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The Housing Bubble
Examining the home price boom and its effect on owners, lenders, regulators, realtors and the economy as a whole.
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Name:Ben Jones
Location:Northern Arizona, United States
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Free government workshop for troubled homeowners Monday in Hollywood
By Jeff Ostrowski Palm Beach Post Staff Writer
Posted: 11:50 a.m. Thursday, July 7, 2011
A free Help for Homeowners workshop is scheduled for 11 a.m. to 7:30 p.m. Monday at the Westin Diplomat Resort in Hollywood, 3555 S. Ocean Drive.
The event is sponsored by the Obama Administration’s Making Home Affordable Program, HOPE NOW Alliance and NeighborWorks America. Troubled borrowers can meet with mortgage companies and federally approved counseling agents to work on a solution to help them stay in their home.
For more information, go to http://www.MakingHomeAffordable.gov.
http://www.palmbeachpost.com/money/foreclosures/free-government-workshop-for-troubled-homeowners-monday-in-1589073.html - -
Here’s a comment from GH, from yesterday:
“I have been harping on this for some time now. The same is true of medical costs and college costs. The government makes large amounts of money available so folks can afford these services and costs go out of control.
———
There is one very easy way to control college costs: bring back unskilled and semi-skilled jobs to American citizens, the type of jobs you can do with only a high-school diploma, or a 1-2 year targeted apprenticeship program. When college is no longer considered a “need,” college will have to reign in costs or improve themselves to attract students, or they go out of business.
“There is one very easy way to control college costs: bring back unskilled and semi-skilled jobs to American citizens.”
one way to bring back unskilled and semi-skilled jobs is for the american worker to be more competitive.
one way to make them more competitive is to reduce the american worker’s cost of housing.
one way to reduce the american worker’s cost of housing is to let house prices collapse.
one way to let house prices collapse is to stop artificially manipulating interest rates.
one way to stop artificially manipulation interest rates is to abolish the fed.
hey…a new game…six degrees of Ben Bernanke.
BULLSEYE.
Stay on ‘em.
Don’t forget the single-payer health care (or at least a public option). And tarriffs and ending tax breaks for overseas operations.
Don’t forget cutting the second highest corporate tax rate in the developed world.
In much of our society:
You are what you drive, you are where you live, you are what you do.
There is not much demand for non skilled American labor from either end of the market - from the employer’s end or from the employee’s end.
For example, American kids don’t want to mow lawns, don’t want to deliver papers as they used to do in the past. So employers look elsewhere, they look to adult immigrant labor.
So American kids don’t get to experience the association between earning a dollar and spending the dollar they just earned, meaning they don’t learn the value of money.
Nor do they learn the value of work. And what values they learn or don’t learn as kids are the values they take with them as they enter adulthood.
For example, American kids don’t want to mow lawns, don’t want to deliver papers as they used to do in the past. So employers look elsewhere, they look to adult immigrant labor.
__________________________________________________
Im certainly not going to defend any lazy teenagers, but you act like they dont want to when in fact there is no opportunity. I used to deliver the newspaper as a kid - had 30 customers and other friends did the same thing, until I was told my route was being cut down and an older lady was taking over our route.
I also used to mow my neighbors yard every other week, as did other kids until an adult figured out a landscaping/mowing business was easy to start up. When I stopped she just called them.
There used to be a job fair in the early part of spring at my college, which catered to summer jobs around the campus and interviews on the spot - a friend who works at the University said they canceled it, as there were no more jobs available for college kids. Unemployed adults now have taken over that segment of customer service/retail/basic needs jobs.
Next time you go to Starbucks/Target/Any basic retail store, count who is over 45 and who is under 25. Older adults have taken over and they are “glad to have a job”. We went to a semi-famous attraction last month in Pennsylvania, and older people dominated the place. Ticket taker, sidewalk sweeper, coffee bar lady, souviner shop people, parking people….all older Americans.
IMO its the adults who have made bad career decisions or decided not to get an education, which in effect strings out to their adult hood and are now taking an entry level job away from a young person. That young person may have wanted to go to school, but without even a low paying retail job he/she can’t afford to start taking classes or buy textbooks. Whats stopping them? The older adults.
(And before people harp on me, Im not saying everyone over 45 who works at Target made a bad decision. Everyones circumstances are different)
You are young, so your understanding is very self-centered. No one even made an implicit agreement that older Americans are not allowed to take a minimum wage job because those are being “saved” , and that all those jobs are reserved for people under 21. Obviously, there are zillions of reasons why someone may not have had an education at any point in their life, and it is quite neat and easy to say they “decided not to get one” and therefore they should not take the job that was “reserved for you”, but there is no such deal in place. Older people deserve jobs just as much as anyone else. They can take any job available. These jobs are not “reserved” for any particular area of the population with everyone else being a selfish failure for taking said job. The job market is competitive and everyone needs a job. The 21 year old and the 45 year old are equally deserving. The idea that the 45 year old “had their chance” and should now jump off a cliff or something rather than take up space, and how dare they “take your job” is absurd.
“…don’t want to deliver papers as they used to do in the past.”
Could this be because it’s not safe to ride bikes in many areas anymore? My dad is almost 60 and he has often commented on how many more cars are on the roads than when he was my age.
Also, I bet most, if not all, paper routes require a car and license to get the job. That eliminates all younger teens.
analog newspapers…nix
Digital newspapers…get hip
$25.00 per hour “just-make-it-work” phone/internet/media geek job oppoortunity for not-hip adults over 55: Cha-Ching!
Come on people, “cut with the negative waves Kelly!”
Look, can’t you speak English for once!
We can only wish.
Translation:
Enterprising young people can make money doing the work their local elders cannot. Duh.
Every blog needs a resident poet. Give your brains a respite and enjoy ours….
In my small rural community job opportunities are rife for those who can tear themselves away from their video gaming or couch potatoery. I can’t imagine suburban communities are ALL that much different.
For example:
I would LOVE to find a decent seamstress, cobbler, pet-feeder, garbage-bag-to-the-dump-hauler, supply-fetcher, paint-scraper, water seal applicator, weed-puller, ammo-reloader, small motor repairer, blanket/rug launderer, gamebird smoker, fence-repairer, swamp cooler conditioner, baseboard and tile grout scrubber, firewood chopper, etc., to help me out.
Teens and retired can do these in their spare time or on their way into town– and pocket a nice chunk of pocket change. It might not pay the rent, but it will put meat on the table or gas in the family car.
These are cash-on-a-handshake sorts of employment, available to all who have a small skill and a bit of industry to spare, and as corporate job opportunities continue to tank, I expect to see these local semi-underground economies making a comeback out of necessity. I don’t think it has as much to do with survival as it does with attitude.
I grew up in an affluent household in a professional community, and ALL the kids in my family were expected to hold after-school and weekend jobs– as were most of our friends. We did everything from giving music lessons and babysitting, to tutoring math and languages, to mucking out stables, to cleaning local business offices after dinner. Many worked at retail outlets part time, or assisted in doctors’ or vets’ offices or family businesses. Those who didn’t hold jobs volunteered at something– it was simply expected of us.
Somewhere along the line this ethic disappeared as it became fashionable among the middle classes to employ immigrant labor instead of one’s offspring. Surprisingly to some, this practice was not so rife in the upper (and, obviously, the lower) socioeconomic strata, but seemed to be concentrated more in the aspiring trade and merchant classes. A status thing, perhaps?
Anyway, as it spread, it backfired.
Rather than give examples from my own youth, I would put my son up as an example. He has a few skills and is always engaged in some project for a friend for profit. Always. He can do wiring, change an engine out, simple carpentry, etc. He doesn’t think anyone “stole” his opportunities.
Delivered newspapers beginning at 13, had two motor routes as soon as I could obtain a suitable vehicle, and subbed two milk routes after that. I guess I was lazy. Thank God I got my MBA.
“There is not much demand for non skilled American labor from either end of the market - from the employer’s end or from the employee’s end.”
Then how do you explain the lines around the block when a McDonalds or the like has a job fair?
“Then how do you explain the lines around the block when a McDonalds or the like has a job fair?”
What you describe is excess supply, not demand.
That would be the “employee’s end” part.
“There is not much demand for non skilled American labor from either end of the market - from the employer’s end or from the employee’s end.
For example, American kids don’t want to mow lawns, don’t want to deliver papers as they used to do in the past. So employers look elsewhere, they look to adult immigrant labor.”
This comment can only be described as extremely naive at best or, at worst, a bald-faced lie. You should get out more.
Jobs so scarse in Tampa that female janitors clean the men’s locker room at the gym I go to. A new decent looking young white woman mops the floor on the other side of the bank of lockers while I finish drying from my shower and put on my clothes. And it is hard not to be aware of that. On Sundays after my two mile swim, there is always a woman cleaning the bathroom as I walk past her only in a towel.
So jobs are truly scarce here.
“So jobs are truly scarce here.”
Good jobs may be scarce, but there’s plethora of crappy part time jobs all over the place.
Is this debt ceiling debate something to really worry about, or is it just more political Kabuki?
July 7, 2011, 8:37 PM ET
Geithner Warns Lawmakers of Stark Debt Ceiling Scenario
By Damian Paletta and Carol E. Lee
…
Mr. Geithner has pleaded with lawmakers for months to raise the $14.29 trillion debt ceiling, but many lawmakers say they won’t do so unless it is part of a broader deficit-reduction plan. If the ceiling isn’t raised by Aug. 2, Mr. Geithner has said the country could begin defaulting on its obligations.
On Thursday, Mr. Geithner told lawmakers there is no Plan B alternative Treasury could pursue to avoid default, and painted a picture of an immediate economic crisis with global reach if the borrowing limit isn’t raised, these people said.
Specific details of the scenarios Mr. Geithner described couldn’t be learned, but Treasury officials have been watching bond markets to see if there is any nervousness about the status of political talks, and equity and currency markets could also react wildly if investors fear the U.S. government is defaulting on its debts, analysts have said.
…
Geithner needs a good cork for his piehole, IMO. He’s kinda like the boy who cried wolf, anyway, after his little performance with Paulson et al back in the days of TARP. Really pushed that old “fear” button hard.
End the FED.
Folks here and elsewhere bemoan the loss of good paying jobs, which in some cases are replaced by lower paying jobs. Yesterday’s story about the sale of the BMW distribution facility to a third party, who will hire new employees at considerably lower wages, is an example.
With 9.2% “official” unemployment and upwards of 16% real unemployment, the supply of workers greatly exceeds demand for them at this time. We all know what happens when supply exceeds demand. Just look at housing. It’s no different with jobs/wages.
The only way to decrease supply is to instigate a major war, put a LOT of young men and women into uniforms, and transport them to distant shores to fight and die.
We can also work on increasing demand, i.e., jobs. So the discussion topic is- What are some ways that this could be accomplished? What can government do and what can business do? Concrete proposals please. Outside the box thinking is encouraged.
The only way out is exports/import substitution. We simply can’t afford to buy more than we sell anymore, because we’ve borrowed to the hilt.
That isn’t going to get you a rising standard of living. That gets you employment at a falling standard of living.
If the dollar falls far enough, we won’t be able to afford as many imported goods from China. We won’t be able to afford as much imported oil from OPEC. And China and OPEC will be able to outbid Americans for their own food supply.
Some of this will be offset by increased production in the U.S., but since Americans are paid more (even when their pay is going down) the resulting goods would be more expensive.
So you’d get, for example, $10 per hour jobs sewing $150 blue jeans which people would have to patch. Instead of $40 blue jeans purchased on credit.
Let me get this straight WT. You are saying that we can’t afford to buy as much when we have to pay now, as we can when we can promise to pay later. Is that what you are saying?
Supply would also go down if a large number of formerly dual income families decided to have one parent stay home with the kids. (Although this would probably lead to an excess supply of day care and restaurant workers.)
War is not the only way to decrease the labor supply. You could institute socialistic policies like having two people do a half-time job instead of one person doing a full-time job.* You could deport all the illegals.** You could somehow allow one parent to stay home with the kids and save on child-care costs. You could institute single-payer health care so lots of people could retire and/or start their own business, opening up jobs for others. You could locate call centers in podunk towns instead of in India, where living is very cheap so that people don’t need to make a high salary.
—————-
* They have hour limits in France, don’t they?
** I like the idea of a four-hour day for those fruit-pickers in Georgia. I think Americans could handle a four-hour shift, and it would go a long way to deporting illegals.
“You could institute socialistic policies like having two people do a half-time job instead of one person doing a full-time job.*”
That could work, but Is each worker’s pay half of what it would be, compared to working full time? If not, then be ready for a big spike of inflation. Think 1970’s, when women entered the workforce in large numbers. However, that’s not necessarily sufficient reason to reject the idea.
“You could deport all the illegals.**”
Yes. If only we had the will to do it.
“You could somehow allow one parent to stay home with the kids and save on child-care costs.”
“Somehow” isn’t concrete. How about ending the child tax credit, or taxing the worker with the lesser income at a very high rate as an “encouragement” to stay home. Just paying mom or dad to stay home means more govt outflow with no additional revenue. Or, we allow the deflation that would occur as family income initially drops, in a reverse of the 1970’s trend.
The deflation wouldn’t last forever, so maybe we just accept it. Are there other ways to achieve oxide’s suggestion of having one parent stay home?
“You could institute single-payer health care so lots of people could retire and/or start their own business, opening up jobs for others.”
Retire and start your own business means even fewer taxpayers than we have now. Nine out of 10 of those start-ups never make a buck. Our basic problem now is not enough taxpayers.
“Retire and start your own business means even fewer taxpayers than we have now.”
Now theres a beaut.
Yeah, following that logic, entrepreneurship is bad for the country.
It is obvious that if the government pays for everything, there will be less demand for employment. We’ve seen this experiment tried several notable places.
Single-payer health care could take the place of the child tax credit because the parents healthcare costs would not increase with each child. A tax on the lower income is truly too regressive.
The only way to make it viable for one parent to stay home would be for expenses to be cheap enough to live on one income. The big expenses are housing, health care, college. With single-payer health care, jobs that don’t need college, and house prices that one income can afford, it’s not impossible for Mom to stay home. It becomes even easier if they can live close to work or public transport so that the family can live with one car.
I can’t believe I’m advocating a return to the days of 50’s establishment, but economically that seems to work out the best for the majority of society. I guess it would work if it were the 50’s without the racism and social repression.
The only way to decrease supply is to instigate a major war, put a LOT of young men and women into uniforms, and transport them to distant shores to fight and die.
Look down below Bill, give your in$ights. Free!
Examine this idea:
Pass a federal law requiring every carton, box, bag, and container in/on every shipping container, ship, train car, tractor trailer, or any other type of commercial carrier to be inspected individually by a Federally approved inspector when entering the USA.
Such Federally approved inspector will be an employee of one or more contracting firms who provide trained inspectors. The inspectors will be represented by the Teamsters or Longshoremen Unions and shall be entitled to full union benefits and wages, say $60k/year for wages.
Now for the good part; the inspections must be paid for by the shipping company proposing to import the goods. They would be free to choose from any Federally recognized inspection contractor. Of course, they are entitled to collect reimbursement from their customer for the inspection charges as they see fit.
The inspectors would not be required to have college degrees, just a good ole HS diploma. They don’t even have to be particularly smart or good at inspecting as finding something erroneous or bad would be a secondary benefit of this activity.
The primary benefit (although we could never say it) is to make the price of imported goods higher relative to US made goods WITHOUT Tariffs or taxes while creating oh say 100-250k new high paying middle class jobs for non-elite workers. We would also stand a much better chance of actually stopping the flow of drugs, terorist equipment, unlicensed goods, etc than we do now (which is slim to none).
Another 250,000 TSA employees. Nice.
Can you even IMAGINE the graft and corruption that would ensue? (The teamsters and longshoremen have such sterling reputations in that regard….) Remember, too, that much of what comes into this country is American to begin with and has simply been offshored for assembly or packaging.
And of course, no foreign interests would retaliate by withholding their product or instituting the same inspection policies.
The extra packaging and repackaging on this end alone would ensure that our foods, clothing, electronics, building materials, _________ treble in price- and the cynic in me says that there are far too many politically entrenched P’sTB who would never let it happen– for obvious reasons.
Oh, and remember, all those unionists vote Dem.
Other than that, a very cool idea!
Well, to be honest, it would work. And dishes and dresses don’t mind being felt-up.
Maybe it would be a good job for all the military personnel that are coming home from the Middle East. In addition to inspecting packages, they could serve as extra security and anti-smuggle at the border checkpoints.
Will apartment construction turn out to be the key driver of a California home construction industry recovery?
California housing production continued to increase in May
Posted: Tuesday, July 5, 2011 5:45 pm
California housing production rose sharply in May and posted the highest monthly permit total for the year on the strength of the multifamily sector, the California Building Industry Association announced last week.
The number of Napa County new housing building permits issued decreased from 30 to 10 from April to May 2011. However, a total of 56 permits were issued in the first five months of 2011, compared to 33 total permits issued in the first five months of 2010.
According to statistics compiled by the Construction Industry Research Board (CIRB), permits were pulled for 4,630 total housing units in May, up
42 percent from the same month a year ago and up 28 percent from April. Permits for single-family homes totaled 1,908, down 7 percent from May 2010 and down 6 percent from the previous month, while multifamily permits totaled 2,722, up 124 percent from a year ago and up 71 percent from April.
For the first five months of the year, permits were issued for 18,120 total units, up 6 percent when compared to the first five months of 2010 when 17,050 permits were issued. Permits for single-family homes were down 17 percent while permits for multifamily units were up 45 percent.
Read more: http://napavalleyregister.com/business/california-housing-production-continued-to-increase-in-may/article_41317232-a769-11e0-b98b-001cc4c03286.html#ixzz1RWRL0axz
Get hip Professor Bear:
filed under:
“Bidne$$ is Bidne$$”…or… “Do as the Billionaire$ do!”…or…”Get away from me kidz, your beginning$ to bother me”
“Wild Rivers water park in Irvine will close or relocate after this summer. The Irvine Co., which owns the land, plans to build apartments.”
Wild Rivers water park in Irvine will close or relocate after this summer.…:
June 02, 2011|By Sarah Peters, Los Angeles Times
The slides and wave pools at Irvine’s Wild Rivers water park will be permanently closed at the end of summer to make way for an apartment complex.
The 26-year-old water park and nearby Camp James, a summer day camp for children, must shut down or relocate when their leases end Oct. 2.
My question is: When will interest rates reach 8% and what will it do to housing? I’ve been squirreling away the difference between my rent and what I’m willing to accept as a monthly house payment into a savings account since 2004. I’ve got a pretty tidy sum to use as a down payment on my family’s first house. As I calculate it, the more interest rates go up, and presumably prices down, the larger a portion of the house my down payment covers and hence the sooner I can pay off my mortgage. So I’m sitting here drawing little interest and wondering when rates are going to increase.
“been squirreling away the difference between my rent and what I’m willing to accept as a monthly house payment”
They would have to pay me to do that, because my rent is just that high.
In our area you subtract what you need to live (including your rent) from your take home pay and save the rest.
I have my salary deposited in savings and move a fixed amount into checking right before I send off the rent check. What is left in checking is what I have to live on that month including cable/phone/internet bill, food, entertainment, gas, insurance payments (car, renters, long-term disability, etc.), travel, gifts, clothes, and so on. I go “off book” occasionally (by dipping into savings for a large purchase), but not often.
I’m not sure how much of the amount that gets saved I would be willing to add to my rent to make a house payment, but it wouldn’t be anything like 100%
8% interest rates on home loans, with the implication that is a good rate? My guess is at least 5 years from now.
Any suggestions on getting the latest Joshua Tree Extension to work? (I get a message that “This add-on could not be installed because it appears to be corrupt.”)
No. All I did was install FF5 and then drag and drop the new downloaded extension onto it. If I had your problem I would download a new copy of the extension and uninstall FF and clean install FF5 and try again.
Is data imperiling the recovery mantra?
July 8, 2011, 9:52 a.m. EDT · CORRECTED
Hiring weak in June, with only 18,000 jobs created
Report could raise fears of double-dip
By Greg Robb, MarketWatch
A previous version used the wrong data for the employment participation rate.
WASHINGTON (MarketWatch) — The U.S. economy added jobs at an even slower pace in June than in May, suggesting that the sudden slowdown in the economy might be long-lasting and more severe than feared.
Nonfarm payrolls rose by only 18,000 in June, well below the 125,000 gain expected by economists surveyed by MarketWatch.
Job gains in May were revised down to 25,000 in May from the initial estimate of 54,000.
Employment growth has ground to almost a halt in the last two months after several months of strong gains.
“It is about as bad as anyone could image,” said Nigel Gault, chief U.S. economist for IHS Global Insight.
…
Reality keeps intruding on the official narrative, but so far we’ve been able to ignore it. Here’s to Black Mondays.
This relates to Hwy’s “flywheel” mechanism question referred to in the HBB Bits:
So near the end of 1945, when America soldiers/citizens, boys & girls, where returning from saving millions of citizen/peoples not covered in their Nation’s Declaration of Independence, returning to America at the rate of 750,000 per month they just switched from soldier uniforms into work clothes and went right back to the America as it was prior to 1941, right?
x2+ Babie$ /sex / job$ / $helter /automobile$,…1945-1950-1955-1960-1965-1970-1975,…10 years / 20 years / 30 years…
2011: Job$! Job$! Job$!
Same America? Same Sit-u-Ation? Yes? No? How are things different? How are American’s “economic needs” held in compari$on?
The size of their $helter?
The size of their familes?
The size of their cars?
The size of their Savings/Debt$?
(Yes, I tossed sex in there to catch you attention)
Be interesting to see how the price/rent relationship is working out in some of the most troubled markets, Florida, Las Vegas, California, etc.
I’ve been following the Sarasota FL condo market and find prices still above 10x annual rents, even inland.
But asking rents for apartments appear considerably below asking rents for condominimums, when the same age/location/building types are compared. These are not in choice locations, but well inland and often facing drainage ditches or ponds in flood zone areas. I suspect that these are apartment complexes that were built as condos, but never sold (or failed conversions) and purchased by professional investors who now must ask reasonable rents to recover at least part of their costs. The condos, in contrast seem to be owned by speculators whose rental expectations are no more realistic than their asking pices.
Will
“…often facing drainage ditches or ponds in flood zone areas. ”
Waterfront!
“View Property.”
True story: how I contributed to the housing bubble
In 2004 I got a job as an originator with TARP bank. Our primary product was HELOCs, also fixed-term equity loans (the phrase ’second mortgage’ was never used) and credit cards. We got $8/hour+ commission.
Things went really well at first and the commission dollars started to roll in. I paid off some student loan debt and in January 2005 finally replaced my dying ‘91 Camry.
It was a pleasant surprise to sell a customer a new HELOC and then have the appraisal come back higher than expected (because of rising house “values”) and offer them a higher credit line which meant higher commissions for me.
My favorite sales campaign was called Activations. We called existing HELOC customers with unused credit and convinced them either to roll over credit card balances to the HELOC or just to go out and spend on it, even offering to mail out a book of checks tied to the account. I got paid $5 for every $1000 that was ‘Activated.’
Greenspan started raising interest rates every six weeks throughout 2005, and the HELOC rates (80% LTV: prime, 90% LTV: prime+1, 100% LTV: prime+2 for 720 and above credit scores) could no longer compete with conventional mortgage rates, and my commissions started dropping. I moved over to a salaried processor job before leaving TARP bank to start grad school in 2006.
While there were a few customers that I may have ‘helped’ by rolling their 20% APR credit card balances to a 5.5% HELOC, I wonder how much economic misery I am indirectly responsible for causing, how many divorces, bankruptcies, et cetera. Nobody I worked with then still works for TARP bank, and other then the commission checks when we were high-rollers, it was one of the worst jobs I ever had.
“TrueHELOC*Heroin™”/ needles in / drug$ / me$$y $tuff.
So, a counter
punchpoint-of-view is $ubmitted: ““TrueFinancialInnovation™”Ding!…Ding!….Ding!
Referee Sir Greenis$pent: “…to your corners fella’s, fight fair!”
“Hey Ref! …make ‘em take off that Knight$ armor!”
Left Ohio, your story is very moving. I’d encourage you to expand it into an article, or, perhaps a book proposal.
If you’re so inclined, you could pattern your book after Deadly Spin, which Wendell Potter wrote after leaving his VP for corporate communications job at a major health insurer.
Thanks for the suggestion, but it’s not a book worth reading. It wasn’t Glengarry Glen Ross, there weren’t ‘boiler room’ managers banging on desks with baseball bats.
It was just a boring Fortune 500 corporate job (hint: you’ll drive right by the building about 10 miles north of the Ohio River on I-71), I wasn’t making Goldman Sachs wages, it was just a stupid sales job that greatly influenced my decision to go to grad school so I could escape that environment.
5/3!
Do you mean Fifth Third Bank, aka the bank that can’t handle fractions?
Bwahahaha, I just spoke with a guy today regarding a potential gig, who used to be with 5/3. He didn’t tell me that, he’s in a completely different field than banking now, but I took a little peeky-boo at Linked-In.
Say, whatever happened to Wayne Brady?
What caliber gun did you hold to their head to make them take the money?
“IMO its the adults who have made bad career decisions or decided not to get an education, which in effect strings out to their adult hood and are now taking an entry level job away from a young person.”
Or is it that the jobs they once held as adults have been outsourced, hence they’re going back to jobs they once held, part-time, as children? They didn’t cause the economy to fail, nor did those behind them. Those with the most, paying the lowest effective tax rates, did.
Today in a morning I thought market will be down at least 1000 point, but…it seems now we have worst “bubble” in a market than we had real estate bubble in 2007…
The market rockets up on “better than expected” news, and descends like a feather on “worse than expected” news.
It’s almost like there’s a strong updraft.