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October 10, 2008
Dow Status Check

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if i had any money, i'd be putting it (gradually) into stocks right now. it's not like the Dow is going to 5,000.
Posted by: guestula at October 10, 2008 10:15 AM
Absolutely crazy stuff at the open. I can't imagine what it's like to be a day trader on a morning like this -- fortunes made and lost within minutes.
Interesting times...
Posted by: northsloperenter at October 10, 2008 10:16 AM
I have money and I am putting it (gradually) into stocks. It is less risky to buy stocks for the long-term right now than it ever has been in my lifetime.
A leveraged purchase of real estate in New York City at current prices? Massively risky. An unlevered long-term bet on equities at current prices? Not very risky.
Posted by: lechacal at October 10, 2008 10:18 AM
"An unlevered long-term bet on equities at current prices? Not very risky."
You seem to be missing the point that present inflated values are the result of leveraged investing by hedge funds.
A pertinent piece for the day.
http://itulip.com/forums/showthread.php?p=53115#post53115
Posted by: Polemicist at October 10, 2008 10:28 AM
So sadly funny - as Bush talks it seems to cause market to fall
Posted by: fsrg at October 10, 2008 10:28 AM
"The singular feature of the great crash of 1929 was that the worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximize the suffering, and also to ensure that as few as possible escaped the common misfortune."
John Kenneth Galbraith
Posted by: travy at October 10, 2008 10:29 AM
The unbelievable pessimism all around me gives me confidence that now is the time to buy. Maybe it goes down more. Another 20%? OK, that's fine. But with valuations where they are, stocks are getting cheap even by pre-hedge fund world standards.
If you are afraid of what is going to happen to the stock market in the next couple of weeks, you are either a short-term investor or you are missing the point.
And before someone points out the obvious correlary to the real estate market, I will offer the rebuttal that I also sold equities in 2007 and moved into cash. Just because I am a long-term investor doesn't mean I don't move out of the market when I see a bubble on a macro level.
Posted by: lechacal at October 10, 2008 10:34 AM
1929 Redux
Posted by: DOW8000SP800 at October 10, 2008 10:34 AM
e tu, Mr. B.
the site is no longer a safe haven from the financial chaos.
sign of the times.
Posted by: bklynite at October 10, 2008 10:40 AM
Lechacal;
I'm with you. Just added to my positions in GE and other quality companies. When you've got a great company like GE selling with a 6% dividend, and you've got time on your side, it screams BUY, if you've got cash around.
Posted by: benson at October 10, 2008 10:44 AM
lechacal: You are telling people what to do with their money ! Are you for real? You are telling people not buy homes ? You should be banned from this site.
Art dealer buys Yorkville condo for $12M
Art dealer Dominique Levy
By Adam Pincus
Art dealer Dominique Levy and her partner Dorothy Berwin paid $12 million for a six-bedroom, 5,002-square-foot duplex at 170 East End Avenue in Yorkville, city records show. The sale went into contract in May 2007 and closed on September 24, according to city records published today. Levy is a co-director of contemporary art gallery L&M Arts on the Upper East Side, and Berwin is a film producer.
Posted by: sebb at October 10, 2008 10:45 AM
"The sale went into contract in May 2007"
Thanks for that timely news.
Posted by: dittoburg at October 10, 2008 10:47 AM
Yes, May 2007 probably was the top...exactly when I bought my brownstone and sold my Manhattan condo. I think both decisions are proving to be correct.
Posted by: daveinbedstuy at October 10, 2008 10:51 AM
My Point is you have this CLOWN running around this board telling everyone the sky is falling. He has no (Zero) basis for his comments . He is not taking anything Into his fact finding, Did he realize that Nyc is the Safest Big city in America? Thanks to our Wonderful Police Dept and Police Commish. Then he makes comments that people should wait 1 or 2 years to buy.
So tell me this, I should not buy a 3 or 4 family home, not collect the rents which could be over 100k or 200k a year and sit here and hope the price falls more than 200k? Forget about the tax write off and the fact of renting means i am throwing my money in the garbage.
Posted by: sebb at October 10, 2008 10:57 AM
Sebb: People can do whatever they want. I am just telling people what I have chosen to do with my own money. You chose differently, and that's fine. If you think buying Brooklyn real estate at current prices is a good idea, then...well....good for you I guess. No point in having an angry exchange about it. Time will be an impartial judge.
Posted by: lechacal at October 10, 2008 10:58 AM
Benson you may be right but expect a dividend cut - you aint collecting 6% if things do not dramatically change
Posted by: fsrg at October 10, 2008 10:58 AM
Sebb--while I appreciate your sunny take to a certain extent, there is a way to engage on this level without making it seem like you don't see what is going on right in front of you. As someone who just this month bought a new home, I share your enthusiasm for Brooklyn and think that my house is going to be a wonderful place to live for many years. At the same time, it is fairly obvious that the shit has hit the fan economically so the sheer boosterism of your approach wears thin. Somehow we need to find a middle ground between What/DOW style run for the hills and your brand of out of touchness. How about some level headed, how can we keep Brooklyn a great place to live? That's where I am at--pragmatic solutions for how to keep our neighborhoods strong.
Posted by: wasder at October 10, 2008 11:01 AM
sebb- by all means dump all your money in the stock market and brooklyn condos. show you're right!
Posted by: travy at October 10, 2008 11:01 AM
As the economy plummets, the crime rate does the opposite.
We'll see what that does for property values.
People who bought into established, middle class hoods will be the best off. Those who tried to be pioneers are in for a rude awakening.
Posted by: Come Clean at October 10, 2008 11:02 AM
Come Clean-it is that kind of attitude, cavalierly expressed on a site like this that makes me feel like you are an anti-social person. Why not spend some time thinking about how to prevent that from happening?
Posted by: wasder at October 10, 2008 11:07 AM
Wasder for Boro President. Move over Marty!
Posted by: lechacal at October 10, 2008 11:10 AM
Ready to serve Lechacal. Though I love Marty because he always gives me those great Brooklyn lapel pins.
Posted by: wasder at October 10, 2008 11:22 AM
"Come Clean-it is that kind of attitude, cavalierly expressed on a site like this that makes me feel like you are an anti-social person. Why not spend some time thinking about how to prevent that from happening?"
Good lord. No need to take it personally. Do you really care where some anonymous poster ranks on the sociability scale? How 'bout you address the substance of my comment.
Indeed, AFTER I wrote it I checked the Times and saw that they have an article entitled "Keeping Wary Eye on Crime as Economy Sinks." What a coincidence!
And while I appreciate the implication that I have the potential to somehow prevent a mass crime wave from being the natural consequence of a massive surge in unemployment, I'm sorry to say I'm a humble NYer not quite up to such a task.
But hey, that's why I've been happy renting and not having kids. Gotta be ready to flee at a moment's notice if necessary, and owning real estate is a great way to stay both physically and psychologically locked into a place that you may have to leave.
Posted by: Come Clean at October 10, 2008 11:22 AM
Come Clean..."But hey, that's why I've been happy renting and not having kids. Gotta be ready to flee at a moment's notice if necessary, and owning real estate is a great way to stay both physically and psychologically locked into a place that you may have to leave."
Makes it all sound like Nazi germany or Zimbabwe. Now I know we're getting close to a bottom.
Posted by: daveinbedstuy at October 10, 2008 11:26 AM
"When you've got a great company like GE selling with a 6% dividend, and you've got time on your side, it screams BUY, if you've got cash around."
Yes, I'd have to agree.
Posted by: East New York at October 10, 2008 11:30 AM
Hey Come Clean--sorry if that was a rude remark but I get awfully sick of people ready to flee at the least bit of adversity. I do take it personally in that this is my home and has been almost my whole life and I am invested in it on many levels. I am glad for you that you can flee at any given moment. I of course can't and won't. And no I don't think you personally need to go out and figure out the answer to rising crime. But I really don't see how your post furthered the conversation either. It feels like unnecessary piling on.
The problem first and foremost is defining in a city like Brooklyn what "middle class" neighborhoods are. Almost all neighborhoods in Brooklyn contain a cross section of people from all rungs on the economic ladder. Secondly, people fleeing the city is exactly the wrong approach for these kinds of times. Mostly people just need to be good neighbors and they will see that their neighborhoods will be nice places to live whether the DOW is up or down. Say hello, engage with your fellow Brooklynites. Pick up a piece of trash. Its not too hard.
But again, sorry for picking on you directly. Your post was reflective of a broader attitude that I find tedious.
Posted by: wasder at October 10, 2008 11:32 AM
"As the economy plummets, the crime rate does the opposite."
This statement isn't even true.
The last recession in the United States was 2001-2003, a time when the crime rate was plummeting.
Posted by: 11217 at October 10, 2008 11:33 AM
I'll be on the 5:10 to Philly today...."fleeing the city!!!"
LOL
Posted by: daveinbedstuy at October 10, 2008 11:35 AM
Come Clean: where will you go to Idaho? Nebraska? or the mountains and live like a Hermit. Let us know how those hick police handle the crime . This is and always will be the center of the universe good times and bad.
Posted by: sebb at October 10, 2008 11:37 AM
11217--good point. Also, I meant to stick up for you in the politics thread and fell asleep before I did!
Posted by: wasder at October 10, 2008 11:37 AM
The crime rate was pretty low throughout the Great Depression - it has relatively little to do with poverty.
There's a good argument to be made that crime causes poverty - people who live in a crime-ridden area are unable to sell their homes, run safe businesses, etc. Reduce crime, and people will have a better chance of making a buck.
Posted by: sixyearsandcounting at October 10, 2008 11:43 AM
The DOW would have to come back down to approx 6763 to be back in line with inflation-adjusted historical growth (1.64%) from 1924-present. Be wary all you 8000 buyers.
This guy has a great website for inflation-adjusted market graphs, etc.
http://homepage.mac.com/ttsmyf/recDJIAtoRD.html
Posted by: setancre at October 10, 2008 11:56 AM
"This is and always will be the center of the universe good times and bad. "
yes, brooklyn was an absolute paradise during the 70's and 80's...
Posted by: travy at October 10, 2008 11:56 AM
What would be so bad about the real estate market dropping?
If you're renting, you're good. Either keep renting or you are much better buying now than later.
If your family is growing and you're trading up, you're better off. Sure, your 2 bedroom is worth 20% less, but so is that 3 bedroom you have your eye on and that's a bigger absolute drop. Ditto people moving up from a 1 bedroom to a 2.
If you're retired and downsizing, you're screwed -- unless you're moving to a traditional retirement area like Florida, Arizona, LV. All markets much lower than NY.
If you're fired and you have to move, you're likely moving to an area much harder hit for far longer than NY since almost all of the US has had it rougher than us.
If you're staying put, who cares?
If you bought a place you had no business buying in the first place, you're screwed. And if you were buying in an area you were betting on radically improving, you're screwed. But those are the people who were placing pretty big bets in the first place.
Posted by: Ringo at October 10, 2008 11:56 AM
"What would be so bad about the real estate market dropping? "
that sinking feeling your cock isn't as big as you thought it was these last five years?
Posted by: travy at October 10, 2008 12:04 PM
but you KNEW that! in your heart, you knew that all along...
Posted by: Ringo at October 10, 2008 12:08 PM
setancre,
If I had as little as 5k and 5+ years to play with, I would be investing in the market right now. Yea, the market might go down as far as 7000 but thats the min. because these companies are worth something and bad debt isnt permanent. There are amazing companies that can be had for dirt cheap...just don't buy GM because they are definitely going out of business lol. I wouldnt mind going down 10-20% in the next yr because it will be up 50+% within 10 years.
Posted by: gatesave at October 10, 2008 12:15 PM
travy...when you're in a bull market and paying hookers (or hustlers) every week they'll never tell you what they think you don't want to hear. :)
Posted by: daveinbedstuy at October 10, 2008 12:17 PM
dave, that's what you're paying for!
Posted by: travy at October 10, 2008 12:21 PM
Its nice to see that this blog has degraded into its usual discussion of hookers, hustlers and other stupidness....instead of the actual posting and providing a forum for intelligent thought. GREAT JOB DONE BY ALL!
Posted by: gatesave at October 10, 2008 12:23 PM
The discussion thread is about the movement in the DOW.
How can we have intelligent thought on a DOW that swings from down 600 to up 40 and then back down 400 and moving back up???
Please, gatesave....add some "intelligent thought" here.
Posted by: daveinbedstuy at October 10, 2008 12:29 PM
I've never paid a hustler for sex travy. I have paid for them to leave in the morning though....paraphrased from the great Charlie Sheen.
Posted by: daveinbedstuy at October 10, 2008 12:30 PM
g.e. profits down 22 percent. sure about that buy?
http://afp.google.com/article/ALeqM5izE49GukSgb91tH-N5izws8LH4dg
Posted by: travy at October 10, 2008 12:32 PM
I'd still be leery of the dividend at both GE and HBC. We've been buying BAC (already cut the dividend and raised $10B) and PFE (Pfizer)...6.1% and 8.7% respectively.
Posted by: daveinbedstuy at October 10, 2008 12:35 PM
I'm gonna start buying at DOW 6000
But Dow 4000 also has a nice ring to it.
In 1994 I remember the Dow being around 4000.
Doesn't the 4 in 1994 and 4000 seem to have a poetic and somehow fitting symmetry?
Posted by: IronBalls at October 10, 2008 12:48 PM
It takes a guy with iron balls to make a bold faced prediction like that!!!! What are you going to do if it never gets that low??
Posted by: daveinbedstuy at October 10, 2008 12:51 PM
What we're doing this weekend: visiting Chelsea galleries and getting ready for out of town guests...while taking care of our very elderly aunt...
:-)
Posted by: BrooklynGreene at October 10, 2008 12:51 PM
In the goood old days, when stiffly-saluting captains went down into the briney at the helms of their ships, stockbrokers would jump off the window ledges when this sort of thing happened.
No pride in the job nowadays.
Posted by: dittoburg at October 10, 2008 12:53 PM
Gatesave I wasn't asserting an opinion on where the DOW is going. To be perfectly honest, it looks enticing to me to buy right now as well. I was just stating factually that with the inflation-adjusted average of 1.64% growth since 1924, the DOW would be worth approx 6763 right now. If you think it is worth more, than it would be because you think the growth rate has changed and is higher in the last X number of years. If you think the growth rate will stay at it's historical average rate, than 6700ish is the number should expect the DOW to return to in a "perfect" correction right now. What the DOW will be 10 years from now I have no idea largely because I have no idea what inflation would look like either.
Point being, after doing the calculations, I decided to hold off investing add'l money (which I have been seriously considering the last few days) and thought it'd be nice to let others know how the math works out as well.
Posted by: setancre at October 10, 2008 12:53 PM
Iron balls has a point. Most bad market crashes lose at least 80 percent from the top. That would but us at around 3000. That would be scary. If you play the market use options as a hedge.
Posted by: HOBOKENROCKS at October 10, 2008 1:05 PM
setancre
I think your 1.64% growth rate is flawed due to the deflation experienced in the 1930s and the price controls of the WWII period. A better metric would be 1945 until today.
Posted by: Polemicist at October 10, 2008 1:08 PM
So I see we now have predictions of 8000, 6000, 4000 and 3000; all of course backed up by strong fundamental analysis. LOL
Posted by: daveinbedstuy at October 10, 2008 1:09 PM
My dog's cousin's hairdresser says 7500.
Posted by: dittoburg at October 10, 2008 1:11 PM
QOTD dittoburg. LOL
Posted by: daveinbedstuy at October 10, 2008 1:13 PM
Polemicist unfortunately I can't take credit for the 1.64% growth rate, it is the fellow here (I posted his website link earlier in the thread) at: http://homepage.mac.com/ttsmyf/
I used his research for my calculations. He goes into a lot of depth on his page as to how he arrived at the 1.64% growth rate, and after reading through all of it, I have no reason to believe I could have estimated it any better, so I'm not gonna try. =)
Posted by: setancre at October 10, 2008 1:15 PM
i continue to believe that the bottom will be represented by a return to the fundamental metrics like price to earnings and home price to median income ratios. stocks and homes have been seriously overvalued speculative bubbles for a long time. this blood letting is a good thing...
Posted by: travy at October 10, 2008 1:17 PM
Crime rates will be fine the NYPD has a real good hold on what's going on with Compstat and cameras going around the city everywhere you look.
Posted by: sebb at October 10, 2008 1:19 PM
It's the Obama effect. . .
The smart money knows that a far left liberal is now a shoe in for president and that together with a liberal majority congress, he will destroy the free market economy in this country.
He's made very clear that his priority is to raise taxes on folks who earn the most and reduce taxes on those who earn the least.
The result will be the Great Depression II and smart investors know it, so they're selling like mad.
The bleeding won't stop at least for another four years when a new administration takes over.
The housing/mortgage crisis is the fire, but the smart money is afraid Obama will try to put it out with gasoline instead of water.
Posted by: IronBalls at October 10, 2008 1:22 PM
sebb...I have yet to spot any cameras anywhere. Where have they been installing them?
Posted by: daveinbedstuy at October 10, 2008 1:22 PM
"It's the Obama effect. . .
The smart money knows that a far left liberal is now a shoe in for president and that together with a liberal majority congress, he will destroy the free market economy in this country.
He's made very clear that his priority is to raise taxes on folks who earn the most and reduce taxes on those who earn the least.
The result will be the Great Depression II and smart investors know it, so they're selling like mad.
The bleeding won't stop at least for another four years when a new administration takes over.
The housing/mortgage crisis is the fire, but the smart money is afraid Obama will try to put it out with gasoline instead of water.
Posted by: IronBalls at October 10, 2008 1:22 PM"
WOW...what a load of crap.
Posted by: daveinbedstuy at October 10, 2008 1:28 PM
Tune your talk radio dial in a little further close to center for god's sake IB.
Posted by: daveinbedstuy at October 10, 2008 1:30 PM
"The smart money knows that a far left liberal is now a shoe in for president and that together with a liberal majority congress, he will destroy the free market economy in this country."
Obama is not President. He is merely RUNNING for President. I love how you can blame the economic meltdown on someone who has no leadership capacity at the moment instead of the person/people who HAVE been running the country for the last 8 years. THEY are the people who have ruined the free market economy, not someone who has yet to be voted into office, and even if they do, will not for another 4 months.
Your powers of reason are severely handicapped.
Posted by: 11217 at October 10, 2008 1:34 PM
DIBS - Just wanted to check if I'd cleared things up last night. I posted in haste just before leaving work. I enjoy your posts here and hope to avoid being thought of as a jackass if possible.
Posted by: cwbuecheler at October 10, 2008 1:36 PM
daveinbedstuy: they are all along 5th ave in Sunset Park. They of course are on the brooklyn bridge. The whole Harbour is filled with them. They have a few scattered in Bay Ridge. Many of the Housing developments have them. There are others but I am not 100% sure of the locations. The Mayor has annouced that 3000 more will be put in place.
Posted by: sebb at October 10, 2008 1:37 PM
Yes cw...see my comment under yours at Open House Picks. I probably jumped on that too quickly last night. And, it probaly came up during the innings where the Phillies were still behind!!!!!
Posted by: daveinbedstuy at October 10, 2008 1:39 PM
Thanks sebb. I'll keep an eye out for them. just want to make sure they don't have one aimed at my front door to see my comings and goings!!!
Posted by: daveinbedstuy at October 10, 2008 1:40 PM
cw...even the best of us are called jackasses here from time-to-time; usually by other jackasses!!!
Posted by: daveinbedstuy at October 10, 2008 1:49 PM
"sorry for picking on you directly. Your post was reflective of a broader attitude that I find tedious."
Apology wholeheartedly accepted. And unlike others (who shall remain nameless), I do not wish to make comments with the intent of antagonizing people. Really.
But on the other hand, I feel like people need a wakeup call. I, in a George Carlin sense, am delighted about the crash. As an eternal optimist, I think that things will eventually be much, much better. However, I also truly believe that before we reach the golden age, things inevitably must get much worse.
The system was designed to fail. But lest you think I'm being sarcastic about this being a good thing, when was the last time Britney Spears (e.g.) was front-page news?
The collective coma that the people have been in is finally ending. People are starting to actually understand how the Fed works and how screwed-up the system is. These bubbles were the bread and circuses serving to distract the masses. Now that they've burst, people are finally beginning to wake up. Hallelujah!
Posted by: Come Clean at October 10, 2008 1:50 PM
11217,
Wrong again.
The stock market factors all known data IN ADVANCE.
Bush is obviously inconsequential at this point to the economy, the stock market, and pretty much everything else, except maybe his wife.
The Obama Effect has started and it's effects will do damage for decades unless a miracle happens and he loses the election.
Posted by: IronBalls at October 10, 2008 1:50 PM
"The stock market factors all known data IN ADVANCE." You really think that's happening here with this volatility. Very, very naive.
Posted by: daveinbedstuy at October 10, 2008 1:57 PM
I'm just happy to see you've already give the election over to Obama, Ironballs.
He is our only hope of getting out of this alive.
Posted by: 11217 at October 10, 2008 2:07 PM
shorter ironballs: there's a new sheriff in town and all the criminals are shaking in their boots.
Posted by: travy at October 10, 2008 2:08 PM
"The Obama Effect has started and it's effects will do damage for decades unless a miracle happens and he loses the election."
Sarah Palin could get a brain transplant.
Posted by: daveinbedstuy at October 10, 2008 2:09 PM
This is pure panic selling and mass redemptions - it has ZERO to do with such reasoned analysis as to what an Obama administration will look like next year.
Frankly you can just as easily say that the sell-off reflects the fear of what will happen in this country if the "Bradley effect" makes McCain president. - of course that is as speculative and baseless and Ironballs post.
Posted by: fsrg at October 10, 2008 2:16 PM
We're still doing the Chelsea galleries this weekend.
A lot of people looked rather glum on the streets of Manhattan today.
Last night we drove past a lot of restaurants that were brimming with revelers. Morandi on 7th Avenue (not my cup of tea) looked full (granted, we whizzed by).
Saturday night we (actually) managed to get a cab at Great Jane/Bowery rather on the late side (for me). The young people seemed oblivious to it all. There were mobs of party goers/bar hoppers.
Hhh... I knew all this mess would happen. I wish someone would come along and offer us a clean $1m for our FG rowhouse. I think we would just take it at this point and permanently move to the country. I guess we'll get $750 for it next year. What do the guys in finance on this blog think?
Will there be a market next year at all? We're getting to the age where I don't relish the idea of hanging in 10 years.
Posted by: BrooklynGreene at October 10, 2008 2:30 PM
IronBalls - are you acting out of pure fear of having your own taxes raised by Obama? Even Warren Buffett (no market dummy) supports increased taxes on the wealthy (and Obama). And it seems like many, many other smart economists & business people are supporting Obama. Oh, I forgot, it's useless to engage in discussion with you since you just hurl insults and have no substantive points to back up with facts. Despite the occasional drivel on this list, I'm grateful to hear more measured voices like 11217 (whom I've not always agreed with) and wasder, who seems like just the kind of homeowner that will deal with this crisis well. And by the way, I agree with Ringo's analysis of who will be fine and who will get hurt in this market - hopefully, most people will be fine (since they are suffering just a paper loss, will still sell at a decent profit from their original purchase price, or will sell at a loss but trade-up to a cheaper place anyway). It's true that some people will not be so lucky, and I feel for them, though realistically, some of them had no business buying a place beyond their means in the first place.
Posted by: Miss Muffett at October 10, 2008 2:33 PM
Um, I think I could get $750K right now for my Brownstone, BrooklynGreene and I'm in Bed Stuy. You want $750K for your rowhouse in FG??? Where's that guy who rants about wanting to buy a brownstone in Brooklyn Heights or 3/4 of a million? You could probably sell to him pretty easily right now for your asking price. But why would you want to?
Posted by: MacD at October 10, 2008 2:36 PM
Are you two retired BrooklynGreene? If not, you have jobs here in the city right? Why make the commute even worse??
I think a lot of people are really letting this get to them. If your house isn't for sale now because of whatever circumstances and you can stay there for another 3-10 years then don't sweat it!!!
Posted by: daveinbedstuy at October 10, 2008 2:36 PM
FSRQ,
I disagree. The market is acting rationally considering how badly the housing crisis is hurting our economy and basically putting a stop to the credit markets.
On a micro scale townhouses prices in Brooklyn will lose at least 50% of their value by the time this thing hits bottom.
But why not? They've increased three hundred percent in the last decade.
Posted by: IronBalls at October 10, 2008 2:37 PM
IronBalls - at last, something we can agree on - that the NYC housing market will take a hit. I suppose in inflation adjusted terms, 50% is not implausible. Again, I give the example of our friends who bought a prime townhouse in prime PS for $1mil in 2001 which this past spring was valued between 2.6-2.8, so indeed about a 300% increase. But if they sold next year for 1.3-1.4, they would still have done OK. Presumably, anywhere else they move to would also be cheap so it's not like they wouldn't have other good housing options.
Posted by: Miss Muffett at October 10, 2008 2:42 PM
Muffet,
I look forward to reading your excuses six months from now defending the disastrous Obama presidency.
You won't be able to mimic the New York Times anymore like you do on this blog.
Posted by: IronBalls at October 10, 2008 2:44 PM
Let's see here:
McCain's economic advisers are:
*Carly Fiorina, who almost destroyed the onetime best technology company in America...Hewlett Packard and
*Meg Whitman, who took ebay, the best dot come player in the industry and turned it into a mediocre franchise that has no growth and is laying off 10% of it's employees.
Obama's advisers are:
*Larry Summers, the renowned economist and former President of Harvard who probably knows more about this crisis than anyone and
*Warren Buffet, the smartest (and richest) man in the business.
Who would you choose based on the people these men have chosen to surround themselves??
Posted by: 11217 at October 10, 2008 2:47 PM
IronBalls - instead of continuing to insult me, why don't you offer some fact-based, substantive responses to my questions and others, i.e. 11217's? To simply critique the NYT does not cut it as a persuasive argument.
Posted by: Miss Muffett at October 10, 2008 2:53 PM
I reckon Soros knows more than Summers, he predicted this. I think he's a Dem.
Posted by: dittoburg at October 10, 2008 2:53 PM
Yup Muffet,
But all the people who purchased at higher prices than your friend since 2001 will be completely screwed. For many of them, their mortgage payments will be so completely out of wack based on the new value of their homes, that they'll end up just walking away and giving the keys to the bank.
Also, so many people will be out of work, few will have enough down payment to qualify for a mortgage even at a much lower price.
This argument that lower prices are good for folks who've been waiting to buy only works if they basically have enough to pay cash.
Posted by: IronBalls at October 10, 2008 2:55 PM
TinTesticles.....not everyone purchase a home with only 5% or 10% down. Lots of people, especially that whole crowd that sold their manhattan places and bought in Brooklyn, probably put 20-50% down. So everyone who "purchased at higher prices...since 2001" will not be screwed.
You need to get a clear picture of how to finance a home purchase before you leave your apartment.
Posted by: daveinbedstuy at October 10, 2008 3:00 PM
"But all the people who purchased at higher prices than your friend since 2001 will be completely screwed."
Yup, my old landlord probably thought he was screwed too when he thought he overpaid for his West End Avenue townhouse 20 some odd years ago...he paid 450K, which was a rather large sum.
When I had to move out (thus the move to Park Slope) and he sold the building last year for 8 million, I don't think he felt particularly screwed...
Not everyone isn't able to look long term, Ironballs.
The majority of NYC home buyers bought to live in their home.
Posted by: 11217 at October 10, 2008 3:01 PM
Final hour of trading is upon us. Looks like market is trying to go higher. It would be so nice to see a close on the + side for a change.
Posted by: MacD at October 10, 2008 3:02 PM
IronBalls - see Ringo's post. And also DIBS is right that lots of people who buy houses do so with trade-up cash (that's how we're doing it, and pretty much all the house-owners I know). So they are indeed not sitting on huge mortgages. Maybe a few are, but I'd venture they are a small minority.
Posted by: Miss Muffett at October 10, 2008 3:05 PM
MacD stop watching the market and get back to work
Posted by: daveinbedstuy at October 10, 2008 3:06 PM
Muffet,
I've already given lots of reasons and am tired of repeating myself.
Both candidates have tons of very smart advisors. Who the hell chooses a candidate based on which of their 500 advisors they like best?
For that matter, it's news to me that Warren Buffett has ever done anything to help this country other that give money to charity.
He's been in private business his entire life. Similar to Paulson, he's all about himself, his shareholders, and his buddies. He may be the greatest investor of our time, but that doesn't make him the best presidential advisor.
I'm not a big McCain supporter. I was a big Hillary supporter before she lost the primaries. I'm just very good at reading the tea leaves and can tell that Obama will be very bad for the general prosperity of this country.
Maybe folks who live off handouts and don't work will be better off, but the majority who do work will be worse off and have to pay much higher taxes to support the laziest among us despite Obama's lie that he's going to reduce taxes for 95% of Americans.
Posted by: IronBalls at October 10, 2008 3:07 PM
Once again, could we please stop this food fight!!
Last time I checked, the president of the US is not the leader of Iceland, the UK or Japan, where the markets have also melted down, and more so. To try to pin this on one side or the other is just silly. There are so many ways that this could be spun. Who signed the bank deregulation bill? Bill Clinton. Whose administration allowed this dangerous level of leverage to be built up? George Bush. Who followed an easy money policy, under democratic and republican administrations? Alan Greenspan. There is plenty of blame to go around in this one.
This is a global melt-down. The fact is that the financial industry forged ahead in creating new, highly-leveraged securities that made a mockery of old regulations, and no one in our, and the world's, political leadership, on both sides of the aisle, made a move while the good times were rolling. No one took the punch bowl away at the party.
The thing to do is to forge ahead, and find a regulatory system that corresponds to the fact that capital now flows globally. So far, neither candidate has made one thoughtful speech on this crisis. Their speeches have been filled with platitudes and political "gotcha's". Neither of them could muster the political courage at the last debate to lay out what sacrifices lay ahead.
Once again, please stop with these Cable TV food fights
Posted by: benson at October 10, 2008 3:09 PM
Actually DIBS, it was so beautiful out today, I took the day off. Just came back inside not too long ago. I'm trying to follow your cool, calm, collected approach to going about my life as usual and not focusing too much on the short-term. I even put in a little today into my 403B. How's that for a sunny outlook?
Posted by: MacD at October 10, 2008 3:15 PM
that dji chart is missing the full 7hun crater. 75 on vix, hopefully this is the worst we see this cycle.
Posted by: BrooklynLove at October 10, 2008 3:15 PM
TinTesticles writes..."I'm just very good at reading the tea leaves and can tell that Obama will be very bad for the general prosperity of this country."
You get your investment advice from tea leaves too??? LOL
Your credibility is zero my friend
Posted by: daveinbedstuy at October 10, 2008 3:16 PM
TinTesticles writes..."I'm just very good at reading the tea leaves and can tell that Obama will be very bad for the general prosperity of this country."
You get your investment advice from tea leaves too??? LOL
Your credibility is zero my friend
Posted by: daveinbedstuy at October 10, 2008 3:17 PM
Muffet,
There is no "trade-up cash" if you can barely sell your current house for enough to recoup the down payment and mortgage payments you've been making since you bought the house five years ago.
I've never lived through a depression either, but I've read about them and it's much much worse than you seem to understand. People wait in line for hours to pick up free bread. It's awful stuff.
You don't seem to have any idea what "depression" means.
And Dave, I'm in real estate myself . . . I'm not a "bitter renter."
Posted by: IronBalls at October 10, 2008 3:18 PM
benson...yes, in fact some of the more leveraged of all the financial instruments actually came out of London.
Posted by: daveinbedstuy at October 10, 2008 3:18 PM
Muffett, Wealthy is relative in NY. a 250K doesn't sound so wealthy when it doesn't let one buy a house for a two kid family (3 beds).
Posted by: dittoburg at October 10, 2008 3:21 PM
I have an idea of what depression means.
Your attitude and comments here, Ironballs would indicate you suffer from it a lot more than our economy does right now.
Do you ever say ANYTHING positive?
Your comments are about the most depressing thing being spewed right now.
Posted by: 11217 at October 10, 2008 3:21 PM
In better news today, Connecticut is the third state in the country to allow same sex marriage!!!
Yeah!!!
Posted by: 11217 at October 10, 2008 3:23 PM
The tides are a turning.
Posted by: MacD at October 10, 2008 3:25 PM
"I've never lived through a depression either, but I've read about them and it's much much worse than you seem to understand. People wait in line for hours to pick up free bread. It's awful stuff."
And you say we are in one!!!!
Where are the bread lines forming? Do you see any? Christ, get a grip. Take a pill.
Posted by: daveinbedstuy at October 10, 2008 3:25 PM
Bensen,
I agree with everything you wrote, but the fact as you put it that "capital now flows globally" goes to the root of my fears about Obama.
It'll be very easy for businesses and investors to simply move to another country that's more tax friendly when Obama starts his taxing and protectionist agenda.
Lots of folks are to blame for the current meltdown, but we still have a choice about what future policies we want to implement to secure a strong future for the US economy.
Posted by: IronBalls at October 10, 2008 3:27 PM
Dave--props to you for holding down the adult wing of the blog today. Now I gotta go line up for bread!
Posted by: wasder at October 10, 2008 3:28 PM
I'm not saying this to gloat, but to give credence to the fact that some short-sighted commenters here (Ironballs) doesn't see the big picture and is one of those people who buys into everything they say on Fox news. It's amusing actually that he would discredit someone for reading the NYTimes, when the stuff he spouts off comes right from Bill O'Reilly's sermons.
I would like to point out that I received a very hard earned (but substantial) raise this week. So while we might be in touch economic times, it is very, very ignorant to suggest that there aren't a lot of hard working people in this city doing quite well for themselves.
Now get back to work!
Posted by: 11217 at October 10, 2008 3:31 PM
Maybe my boss gave me a raise because she thinks Obama is going to be President, Ironballs?
Or does it only work when spouting bad news??
Posted by: 11217 at October 10, 2008 3:33 PM
wasder...i'll be your not lining up for a loaf of Wonder bread. Probably some rosemary & olive sourdough....sure sign of the deep depression that we are in.
Posted by: daveinbedstuy at October 10, 2008 3:34 PM
Dave, wait till the bread runs out, then you'll see the lines. Obviously these things progress in stages, though, of course, I hope to god it doesn't get that bad.
11217, sorry, but I'm just telling it like I see it.
Posted by: IronBalls at October 10, 2008 3:34 PM
Oh and the DOW is up 75 right now...
Posted by: 11217 at October 10, 2008 3:35 PM
250 and rising. looks like that floor of 8000 was pretty solid
Posted by: gatesave at October 10, 2008 3:37 PM
daveinbedstuy,
you should change your name to daveindenial . . . definitely more fitting
Posted by: IronBalls at October 10, 2008 3:38 PM
And I rather prefer TinTesticles for you...
BTW, that was a good one Dave!!
Posted by: 11217 at October 10, 2008 3:43 PM
I can't believe you folks are joking about bread lines.
That said, I'm kinda hungry. I'll think I've have a cheddar and dill scone.
Posted by: IronBalls at October 10, 2008 3:49 PM
Yes TT...in denial of the great depression occurring again and houses in brooklyn off 50% from their highs.
With interest rates (Treasuries) at 2-4% and massive amounts of liquidity being injected I think not.
Was there something else you were predicting that I missed???
Oh, and BTW, Obama's proposal today to get money to small business owners through the SBA was the first thoughtful thing we've had out of anyone in a long time.
Posted by: daveinbedstuy at October 10, 2008 3:51 PM
I have to say 11217, I almost find your interminable optimism infectious.
Gatesave:
One day does not a trend make. The huge run up over the past few hours reeks of market manipulation to me.
Ironballs is right to a significant extent: Protectionism at this juncture is dangerous, unless Obama is ready and willing to take take the reigns of the American Empire he admonishes. This isn't the 1930s when we had a surplus of everything - people, land, factories, energy, and even credit. We are dependent upon the world for so many things,protectionism won't work unless we do it British Empire style. I don't think the American People can stomach that, and quite frankly I'm not confident our military is up for the task.
For the record, I also consider myself a protectionist and think the federal government should be entirely funded through trade tariffs. Returning to that world will be very difficult and unavoidably painful however.
Posted by: Polemicist at October 10, 2008 3:53 PM
Well Dave,
We'll just have to wait and see. . .
While I hope you're right, everything I know tells me you're wrong.
Posted by: IronBalls at October 10, 2008 3:55 PM
DIBS;
I wouldn't be so sure that loads of liquidity will stave off a depression. There is a well-known phenomenon during depressions or deep recessions,called the "liquidity trap", that Keynes was the first to discuss. The most recent manifestation was Japan in the 90's, where the interest was at 0%, yet the economy went through a long deflationary cycle.
I have to agree with IronBalls on the most critical (and real) point discussed in the food fight: Obama's non-realistic proposals concerning protectionism and taxation. What he doesn't seem to realize is that we are in an era of global capitalism, like it or not. The days of Washington DC summoning the captains of capitalism to dictate economic policy is long gone. If you make a country inhospitable to capital, it just goes to friendlier environs. Frankly, I think he is just spouting off these proposals to please the left-wing of his party, but he has no intention of actually proceeding with them. I note that once he secured the nomination, he rarely, if ever, talks about "rewriting NAFTA", as he once did.
Posted by: benson at October 10, 2008 4:05 PM
Maybe Bensen,
But Obama's friends and associates for most of his adult life have been far left wing and his voting record is far left as well.
It would be awesome if he became a centrist, like Clinton, but I doubt it.
He has too many personal debts and he's made too many promises. Except in the movies, people don't usually wake up one day a completely different person than they were the day before.
Though I too suspect that he says whatever he must to get elected and doesn't really have any strong personal beliefs, so you never know.
Posted by: IronBalls at October 10, 2008 4:18 PM
At least Obama didn't pick his running mate purely on the basis of getting elected.
Especially considering age/health concerns.
Very reckless behavior. Doesn't show a lot for McCain's patriotism either that he'd choose someone who is most loved by the most uneducated of our society.
McCain is no saint. Cheated on his wife, took down a few planes due to reckless (again) behavior and not a while lot to show for almost 30 years in the Senate, except a State now battered worse than others with regard to the housing crisis, education, drop out rates, immigration and teen pregnancy.
Posted by: 11217 at October 10, 2008 4:26 PM
I think Obama actually jeopardized things in picking Biden. what an uninspiring choice. That, along with his increasing payroll taxes on incomes over 250K, have been his only bum moves as far as I see it.
Posted by: dittoburg at October 10, 2008 4:36 PM
To the commentor above: no we wouldn't sell at $750 (I hope!). I'm just wondering if that would be the selling price for a 4-story FG rowhouse that needs work if we waiting to sell next year? Does anyone think that is a possible scenario? What if we came up with a $1m or $1.25m asking in this climate? Are there buyers out there who have a mortgage lined up (or do not need a mortgage) who would be able to close amidst all this nervousness right now? I know that $1.25m would be a steal compared with the sale prices around us just in the last 6 months, but maybe everything has changed. Will home prices continue to drop through the next couple of years as some of the commentors have said?
I called the family broker at SB a while ago. He said everything's okay because the income stream will not be impacted much. I don't know if I understand it all that well but apparently it's okay.
Regarding Carly: I worked at AT&T/Lucent. Carly is basically a nice person when you're around her. She's very cordial, but like many of the executives at AT&T/Lucent didn't seem to know what was going on or how to control the collapse. She was part of all the rah-rah during the Lucent spin-off and look where that got us only a couple years later! She sort of looked dazed through the worst of it. It seems she overreached with the Compaq merger, made some bad decisions...and like all the guys, she was in it for the money.
Posted by: BrooklynGreene at October 10, 2008 4:37 PM
sigh, arguing with republicans is sooo 2004. seriously, could there be a more intellectually bankrupt group of people?
ironballs, you are a caricature...
Posted by: travy at October 10, 2008 4:38 PM
11217,
Wake up dude! Obama picked Biden "on the basis of getting elected" too. Do you really think he gives a flying shit what advice Biden has for him?
Vote on the important issues, not on the media BS.
Posted by: IronBalls at October 10, 2008 4:39 PM
IronBalls...the price of USA today just went up to $1.00 Where will you get your information from now??
Posted by: daveinbedstuy at October 10, 2008 4:40 PM
IronBalls at 4:39...first intelligent thing you've said today!!!!
But you too have a bit of the "media BS" in your posts. Especially that right wing radio talk show stuff you listen to in the wee hours of the morning.
Posted by: daveinbedstuy at October 10, 2008 4:43 PM
Biden is an intelligent and well-respected person. That's the difference. Not a prop. McCain doesn't even like Palin, from a source I heard.
Posted by: 11217 at October 10, 2008 4:51 PM
"IronBalls...the price of USA today just went up to $1.00 Where will you get your information from now??"
http://www.foxnews.com/
Posted by: East New York at October 10, 2008 4:53 PM
I thought this was interesting...
This is Your Nation on White Privilege
By Tim Wise
9/13/08
For those who still can't grasp the concept of white privilege, or who
are constantly looking for some easy-to-understand examples of it,
perhaps this list will help.
·White privilege is when you can get pregnant at seventeen like
Bristol Palin and everyone is quick to insist that your life and that
of your family is a personal matter, and that no one has a right to
judge you or your parents, because "every family has challenges," even
as black and Latino families with similar "challenges" are regularly
typified as irresponsible, pathological and arbiters of social decay.
·White privilege is when you can call yourself a "fuckin"
redneck," like Bristol Palin"s boyfriend does, and talk about how if
anyone messes with you, you'll "kick their fuckin' ass," and talk
about how you like to "shoot shit" for fun, and still be viewed as a
responsible, all-American boy (and a great son-in-law to be) rather
than a thug.
·White privilege is when you can attend four different colleges
in six years like Sarah Palin did (one of which you basically failed
out of, then returned to after making up some coursework at a
community college), and no one questions your intelligence or
commitment to achievement, whereas a person of color who did this
would be viewed as unfit for college, and probably someone who only
got in in the first place because of affirmative action.
·White privilege is when you can claim that being mayor of a
town smaller than most medium-sized colleges, and then Governor of a
state with about the same number of people as the lower fifth of the
island of Manhattan, makes you ready to potentially be president, and
people don't all piss on themselves with laughter, while being a black
U.S. Senator, two-term state Senator, and constitutional law scholar,
means you're "untested."
·White privilege is being able to say that you support the words
"under God" in the pledge of allegiance because "if it was good enough
for the founding fathers, it's good enough for me," and not be
immediately disqualified from holding office--since, after all, the
pledge was written in the late 1800s and the "under God" part wasn"t
added until the 1950s--while believing that reading accused criminals
and terrorists their rights (because, ya know, the Constitution, which
you used to teach at a prestigious law school requires it), is a
dangerous and silly idea only supported by mushy liberals.
·White privilege is being able to be a gun enthusiast and not
make people immediately scared of you. White privilege is being able
to have a husband who was a member of an extremist political party
that wants your state to secede from the Union, and whose motto was
"Alaska first," and no one questions your patriotism or that of your
family, while if you're black and your spouse merely fails to come to
a 9/11 memorial so she can be home with her kids on the first day of
school, people immediately think she"s being disrespectful.
·White privilege is being able to make fun of community
organizers and the work they do--like, among other things, fight for
the right of women to vote, or for civil rights, or the 8-hour
workday, or an end to child labor--and people think you're being pithy
and tough, but if you merely question the experience of a small town
mayor and 18-month governor with no foreign policy expertise beyond a
class she took in college--you're somehow being mean, or even sexist.
·White privilege is being able to convince white women who don't
even agree with you on any substantive issue to vote for you and your
running mate anyway, because all of a sudden your presence on the
ticket has inspired confidence in these same white women, and made
them give your party a "second look.."
·White privilege is being able to fire people who didn't support
your political campaigns and not be accused of abusing your power or
being a typical politician who engages in favoritism, while being
black and merely knowing some folks from the old-line political
machines in Chicago means you must be corrupt.
·White privilege is being able to attend churches over the years
whose pastors say that people who voted for John Kerry or merely
criticize George W. Bush are going to hell, and that the U.S. is an
explicitly Christian nation and the job of Christians is to bring
Christian theological principles into government, and who bring in
speakers who say the conflict in the Middle East is God"s punishment
on Jews for rejecting Jesus, and everyone can still think you're just
a good church-going Christian, but if you're black and friends with a
black pastor who has noted (as have Colin Powell and the U.S.
Department of Defense) that terrorist attacks are often the result of
U.S. foreign policy and who talks about the history of racism and its
effect on black people, you're an extremist who probably hates
America.
·White privilege is not knowing what the Bush Doctrine is when
asked by a reporter, and then people get angry at the reporter for
asking you such a "trick question," while being black and merely
refusing to give one-word answers to the queries of Bill O"Reilly
means you're dodging the question, or trying to seem overly
intellectual and nuanced.
·White privilege is being able to claim your experience as a POW
has anything at all to do with your fitness for president, while being
black and experiencing racism is, as Sarah Palin has referred to it a
"light" burden.
·And finally, white privilege is the only thing that could
possibly allow someone to become president when he has voted with
George W. Bush 90 percent of the time, even as unemployment is
skyrocketing, people are losing their homes, inflation is rising, and
the U.S. is increasingly isolated from world opinion, just because
white voters aren"t sure about that whole "change" thing. Ya know,
it's just too vague and ill-defined, unlike, say, four more years of
the same, which is very concrete and certain.
White privilege is, in short, the problem.
Posted by: 11217 at October 10, 2008 4:59 PM
How about those yankees?!?!?!?!
Posted by: benson at October 10, 2008 5:04 PM
Go Phillies!!!!!
Posted by: daveinbedstuy at October 10, 2008 5:11 PM
That was heavy 11217. Maybe we just talk about shoe size on the 16th!!!
Posted by: daveinbedstuy at October 10, 2008 5:13 PM
11217, I couldn't have said it any better if I were white myself.
GO NY GIANTS!!! (The only Champions in this town).
Posted by: East New York at October 10, 2008 5:18 PM
Nice one 11217.
Posted by: SnarkSlope at October 10, 2008 5:21 PM
Speaking of, where is Biff Champion...? No where to be seen today...
Posted by: 11217 at October 10, 2008 5:22 PM
i haven't seen bxgrl and Montrose Morris either...you thinking what I'm thinking???
Posted by: daveinbedstuy at October 10, 2008 5:30 PM
Perhaps they're off playing with BTG?
Posted by: 11217 at October 10, 2008 5:38 PM
Its not suprising to me that so many people are unsuccessful in life when people can write unexamined and simple-mineded articles as unenlightened like that and then get the empty-minded to follow and agree.
You people really need to live outside this country for a bit, preferably in a non-white country, and then get a clue about plutocracies and class problems, instead of mindlessly laying it at the door of skin color.
Now let me get back to that asian american-privilege essay I have to hand in.
Posted by: dittoburg at October 10, 2008 5:44 PM
11217, Thanks for thinking of me...I am alive and well and having a great time in New Orleans for a long weekend. Enjoying a Mint Julep in a piano bar in the French Quarter. I'll see y'all on the 16th, dawlins!
Posted by: Biff Champion at October 10, 2008 5:47 PM
Sent from your iphone?
Posted by: dittoburg at October 10, 2008 5:49 PM
"Enjoying a Mint Julep in a piano bar in the French Quarter. I'll see y'all on the 16th, dawlins!"
Biff - I mean this in the best way possible - are you SURE you're straight?
Posted by: SnarkSlope at October 10, 2008 5:57 PM
So dittoburg, I'm going to ask you one question and then I'll drop it...
If Obama had a 17 year old son or daughter, and they got pregnant (out of wedlock) during his campaign, do you really believe that he would win, or come even remotely close?
Of course it's not as simple as skin color, but it certainly plays a part. Wish it weren't the case, but it is.
I do not consider myself or many other posters on this blog simple minded...I think we've got some really intelligent people posting here, and lots of them have really great (albeit different) ideas on many different subjects.
To call us/me simple-minded because we happen to find something interesting is incredibly closed-minded.
Posted by: 11217 at October 10, 2008 6:00 PM
Blackberry, ditto. I was missing my fellow 'Stoners and just had to check in. Loving N'Awlins. Can't wait for our gathering next Thursday. Have a great weekend everyone.
Posted by: Biff Champion at October 10, 2008 6:02 PM
11217,
If somebody posted a KKK rant would you find that "interesting"?
You should think before you make a post.
Posted by: IronBalls at October 10, 2008 6:05 PM
Simple minded because if you can't see the media bias in both cases, you're a sheep. And that article is the epitome bias. Obama has been getting a great ride in the press, it was ridiculously fawning before Clinton pointed it out. Where was the "white privilege" in that. And if Kerry's daughter had an out-of-wedlock baby - you don't thing the right wing press would be all over that. Anything they can they'll jump at. Jeeze louise.
I'll be clear, I want Obama to win, but (perhaps not having been born or brought up in this country) I can see the bias on both sides.
If you're gonna post an article that needlessly contributes to, and reinforces, racial resentment based on an incorrect premise, don't expect a pat on the back.
Posted by: dittoburg at October 10, 2008 6:12 PM
SnarkSlope, no offense taken - on fact, your post cracked me up - and yes, I'm quite sure. Taking a break from the beer and the bourban and the bartender recommended the drink. Hey, why am I being so defensive?! :-). Miss everyone, hugs and kisses from The Big Easy.
Posted by: Biff Champion at October 10, 2008 6:19 PM
"yes, brooklyn was an absolute paradise during the 70's and 80's..."
It seemed like it was at the time, although it had to become even safer for the suburban wusses to want to move here
Posted by: Bob Marvin at October 11, 2008 12:32 AM
Hey Dave, I was out with a client all day, sorry to have missed this interesting discussion. 11217, hope to meet you later this week. You got a big hug coming.
Posted by: Montrose Morris at October 11, 2008 10:15 AM
Having a lovely time with bronchitis and terrible vertigo, plus a lot of freelance work came in.
Fascinating discussion (I feel sorry for tin testicles- I laughed a long time over that one Dave!-). I don't know what life will be like under Obama. the most I can say is he has the potential to be a great President, McCain has totally lost all semblance of ethics, and reason. He literally has no idea what to do and if anyone can be said to have an inflexible ideology (except when they are pandering to the right), it's him. As for Palin- even if you wanted McCain, only a blithering idiot could conceive of her in the White House. forget the experience issue- she is as shallow as an inverted bowl. There is no quality or depth to her understanding of the world, let alone the huge issues we are grappling with today. She is smart without being intelligent. And has all the political maturity of a high school poli-sci 101 level class.
Frankly anyone who votes for McCain without considering Palin's position has to be, sorry but here it is- utterly stupid. I know we will eventually get through the financial crisis, but we will not survive McCain/Palin.
Posted by: bxgrl at October 11, 2008 12:18 PM
Bkgrl:
This country survived civil war, WWI, the Great Depression, WWII, and Vietnam. We've survived Presidents like James Buchanan, Andrew Johnson, Hoover, LBJ, Carter, and Bush 43. It is totally over the top to say we won't survive McCain/Palin, and an example of the apocalyptic extremism that abounds in this country on both sides. It's an important election, but it is a blessing that life will go on regardless of who wins. I encourage you all to vote for Obama, hope he wins, have a beer with your friends, watch your bank accounts, and relax.
Posted by: sixyearsandcounting at October 11, 2008 1:33 PM
True- a little hyperbolic. Maybe I meant I would not survive McCain/Palin :-)
Posted by: bxgrl at October 11, 2008 2:39 PM

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