Monday Links: DOB on Notice Edition
Sunset Park. Photo by Paul. GL Analysis: The Manhattan Crane Collapse Horror [GL] Avella Calls for Patricia Lancaster’s Resignation [NY Sun] Department of Disaster’s ’08 Track Record [Lost City] Cringing in the Shadows Cast by Cranes [NY Times] Behind Tragic Site’s Various Violations [NY Post] Unrelated to the Crane Tragedy: Studying the Footprints of a…
Sunset Park. Photo by Paul.
GL Analysis: The Manhattan Crane Collapse Horror [GL]
Avella Calls for Patricia Lancaster’s Resignation [NY Sun]
Department of Disaster’s ’08 Track Record [Lost City]
Cringing in the Shadows Cast by Cranes [NY Times]
Behind Tragic Site’s Various Violations [NY Post]
Unrelated to the Crane Tragedy:
Studying the Footprints of a Governor-to-Be [NY Times]
The Edge: A Barometer in Williamsburg [NY Times]
Fed Acts to Rescue Financial Markets [NY Times]
St. Saviour’s Neighbor Threatened [Queens Crap]
Church Row on Lafayette? [General Greene]
The Brooklyn Hamptons? [Ditmas Park Blog]
Auden in Brooklyn [Brooklyn Eagle]
(Isn’t it maybe good to have put your savings in real estate (as long as you can afford your mortgage), since presumably in the long term you still have something real – a house – whereas if you have cash saved and the dollar’s value collapses and stocks/bonds continue to plunge, you have nothing?)
If you don’t care that had you waited with your $ in T-bills, your standard of living could have been much, much higher (lower monthly nut), and you are happy where and how you live, then one could argue it doesn’t matter what the future price is. You have locked in the “income” portion of your return — being able to live in the house — and the capital gain or loss doesn’t matter until you sell.
There is, however, the risk that something will happen job or health wise and you will not be able to pay the mortgage, and will go broke. But at least you’ll have company.
As for inflation, we had a decade or soaring asset price inflation without consumer price inflation. I think we could have a decade of soaring consumer price inflation without asset price inflation.
I am someone who bought at the top of the market and doesn’t have money saved and is in debt and I have a question for anyone out there who has some expertise in finance. Because the fed seems to taking such a reckless attitude towards inflation, and since it even seems that there may be bank collapses, isn’t it maybe good to have put your savings in real estate (as long as you can afford your mortgage), since presumably in the long term you still have something real – a house – whereas if you have cash saved and the dollar’s value collapses and stocks/bonds continue to plunge, you have nothing? Or is that completely faulty thinking?
the fed has been responsible for what has happened in the asset markets. now they are desperately trying to put the fires out. i think the respect of the fed is reflected in the dollars value. no one is buying their second rate act.
What are the implications of the Fed’s numerous interventions on Wall Street in the long run?
As Harvard’s Ken Rogoff put it (see page 42 of BusinessWeek), “we saw a once-in-a-hundred years runup in housing prices, and now we’re seeing a once-in-a-hundred years collapse. It’s very, very difficult to do much about it”.
Hope people see the JPMorgan payment for Bear for what it is, a token payment. $2/share essentially means that no one else on the street wanted to touch Bear with a 10ft pole.
As for Bear’s RE holdings, the industry has been worried that commercial RE was the “other shoe”. This jolt, if nothing else, will put this to test.
“I’m very afraid that The FED will use inflation to prevent a deflationary collapse. I think thing will get more expensive as the bullshit plays out. I hope you saved some money and are not in debt.”
I am similarly afraid, despite having saved lots of money and having no debt. After all, the community we live, the state we live, the transit system we ride and our country in general have lots of debt.
Thank God for NYC real estate. Bear Stearns sold for $240 million. The value of its building is $1.2 billion. The value of the rest of Bear Stearns? Hard to say given the Fed bailout, but it’s a big negative number.
At least the value of the building will not drop to zero.
Now we know The What is a white guy, he’s quoting Schopenhauer.
nytimes fluff piece on the edge reeks of desperation.