August home sales dip

From the WSJ:

Hot U.S. Housing Market Cooled Some in August

The turbocharged housing market slowed in August as near record asking prices are giving buyers pause, easing some of the frenzy that gripped the market only a few months ago.

August existing-home sales posted a 2% decline from July, the biggest monthly decline since April, the National Association of Realtors said Wednesday. Sales last month also slid 1.5% from a year earlier, the first year-over-year decrease since June 2020.

Home sales surged in the second half of last year and first half of 2021 after pandemic-related lockdowns pushed the normally busy spring selling season into the fall and winter. As lockdowns lifted, buyers raced to find more space for their families to work and attend school from home, and wealthy households invested in vacation properties. 

Now, the house-buying frenzy is showing signs of abating. Families have resettled and are sending their children back to school. More workers are starting to return to their offices.

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167 Responses to August home sales dip

  1. grim says:

    114 consecutive months of price increases

  2. grim says:

    From USA Today:

    Is a housing crash on the horizon? Eight experts weigh in on the possibility

    Exuberant buying – with multiple offers and bidding wars – has become common across the country, reminisicent of the fevered market before the 2008 housing crash.

    Home prices nationwide increased year-over-year by 18% in July 2021, the largest annual growth that CoreLogic Home Price Index has measured in its 45-year history.

    That leads to the inevitable question: Will history repeat itself?

  3. BRT says:

    https://news.yahoo.com/american-coffee-farming-opportunity-created-193649233.html?fr=sycsrp_catchall

    Global warming opens up the opportunity to grow more things, not less. If you’ve listened to doomsayers, it was going to negatively affect our food supply. It’s not.

  4. grim says:

    From the Star Ledger:

    23 COVID outbreaks reported in N.J. schools, up from 6 last week

    The number of New Jersey schools reporting COVID-19 outbreaks has jumped to 23 as a rising number of students and teachers are catching the virus in the classroom or during the school day, state officials said Wednesday.

    The 23 outbreaks — which are defined as cases where three or more unrelated people tested positive after contracting the virus at school — include 102 students, teachers and staff who reported having the virus, officials said.

    That is an increase over last week, when state officials said there were 6 school outbreaks involving 20 people statewide.

  5. Hold my beer says:

    Grim

    Texas has already had over 150,000 cases in the schools this school year. And this article only shows data through 9/12. I get a COVID notification every day from my kids schools.

    https://www.texastribune.org/2021/09/17/texas-schools-covid-19-cases/

  6. BRT says:

    Gary Gensler claiming students should start saving and earning 8% a year on that. What bank does he use?

  7. BRT says:

    Florida’s cases have declined by around 60% since they’ve gone back to school with no mandates. Seasonality trends still rule the day. NJ’s cases likely going up. And these cloth masks aren’t doing anything to stop it. This ends once we let it run through the population. All the data points to vaccines not preventing infection at all 20 weeks out. Vaccines long term are just providing protection from severe disease.

    The only way you obtain long lasting immunity is to have the virus enter your system. Ideally, you would have let that happen shortly after you were vaccinated, so you don’t get sick. There are no solutions to stop widespread transmission out there that don’t involve this running wild throughout the population. We, as a nation, are doing that now, but just pretending to care by virtue signaling in public.

  8. Libturd says:

    BRT,

    I’m going to avoid this thing, even if I’m the last non-infected standing. I got some meat on my bones, though in pretty good shape for a heavier guy. How heavy? Well I can still buy my clothes in regular stores. I’ve also been dropping weight lately (down 20 so far) by giving up the empty carbs. Nonetheless, I’ll keep on boosting until everyone else gets it. Enjoy your trip through the Covid lottery. Have a slice of pizza for me.

  9. Libturd says:

    HMB/Grim,

    Our kid was exposed a week ago and tested negative yesterday. Friend had a birthday party in the movie theatre. Kid whose party it was was an asymptomatic carrier though another family member did get symptoms after the movie. They all wore masks fortunately.

    As for the cloth masks, I never wore one yet. Always get the highest quality medical masks. I get the tie in the back masks they use in the hospital. Everyone calls me Dr. Stuart.

  10. Juice Box says:

    EPA new rules…R-410A phaseout well not because of Ozone this time like R-22 but global warming. Idea is to fart into the wind to stop global warming..

    Replaced both my air conditioning systems in last two years from R-22 to R410A and had no idea it’s going away when I bought them. Nobody is even making systems yet for the new candidate coolants R-454B and R-32. BTW the new candidate coolants are “mildly flammable” and not even legal to use under state building codes yet. Should be a “boom” for the air-conditioning manufacturers.
    What could possibly go wrong…..

  11. BRT says:

    Lib,

    understandable. I did the same until my family was infected. My immunity has already been well established.

  12. Juice Box says:

    I mentioned this previously. The SARS outbreak 20 years ago is still being studied. Those that recovered from the first SARS virus still have immunity after 20 years, their blood is being currently studied and they still had ‘neutralizing’ antibodies to the original SARS virus. This would infer that re-infection for the recovered lasts a long time.

  13. BidenIsTheGOAT says:

    The bushes are neocons and globalists. I’m glad they are over on the democrat party now.

    As far mass invasion of the poor and uneducated making you wealthier, lol okay. Central America and the Caribbean should be rich.

  14. BidenIsTheGOAT says:

    Not that economic considerations should be the only consideration when it comes to immigration. Cultural affinity for western values should be primary. Tell the collectivists to stay home.

  15. Libturd says:

    We get it Goat. You got yours. F ’em all, let god sort ’em out.

  16. Fast Eddie says:

    I’m glad they are over on the democrat party now.

    Interesting, isn’t it? I assume the Bush family wants their legacy to be told in a softer light. They know the left is all about revision and will retrofit the narrative if they agree to tow the false narratives. They have just been welcomed to the ivory tower with fellow charlatans.

  17. Juice Box says:

    Lib about 75% of immigrants are here legally. We are at a near historic high, the percentage of immigrants that is, somewhere around 14% of the USA. It hasn’t been that high since the 1890s.

    The current immigrants at the border were all accepted as refugees by Central and South American countries some as many as 15 years ago. They did not take boats to Brazil, Panama, Chile etc. They all decided en-mass on social media to try and cross the border NOW because of lies on Facebook and social media that they can move here now and won’t be stopped at the border. Blame Zuckerberg and well Biden messaging to them. We should help them apply for legal immigration and not just let them all in. It is unfair to those who are waiting inline. I know of a few people that would love to move here. Should I tell them to fly to Mexico and head for the border?

  18. BidenIsTheGOAT says:

    The numbers are insane. Immigrants are more the swing votes. Immigrants are the politicians. Just shows the country had lost control of the process entirely.

    The big hearted liberals love open borders to help push their agenda but they don’t want those people in their towns. Look at the cities who were contacted to take afghans. Off course it was all off the poorest.

    They love the feel good stuff as long as it doesn’t affect their bottom line.

  19. Juice Box says:

    Chi – Your dream condo just sold. 2 BR for $575,000 overlooking the wonderful parking lots of Red Bank. That new building on Mechanic st will go for more I bet. $$$

    https://www.zillow.com/homedetails/23-Wallace-St-UNIT-311-Red-Bank-NJ-07701/92364765_zpid/

  20. Juice Box says:

    House in my development just closed $65k over ask.. New Price record too..

  21. Hold my beer says:

    Lib

    We use kf94s. I’ve bought them in bulk for as little as $1 each with free shipping My kids carry a few spare ones in their backpacks.

    I had a relative in another state freaking out that their kid may have been exposed to covid for a few minutes. I told her I get a school covid notice everyday. My kids were wondering why those relatives were panicking since they get exposed to it daily. My high schooler said a few kids from every class he’s in have caught it so far this year.

  22. Ex says:

    I’d LOVE to stay home. Feel I might be “5” years from that depending upon the ins and outs of life. Partly funded by the Garden State. Bless You all.

  23. Out of the Ashes goes the Phoenix says:

    A now-former Lodi High School teacher admitted that he collected $550,000 worth of compound medications through bogus claims to an employee benefit program.

    Jason Nardachone, 51, of Nutley bribed three other teachers $500 a month each to obtain compounded medications that they, like him, didn’t need, Acting U.S. Attorney Rachael A. Honig said.

    Some of the unnecessary compounded medications – for vitamins and pain and scar creams — cost the New Jersey School Employees’ Health Benefits Program (SEHBP) $3,300 to $22,800 apiece, she said.

    All told, Nardachone and his accomplices defrauded the benefit program of $564,754, the U.S. attorney said, without explaining how it was done.

    Honig also didn’t say what prompted the fraud. Authorities have noted that compound meds, because they’re expensive, are popular on the black market.

  24. 3b says:

    Juice: That’s concerning, I would have thought 165k over closing. Things must be slowing down.

  25. 3b says:

    Starting to see a few listings in my town with price changes, which used to mean price drops. Have not seen those in a long time.

  26. Hold my beer says:

    Phoenix

    What’s more criminal? Charging over 3k for a scar creams and vitamins or what the teacher was charged with? My dermatologist sells scar gel for $60.

  27. Fabius Maximus says:

    One year on. Like a real world super villain Donnie monologed the plan.

    https://twitter.com/ParkerMolloy/status/1441000633994293254

  28. BRT says:

    Target sells Icy Hot for $5.

  29. No One says:

    I’d welcome unlimited immigration if they came under the condition that they work to support themselves and that they and their lineage would forever be excluded from the public services of the welfare state. Within a few generations these hard working, self supporting people would dominate the economic activity of the country and end the dominance of the welfare state in the US. That would be immigrant MAGA! And a return to the historical experience of American immigrants.

  30. Fabius Maximus says:

    Here is an interesting site bringing together all the different views and arguements on Immigration. I like Friedmans views.

    https://openborders.info/friedman-immigration-welfare-state/

  31. Out of the Ashes goes the Phoenix says:

    HMB,
    The pharmacist has a degree from GS. You got a problem with that? :)

  32. Libturd says:

    “Somebody sent me a thing this morning where they’re talking about putting the vaccine in salad dressing. Have you seen this? I mean, I’m thinking to myself, this is the bizarro world, right? This is definitely the bizarro world. These people are seriously thinking about how to impose their will on us in our society and it has to stop.” – Former Trump National Security Advisor Michael Flynn, speaking yesterday on a QAnon podcast.

    It’s Embarrassing.

  33. Libturd says:

    NoOne,

    Immigrants get a bad rep. By far, most are looking for a better life and I agree, they should not participate in our social system until they begin working besides maybe a little help finding those jobs which citizens are too spoiled to work.

    As to what increased the immigration demand? Probably the wall. Unintended consequences suck, don’t they?

  34. joyce says:

    “It is one thing to have free immigration to jobs; it is another thing to have free immigration to welfare. You cannot have both.”

    You agree with this? I’m really asking you agree with all of the idea in the full context of the speech.
    https://www.youtube.com/watch?v=C52TlPCVDio

    Fabius Maximus says:
    September 23, 2021 at 11:53 am
    Here is an interesting site bringing together all the different views and arguements on Immigration. I like Friedmans views.

    https://openborders.info/friedman-immigration-welfare-state/

  35. Juice Box says:

    re: immigrants..

    Here are two two layabouts that snuck in across the Canadian border and should be deported..

    Why are we wasting tax dollars on these two? They had a Bigger entourage of NYPD and PAPD than Deblasio and the Governor of NY this morning.

    https://www.usmagazine.com/celebrity-news/pictures/prince-harry-meghan-markle-make-joint-appearance-in-nyc/

  36. crushednjmillenial says:

    Goat at 9:56 . . .

    Mass immigration, legal or illegal, creates winners and losers in the US. If you own residential or commercial real estate in our low-income gateway cities (Paterson, Elizabeth, parts of Los Angeles, Miami, et al.), then mass immigration is absolutely a huge positive for your investment. Same for the owners and customers of businesses nationwide that need low-wage, agreeable employees with strong backs (construction, landscaping, restaurants). Same for those who sell mass consumer products. However, if you are deriving your income from a w2, especially from a private employer and towards the lower end of the wage scale, then mass immigration is reducing your economic well-being.

    “As far mass invasion of the poor and uneducated making you wealthier, lol okay. Central America and the Caribbean should be rich.”

  37. Ex says:

    11:56 a nation of video game addicted latchkey kids, social media, grade inflation.
    All lead to one place….Stupidville

  38. JCer says:

    On immigration both legal and illegal, realize our income tax structure has the burden of approximately 42% of personal income tax receipts on ~1% of filers, top 25% pays 87% and top 50% pays 98%. The issue with mass immigration is that it brings many low wage individuals who consume more government resources than they contribute as the vast majority will not ever leave the bottom 50% of income earners.

    Immigration needs to be targeted to bring in the wealthier and more skilled. The lower end needs to be managed based on balancing overall economic growth and the cost to the tax payer, i.e if labor shortage is creating a broader economic problem you bring in workers even though they are net negative to federal taxes. It is best to take immigrants who are already middle class or have the tools to join the middle class quickly, we also have to weigh the potential for wage pressure on Americans as well. When looking at the overall positive and negative around immigration it is complicated because there certainly are benefits but who gets the benefit vs. who pays needs to be examined more closely. Even going back to the first wave of immigration to the US it was always to benefit the USA, people were brought in because labor was needed, skills were needed to build the country and economy, the same situation applies today. If there are more jobs than people and you are leaving potential productivity and tax revenue on the table you take immigrants and you take those best suited to exploit those currently untapped opportunities. But make no mistake it is for mutual benefit NOT the immigrant’s benefit.

  39. The Great Pumpkin says:

    Google’s plans to purchase the St. John Terminal for $2.1 billion underscore a real estate trend that has been well under way for years—the tech industry’s takeover of Manhattan office space.

    Since 2009, when the U.S. was coming out of a year-and-a-half-long recession, the amount of space occupied by New York City’s top five tech companies, as measured by square feet of office space in the city, has exploded. The footprint of those five companies on the city expanded nearly 30-fold, with the largest locations clustered in areas along the island’s West Side.

    https://www.wsj.com/articles/techs-and-the-city-where-google-amazon-and-others-are-expanding-their-nyc-footprint-11632409200?mod=hp_lead_pos11

  40. Libturd says:

    “But make no mistake it is for mutual benefit NOT the immigrant’s benefit.”

    Of course.

  41. Libturd says:

    Pumps,

    You are so out of touch. During my Boston college tour, the amount of real estate we passed that was owned by Google and Amazon was simply outrageous. When I stopped to think about it, I realized that this shouldn’t be surprising. They recruit directly out of MIT and the other excellent schools there and probably get a ton of free research performed as well. All of the big names own large building there. Why wouldn’t they with their multi billion dollar market caps. Lord knows our corporatocracy is never breaking any of these companies up any more.

  42. Libturd says:

    In other news, the ten year is definitely consistently trending upwards. Just another headwind among the 50 others.

    When the sh1t finally hits the fan, I don’t want to hear any of you losers b1tch that you had no idea the depression was coming.

    In other news CVS has pretty much completely dropped BCBS scripts. You’ve been warned.

  43. chicagofinance says:

    I’ve seen you prep for BBQ…… you should be considered Dr. Mengele.

    Libturd says:
    September 23, 2021 at 9:23 am
    Everyone calls me Dr. Stuart.

  44. Ex says:

    We used to play for silver, now we play for liiiiife….

  45. SmallGovConservative says:

    Libturd says:
    September 23, 2021 at 10:03 am
    “We get it Goat. You got yours. F ’em all [immigrants]…”

    As is typically the case, attempting a reasonable policy discussion with a Dem apologist is an exercise in futility. There’s obviously room for legitimate disagreement around immigration rates, policies regarding specific countries of origin, refugee vs ‘high value’ immigrant, etc. But where we are right now, and the reason Dem apologists like Lib just yell and accuse, is Biden and the Dems have all but abandoned anything resembling an immigration ‘policy’. I’m not sure if that’s solely because the modern Dem party is simply incompetent and incapable of good governance (which is certainly true), or if they’re really attempting to import government dependents and future Dem voters — not only have the Dems essentially opened the southern border, they’re actively encouraging illegal immigrants to get on the public dole as quickly as possible. Far different from the days in which all this country offered to immigrants was an opportunity….

    “…most immigrants passed through Ellis Island in three to five hours with no overnight stays or meals served, Moreno says. ‘If they wanted a meal, they could go downstairs to the lunchroom where the restaurant keeper sold boxed lunches’… The only free food was given to detainees held forcibly overnight.”

  46. Bystander says:

    Can someone please (again) explain the tax savings for cash rich companies to buy real estate? If your company’s stock as gone sideways for years, believe me, they are looking to downgrade space to save money. He does not get it.

  47. Out of the Ashes goes the Phoenix says:

    When a government works for you instead of the other way around.

    CNN: Europe will require USB-C chargers. Apple isn’t happy.
    https://www.cnn.com/2021/09/23/tech/europe-phone-chargers-apple/index.html

  48. Allentah says:

    Hello. And Bye.

  49. Libturd says:

    Gotcha Goat,

    The Republican immigration policy is to blame all of your woes (none related to immigration) on immigration and then waste billions on a wall that does nothing to stem illegal immigration.

  50. grim says:

    CNN: Europe will require USB-C chargers. Apple isn’t happy.

    Apple has already been transitioning iPads to USB-C, my Macbook is USB-C.

  51. Ex says:

    e House passed the Iron Dome bill in an overwhelming 420 to 9 majority
    Rep. Rashida Tlaib went after the bill because its text expresses a US endorsement of the Israeli military’s rocket campaign against Gaza in May
    Rep. Ted Deutch, a moderate Democrat, condemned Tlaib on the House floor
    Tlaib is the only Palestinian-American elected official in Congress
    She called Israel an ‘apartheid state’ that the US was ‘enabling’ Wednesday night
    $1 billion was originally allocated toward the Iron Dome in Democrats’ continuing resolution to avert a partial government shutdown
    It was swiftly removed from the bill after progressives threatened to tank it

  52. Ex says:

    The all-weather system uses radar technology to detect incoming airborne threats and destroy them before they can cause damage.

    The radar then activates a control center that calculates a rocket’s flight path. If it’s found to be dangerous, interceptor missiles are launched to detonate the incoming weapon.

    Each Iron Dome ‘battery’ comprised of radar, control center and missiles costs roughly $100 million.

    Missiles fired from the Iron Dome cost between $50,000 and $80,000, according to estimates from the Jerusalem Post.

    Israel uses Iron Dome systems to defend on land as well as at sea, where it can be fixed to Navy ships to guard offshore property.

  53. Hold my beer says:

    My MacBook has 2 usb-c ports. I have the charger in one and a hub in the other

  54. ex says:

    Awwwwww poor AOC:
    “….AOC seems distraught. She is in the middle of the house floor wiping away tears, crying into her colleagues shoulders.”

  55. Juice Box says:

    Reversible Type C Port took them 25 years to force a standard, in Europe anyway. Best part is is supports 15Watt , 27W, 45W, 60W, and 100 Watt charging.

    Some History..it all began in 1996!! For Data only power was added later. Now it’s more about power than data LOL!…

  56. Juice Box says:

    When the USB mini cables first arrived I was in our CIO’s office. He was POed that it would not connect to his laptop to move some files and thought the cable was bad. I had to explain that some manufacturers put out only charging cables, no data Lol!…

  57. Juice Box says:

    re: “.AOC seems distraught”

    Did she read my posts about getting captured by Anna Wintour

  58. Fabius Maximus says:

    Sweet, Sony sent me a link and I just scored a PS5 for my kids for Christmas. If you have a PSN account, check your email

  59. Fabius Maximus says:

    Joyce, it can be both. Someone coming north to cut lettuce or pack meat is a different discussion from an Afghan seeking Asylum. Part of the problem is that people use one to discuss the other.

    JCer if its wealthy and high skilled, does that mean you are now all for expanding H1Bs. I would say its the opposite, you want to fill the lower roles and protect the middle class.

  60. joyce says:

    “… it can be both.”

    Both? free immigration to jobs and to welfare?

  61. No One says:

    I broke down in April and paid $850 on Ebay for my PS5.
    Sadly I still haven’t seen a compelling PS5 exclusive game out for it yet.
    Been playing Persona 5 and Persona 5 Strikers on the PS4 and PS5 for the last 6 months. Didn’t need the PS5 to do that, other than I wasn’t going to waste money buying another PS4 for my Florida home.

  62. JCer says:

    Fab, I’m not in favor of H1B because they are slavery visas, I’d prefer 250k per year people come on visas, if an employer is willing to pay you that you possess special skills. I think bringing in 75-100k per year developers, dba’s, etc hurts wages for middle class Americans. I’m definitely in favor of high wage immigration whether it’s Indian developers, German engineers or Nigerian doctors makes zero difference to me, get smart/successful people to bring their talents. If you look at the bell curve you’d realize people with IQ above 130 are somewhat rare, unless they are totally dysfunctional people you want to get as many of those people as possible. My proposal would be very simple, work visas for anyone with a 200k annual salary job in hand plus a hefty fee(5k per year or more) to USCIS from the employer, when you look at H1B there are tons of 75k or 100k people. We need to use immigrants to raise demand for domestic talent and create positive wage pressure where the goal becomes to find domestic labor to replace high cost immigrant labor. I’m also in favor of high net worth individual migration, offer benefits and tax breaks for non-us based individuals to take US residency.

  63. Bystander says:

    JCer,

    Meanwhile at the US Chamber of commerce (Superfriends, Bill Woodson voice)

    “The US Chamber of Commerce has launched a massive campaign to tackle a growing skills shortage in America and has urged Congress to scrap the per-country quota applied to US green cards. The Chamber of Commerce recently called for the US H1B visa quota to be doubled to bring more skilled professionals into the country.”

    They will win. I will never look at another tech group role again. It is not worth it. Too much abuse, too many hours, no raises and treated like sh&t at year end.

  64. Out of the Ashes goes the Phoenix says:

    All Aboard!!!

    The Great Pumpkin Train. When riding the Great Pumpkin Train, every child will be able to pick their own pumpkin from the pumpkin patch

  65. joyce says:

    JCer,
    Given how capital can move so easily, wouldn’t non-US high net worth individuals already be investing in this country? Would giving them tax breaks and other financial incentives to establish residency here move the needle enough to overcome said tax breaks? Obviously without being specific as to the plans, it’s impossible to know. I’m just saying my first reaction was they probably already invest here directly/indirectly.

  66. JCer says:

    I hear you bystander, I’ve seen way too many good people get run over by their employer. Many of the folks who worked for me, they put in lots of effort, did good work but the reality was we have 10 people with the same skill set in India, we pay them maybe 20-25k per year in India and they are thrilled to come here for 80k USD vs. 120k+ for the US employees. So constant pressure to send as much offshore as possible but also in reality we replaced domestic staff with visa holders.

    The fix is very simple, we wouldn’t carry any of these folks in the US at 200k per year on the work done in the US is critical to US business or else it would be done for a third the price offshore so it will stay here. Politicians though will never implement common sense ideas. I’ll reiterate both parties support different industries but are in the pocket of the wealthy and the democrats are for the irresponsible poor where republicans are for oligarchs, no one is really supporting the middle class, we are just here to pay the bill.

  67. Out of the Ashes goes the Phoenix says:

    Jcer,

    Truth.

  68. JCer says:

    Joyce, capital moves freely but where do you declare residence, and establish your businesses? The net positive impact of millionaires moving here and declaring residency is huge, obviously we cannot compete with Monaco or even Switzerland because we have global taxation. The rich are at a very large advantage in that they basically are free to choose tax jurisdiction even just looking at the economic advantages of having the rich domiciled and paying no tax(Monaco as the example), it becomes clear that just having the rich spending money in your country is a huge economic stimulus. Capital gains taxes in the US are low, this spurs foreign investment but if wealthy foreigners were domiciled here you’d see even greater investment.

  69. Ex says:

    Rich folks are a small minority. Most don’t spend on anything other than themselves.
    I call BS

  70. joyce says:

    JCer,
    Not an expert on Monaco, but it sounds like there’s several differences well beyond the tax rate.

  71. BRT says:

    Given that this migrant crisis happened once Biden took office, I’d say it’s safe to assume whatever changes he made in policy, expectations, and rhetoric are responsible. Moreover, he’s causing it to increase by willfully busing and flying them all around the country for release. This is just stupid.

  72. BRT says:

    3 cases in my son’s school just morphed into 18 shutting it down. Cloth masks are useless for the airborne virus.

  73. Hold my beer says:

    BRT

    The numbers will get worse. I bet Lakewood becomes one of the hardest hit in jersey. Only 25% vaccinated there.

  74. Ex says:

    What is it with Orthodox Jews and vaccines !??
    Shakes head.

  75. JCer says:

    Ex, rich folks spend a LOT of money, just their yachting habit is like a jobs program. You simply do not understand how much employment is tied to their spending.

    Joyce Monaco is quite simple is is a principality the size of Hoboken surrounded by France on 3 sides. They have zero income tax on individuals, they have corporate taxes and VAT. Most countries tax income and capital gains and many tax all assets around the world. If you are truly rich it’s good to live in a tax haven because you basically are free to invest your money where it has the best after tax return. In the US you’ll pay taxes where the investment is and in the US. Truth be told Monaco is good for the royal family, and the greater riviera region it creates a lot of jobs with most workers coming from France and Italy.

    My point is the mega wealthy who don’t already live her should be enticed to consider US residency. Switzerland is another country with favorable taxes, no capital gains. We could give special residency to foreign nationals in exchange for an investment in the US of some amount and in exchange we will not tax their foreign assets. It is better to be Ireland than Italy when it comes to tax policy.

  76. Ex says:

    The wealthiest 400 families in the United States are paying an average income tax rate of just 8.2%, according to a new analysis from the Biden administration. President Joe Biden and Democrats are pushing to raise taxes on the richest Americans as they look for ways to pay for their ambitious agenda, making its way through Congress as a $3.5 trillion budget reconciliation package.

    The analysis estimated billionaires paid 8.2% of their income between 2010 and 2018, including on forms of income that go largely untaxed — lower than the rates paid by most Americans. It notes in that final year of analysis, those families had at least $2.1 billion in wealth, according to Forbes.

  77. grim says:

    Prominent Rabbis agree, get the f&cking shot.

    https://www.youtube.com/watch?v=u58VrBgCTY8

    Lakewood at greater than 31% first shot – of the total population.

    BUT we’re at 55% 1st shot over 18, and 64% first shot over 30. The numbers WERE bad, but are quickly improving.

    Thing to consider. Lakewood has the highest % of under 18 residents in the entire state. Just due to the demographic breakdown, they will have a low rate (sub 12 is HUGE). Looking at some stats from 2 years ago, at that point Lakewood was 46% under 18.

  78. Fast Eddie says:

    President Joe Biden and Democrats are pushing to raise taxes on the richest Americans as they look for ways to pay for their ambitious agenda…

    Glad to see the democrats admit they love spending other people’s money to consolidate their power.

  79. Bystander says:

    Lt. Cheapo special for old f*cks or people who shop with seniors. Ocean State Job Lot giving 40% back on gift card for 62 and above. Was out with my Mom and stocked up on pool stuff for next year. I don’t normally find them great but much cheaper than Leslies…crazy deal.

  80. Bystander says:

    Speaking of crazy, anything else red hat dolts? The party of conspiracy, bigotry and religious nuttery. Why I will take the Ds with their SJW non-sense as lesser of the evils until someone better comes along..if ever.

    FOX 10 has learned that a draft version of Cyber Ninjas’ forensic audit report into the November 2020 election in Maricopa County shows Joe Biden did in fact win the county, and by more votes than originally tallied. FOX 10’s Matt Galka reports.

  81. Libturd says:

    “What is it with Orthodox Jews and vaccines !??”

    Dumb faith in the bible for protection. And people question why I quit organized religion after being indoctrinated.

    Fundamental belief in religion is often very dangerous.

  82. The Great Pumpkin says:

    “Looking at trends
    Fewer people are studying to become teachers in New Jersey, according to a 2020 report released by the New Jersey Policy Perspective, a nonpartisan think tank based in Trenton.

    The report showed that students who completed programs to become educators fell by 47% between 2010 and 2018. Enrollment in teaching programs dropped 63% over that same period.

    According to the report, the Garden State saw 21,410 teacher candidates enrolled in various prep programs in the 2009-10 academic year — the most ever. In 2017-18, that number dipped to 7,590.”

    https://www.nj.com/coronavirus/2021/09/amid-a-teacher-shortage-and-covid-this-is-how-nj-is-training-future-educators.html

  83. The Great Pumpkin says:

    The figures mirror what’s happening throughout the country, with an analysis of National Center for Education statistics indicating that education majors made up about 10.1% of bachelor’s degree candidates in 1990-91. By 2018-19, that figure fell to 4.2%.

    The drop in students studying to become educators has been felt in the classroom. Reported teacher shortages for the 2021-22 school year in New Jersey include science, math, special education, world languages, career and technical education and English as a Second Language, according to a U.S. Department of Education database.

    Mark Weber, an analyst for education policy at the New Jersey Policy Perspective, said the organization is waiting on new federal data expected in October to track how COVID-19 has impacted the teacher pool in the state.

    “The issues really came before the pandemic though, and it has to do with the pay gap between teachers and other college-educated workers, the eroding benefits and the lack of respect,” said Weber, noting that anecdotally, coronavirus health concerns have lowered teacher morale.

  84. Juice Box says:

    RUTROH for the crypto junkies.

    all cryptocurrency-related business activities are now illegal in China.

  85. Libturd says:

    It was only a matter of time.

  86. Out of the Ashes goes the Phoenix says:

    Why become a teacher when you can work for GS or become a politician? So many better career choices.

  87. The Great Pumpkin says:

    I think it’s going to be difficult to stop crypto now. Maybe China will be successful, you never know, but this movement is growing by the day. There are way too many die-hards.

  88. The Great Pumpkin says:

    The truth right there. lol

    Out of the Ashes goes the Phoenix says:
    September 24, 2021 at 9:48 am
    Why become a teacher when you can work for GS or become a politician? So many better career choice

  89. Out of the Ashes goes the Phoenix says:

    I think unclear means no doesn’t it?

    A father of 12 from Texas died of COVID-19 complications after a month-long health battle.
    When Reed Hickson, 49, was diagnosed with COVID-19 in August, many of his other family members had experienced only “mild” symptoms of the virus, his wife of 29 years, Gina Hickson, told KBTX.

    While his relatives recovered, Hickson’s symptoms continued to worsen over the next three weeks, and he was eventually admitted into a local ICU. From there, his health remained stable until things took a turn in the days that followed.

    As his outlook worsened, Hickson’s loved ones tried to secure an Extracorporeal Membrane Oxygenation (ECMO) machine, which supports patients with failing hearts and lungs by pumping oxygen throughout the body. The expensive machines are considered the “highest level of life support,” even more than a ventilator, as reported by NPR.

    “Still need a bed with ECMO capabilities. Just need one yes!” Gina wrote on Facebook on Sept. 19, noting she’d had to “face the harsh reality” that this was her husband’s “only chance to stay alive.”

    “If you have connections please use them we are running out of time and options. Can be farther away,” she added.

    “Thank you and keep praying!!! We are not giving up hope!!!” she continued, noting that most medical facilities were already full. According to WRCB, the pandemic has caused a shortage of ECMO machines, which has been exacerbated by a shortage of health officials who are qualified to use them.

    On Sept. 20, one day after Gina’s message, her husband died. It is unclear whether he was vaccinated against the virus.

  90. Chicago says:

    I think the official news release said that crypto was iregal.

    Juice Box says:
    September 24, 2021 at 8:59 am
    RUTROH for the crypto junkies.

    all cryptocurrency-related business activities are now illegal in China.

  91. Out of the Ashes goes the Phoenix says:

    Chi,
    I saw what you did there. Were you behind the scenes for this video?
    https://youtu.be/uPKETWCkJqQ?t=38

  92. JUice Box says:

    Producing bitcoins in China has moved over the summer. Allot of it is now happening in the USA.

    Bitmain just shipped 56,000 of its latest Antminers to Georgia. Once fully online by next year they will consume 200 megawatts of electricity.

    There are also massive facilities going online in Texas, Wyoming, Arkansas etc. Chinese companies and US companies opening huge facilities there.

    Bitcoin mining consumes 110 terawatts of electricty per hour per year, while Ethereum adds another 44.5 terawatts per hour per year.

    What will all of this mining in the USA do? It will drive up electric rates for everyone.

  93. grim says:

    I hate the term mining, it gives the process the illusion of somehow being productive in generating something.

    In reality, it’s nothing more than a massively inefficient transaction processing network. Tremendous waste of energy and computing capacity. Dirty as hell.

  94. 3b says:

    Phoenix: GS hires more people overseas then they do in the USA. The majority of their MD Partners are foreign. A very different place then when I was there.

  95. BRT says:

    I think the official news release said that crypto was iregal.

    I tried teaching a lesson on Reflection and Refraction and screwed myself because I watched South Park’s City Part of Town last night. I kept mixing up the l & r on reflection and refraction.

    https://www.youtube.com/watch?v=MzgS0IodxGI

    Red Robster has the best rocal seafood from Cororado’s many oceans.

  96. Out of the Ashes goes the Phoenix says:

    I hate the term investing, it gives the process the illusion of somehow being productive in generating something.

  97. Libturd says:

    And what does it produce? A string of characters that morons are paying 40K for.

  98. Juice Box says:

    All governments should follow china and squash this crypto mining. Money is a natural monopoly. They will not be allowed to replace money. The world does not have room for more than one international currency today, let alone dozens or even thousands of crypto currencies that are in the hands of unregulated speculators and criminals.

    However I give them credit for having allot of chutzpah, trying to tell the government what to do. If the Coinbase CEO Armstrong was in China he would have been slapped down hard by now.

    https://finance.yahoo.com/news/coinbase-coo-choi-confirms-company-will-roll-out-crypto-regulation-proposals-194613685.html

  99. BRT says:

    This is America, 10% for the big guy gets it done, Coinbase just needs to hire a few SEC people to their team and it’s all good. I know someone that worked for the SEC. Everyone there talked about what firms they were going to try to join after 2 years.

  100. Chicago says:

    All the young millennials under-30 wade into investing crypto first before anything else. Really hypocritical, because ESG is the next thing out of their mouth. I hate to be the curmudgeon and state the inherent conflict between being climate aware and a crypto advocate. I don’t think people want to think that hard.

  101. Libturd says:

    I am convinced that over half of the crypto market exists so kids can gamble online illegally.

  102. Libturd says:

    TNX – 1.456

  103. Juice Box says:

    The WSJ article last week on El Salvador and their Bitcon… comments section was an eye opener…it’s full of millennials arguing with the Boomers aka dinosaurs.

    Again pointing out their agenda is no longer hidden, these crypto kiddies want to replace Money destabilize the dollar etc.

    https://www.wsj.com/articles/el-salvadors-bitcoin-scam-dollar-crypto-currency-monetary-policy-11631470517?mod=opinion-sf_theme_opinionmain-ribbon

  104. The Great Pumpkin says:

    Could have bought this for 650 minus the realtor fees. (Like 615k)…wife didn’t like it. Could have sold mine, bought this, and banked like 200k….happy wife, happy life. My wife has cost us hundreds of thousands already, but it is what it is.

    This sold for 760k.

    https://www.zillow.com/homedetails/27-Garvey-Rd-Wayne-NJ-07470/39794956_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

  105. Out of the Ashes goes the Phoenix says:

    “Money is a natural monopoly. They will not be allowed to replace money.”

    What’s natural about it? And how long before the US decides it wants to do away with cash?

    Money is used to control people. That in itself is a problem.

  106. Out of the Ashes goes the Phoenix says:

    Pumps,
    You should have bought in Woodcliff Lake. Then you would have been wealthy.

  107. The Great Pumpkin says:

    In the early stages of the pandemic when the market crashed. I went through the entire process to get approved for the equity loan to buy stocks only to get stopped by my wife who has no tolerance for risk. That was another 350k or more that I missed on. Oh well.

  108. Juice Box says:

    re: 10% for the big guy..

    It’s in the works says Andrew Ross Sorkin…

    Making the case for stablecoins

    Financial regulators are racing to regulate stablecoins. These digital currencies pegged to a stable asset like the dollar are used in crypto trading, banking and decentralized finance, addressing the problem of price volatility that plagues Bitcoin and others. Stablecoins have become an important bridge between digital currencies and the traditional financial system.

    But despite their name, stablecoins may be shaky. The urgency among regulators to rein in the industry has, in turn, generated a flurry of crypto industry lobbying all over Washington, Eric Lipton, Jeanna Smialek and DealBook’s Ephrat Livni report.

    From boom to bank run? In their short history, lightly regulated stablecoin issuers have shown that they don’t always have the cash reserves they claim. Tether, the company behind the most popular stablecoin, settled an investigation by the New York attorney general this year that alleged that it had obscured what it held in reserve. Officials fear a digital-era bank run may loom if new rules aren’t created soon for the booming stablecoin sector.

    “Regulators really start to care more when risks get greater for society,” said Jeremy Allaire, the C.E.O. of Circle, a payments and digital currency company that helped create the fast-growing stablecoin USD Coin with the crypto exchange Coinbase. Collectively, dollar-tied stablecoins have jumped from $30 billion in circulation in January to about $125 billion as of mid-September.

    “Executives are pushing their perspectives. Ahead of a Treasury Department report on stablecoins expected this fall, crypto businesses have in recent weeks held dozens of meetings with cabinet members, White House staff members, federal lawmakers and financial regulators. Tight regulations could drive innovation abroad, hamper financial inclusion, risk the dollar’s primacy and kill the promise of digital finance, the industry argues. And each company is advancing a view on regulation that, if embraced, would put them ahead of the competition.

    “If we think back on the 20th century, first you had key innovations like aviation or automobiles,” said Tomicah Tillemann, a onetime aide to Joe Biden when Mr. Biden was a senator but who now works for Andreessen Horowitz, the venture capital firm that’s a major crypto investor. “And then you have investments in regulatory frameworks that helped to bring the benefits of those technologies to larger numbers of people.””

    https://www.nytimes.com/2021/09/24/business/dealbook/stablecoin-crypto-regulation.html

  109. The Great Pumpkin says:

    So since the 2nd qt of 2020, my wife has stopped me from making over half a million in little more than a year. It’s all good, there will be more opportunities sooner or later.

  110. Juice Box says:

    Pumps – You are the man of the house take charge. Use that ATM, take a vacation on the house, trade up the BMW to the M5…. what could go wrong?

  111. 3b says:

    As per WSJ article, now Chris Cuomo being accused of sexual harassment from an incident 16 years ago. Hugged a colleague in a bar, with the woman’s husband there, and squeezed her butt. He says he felt terrible and sent an email the next day to the woman. He also claims it was not sexual, that’s a stretch, but why did this woman wait 16 years to go public?

  112. Juice Box says:

    3b – I am waiting for Stephen Colbert to say me too on Cuomo..

    https://youtu.be/ASTN_cRdNwU?t=516

  113. 3b says:

    Juice: Might as well!

  114. Ex says:

    9:50 Never a chance to be a banker, that’s something you really must prepare for early and frankly they only take the best students. No, I did chase the brass ring almost by accident and rode the tech wave from 1993-2003’ish and it was great for a lot of people. Fortunes were made and lost. Banks often profited either way.

  115. JCer says:

    Bitcoin and crypto is inherently inefficient and really only because of proof of work, if decentralized wasn’t a requirement it could be done much more efficiently, conceptually the whole idea is a bit bonkers an asset basically backed by it’s technology seems incredibly risky. I know a few people who have made quite a lot of money speculating in crypto but it just doesn’t seem sustainable long term.

    On GS, not a good example of a lucrative place to work. Maybe if you are a banker, but the vast majority of their employees are not. Starting salary for an entry level operations analyst, mind you it still requires a college degree from a decent school, is something like 62k in NYC. For the pittance the standard work week is 55 hrs, it often exceeds this. Approximately 60% of these folks wash out after 5 years and only about 30% make it to the VP level where maybe you can pull 135k and a 30k bonus in a good year. Someone who makes it to the senior leader level of VP might have a total comp package of 300k(175k salary, 125k bonus) and next step is MD who maybe has 200-250k salary with potential for 100% bonus. It is a pressure cooker environment and GS watered down the benefits which are fairly expensive. Entry level is undoubtedly worse than a teacher in NJ gets because the pay isn’t much higher, the hours are worse, the benefits are more costly, and no pension plus instead of a 9 month year you work 12. Even at the VP level, a long tenured teacher is doing better in comparison and has better benefits plus more opportunity to make side money. Oh and by the way the majority of these GS employees are barred from investing in individual stocks. The situation is not too different from what bystander describes at his firm, it’s not a good deal. So a lot of VP’s and even MD’s are getting little to no bonus because they cannot meet impossible targets. GS is a very different place from even a decade ago, they used to only hire top people and they paid a premium over other banks which somewhat compensated for the atrocious working conditions. Now they are at parity, will take who they can get, and still expect way too many hours. Pretty much at the analyst, associate, and VP levels they are losing all their best people(in tech and ops) to the tech firms.

  116. JCer says:

    The banks can kill stable coin. Basically if a consortium of banks(or better yet the fed) created a network to basically trade dollars using a distributed cryptographic ledger they could basically deliver the reality of dollar denominated trading at near 0 transaction cost. That will be the revolution and has the potential to take a big bite out of the credit-card processors. Bitcoin is not a currency nor is it an inflation hedge like gold because it so darn volatile.

  117. Bystander says:

    Ray Dalio is a scary dude, straight out of Black Mirror. The death knell to humanity in workplace will be his Dot Collector. You are basically bucketed into a leader, conceptualizer or humble (beta dog; guessing people on outs). Your thoughts are then give thumbs or down which in turn creates a person profile of how seriously people take views. Coming to a workplace near you.

    “Behind the Dot Collector is a computer guided by proprietary algorithms that draws all the data from every meeting to create “a pointillist painting of what people are like and how they think,” says Dalio. This pointillist painting of each employee is then used to match them with the right jobs.”

  118. The Great Pumpkin says:

    Bank on It
    If Americans ever feel comfortable again, they have a lot of money that they can spend. The Federal Reserve on Thursday reported that the net worth of U.S. households was $134 trillion in the second quarter—up from $128.4 trillion in the first quarter and $110 trillion in the fourth quarter of 2019, before the pandemic took hold. Much of that increase in wealth came about from gains in stock prices and the value of people’s homes, but what may be most notable is how much more money people have lying around in cash: $16.5 trillion in the second quarter. It is a reflection of both how much people reduced spending, particularly in the early stages of the pandemic, and the substantial relief that the federal government has provided. So Americans have ample means to spend, but that isn’t the same as willingness. If anything, the recent experience with the Delta variant—which hit the country just as many people thought that a return to normality beckoned—has given people a new appreciation for having a financial buffer, Justin Lahart writes.

  119. Libturd says:

    “trade up the BMW to the M5…. what could go wrong?”

    Go all out. Upgrade those faux columns to marble. And those tigerwood rails to mahogany.

  120. BRT says:

    ok, let’s rewind the year here. December, January, you start talking about Cathie Wood and how you are going to put it all there. Then we watch it drop 30% and you’ve done nothing but talk about ARK the entire year. The market has done great, ARK not so much since this event. You should thank your wife she didn’t give you access to the home equity. And btw, she doesn’t cost you money, she earns you money.

  121. Libturd says:

    Speaking of missed opportunities.

    I applied for the CMG IPO back in 2006. In order to subscribe, E-Trade required 125K investment. At the time, I needed that 125K for the downpayment on my multi in Montclair. Today, that multi is worth, 700K, tops. Not to mention the 125K I have sunk into it since then and countless months of sweat equity.

    CMG opened $22. I would have owned 5,682 shares. Today, that is worth, $11,079,900. And to think I was worried about being priced out of a home.

    Go kiss your wife and thank her Pumps.

  122. Out of the Ashes goes the Phoenix says:
  123. Out of the Ashes goes the Phoenix says:

    Pegasus spyware is some nasty stuff that will destabilize the world. Black Mirror is here.

  124. The Great Pumpkin says:

    This was 2020 dude. ARK went up almost 200% that year. No kidding they drop 30% after a run up like that.

    BRT says:
    September 24, 2021 at 12:58 pm
    ok, let’s rewind the year here. December, January, you start talking about Cathie Wood and how you are going to put it all there. Then we watch it drop 30% and you’ve done nothing but talk about ARK the entire year. The market has done great, ARK not so much since this event. You should thank your wife she didn’t give you access to the home equity. And btw, she doesn’t cost you money, she earns you money.

  125. Out of the Ashes goes the Phoenix says:

    When Kerrie Krutchik, an attorney for 34 years, was hired this spring for one of the legal field’s fastest-growing jobs, she expected to review case files at a pandemic-safe distance from the comfort of her Ohio home.

    Introducing Help Desk: Technology coverage that makes tech work for you
    Then she received a laptop in the mail with her instructions: To get paid, she’d have to comply with a company-mandated facial recognition system for every minute of her contract. If she looked away for too many seconds or shifted in her chair, she’d have to scan her face back in from three separate angles, a process she ended up doing several times a day.

    For Krutchik, the laptop’s unblinking little camera light quickly became a nightmare — and a reminder of what her new work day might look like even after the pandemic fades. After two weeks, she ended her contract and pledged never to consent to that kind of monitoring again.

  126. The Great Pumpkin says:

    You could have bought anything during that quick crash. You think I’m going to take out equity to buy after a run up? I was trying to buy when there was blood in the streets.

    Same thing with ark right now. This is the loading zone this year. This is when you buy back in after selling into the huge run up. Buy it up now, and hold till it goes on another run when these trends hit again. You have to buy when no one else wants it. That’s how you make money in the market. You have to buy when there is blood in the streets. Not easy to do, but it’s how you make money.

  127. Out of the Ashes goes the Phoenix says:

    Pumps,
    You have never been drenched in real blood have you?

  128. Ex says:

    1:42 after 32 years my guess is she probably is close to retirement. Meaning she’s not really putting up with things like this intrusion.

  129. BRT says:

    You could have bought just about anything other than ARK this year and watch it go up significantly. No blood in the streets.

  130. grim says:

    We had trouble with hiring people at home, only to find out it was their spouse, kids, or significant other doing the job. Hell, or they were just outsourcing it to someone entirely outside their household.

    The facial recognition isn’t entirely about monitoring, but ensuring data privacy in a remote environment.

    We had many clients who asked us to deploy similar technology, or technology to identify whether or not the employee had a pen/paper to write things down, more than one face in the frame (someone looking on), or was using a mobile device to take photos of the screen.

  131. 3b says:

    Jcer: I don’t know where you are getting the GS numbers from, but back when I was there , in the 190s, in trading and sales our base salaries were well into the six figures plus bonus of 50 to 100k and more depending on the year. That was in trading and sales.

  132. The Great Pumpkin says:

    Phoenix,

    You def could get killed buying when there is blood in the streets. There is no “zero risk” way to make money. But at the end of the day, if you play the long term game, you drastically put the odds in your favor.

    For example; how much heat did I get for my home purchase on this blog? You overpaid….but I never flinched. Why? I knew I was playing it long term. I knew that buying when I did was “cheap” on the “long term scale”…didn’t care about the short term cost. Now apply this to any investment. Buy when said asset is beat up, chances are you will make money when the blood in the streets is gone.

  133. The Great Pumpkin says:

    It’s not easy buying a house when everyone is telling you it’s a bad idea. End of 2011/beginning of 2012, do you know how many articles were telling people the smart thing to do was rent over owning. That’s blood on the streets…

  134. The Great Pumpkin says:

    Again, if you are playing it long term, you want to buy now. Who cares if it continues to go down this year, what matters is long term. That you are buying something that will be considered cheap now when looking back 5-10 years from now. I can’t stress this enough.

    Ark might be down this year, but it has by far the highest upside of any ETF in the next 10 years. It’s focused on disruptive tech that will only grow over the coming years.

    BRT says:
    September 24, 2021 at 2:16 pm
    You could have bought just about anything other than ARK this year and watch it go up significantly. No blood in the streets.

  135. The Great Pumpkin says:

    You also have to have nerves of steel if playing ark long term. You can’t sit there and panic sell. Just know what you are buying and hold. Dollar cost avg so that you are not trying to time it which you will get wrong. Just dollar cost avg each month into these ark funds and you will be a winner in 5-10 years. Will it be the best strategy? No idea, I just know it’s going to make money long term. If it loses, then innovation came to a halt and the economy is probably in a depression.

  136. chicagofinance says:

    Client’s child is college senior. Has offer from GS for Utah office. $55K

    JCer says:
    September 24, 2021 at 12:11 pm
    On GS, not a good example of a lucrative place to work. Maybe if you are a banker, but the vast majority of their employees are not. Starting salary for an entry level operations analyst, mind you it still requires a college degree from a decent school, is something like 62k in NYC.

  137. Juice Box says:

    Jcer is on the money about pay, it’s not all millionaires on Wall St. I have heard a great deal recently about many young people leaving the banks for crypto and other decentralized finance type start ups.

    WFH is good and bad for these people, since many are leaving there are extra hours for those that remain for sure, they keep piling on the work be dammed the hours.

    My neighbor works for a boutique bank, with really a tiny presence in NYC. Their entire staff is remote these days. He will not be going back on NJ Transit trains anytime soon, he wants to retire in a few years if he can make it that long…

  138. Ex says:

    eBanks were all the rage circa 2000 — fascinating to see the poaching from a tech standpoint. I’m sure more than a few folks did well with that iteration.

  139. 3b says:

    Chgo: If it’s Salt Lake, then it’s probably an operations or compliance position. Any of the sales and trading spots as far as I know are still NY based. Wall Street has always been about those being money vs those who cost money. I was on the money side, municipal sales and trading. GS was at one time the biggest and most profitable municipal sales trading and underwriting firms. We always ranked first in negotiated and competitive underwritings in the Bond Buyer league tables, and if we came in second senior municipal partners were furious and we had to be first next quarter. Over the years, they shrank the business dramatically as it did not fit with their international strategy. A lot of foreign partners did not understand the business and the ROC was not huge vs other businesses. That being said over the last few years with this interest rate environment they have tried to re establish the business, and have had some notable success here and there, but the glory days are over in that business for them. Public Finance/ Underwriting is still very much a relationship business, and once a firm closes it, or shrinks it like GS did, it’s very difficult to get it back.

  140. Hold my beer says:

    182,000 covid cases in Texas schools this school year.

    154,00 students
    28,000 staff

    https://www.texastribune.org/2021/09/17/texas-schools-covid-19-cases/

  141. Libturd says:

    HMB,

    Remember when the right wingers here said you couldn’t get it in schools?

    Here’s my patriotism. We are number one in stupidity.

  142. The Great Pumpkin says:

    Man, you pay for what you get. GS are going to be in trouble if this trend continues.

  143. chicagofinance says:

    I think many municipalities demand underwriting go to MWBE firms now, and this demand predates all the nonsense of the last few years. As a result, these transactions are obviously dot-connecting. I think the margins have been driven out anyway.

    3b says:
    September 24, 2021 at 5:10 pm
    Chgo: If it’s Salt Lake, then it’s probably an operations or compliance position. Any of the sales and trading spots as far as I know are still NY based. Wall Street has always been about those being money vs those who cost money. I was on the money side, municipal sales and trading. GS was at one time the biggest and most profitable municipal sales trading and underwriting firms. We always ranked first in negotiated and competitive underwritings in the Bond Buyer league tables, and if we came in second senior municipal partners were furious and we had to be first next quarter. Over the years, they shrank the business dramatically as it did not fit with their international strategy. A lot of foreign partners did not understand the business and the ROC was not huge vs other businesses. That being said over the last few years with this interest rate environment they have tried to re establish the business, and have had some notable success here and there, but the glory days are over in that business for them. Public Finance/ Underwriting is still very much a relationship business, and once a firm closes it, or shrinks it like GS did, it’s very difficult to get it back.

  144. The Great Pumpkin says:

    Hold,

    My school is a straight up superspreader. You have to be absolutely nuts to walk into my school without a vaccine.

  145. Grim says:

    Alabama pushes NY down to the #5 spot in the covid death rankings.

    Keep in mind NY was #2 just a few weeks ago.

    Louisiana will cause NJ to fall to the #3 spot in 2-3 weeks.

  146. Hold my beer says:

    Pumps and lib

    I’m glad my kids are old enough to have been vaccinated.

    It’s amazing how many staff I see not wearing masks. Even if fully vaccinated you’d have to worry about breakthrough infection from the sheer viral load from the number of unvaccinated and unmasked staff and kids. I get covid notifications everyday.

    I bet Texas schools break 250,000 cases by Halloween.

  147. grim says:

    My Superfecta bet is

    1. Mississippi
    2. Louisiana
    3. Alabama
    4. Arizona
    5. Arkansas
    6. Florida

    by Spring.

  148. grim says:

    West Virginia to show

  149. joyce says:

    grim,
    The lack of vaccination in particular states certainly resulted in unnecessary deaths and others negative outcomes. What do you make of Mississippi with a lower vaccination rate having a similar increase and decrease of cases as other states?

  150. crushednjmillenial says:

    Pumpkin . . .

    Why didn’t you take a HELOC out on your rental property rather than your primary residence? If you bought your rental when you were like 20 y.o, I would imagine it is solely in your name, and thus solely your choice about its capitalization.

    Why didn’t you use margin to buy more equities in March 2020? If you had a portfolio that was worth, say, $1m at the bottom of the crash, then you had $500k of margin-fire-power at that time.

    Why don’t you tap either of these sources of finance today to buy more ARKK?

    I wouldn’t go long ARKK, personally (and others have laid out better than I could why, but an expense ratio of 0.75% is the first huge nope to me) . . .but, you’re bullish on it, so are you bullish enough to use leverage?

  151. 3b says:

    Chgo: The spreads have been going down since the early 90s. When I started in the business in the 80s , spreads were anywhere from 20 to 25 dollars, sometimes 30 dollars. Variable rates were 1.25 for dailies and 2.50 for weekly floaters. Issuers have been pushing for lower spreads for years, and they got them. 3.75 is like the norm now for 20 to 40 year paper. MWBE firms are part of the underwritings as co- managers, but they don’t have the distribution capabilities like the big firms, who are the ones that actually get the deals sold.

  152. 3b says:

    Pumps: This is not a trend, GS has been in Salt Lake for 10 years or more. I have repeatedly told you that many corporate firms are geographically agnostic in their hiring. It’s not some new trend, it’s just getting bigger and becoming more common.

  153. 3b says:

    Phoenix: For 1300 bucks she loses her job; she is an idiot. I mean if you are going to do what she did, go big!!

  154. Out of the Ashes goes the Phoenix says:

    Don’t panic. ECMO is some cool stuff. Nothing like watching your blood cruising through some 1/2 inch clear PVC tubing after it’s been squeezed by a roller pump. Don’t worry though, the tubing is coated to keep those little corpuscles from sticking to it like cake batter in a bowl, it flows real nice.

    It takes a good crew to set that up and run it correctly. Don’t worry Pumps, it’s not a Work From Home Job. And hopefully it’s not a rental crew from out of state who couldn’t care less.

    Have a nice Ribeye tonight. I will. You never know when your time is up.

  155. Out of the Ashes goes the Phoenix says:

    3b,
    What can I tell you. Lose your job over a few bucks. Guys like Pumpy talk about blood in the streets and don’t know a damn thing about blood. He would vomit at the sight and smell of more than 1cc of it.

  156. joyce says:

    HMB,
    Aren’t cases (statewide) trending downward?

  157. Bystander says:

    Add illiterate to Rs cache. Young gun toting moron Lauren Bobblehead Boebert says to “Imeach Biden”. Dumb is positive in that party. “I can’t spell either…I can relate to her so well”

  158. Out of the Ashes goes the Phoenix says:

    “merica Math

    https://bit.ly/2WagaxU

  159. BRT says:

    The cases in Florida have also trended down big time. Literally started the day they went back to school without masks. Seasonality is a the sum of all variables, sunlight, humidity, vitamin d levels, amount of time spent indoors, etc….

    This is counterintuitive to the mainstream logic that people are applying to the situations. I’m sure Florida will bounce up in the winter like they do. They have a bimodal distribution. They go indoors again when it’s 60, because apparently, that’s cold to them. They also get a lot of Northeast travelers entering their space while the Northeast is going through prime flu season.

  160. Ex says:

    To be fair, healthcare workers are a breed apart.
    Salute to you crazy no – blood fearing people.

  161. Ralphquivy says:

    Vietnam city capital of China [url=https://www.datanumen.com/pdf-repair/] capital 4 [/url]

  162. Hold my beer says:

    Joyce

    Trending down. Still averaging over 12,000 new cases a day. Majority don’t wear masks indoors.

  163. JCer says:

    3b I was specifically talking about ops, my wife’s org(she’s the US head of a regulatory function, she was originally responsible for the complete automation of the function with ML but inherited the operations team as well) has a bunch of ops people in it, coming from the tech side she was astounded how low the pay was. GS will never fully automate the function there is too much of an investment required and they have no willingness to spend . Those are the actual salaries of the people on the ops side of her team. The tech people are paid better and of course bankers get paid but when you look at the employees there are far more support personnel than bankers or traders. SLC salary of 55k is equivalent to NYC salary of 65k or 70k, they adjust salaries 15% down in SLC. That is about what they start ops college hires at, that salary is virtually unchanged from 15-20 years ago! A lot of employees total comp is actually down, they have been cutting bonuses, they are seeing significant turnover.

    GS is all about value locations. The dirty secret about SLC is that they can park you there and not increase your pay and you are hard pressed to find alternate employment, where in NYC turnover is very common.

    I’m just pointing out the reality in a large profitable corporation in one of the biggest markets in the world. The money is in sales, for the rest the threat of offshoring and visa workers has held down wages. The reality is to fill roles they get visas for folks from Bangalore, it is very hard to hire at the wages GS offers in NYC.

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