From CNBC:
Home price gains slow down for the first time since May 2020
Home prices are still considerably higher than they were a year ago, when the pandemic caused a massive run on housing, but the gains are finally starting to ease up.
Home prices rose 19.5% in September year over year, down from a 19.8% annual gain in August, according to the S&P CoreLogic Case-Shiller National Home Price Index. That is the first decrease in the annual gain since May 2020.
The 10-city composite rose 17.8% from a year ago, down from an 18.6% gain in August. The 20-city composite gained 19.1% year over year, down from 19.6% in the previous month.
Cities with the highest price increases were Phoenix, Tampa, Florida, and Miami. Phoenix prices were up 33.1% year over year, Tampa up 27.7% and Miami up 25.2%. Six of the 20 cities reported higher price increases in the year ended in September 2021 versus the year ended in August 2021.
Chicago, Minneapolis and Washington, D.C., saw the smallest annual price gains, but the increases were all still more than 10%.
Great piece from Ritholtz that ties into the post from yesterday:
Generational Reset of Minimum Wage
Instead of 40 years of modest wage gains and modest inflation, the economy is experiencing that unwind (almost) all at once.
re” Phoenix prices were up 33.1% year over year”
Zillow created that bubble all by itself. Their iBuyers listings were responsible for around 10 percent of all listings in the Phoneix market.
Anedotal the person at Zillow who is IN charge of their iBuyer program lives in Phoenix.
re: “Generational Reset of Minimum Wage”
I was making $11 an hour doing construction landscaping in Bergen County when I was 17 years old, before I decided to work with my back I had to to hang up my career sorting the fruits and vegetables in the Foodtown produce section at 16 years old making minimum wage.
The landscapers make little more than that today, minimum wage when I was doing the work was $3.35 an hour it’s $12.00 an hour in New Jersey now. What are they paying them now $15 an hour cash?
Difference over the past few decades has to be the nearly 1/2 a million undocumented illegal aliens who are here now in New Jersey doing the work today that drives wages down. They were not here in NJ when I was young, they only became a major part of the labor force in the 1990s. Many are only here for a few years, few stay for the long hall as there is little chance for a green card. They do their hard work off the books save their money and head back home after a decade.
FYI unemployment for the undocumented here in NJ doing all the work no citizen is willing to do else, it’s estimated at 4%. So very few sitting home for sure…
When Biden says the IRS is going to go after the tax cheats, I am pretty sure he won’t be focusing on the cash paying businesses that employee these undocumented illegal aliens at first. However to generate the nearly $400 billion in new tax revenue they estimate the 80,000 new IRS agents are supposed to FIND doing audits they may have to dig. They are going to have to dig where nobody else wants to if they ever will even try and find the money. Payroll taxes and tax small business skip paying the undocumented workers.
Geez, I post something about how the value of a life in America has gone down like it’s dollar and the Daily Mail looks like a bloodbath in the morning.
Guess the have-nots/non -producers were not having it yesterday.
Doesn’t look like the heroes fared that well either. Time to put on some Monkees Pleasant Valley Sunday this weekend.
Lots of small businesses in NJ that run two registers, and always a separate card machine. How else can you skim? Good luck IRS.
Juice,
Biden/Brandon isn’t going after any more tax cheats than Orange Faced guy was.
It’s all a farce.
Just another form of looting. Where is Kyle?
“Lots of small businesses in NJ that run two registers, and always a separate card machine.”
Keep an eye out when you visit your local diner.
A little humor for the morning. What we make here and it’s quality.
https://youtu.be/BgZh5T4nG_w
Keep an eye out when you visit your local diner.
For the politicians getting the envelopes of cash under the tables.
And the building inspectors too, it’s not just the politicians that have side gigs here in NJ. Ohhh, and don’t forget about the city managers, planning and zoning boards, economic development authorities, etc. Keeping the diners very busy, they pay cash.
In China, every person is tracked and identified by camera, even those politicians and building inspectors. You can’t walk ten feet without a camera identifying you and documenting every step. It’s coming here in the future. You gave up your liberties over two buildings in NY.
They just made a camera the size of a grain of sand. The producers are getting the job done, won’t be long before those here in power want this for something other than a stinkyscope.
https://www.digitalcameraworld.com/news/worlds-smallest-camera-is-the-size-of-a-grain-of-sand
This is too good for those in power to resist using it.
https://youtu.be/7gSU_Xes3GQ
The producers-now this is taking WFH to a whole new level. Haha.
An assistant principal in D.C. also worked as a principal in Rhode Island — at the same time
This supports my position of “Roaring 20’s 2.0”
grim says:
December 1, 2021 at 7:12 am
Great piece from Ritholtz that ties into the post from yesterday:
Generational Reset of Minimum Wage
Instead of 40 years of modest wage gains and modest inflation, the economy is experiencing that unwind (almost) all at once.
Sure that is why it’s called the “Cash Register”
Our former Governor Christie made a name for himself before he was elected and went after the local politicians who hung out at diners taking envelopes when was the Federal prosecutor, ofcoure he knew how it all worked ahead of time, as he was once a freeholder and spent plenty of time in NJ diners.
By 2006, Christie had prosecuted eighty-six NJ political figures, and in 2008 he made Solomon Dweck his cash man who started handing out envelopers full of cash. The future mayor of Hoboken Peter Cammarano took one. The mayor of Secaucus took one. The deputy mayor of Jersey City took one. As Solomon Dwek infiltrated Hudson county, Christie turned his attention to Robert Menendez and almost brought him down….
That record as a tough prosecutor helped him beat Corzine in the Nov 2009 election.. Christie himself later would hold court in various diners and restaurants across New Jersey when he was Governor.
Murphy from what I know does not frequent the diners…
Murphy from what I know does not frequent the diners…
Perhaps the bathroom stalls like Larry Craig?
Murphy doesn’t need any more money.
How the Chinese track Covid:
https://youtu.be/7gSU_Xes3GQ?t=1188
Some fans really like LeBron, I’ve never warmed to him.
The best fandom days for me were living in Chicago
during the Bulls dynasty, never missing a game and getting to
see several from AMA seats in the United Center.
Lib,
Some never get enough money, even when they have plenty. Here is the richest man in the world crying about bankruptcy. Bet he wants a government bailout as with all of the recent warmongering the US government needs help in the Space Race. Please give me tax money, I can help you defeat the Chinese and Russian hypersonic missiles.
SpaceX CEO Elon Musk reportedly said in a company memo that its Raptor program was in “crisis” and suggested it posed a major threat to the space venture.
Musk said in the memo — sent on Friday and obtained by CNBC’s Michael Sheetz — that he was upset with the lack of progress on the Raptor engines that power its Starship rocket. Space Explored first reported the news.
“We face genuine risk of bankruptcy if we cannot achieve a Starship flight rate of at least once every two weeks next year,” Musk said, according to CNBC’s report.
never missing a game and getting to
see several from AMA seats in the United Center.
AMA seats? Do they put Grey Poupon on the hot pretzels there?
Did Fredo say his “Hail Mary” before he went for the boat ride? CNN is trying to make a gesture to be taken seriously? Lol.
Re wages: It’s nice to see the wages rise though more and more establishments are installing self-checkouts and kiosks. I’m almost tempted to get something on the weekends because there’s many to choose from. I’m having trouble finding a part time gig where I can login at night or a few hours on the weekend to earn some extra bucks. Anyone have any suggestions? A data entry gig? An online support thing?
Jordan set a standard almost nobody can live up to. I loved Lebron until he left Cleveland to team up with all the other top picks from his draft class to try to steamroll the league without much effort. Going 2 for 4 wasn’t an impressive feat with a stacked deck. He’s had a great career, but the reality is, his titles were less of an accomplishment and more of an arrangement. He really jumped the shark when he was on Cleveland, playing along two all stars and complaining he needs more help.
Phoenix – He may actually be the modern day doctor evil with his plans to take over internet access, he wants a launch every other week. Elon wants it all up and running in under five years now so he needs to launch allot of rockets to make it happen.
The existing Falcon 9 rocket can launch 60 Starlink satellites at a time. The newer Starship heavy rocket is 400 foot tall and has as much power than the Saturn Five rocket that sent astronauts to the moon. This new rocket will be used to launch perhaps 400 or more Starlink satellites at a time of their planned 30,000 starlink fleet of Gen 2 satellites into orbit around Earth, and link them with laser beams to provide internet access everywhere.
There will be nowhere on earth that does not have high speed internet access once this is fully up and running. If you think Elon is the richest man now just wait until everyone is his customer @ $99 a month…for unlimited or pay per gigabit price plans are announced. He can destroy the competition for sure.
Lots of small businesses in NJ that run two registers, and always a separate card machine. How else can you skim? Good luck IRS.
I know someone that got audited by the IRS because they tried to nail him for skimming on his pizza business. They looked at how many boxes he ordered and tried to show it far exceed income from pizzas sold.
Christie went to the diners for the french fries and gravy. He understood, there’s no need for an envelope when he can have a Wall St. firm hire his “highly qualified” spouse for $700k a year.
The number of Christie’s book sold as of today hasn’t reached the count of his diner visits.
Oh, for sure pizza too. Worked at a place that was all paper tickets for cash for delivery orders, nothing ever got rung up. We usually had 1-2 drops a night. What that meant was that you had so much money in your pockets, you were scared to deliver anywhere near Passaic. Fairly easy for the owner to skim off a few hundy when he was doing the tally the next morning.
That place was straight skim. The customer-facing display on that register never worked, for a reason.
We weren’t going to blab, the cash money we made in tips was astronomical. I told this story before – we frequently delivered to the illegal casino in Clifton, that would almost always tip $100-150 (only 2-3 of us were permitted to do that one, so it was great for us). It wasn’t out of the ordinary to do more than $500 in tips on a Friday night. We all had our regulars that would skip the line and get their deliveries first and hot, and they were always good for $20-25. We all fought over the bombshell that would ALWAYS answer the door naked, barely draped in a towel she didn’t bother to even try to hold up, running right out of the shower – no matter the time.
This is how the busted some pizza businesses in ocean city, nj. They said the amount of boxes ordered didn’t match the numbers. Busted.
I’ll say it again, I do not know one business owner that pays an honest tax. No one, I repeat, no one pays on what they really earn. Only suckers are workers. Big business can’t hide it either, but then again, they just buy their tax breaks.
So it’s comical to hear so many business owners cry about taxes. Esp when they have their kids or family members listed as workers to write off….what a joke.
BRT says:
December 1, 2021 at 9:36 am
Lots of small businesses in NJ that run two registers, and always a separate card machine. How else can you skim? Good luck IRS.
I know someone that got audited by the IRS because they tried to nail him for skimming on his pizza business. They looked at how many boxes he ordered and tried to show it far exceed income from pizzas sold.
This one is down to 520k from 599k listed this past May:
https://www.trulia.com/p/nj/montvale/6-hillside-ter-montvale-nj-07645–2006693269
But this one sold for 600k this past January and was listed in 10/2020:
https://www.trulia.com/p/nj/montvale/10-hillside-ter-montvale-nj-07645–2006690925
Both of these houses appear similar and are a block away from each other. The only difference is one is a 3/2 and the 519k listing is a 3/1. I guess 2 baths command that much. As a side, I think the difference between 3 bedrooms and 4 is negligible as families seem to be having 2 kids maximum these days.
You know what they say, don’t hate the player, hate the game.
I wonder what it would be like to live in a honest society. John Lennon moment…Imagine!
Instead, most of the population is crooks telling themselves they are the good guy.
I wonder what it would be like to live in a honest society.
Well, if you make it to heaven, if there is such a place.
Then again, watching what clergy is up to these days I am not sure that place is as clean and white as they lead you to believe..
Eddie,
10 Hillside has modern, fully finished, walkout basement and open floorplan with new kitchen. House at # 6 is rather ordinary.
Old Realtor,
Thanks. There’s only so much to compare w/o inside info.
I can still hear the crying of the turbines on Christie’s helicopter as they screamed for mercy he flew so much.
One business owner I know writes a check for an “expense” to some other company and then goes and cashes it himself at a check cashing place. Audits would uncover some of this stuff…
yeah, I’m sure god is going to ask whether you declared all your income to go to the governor who slaughtered 8000 people to spend on pet projects.
Jersey City always finds a way…
https://patch.com/new-jersey/wayne/s/hyqjg/nj-ordered-to-restore-state-aid-cuts-after-jc-complaint?utm_source=nearby-news&utm_medium=email&utm_campaign=alert
More looters:
One business owner I know writes a check for an “expense” to some other company and then goes and cashes it himself at a check cashing place. Audits would uncover some of this stuff…
Thanks. There’s only so much to compare w/o inside info.
That’s what Zillow said too.
What’s funny, this guy prob goes to church every sunday. Tells his kids how he is a good, honest, hard working American. Meanwhile, he sees nothing wrong with robbing everyone else through tax evasion.
Phoenix says:
December 1, 2021 at 10:42 am
More looters:
One business owner I know writes a check for an “expense” to some other company and then goes and cashes it himself at a check cashing place. Audits would uncover some of this stuff…
Hi Grim. Thanks for connect. I will send my CV.
Phoenix: Why should small business owners be held to a higher standard then major corporations with all of their tax avoidance and tax gimmicks and their ability to bribe law makers with their campaign contributions and all of their lobbying efforts etc
What about Murphy raining there to tax brackets and then reducing his reportedincome drastically the next year? Not a peep from the propaganda industry. Who can blame the small business owners.
Hey Fab,
Thanks for advice. I just had my PMO assistant quit after two months as she got another role in Poland. Basically, I am f-ed as now ahead into worst time for 2022 planning. All on me now. Need to GTFO. My bro is unemployed for first time since college. Maybe time to do something else but I am old dad with young kids (1 special needs) so can’t throw caution to wind unfortunately.
What’s funny, this guy prob goes to church every sunday. Tells his kids how he is a good, honest, hard working American. Meanwhile, he sees nothing wrong with robbing everyone else through tax evasion.
I agree, his constituents should lobby for a deduction like SALT so he can keep his money while he no longer sins.
Look at these posts for how divided the nation really is. The common theme though, everyone is all about themselves.
Raise that flag! Salute it! Go america!….and in the same breath, see how much you can f/k your fellow citizens. America!!
3b says:
December 1, 2021 at 10:59 am
Phoenix: Why should small business owners be held to a higher standard then major corporations with all of their tax avoidance and tax gimmicks and their ability to bribe law makers with their campaign contributions and all of their lobbying efforts etc
BidenIsTheGOAT says:
December 1, 2021 at 11:00 am
What about Murphy raining there to tax brackets and then reducing his reportedincome drastically the next year? Not a peep from the propaganda industry. Who can blame the small business owners.
Judge’s ruling to give 285 Pa. victims of rent-to-own scam immediate ownership of their homes
https://www.pennlive.com/news/2021/11/judges-ruling-to-give-285-pa-victims-of-rent-to-own-scam-immediate-ownership-of-their-homes.html
Business wants to rob its workers for profit, while the workers want to rob the business for profit. It’s a beautiful thing.
Imagine if they just worked together to profit. Could be a beautiful thing. Human nature is a b!tch though…
Irresponsible leadership and not holding our elected leaders to any moral standards results in a citizenship that behaves in a similar fashion.
Pumps: re: “What’s funny, this guy prob goes to church every sunday. Tells his kids how he is a good, honest, hard working American. Meanwhile, he sees nothing wrong with robbing everyone else through tax evasion.”
Nope you think I spend time with people like that? This person is a true blue NJ business owner as in FU pay me.
bystander that’s the problem. The more it appears you need the job the more your employer fcuks with you. My employer knows my wife makes a big salary at GS, I have income producing property and both of our families are wealthy. I make sure they know that I don’t need them. Everything in life is about power dynamics, when they think you are mortgaged and really need that income they will take advantage of you. If your boss thought you could decide I don’t need this sh*t, I can go clip coupons all day without any concern of not having enough income. It then becomes a question of how much they need what you do, if you are crucial they will have to treat you better to retain you and your boss will have to go to bat for you and trust me he will.
The situation you in now is that they think you are captive and you don’t have too many options outside the firm, you are comfortable there so they can beat you like a rented mule and you’ll stick it out till retirement. FYI most of the vendors are remote or onsite at a client, most don’t have a big enough office footprint in NYC for all the people to come in.
Just generalizing, but you get the point. Just own it, don’t act like you are some good person while complaining about the looters stealing from stores. How are you any different? If you didn’t own a business and were poor, you would be robbing those stores too. You have a successful business, yet still feel the need to rob your fellow citizens on taxes, and their labor.
Juice BOx says:
December 1, 2021 at 11:35 am
Pumps: re: “What’s funny, this guy prob goes to church every sunday. Tells his kids how he is a good, honest, hard working American. Meanwhile, he sees nothing wrong with robbing everyone else through tax evasion.”
Nope you think I spend time with people like that? This person is a true blue NJ business owner as in FU pay me.
Almost every small business owner skims if they have significant cash business, it’s matter of how much. Some occasionally take the cash and don’t ring it up, as long as there is no record of the business being conducted and it isn’t a huge amount it is very hard to trace. The people skimming too much usually get pinched because they have to either launder the off the books money or otherwise use it discreetly, if the IRS starts watching you then there is a problem as cash purchases start ringing alarm bells.
Raise that flag! Salute it! Go america!….and in the same breath, see how much you can f/k your fellow citizens. America!!
Two thirds of my property taxes goes towards the public school educational system so that some 4th grade teacher can make a six-digit salary while slogging through the day in a food coma. I say we dismantle the public school system and offer vouchers that will enable competition at a fairer price. This way, we can create a great product at a good price while un-f.ucking our fellow citizens. Any questions?
And I’m only trying to make a point….i love good honest hardworking business owners. Im only highlighting that if you are a crook, you are a crook whether you are rich, poor, or middle class.
I go out of my way to live an honest life. If I missed checking out a product on self serve cashier lane, i would make sure to go back and pay for it because it’s the right thing to do. Truly believe that our individual actions make this a good society or bad one. Just wish i could make others see the light and to stop trying to get over on others.
Leverage. It works until someone has had enough..
Everything in life is about power dynamics, when they think you are mortgaged and really need that income they will take advantage of you.
One question. How long can you hold your breath?
This way, we can create a great product at a good price while un-f.ucking our fellow citizens. Any questions?
And pumps,
How long can you hold yours?
Truly believe that our individual actions make this a good society or bad one. Just wish i could make others see the light and to stop trying to get over on others.
Fast,
Why do you want to hurt someone in a middle class job? Is your life that bad that you want to eliminate the public education system and get rid of middle class jobs so that you can save a couple thousand dollars a year?
Maybe you should have been a teacher. Can’t bet ’em, join ’em.
Two thirds of my property taxes goes towards the public school educational system so that some 4th grade teacher can make a six-digit salary while slogging through the day in a food coma.
Irresponsible leadership and not holding our elected leaders to any moral standards results in a citizenship that behaves in a similar fashion.
In Europe, when people don’t like things, they take to the streets like they did in Amsterdam recently.
They hold their politicians accountable. Americans are weak, lazy, and too afraid to do anything.
Eddie,
This is what teachers are doing with your tax dollars. This is just for you and your eyes only, might make you feel better :)
https://bit.ly/3lnhZBa
Sanders get a life.
“New: The Senate Dem feud over SALT is intensifying with few signs of a deal in the short-term.
Menendez is digging in on higher income threshold that doesn’t generate $$, putting him at odds with Sanders who wants lower cap w/ $$ going to expand Medicare”
They can’t stop using language like “well off Americans” as if it impacts them in all states. As if they’re all taxed the same and have the same cost of living.
My accounts are officially 50 long/50 stable. It’s a little earlier than I expected, but I was completely underimpressed by Black Friday and Cyber Monday this year. Absolutely nothing was on sale. Just some clearance masquerading as deep discount. Also, the sign that Powell wants to taper even quicker means “transitory” inflation is likely going to be here for a while instead of the originally projected short-term trend.
The supply chain inflation is “transitory.” The wage inflation is not. Isn’t this a good thing and will only make the economy stronger since the consumer will have more to spend? I don’t get why this is so bad for the economy long term?
Weren’t we crying for wage inflation for the past two decades? I remember reading article after article crying about stagnating wages at the bottom. Now we finally see some growth and it’s the end of the world.
No real “deals” to be had on black friday and cyber monday, they don’t have the inventory to sell at full price let alone at a discount. The only thing I’ve seen has been tools which have been at “black friday” prices for a month. That stuff has been as cheap as it’s ever been in the past and I bought some stuff at Home Depot as it is my home away from home(yet I hate it), somehow there is always something broken in my house. I think I did better in 2020 and definitely did better in 2019 when it came time for cyber monday, amazon was the best of the bunch and when you can use the amex point 30% off thing you can buy stuff pretty inexpensively. Most other retailers weren’t doing any real discounting.
Pumps if your local hole in the wall restaurant can survive, the “transitory inflation”, between super expensive ingredient costs and perpetual $15 hourly wages maybe it’s ok. Most of these guys have had to raise prices and it still isn’t covering the increased expenses and if they raise them more the customers stop coming, which they already are seeing a taper in demand because of modestly increased prices. This will absolutely bury a lot of small businesses between wages and material costs and a limit ability to pass it back to the customers, these folks are seeing profit deflation many won’t make it as they are still recovering from the lost covid year. If small businesses start to go under as a result of this then it most certainly is not OK.
But they will…competition says so. You will eventually have too much supply and will have to put it on sale. Mark my words.
Look at me, I got outrageous quotes for painting and floor….result. I did it myself.
““The cost of our product is not going down,” says Richard Thorpe, chief executive of Karbon Kinetics Ltd., which sells Gocycle electric bikes world-wide from its base in Chessington, southern England. “If that is inflation, I wouldn’t call it transitory.”
Mr. Thorpe says that beginning Jan. 1, he plans to increase the prices of his range of folding e-bikes by up to 25%. The company’s latest models will cost between $4,999 and $6,999, depending on the specification, compared with $3,999 and $5,999 in 2021.”
https://www.wsj.com/articles/is-inflation-sticking-around-bicycle-makers-offer-some-clues-11638374032?mod=hp_lead_pos5
Market already going to work. Result, prices will eventually be adjusted downward. Let the suppliers watch as the volume goes lower and lower…they will have to lower prices as they are left with too much supply.
“Most of these guys have had to raise prices and it still isn’t covering the increased expenses and if they raise them more the customers stop coming, which they already are seeing a taper in demand because of modestly increased prices.”
pumps, you cannot have increased wages and increased materials costs and maintain low prices. Worse than that is if increased prices lead to reduced demand output shrinks, they cannot restore the lower prices by increasing volume because the profit has evaporated. Stagflation is a gut punch to your economy it’s that simple. Joe “Hebert Hoover” Biden is presiding over a tenuous economy and most people know it. For a lot of people things are still pretty good but it does seem like the other shoe is about to drop.
Why don’t you care about someone in a middle class job affording high property taxes and FED inflated real estate prices? Why do you hate workers?
The Great Pumpkin says:
December 1, 2021 at 12:08 pm
Fast,
Why do you want to hurt someone in a middle class job? Is your life that bad that you want to eliminate the public education system and get rid of middle class jobs so that you
You can, companies just have to stop with the outrageous profit. Do you understand that they have been profiting handsomely by paying wages that force the govt to subsidize for these workers to stay alive?
They will find a way.
JCer says:
December 1, 2021 at 2:07 pm
pumps, you cannot have increased wages and increased materials costs and maintain low prices. Worse than that is if increased prices lead to reduced demand output shrinks, they cannot restore the lower prices by increasing volume because the profit has evaporated.
Aren’t teachers living in the same state you greedy dick. Nice to put the blame for high taxes on teachers you mental midget. Wake up.
PumpkinFace says:
December 1, 2021 at 2:14 pm
Why don’t you care about someone in a middle class job affording high property taxes and FED inflated real estate prices? Why do you hate workers?
Jcer,
Don’t forget that the material cost is only transitory. They have limited supply right now and are going to work raising prices to highest bidder. That won’t last.
Omicron is here
It’s artificially generated. See through the smoke.
material cost is only transitory. They have limited supply right now and are going to work raising prices to highest bidder.
For you pumpy
Sen. Bernie Sanders wants to include an expansion of Medicare eligibility as part of the economic recovery package Democrats aim to pass this year.
He wants to lower the eligibility age for coverage to 60 or 55 and expand coverage to include dental and vision, paying for the change by allowing Medicare to negotiate prices with drug companies.
Someone tell me if we like capitalism today or if it’s no good. I can’t tell. Oh wait, I forgot changing one’s mind back & forth and back & forth on a daily basis means they’re the next Jeff Bezos.
Phoenix,
This is what teachers are doing with your tax dollars. This is just for you and your eyes only, might make you feel better :)
If I had a hot teacher teaching me things other than book learning, my lips would have been sealed tighter than a made guy from the Profaci clan.
Cry me a river you big baby.
PumpkinFace says:
December 1, 2021 at 3:03 pm
Someone tell me if we like capitalism today or if it’s no good. I can’t tell. Oh wait, I forgot changing one’s mind back & forth and back & forth on a daily basis means they’re the next Jeff Bezos.
Face,
How many Republicans on this board support a double tax because it hurts blue states? Are you going to call them out?
“I can’t lie this is getting FUN. There’s no easier target than republicans right now (discussing the SALT cap). It’s a flagrant demonstration of hypocrisy.
#UncapSALT”
Lib, don’t know if this is it, but there’s a lot of garbage in the market that is unprofitable and currently breaking down. A lot of the stuff has been breaking down all year (See the entire ARK portfolio outside of TSLA). From last week I’m already up 10% on SARK, inverse ARK. They shoulda called it ARCARK. Missed opportunity. I have a few OTM put options that look promising like (SE). Some stuff is going to continue to run up IMO. Other stuff, they’ll turn negative and ultimately be the catalyst for the whole market. That’s my guess.
Yesterday, I was just barely in the red. Apple and inverse funds really offset everything. Today, almost everything is green, long and shorts.
Rachel Pocahontas Donezal
https://nypost.com/2021/12/01/how-carrie-bourassa-passed-herself-off-as-indigenous-for-years/
BRT,
Yes, I agree and appreciate your insight. Was happy to see my Apple had a great day yesterday. When the market started turning over late this morning, I kind of figured this would spell the third new low since the peak. My short-term timing appears excellent again. I bailed out of Adobe (had a nice 120% run) with it’s 58 P/E as well as a couple of other high P/E gems. Sold my last piece of CENT too. This new variant could really be a game changer. It was the one thing I hadn’t accounted for in my long-range forecast (I’m not that good), but it’s certainly a headwind to consider. I originally predicted ugliness around tax season. It may come even sooner. Will probably take the next 10% off the table some time before tax loss harvesting pressures the December market. Real ugly close I see. There’s a chance, this could be the trigger. Glad to have half my powder dry.
If the Nasdaq loses another 500-750 points, grab your bags. It’s on!
Not that many. Plus, you have a fundamental misunderstanding of the issue. Person A with taxable income of X in NJ should pay the same Federal tax as person B with the same taxable income in another state.
The Great Pumpkin says:
December 1, 2021 at 3:22 pm
Face,
How many Republicans on this board support a double tax because it hurts blue states? Are you going to call them out?
In my humble opinion, this is a buy the dip market. Has been for quite some time. You guys expecting a major crash are not paying attention. Do not go against the FED.
The economy is not the market, but it’s damn strong and in the early stages of growth imo.
Just my perspective, but you guys very well might be correct.
Ya big baby, keep rooting for double taxation you loser.
PumpkinFace says:
December 1, 2021 at 4:17 pm
Not that many. Plus, you have a fundamental misunderstanding of the issue. Person A with taxable income of X in NJ should pay the same Federal tax as person B with the same taxable income in another stat
When you learn how to add, perhaps you will understand one day.
You still think states pay taxes?
Nobody forced NJ to create high income taxes and high property taxes to pay for generous welfare programs. They just got a head start on Bernie Sanders.
Yes, I think it’s annoying that the federal deductions changed which meant that the Trump “tax cut” was actually a tax hike for me, as a high earner in NJ.
But there’s all sorts of dumb decisions about what’s deductible. Why is mortgage interest deductible but credit card interest isn’t? Rich people pay mortgage interest while poor people pay much higher interest rates on credit cards and payday loans. I guess it’s because the mortgage/real estate lobby has more pull in D.C. and congresspeople can relate more to mortgage interest than credit card interest.
By my standards a fair tax would be a flat tax. Or a national sales tax that abolishes the income tax. And comes with anti-loophole measures to prevent lobbyists from bending it to their wishes. But that would drive progressives nuts.
For those of you who think that corporate profits are some immense pool to plunder that can fund vastly improved wages or lower prices on products:
Pre-tax profits as a % of GDP are only about 12%. So maybe 10% after taxes. Companies have to make profits if they are going to grow, or pay dividends to their owners (shareholders, which means many of you out there). Uniformly cut corporate profits to zero and you’ll have companies with no growth, no incentive to grow, a stock market that basically collapses. Companies will also lose the ability to allocate capital towards more productive uses, because profits are the key signal for that. Try working for a profitless company – it’s not a great experience.
So maybe that one-time 10% average one-time price cut for all products and services that wipes out all corporate profits isn’t such a great idea after all. Maybe you imagine you can keep the benefits of a partly-capitalist profit-driven system even after looting all the innovators and producers. Well maybe you should stop living in fantasy land.
Federal income tax is inherently unfair, that is why we originally did not have one. No doubt prosperous regions of the country pay most of the bill. Part of the issue is the massive overreach of the federal government. The one argument in favor of SALT relief is that cost of living is so different the progressive tax structure penalizes the middle class more in the high cost areas. A family making 150k in CA has a heck of a lot less disposable income than someone in Ky.
Face,
Since you are a mental midget, i will explain it for you. This salt cap targets progressive blue states. Progressive means they already tax the rich to help the poor and general population. That’s why their taxes are higher, they actually contribute to society.
So why do you want to double tax these people to give a tax break to some rich guy in Alabama that does nothing to help our society. They barely pay state taxes (aka do nothing to help their fellow americans). How do you support this crap? Seriously!
So you want to force these people to leave the blue states, hurting lots of ordinary americans, and having them move to lower cost states that help no other americans but themselves. You are a complete loser to support this double tax. F’ing Republicans have become complete losers over the past couple years. Go storm the capital because the election is rigged you chump.
Listen to yourself. Who needs to help the general population. How selfish are you? God forbid you build a system that helps people with education, safety, or when they get knocked down.
No One says:
December 1, 2021 at 4:28 pm
Nobody forced NJ to create high income taxes and high property taxes to pay for generous welfare programs. They just got a head start on Bernie Sanders.
How do you expect to pay for society with a flat tax? Come on, it’s common decency that a millionaire should pay a higher tax rate than someone worth nothing with an income of 50k.
“By my standards a fair tax would be a flat tax. Or a national sales tax that abolishes the income tax. And comes with anti-loophole measures to prevent lobbyists from bending it to their wishes. But that would drive progressives nuts.”
For those of you who think that corporate profits are some immense pool to plunder that can fund vastly improved wages or lower prices on products:
So there is not enough profit “to plunder” from corporations that are making products in third world countries by ten year old children?
I guess we will have to go back to slavery if we want to tax without “plundering.”
No one: Credit Card interest and student loan interest was deductible prior to the 1986 tax reform. Why is mortgage interest still deductible?( Before I get my arse kicked by a certain someone, I have a paid for condo and another one owned jointly with my brother which will be paid for in two years). I am asking the question seriously and I believe we are the only fully developed economy that has mortgage interest deductibility. Why should the government subsidize one form of living over another? Why isn’t a portion of rent payment deductible? I don’t think the government should be involved in any way in the housing market.
I liked the SALT cap as I think (I don’t have any data to prove it)it might have at least slowed down the amount of property tax increases every year.
As for NJ reckless spending and corruption has contributed to high property taxes along with generous pension and health care benefits for public sector workers.
As for public schools I have changed over the years from enthusiastic supporter to ambivalent on the topic. Why can’t people have the freedom to choose what type of education they want for their children, whether it be charter schools, private, Catholic/ Jewish etc. I think competition would be a good thing, not the current monopolistic structure that is in place.
I agree a flat tax is the fairest and simplest way for the Federal government to raise taxes the current plan is just another crap show filled with gimmicks and of course loopholes, just like others in the past.
I sold out of SMH (Semiconductors) today. Left 20% on the table. I love the companies in the Semi index but things like NVidia are just sky high so I wanted to limit my exposure. I’m only long on very few things that I still see strength in (like Apple). I too am mostly cash. Really wishing I did more shorts the way its looking but I’m only dipping my feet in the water at this point. If it goes the other way, I’ll exit the shorts and try again.
“you are comfortable there so they can beat you like a rented mule and you’ll stick it out till retirement.”
Completely agree JCer…and you are describing my boss who is 55-ish and takes the beating over and over. Guy is completely resistant to change. I am not so but I am also not taking sh&t next role. Agree on vendors but I am finding ‘on-site’ variety more often. I am not doing 3 days in NYC. That is not hybrid. I will have to pony 8K yearly commuting costs as have to buy monthly pass still. If salary was tremendous then perhaps but they are looking for cheap, young people to grind up for $125k.
I guess today is compassion day. Tomorrow will be a ‘capitalism baby!’ day.
ublic resources have historically been diverted to private schools in myriad ways. From tax exemptions to grants, legislators have found creative ways to funnel taxpayer dollars into private schools. Over the last few years, the nation has seen the rise of vouchers and tax credits, and most recently, education savings accounts. These policies have primarily afflicted the South, though that has slowly been changing. New York State in 2015, for example, was considering a proposal to enact tax credit scholarships.
Vouchers
Vouchers allow families to spend taxpayer dollars at schools of their choice, including private schools. They allocate to families the money the district would have spent educating their child in the form of a voucher, which can be used to pay for private school tuition and fees.
Tax Credit Scholarships
Tax credit scholarships grant tax credits, the equivalent of cash, to corporations and individuals who donate to organizations that provide private school scholarships. The amount depends on the specific policy, but in some instances (e.g., Florida, Alabama, Arizona) donors receive 100% of the money they donated (with limits) back in the form of tax credits.
Education Savings Accounts
Education Savings accounts are similar to vouchers, in that they enable parents to access the money that would have been spent on their child were they in a public school. If a parent does not enroll their child in the public school system, taxpayer dollars are deposited in a government-authorized account, which the family can access for specific uses including private school tuition.
Meanwhile out West:
In 2018–19, California public schools received a total of $97.2 billion in funding from three sources: the state (58%), property taxes and other local sources (32%), and the federal government (9%). These shares vary across school districts. Of the 6.2 million K–12 students in California, about nine out of ten attend one of the nearly 9,000 regular schools in 1,026 school districts while the other 11% of students attend about 1,228 charter schools—which are publicly funded but not subject to some state regulations. More than half of public school students are economically disadvantaged, and about a quarter are English Learners.
Ex: I am aware of the programs you mention. I am talking about parents fully being able to opt out of the public education option, and the resultant property taxes. I could understand them being required to pay a yearly amount for the maintenance and upkeeps of the public school facilities as they are part of the towns infrastructure. But away from that, if they don’t utilize the system they should not be required to pay for it.
I am asking the question seriously and I believe we are the only fully developed economy that has mortgage interest deductibility.
Politicians favor the wealthy. They aren’t going to want to pay taxes on themselves or their “friends.”
At least im not a Republican supporting blatant double taxation. You support taxing money used to pay state taxes…aka you need to stfu.
PumpkinFace says:
December 1, 2021 at 5:27 pm
I guess today is compassion day. Tomorrow will be a ‘capitalism baby!’ day.
It’s like lefty and no one, they claim to be men of principle, yet they support double taxation which all Republicans were against I thought. So much for that.
You think kids are expensive??
https://www.nber.org/bah/2015no2/medical-spending-elderly
3b is another one. Cries about how unfair stuff is, but then supports double taxation. Wild, just wild.
“I liked the SALT cap as I think (I don’t have any data to prove it)it might have at least slowed down the amount of property tax increases every year.”
By the time you reach 65 years old, average healthcare costs are $11.3K per person, per year in the United States. This is nearly triple the annual average cost of when you’re in your 20s and 30s. During your adult lifetime, average spending for women is nearly twice as high as for men. Healthcare spending for minority groups like Black and Hispanic Americans is approximately 30% less than on White Americans.
During one’s lifetime, over $400K will be spent on the average American’s healthcare in today’s dollars. And that is if medical costs rise as the same rate as inflation. If medical costs rise at 3% more than inflation, your healthcare will cost over $2MM, the vast majority of which will take place after the age of 45.
Ex, it’s criminal. These people have no conscience whatsoever. Again, stand by your principles. If you don’t support public education, stop using tax dollars to fund private schools masked behind “school choice.” F’ing losers.
“Vouchers
Vouchers allow families to spend taxpayer dollars at schools of their choice, including private schools. They allocate to families the money the district would have spent educating their child in the form of a voucher, which can be used to pay for private school tuition and fees.
Tax Credit Scholarships
Tax credit scholarships grant tax credits, the equivalent of cash, to corporations and individuals who donate to organizations that provide private school scholarships. The amount depends on the specific policy, but in some instances (e.g., Florida, Alabama, Arizona) donors receive 100% of the money they donated (with limits) back in the form of tax credits.
Education Savings Accounts
Education Savings accounts are similar to vouchers, in that they enable parents to access the money that would have been spent on their child were they in a public school. If a parent does not enroll their child in the public school system, taxpayer dollars are deposited in a government-authorized account, which the family can access for specific uses including private school tuition.”
This is the reason corporations are getting out of the healthcare business. They want to use your body, but not pay for it.
All men in construction should charge triple for the work they do.
Poor car dealers:
One of the best ways to get a bit of money back at the end of a car lease is to sell your leased car to a third party for more than its residual value, then pay off the leasing company and pocketing the difference. If your current lease is through GM Financial, Honda Financial Services, or the financing arms of a growing list of other automakers, you don’t currently have that option. There’s a strong chance that more brands will follow suit.
In normal times, you can sell your leased vehicle to anyone you want to, including used car dealerships such as Vroom, Carvana, or CarMax. But there’s a caveat: you have to ask your leasing company for permission to do so.
If you ask today, the answer will be no.
it’s a bloodbath aka buy when people say sell aka blood in the streets aka you need to stfu
5:46 having lived in a heavily orthodox Jewish neighborhood for 15 years in NJ, I know these families do not use the public schools, usually pay high property taxes and then have to turn around a spend big bucks sending their kids to a Yeshiva school. These are families that often have several kids.
In theory it would be nice to provide a “break” as you say to families like this who opt out completely from the system. Doing so does fly in the face of the concept of public education and access for all. The greater good and that point of view would be under duress in this scenario. We all know that bloat and waste are inherent in the system and I think that more choice or vouchers will lead to a paring down of the public education monopoly in places like NJ.
Pumps: Some teacher you are, yelling and screaming on a blog and name calling if anyone does not follow the Pumps doctrine on any and all subjects. And of course the name calling. You are not exactly a shining example of why one should support public education, as opposed to Ex and BRT.
Off topic: Stu will appreciate (capt Cheapo) I picked up a previous Gen Mac Pro Tower with dual – Quad core Intel 2.8 ghz processors and a new HDD 1 Terr drive, massive video card….the works. Ebay: $275
It is my new recording workstation and it’s wonderful.
Ex,
That’s on them. It’s public education or nothing. You want to go to religious school, pay for it.
I don’t agree with spending tax dollars on “private schools.”
3b,
It’s a blog, give it a rest. When i get shot at, I fire back. Sorry that upsets you.
Btw most teachers I work with are basically poor. One guy that has been there longer than me lives in Paterson. Most rent and don’t even own their homes. So just give it rest with the teacher bashing. You guys think most teachers are suburban housewives, and you are totally wrong.
Depends on the district as to whether teachers are “poor”. If a district hires new teachers every year, yeah, they will be at the bottom of the pay scale. Other districts become home to entrenched long-timers and this lead as well as dual incomes can produce well paid teachers. Check the parking lot. Lots of nice imports. When I taught I understood the pay scale and took a big big income cut to teach. But, I also got lots of time off and a decent pension. Trade-offs.
Ex,
Fair enough, I don’t work in some rich suburban district. So maybe that’s why these guys think what they do about teachers. They all live in well off districts.
That was part of the reason I never left the ghetto. I didn’t want to be belittled by rich parents who have zero respect for teachers or schools. Johnny deserves an A and if you don’t do it, there will be repercussions. God bless the teachers that deal with that on a daily basis.
That’s my girl. Her stocks are f’ing screaming value. When that tide turns, it’s going to turn fast.
“Cathie Wood: My Stocks Aren’t in a Bubble, but Yours May Be
‘Our strategies would be flying if we were [in a bubble]. I think we have not begun rewarding innovation,’ said Ark’s Wood.”
https://apple.news/AU_u1hDwSSrmX9wRFqH_-FA
Ex, nice job on the Mac Tower. Sounds like fun. I just recently bought a midi keyboard, mic, and have found cracked versions of Ableton and AutoTune among other things. I am learning Ableton, slowly but surely. Everything is running on my most recent Lenovo laptop. Laptops a beaut too. The cover is cloth too. It was a return, so I got it super cheap.
Pumps: It’s a blog that you dominate, as for being shot at no one shot at you. As for teachers and hard work give it a rest, no one said there were not some that are hard working, and those that are not.
Phoenix,
Thought you would appreciate this. We both know a lot of businesses are milking this with the price increases (just like gas stations quickly raise prices but always slowly let them down). Milk what your momma gave ya. Never let a good crisis go to waste they said.
“So I paid $33 for a rice bowl, got 6 bite sized pieces of beef. Not just big corps milking the consumer”
Pumps you spared yourself a lot of misery, the helicopter parents are very draining. But of course you have other things that you have to deal. I was in what I like to call Ghetto-lite. Saw a little of both. Loved the kids though. Once they like/trust you they are fun to work with when they are themselves.
Ex,
I’m def not as stupid as some believe on this blog. Lol.
You want to see some brutal honesty about teaching. Read this twitter thread.
“I’ll be honest. As an educator I am beyond tired and can’t believe what’s happening in schools in this country. Something needs to change.”
https://twitter.com/daboys_22/status/1466131391968514049?s=21
Easy job they said. These are real stories on this thread. I have witnessed people break down first hand.
“Brotha, I’ve told you my wife is a teacher and she’s been in it for about 2 years as a teacher. As of now she will no longer be a teacher come January and will start looking for a different opportunity. What they put teachers thru and the lack of help especially with special Need is unbelievable. She’s had to go to a therapist and wakes up every morning sick and dreading her day. Unreal”
It’s a pretty bleak existence for some.
A couple of things have helped one.
One. I do not under any circumstances take any shit.
Two. See number one.
My daughter attends private kindergarten. Last month, between Diwali, Turkey, a cold and a PCR test, I think she attended 15 days max.
I cut another $1,600 check today and she popped a 101.5F fever this evening. WTF?
Between this, xmas and a long weekend in PHX…. sigh.
Ex,
Lol that’s great advice.
“Most tickers RSI levels reached march 2020
Huge opportunity to load up for the long run
What are you loading up on?
Loading up on stocks who recovered quickly last time and are low such as:
LIGHTSPEED
DISNEY
GOODFOOD
RESTAURANT BRANDS INTERNATIONAL
BEYOND MEAT
ALIBABA GROUP
UBER
PINS
ZILLOW
MMM
ALGONQUIN POWER
DRAFTKINGS
CAE
SALESFORCE
TWITTER
ACTIVISION
COMCAST CORPORATION”
Just saying, point of that post was to show how beatdown some stocks have taken.
If arkg hits 50, i would put my house on it. Same with arkk, it goes below 80 and that’s easy money. Just hold and wait.
This person is a true blue NJ business owner as in FU pay me.
Sounds more like a Team Red player to me.
There was an incident a few years ago up in Sussex county. They went in and audited a Gas Station. The numbers didn’t match between gas bought and gas pumped. Owner claimed that a tank must have leaked. So they hit him up for cleanup and remediation.
Fab: re: “Sounds more like a Team Red player to me”
I could write down the names of the last 200 hundred democrats from NJ that were indicted for $$$ corruption on a piece of paper and then dip it in olive oil and stick it up your ass and you would still not believe that the piece of paper even exists.
Fundamentals aside, the stock and bond market are something like 80% owned by Boomers, it’s their nest egg. And Boomers are in total power rn both in Washington (which includes the Fed) and on Wall Street = wtf would you be short?
You don’t even know what fundamentals are.
If arkk goes below 0, I’m going ALLLLLL IN BABY
Blue and red are both guilty of corruption. Neither side has a lock on it.
Don’t watch if you can’t handle it.
https://youtu.be/rngerMY-WS8
That’s it!!!!
https://youtu.be/eL3JUIRbnZs
Not so fast Pumpkin, Check this out.
https://twitter.com/Josh_Young_1/status/1466252602241433602
Options became the major market, pinning down the stock market. Again flows are particularly bad as we close the year. So many funds are cashing out for the end of the year.
I expect good times will follow soon, but the cycle could be vicious.
But then: https://youtu.be/0veaeu6rOqY
Oh I almost forgot:
https://youtu.be/YTdZceWM4iQ
Ok one more:
https://youtu.be/5CrgryBj1oM