LI hitting a wall?

From Long Island Business News:

Long Island home prices head lower again

The prices of Long Island homes dropped for the second straight month in October. 

The median price of closed home sales in Nassau County last month was $650,000, down from the $661,500 median price from September and the lowest since June, according to numbers from OneKey MLS. 

In Suffolk County, the median price of closed home sales last month was $520,000, slightly lower than the $525,000 median price recorded in September and also the lowest since June. 

However, the median prices in both counties are still significantly higher than a year ago. The median price of closed home sales in Nassau last month was 10.5 percent higher than the $588,000 median price from October 2020. 

The $520,000 median price in Suffolk last month was up 10.6 percent from the $470,000 median price recorded a year ago. 

Meanwhile, home sales remained brisk in October. 

There were 2,976 homes contracted for sale in Nassau and Suffolk counties in October, that’s up slightly from the 2,931 Long Island homes contracted for sale in September, but down 22.4 percent from the 3,831 homes contracted for sale in Oct. 2020.  

Pending home sales in Nassau climbed 10.6 percent from the previous month, rising from 1,239 in September to 1,373 last month. However, pending home sales in Suffolk saw a 5.3 percent month-to-month decline, falling from 1,692 in September to 1,603 last month. 

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159 Responses to LI hitting a wall?

  1. grim says:

    From CNBC:

    Rent for single-family homes surged 10% in September, boosted by pricey for-sale market and job growth

    Rents for single-family homes increased 10.2% nationally in September year over year, up from a 2.6% rise in September of last year, according to a new report from CoreLogic.

    Improved job growth and sky-high prices in the for-sale housing market added to already strong demand for single-family rentals fueled by the coronavirus pandemic.

    While 93% of consumers said they believe owning a home is a good investment, according to a separate CoreLogic report, competition in the buying market is forcing more potential buyers to remain renters.

    The single-family market is particularly hot right now, as people want more space and as the huge millennial generation ages into marriage and parenthood.

    “Single-family rental vacancy rates remained near 25-year lows in the third quarter of 2021, pushing annual rent growth to double digits in September,” said Molly Boesel, principal economist at CoreLogic. “Rent growth should continue to be robust in the near term, especially as the labor market improves and the demand for larger homes continues.”

    On the bottom, Chicago, Boston, Philadelphia, Washington D.C., and the New York City metropolitan area are seeing the lowest rent growth of under 5% from a year ago.

  2. Juice Boc says:

    FOIST

  3. Juice Box says:

    Where is Jimmy McMillan? He should run for governor of NY again, because the rent is too damm high!

  4. Juice Box says:

    No AMAZON FOR YOU!

    “Amazon has pulled out of its deal with Mack Cali for 400,000 square feet of office space in Downtown Jersey City, a business publication has reported.

    The second-largest Fortune 500 company was close to acquiring approximately the office space in Harborside on the Jersey City waterfront, Bloomberg reported last month.

    But after months of discussions to secure the deal, Amazon pulled the plug at the last minute, dealing a blow to developer Mack Cali, Bloomberg reported Tuesday.”

    “The deal landed a blow to Mack Cali’s stock price as it dropped by 3.3% on Tuesday. Up to that point, the stock had a hefty 56% gain for the year. The deal also is a huge setback for New Jersey’s office market, Bloomberg reported.”

  5. D-FENS says:

    Juice, I wonder if that had anything to do with recent local election results or just the general WFH trend?

  6. Phoenix says:

    Good morning, America. Are you ready for a day of fun and entertainment?

  7. Juice Box says:

    Pfizer new Covid treatment PAXLOVID pills to be approved real soon. Biden himself apparently doubled the order from 5 million to 10 million courses. Each course is 30 pills costing $500. That’s a 5 Billion dollar order.

    So it apparently for mild to moderate coronavirus infections, so expect anyone getting a positive PCR test will be prescribed this treatment. PAXLOVID is designed to block the activity of the SARS-CoV-2-3CL protease, an enzyme that the coronavirus needs to replicate, and was designed to be prescribed so that it can be taken at the first sign of infection or even first awareness of an exposure as a prophylactic.

    People will be popping them like candy, see someone sneeze they better pop a pill….

    They should have 200,000 courses available soon.

  8. Juice Box says:

    D-FENS – Jersey city danged a huge amount of money for the HQ2. I would think Amazon wanted a similar deal for the 400,000 sq ft office building might be about 5,000 jobs. The HQ2 deal was $5 billion in state economic incentives, up to 30 years of property tax abatement, and no city income tax. Pretty damm sweet at the time.

  9. grim says:

    I wonder if it had more to do with negotiations with Mack Cali than JC.

  10. Juice Box says:

    I guess this is why Biden doubled the order at full price.

    “In a statement issued Tuesday, Pfizer said it would grant a license for the antiviral pill to the Geneva-based Medicines Patent Pool, which would let generic drug companies produce the pill for use in 95 countries, making up about 53% of the world’s population.”

  11. Phoenix says:

    Juice,
    They should add some blue dye to those pills. They will sell twice as many.

  12. Phoenix says:

    Juice,
    Their isn’t one pres, either dem or repub, that has ever fought for lower drug prices for Medicare.

    Plenty have squawked that they have, but that would be touching the third rail, and politicians don’t have the stomach for that.

  13. Phoenix says:

    In other news, one of my friends showed me her bill from a hospital where she went to get her “free” Covid shot.

    The shot was free.

    The “administrative charge was 100.00

    Too bad she wasn’t on Medicare. It would have all been covered. And she works for a hospital no less.

  14. Juice Box says:

    I would think King Murphy would not bend over for Amazon. Office vacancy in JC is 19% highest in 20 years. I would think their Mack Cali’s new CEO wanted the deal, they have been net selling off their NJ commercial real estate trying to GTFO, even their Metropark complex in Edison was sold.

  15. Juice Box says:

    Wow as of July Mack Cali has sold off all of their NJ suburban office space, last piece was a building by me in Red Bank.

    “Mack-Cali Realty Corporation recently announced the sale of their River Centre office portfolio in Red Bank, New Jersey, for $84 million.

    The multi-building campus was purchased by First Mile Properties, an affiliate of New York-based Crown Acquisitions, and marks Mack-Cali’s last suburban office portfolio sale in its ongoing divestiture of non-core assets.”

  16. Phoenix says:

    King Murphy will be around for a while, better get used to it. Blue line guys wanted him in, so taxpayers, just pony up.

    Stop resisting. Isn’t that the slogan?

  17. Phoenix says:

    I think there should be a vote to change NJ’s slogan from the Garden State to the Extortion State.

    It would be factually correct wouldn’t it?

  18. Phoenix says:

    Your tax dollars hard at work- doesn’t everyone that work there have a master’s degree?

    https://www.nj.com/highschoolsports/2021/11/furious-parents-students-slam-wall-school-board-decry-alleged-culture-of-bullying.html

  19. BRT says:

    0n breakthr0ugh cases. The refusaI t0 update the spike 0n the mRNA vaccines is IikeIy g0ing t0 f0rce the virus int0 mutating at the spike. Think ab0ut this. In 2000, when I was I00seIy affiIiated with the Jannsen gr0up w0rking 0n HIV antiviraIs. There were 15 pr0mising meds that were aII IikeIy t0 be FDA appr0ved. AII targeted a singIe enzyme. 14 0r the 15 were effective against vari0us mutati0ns and 1 magicaI 0ne was effective against aII kn0wn mutati0ns at the time (RiIpivirine). J&J’s pIan was t0 g0 f0r the appr0vaI 0n the m0st effective 0ne years d0wn the r0ad s0 they c0uId seII pe0pIe a c0cktaiI 0f Iess effective meds as 0pp0sed t0 0ne. The 0nIy reas0n that didn’t happen was because 0ne 0f the deveI0pers 0f the medication fr0m RWJ IiteraIIy c0ntacted aII the AIDS/HIV gr0ups teIIing them ab0ut the p0tentiaI 0f the single med t0 undermine J&J. He pissed them 0ff big time and c0st them miIIi0ns 0f d0IIars, but pr0babIy saved a I0t 0f Iives.

  20. The Great Pumpkin says:

    According to the WSJ article, this is to start and last year it was at 100k. I doubt this is including bonuses too.

    JCer says:
    November 17, 2021 at 1:33 am
    Lets not forget about the over 200k investment in a top business program. 155k pay package for a top b-school grad actually seems low, it really hasn’t moved all that much in 2 decades. I don’t think anyone said teachers should top out at 100k, I think the only thing is that teachers should be paid commiserate with their skill and experience rather than an arbitrary union determined formula. There are probably typing teachers in his district who make more money than him as they have been there teaching since they actually were using typewriters.

  21. 3b says:

    Juice: I know two companies that dumped their JC office space. As for Mack-Cali, they still have some office buildings in Paramus, or the name has not been removed from the building. One built late 70s early 80s ugly, and I don’t think it’s been updated since it was built.

  22. Juice Box says:

    BRT – There are Smorgasbord of multivalent vaccines being tested. Any and all vaccine escape mutants is the goal. Gotta catch em all and they have….. It’s regulatory approval that is needed. There is no Warp Speed this time…We have gone back to impulse power.

    Phase II for Pfizer will be completed in December.

    https://clinicaltrials.gov/ct2/show/study/NCT05004181

  23. The Great Pumpkin says:

    That hurts, but don’t give in to Amazon’s demands. This property will be valuable this decade as the nyc metro economy continues to grow its economy.

    WFH is not going to take over. Again, it’s cool for a year or two to work from home, but that’s not for everyone. Do you really want to spend your life working alone in your home and only socializing in person with your family for most days? That’s depressing. Sure, it’s great for people that hate talking to other human beings, but most people are not like this.

  24. Juice Box says:

    Pumps – Mack Cali is bleeding so they decided to cut off the limbs.

    313 million in annual revenue now and losing money. They have 2.8 Billion in debt.

  25. Juice Bxo says:

    TOP? The Stadium Curse?

    Crypto.com buys naming rights to Lakers’ Staples Center in a $700 million deal

    These guys are out of Hong Kong…..They must have not got the memo about the curse.

    Enron Field?
    Adelphia Stadium?
    MCI Center?
    Adelphia?

  26. No One says:

    Funny, Pumpkin posts enough on this site to qualify as remotely working in a second job for grim over the last 5 years, yet says it’s a sad and lonely life to be remotely reading and writing with other people without physical contact. If it’s so sad and lonely, maybe you should spend all your time with your in-person people.

    Some people can’t bear spending time with themselves.

  27. Juice Box says:

    and Wachovia Center

  28. Juice Box says:

    re: “sad and lonely”

    A classic now, probably cannot be made today…

    https://www.youtube.com/watch?v=UEaKX9YYHiQ

  29. Bystander says:

    I really miss sitting in a cramped room on my headset talking with India all day, with 10 other people within arms (and smells) distance..especially after 50m commute. Anyone else?

  30. 3b says:

    Pumps Can you give your anti WFH rants a break today, ( And all of your insults, lonely depressing, not socializing with other human beings). You are incredibly obnoxious and arrogant. And you wonder why you are so disliked by more than a few on this blog.

  31. Fast Eddie says:

    I really miss sitting in a cramped room on my headset talking with India all day, with 10 other people within arms (and smells) distance..especially after 50m commute. Anyone else?

    He shoots! He scores! :) Yes, I miss it dearly! Please, please shorten my productive work hours and add 2 hours of commute!

  32. 3b says:

    Juice : More WFH announcements coming as we head into next year. My Brother who works in midtown and lives on the upper west side, says midtown still pretty empty. His big law firm will be going hybrid 3/2 home office come January.

  33. 3b says:

    For most teachers 50k to 100k is more than enough compensation and for some it’s too much. Backed by a union cartel, pensions that taxpayers are on the hook for, plus gold plated health plans. Summers off and all the other holidays, home by 3/3:30.

    Most don’t work that hard, just recycle their learning plan every year, with multiple choice tests, not very much effort.

  34. JCer says:

    Hybrid is the future, they get more work out of the employees and cut office space costs while not losing face to face interaction. I do miss going someplace in the morning it’s weird just being home alone all the time now that my kids are back in school and my wife is back at work. I wouldn’t want to be an office space landlord at the moment, the tenants have you by the balls at this point.

  35. Juice Box says:

    Chi – beat you too it….see my post at 9:05 AM on the Stadium curse.

  36. Juice Box says:

    3B – We will be taking a nice long Christmas vacation at year end. We normally would shoot out on the Dec 23rd after school lets out then rush to the airport and then come back before New Years. As you know finance jobs and all require people to work during month end and especially year end. Seems no issues with holiday coverage as everyone will be working remotely if they want too.

    I haven’t planned it yet, but if I can find a decent short flight maybe I will leave the kids with the grandparents and shoot out for some freshies in Colorado for New Years.

  37. 3b says:

    Juice: That sounds like a nice way to end the year. Trying to figure out what we are going to do on our end , for year end vacation. Everyone I know plans on taking more time off this year end, we got more done during the year without all the commuting and BS, so people less stressed about taking time off.

  38. JCer says:

    Juice, I wonder if Amazon “pulled the plug” in order to get better concessions from NJ and JC? Amazon needs NYC space as part of their strategy to sell AWS to the banks, it is a tremendous opportunity for them and in order to really get penetration and rake in huge profits they need engineers and professional services people to aid in the conversions(which is more profitable than the aws services). This was what the HQ2 thing was all about, getting massive concessions from the government and locating close to their biggest AWS customers the federal government and the banks. I can see them opening offices in Brooklyn, LIC, Jersey City, Newark. They need to expand their footprint, they had to fly out their solution engineers when we started with them a few years ago, it was a hindrance they could have sold us more technology and more services if they had the people here. I wish amazon would have moved in as it would put pressure on the banks to boost salaries for their tech personnel or amazon would poach their best talent.

  39. Bystander says:

    3b,

    The implications for NYC are so detrimental that it is hard to fathom. Commercial real estate demand goes kaput, MTA ridership obliterated, less taxis needed, no lunch crowd, lighter dinner crowd, no after work drinks, no clothing/shopping/extraneous spending. You have to feel sorry for situation. So many that will never survive.

  40. Libturd says:

    Available Balance as of Today:

    8 Hours – Floating Holiday
    68 Hours – Vacation Plan
    73.118944 Hours – Personal

    This is what I have left. Use it or lose it, though I think we can save 40 hours of personal time for next year.

    Perhaps I oughta put some time off on the old calendar?

  41. Libturd says:

    Juice,

    Clearly, Chi has prioritized the POST over this place. Which was always kind of obvious.

  42. Juice Box says:

    JCER – That’s what I think too. 5,000 jobs in Jersey city and no mention of it from Murphy’s administration? Amazon shopped HQ2 to test the waters to see what they could get from major cities and now can use that as a benchmark of sorts for concessions.

    A quick twitter search of the governor’s twitter account shows he may have soured on them after the Newark deal fell through for HQ2, no tweets anymore on Amazon. They are the biggest employer in New Jersey with over 40,000 people.

    https://twitter.com/search?l=&q=amazon%20from%3AGovMurphy&src=typd

    the cloud wars for financial services.

  43. Juice Box says:

    re: MTA ridership obliterated

    Don’t look now.

    Subway

    Monday, 11/15/21 3,103,133 -44.7% from Pre-pandemic 5+ Million rides a day.

    Bus
    Monday, 11/15/21 1,296,218 -40% from Pre-pandemic

    LIRR
    Monday, 11/15/21 161,000 -45%

    Metro-North Railroad

    Monday, 11/15/21 132,200 -50%

    NJ transit hides the numbers…we can assume it’s still 50% down or more.

  44. Libturd says:

    NJ Transit is approximately 40%. The buses are back to 70%.

  45. The Great Pumpkin says:

    Trolling is fun.

    No One says:
    November 17, 2021 at 9:06 am
    Funny, Pumpkin posts enough on this site to qualify as remotely working in a second job for grim over the last 5 years, yet says it’s a sad and lonely life to be remotely reading and writing with other people without physical contact. If it’s so sad and lonely, maybe you should spend all your time with your in-person people.

    Some people can’t bear spending time with themselves.

  46. The Great Pumpkin says:

    Say that I make no money without saying it. Your position says it all. You are jealous of a teacher’s job and benefits.

    It’s also clear that you are renter based on your hate for real estate….taste of your own medicine since you always assume my position on WFH has to do with my wife’s job which is comical. Yes, she has no skills, she is tied to this company or f/ed. Got it.

    3b says:
    November 17, 2021 at 9:30 am
    For most teachers 50k to 100k is more than enough compensation and for some it’s too much. Backed by a union cartel, pensions that taxpayers are on the hook for, plus gold plated health plans. Summers off and all the other holidays, home by 3/3:30.

    Most don’t work that hard, just recycle their learning plan every year, with multiple choice tests, not very much effort.

  47. The Great Pumpkin says:

    Pandemic still going strong. When offices open back up next year, it will come back. You have to get rid of the pandemic. Most companies don’t want to deal with litigation that comes with covid testing and the other costs associated with it. Make no doubt about it, as soon as this pandemic is over, they will all rush to get their operations back in a centralized location THAT THEY HAVE FULL CONTROL OF.

    Juice Box says:
    November 17, 2021 at 10:18 am
    re: MTA ridership obliterated

  48. Juice Box says:

    re: Cloud wars for Financial services. Heating up for sure Azure just booted up their new financial services offering.

    I do like the digital twinning being developed too, it paints a real dystopian future where technology replaces people in finance, all kinds of back office including bankers and well customer too.

    Digital personal banking assistants like Bank of America’s “Erica” is just the beginning. Whatever bank can create the better version will win. The idea is the customer gets a free digital twin when they open an account. Your personal digital twin would learn from you and automate your basic financial tasks.

    Friend of mine works big data for Wells Fargo. They are still cloud adverse but warming up.

  49. 3b says:

    Pumps: No, they won’t be going back to a centralized location, after the pandemic . That’s your hope as you are concerned WFH will affect your household income.

  50. 3b says:

    Pumps: As I have told you, I own real estate, one outright which we may retire to, and another one I own together with my brother. I don’t hate real estate, I hate that the young people are getting screwed by reckless Fed policies.

    As for teachers, I am certainly not jealous of their job and benefits. Most of them just don’t do that much , just recycle lesson plans from year to year and get paid for it. It’s not a hard job. For good teachers like BRT, and Ex, they are worth much more, but they are the outliers for the rest, it’s an easy cushy job and they would never be able to cut it in corporate America

  51. Libturd says:

    Grim,

    That article is behind a paywall. Now I know why Bloomberg lost:

    Digital Subscription
    Unlimited digital access on Bloomberg.com and the Bloomberg App
    $1.99/month*
    or
    $290/year**

    I think I’ll pay for the year. Then I’m going to invade the Capitol Building. :P

  52. Juice Box says:

    Pumps the lawyer now….the expert on workers’ compensation laws.

    Perusing the open cases I see over 1,000 of them for discrimination and only 100 for wrongful death. I have a feeling being a person of color and being forced to work is a bigger payday that dying from Covid.

    Devil is in the data…

    https://www.fisherphillips.com/innovations-center/covid-19-employment-litigation-tracker-and-insights.html

  53. BRT says:

    3b, I just finished up a stint covering 2 extra classes. Meant I basically taught 7 hours straight (through lunch as well) on most days. No prep periods, all that and grading was forced to do at home. Schedule was brutal, but you get a 20% bump in pay for each extra class you teach.

    The union tried to prevent me from doing it. They don’t want to set a precedent apparently. God forbid people work harder for more money.

  54. The Great Pumpkin says:

    Sorry, keep thinking they are going to pay people 200k to work from home. It’s laughable that you believe this to be the case.

    3b says:
    November 17, 2021 at 10:39 am
    Pumps: No, they won’t be going back to a centralized location, after the pandemic . That’s your hope as you are concerned WFH will affect your household income.

  55. Juice Box says:

    Lib –

    Metro-North’s daily ridership numbers may still be way down from pre-pandemic levels, but some trains are filling up enough to make it feel like old times again.

    Back in the spring, when the return-to-office push began in earnest, there was typically just one person at most in each three-person row on the New Haven Line trains I took into Manhattan. Then, over the summer, it became two and now sometimes even three. Yesterday, it was shoulder to shoulder in some three-seat rows. And just about all the two-seaters were packed tight, too.

    Some of this, of course, is a function of the reduction in the number of trains that the MTA is running. But it’s also a clear sign that more of the Wall Street crowd is heading into the office now and that they appear to be increasingly comfortable with the end of social distancing.

  56. The Great Pumpkin says:

    If you are being honest, so be it, but it really doesn’t make sense to me that you own real estate and want to see it go down.

    There are massive teaching vacancies because the job is so easy and cushy. Go get a teaching job. Make sure your kids get it too.

    3b says:
    November 17, 2021 at 10:46 am
    Pumps: As I have told you, I own real estate, one outright which we may retire to, and another one I own together with my brother. I don’t hate real estate, I hate that the young people are getting screwed by reckless Fed policies.

    As for teachers, I am certainly not jealous of their job and benefits. Most of them just don’t do that much , just recycle lesson plans from year to year and get paid for it. It’s not a hard job. For good teachers like BRT, and Ex, they are worth much more, but they are the outliers for the rest, it’s an easy cushy job and they would never be able to cut it in corporate America

  57. Libturd says:

    “God forbid people work harder for more money.”

    This is not the way in the public sector. You are supposed to do the least amount of work possible. This is why Pump’s is so obsessed with supervisory control. In the real world, you are judged by your performance. In the union world, all that matters is that you punch in on time and don’t punch out early. What happens between those punches is immaterial. Working hard is a detriment to the unionized worker for it might eliminate jobs. Heavens to Betsy.

  58. Libturd says:

    Juice,

    I know, I know. We are repeating the same mistakes as Israel, Northern Europe, Australia, etc. The pandemic is far from over. As the numbers ramp up (and they surely will), the trains will empty out once again. On the bright side, NJ Transit just added 32 more trains. I guess all of those new conductors have to drive somewhere.

  59. Juice Box says:

    I want my self driving car to take my digital twin robot to work and then go rent itself out earning money as a cab for others while my robot at work does my actual work for me. Nice passive income…

  60. 3b says:

    Libs: Deadlines, deliverables, special projects as you say if they are not done on time and with no screwups you are gone. There is not this direct supervisory control that Pumps seems to think there is in many of these corporate positions. Employees can goof off at work, just like at home, and I agree it’s easier in some respects to goof off at home, but ultimately it will come out.

  61. 3b says:

    Pumps: So I work in the office they will pay me 200k, if I work at WFH and perform to the same high degree or higher, they won’t pay me 200k because I am not in the office?

    Leftwing was right you lack critical thinking skills.

  62. The Great Pumpkin says:

    Do you and lib really believe this nonsense? It’s hilarious that you guys think every worker out there is working hard and to the best of their ability day in and day out. Keep telling yourself lies. Wake up. The avg individual is not a go getter and looks to cut as many corners as possible. aka do the bare minimum required to keep said job, and some don’t even care about that. Just jump from company to company.

    3b says:
    November 17, 2021 at 11:04 am
    Libs: Deadlines, deliverables, special projects as you say if they are not done on time and with no screwups you are gone. There is not this direct supervisory control that Pumps seems to think there is in many of these corporate positions. Employees can goof off at work, just like at home, and I agree it’s easier in some respects to goof off at home, but ultimately it will come out.

  63. BRT says:

    Crypto.com buys naming rights to Lakers’ Staples Center in a $700 million deal

    That’s a steal if I ever saw one. In 10 years, that’s going to be like 1 bitcoin.

  64. 3b says:

    Lib: Train parking lot in my town averaging about 10 cars a day, up from 3 to 5 in the summer and earlier.

  65. BRT says:

    So teacher defies mandate, gets tossed. But the AP posts an article showing the board member presenting a graph of covid cases with his nose hanging out of his mask right before voting on his dismissal. Clown world.

    https://news.yahoo.com/teacher-refused-obey-illinois-covid-205554155.html

  66. 3b says:

    Pumps: Would not the average worker be doing the minimal amount of work in the office too? Do you think there are rows of supervisors standing over them watching them while they work? Do you really believe that nonsense?

    And since you are an average individual are you too not performing just the minimal amount of work? I would argue even less as you just recycle the same learning plan from year to year. How easy is that?

    As leftwing said your critical thinking skills are lacking.

  67. Libturd says:

    In over two decades at my current employ, where I have managed anywhere between four to forty direct reports, I’ve never had to tell anyone to work order or to stop goofing off. My expectations are simple, work accurately, work efficiently and take as much time as it takes for you to be able to complete your job without mistakes. I have a strict three strikes and you are out policy. No one ever gets to strike three. They will leave after strike two. Now realistically, if you keep your record clean for a few years, you lose a strike. But three in three years means you don’t learn from your mistakes. It’s tough until you realize the importance of double-checking your work. You all probably think I’m crazy about perfection, especially considering my complete disregard for proofreading my posts here. It’s all about priorities. As I get older, I sometimes question why I wasted so much time on so many unproductive endeavors. If I proofed what I wrote here, I will have REALLY wasted my time.

  68. Libturd says:

    “Just jump from company to company.”

    And then, when your kid gets a malignant brain tumor and your employer is self-insured, they will force you out the door quick. Or you could stay with one employer, develop some serious proprietary systems knowledge, and put yourself in both a better position to negotiate and make yourself so valuable that when your kid gets sick and you will only be able to work around ten hours a week for a year, they pay you normally and go out of their way to show their appreciation of your loyalty and past contributions that they even adjust their insurance plan to help you further. This is knowing that they will never ever pay me close to what they will pay out for the health care costs to treat my kid.

    I hope that extra 5K a year you obtained jumping to your competitor will help you pay your $500,000 brain surgery bill.

    Pump’s, just stop already.

  69. The Great Pumpkin says:

    Your critical thinking skills are lacking. Answer this question. Why in the world would a business owner want to give up control of their company to remote work? Why? They lose a lot when their workers are not working together in a centralized location. You say I don’t get it, but you don’t. You completely ignore company culture. Do you actually work in corporate?

    3b says:
    November 17, 2021 at 11:18 am
    Pumps: Would not the average worker be doing the minimal amount of work in the office too? Do you think there are rows of supervisors standing over them watching them while they work? Do you really believe that nonsense?

    And since you are an average individual are you too not performing just the minimal amount of work? I would argue even less as you just recycle the same learning plan from year to year. How easy is that?

    As leftwing said your critical thinking skills are lacking.

  70. The Great Pumpkin says:

    Libs,

    Jumping from company to company is the way for the past 10 years. Wake up. Some people have received incredible raises by not working hard, but by jumping from company to company.

  71. 3b says:

    Pumps my whole career has been on the “ the street” that’s Wall Street in case you don’t understand.

    Can you give us some examples of what exactly they lose from not having their workers in a centralized location, you know from your personal experience?

    As for your job , it’s easy just recycle the same lesson plan year after year and give multiple choice tests, which take just a few minutes to grade.

  72. Libturd says:

    Pumps,

    The jumping has always been occurring. What’s more important to me and what should be to most, is how much you like your job. After all, you will spend more time at your job than with your family, when it’s all said and done. That extra 5K will not make up for hating your job. A lot of people learn this the hard way, when they come back begging for their old job. I’ll rehire them. Once.

  73. Bystander says:

    “Sorry, keep thinking they are going to pay people 200k to work from home. It’s laughable that you believe this to be the case.”

    Yet, you think they will pay people $200K to be in the office? You are dumb. Corps don’t want to pay people, period. I deal with those so much more than you will understand. Here is a good example – we lost 70% of our team in Pune. For those who stayed, my IB asked that they work 5 Saturdays to support big recruiting efforts for replacements (multiple interviews on single). We also had three major releases this months that have been understaffed all year. Our team lead tried to buy 3400 INR ($45) of Amazon vouchers just as very small thanks and our mgt asked why she did it and they are not allowed. They think a kudos wall is the answer. Execs will do anything to pump up stock price..anything. Reducing RE costs and Labor costs is a dream come true. Geez, link at free HW, internet, cell phone they are getting from WFH employees. No expensing it for us. Tried to get new wireless headset..no,no,no. Multiple approvals and four month wait. Just shut up Blumpy. You are clueless.

  74. Bystander says:

    Another d&pshit, reality check – all this talk of big WS bonuses in hundreds of thousand/million. You are talking a small sliver of overall banking workforce. It is minuscule. I had a talk with US recruiter on why so hard to get talent and he said we pay 6K bonus while other firms 20-25%. Don’t tell us hard work pays off – it is mostly a sham and execs pretend to give a sh%t about performance when in reality, they have already determined what they will pay before you ever have your year end review. It is simple to me- my IB does not care to spend bc they feel no heat to spend so better to keep more for themselves. Oz Powell and banking cronies have made sure no one is regulated, penalized or treated with anything other than kids gloves. Steal alot, give back a little. Wells Fargo showed you how little they care. You want to get jobs moving, apply some regulation and oversight. Our internal audit is a joke right now. No one cares and treats in seriously. Exceptions for everything.

  75. chicagofinance says:

    Stu: why do I think you could provide greater insight here?
    https://youtu.be/UtMFPdDG284?t=448

  76. JCer says:

    Lib your employer sounds good. I had a woman who worked for me, she had a child with cancer and she was the bread winner, she was dependent on the companies insurance. She was with the company for a decade, a good worker and a good person. My management didn’t give two fcuks, they laid her off and replaced her with an Indian developer on visa. There is zero loyalty in most large companies, the project was losing money so they were going to cut and ship jobs to India. If they didn’t think they needed me, if I wasn’t talking directly to the clients, and people weren’t going to bat for me I’d be gone too. I know how it works literally your management comes to you and says for this fiscal here’s the budget what are we cutting and you have to fight them for every body and every dollar and justify why that body needs the skills they have and their location if they are in a high cost area.

    Pumps the grass is not always greener, you have to know when it’s time to get out. It seems like lib has stability and a good relationship with his employer. Bystander on the other hand needs to GTFO, that is like an abusive relationship. I know people at his firm who have made the jump and the grass is greener in almost every respect.

  77. Phoenix says:

    One industry:

    Nursing is all headed to travel contracts. 5-6k per week is what nurses are getting as agency. Hospitals are refusing raises-or making better working conditions-but they demanded more and more degrees, and more certifications.

    The end result- f you, pay me, or I will leave and go agency. And this is happening in droves. Don’t be surprised if at your next ER visit you don’t hear a “howdy” or a “y’all.”
    I had to visit one recently and that was my nurse.

    No pensions, lousy health insurance plans, no lunch, no breaks, no respect. Kudos to Gen Z who, if they are going to wipe Boomer Butt, are going to demand more payment as they aren’t getting Boomer Pension.

    As a bonus, as you switch between places, you don’t know where things are, or how things work. This leads to delays. Plus, if you are not invested in the place, why give a ratz azz?

    Just think, a couple of bucks, a better work schedule, maybe not having to wait 10 years to have Thanksgiving off with your family- all could help a bit.

    But just like “minimum wage” there is a toeing of the line with very high resistance- and no one wants to pay.

    Expect decreasing levels of service beyond what you are used to.

  78. JCer says:

    Bystander you work at literally the worst shop on the street. They steal from their clients and employees alike, they are bleeding their best people, you will keep none of them. From what I’ve heard they only pay at the ED or MD level and above all levels below have subpar salaries as compared to the street, from what I’ve heard director salaries there are barely higher than college hires at other IB’s when you figure in total comp. All the banks are cutting and being stingy but yours is literally the worst.

  79. The Great Pumpkin says:

    Sh!t companies take advantage of the low hanging fruit to prop earnings with one time savings from real estate. Most companies, the savings from abandoning real estate is miniscule. They write off most real estate costs anyway.

    What’s going to be funny, when the worker wakes up and finally realizes that WFH hurts them. I’m going to grab the popcorn when this day comes. Smack, now you woke the f up. Never ever invite your employer into your personal space at home. Esp when you pick up the costs for their business. F that. Just wait till the ball is in their court.

    “Reducing RE costs and Labor costs is a dream come true. Geez, link at free HW, internet, cell phone they are getting from WFH employees. No expensing it for us. Tried to get new wireless headset..no,no,no. Multiple approvals and four month wait. Just shut up Blumpy. You are clueless.”

  80. Phoenix says:

    Lib,
    You could have been a teacher, a cop, or any other govt job and got a gold plated pension and probably by now double or triple dipped.

    Have the US Treasury or NJ. GoV send your money right to the bank in Costa Rica direct deposit. Plus have a great healthcare plan.

    Either way, it’s all good. Glad you are going ( The good way) as the more I think about it there is not much left in Dodge, so time to get out of there.

  81. Phoenix says:

    Bystander,
    Your stories are horrid. I feel for you.

  82. chicagofinance says:

    Bloomberg website kind of sucks….. their articles are glorified headlines….. it’s a sound bite extended into about 10 sentences…. you pay money for that?

    Libturd says:
    November 17, 2021 at 10:47 am
    Grim,

    That article is behind a paywall. Now I know why Bloomberg lost:

    Digital Subscription
    Unlimited digital access on Bloomberg.com and the Bloomberg App
    $1.99/month*
    or
    $290/year**

    I think I’ll pay for the year. Then I’m going to invade the Capitol Building. :P

  83. JCer says:

    Pumps we have a dev team out in Cali, they didn’t renew the lease on their office space last year, they are never going back to the office, they no longer have one. The company is saving a ton of money so they are happy with it.

  84. 3b says:

    Pumps: Wrong again. For most the benefits vastly outweigh any draw backs. The cost of commuting is an almost 4K a year savings, the tax savings no longer paying NY tax. No more dry cleaning, lunches out. Again, verbal diarrhea from you. You hate WFH because you find it a threat to you personally

    Meanwhile, all you have to do in your job is recycle past years learning plans and give multiple choice tests.

  85. crushednjmillenial says:

    Pumpkin at 12:50 re “Sorry, keep thinking they are going to pay people 200k to work from home. It’s laughable that you believe this to be the case.”

    Company ownership or management will certainly pay 200k for the following people to work from home:

    -an attorney who bills 2,400 hours (profit $250k+)
    -a salesperson who sells $Xm in gross revenue (profit $1m+)
    -a coder who is effective (profit $3m+)

    Revenue producers. Anyway, revenue producers are pretty much the only people getting paid $200k whether they WFH or not anywhere. Unless they are in government work.

  86. JCer says:

    Pumps you don’t get it Bystander works for the kind of people who mothball floors in their buildings to save on cleaning an electricity and create an artificial space shortage when they literally have vacant floors! God forbid you have an issue with your PC, they no longer have a help desk.

  87. crushednjmillenial says:

    Pumpkin re “Never ever invite your employer into your personal space at home.”

    I really don’t understand. Any white collar work will have a laptop and you will be on call if your boss really needs some information, nevermind an actual deliverable. I suppose at more senior levels you might draw some boundaries. But this notion of “personal space” is disconnected from the experience of people who make high 5’s or six-figure salaries in white collar work. Sure, paralegals or whatever who do more rote work and/or are paid hourly are different.

    If your wife is highly compensated but can just shrug about work things on a weekend because “she is at home in personal space zone” then that is great for your family. I disagree that this is common, though.

  88. 3b says:

    Jcer: Pumps makes broad generalized statements no matter what the topic, it’s even worse when he comments on WFH. I am almost positive I know which IB he works for. And it’s bad real bad in many areas not just IT. Pumps takes that and then applies it to all companies, and then takes offense when his critical thinking skills are questioned.

  89. Phoenix says:

    WFH is ideal if the career you choose works well with it. Some jobs just don’t require an onsite person to get them done-a website designer for example.

    Sure there may be times you need to meet with a client- or go over something on site- but if it is not necessary to drive/travel it doesn’t make sense to do it at all.

    It’s definitely a forward move for those who are able to accomplish it. A no-brainer.

  90. 3b says:

    Jcer :Should have said what IB bystander works for.

  91. Phoenix says:

    In other non-pumpy news:

    ‘QAnon Shaman’ Jacob Chansley is sentenced to 41 months in prison for his role in Capitol riots – the joint longest sentence along with MMA fighter who punched cop

  92. JCer says:

    3B I’m pretty sure his bank is my client, I spent quite bit of time in their offices and have system access, it ain’t pretty over there.

  93. 3b says:

    Fentanyl drug deaths hit record high in the US.

  94. Phoenix says:

    Hi, Honey,
    I’m sorry. I forgot to tell you I spent 0.5M of our money on Apple stocks. Didn’t think to tell you about it..

    Yeah, right. Waterboard her then we will know the truth.

    Democrat rep Kim Schrier failed to disclose more than $500,000 of Apple stock for two months claiming she was unaware her husband made the purchase.

    But in the nearly decade since, no one has been convicted under the law.

    So far this year, 46 members of Congress have failed to properly report their financial trades as mandated by the STOCK Act.

  95. 3b says:

    Jcer: If it’s the same one I am thinking of I am surprised they have not dumped their US I banking efforts.

  96. Phoenix says:

    3b,
    It beats being in perpetual debt in America.

    Fentanyl drug deaths hit record high in the US. And less messy than sticking your head in a running lawnmower.

    https://dailyvoice.com/new-jersey/fairlawn/news/authorities-bergen-man-dies-by-suicide-in-lawnmower/820097/

  97. 3b says:

    Phoenix: I can’t believe she would expect people to but that BS. Dems/ Repubs, all the same , corrupt, dishonest and then of course our Fed Governors engaging in insider trading.

  98. Phoenix says:

    3b,
    She isn’t fooling anyone, but it doesn’t matter. Cause this is the way America operates today, fueled by lying, and never having to worry about being convicted when you are part of the protected crowd.

    Blatant lying is all the rage right now. If you haven’t started you are way behind the 8-Ball.

  99. JCer says:

    3b, my conspiracy theory is that they are cutting to the bone to look more profitable, they are looking to shopping a sale of their US business, it’s a dying business. Their operational capacity is so thin it’s amazing they are still functioning.

  100. Bystander says:

    JCer,

    Realize this is tired old ground but let’s be realistic. Take a regular middle manager role (150K, with 75% health premium covered, dental at 50% paid prem, 6% match 401K, 10% bonus, and 27 PTO days and 11 holidays paid). Lots of other small stuff like transit pre-tax, 1k towards HSA, cheaper life insurance. You take a 6 mo or 1 year consulting gig or contract, what rate you expecting on W2 with none of above benefits listed above?

    Those are majority of roles out there now. Lots of need to cover replacements but they don’t want to commit. Everyone wants contract to hire which is meaningless.

  101. The Great Pumpkin says:

    Aka people that were working remote pre pandemic (20%). This fantasy 3b has where all workers WFH is just not reality.

    Honestly, can anyone picture a world where there are almost no offices and majority of people WFH? That would destroy the economy. These savings 3b keeps talking about come from sucking the life out of the GDP. How will it be replaced if we did abandon offices and majority WFH? It’s cool that the company is saving money, but the tax revenue will be in the shi!!er as they have to help all these workers survive through welfare instead of paying taxes themselves. Never mind all the small businesses destroyed by the drop in spending (which you glee about as savings).

    crushednjmillenial says:
    November 17, 2021 at 1:50 pm
    Pumpkin at 12:50 re “Sorry, keep thinking they are going to pay people 200k to work from home. It’s laughable that you believe this to be the case.”

    Company ownership or management will certainly pay 200k for the following people to work from home:

    -an attorney who bills 2,400 hours (profit $250k+)
    -a salesperson who sells $Xm in gross revenue (profit $1m+)
    -a coder who is effective (profit $3m+)

    Revenue producers. Anyway, revenue producers are pretty much the only people getting paid $200k whether they WFH or not anywhere. Unless they are in government work.

  102. 3b says:

    Phoenix: The lawn mower one is shocking! What an awful way to go. Fentanyl drug is predominately white male, but has been increasing dramatically among Black Americans as well.

  103. The Great Pumpkin says:

    Construction alone, would tank the economy. Do you know how many construction workers live off of commercial real estate.

  104. Bystander says:

    ” they no longer have a help desk.” Hah, that one stung but also the truth. If you call help desk and employee id shows in tech, the automated system cancels call and says you are not allowed to contact help desk.

  105. 3b says:

    Jcer: That would make sense, pretty it up to sell it. But honestly I don’t see any US IB wanting it. They can just poach the rainmakers and be done with it. Possibly some mid- tier regional might be interested in purchasing it.

  106. 3b says:

    One last Comment from me for the day on WFH, O H a big law firm is now hiring attorneys outside of their geographic office locations. My Brother s big mid town firm will be releasing their WFH policies in early January .

  107. 3b says:

    In other news, only 57 percent of Harvard students are admitted on merit.

  108. Bystander says:

    Biden’s choice is real interesting for Fed. Oz Powell is the lowest form of boot-licking scum who big business/banking cartel love. He is also sitting prez best friend as unfettered pumping game allows for easy ‘greatest economy ever’ rhetoric. He took moral hazard theory and wiped his rear with it. If he selects Lael Brainard then I don’t playbook to change but guess she will put regulation / oversight front to appease Manchin types. She will also appease SJWs as female. I think that is too tempting for Biden. At end of day, any head of Fed can print a bunch of money. Why keep Powell? Rats are fleeing now so seems like die is cast.

  109. 3b says:

    Bystander: Jerry is going to go down as a terrible Fed Chairman, Brainerd is considered dovish , although I can’t see how anyone can be more dovish then Jerry. She also talks about using the Fed to achieve social justice, I have no idea how she plans to do that, butbit sounds good. Whatever happens we have a bunch of corrupt clowns in my opinion running the show. I hate them all!

  110. 3b says:

    Very good opinion piece over on the WSJ, How the Fed Rigs The Bond Market. It’s worth the read.

  111. crushednjmillenial says:

    2:25 . . .

    Don’t worry about the economy even if there is way more WFH than you expect. The private sector will adapt. Instead of office lunch take-out in midtown manhattan eaten at the office desk, there is takeout from suburban downtown eaten at the kitchen table. Instead of suits and ties, people will buy $200 yoga pants or hoodies. The consumption will shift. There will be winners and losers – the losers will cry in news articles, the winners will quietly buy maseratis.

    What IS worrisome is that the Fed Government currently collects $4 each year, but spends $7. And, $0.40 of the $4 that is collected is already spent on interest from existing debt even though the interest rate on newly-issued debt is less than 2%. The policymakers have time and again shown that they will not stop this death cycle – if the markets need to do so, then that is where the catastrophe might await.

  112. grim says:

    Rt up from 1.08 to 1.11 today.

  113. Juice Box says:

    Zillow article in the WSJ today is better.

    “Project Ketchup”

    “To get around the challenge of accounting for aesthetics, Zillow said in 2019 it had incorporated photographic analysis into its method of pricing homes, including factors such as natural light, quality of interior finishes and curb appeal.

    The company hired an army of more than 100 pricing analysts to double-check the algorithm’s numbers by looking at comparable sales, according to current and former employees. That reduced the risk of overpaying, but also made it harder to flip lots of homes quickly and cheaply.”

    “This is code red,” Joshua Swift, senior vice president of Zillow Offers, said during the virtual meeting, according to the person who attended. Mr. Swift declined to comment through the company.”

    “Zillow put together a plan to speed up the pace and volume of home purchases, dubbing it Project Ketchup—which employees took as a play on the team’s mission to catch up to Opendoor. Zillow planned to buy more homes by spending more money, offering prices well above what its algorithm and analysts picked as market value, people familiar with the matter said.

    In the second quarter, Zillow Offers bought more than 3,800 homes—more than double the previous quarter. In the third quarter, it bought 9,680 homes. The company was buying so many homes that its overstretched staff started running behind on closings and renovations, people familiar with the matter said.

    It struggled to find contractors and renovation materials amid a broader labor and supply shortage. That meant Zillow was in danger of sitting on homes for longer, adding to insurance and debt bills. It also meant many homes bought during the summer would likely have to be sold in the winter, when the housing market is usually weaker.

    Staffers grew concerned Zillow was paying too much, people familiar with the matter said. Analysts whose job it was to confirm the prices of homes found that they were routinely overruled, those people said, because the company had retooled the system to raise the analysts’ suggested prices. Automatic price add-ons coded into the company system, including one called the “gross pricing overlay” that could add as much as 7%, would boost offering prices to get more home sellers to say yes.

    Some Zillow employees complained about the pricing in company Slack channels and meetings, but their concerns went largely unaddressed or they were told that the model was working as intended, several current and former employees said.”

    “An analysis of home sales by Mike DelPrete, a real-estate tech strategist at the University of Colorado Boulder, showed that the median price Zillow was paying for homes in Phoenix—one of the biggest iBuyer markets—rose from $351,000 in May to $475,000 in September. By then, competitors had started to ease back on their purchase volume and pricing, but Zillow was still paying $65,000 more than the median home price, the analysis showed.”

    “Last week, Zillow announced a deal to sell 2,000 of its leftover homes to Pretium Partners, a New York-based investment firm that plans to operate them as rentals. That leaves Zillow with thousands more to sell.”

    “One of them is a 1980s four-bedroom home in Winter Springs, Fla., that Zillow bought in July from Karin Dorsett and her husband, George Dorsett.

    When they were getting ready to put their house on the market this summer, a couple of local real-estate agents recommended listing the home for $440,000, but said it could sell for more. Zillow offered just over $450,000, Ms. Dorsett said, and would charge a 0.1% transaction fee—far lower than the 5% one broker she spoke with planned to charge. “We are so glad we sold to Zillow,” Ms. Dorsett said.

    Zillow might not be. The home is now listed for $467,500. The price has already been cut three times.”

  114. Juice Box says:

    BTW the guy running the Zillow iBuyer program is still there, even after the layoffs and write-down. He is from Phoenix, where a good chunk of their inventory of overpaid homes are.

  115. BRT says:

    I dumped most of my XOM

  116. Juice Box says:

    Summarize the Fed article pon Bonds in WSJ.

    Fed purchases of Treasury debt have funded as much as 60% to 80% of the entire government borrowing since the since the Federal Reserve’s second quantitative-easing program began in 2010.

    Fed actions have crowded out private-sector price discovery for more than 10 years, pushing yields to lows and stock prices to record highs. The consequence of this blurred line between Fed and Treasury responsibilities—“monetizing the debt”—is inflation.

    Anyway it’s what we have been talking about here since the great recession that was caused by housing. Bernake wanted inflation he did not get it. A decade later we have it now and there many be no way to stop it.

    The government would have to cut spending and borrow at a more sustainable level below 4% of GDP a year. Nobody sees congress doing that anytime soon.

  117. The Great Pumpkin says:

    This what they want. Why is everyone panicking? People are so used to stagnating prices that they are crying about inflation. Is this an opinion piece from wsj…because why are they fear mongering like the inflation won’t come down?

    This inflation is from three sources; stimulus which was needed, covid labor market, and mostly from broken supply lines. How are these issues that are causing the inflation sustainable? They are not. People need to take a deep breath and relax.

    “Anyway it’s what we have been talking about here since the great recession that was caused by housing. Bernake wanted inflation he did not get it. A decade later we have it now and there many be no way to stop it.

    The government would have to cut spending and borrow at a more sustainable level below 4% of GDP a year. Nobody sees congress doing that anytime soon.”

  118. The Great Pumpkin says:

    I agree to a point. There is no guarantee these people will replace their spending on making the economy go, they very well might use it to drive up housing or stocks which does not create jobs. Seriously, you know how many people depend on the construction industry associated with commercial properties and their maintenance? From engineers to construction supply companies, this will impact a ton of jobs if it did take place. It will hurt the economy if these good jobs are not replaced with other good jobs.

    crushednjmillenial says:
    November 17, 2021 at 3:26 pm
    2:25 . . .

    Don’t worry about the economy even if there is way more WFH than you expect. The private sector will adapt. Instead of office lunch take-out in midtown manhattan eaten at the office desk, there is takeout from suburban downtown eaten at the kitchen table. Instead of suits and ties, people will buy $200 yoga pants or hoodies. The consumption will shift. There will be winners and losers – the losers will cry in news articles, the winners will quietly buy maseratis.

    What IS worrisome is that the Fed Government currently collects $4 each year, but spends $7. And, $0.40 of the $4 that is collected is already spent on interest from existing debt even though the interest rate on newly-issued debt is less than 2%. The policymakers have time and again shown that they will not stop this death cycle – if the markets need to do so, then that is where the catastrophe might await.

  119. The Great Pumpkin says:

    Everything has a cost, even “savings.”

  120. The Great Pumpkin says:

    Thinking about it more and more, I don’t see how WFH wouldn’t take out the economy. No way, no how. It’s a wave of deflation. Scary.

    Just think about it.

  121. The Great Pumpkin says:

    Deflationary spiral in a highly leveraged in debt economy….get your guns.

  122. Libturd says:

    ChiFi,

    Been listening to Stern daily since I was in grade school. Even the school bus driver played him on NBC on our afternoon drives home from school.

    I miss Ted the Janitor and how he really used to hit on Robin. When they made the Ted the Janitor Song as a memorial (Desperado), I actually cried.

    Stern’s been absolutely amazing lately. In the past three weeks, he’s interviewed Billy Joel, Mick Jagger, Paul McCartney and Ed Sheeran. He is the best interviewer on the planet. The show has really matured. Then again, there was no other way for it to go.

  123. chicagofinance says:

    Didn’t I post here in the last 2-3 months that we have not had a normally functioning fixed income market since 2003-4?

    Juice Box says:
    November 17, 2021 at 5:32 pm
    Fed actions have crowded out private-sector price discovery for more than 10 years, pushing yields to lows and stock prices to record highs. The consequence of this blurred line between Fed and Treasury responsibilities—“monetizing the debt”—is inflation.

  124. The Great Pumpkin says:

    Ignore ‘hysterical people’ — inflation is not here to stay, economist says

    https://www.cnbc.com/2021/11/17/ignore-hysterical-people-inflation-is-not-here-to-stay-economist-says

  125. Bystander says:

    Sure dummy…inflation is not here to stay, only all business charging more for their goods/services.

  126. The Great Pumpkin says:

    By,

    Yes, current pricing for the most part is here to stay. I read somewhere today that if you broke down the CPI: 1/3 were below 2% target and 1/2 were near 2%…is that inflation?

  127. 3b says:

    Bystander: It’s obvious he does not understand the article in the WSJ.

  128. The Great Pumpkin says:

    That’s not rich, that’s funny money. These guys are more cash rich than elon musk. You see what happens when Elon Musk tries to liquidate, knocks the price down. So is he really worth what he is worth? Too many people don’t understand this on their attacks on the so called “rich.”

    “The World’s Richest Athletes Earn the Cash to Buy Average-Priced Homes in Hours
    Sports stars from Lionel Messi to LeBron James don’t even have to put in a full-time week to afford new digs”

    https://www.wsj.com/articles/the-worlds-richest-athletes-earn-the-cash-to-buy-average-priced-homes-in-hours-11637190363?st=953xb3ajohst5fm&reflink=article_copyURL_share

  129. The Great Pumpkin says:

    Truth. Don’t let anyone hold you back. Just do it, create that value by solving problems.

    “If you can solve a problem, you can build a company.

    If you can build a company, you can make money.

    If you can make money, you can achieve freedom.

    Solve problems to achieve freedom.”

  130. The Great Pumpkin says:

    “My rules of business: Build shit people want, never give up, avoid assholes, question assumptions, learn new ideas & always reward ambition.”

  131. The Great Pumpkin says:

    We will see…

    3b says:
    November 17, 2021 at 8:22 pm
    Bystander: It’s obvious he does not understand the article in the WSJ.

  132. The Great Pumpkin says:

    Oh man…lol

    “”The weight of the evidence is finally going Powell’s way—team transitory is going to win,” CNBC’s Jim Cramer says.”

  133. BRT says:

    Commodities are likely going to have a pullback just like in 2008. And they’ll use the market high as their measuring stick to always claim they were right.

  134. leftwing says:

    Anyone have any experience with the shingles vaccine or information on it that I can’t get on the interwebs? TYIA.

  135. BRT says:

    https://www.nj.com/news/2021/11/wall-hs-athletic-director-placed-on-leave-in-aftermath-of-hazing-probe.html

    Wall High School athletic director Tom Ridoux has been placed on administrative leave, joining three other district employees who also have been suspended in the wake of an ongoing hazing probe into the football team.

    Ok, so I knew Mr. Ridoux. This guy was a young twenty something, just below average social studies teacher. But he was installed as a VP I want to say at age 27 by my former principal James Habel…who currently sits in prison for defrauding the district. The guy has been an admin hack his whole life.

    I remember the old athletic director, Coach V was a straight shooter and a great guy. He retired and they put Ridoux into this spot. Why? Probably just for a bump in pay. I’ve talked about this years ago…this district is still suffering from a corrupt super installing basically super young adults into admin positions to act as his cronies. THey were never qualified and they can’t get rid of them.

    This happened 20 years ago and they are all still there. Every facet of the district has been awful from education to discipline. And now some kids have been sexually assaulted.

  136. joyce says:

    BRT,
    Is it civil service regulations preventing administrators from being fired?

  137. BRT says:

    They have tenure too.

  138. Industry Leader says:

    Lib,

    both a competitor and vendor of ours.
    Though, considering technology, not exactly the best place to be.

    A supplier yes, but I would not consider you a real competitor. But if you see a role on this side you like, let Grim know and he can connect us. From a technology standpoint, there is a reason we are number one.

  139. Trick says:

    leftwing
    I had shingles a few years ago and wouldn’t wish it on anyone. Doesn’t matter what the side effects are of the vaccine, i would get it.

  140. Bystander says:

    Jim Cramer will last be seen as boatman on the River Styx.

    Apparently, Lael Brainard is heading to final meeting with Biden.

    https://tinyurl.com/tnrd48bx

  141. Libturd says:

    Industry Leader,

    I agree. Major mail house fulfillment and distribution has never been an area we pursued. We’ve always had an excellent working relationship with Broadridge, and there is no plan (to my knowledge) to change this. Where I though we competed was in the proxy statement and annual report print area. Though I know that’s a tiny part of your company. Appreciate the generous backup offer. Barring the economic collapse of our country. I think I am done working in two more years.

  142. Juice Box says:

    Lael Brainard is not going to shut down the printing presses. Expect it to go the other way, there are massive deficits that need to be funded and agenda to spend spend spend for the next three years before the election.

    If anything expect lots of gas lighting from the Fed on CRA, and how the banks are wacist for not giving out enough credit, as the banks are now sitting on 3 Trillion on excess reserves (double since the pandemic began) that they now park at the Fed overnight to get free money.

    https://www.federalreserve.gov/consumerscommunities/community-reinvestment-act-proposed-rulemaking.htm

  143. The Great Pumpkin says:

    Respect. That’s awesome that you put yourself in a position to retire at a young age.

    Libturd says:
    November 18, 2021 at 9:21 am
    Industry Leader,

    I agree. Major mail house fulfillment and distribution has never been an area we pursued. We’ve always had an excellent working relationship with Broadridge, and there is no plan (to my knowledge) to change this. Where I though we competed was in the proxy statement and annual report print area. Though I know that’s a tiny part of your company. Appreciate the generous backup offer. Barring the economic collapse of our country. I think I am done working in two more years.

  144. The Great Pumpkin says:

    I’m crossing my fingers for Powell to remain in his position. I think he has done a hell of a job and earned another round.

  145. Bystander says:

    After news broke that inflation in the U.S. hit a 31-year high in October, Ray Dalio, billionaire chairman of investment firm Bridgewater Associates, quickly took to social media to sound the alarm.

    “The United States now is spending a lot more money than it’s earning and paying for it by printing money that is being devalued,” he wrote on LinkedIn, adding that the country is currently “on the wrong path.”

    “History shows that when an individual, organisation, country, or empire spends more than what they earn, misery and turbulence are ahead.”

  146. JCer says:

    3b, the target buyer is someone who is not a player in the space, they are looking for “a sucker” like they were when they were building out the US business originally. They’ll strip out what they can of value and sell the carcass. I think that’s the reason they still have the business, they haven’t found any willing buyer. I think they explored selling and no established player wanted them, the operational capabilities and costs are not relevant to the existing IB’s only the revenue.

    Bystander people are getting full-time positions especially with Amazon, Microsoft, and Google and the fintechs. Some of the banks too are hiring FTE’s. My wife had a tech BA who left and is making ~275k as an individual contributor at Wells Fargo, like a 40% increase. Lots of people going to the tech companies, they are hungrey for people with technical background who know the finance business. 300k is the new 200k.

  147. Bystander says:

    Not buying it JCER. I have contact after contact on Wells roles and they want contract, paying $80/hr. I received the same position three times from different recruiters for IT PM in Operations Strategy. Exact same title and rate was always same. If they are struggling to fill roles then I would expect $150/hr or more. I have seen more $100/hr roles lately but that is after telling them no for $85. I have received one role for $110/hr that was PST hours so not high on it. That was highest. 80% are in 75-90 range, and remaining are mostly lower than $75.

  148. D-FENS says:

    I’ve been following a few people in the right to repair movement. This is huge. Kudos to apple imo.

    Juice Box says:
    November 18, 2021 at 7:18 am
    This is not the Onion

    https://www.apple.com/newsroom/2021/11/apple-announces-self-service-repair/

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