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New York State Takes Over Finances of Wealthy Nassau County
Hey, hey, hey now Don. We're not all insufferable. I was born and raised in Brooklyn and now live in the Rockaways (Queens). In between I lived in San Diego for close to three years. My wife and I have been looking for homes in Nassau and Suffolk and though home values have plummeted, property taxes there are still ridiculously high. It is not uncommon to see a 10,000 to 12,000 yearly tax bill on homes that are going for 350,000 or less. To be fair, the same can be said of Westchester (the first of the upstate counties), as well as Dutchess and Orange counties. The schools in these counties are supposed to be a lot better than NYC public schools. I have two kids and I know that many in my boat justify those taxes as being less than what it would take to put two kids through private school. I don't think it will be politically possible for the state or counties to ask more of home owners at this point, so I guess they're going to have to start cutting.— January 28, 2011 4:39 p.m.
Home Values in San Diego, Other Metro Areas Decline
I keep asking myself what it will take to finally get the peasants to a storm the Bastille kind of moment. I think it'll be one of two things: either the cable TV goes out and the food stamp cards stop working; or the coming tax burden on those in the middle class who still have jobs and property will become so crushing that they finally say "Enough!" I always hear a lot of criticism of those "effete" and spoiled Europeans, but I'll definitely give them this: they haven't been taking this crap lying down like vast majority of Americans.— December 30, 2010 7:54 a.m.
Home Values in San Diego, Other Metro Areas Decline
Too large a number indeed. And I would argue that whatever prosperity was enjoyed was illusory anyway. It was all purchased with borrowed money.— December 29, 2010 8:02 p.m.
So-Called Recovery Sputters. Unemployment Rises, Jobs Barely Up
And until jobs are created here--well-paying jobs--we will see NO RECOVERY for Main Street America.— December 4, 2010 9:33 a.m.
So-Called Recovery Sputters. Unemployment Rises, Jobs Barely Up
I know that the whole job flight thing got going with manufacturing and blue collar work, but what people need to understand now is that they are shipping white collar and office work overseas as well. In a big way. I've seen it personally in the company I work for. Anything that isn't nailed down is being shipped to India. And if it doesn't work the first time (my co had a bad experience with one department in the beginning), they'll regroup, get their ducks in a row, and try it again. And again. Americans simply cannot compete with the wages they pay people over there. If every worker in the US, white collar and blue, took a 50 percent pay cut, they would STILL not be competitive with the Indian and Chinese work forces. I do not believe that jobs will be created here until we see some sort of tariff applied.— December 4, 2010 9:32 a.m.
SD Home Values Rise, Reports S&P
I don't know if I found San Diegans all that rude when I lived there in the late 90's, but hey, I was born and raised in Brooklyn, NY, so I don't know how much it would have bothered me even if they were. That said, I found them to be more insulated and indifferent or not interested in anyone outside their own particular social circles. But my theory on that has more to do with west coast cities being built around cars and freeways and the non-centralized layout of the cities themselves than with any character flaw in the people. It's tough to interact with your surroundings and the people in them when you're zipping by at 70 miles an hour. People spend an awful amount of time in their cars on the west coast. Even in their own neighborhoods (I very rarely saw people walking). I also found San Diego (and CA in general) to be one of the most segregated places I've ever been. To be sure, neighborhoods here in New York, residentially speaking anyway, are broken down by ethnicity, economic background, sexuality even. But the big difference here is that Manhattan serves as the center of not only the five boroughs but three neighboring states as well. So if you're blue collar or white collar, white, black, brown or in between, gay or straight, young or old, an accountant or bike messenger, you are commuting into Manhattan on the same trains and buses as everyone else for a good chunk of your day. Likewise, in any bar, deli, or restaurant in just about any neighborhood in Manhattan you will have a very good cross section of those people interacting. I've found it 100 times easier to start a conversation with a complete stranger in New York than anywhere in CA.— April 1, 2010 1:28 p.m.
Dubious Accounting Hides Greater Pension Woes
Here in New York we're in the same boat. The local papers have been running regular stories on public employees retiring with pensions of well over $225,000 per year. There was just a piece yesterday that detailed the pension package of the FDNY's number 2 man retiring with a pension worth $242,000 per year. Tax free. I understand that the fire, police, and sanitation departments do dirty work, but that kind of retirement compensation is absolutely ludicrous and will absolutely bankrupt the city. Response to post #2: Therein lies the problem with ballot initiatives. The public will not always vote for what's right (civil rights, slavery, women's suffrage, gay marriage). The flip-side extreme to politicians and their corporate masters fleecing us is a clueless public wanting all manner of services like sanitation, police and fire protection, schools, roads and bridges, and not wanting to pay for them. At the heart of this issue lies the argument between a representative republic form of government and direct democracy.— March 30, 2010 6:03 a.m.
SD Gains Jobs in February; Unemployment Rate Drops
I thought that I read that California just gave pink slips to 15 or 20 thousand teachers. Is that correct? Other states, especially New York, are in the same boat. States and municipalities are facing monstrous budget deficits and public sector layoffs are going to begin in earnest. Our mayor here in New York has been talking about closing 14 firehouses and laying off cops and teachers as well. I wonder what this is going to mean for those already cooked unemployment numbers.— March 27, 2010 6:01 a.m.
Local Lead Indicators Inch Up
I hate to be the pessimist as I am really not a negative person, but as Don has noted many times before, all these numbers indicate are the effects of the tsunami of liquidity generated by the Fed. I still think the worst is yet to come.— March 27, 2010 5:56 a.m.
Poll: Americans Distrust Wall Street, but Not Sure about Government
Whoops. I meant response to post 10:— March 25, 2010 8:04 a.m.