From CNN:
The housing market is on fire. The Fed keeps adding gasoline
Bidding wars. All-cash offers. Homes selling for $1 million over asking. The housing boom has officially reached the ridiculous stage.
Despite surging home prices that are rising at the fastest pace on record, the Federal Reserve continues to prop up the housing market by purchasing $40 billion of mortgage bonds each month.
And while the Fed is finally “talking about talking about” removing some of its support, some fear the US central bank is creating another housing bubble as it deliberates.
That’s because the Fed’s emergency strategy is artificially lowering the cost of mortgages, and further boosting prices that already looked stretched in many markets.
“The Fed just continues to pour more gasoline on that fire,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
Of course, the central bank certainly deserves credit for its historic efforts to prevent the Covid recession from morphing into an all-out depression.
…
“House prices are exploding right now. Everything in the housing sector is going up in price,” Jason Furman, a former top economic adviser in the Obama administration, told CNN’s Poppy Harlow. “It probably isn’t the case that the Fed should be continuing to artificially hold mortgage rates down.”
Danielle DiMartino Booth, a former Fed official, agreed that the most obvious starting point for the Fed to begin to remove stimulus is on the mortgage front. “Ultra-low mortgage rates have helped feed a frenzy in housing,” said Booth, who is now CEO and chief strategist at Quill Intelligence.
Happy Fathers Day.
Especially those of you with toxic spouses or exes.
Enjoy your children today and leave the filth behind.
Happy Father’s Day!
Isn’t there a lot of cash offers out there?
Bottom line, the demand for housing is what is driving prices right now. You have this huge wave of demand that they should have saw coming. The fed can lower rates all they want, but if there is no demand, no one is buying. Just like what happened 10 years ago. Fed lowered rates drastically, but did it cause the housing market to rise? No. The avg housing price was actually going down while the rates were dropping.
Ultra low rates and fear are driving the housing market. It’s about time they are waking up to this madness.
Juneteenth. . .
Since it is now a federal holiday, I hope it is scheduled to be celebrated as a Monday holiday. Like, Memorial Day and Labor Day, not like 4th of July. Give ppl the three day weekend.
In this situation, what you may not understand is a that this market functions as a spigot, not a river. When the faucet turns, everything will stop.
The Great Pumpkin says:
June 20, 2021 at 8:47 am
Isn’t there a lot of cash offers out there?
Bottom line, the demand for housing is what is driving prices right now. You have this huge wave of demand that they should have saw coming. The fed can lower rates all they want, but if there is no demand, no one is buying. Just like what happened 10 years ago. Fed lowered rates drastically, but did it cause the housing market to rise? No. The avg housing price was actually going down while the rates were dropping.
So if rates were normal and there was no pandemic with ensuing flight from the cities we would still have housing “froth” according to Pumps.
Happy Father’s Day!!!
https://slate.com/business/2021/06/blackrock-invitation-houses-investment-firms-real-estate.html
It’s not exactly accurate that investors are “buying every single-family house they can find,” as some have suggested. If that were true, their market share in the United States wouldn’t be a piddling 15 percent. They’re really buying up the stock of relatively inexpensive single-family homes built since the 1970s in growing metro areas.
But investors are depleting the inventory of the precise houses that might otherwise be obtainable for younger, working- and middle-class households, in the cities where those workers can easily find good-paying jobs,
Happy Fathers Day!
Low rates are driving the price for sure, I think. I mean, logic would say so. But, a few years ago, millennials were flocking to urban areas and then covid supposedly caused a reverse trend to the suburbs combined with rising crime in the cities. It’s anyone’s guess, too many factors to predict what’s next. I never rented but part of me thinks it currently makes more sense for those looking to buy.
So, if you search twitter, there’s a few vids of the absolute chaos in Long Branch yesterday. NJ.com silent on it. APP has a short story, no pictures/videos. Facebook is deleting videos for hate speech in the comments.
BRT
4th wave feminism
BRT,
Maybe not. Watched the rest of the video. Jersey shore will be interesting to say the least.
SmallBRain,
How do you square this with the Dumpy’s policy? Rather than blowing the Orange fool, realize that his wall was h*resh*t and his policy played to secure the racist vote. There was nothing successful about it. There was no plan, jsut rhetoric like his healthcare “plan”.
https://www.youtube.com/watch?v=YsmgPp_nlok
It was a dance party, kids are going to do that. No different than what went on in Clubs in NYC or elsewhere for decades, people get together and a few bad apples cause trouble. We talked about this kids are going to party hard this summer, have had enough of adults telling them no dancing , social distancing etc.I still have a few scars from all night time trouble we got into when we were young and full of life.
Juice,
you probably missed a few videos. It devolved into gigantic fights and jumping on cars.
I can’t wait for September. Going to be tough. Do the sign of the cross and hope I don’t get caught up in some gang fight.
BRT says:
June 20, 2021 at 5:38 pm
Juice,
you probably missed a few videos. It devolved into gigantic fights and jumping on cars.
I notice every store I enter, Lowe’s, Home Depot, CVS, Shoprite, etc. is now 70% or better with no mask. This thing seems to have faded into the rear view mirror very quickly.
Yeee. I go away for a day and pumpkin throws up all over the place.
Spent Sunday trying to avoid those tard kids of mine, blame Ivanka. Lots of yards on her side of family.
Stooge Eddie. Got news for you and need your opinion. Stooge No One got me that special diplomatic pouch. The boss wants me to sell all my real estate and buy a cruise ship and to call it Mar-A-Lago of the Seas. I’ll reside there permanently and all my aficionados (took me a while to learn that Spanish word) will pay big bucks to sail with me.
Most importantly it will be in international waters all the time. The boss will send me his own security detail.
What do you stooges think? Another greatest bestest for me. Right there with my name’s play on Bonnie Prince Charles pretender to royal crown.
We usually stop at a breakfast joint in Mountain Lakes on Sunday mornings.
Completely maskless the last two times. All staff and patrons.
I noticed staff in these establishments seemed to have made the first move. I was a bit surprised since it initially seemed they would wear them for the longer term. As soon as the staff went mask-less, the patrons followed. If you look at the numbers globally, even India and Brazil seem to be declining rapidly.
MSG in NYC over the weekend. 20,000 at Foo Fighters concert, no masks…
https://nypost.com/2021/06/21/back-at-the-garden-foo-fighters-at-1st-msg-show-since-covid/
Puke all over the place?
Demand is driving the housing market, not low rates. I’m sorry most people can’t grasp this, but it’s the damn truth. Go ahead, raise the mortgage rates, it won’t stop housing demand.
CaptainBonniePrezDonnie says:
June 21, 2021 at 6:43 am
Yeee. I go away for a day and pumpkin throws up all over the place.
Low rates and fear are driving the housing market period.
And what I don’t get is those houses (especially townhouses) that linger for months, get relisted and then they raise the asking price. Trolling for fish? I don’t think I can buy a townhouse unless it’s really exceptional in style and location and if I intended to live there for a decade or better. I see some of the purchase prices around 2006/2007 and then the sold prices a decade later and a lot have taken a beaten. Townhouses during that period were going for stupid prices.
If they raise mortgage rates, the demand will still be there. All it will do is take capital from the home price, and instead divert it to the lenders. That’s how bad the demand imbalance is out there.
Put it this way, do you think low lending rates are responsible for the huge price increase in used cars, or maybe it is just a product of a supply and demand imbalance? How is housing any different at the moment?
Remember, the housing supply won’t be fixed for a long time. The demand from the millennials will grow by the year. Each year, more millennials join the market. Wait till the foreigners and speculators join in the party as the US economy looks awfully strong.
Not looking good for crypt0, most coins are now way down on the news of China shutting down many massive mining operations over the weekend. Bitcoin down now nearly 50% from it’s peak two months ago.
That hardware is not going to show up in Texas or anywhere else overnight….
Turn those machines back on! (Classic)
https://www.youtube.com/watch?v=j4SRsGn14PI
Fast ED , I could see you moving into bears den once the kids leave, perhaps.
Sorry meant bears nest. never new bears made nests? Or is it because the developer displaced both bears and birds when building the site.
Pumps – raise rates from affordable monthly payment to unaffordable monthly payment? Not going to happen, people can only afford so much of a monthly payment.
Look even a dolt knows if they raise rates the $$ amount you can afford to finance is allot less.
Example:
Income is $105,000
On a mortgage with 10% down at current 2.5% rates they can qualify for up to a $520,000 dollar mortgage. Monthly Payment is about $2,900..
If rates were normal around 5.5% they would qualify for a maximum mortgage of about $395,000 for the same Monthly Payment is about $2,900.
$520,ooo – $395,000 = $125,000 dollar difference in housing prices or about 24% more mortgage to bid up housing prices.
FROTH, get used to hearing it, we have pushed to limit of affordability……
Bears Nest – too pricey.. ugh. It might be an option if I had that kind of dough to be mortgage free. I doubt I could write a check to cover the whole price tag. Maybe I could in a few years, who knows. I’ll probably wind up alone in a quad, down in Whiting with basic cable, an 80s style console TV and a no-frills stove.
If we can create a national holiday out of nothing in something like 72 hours, why do we not have a one day (or two day!) federal voting holiday yet to alleviate basically EVERY voting concern out there right now?
What pumps doesn’t understand is the housing market is super localized and the product is unique, it doesn’t take too many sales to move a market. Given the impetus to move from COVID, any issues you had with your housing were amplified as you stayed locked inside for a year and the low rates juiced the market even more. Demand has little to do with it people felt a need to upgrade housing due to being locked inside for a year and wanted to take advantage of historically low rates(forward demand was pulled into the present), the prices are irrelevant it’s the payments people really look at so yes rates would impact how much people could spend. Once the suckers have all bought you will see demand drop off and affordability take a hit as the fed starts to pullback support from the housing market. The prices keep going up and up because you have 4-5 would be buyers for every home, what happens when that is not the case and what happens when their buying power is reduced 15% because of rising rates? I suspect we will see a confluence and it will not be positive for house prices, will there be a total collapse? That depends on the health of the economy and economic recovery, eventually the stimulus will slow or stop all together and then we will see what happens.
“Sorry meant bears nest. never new bears made nests? Or is it because the developer displaced both bears and birds when building the site.”
NJ has mandatory courses for its suburban developers. Included are “How to Make Your Development More Attractively Named” and includes such gems as when to add an extraneous “E” to make the name appear more English, how to best select and conjoin two unrelated nouns into a new upscale sounding name, and when to add mythical griffins. This class is taken immediately following “Brickface, Is Too Much Ever Enough?” and preceded by “Ten Options For Inaccessible Indoor Balconies In Two Story Foyers”.
Pumpy.
Low interest rates are like heroin to an addict.
Problem is now you have the country addicted and you just can’t quit cold turkey without a huge shock to the system.
U.S. Supreme Court tosses class action ruling against Goldman Sachs
https://finance.yahoo.com/news/1-u-supreme-court-tosses-141421775.html
Just in case any of you temporarily forgot who runs the country.
“In directing the 2nd Circuit to reconsider the matter, the justices said the lower court had failed to properly assess whether the bank’s statements that the investors had called misleading were too generic to have affected its stock price. The ruling, authored by Justice Amy Coney Barrett, gives Goldman another chance to avoid the class action in which the plaintiffs said they lost more than $13 billion due to the bank’s conduct.”
As a veteran of the RE bubble that gave rise to this august institution, I’m going to excuse myself — I’ve seen this movie before.
If my personal circumstances were slightly different, I might even be a seller. Looks like I’ll have to catch the next crest 7 more years further down the road, or else take it on the chin. C’est la vie!
You mean, “Enclave at the Ghetto” or “Favela Pointe” are not acceptable subdivision names?
Leftwing:
How about those Spectrum internet commercials meant to exploit the Latinos and Blacks?
https://youtu.be/In3SO7FnSjM
https://youtu.be/gwqqZPSFjOQ
Just in case any of you temporarily forgot who runs the country.
So true.
lib GS owns the government or should I say “IS” the government, their people are everywhere in the government. It is the reason they have never been called to account for their crimes, and trust me they have crimes or have made mistakes and been bailed out because of their connections. Goldman’s string of wins is too long to be legitimate, they have done dishonest things to win when everyone else is losing and their customers sometimes bear the brunt of it.
Everyone knows the Banksters are in charge. With all of the ranting and raving that the douchebags about ‘public employees’ you can rest assured that bankers and the folks who work there are hated far far more in the Country.
One of the tenants of wokeism is to be blatantly racist all the time. But cleverly call it anti racist. Denying Asian school admissions, white farmer subsidies is “anti racist”. As long as you wrap it in sanctimonious bullshlt and target certain demographics you get a pass.
Randolph schools about to get their comeuppance. Bad idea going woke and waging a war on history in an educated conservative town with an Italian backbone.
Hopefully others follow suit.
“How about those Spectrum internet commercials meant to exploit the Latinos and Blacks?”
So targeted advertising to a rising demographic equals exploitation? But if we don’t have a full rainbow of ethnicities and sexual proclivities in any program bracketed by these commercials it’s discrimination and “-ist”?
Blacks were Black until they had to be Afro-American which is now verboten and now they’re Black again?
You’ve met me, I’m conscientious. I’ve lived overseas enough to be a good guest in someone else’s country, taking the time and effort to learn local customs so as to not offend and fit in.
Can some liberals just put together a “Guide to the New US” so that we normal, go-about-your-everyday-business, not looking to be offended at every moment citizens can make an honest attempt to not shatter these fragile liberal egos?
Put it online please, it will need to be changed frequently (hourly?) as this sh1t seems to move more randomly than the markets.
Lol. In our town they started referring to the groups who they wish to bestow certain treatment as “people of color”.
Of course it’s ambiguous and amorphous enough to evade certain scrutiny. But how demeaning to be reduced to that.
Kind of like suggesting you’re incapable of obtaining an ID card.
Her attorney, Mark Dewland, is also digging into the reasons the woman had her past motor vehicle violations all dismissed by different municipal prosecutors in Bridgeton and the Cumberland-Salem Regional Municipal Court — something he called a “highly unusual pattern that raises legitimate questions.”
Several attorneys who practice in municipal court said that it is somewhat unusual to see several motor vehicle offenses dismissed by “prosecutorial discretion” one after the other, but it could happen for good reason.
https://www.nj.com/gloucester-county/2021/06/crashed-killed-their-mom-why-isnt-21-year-old-driver-who-ran-stop-sign-charged-in-her-death.html
Whoever this young driver is, she has to have a connection to a judge/prosecutor/cop/elected official, right? If it was a direct family connection, that would be easy to find and probably mentioned in the article. So perhaps, it’s a friend or business relationship.
Conservatives are just folks without any real regard for anyone but themselves. Prove me wrong.
Conservatives are just folks without any real regard for anyone but themselves. Prove me wrong.
I’ve posted here the years, dollars, sweat and time my family (including myself) gave and donated through a family business to poor, inner city kids. One of those kids was given luggage he didn’t have, money for plane fare and a ride to the airport (from me:) ) who later went on to play in the NBA. That was one of numerous sacrifices my parents made through their business. I guess I can’t prove you wrong because I don’t have actual receipts. You’ll have to take my word for it. Words are proof to a liberal anyway.
Ez: One could just as easily say that about Liberals.
Liberals are into blanket statements… Russian collusion, the insurrection, the living document! They create national holidays from thin air because it feels good; revise history to appease their emotions and post lawn signs with general statements that mean absolutely nothing.
Joyce I guess this happens when you don’t have connections
SOMERVILLE – Former “Melrose Place” actress Amy Locane was resentenced to eight years in prison Thursday for a drunk-driving crash that killed a woman in Montgomery in 2010.
Locane was given eight years for second-degree vehicular homicide and 18 months for fourth-degree assault by auto, which will be served concurrently with the eight-year sentence.
Like I said. Always wrapped in some sanctimonious Bullshlt. I find the most outspoken always seem to have the biggest gate at the end of the drive.
Ez says:
June 21, 2021 at 12:15 pm
“Conservatives are just folks without any real regard for anyone but themselves.”
Haha! I see that Dem apologist #1 has chimed in with some daily nonsense. Now that Moe has spoken, Larry (By) and Curly (Lib) can’t be far behind. So since DeBlasio is one of the good Dems/libs/progressives that does have regard for others, how do you explain this minor tidbit from CNNPravda?
Hate crimes, shooting incidents in New York City have surged since last year, NYPD data show — https://www.cnn.com/2021/06/04/us/new-york-city-hate-crimes/index.html
Does not fit narrative, must suppress:
Sheldon Whitehouse under fire for membership at all-white beach club
By Emily Jacobs
Sen. Sheldon Whitehouse is facing new scrutiny over his decades-long membership in an all-white private beach club, as he bills himself as a progressive and prominent critic of “systemic racism” — dismissing membership based on race as “a long tradition in Rhode Island.”
Whitehouse (D-RI) was confronted Friday by a GoLocal Providence reporter, who published the video along with an article on Saturday detailing what occurred after asking about the senator’s membership at Newport-based Bailey’s Beach Club, part of the Spouting Rock Beach Association.
“I think the people who are running the place are still working on that and I’m sorry it hasn’t happened yet,” the progressive pol told the reporter after being asked of the club’s lack of any diversity whatsoever.
Asked if such clubs should continue to exist at a time when the country is having a racial reckoning, Whitehouse replied, “It’s a long tradition in Rhode Island, and there are many of them.
“And I think we just need to work our way through the issues,” he added before leaving the scene.
While Whitehouse appeared to dismiss the club’s circumstances, his wife, Sandra Whitehouse, is one of the three largest shareholders in the club.
When the Rhode Island senator, who was first elected in 2006, initially ran for his office, he disavowed his membership and pledged to quit the club, GoLocal reported.
Sen. Sheldon Whitehouse bills himself as a progressive and prominent critic of “systemic racism” — but has a membership to an all-white private beach club in Rhode Island.
GoLocal pressed Whitehouse and his office over his membership multiple times in 2017, noting that more than a decade had passed since his unkept campaign promise.
After the lawmaker repeatedly declined requests for comment on his involvement in the club, a GoLocal reporter confronted Whitehouse at a Newport-based event in late August of that year.
“I think it would be nice if they changed a little bit, but it’s not my position,” the left-wing senator told the outlet.
Asked if he intended to pressure the club to do better on diversity, Whitehouse replied, “I will take that up privately,” before declining to comment on the matter further.
It is not clear if or how he has taken the matter up with his better half. GoLocal reported back in 2017 that for both Sheldon and Sandra, membership in Bailey’s “goes back generations.”
“Their parents, both of them, and their children summered at the ultra exclusive club and had access to socializing and building contacts with the some of the wealthiest families whose ranks include multiple billionaires,” the outlet reported.
Most people out there (regardless of political affiliation) are just folks without any real regard for anyone but themselves. Prove me wrong.
Ez says:
June 21, 2021 at 12:15 pm
Conservatives are just folks without any real regard for anyone but themselves. Prove me wrong.
1:47 imagine a world without social security, workplace regulation, and gassssp Unions.
If that’s your kind of place you might be a conservative. You might have good reason and you might think G-d is on your side, but you also might be dead wrong.
“I should take back my outrage.”
Wow, that’s progress. Now that you have checked your outrage, are you going to check your privilege?
No Small Brain, I agree with Chi. It is not political. Humans can only think about themselves first. Only once our basic needs are met (and those of our immediate tribe/chidren), do we find generous spirit. There are a few exceptions – people of incredibly strong will and character. In my world, someone like a Bobby Sands but they are few and far between. I think most conservatives are just happily ignorant. Don’t try to experience much of the world, don’t travel, don’t live in cultural centers, don’t think or challenge. They simply swallow whatever dumbsh&t they were taught about country and Jesus and his love of guns..I mean love of his fellow man..oops. That and rich f&cks who simply pass down wealth generation after generation and want to pay no taxes. That crosses party lines though. Most politiciams only care about that last statement, liberal or conservative. Rich has no party except ensuring they don’t pay and other issues are #1 in the sheeple minds.
JCer,
Was Thomas Sowell a college roommate of C1arence Thmas? Both seem to be cut from the same cloth.
I came across this great piece of a CRT 0utrage spec1alists, getting shoved back into his box. Great job by the host.
https://twitter.com/i/status/1404858163732664322
Fab: Are they suspect in your mind?
Lol video clip magically ends to make him look speechless. Go watch the raw vid. Btw…spouting off buzzwords left and right is usually a tell tale sign there is no water to their argument.
https://secretnyc.co/high-speed-train-nyc-to-boston/
I’m confused…shouldn’t less supply/producers lead to higher crypto prices?
Well,
Biden managed to outlive his dog.
Do you morons on the right love me again?
The right loves no one except themselves. And Beige. They love beige.
I noticed staff in these establishments seemed to have made the first move. I was a bit surprised since it initially seemed they would wear them for the longer term. As soon as the staff went mask-less, the patrons followed.
Noticed this trend as well.
3b Thomas is always suspect in my mind. When you kick the ladder of the wall as he did with Affirmative Action, you have to start asking questions.
Start with his wife. That is a WTF? Both too close the Trump Admin for comfort.
https://www.nytimes.com/2019/01/26/us/politics/trump-ginni-thomas-meeting.html
Fab you could learn a thing or two from those men, they are brilliant men who can definitely argue their opinions way better than most. You can disagree with their opinions but you cannot fault the unassailable data and the arguments they make. But hey what do I know I’m sure you’ll tell me “they ain’t black” because they didn’t vote for Joe Biden.
Tell me Thomas’ story isn’t inspiring born incredibly poor, his father left the family, homeless, poverty stricken, only speaking Gullah, he managed through hard work and perseverance managed to not only become highly educated but to be elevated to the Supreme Court. That says a lot about this man, he is someone to be admired, the same is true of Sowell.
Fab, Thomas hates affirmative action because in his early career it was assumed that was how he got where he got to not his hard work and intelligence. Affirmative action in his mind was personally damaging he was a good enough student he could have gotten into most law schools without affirmative action but had to carry this stigma. Professionally he was treated as if he was less than, perhaps this is why the prominent black republicans include a Supreme Court justice, a world renowned brain surgeon, and a CEO. These people didn’t need affirmative act had two carry the stigma, it robs them of self dignity.
“Biden managed to outlive his dog. Do you morons on the right love me again?”
I think they put him down prematurely. Too big a political liability biting everyone. The Left can be just as heartless as the Right, especially when it comes to political expediency. Lucky for Chelsea she was a well behaved kid. Jury still out on Joe. If I were him I’d have food tasters. Or maybe he’s smarter than all of us and he’s just pulling a “Vinnie the Chin”.
;)
Happy Junetwentysecond
Fast Eddie angry read for the day
https://www.dailymail.co.uk/news/article-9711437/Washington-Post-condemned-video-urging-Americans-set-white-accountability-groups.html
The far left really is like North Korea or Mao’s red guards
Hold my beer says:
June 22, 2021 at 8:21 am
“The far left really is like North Korea or Mao’s red guards”
You mean the modern Democrat party and their party-controlled media outlets, right?
Beer,
Interesting article. I assume the next step is to round up white people and place them in camps? Then who pays for all the government programs?
Washington Post is the most man hating feminist paper ever. Even on Fathers day they posted anti-male stories.
The left on that paper aren’t run of the mill leftys. I’ll leave it at that.
jj lives:
https://nypost.com/2021/06/22/sex-doll-rescued-after-its-mistaken-for-drowning-woman/
Joyce from yesterday.
The Susan Gladeck case.
I read that as well. And why that other driver got off, I have a theory as well. About 15 years back I g0t a speeding ticket. Outside the courtroom was a table where people could make a deal to have tickets downgraded or dismissed by paying a higher rate. I paid the higher rate in order to avoid two points on my license. Time passed and I had thought about it-I made a bad deal. Should have taken the two points.
But even to this day I find it odd that a prosecutor would be there at the local town hall making deals like this. It’s the one court I haven’t spent any time at so I don’t know if it still goes on. The way I gather it, it was a technique for the towns to make more money and keep it out of the pockets of the insurance companies.
It wouldn’t surprise me if this girl got some sort of deal this way on her earlier tickets.
As far as the rest, maybe the girl was not going that fast as the other family claimed. The young girl’s car crashed into the driver’s side door, but the driver is here to tell the story. The mother is 82, bones aren’t that strong anymore. Heart condition, possibly on thinners, bleed in brain stem yeah I could see that happening. Not enough details to judge, but some people are that frail-you would be surprised to see how well modern medicine keeps some people going long past what would be a normal expiration date.
My guess is the girl just missed the stop sign. I’ve done this myself maybe once in my life and was lucky. Watch some car crash videos, it’s common, and in some states they are bringing back roundabouts instead of stop signs for just this reason like they have in Europe. Had that intersection been a roundabout this would probably not have happened. Not only that but they are more fuel efficient as you never stop your vehicle.
I think the girl was charged appropriately. As far as the investigation, they probably didn’t go much further as it wasn’t necessary, they were lazy, and this is work to collect all of this data. In the end for this it’s not going to matter. Insurance will settle, this family might as well suck it up. Accidents do happen.
As far as the lack of “prosecution,” get used to it. Courts are lazy as hell. Remember my story, where my ex looted my house and lied about everything, using the HELP of the police. They protected her while she looted. How wonderful. And the courts refused to prosecute her for child abuse (which she committed and was documented as such) but instead rewarded her for her crimes. Now I read in the paper how these “looters and rioters” are all getting off in NYC. Are you surprised? Not me. No one looked to help me either in court. So boo the “f” hoo to these store owners, the pro police, pro “justice” owners who were robbed just like I was. Now you get it, but at least for you it wasn’t the police doing their bidding like in my case. Maybe this will be a wake up call to you like it was to me. That the court systems in America are as worthless, or less, than a Yugo.
https://www.nbcnews.com/news/crime-courts/charges-dropped-hundreds-alleged-looters-new-york-city-n1271349
“I assume the next step is to round up white people and place them in camps? ”
Do these camps include 3 meals a day, free medical care and Wifi?
If so, sign me up.
Pumpy,
Christmas comes early this year for you.
State Senate Democrats said Monday they’ve reached a deal with Gov. Phil Murphy’s administration to contribute $6.9 billion to New Jersey’s public pension fund next year
If they had just kept paying what they were obligated to every year since 1990, then the current payments would be minimal, almost non existent in that budget. True story.
Phoenix says:
June 22, 2021 at 11:06 am
Pumpy,
Christmas comes early this year for you.
State Senate Democrats said Monday they’ve reached a deal with Gov. Phil Murphy’s administration to contribute $6.9 billion to New Jersey’s public pension fund next year
That’s why there shouldn’t be a pension. Give a 401k and force matching contributions to be made. Somehow I doubt the pension was ever sustainable even if they were able to contribute a reasonable amount every year, given the current rate climate I can’t imagine what a full contribution looks like to meet future outlays. That and the fact that state pensions are run like private piggy banks it’s no wonder they are always short. For a while CalPERS was investing in real estate, my dad had indicated that they had literally no clue as to what they were doing and would lose millions on their “investments”. Everyone ones the pension funds are the easy mark, they unload garbage on them at top dollar or charge insane management fees, the government people managing them are either idiots, hopelessly corrupt or both.
If they had just kept paying what they were obligated to every year since 1990, then the current payments would be minimal, almost non existent in that budget. True story.
Those boomers have left and gone now, and will never pay. They left the debt to the youth and skipped off to Florida suckering you into paying top dollar for Wayne properties and increased future taxes.
It’s why they are called the Locust Generation
Buddy of mine manages state pension out of state. He says, they basically just own the entire market. No real management. NJ pension managers I feel is probably getting front runned by all their buddies. They also seem to make really dubious investments at the worst times like hundreds of millions into Lehman prior to collapse.
Give a 401k and force matching contributions to be made.
Grandfathering.
I don’t agree. It’s dishonest and inappropriate.
I just want you youngins’ to keep working. I’ll be retiring in a few years and I want my full soc1al security. And a word of advice, you may want to max out your 401K every year because I doubt you’ll have any S.S. when you hit retirement. :P
Phoenix: High property taxes is indicative of wealth and prestige. The millennials should be grateful the Boomers gave them this gift.
https://irei.com/news/calpers-loses-500m-timber-investment/
CalPERS lost half billion on trees
High property taxes is indicative of wealth and prestige. The millennials should be grateful the Boomers gave them this gift.
I agree. And to show my thanks and admiration for the younger crowd, the asking price of my house just went up another 10%.
Young get shafted over and over again. Just a part of life I guess…human nature sucks.
“Fed-Up Young Workers Fear They Need Offices to Save Their Careers
Fears of stunted careers and struggles with loneliness are driving many back to their desks.
Managers hoping to lure employees into offices may find their youngest and newest staff are their strongest allies.
Young white-collar staff feel caught between a rock and a hard place — they value quality of life over old-fashioned 9-5 commuting, but are even more worried about seeing their careers stall unless they head back into an office. That’s encouraging many to be among the first to return to their desks.
While experienced employees often have established professional networks and dedicated home offices, younger staff say the pandemic has left them under-informed and cut off from their teams. There are now growing concerns that they are missing out on career opportunities older colleagues took for granted.”
https://www.bloomberg.com/news/articles/2021-06-14/return-to-office-young-people-seek-wellbeing-at-home-purpose-at-work
Could you imagine telling someone trying to start their career to work from your house all by yourself. I have a feeling EMO music is going to be very popular with this generation. God knows the mental damage that has been done.
Bottom line, if they had just paid what they were supposed, and not treated the workers retirement money as a piggy bank for rich business men, you would never hear of a pension problem…because there would be none.
You ignore the fact in your math that they didn’t pay for 20 years. No payments and the funds are somehow still running. So don’t tell me that the pension funds were not sustainable. Just don’t. It pisses me the f’k off because you are defending blatant robbery of a workers retirement and blaming the worker for having a pension as the source of the problem.
JCer says:
June 22, 2021 at 11:49 am
That’s why there shouldn’t be a pension. Give a 401k and force matching contributions to be made.
Fast: 10 percent at a minimum.
I’ll be fine without a pension because I was fortunate with my investments and I was fortunate to have a wife that makes money.
Those other teachers need this pension. They are not living it up. A lot of them are one parent households. I don’t know how these people do it on a teacher’s salary, but they are out there. Not every teacher has a wife/husband bringing in the dough.
A math teacher I work with had a bad divorce: aka got taken for a ride. I don’t know how he survives. His ex didn’t work, and still doesn’t want to work, and this poor sap has to pay up. Two kids. Tell this guy that he’s contributing to a pension he won’t get? I don’t have it in my heart.
wife that makes “the” money..
3b,
I remember going to see an open house somewhere in 2006/2007 when houses were uncoupled from realty in price… the sight unseen contracts period. It was a glorious time, house tour guides were everywhere (Imagine Ray Liotta saying that last line). We walked into this split level dump, asking price was $699,000, nothing changed or upgraded since the Carter administration. I called this the “tchotchke lady” house since the women had Hummels, dolls, figurines and bric-à-brac everywhere along with the old wet dog aroma. Sitting at the kitchen table were her two adult sons, both fat slobs, stomach sticking out from under the tee shirts, eating huge sub sandwiches. We all know the aroma those things release. They smell like body 0dor. The house needed an overhaul but don’t fear, because the woman installed a 20 X 40 Anthony inground pool that took up every square inch of yard. How did they get the town approval? Their neighbor could open the window and jump in, no problem. It was the inheritance money from her 90 year old mother. This was one for the books and just one of the endless adventures I experienced.
I don’t know how these people do it on a teacher’s salary…
There’s a cousin in the family that is a 3rd grade teacher in an abbott district. I looked up her salary… $115,000/year. That’s absurd.
As BRT indicated with NJ and Lehman, pensions are treated as the garbage dump for assets the banks don’t want. Simply put you cannot trust the state to manage a fund worth billions. Again look at CalPERS, there management seem bent on imploding the fund by levering up.
Payments or otherwise, state run pension fund failure is all but inevitable. The idea that the government would be honest and run a pension fund so it could succeed is laughable. There is a good reason corporations moved away from pensions, the government should do the same. Give the money to the workers let them figure out what to do with it. The last thing we need is government bureaucrats making investment decisions.
Pumps look at the actuarial assumptions made 30 years ago, even if fully funded I’d bet it comes up short as RoR’s didn’t meet expectations, life expectancy increased as did healthcare costs. Insolvent no matter how we look at it.
Think about it for a second you will work for 30 years then collect 75-80% of your ending salary+COLA for another 30 years probably. In actual dollars you’ll probably collect more in retirement than you did while you were working, if it sounds too good to be true it is, the assumptions made for these pensions were optimistic at best and dishonest if we want to be truthful. The pension continues to meet it’s obligations because it’s a Ponzi scheme, you pay in so some old person in FL can still get a check. Just give the public workers 15% of annual pay in a retirement account, let them make the decisions and it will be honest, transparent, and much easier to administer.
Jcer,
When they first started these funds, there was basically no pay out, only money coming in. Based on the power of compounding and basic investing, they should have had no problem with this.
It becomes a ponzi scheme when greedy human nature comes to town…again, how many private pension funds were raided? Straight up stolen. Same exact thing is happening to these public worker’s pension funds. These people make me sick.
Fast: You had the best house stories from those days! I just saw a headline on Money Magazine that reads sellers listing their houses at ridiculous asking prices just to see what happens. Demand my arse!!
pumps you need to get out more, the private sector is as bad or worse(listen to Bystander, he speaks the truth). Lots of folks barely scraping by and I’m talking white collar office workers. Even places like GS their JR staffers aren’t making terribly different salaries than 10 or 15 years ago(base pay is still around ~$65k), promotion cycles are longer and many will not make it to the next level, you’d be surprised they aren’t making too much more than your suffering teachers yet work the full year and do at least 11 hours a day plus have to pay way more for their benefits. This is at the premier investment bank, you can imagine it is worse at lesser profitable firms. The only way people get paid in the private sector is moving up the ladder, I assure you if you become an administrator you will be paid handsomely, Principals and Superintendents do alright for themselves plus they still have Gov’t bennies, they have to work the whole year though.
$6.9B is a shltload of money. That whole budget is off the rails. Full of shell games, election year tricks. Of course it will implode down the road.
“… the government people managing [pension funds] are either idiots, hopelessly corrupt or both.”
Liberal two-fer.
“…how many private pension funds were raided? Straight up stolen. Same exact thing…”
No…..the private pension fund ‘raiding’ of years past were pension funds that were overfunded…that is why they were available to be ‘raided’….buy the corporation, take the excess assets. Worked back in the day because corporates actually funded their pension obligations and then markets took off.
Don’t come around here for sympathy on your public pension deficit…it’s been decades in the making, front and center, and common knowledge. You had every opportunity to vote a different candidate to get these things rectified…NJ is solidly Democrat, and the unions swing the vote. Members couldn’t be bothered.
If you are too fcuking lazy to lift a finger during the last two decades to ensure your own retirement and self interest, why the fcuk should I care about it now?
I know the private sector is messed up. Human nature is a bi!ch. That’s why it matters where you work. Some companies take care of their employees, while others treat them as a commodity to suck dry.
Ahh, so pensions do work. Got it.
“No…..the private pension fund ‘raiding’ of years past were pension funds that were overfunded…that is why they were available to be ‘raided’….buy the corporation, take the excess assets. Worked back in the day because corporates actually funded their pension obligations and then markets took off.”
Pensions only fall apart when someone has their hand in the cookie jar.
That’s why I have no problem saying “f’k you, pay me.” I don’t have sympathy for being robbed either.
“Don’t come around here for sympathy on your public pension deficit”
Biden/Goat: Who Cares? It’s just money and we are minting money here 24/7. Everyone has super high paying jobs, as in big six figures , plus bonus. We can afford to pay the high taxes, so that we can borrow and spend, and not be concerned about it.
Randolph…
https://abcnews.go.com/US/wireStory/reversal-jersey-school-board-restores-holiday-names-78416125
More violence in the subways, tourist hit with a bottle, plus another slashing. NYC, back to the bad old days.
NJ State Pensions . . .
I think the teachers and other state workers will eventually take a haircut one day. However, the haircut will not be big enough. Most of, and an unfair amount of, the $200B+ shortfall, as of today, will be taken from the taxpayers of the State of NJ.
So, the 20-year future is not a ripped-off former fourth grade teacher in a rundown FL condo clipping coupons, it is more likely that we see $35k/year property tax on a POS cape in a second-tier town in Bergen County.
The question is just which state is brought down to an alarming position and front page national headlines first: NJ, IL, or one of the other blue states somehow. In Venezuela, even some of the federal office buildings in the federal capitol do not have consistent electricity.
Supreme Court on college athletes . . .
Justice Kavanuagh concurrence soundly roasted the NCAA business model. Conference commissioners and coaches make millions while the players do not get paid – would not work in almost every other context, so it is troubling to see the NCAA perpetuate this model.
Crushed :35k is worth it to live in a state like NJ and especially Bergen Co!!
https://www.wsj.com/articles/u-s-existing-home-prices-hit-record-high-in-may-11624371222?mod=hp_lead_pos1
Yeah, that’s a healthy graph…..anyone want to expand the data set to calculate how high the standard deviation?
Rising Inflation Looks Less Severe Using Pre-Pandemic Comparisons
Annual inflation hit a 13-year high in May, but annualized price growth from 2019 was more modest
https://apple.news/AXw6pSE5pSo-eN8QLq1cxoQ
We talked about that a lot during the last bubble. Blow off top created by the mix shifting due to fall off of sales at the low end due to affordability.
Essentially, an unhealthy market condition that manifests itself as continued price increases, even thought that’s not the case.
Blackstone Bets $6 Billion on Buying and Renting Homes
Deal for Home Partners of America, owner of over 17,000 houses in U.S., is latest sign Wall Street believes housing market will stay hot
https://apple.news/ArTK8pMwsRpWM1gV8YozadA
Blackstone’s deal for Home Partners, which people close to the matter say could be announced as early as Tuesday, shows that Blackstone is turning even more bullish on U.S. housing.
It is rejoining an expanding roster of Wall Street powerhouses that have acquired single-family rental companies. Canadian property giant Brookfield Asset Management Inc. recently acquired a stake in a landlord that owns more than 10,000 U.S. homes. J.P. Morgan Asset Management and Rockpoint Group LLC also have made big investments in single-family rental operators.
The business is attractive to investors because growth can come from both rising home prices and rent increases. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 13.2% in the year that ended in March, up from a 12% annual rate the prior month.
The rental market showed signs of softness during the pandemic, especially in downtowns that saw an exodus of residents. But lately rents, too, have begun to rise.
Oh Stella….
https://youtu.be/NdLRkJGYQ3g
Sanders Plan: Tax Republicans
Now Democrats don’t even bother to pretend taxes are about funding needed services.
When he served as Speaker of the House in the 1990s, then-Rep. Newt Gingrich (R., Ga.) could always count on getting a laugh at GOP events by doing his impression of a Democrat, which went something like this: “The answer is raising taxes! I’m sorry, what was the question?” Today’s congressional Democrats seem determined to confirm the stereotype. They are also increasingly willing to present raising taxes on their political foes not as a means to fund government but as an end in itself.
“Infrastructure talks collide with Democrats’ goal to tax the rich,” is the headline on a story in the New York Times. But far from a case of colliding agendas, the story is further evidence that raising taxes is the whole point of this legislative exercise. Jonathan Weisman writes that many Democrats “see a rare opportunity to harness the political popularity of infrastructure spending to achieve their long-held policy goal of raising taxes on the rich.” Just the rich?
On the spending side of the ledger, Team Biden and congressional Democrats have already made clear that they don’t want to fund the infrastructure consumers want. Now Democrats are clarifying that whether or not the funding yields anything one can conceivably call infrastructure, the important thing is for government to take money from citizens. According to the Times account:
For liberal Democrats in particular — including newcomers like Representative Alexandria Ocasio-Cortez of New York and more senior members like Senator Ron Wyden of Oregon — the tax side of the ledger is not a mere accounting exercise to pay for spending, but a critical policymaking tool unto itself.
“What we’re doing is generating revenue, but we are also making a major area of American government more fair, so people don’t feel they’ve been played while the rich person gets off scot-free,” said Mr. Wyden, the chairman of the tax-writing Finance Committee.
Not only does Mr. Wyden chair the Senate’s tax-writing committee, but he’s served in the Congress for more than 40 years. He cannot possibly be unaware of the sources of government revenue. The Oregon senator may choose to indulge the leftist myth that the U.S. doesn’t have a highly progressive tax system, but IRS data show that after the 2017 Trump tax reform cut rates for people up and down the income scale, the richest 1% of Americans now pay 40% of federal income taxes, and that percentage rose slightly after the Trump reforms.
https://www.wsj.com/articles/sanders-plan-tax-republicans-11624401212?st=0pzvwc3u8f43dmf&reflink=article_copyURL_share
Like I said…
https://www.seattletimes.com/seattle-news/health/they-relied-on-chinese-vaccines-now-theyre-battling-outbreaks/
For Phoenix: https://vm.tiktok.com/ZMdUbykKS/
Whispers: not a demand problem
“Home Sales Fall Four Months Straight While Prices Hit New Record”
https://apple.news/AFfSVZGcnRC26ul_ZIin4DA
Gold
Fast Eddie says:
June 22, 2021 at 1:00 pm
3b,
I remember going to see an open house somewhere in 2006/2007 when houses were uncoupled from realty in price… the sight unseen contracts period. It was a glorious time, house tour guides were everywhere (Imagine Ray Liotta saying that last line). We walked into this split level dump, asking price was $699,000, nothing changed or upgraded since the Carter administration. I called this the “tchotchke lady” house since the women had Hummels, dolls, figurines and bric-à-brac everywhere along with the old wet dog aroma. Sitting at the kitchen table were her two adult sons, both fat slobs, stomach sticking out from under the tee shirts, eating huge sub sandwiches. We all know the aroma those things release. They smell like body 0dor. The house needed an overhaul but don’t fear, because the woman installed a 20 X 40 Anthony inground pool that took up every square inch of yard. How did they get the town approval? Their neighbor could open the window and jump in, no problem. It was the inheritance money from her 90 year old mother. This was one for the books and just one of the endless adventures I experienced