From the Star Ledger:
Will Phil Murphy veto giving police and fire unions control of their pensions?
The state Legislature passed legislation Monday handing control of the pension fund for New Jersey’s police and firefighters over to its members.
But it’s uncertain whether the governor will sign the bill as is.
Gov. Phil Murphy, a Democrat, has concerns over the Democrat-backed bill that would spin off police and firefighter pensions from the broader pension fund for state and local government workers, acting state Treasurer Elizabeth Muoio said following the votes.
The legislation is pushed by police and fire labor leaders who say state management has jeopardized their members’ retirement security by making insufficient financial contributions and choosing costly investment strategies. Over the past two decades, the fund has dwindled from fully funded to 65 percent funded.
Unions say their members can do better.
“We don’t feel that the state did a good job,” said Pat Colligan, president of the New Jersey State Policemen’s Benevolent Association. “We want to control our own destiny. It’s our pensions.”
State Senate President Stephen Sweeney, D-Gloucester, a sponsor of the bill, has said that labor-run funds elsewhere have successfully outperformed public boards.
…
Christie, a Republican, vetoed similar legislation last spring, saying it lacked adequate safeguards for taxpayers. While the state would be relinquishing management of the fund, state and local taxpayers would still have to pick up the tab if it goes south.Christie called it a “blank check for public workers.”
The state Senate passed the bill 34-2, while the state Assembly voted 67-2 with seven abstentions, sending it to the governor’s desk, where its prospects are uncertain.
Muoio said Monday that Murphy “has been supportive of the basic premise of this bill for a long time,” but that there are concerns. Specifically, she said, all of the pension funds could incur penalties if forced to prematurely liquidate its hedge fund holdings.
fristy!
damn
New med school gets 1000 applicants almost immediately after starting to take apps.
https://www.northjersey.com/story/news/passaic/clifton/2018/03/27/n-j-s-newest-medical-school-gets-applicants-bushal/458032002/
Just to clarify, 1000 applications for 55 seats. Makes it more exclusive than pretty much all the ivy league.
I was on LinkedIn this morning and a pop-up wanted to know my reason for not posting my picture on my profile. It was multiple choice, but none of the choices was “F.uck you and your data collection!”
I wonder how many text messages I receive a day? I have no idea because I have Sprint block them all. Of course Sprint will still text me when I’m late on my bill. Their late charges are so small I only pay them quarterly.
I use the Apple Messages app to text my daughters from my iPad (rarely). I just checked and I last texted my oldest daughter on 3/5 and my youngest on 2/20. Anyway, for people doing “regular” phone-to-phone texting, there is no such thing as a “bounce” or a “seen”, “read”, etc., right?
There is no ‘seen’ or ‘read’ with text messages like in iMessage. Depending on carrier/device/geography, you may get ‘sent’ vs ‘delivered’, but I do not believe this is a guarantee.
A friend’s daughter was in the first class at Drexel Law just a few years ago. She got a free ride on tuition. My friend was complaining that she was denied a loan for housing and spending money.
New med school gets 1000 applicants almost immediately after starting to take apps.
https://www.northjersey.com/story/news/passaic/clifton/2018/03/27/n-j-s-newest-medical-school-gets-applicants-bushal/458032002/
Why don’t you text? It is the biggest time saver in the world. Especially in dealing with people that don’t know how to STFU.
The Original NJ ExPat says:
March 27, 2018 at 7:31 am
I was on LinkedIn this morning and a pop-up wanted to know my reason for not posting my picture on my profile. It was multiple choice, but none of the choices was “F.uck you and your data collection!”
I wonder how many text messages I receive a day? I have no idea because I have Sprint block them all. Of course Sprint will still text me when I’m late on my bill. Their late charges are so small I only pay them quarterly.
I use the Apple Messages app to text my daughters from my iPad (rarely). I just checked and I last texted my oldest daughter on 3/5 and my youngest on 2/20. Anyway, for people doing “regular” phone-to-phone texting, there is no such thing as a “bounce” or a “seen”, “read”, etc., right?
I have two phones, a work phone and a personal phone. On the weekends I only carry my personal phone (for the most part).
https://www.punkt.ch/en/products/mp01-mobile-phone/
Novartis just purchased by Glaxo. Oooof
That’s what I thought, thanks grim. My wife’s previous part-time job was at a small, high-end children’s toy store. She said there was a list of employee phone numbers posted somewhere and hers was the only one that said “No Texts!” next to it.
There is no ‘seen’ or ‘read’ with text messages like in iMessage.
I had a friend who was flying in from CA several years ago and left me a voicemail before he got on the plain, saying “Just text me at 123-456-7890 telling me where we should meet”. I had to look up how to do it without texting, and I certainly didn’t know his carrier. I did it this way, I’ don’t remember if the wrong ones bounced or not.
Alltel: @message.alltel.com
AT&T: @text.att.net.
Sprint: @messaging.sprintpcs.com.
T-Mobile: @tmomail.net.
Verizon: @vtext.com
Nice grim! If I ever started carrying a smartphone again, I would probably get one of those for light weight options. From the site, here’s the thing that would make me crazy if I went “iPhone all day”. I’m used to this:
Charge a smartphone once or twice a day. Charge the MP01 every now and then.
I have two phones, a work phone and a personal phone. On the weekends I only carry my personal phone (for the most part).
https://www.punkt.ch/en/products/mp01-mobile-phone/
My best friend is an attorney, has always run his own practice. He’s been doing low budget clever for over a dozen years: His professional number is a land-line at home. He has all calls forwarded from there to his mobile. He probably has less than 10 people who actually know his real mobile phone number, the select few who have all-access.
^^^I never thought to ask him how he handles text messages.
Does the iWatch still last less than 24 hours on one charge?
They could open 50 new med schools, 1 in each state, and there would be a line out the door to fill them. Doctor’s don’t want more doctors. Preventing competition is the best way to ensure high prices.
https://www.app.com/story/opinion/columnists/2018/03/25/new-jersey-legislature-pensions-pfrs/456825002/
More bad news for NJ taxpayers: Bergmann
“Or the refusal by Murphy and Democratic lawmakers to renew the 2 percent interest arbitration cap, which deserves much of the credit for keeping the rate of increase of property taxes relatively modest. There has been nothing in the first three months of total Democratic control of Trenton to suggest concern about the potential for an epic fiscal shipwreck.”
Here in MA they’ve had “Prop 2.5” since 1980 (2.5% annual property tax cap). It seems to work great. Maybe it’s because so many politicians in MA own bars on the side, so they don’t have to derive all of their graft from their government jobs.
Amen.
They could open 50 new med schools, 1 in each state, and there would be a line out the door to fill them. Doctor’s don’t want more doctors. Preventing competition is the best way to ensure high prices.
Yeah. Prop 2.5 saved your state. Shame NJ politicians are much more owned.
Novartis/Glaxo is buyout of consumer health jv share only
Case-Schiller numbers out.
New York City area: Low tier houses +7%, mid tier +6%, high tier +4%. Condos +3%.
FYI, took profits on big tech again at the open. Sold ADBE, NVDA, V. Not big tech, but also sold a nice position in FISV.
Never trust the morning rallies.
Novartis was NOT purchased by Glaxo. It was a joint venture unit.
Is that a joint-venture or a cannabis company?
Bloomberg News says:
March 27, 2018 at 11:19 am
Novartis was NOT purchased by Glaxo. It was a joint venture unit.
FlabMax hoists up a mug of Guinness and sleeps well tonight knowing a filthy horned Jew has finally met her just fate…..
http://www.nydailynews.com/news/world/holocaust-escapee-brutally-stabbed-alleged-anti-semitic-murder-article-1.3898231
How do you deal with an afternoon rally? :P
I buy them…or sell them;-)
How do you deal with an afternoon rally? :P
Lib – btw, can you believe NRG?
BTW, these trades still work:
The Original NJ ExPat says:
March 27, 2018 at 9:53 am
FYI, took profits on big tech again at the open. Sold ADBE, NVDA, V. Not big tech, but also sold a nice position in FISV.
I still own the RE analog, CBRE (recent symbol change from CBG). Between NRG and CBG it seems like the best buys/holds in the RE and Utilities sectors lately have been the ones with the lowest yields.
Lib – btw, can you believe NRG?
I really haven’t been trading much lately and don’t know much about NRG besides the fact they are a Jersey business and one of our print clients. Too much going on in my life right now to deal with the market. I am encouraged by the markets recent behavior. These minor corrections are exactly what the doctor ordered. Heck, I’d take a flat to losing year to get back to better valuations.
This is a pretty good opinion piece on fake news. It’s worth a read and even more, a following.
http://www.blowhardpundit.com/2018/03/media-bias-and-you-primer.html
Same here. I’m even bear-curious to see how I do in a falling market.
Heck, I’d take a flat to losing year to get back to better valuations.
“I’m even bear-curious to see how I do in a falling market.”
If out of the FANGS, you should do just fine.
I already own a lot of MSCC (buyout) I’m now thinking of loading up into ORBK (another buyout).
ORBK pisses me off, btw. Followed it for years, never bought. Same goes for MNTR before that.
Sounds like a lot of Dems in the legislature are NOT for legalization of MJ….
@jmnash
Most heated moment in NJ #marijuana hearing: After @njnaacp offers full-throated support of #legalization, Senator Ron Rice, head of the Legislative Black Caucus, suggests civil-rights group was influenced by marijuana industry funding. “Follow the money,” Rice urges.
wierd that it’s even a controlled substance
Mitch McConnell floats bill to remove hemp from controlled substance list
https://www.msn.com/en-us/news/us/mitch-mcconnell-floats-bill-to-remove-hemp-from-controlled-substance-list/ar-BBKJlVr
I read somewhere that it was cotton farmers who lobbied to get it classified as one.
Just legalize it already. This is so stupid. As dumb as the decision to ban sports-betting. NJ gets what it deserves.
Definition of insanity. Is this guy Rice for real?
D-FENS says:
March 27, 2018 at 1:34 pm
Sounds like a lot of Dems in the legislature are NOT for legalization of MJ….
@jmnash
Most heated moment in NJ #marijuana hearing: After @njnaacp offers full-throated support of #legalization, Senator Ron Rice, head of the Legislative Black Caucus, suggests civil-rights group was influenced by marijuana industry funding. “Follow the money,” Rice urges.
LOL. Dropping 6 beats they call me Pumpkin Nana!!!
My Dad is a criminal and I want to go home…
D-fens
I think cotton farmers were behind hemp getting on that list. I thought hemp needed a lot less pesticides, is a hardier day plant, and hemp clothes are more durable than cotton. I think the yield per acre is more too.
Look it at from Rice’s angle. By his angle I mean, Newark machine cynical crook.
Rice and type, have ideas about Newark. They are thinking getting wealthy by pay for play deals and selling long term speculative RE holdings as it gentrifies. They even know that once gentrified, they can still hold significant power for decades. Example is Hoboken, whose italian heavy political machine was pushed out of minority power after the newly elected mayor got picked up by the feds within 6 weeks, and they still have significant minority power and run the Bd of Ed.
If MJ is legal. Have a guess where the potheads/head shops are going to be. They are going to be in loose morals economically challenged areas – which Newark fits. Which is a direct threat to their profiteering machines, which wants fancy-smancy condos and this idea for the brothers https://youtu.be/wAsBta25OGQ vs this https://youtu.be/1SyK8SjQsZw
What did Trump say today?
It’s very funny. I was recently explaining to our investment club how it was nearly impossible to match the major indexes unless you happened to have the majority of your investment money in the FAANGs. I also told them that I hadn’t seen this type of thing happen on this scale since the tech bubble. As I sit and listen to the CNBC loudmouths utter, “This time it’s different.” The truth is that it is never different. I think we are seeing that play out in real time. Especially in light of the burgeoning trade war with China. If manufacturing does start to come back in vogue here. I would expect this trend to continue. We’ll see. There was one down day last week where the market dropped like 2% and none of my stocks (not one) was down. Wish I could say the same for today.
Name the two states where undocumented aliens can become lawyers.
NY & CA
Sell off and obsession with recession is based on pure insanity. I have seen it all. These a$$holes are going to take the market and economy down on a self perpetuating obsession with negative market cynicism. Are there any rational investors left in this world or just wild traders craving volatility?
We just had a HUGE tax break put in place, and economy is strong as can be, yet these people are obsessed with negative bs. Unreal!
Stu : I am inclined to agree with you, but you have to temper that opinion with the reality that these companies have a black hole’s gravitational pull and are literally ripping the insides out of the rest of the market.
Pumpkinteener,
Are you the only one that does not realize, that the country is run by,for and only in the interest of the crowd represented in the series “Billions”.
Vanguard style investment is not what matters. What matters is to rig, get side info, trip up, or cause some reaction that you can make a bet for or against thru some type of electronic entry financial paper.
That is why – what I think is coming, a NK incident, that expands into China/Taiwan and Russia rest of Ukraine/Baltics will be the best. All of the sudden, you are going to have to actually build stuff, not trade in the web.
By the way, let’s see how good RoseAnne is tonight. Preview shows she hits every point that matters.
Any questions?
The Original NJ ExPat says:
March 27, 2018 at 9:53 am
Never trust the morning rallies.
Took some June 130 FB puts a week ago when I was saying it was different, that it wasn’t a breach but their business model.
Still think there is more near term downside and even 130is realistic. Up 4x, need to take some time tonight and think about trade management.
Honored to be nominated for the Garden State Culinary Arts award for Best Spirits Professional.
https://www.courierpostonline.com/story/life/2018/03/27/garden-state-culinary-arts-awards-nominees-2018/461601002/
Congrats!!!!
Great list. I have been to not nearly enough of those places. Have to rectify that lol
Excellent grim! Well deserved!
Honored to be nominated for the Garden State Culinary Arts award for Best Spirits Professional.
https://www.courierpostonline.com/story/life/2018/03/27/garden-state-culinary-arts-awards-nominees-2018/461601002/
“What did Trump say today?”
After the budget would only put up 1.6B for 36 miles of fence, the military will now pay for the wall.