More pocket change to pay more taxes, woohoo...
More pocket change to pay more taxes, woohoo...
A trend?
By Larry Edelman
April 13 (Bloomberg) -- OppenheimerFunds Inc. was sued by the state of Oregon for losses incurred by the Oregon College Savings Plan.
The suit, filed by the state attorney general, alleges violations of Oregon securities law, breach of contract, breach of fiduciary duty, negligence and negligent misrepresentation, according to an e-mailed statement today. The state estimates that college savers in Oregon plans lost at least $36.2 million as a direct result of Oppenheimer's alleged negligence and breaches of contract and fiduciary duty
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
bobnbot thanks its like a buffet.
People paying $2600 for a 1br are fools. My rent for a 1br in SoHo is 2100 - rented in Sept '08. Im guessing that these avg rents quoted are based on really expensive buildings w/ larger management companies and not representative of the NY rental market as a whole. From what I've heard, rent is down more than the article would suggest.
None of this matters, CRE REITS go up every day of late.
What does NYC produce nowadays other than off-Broadway losses?
"What does NYC produce nowadays other than off-Broadway losses?"
------------------
Sociopaths, amusing anecdotes and a surplus of municipal workers.
Comeuppance see you sometime, NYC.
There are certain kinds of businesses that are headquartered in certain parts of New York (or at least have a selling office there) more or less for the street address.
Fashion types in particular.
Doesn't mean anything is produced there, but a lot of paper gets pushed.
I suppose if the average price of studio dropped to $1200 many would consider it "depression era pricing." And I'd have to say, that's some pretty high falutin' depression you got there.
All of the big-time fraud originates out of NYC, don't it?
The average declines for March don't reflect concessions offered by landlords, such as a free month's rent, that lower the overall cost, [Gary Malin, president of Citi-Habitats] said.
1 month free equals an additional 8.3% decline.
Four days ago: Rob Dawg (member) wrote on Wed, 04/08/2009 - 6:36am.
Rents are lagging indicators and can be misleading. Reported rates do not reflect incentives and that's where we've seen the most flexibility.
Falling rent helps when you money to pay rent. When the jobless, overleveraged see rent prices fall, it only means the total amount of their rents in arrears is smaller. Either way they cannot pay it. But they can always live free as a bando. So, life isn't so bad for tenants. Landlords are merely future bandos, though.
NYC produces culture as well as profits/losses--and culture has value to many people, including me.
I wish Elmo would come back. But I think Kermit might have killed him.... Way too many daytraders playing the momentum. This won't end well...
MEL wrote on Mon, 04/13/2009 - 12:31pm.
NYC produces culture as well as profits/losses--and culture has value to many people, including me.
Dear NYC: The results of your cultures came back. Not only is it highly contagious but we are still working on a cure and the treatment is very painful and there's almost no hope of a vaccine.
And, yet again, it's not showing up in the CPI component for rent. Here is the NY metro area CPI for rent.
CUURA101SEHA 2007 Jan 277.140
CUURA101SEHA 2007 Feb 277.634
CUURA101SEHA 2007 Mar 277.974
CUURA101SEHA 2007 Apr 278.752
CUURA101SEHA 2007 May 280.083
CUURA101SEHA 2007 Jun 281.291
CUURA101SEHA 2007 Jul 281.457
CUURA101SEHA 2007 Aug 282.562
CUURA101SEHA 2007 Sep 284.155
CUURA101SEHA 2007 Oct 285.604
CUURA101SEHA 2007 Nov 286.418
CUURA101SEHA 2007 Dec 287.618
CUURA101SEHA 2008 Jan 288.886
CUURA101SEHA 2008 Feb 289.775
CUURA101SEHA 2008 Mar 290.943
CUURA101SEHA 2008 Apr 291.938
CUURA101SEHA 2008 May 292.639
CUURA101SEHA 2008 Jun 294.696
CUURA101SEHA 2008 Jul 297.326
CUURA101SEHA 2008 Aug 299.103
CUURA101SEHA 2008 Sep 299.508
CUURA101SEHA 2008 Oct 301.253
CUURA101SEHA 2008 Nov 302.313
CUURA101SEHA 2008 Dec 303.511
CUURA101SEHA 2009 Jan 304.403
CUURA101SEHA 2009 Feb 305.125
Maybe I misinterpreted Comrade Rally Monkey's comments from last week? Something about punting? Perhaps he meant that the bears would get a foot up their backside?
A culture of criminality in the highest places exemplifies the Big Apple, rotten to the core.
Isn't there a strong correlation between final contributions to IRAs before April 15th and a rise in the market? Also, don't practically all stock market gains come from November to April? Just give it a couple months, the markets will probably go back to taking beating. If not, well, maybe that isn't such a bad thing either...
Chain of Bankruptcies
Phase one was the personal/small business, phase two was the large corporations, three will be the small munis, step four will be national bankruptcies. Vallejo and Iceland was just ahead of the curve.
Dear LA: The results of your cultures came back. Not only is it highly contagious but we are still working on a cure and the treatment is very painful and there's almost no hope of a vaccine.
Dear Silicon Valley: The results of your cultures came back....
Dear Seattle: The results....
Dear America: ....
GH wait until tomorrow if we are up tomorrow than cover some shorts otherwise optimism seems at a high here.
In capitalist america, big apple bite you.
goldman reports tomorrow morning. jpm on thursday....
C is a much better investment today than last Thursday. 25% better.
The ultrashorts OTOH, not so much.
Average rents for a NYC studio are $1800/month? OMG, what shall we do?!?! Time to build a bunker.
/snark off
"Randy Stross is a huge douchebag". Elon Musk Tesla CEO
http://finance.yahoo.com/tech-ticker/article/229933/Tesla-CEO-Blasts-Cri...
Ok anyone but me laughing themselves hoarse over the words "culture" and "LA" being used in the same sentence?
LA culture, soleless as it might be, is actually doing pretty well based on boxed office receipts. Much of the actual labor has been driven out of California and the country, but not a terrible few months for the paper pushers.
I don't live in NYC, but I love that city. If I could afford it, I would live there in a heartbeat. Sure the Banksters are HQ'ed there, but there's a lot more texture to NYC than that. Shame to tar one place for the sins of a nation. We've got lots of corruption & crony capitalism in flyover's small towns. They're just bigger than us.
At least the tea baggers have left--
As another poster so eloquently stated:
middle-class tax protest: another typical case of the Repuglicon right bouncing its balls off the sloping foreheads of those ignorant knuckledraggers willing to believe their insidious lies.
This reminds me of the nasdaq in late '99. Lose mucho $$$$, no problem! Just buy those shares!
"anyone but me laughing themselves hoarse over the words "culture" and "LA""
-------------
Not yet.
I'm still laughing at the "NYC produces culture" comment.
New York is for New Yorkers, I have no desire to live there.
If they kept the impact of their corruption to themselves the way that small towns do, none of us would be complaining.
The sharpest drop in rents - Wall Street/Financial District
They were offering 1-2 months free rent last year. I'm glad I decided to stick it out in the UES. I've lived here for 3 years and 2 weeks ago the doorman building across from me put up a rent sign - first time I've ever seen one. Seeing the same thing across other doorman buildings on my way to work every morning.
Gollum Sachs is starring in the Night of the Living Debt.
Telsa can't raise capital looks bleak. Fisker got capital but is further away from production. What's the deal here?
Why is NYC the only place in the country where one "needs" a doorman?
good point Broward
Bearly
we are a year and a half into this decline I expect it too take twice as long to hit bottom. At least twice as long
It's funny, I bring up the fact that the lion's share of the country's financial problems emanate out of NYC, and it's defenders strike back with yogurt.
Adornosghost:
This was posted two threads back:
"Move Over, MoveOn: Tea Parties Spark Conservative Insurgency Online
Too Bad no Republicans are involved..."
Are the Teabaggers flying false flags? Teabagger Protest looks like it's no longer (and maybe never was) a grassroots movement. It appears to be a well-orchestrated astroturf operation funded by the Billionaire boyz & GOP lobbyists. It's morphing into an attack by highly partisan groups.
So who's funding & staffing the teabaggers? I've heard it's Citizens for a Sound Economy Foundation (aka FreedomWorks). FreedomWorks is run by Dick Armey.
Check this out:
http://thinkprogress.org/2009/04/09/lobbyists-planning-teaparties/
And here's a link to who's funding the radical right attack dogs:
We probably won't find out the lowdown til the protest is over. But they'll be back.
Dead Monkey: Corruption's bad anywhere it occurs. Most in my village just see it as "business as usual."
Arbitrage Macht Frei wrote on Mon, 04/13/2009 - 12:50pm.
Why is NYC the only place in the country where one "needs" a doorman?
Wait a year for:
Why is NYC the only place in the country where one "needs" an armed doorman?
Then wait another year for this cultural trend to spread to the rest of Cenurban America.
Eh, plenty of problems, though not as many, came out of Orange County in recent years, and besides the land that place has absolutely no redeeming qualities.
"we are a year and a half into this decline"
------------
housing crash began in Nov, 2005 according to changes in inventory levels
I am ready to enter the bargaining state of grief.
I am ready to trade 1/2 have of my post mortal allotment of virgins for $40 SRS.
During the final years of the housing run up there was a lot of talk about builder concessions not reflected in the "sales price", such as throwing in a swimming pool or pergraniteeling the kitchen. Are we going to experience the same issue on the downslope, with landlords frantically trying to maintain "rent price" by throwing in months of free rent, free parking, shorter leases, etc.? Are there any numbers aggregators that try to normalize the data to account for these freebies? One free month on a two-year lease is 4% off all by itself.
I wasn't aware that Wall Street was located in Santa Anna.
A late day visit from Elmo!
CR when are you going to start twittering? Actually I've love to see Jas's feed. BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, BBAD, LOL! !
BTW: I like the "idea" of a Tesla car. Simple in design, easy to repair & maintenize. In the long run, it'd save you money. But $50,000 too much for a lot of people...especially those driving clunkers that belch smoke.
Why is NYC the only place in the country where one "needs" a doorman?
We don't like gated communities--it is apparent that some here find the arts useless and have better things to do with their time than go to museums and concerts. Wonder why those places are so crowded all the time--could it be that appreciating the arts is an acquired taste--from those exclusive schools some here mock? I like them, and I went to Brooklyn College--lucky me.
Broward Horne wrote on Mon, 04/13/2009 - 12:57pm.
housing crash began in Nov, 2005 according to changes in inventory levels
Housing crash began Oct 6th, 2005 shortly after breakfast when my once every other week housekeeper announced in broken English that she had bought 1/3rd the house for 3 times the price in 1/10th the neighborhood as mine.
"t is apparent that some here find the arts useless and have better things to do with their time than go to museums and concerts"
---------
It's apparent that some here believe the NYC is the only city in the world with museums and concerts.
Heh heh heh.
To all those scoffing at rents in Manhattan, believe me when I say that you definitely get what you pay for. There's a reason we all pay twice as much for a place half as large.
If one doesn't live in NYC, they obviously are uncultured, according to those that know best.
"There's a reason we all pay twice as much for a place half as large"
-----------
Obviously true.
There's also a reason that people paid a premium for the services of Bernie Madoff.
Housing crash began Oct 6th, 2005 shortly after breakfast when my once every other week housekeeper announced in broken English that she had bought 1/3rd the house for 3 times the price in 1/10th the neighborhood as mine.
Rob Dawg. This is true. I knew when someone with 5k to their name bought a 280k home in Sacramento. That was May 05'
Above I meant 1.5 years into the stock market decline.
GS reporting numbers early too late to trade now. GS gets the jump on everyone. Yeah
Here's the bottom line Noo Yawkers...
Very soon the country is going to go into a financial flat spin of which there is no recovery possible.
The blame game will be focused on your fine city, rightly mostly not wrongly.
Defending the undefendable vis a vis a sense of self-importance in matters culture is going to only exacerbate the situation.
Consider this:
We lost the Civil War (all of us) and it has step by step been turned into a huge plantation.
"Older" (those older than I) people trained and allowed on HOW to think. Not what -how.
They were the anchors. Do not marginalize or allow that to happen. Engage.
I'm in the middle: they are pushing-cannot go back, cannot hold the line-too thin, too spread out. It's too heavy. Cannot push forward, cannot hold up/ support, cannot pull forward. They are pushing-there is a cavernous hole ahead. Build bridge across or go around?
ancedote:
In nova 2007, prices start to drop some toward the end of year.
Other: Yea! I have to, I want to, I might miss so forth so forth
Me: Wait, see what it does, hold off, you have worked hard...three months.
Shortly into 2008 other buys in range of 280K, notes that neighbor mentions you paid 20K less than I did, notes that two months later someone else pays 20K less than other did. Tried to stay in contact have not heard back. Looking at current prices-guess-timating one year later: 150K underwater and 50K retirement money that was used *poof* gone-58 years old.
GS taketh
and taketh again
glad our tax dollars funded their 'profits'
Arbitrage Macht Frei, but there's PIMCO, New Century, all the defunct issuers that invented these mortgages, in concert with Wall Street. You could probably say Fairfield County did the same or more damage though.
NYC is a overrated concrete cesspool...I feel like I am being kind for that statement...I would never live there and pay these prices for a cracker jack box...
GS will leave TARP because, hey, if you get it through the AIG backdoor, why take it in the front door?
MEL wrote on Mon, 04/13/2009 - 1:03pm.
Why is NYC the only place in the country where one "needs" a doorman?
We don't like gated communities--it is apparent that some here find the arts useless and have better things to do with their time than go to museums and concerts. Wonder why those places are so crowded all the time--could it be that appreciating the arts is an acquired taste--from those exclusive schools some here mock? I like them, and I went to Brooklyn College--lucky me.
Care to see my quarter century of ticket stubs and annual passes to the Hollywood Bowl and LA History Museum respectively? Look, regurgitating old New Yorker Magazine covers as to the map of the world is not productive.
If you don't like gated communities why the doormen? Oh, "doormen" aren't "gate guards." Yeah, I've heard the "it's different here before."
Macht Frie: "If one doesn't live in NYC, they obviously are uncultured..."
I don't think anyone's saying that. It is a great city and one among many. It has the total package: Super food, architecture, plenty of bookstores, history, museums, music, Broadway. Much to enrich a life.
I am from LA and live in SF now. and well I get the distinct feeling that people here want you to feel uncultured. I'm told its the same in NYC.
If LA doesn't produce culture, the one thing I have to say about it is that people are pretty up front about the fact that they are fairly ok to admit that they like overly commercialized music and lots of other "uncultured" things
"in concert with Wall Street"
There's plenty of guilt by association to go around, but the spokes of the wheel all revolve around Wall Street
Don't think of them as profits, think of them as tithes. Banks are the new Catholic church.
None of this matters, CRE REITS go up every day of late.
XLF and IYR have some of the highest short interest of anything on the NYSE. No surprise really.
"Defending the undefendable vis a vis a sense of self-importance in matters culture is going to only exacerbate the situation"
-----------
Relax, NYCers, we're just have a little fun at your expense.
I, for one, harbor no ill will towards NYC and think it's an interesting city.
And I suspect it will become even more interesting when the food supply chain breaks down.
HO!
If I had real money, the kind that buys a security bubble and personal assistant, I would live in NY. Alas, the best I can hope for is Werners Moms basement in jersey
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
Nice to have hard statistics on NYC.
I've followed rents (informally) in Miami, Tampa and Atlanta with a view to possible relocation, and I must say it appears Atlanta rates broke sharply downward last month. The number of new towers recently completed appears to have snapped rental management companies' resolve to demand a premium for luxury highrises.
Tampa isn't there yet. Every kind of incentive is on offer at 'townhouse' and loft developments in or near Tampa, but the Harbor Island and Channelside towers and the two newest midtown projects (Skypoint and Element) remain in the hands of Real Estate Professionals demanding top rates - so at Skypoint, a condominium, occupancy is dropping while Element (recently completed and now officially rental only) is very thinly occupied. Very sticky though perhaps slippery soon.
I'm seeing some genuinely good values in and near Miami's Brickell Key, but with inventory so massive, can't help wondering about HOA/Condo Assn fees there and in some of the new Biscayne Blvd luxury properties.
I'll retract my comments about NYC when Hollywood makes a movie entitled; "Escape To New York."
Escape from New York: still a better movie than Escape from LA
And that will never change. In fact, as the years go by, it only improves in comparison.
lol. the USG. might break even on its common stock investment in C
Wow burnside, speaking of places that I'd never want to live...
At least the tea baggers have left--
As another poster so eloquently stated:
middle-class tax protest: another typical case of the Repuglicon right bouncing its balls off the sloping foreheads of those ignorant knuckledraggers willing to believe their insidious lies.
The thing that really bugs me about this is not the idea of protesting wasteful spending, but that the "Reagan Conservatives" are hijacking the movement started by the Ron Paul crowd.
IMO they're taking something good and sh-tting all over it to capitalize politically on somebody else's effort.
Of course I never really expected anything else from politics...
GS blows out numbers.
In other news, water is wet.
BBC's Top Gear tested the Tesla or at least tried to. Two of them could hold together long enough to finish the test. Maybe that is why they can't get funding. An inconvenient reality.
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The Tesla sounds suspiciously like the "Dale" circa 1974.
NYC is not the only place for culture--but is a place any cultured person with the means goes to and enjoys. It isn't provincial to say NY has the biggest and the most diverse--it is foolish to say it has the only. It is also insane to blame the country's collapse on the city. Real estate bubbles are not a NY phenomenon--and the pols that withdrew the regulations were not from NY-- Reagan from CA,Clinton from ARk, and the Bushes from hell.
GS blows the Xucking doors off the wall
April 13 (Bloomberg) -- Bill Gross, manager of Pacific Investment Management Co.'s $144 billion Total Return Fund, increased his holdings of U.S. government debt to 28 percent in March, the highest percentage in almost two years.
April 13 (Bloomberg) -- Bill Gross, manager of Pacific Investment Management Co.'s $144 billion Total Return Fund, increased his holdings of U.S. government debt to 28 percent in March, the highest percentage in almost two years.
Dead Monkey Bounce, don't worry. Vienna or Settignano will almost certainly win in the end, but I want a 'skybox' here in the US somewhere.
Or not.
Yeah right, Wall Street wasn't the driver behind most every financial chimera ruse?
If you love where you live then you are in the right place. No need to piss on the other guys lawn.
Not wanting to live in NY CIty at some point in your life is sad.
It is like doing coke and screwing a friends girlfriend. It was fun, it was hot, but it something that only works at a certain period of your life.
http://afterthecrash.net - Home of the Doomer Story Portal and Other Stuff
ac: Thread's gone but thanks for the info on the teabaggers. I respect Ron Paul, even tho I don't agree with him all the time.
Guess the GOPpers recognized the resonance, saw a void in leadership & moved to fill the void. Pretty twisted...it WAS a good idea at one time. They took over Perot's party too, and destroyed it.
Other great U.S. cities...SF & San Diego circa 1950-late '70s before the Great Migration, New Orleans before the Great Flood, Chicago. Color & character if you want to live in the big city.
Nova, NYC: For the young, the very young or the rich, the very rich.
Dead thread reply--I am not rich--you'd be surprised to learn that the museums are not expensive and almost all theaters have cheap seats. As for living accommodations--not all of Bklyn is expensive--actually Sheapshead Bay is lovely, convenient, and reasonable.
Dead thread reply--I am not rich--you'd be surprised to learn that the museums are not expensive and almost all theaters have cheap seats. As for living accommodations--not all of Bklyn is expensive--actually Sheapshead Bay is lovely, convenient, and reasonable.
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