today, a level that likely won’t be recovered until 2010, Zandi predicts. He also expects a decline in the number of home sales booked – from the current annualized rate of 6.75 million units to 6 million by the end of 2007. By the end of 2008, Economy.com forecasts home sales will start to exceed 7 million homes a year. Zandi is optimistic, however, that the economy will steer clear of recession given how financially sound and profitable businesses outside the housing sector are and how well positioned the banking system is to weather problems.”
CNN International – Sept. 20, 2008
“I mean make no mistake what the government has done will sow the seeds for I think a very, very sharp recovery.”
And Kurt Eichenwald should get back to researching tentacle p0rn for his wife.
“HOW LIVING IN AN EXPENSIVE CITY MAKES THINGS CHEAPER
Let’s say you own and live in an average San Francisco home that costs $1.2 million. Sounds expensive right? Not so if you analyze what everything else costs compared to your place.
* $32,000 median price car = only 2.7% of the total cost of the house or 10.7% of a $300,000 gross income.
* $30,000 bathroom creation = only 2.5% of the total cost of the house.
* $25,000 annual tuition for college = just 38% of the annual cost ($66,000 for mortgage, property tax, insurance, maintenance) of owning the house.
* $1,500 round-trip economy class ticket to Asia = just 2.2% of the annual cost of owning the house.
* $150 nightly hotel cost = only 2.7% of the monthly cost of owning the house.
Let’s say you live in Cincinnati, Ohio in a $300,000 house. Pretty cheap right? Not really if we start to make the same cost comparisons.
* $32,000 median price car = 10.7% of the total cost of the house or 42.7% of a $75,000 gross income if we are to keep the ratio of gross income:housing cost the same at 1:4.
* $30,000 bathroom construction = 10% of the total cost of the $300,000 house.
* $25,000 annual tuition = 167% of the annual cost of owning the house ($15,000 for mortgage, property tax, insurance, maintenance).
* $1,500 round-trip economy class ticket to Asia = 10% of the annual cost of owning the house, and 120% the monthly cost ($1,250).
* $150 nightly hotel cost = 12% the monthly cost of owning the house ($1,250).
I know what some of you who are living in inexpensive places are thinking. What kind of stupid logic is it to spend lots of money on housing in order to feel like you’re saving money on everything else?! I hear you. But don’t forget. The reason why a median priced home costs $1,200,000 in San Francisco is because there are plenty of jobs that pay healthy six figure incomes. For example, the median income for a 29 year old MBA graduate from Berkeley, Stanford, Columbia, UCLA, and Harvard is around $150,000 all in. Add two of these graduates together and we’re at $300,000. Fast forward five years, and it’s likely they are making $200,000+ each. It’s much rarer to find $150,000 – $500,000 a year jobs in smaller cities.
Furthermore, if you end up paying off your $1.2 million house within 30 years through forced savings, you’ll end up with at least $1,000,000 in cash after commission and taxes. With the $1 million in cash, you could then buy that $300,000 house in Ohio, and retire in style because you’ve still got $700,000 in your pocket!
Believe it or not, there are many ways to save money while living in an expensive area. You can shack up with multiple roommates, find a rent-controlled apartment, or live a little further away from downtown.
For example, just seven miles west of downtown San Francisco, you can rent a single family home in the Outer Sunset for $2,700 a month. That single family home can comfortably house three people, each paying $900 a month in rent. The sacrifice? A 45-60 minute commute compared to a 15 minute commute three miles west renting a similar home for $7,000 a month.
Finally, even though housing and other expenses might take up a greater percentage of your income living in an expensive city, you’ll have a larger absolute dollar value amount to save and invest. Your wealth will end up compounding much greater over time. Example: $20,000 net income, $5,000 housing cost = 25% of net income to housing and $15,000 left to invest vs. $5,000 net income, $500 housing cost = 10% of net income to housing and $4,500 left to invest.”
Any questions?
“When asked about career advice, I always recommend people just follow the money. New York City has all the financial firms. San Francisco has all the tech, internet, and venture capital money. While Washington DC and the surrounding suburbs have all of our tax money to spend on massive government contracts!
I’ve lived in all three areas for extended periods of time, and I’ve seen massive fortunes made in multiple ways. If you want to “get lucky,” then you might as well go where there’s opportunity. Because twiddling your thumbs in a dying town, complaining why you can’t get ahead doesn’t make sense when you live in a free country with no state border controls.
The biggest push back I get for my “follow the money” advice is that such places are just so damn expensive. It is absurd that the median rent in San Francisco is now around $4,000 a month. But the only reason why rent is $4,000 a month is because incomes are high enough to afford such levels! If there weren’t, rent would fall.
The market is efficient. Capital is fluid. Everything is rational. Only an idiot with an online business would NOT try and geo-arbitrage his way to a lower cost area of the world. Oh wait, that’s me. “
Alex,
Show me an area run by conservatives that creates as many millionaires as these liberal run areas you loathe. Liberals carrying this economy.
Alex says:
February 9, 2018 at 5:44 pm
I have a friend who lives in SF. He’s making $500k a year and living in an apartment while dead broke. He says there are homeless and drug addicts everywhere. He is flabbergasted that he has paid millions of dollars only to be surrounded by this nonsense.
Pumps
Texas has 48 billionaires, nj has 8. Actually probably 7 since the list I saw is from 2016 and that hedge fund guy moved to Florida . Nj is underperforming since little Connecticut has 10.
So the fact that middle-class are leaving SF in droves, while the homelesss population surges, you consider the city a success because it has a high concentration of millionaires? I think it’s a recipe for disaster.
San Francisco is now the Brazil of our west coast
Why are most people threadcrapping and talking off-topic crap on this forum… Can we stick to the article..
How big is Texas? And how many of those billionaires are oil money?
Hold my beer says:
February 9, 2018 at 6:32 pm
Pumps
Texas has 48 billionaires, nj has 8. Actually probably 7 since the list I saw is from 2016 and that hedge fund guy moved to Florida . Nj is underperforming since little Connecticut has 10.
Friend has issues. First thing they should have done was buy instead of renting. How in the world can you make 500k and be dead broke?
Blue Ribbon Teacher says:
February 9, 2018 at 6:31 pm
I have a friend who lives in SF. He’s making $500k a year and living in an apartment while dead broke. He says there are homeless and drug addicts everywhere. He is flabbergasted that he has paid millions of dollars only to be surrounded by this nonsense.
On topic:. I defy anyone to produce a prediction from a serious forecaster that the tax change would lead to home price collapses detectable in February 2018. Why didn’t the author name names and produce quotes?
So now you have issues with capitalism?
Alex says:
February 9, 2018 at 6:33 pm
So the fact that middle-class are leaving SF in droves, while the homelesss population surges, you consider the city a success because it has a high concentration of millionaires? I think it’s a recipe for disaster.
Pumps
Texas has 3.5 times njs population but 6 Times it’s billionaires. Nj is underperforming.
He’s dead broke because he did buy.
No Pumps, I have an issue with excessive taxes and over generous benefits.
Of course, you want to punish individuals so you can save 1,000 a year.
Alex says:
February 9, 2018 at 7:25 pm
No Pumps, I have an issue with excessive taxes and over generous benefits.
Blue,
Unfortunately, your friend is not dead broke if he purchased.
How many millionaires in comparison to nj? That’s the real measure.
Hold my beer says:
February 9, 2018 at 7:20 pm
Pumps
Texas has 3.5 times njs population but 6 Times it’s billionaires. Nj is underperforming.
NYC has the financial jobs. Not Wayne NJ.
If NJ is so great why is the state literally falling apart. You go on and on about high cost vs low cost and yet our high costs get us what?
I love when people who rah rah about our blue ribbon schools finally have the ah hah moment and say gee for all the taxes we pay …..
Well no need to finish that sentence.
I just drove back from the Poconos recently all along 46/31 past all those river towns. This whole western stretch is completely run down. It looks like it’s been decades since they’ve seen any type of prosperity.
Stopped and ate one of the best burgers in the world at the Minisink Hotel and Bar at Delaware Water Gap. My friends and I discovered this place in 1998 by accident. Biker bar, but everyone in there is so damn friendly. I definitely stick out like a sore thumb though. 4 Pub Style Burgers, fries, and 1 Beer. Total bill, $29. If I went to a pub in NJ and ordered that, the burgers wouldn’t be nearly as good and I’d be paying $70.
“The liberal cure for this endless malaise is a very large authoritarian government that regulates and manages society through a cradle to grave agenda of redistributive caretaking. It is a government everywhere doing everything for everyone. The liberal motto is “In Government We Trust.” ”
I just got a Full House in Right Wing Whack Job Bingo!
Pumps,
As of 2014. 4.89% of Texas households were millionaires. Total number of millionaire households is roughly the same as New York
Such a poor state, yet they have this. Cry all you want that rich want low cost, but this proves otherwise. When a rich individual like tepper leaves jersey for Florida, it either shows that he is really greedy, or he is going for the weather. Think this article proves it’s for the weather. They still live the same expensive lifestyle down there, so they are obviously not going for low cost. What they save in taxes is easily pissed away in what it costs to maintain that same lifestyle in Florida. They are paying much more for the same standard of living as in nj.
So you can click your ruby shoes twice and tell yourself they are moving to save money, or you can wake up and smell reality.
https://www.bloomberg.com/news/features/2018-02-08/this-mall-is-only-for-the-rich-and-it-s-doing-fine
If you are really moving to Florida for the low cost, you are living in a “shithole” as opposed to a nice area.
Hold,
You guys can’t see the writing on the wall. The places you loathe and put down for their high costs, are the areas that make America’s economy great. Literally carry it.
“The U.S. added more than 400,000 millionaires last year, according to a new report.
Most millionaires are concentrated on the coasts in high-tax, predominantly blue states.
Maryland has the most millionaires per capita, with more than 1 in 12 households having $1 million or more.”
https://www.cnbc.com/2018/02/07/states-with-the-most-millionaires-per-capita.html
Hold,
From that same article. Yes, Texas has a huge population, but nj kicks Texas a$$ in per capita. Even the state you guys put down (Connecticut), is ranked 3 per capita. Can we stop bashing liberal blue states for their high cost and taxes. It’s clearly a benefit to the country and people leaving there. Thank god for the blue states, they seriously carry America. If Republicans ran the show, we would be a third world nation with their obsession with low costs, ultra low wages (borderline slave wages), and low taxes (who cares about paying the cost of society, not my problem mindset…just let me keep all my money).
“The U.S. added more than 400,000 new millionaires last year, with most of those concentrated on the coasts in high-tax, predominantly blue states.
According to the Phoenix Wealth and Affluent Monitor, by Phoenix Marketing International, there were a total of 7.2 million millionaire households in 2017 — up 6 percent from 2016. Phoenix defines millionaire households as those with $1 million or more in investible assets.
Of course, the most populous states had the most millionaires. But Phoenix also ranked states by millionaires per capita. For the seventh year in a row, Maryland ranked first with the highest number of millionaires per capita — with more than 1 in 12 households having $1 million or more.
New Jersey ranked second, also with just about 1 in 12 households being millionaires. Connecticut ranked third, followed by Hawaii, Alaska, Massachusetts and New Hampshire. California had the most millionaires in total — 885,000 — but it ranked 10th in terms of per capita.
Texas had the second highest number, with 566,000, followed by New York with 465,000.
David Thompson, managing director of Phoenix Affluent Market, said the state rankings show that wealth creation continues to be concentrated in big urban centers on the coasts — around New York, Boston, Washington and Los Angeles. Those states also tend to lean Democratic in their politics.
“Those metro areas will continue to generate and mint new millionaires,” he said.“
I stand by my assessment of people who leave these high cost states for low cost states.
1. Retirees.
2. Minorities that can’t hack it in this system so move to places like Georgia and Carolinas. Smart move on their part. Their skill and education level can’t compete in a high cost state, better off going to these low cost states where 30,000- 40,000 family income a year goes much further.
3. Ignorant individuals who think the grass is greener and they are getting over on the system with the “beautiful house that costs only 300,00” mindset.
4. Individuals suckered by their company to move to these low cost locations and then realize they stepped on the glue trap. They are trapped now, that company’s b!tch.
5. Some leave to be with family, as the rest of their family picked up and left for the low cost area, they must follow.
What you won’t see on this list. Highly ambitious individuals with enormous skill and lots of education. It’s like Darwin’s theory. These blue states are like power houses, they take all the talent and reproduce with each other. The less desirable type that can’t hack it here pick up and leave, (although the bottom of the bottom never leave because they can’t afford to leave…hence, your generational peeps living off welfare staying in place and reproducing). One positive though, welfare peeps are no longer having as many kids as they once did, so maybe that population will lower in time.
Pumps trying to creampie the comments.
“Don’t listen to the gloom-sayers. The world has improved by every measure of human flourishing over the past two centuries, and the progress continues, writes Steven Pinker”
The Enlightenment Is Working – The Wall Street Journal
https://apple.news/A2OfuKvr6S7-ysAalxH5H4Q
Pumps trying to creamp1e the comments with his typical garbage.
Trump doing his best to flush it all down the drain. The guy is a loser. From that wsj essay.
“Is progress inevitable? Of course not! Solutions create new problems, which must be solved in their turn. We can always be blindsided by nasty surprises, such as the two World Wars, the 1960s crime boom and the AIDS and opioid epidemics.
And the greatest global challenges remain unsolved. This does not mean they are unsolvable. In 2015 the world’s nations came to a historic agreement on climate change in Paris, and pathways to decarbonization, including carbon pricing and zero-emission technologies, have been laid out. Since the closing days of World War II, nuclear weapons have not been used in almost 73 years of saber-rattling (including standoffs with the half-mad despots Stalin and Mao), and the New Start treaty between the U.S. and Russia, capping nuclear arsenals, went into full effect just this week.
On these matters, the policies of President Donald Trump—denial of climate change, planned withdrawal from the Paris accord, provocation of North Korea, nuclear arms expansion—are alarming. But continued progress is in the interests of the rest of the world, and numerous states, countries, corporations, political actors and sectors of the military are pushing back against the intemperate plans of the administration.
How should we think about future progress? We must not sit back and wait for problems to solve themselves, nor pace the streets with a sandwich board proclaiming that the end of the world is nigh. The advances of the past are no guarantee that progress will continue; they are a reminder of what we have to lose. Progress is a gift of the ideals of the Enlightenment and will continue to the extent that we rededicate ourselves to those ideals.
Are the ideals of the Enlightenment too tepid to engage our animal spirits? Is the conquest of disease, famine, poverty, violence and ignorance … boring? Do people need to believe in magic, a father in the sky, a strong chief to protect the tribe, myths of heroic ancestors?
I don’t think so. Secular liberal democracies are the happiest and healthiest places on earth, and the favorite destinations of people who vote with their feet. And once you appreciate that the Enlightenment project of applying knowledge and sympathy to enhance human flourishing can succeed, it’s hard to imagine anything more heroic and glorious.”
No One,
Doing my best to bring light to some of the bs doom and gloom on this blog. Trying to contain the doom and gloom from spreading and infecting the entire system. There has never been a better time to live in America. It has not been better at any point in america’s history. Trump came to power on the backs of doom and gloomers, let’s hope their mindset does not infect the rest of the population.
Yup! Renting works for only a few people. This advice is much better.
“In a CNBC article, self-made millionaire David Bach explained that: “The biggest mistake millennials are making is not buying their first home.” He goes on to say that, “If you want to build real financial security, real wealth for your lifetime, then you need to buy a home.”
Bach went on to explain:
“Homeowners are worth 40 times more than renters. Now, that first home doesn’t need to be a dream home, it can be a very small home. You might literally have to buy a small studio apartment, but that’s how you get started.”
Then he explains the secret in order to buy that home!
“Don’t do a 30-year mortgage. You want to take that 30-year mortgage and instead pay it off early, do a 15-year mortgage. What happens if you do a 15-year mortgage? Well, one, you pay the mortgage off 15-years sooner, that means you’ll be able to retire in your fifties. Number two, you’ll save a fortune (on potentially hundreds of thousands of dollars in interest payments).”
What will it cost to pay your mortgage in fifteen years? He explains further:
“For fifteen years, you got to brownbag your lunch. Think about that! Brownbag your lunch literally for fifteen years. You can retire ten years sooner than your friends. You’ll have real wealth, because you bought a home – you’re not a renter. And you’ll be financially secure for life.””
Yeah all the millennial s need to do is but an overpriced over taxed pos and they are set for life. Forget about student loans forget about lack of pensions and outrageous medical insurance just buy something and it will all take care of itself.
They can’t even afford haircuts!!!
No one is disputing the economic power of the northeast. We just realize that it is unnecessary to tax it into Oblivion
Lib I hate those stupid articles that make pumps orgasm. Just buy something just like that. Saying they are making a mistake not buying as if they could but they are not.
Grim please unmod.
And this is the plan you came up with? To incessantly post comments on one site.
The Great Pumpkin says:
February 10, 2018 at 9:13 am
Trying to contain the doom and gloom from spreading and infecting the entire system.
Blue exactly. I simply ask if it’s so great why is everything literally falling apart. What are the high taxes for. Pumps believes high taxes in and of themselves means better servicrs infrastructure etc.
Radical liberalism thus assaults the foundations of civilized freedom, and for that reason it is a genuine evil. Further, given its irrational goals, coercive methods and historical failures, and given its perverse effects on human development, there can be no question of the radical agenda’s madness.
Only an irrational agenda would advocate a systematic destruction of the foundations on which ordered liberty depends.
Only an irrational man would want the state to run his life for him rather than create secure conditions in which he can run his own life.
Only an irrational agenda would deliberately undermine the citizen’s growth to competence by having the state adopt him.
Only irrational thinking would trade individual liberty for government coercion, then sacrifice the pride of self-reliance for welfare dependency.
Only an irrational man would look at a community of free people cooperating by choice and see a society of victims exploited by villains.
Detroit, Chicago and Baltimore to name a few, were all once economic powerhouses, look what’s become of them. I’m sure there were people who recognized that those cities were on the decline, and sounded the alarm, but they had their own Pumps poo pooing them. Things change Pumps, take off your blinders.
Is Maryland still doing fine? But let’s use Baltimore as an example. Baltimore is a victim of white flight. Prob can say the same about Det and Chi. Chi and Det will be fine. They have their issues, but they will still be powerhouses in said region over time due to their locations and infrastructure in place.
Bottom line, those areas all fell victim to white flight, which killed their population growth. I can’t see that happening this day and age to any high cost location on the coast as diversity is embraced as opposed looked down upon.
What you don’t get….They milked the current infrastructure for all they could. Do you know how much it costs to make infrastructure shiny and new? That’s why it’s only taken up after current infrastructure has been milked for every ounce of value they could get out of it. Don’t worry, it will all be shiny and new within the next 20 years.
3b says:
February 10, 2018 at 10:47 am
Blue exactly. I simply ask if it’s so great why is everything literally falling apart. What are the high taxes for. Pumps believes high taxes in and of themselves means better servicrs infrastructure etc.
One step at a time!
PumpkinFace says:
February 10, 2018 at 10:46 am
And this is the plan you came up with? To incessantly post comments on one site.
Did it ever occur to you that these high taxes play a role in creating an environment that supports the creation of millionaires? Govt does not hold money, Those taxes are simply transferred amongst the tax payers. It must be working, three of some of the highest taxed states that conservatives bash on a regular basis are minting millionaires at the highest per capita rate in the country. That has to say something, that these taxes are not being wasted, but rather supporting an environment that creates 1 in 12 households to be millionaires….that’s incredible, yet you guys bash it!
Blue Ribbon Teacher says:
February 10, 2018 at 10:23 am
No one is disputing the economic power of the northeast. We just realize that it is unnecessary to tax it into Oblivion
You’re such an idiot.
Brown bag it? There’s no way millennials will give up civet coffee and avocado toast.
If I’m the idiot, please explain to me how the high cost locations are the leaders in our economy, every single one of them.
And the places hold my beer refers to in Texas….Dallas/ft worth, are not low cost. Same thing with Austin. These are not low cost locations.
Just wanted to make that clear.
As is Denver Colorado area. It’s no longer low cost.
Point is, the only livable locations in these states by jersey standards are on the same cost basis or higher when you take cost of housing into account in comparison to pay.
And “ states” in the last paragraph is in reference to every state in America
The livable parts of Florida by nj standards are crazy expensive esp when you compare costs to pay.
Barely made it through the first 10 posts of 135 and the liberal idiosphere is in full display. If the below is what passes for liberal opposition in 2018/20, PLEASE keep it coming. We’ll have the Exec and Legislative for the next generation lol.
“@ianbremmer
Biggest one-day point drops in Dow history
Feb 5, 2018: 1,175.21
Feb 9, 2018: 1,032.89
Sep 29, 2008: 777.68
Oct 15, 2008: 733.08
Sep 17, 2001: 684.81”
Get back to me with percentages. You know, third grade math. When something doubles, the nominal number matters less…..Oh, and, speaking percentages how much are we up since election day?
“@keithboykin
This Week:
-The Dow fell 1,175 points
-Trump called Democrats “treasonous”
-Trump asked for military parade
-Rob Porter resigned for domestic abuse
-John Kelly defended Porter
-Trump said “I’d love to see a shutdown”
-The Dow fell 1,033 points”
Are you better off than you were on Nov 9, 2017?
Pumpkin Head,
I can’t scroll past your posts fast enough. To say I don’t read them is an understatement. I get the satire and whole trolling thing but it’s really time to find a new shtick.
They milked the infastrucure? Who is they? But don’t worry it will all be shiny and new in 20 years? Just like that? That’s your answer??
And back to that simpleton article. Hey millennial s but and just get a 15 year and you will be all set!! And all you have to do to afford the 15 year mortgage is just Brown bag it for 15 years!! It’s that easy!!
Did we just have a global deleveraging at breakneck speed? It seems like all financial assets dropped ~10% and the money didn’t go anywhere.
Wouldn’t that be a lot like deflation?
Can anyone watch this and not think of Pumps?
https://www.youtube.com/watch?v=nauLgZISozs
“But, they have one thing you haven’t got…”
https://www.youtube.com/watch?v=2pWSwfVDiq8
Did it ever occur to you that these high taxes play a role in creating an environment that supports the creation of millionaires?
I know, those newly minted millionaires are all port authority cops.
If millenials want to get ahead, they should do what I did. Live an apartment for 12 years and bank away the cash. Then, they can buy a townhome for cash. All of the millenials on my facebook feed are in New York every other day taking pictures of their 150 dollar meal.
BRT – you slipped through the cracks with outdated values. In the mid 1980’s, when the economy finally got good, my generation(last of the boomers, born after 1960) was a real threat to the status quo.
1. No student debt. Brand new to credit cards.
2. No rush to marriage, we already had all of the “gated” benefits.
3. Almost accidentally saved up enough money for a condo, townhouse, or condo because…we payed cash for college! (combination of parents and kids)
So circa 1984 we had purchasing power, a good economy, and no debts. We had no reason to conform. We bought RE with either a friend or a SO, not a spouse, and it was still pretty cheap, even though the mortgage rates were onerous (think 9.25% ARM).
We were so far off the reservation from our “forgotten generation” parents (too young for WWII, too old to be hippies). Our parents were the 1950’s era leftovers. They tried it the old way (get married in early 20’s, buy a house, settle down and pay for the rest of your life). By the 1970’s half of our parents were getting divorced so our generation turned away from marriage, kids, home (in our 20’s, at least). I can tell you that at age 24 my plan was to get married when I was 40, and that’s exactly what I did.
Ok, now here goes the part that gets cynical; I only half believe it myself. My generation rebelled against the norm of marriage, house, kids in our 20’s. Minorities rebelled even worse (kids in their teens, forget about marriage or a house). What if…the only “solution” (from those in power) was to saddle kids with debt earlier. They weren’t getting married early, they weren’t having kids early, they weren’t buying into lifelong debt early…so why not “fix” them before they have time to react.
College debt. Sure they were still not going to buy a house, get married early, raise kids early, etc. But they would be anchored, in the most literal way, in the status quo system of debt.
My guess is that what you’re seeing now is their answer. F.uck it. You fooled us. We’ll just wait for our parents to die.
If millenials want to get ahead, they should do what I did. Live an apartment for 12 years and bank away the cash. Then, they can buy a townhome for cash. All of the millenials on my facebook feed are in New York every other day taking pictures of their 150 dollar meal.
Expat,
You are giving to much credit to “planning it” Dr.Evil style.
Most crimes, are crimes of opportunity. Some times, it just happens.
It just happens that the “Clintons” were in power. Just like dealing with a crooked cop. He sees something he like in a “crime scene” or some recently deceased’s house, and takes it.
That is what likely happened with Sallie Mae going private, with Citibank-Travellers – flipping off the powers that be and saying Glass-Steagal my behind, as they dropped a donation check in Hillary’s NY Senate campaign.
Drive down on the turnpike to Harrison no lights south bound!! Is it really too much to ask for fecking lights at night in the rain!! High taxes my ass!!
All high taxes get you is better paid sh1tty government. It’s like Abbott spending. No amount of money can make stupid smart.
Fast,
I’m a passionate individual. I just like showing the other side of the story.
https://www.6sqft.com/the-long-awaited-bayonne-boom-transit-options-adaptive-reuse-and-affordability/
The Computer Part People Are Hoarding: ‘I Felt Like I Was Buying Drugs’ – The Wall Street Journal
https://apple.news/AKD3UL4XfSNinGWRa0WWIww
Especially if they never get a degree. “Beauty School Dropout…”
No amount of money can make stupid smart.
Beauty SchoolClifton High Dropout….https://www.youtube.com/watch?v=CCumGJ0y9lc
Your story, sad to tell
A teenage ne’er do well
Most mixed up, non-delinquent on the block
Your future’s so unclear now
What’s left of your career now?
Can’t even get a trade-in on your smock
[Angels]
La, lala, la, lala, la, lala, la
La, lala, la, lala
La, lala, la, lala
La, lala, la, lala
La
[Verse 1: Frankie Avalon (Angels)]
Clifton High dropout
No graduation day for you
Clifton High dropout
Missed your midterms and flunked shampoo
Well at least you could have taken time
To wash and clean your clothes up
After spending all that dough to have
The doctor fix your nose up!
Baby get moving (Better get movin’)
Why keep your feeble hopes alive?
What are you proving? (What are you provin’?)
You’ve got the dream, but not the drive!
If you go for your diploma, you could join a steno pool
Turn in your teasin’ comb and go back to high school
[Verse 2: Frankie Avalon (Angels)]
Clifton High dropout (Clifton High dropout)
Hangin’ around the corner store
Clifton High dropout (Clifton High dropout)
It’s about time you knew the score!
Well they couldn’t teach you anything
You think you’re such a looker
But no customer would go to you unless she was a hooker!
Baby don’t sweat it (Don’t sweat it)
You’re not cut out to hold a job
Better forget it (Forget it)
Who wants their hair done by a slob?
Now your bangs are curled, your lashes whirled
But still the world is cruel
Wipe off that angel face and go back to high school
[Verse 3: Frankie Avalon]
Baby don’t blow it
Don’t put my good advice to shame
Baby you know it
Even Dear Abby’d say the same!
Now I’ve called the shot, get off the pot
I really gotta fly!
Gotta be going to that, malt shop, in the sky!
[Outro: Frankie Avalon (Angels)]
Clifton High dropout (Clifton High dropout)
Go back to high school
Clifton High dropout (Clifton High dropout)
Go back to high school
Clifton High dropout (Clifton High dropout)
Go back to high school
I’m a passionate individual. Lots of emotion. Criminal Dad who abused me and abandoned me. Enabler mother. HS dropout. I may be gay too.
Finally, the truth comes out! Get some professional help, we don’t fix big problems like that.
But my calls are the best. You call me an idiot, but I know everything about everything when it comes to Real Estate! Why can’t you give me props!
Sure, I bought on a busy street, but guess what? When Wayne urbanizes, I’ll be living on the busy street that converts to a slow street. I already got the speed limit reduced and they are enforcing it! Pretty soon I’ll live on the slowest street, with the slowest people and you won’t even give me credit for making the right call!
Why can’t you just admit that Pumpkin was right all along?
^^^^ Even if we give this guy an honorary HS diploma do you think he will ever shut up? Maybe give him a one time award contingent with him leaving forever because he actually knows someone who went to college?
8:22 I doubt that is pumpkin posting, but if it is, someone get him to a Safe Space stat. I hear there is one in Bayonne.
Massive database showing public employee salaries.
https://www.openthebooks.com
How in the world would I make the predictions that I do without a college education, never mind without a high school degree?
Ex-Jersey says:
February 10, 2018 at 8:44 pm
8:22 I doubt that is pumpkin posting, but if it is, someone get him to a Safe Space stat. I hear there is one in Bayonne.
The real crime here, only public salaries are given. Why isn’t every single employees’s salary in America posted? 🤔
I know why. It comes back to what I try to get you guys to understand every time, the private sector is a cesspool of corruption that makes the public sector look like saints. If private workers gained knowledge of what their co-workers were making in their company and in other companies, people would riot overnight. They would finally realize how corrupt the private sector is. A corrupt managements worst nightmare is for its employees to finally realize how underpaid they are and how they have been taken advantage of. They will see employeees who do less and have a lesser title making more money than them. It would literally turn the workforce into chaos overnight.
Put it this way. If you have a passive personality, avoid confrontation, and take whatever raise they give you, you are currently being raped for your production. Someone that is good friends with management, but does crap, is making more than you. Someone that knows how to b!tch, complain, barter, and stand up for themselves….aka a talker/salesman….will make a lot more than this individual despite less production for the company.
Every salary should be made public, but they will never do that because they are corrupt bastards.
NJOut says:
February 11, 2018 at 4:38 am
Massive database showing public employee salaries.
https://www.openthebooks.com
Shouldn’t you have your own infomercial by now, advertising your own 900 number? I can see you dressed up like a woman in front of her crystal ball.
1-900-PUM-PJIZ
I predict you will never find any evidence of me having a High School degree. Hogwarts policy, otherwise we’d never get the public off our graduated wizards of prediction.
There is a reason some companies do not allow you to share your salary or raise. It’s not rocket science people.
Best part, they instilled the idea in individuals that one should not speak of what they make. All compensation should always remain private. One should never discuss what they make, it paints you in a negative way. And why is this? What is wrong with talking about what you make with friends and co-workers? Why is it taboo? Well, now you know. Corrupt bastards.
Expat,
You are so jealous. Keep drinking the hater-ade. My calls being right make this old man bitter!
Expat——stick to stand up comedy, you are much better at that than making predictions.
Just thinking…. I finally realized why so much hate for public employees. It’s a duh moment. It’s because their salaries are made public. So people see govt worker salaries and become bitter when they realize how little they make in comparison. Their imagination gets ahead of them and they begin to believe only govt employees make more than them. Now if they were able to see private sector salaries, they would blow a gasket. They would realize how much they are being raped by their employer as they see the f’ed up difference in compensation for the same position in the private sector. This guy has the same title as me, but is making 30,000 more than me? Yes, you are being taken for a ride sucker.
This blog is getting more weirder than a family reunion
Look at this. Why aren’t you flipping out? 101,000 for a janitor? Where is all the rage, brah? If this was a publicly employed janitor, you all would be flipping out.
Fuc!ing lemmings!
“Janitor salaries at Google can range from $13,000 – $101,600. This estimate is based upon 3 Google Janitor salary report(s) provided by employees or estimated based upon statistical methods.“
Janitor salaries? Now we know what pumps skill set is.
It was to make a point. Flew over your head. There are janitors making 6 figures in the private sector….where is all the rage, brah?
My friend sent me this in response to my theory in the posts above. Private corruption is sick.
It’s legal, but immoral.
So I ask again, why is private compensation not disclosed? It’s so they can get away with murder.
“Ill give u a great example here
Up here a dome went into foreclosure (indoor facility)
Our club is non profit and we dont take big risks or burdens to risk the club. So the pres went and made a deal with the bank to open it for a winter. No numbers were shared with the club but all payments etc were put in a private llc.
A project that was supposed to be for the kids and community turned into a $200k profit in 4months for the club pres. No numbers were allowed to be disclosed and all that was known was payment to the bank that was low”
Lemmings think keeping compensation private is to their benefit. Should be no one’s business. Yes, keep thinking that crap. It’s used to hold you down and take advantage of you.
We are all a part of the same economic system. Nothing monetary should be kept behind closed doors. Closed doors are for hiding. So for the sake of common good, everything should be made transparent.
Why does bitcoin exist? It hides your dirty money. Nothing good comes from closed doors.
I think the blog has entered the twilight zone. Last night was bizarre.
3b,
Thank expat for that. Using my name and putting words in my mouth. The guy has issues. He’s an old man that acts like a child. The stuff he makes up about me is just stupid.
Grim, if anything ever happens to me, I want this guy’s name.
It was bizarro world. Snarky comments are enjoyable but family should be off limits.
7:39 Look man, every one of these little social jerk-o-thons has someone they gang up on. Just step away. It’s easy. Anyway, if you like the abuse, that is another thing.
Lemmings think keeping compensation private is to their benefit. Should be no one’s business. Yes, keep thinking that crap. It’s used to hold you down and take advantage of you.
You should see what it’s like when everyone around you knows what you make.
Wow. The pathologies are truly unbelievable and beyond cataloging. I may need to check out for a while again. Too bad.
For the sane, as we all know, correlation does not equal causation.
The vampire squid that are massive modern liberal spending machines need, unsurprisingly, massive amounts of OPM to appropriate. They find that in wealthy areas, not the hinterlands.
Far from causing the wealth creation in these prosperous areas, they attach themselves to the host sucking as much capital and earnings as they can without killing the source.
Many of these wealthy areas are teetering from these liberal parasites unhealthy and severely compromised, eg. IL, NJ, etc.
You should see what it’s like when everyone around you knows what you make.
BRT’s buying drinks!
I picked a random name from Wayne.
Jose Blankley Celis Salary has gone up 10,000 in 3 years. He’s a principal at a small elementary school. School has a faculty of 32 and 381 students. He’s just 41 years old. Makes $145K. There is something wrong with this picture!
Look at this resume.
Studies at Montclair State University
Studied Education at Northeastern Illinois University
Studied Bible and Theology at Wheaton College
Studied Education and Spanish at Wheaton College
Went to Northern Highlands Regional High
Lives in Montclair, New Jersey
From Punta del Este, Uruguay
This is just a random pick. I’m sure it gets much worse. I hope that bible and theology study at prestigious Wheaton College helps him!
Here’s your overpaid principal.
https://photos.app.goo.gl/VMaGsuZxVNU1ZUxM2
Just for the hell of it, I randomly picked a principal in Wamego Kansas. I found Amy Flinn. She makes $84,000. Same number of students. Appears older. Hmmm.
Left that might explain why last night on the turnpike pouring rain and no lights on . The lights were there just not turned on? How can that be in a modern progressive uber wealthy high taxed state like new jersey. And yet something as fundamental as lights on a rainy night on a highway is somehow asking too much.
Lib,
I liked his suit. My grandparents had drapes like that in the 70s
Lib [12:51]
Wasteful spending like that is why NJ is headed over a cliff.
I’m not really alarmed by the principal. He may be incompetent, but the position should exist. You should be alarmed by all the excess vice principals, supervisors, directors of curriculum, and assistant business admins. These are positions that don’t need to exist and if you eliminated them, you could save the taxpayers money and give the teachers a reasonable cost of living increase each year.
BRT – The same thing applies to most colleges in spades. Non-teaching administrative salaries constitute the bloat.
I’m not really alarmed by the principal. He may be incompetent, but the position should exist. You should be alarmed by all the excess vice principals, supervisors, directors of curriculum, and assistant business admins. These are positions that don’t need to exist and if you eliminated them, you could save the taxpayers money and give the teachers a reasonable cost of living increase each year.
The thing is, outside of the Northeast, Schools don’t really have bloated administration. I’ve met many teachers who have taught out of state and there are no supervisors in most states. Supervisors have one job and one job only. That’s to undermine the teacher. Eliminate them and your school system becomes infinitely more effective.
Thank Chris Christie and the conservatives for this. Yelling and screaming about accountability. Well, they sure got what they wanted. Accountability that was never really needed, but someone needed to play to their conservative base which hates teachers and education for some reason. So he yelled and screamed to make them
Accountable….be careful what you ask for.
Blue Ribbon Teacher says:
February 11, 2018 at 4:26 pm
I’m not really alarmed by the principal. He may be incompetent, but the position should exist. You should be alarmed by all the excess vice principals, supervisors, directors of curriculum, and assistant business admins. These are positions that don’t need to exist and if you eliminated them, you could save the taxpayers money and give the teachers a reasonable cost of living increase each year.
I wonder if lib takes that into account when he praises him for his 2 percent cap while pushing classroom money into this bs accountability plight against teachers.
Not really. How many people is he managing? Over 400 people, not including parents. Pretty damn cheap if you ask me.
“Jose Blankley Celis Salary has gone up 10,000 in 3 years. He’s a principal at a small elementary school. School has a faculty of 32 and 381 students. He’s just 41 years old. Makes $145K. There is something wrong with this picture!”
Lefty,
At the end of the day, blue state economies are stronger because they do a better job of redistribution with money. Govt doesn’t hold money. It simply transfers it. So high tax state is not “wasting” people’s money with high taxes, it simply is taking a very strong economy and redistributing the money to give a stronger consumer base with better paying jobs and services.
Also, it’s game changer when it comes to investments. I’m sorry, private investment doesn’t take risks. They only invest when they make a killing. So you need to collect taxes to carry out the needed investments that private hands won’t put their money on due to lack of profit potential. So govt has to do it and then listen to the conservatives bi!ch and moan about the costs, but then benefit in their business transactions when said infrastructure is in place.
Lefty, you are smart, but your bias completely blinds you to the benefits of these high tax economies. Remember the ying and yang, there is good and bad in everything, so stop dealing in absolutes that blind you.
Just saying, if every top economy was based on the conservative model, you would be praising it as fact that it’s doing something better than the liberal model, but when reality has the liberal model destroying the conservative model, you ignore it and make excuses. Writing is on the wall.
Bottom line,
If these high taxes that have been in place for decades are detrimental to the state economy, why is every single one of those states killing it?
Kansas tries the conservative model and they crash their economy. I think I’ll stixk with the proven effective model, the liberal progressive higher tax model.
Thank Chris Christie and the conservatives for this. Yelling and screaming about accountability. Well, they sure got what they wanted. Accountability that was never really needed, but someone needed to play to their conservative base which hates teachers and education for some reason. So he yelled and screamed to make them
Accountable….be careful what you ask for
Christie is a bum and set us back big time. But that’s cop out. NJ has had supervisors galore in the schools well before Christie ever entered office. Christie made it so they can actually pretend they are needed.
6:58p
I have not responded to the content of your posts for at least three months.
I have instructed you to cease addressing me directly.
Is there any lack of clarity about that statement?
Righty,
It pisses off conservatives so much that the blue liberal run economies kill it, so much so, that they went out of their way with this tax plan to try and hurt their economies by changing the game rules while in middle of the game. Guess what, still going to get their a$$ kicked by the blue states. Cooperation model will always beat the individual model. One day the rands of this world will get it.
Leftwing you should change your ID to Wingnut.
The guy is an epic troll. I still refuse to believe he isn’t taking a piss on all of us
Due to the enormous amount of posts (or jizz, if that applies to you). I’ll take a step back again. Lower my posts again. Had the flu this weekend and couldn’t let some of these conservative posts go unchecked. Readers deserve two hear both sides of the story.
Hold my beer,
You have a pretty good hold on your local market? Where you see prices going within the one to two year time frame? Coming from an investors viewpoint with rent collected, but the bet on appreciation. Any good bets in your area? Heard south Dallas is a good bet.
Don’t kill me, but had to share. These are good real estate recommendations off the tax law. This guy totally agrees with what I say about our high cost areas.
Blueprint, Presented by CBRE: One sticking point of the tax law in high-tax states like New York is the change in the state and local tax (SALT) deduction. What impact will this have on the real estate market?
Spencer Levy: Limiting the SALT deduction has caused concern in higher tax states like New York, New Jersey, California, Massachusetts, Maryland and Connecticut. My basic reaction is don’t be too concerned about it. People and companies will remain attracted to those markets because of their high-quality talent, job opportunities, live-work-play environments and strong infrastructure. They were higher-cost markets in which to operate long before tax reform. Cheap real estate isn’t their attractiveness; it is their large pools of talent that attract companies and create job opportunities.
Blueprint, Presented by CBRE: The new tax law is foremost on peoples’ minds as 2018 begins. How big of an impact will it have on the commercial real estate industry this year?
Spencer Levy: There are key wins for the industry, both in terms of what the tax law will do and what it won’t do. It did not eliminate the 1031 exchange. It did not eliminate the ability to deduct commercial mortgage interest. It did not eliminate capital gains treatment of carried interest, though it did extend the hold period from one year to three years.
The tax law did make pass-through entities more efficient from a tax perspective. It made REIT dividends more efficient—meaning worth more—from a tax perspective. It changed some of the incentives on “buy versus rent” in the residential market—with respect to multifamily vs. single-family—to favor multifamily, because it raised the standard deduction to $24,000 for married couples, meaning most people won’t itemize mortgage interest anymore. It also topped out the ability to deduct mortgage interest from any mortgage over $750,000. So, at both the low end and high end of the market, multifamily is more attractive.
One sub-category that the tax law largely protected was affordable housing. The one caveat is that one of the ways affordable housing is financed is through selling affordable housing credits (Low Income Housing Tax Credit Program). Those credits are now worth less than they were before the tax plan, in large part because corporate taxes was lowered from 35% to 21%. There is legislation afoot right now to try to correct that. Overall, affordable housing made out well.
The key economic incentives of the new law are a reduction in the cost of capital by lowering corporate taxes and increased liquidity by encouraging repatriation of corporate profits currently held in overseas accounts. It’s very unusual to have that type of fiscal stimulus this late in the economic recovery cycle. Now that we have it, will this extend the cycle and enhance economic growth over the next couple of years? I can’t tell you whether it will, but I can tell you it gives us a better chance.
You all can have New jersey. In all of it’s glory. It was a fine place to live.
But man is it a flawed place. But really now, where isn’t?
Blueprint, Presented by CBRE: How does the new tax law change job growth forecasts, if at all?
Spencer Levy: Large occupiers need to think about being agile in both individual-market and portfolio terms, including the length of leases, options to expand or contract space and the availability of talent. Occupiers should double down on commercial real estate in those submarkets where they expect to attract, retain and create pools of talent for their business. The current labor shortage in the U.S. is only going to get worse. The very low national unemployment rate is 50% lower in many of the high-skill trades. While being agile protects downside risk/cost overall, don’t put all your eggs in the “save money” basket. Rather, put many of your scarce resources into the “make money” basket of markets with deep talent pools. Agility is key in markets with unusual uncertainty.
Blueprint, Presented by CBRE: You recently said that post-hurricane spending in afflicted markets is among the key reasons why you think 2018 will be a strong year for the CRE industry. Why do you think that?
Spencer Levy: The silver lining of most natural disasters is that you have to rebuild, and rebuilding means you have to spend money on raw materials and labor. Given the scope of the devastation in Houston and Florida, there will be a significant amount of fiscal spending to get those markets back into shape. Secondarily, a lot of cars were destroyed, so that created a lot of demand for automobiles. In short, most natural disasters spur short-term growth. Additionally, prior to Hurricane Harvey, Houston’s multifamily market was a little bit overbuilt and the market was softening as a result. That’s not the case anymore. It’s now a very tight market because many of the residents, whose homes were destroyed, moved into multifamily properties.