$$$ The Hamptons Half-Price Sale [WSJ]
$$$ Personal Ponzi schemes [NYT]
$$$ Wall Streeters’ Lifestyle Modified, Slightly [Cityfile]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
There’s no pleasing the proles: get paid bank, and spend bank, they cry out and whine about income inequality. Get paid jack squat and spend less, and they complain that they’re not seeing as much business/afraid to lose their jobs.
What’s the more appropriate clich: that that whole, “be careful what you wish for” thing, or, perhaps, “don’t bite the hand that feeds”…
By the way, Bbg is carrying a story about Pandi in Mexico City.
Apparently he was speaking at a Banamex conference and said “Citi and Banamex are one and the same.”
I guess that means Banamex is in for the long haul. Speculation about a sale or sovereign-conflict-reducing separation is apparently unfounded.
And I guess Pandit really is in Mexico and not hanging out in a safe house near Quantico.
Whouda thunk?
@1
I have no idea what you are talking about. Is Happy Hour over already?
Or perharps about this?
http://link.brightcove.com/services/link/bcpid1155201977/bctid13778694001
The Hamptons still aren’t done dropping. What a shame.
@3
Read the cityfile post. If you still can’t figure it out, well, then, there’s nothing I, nor likely anyone else here can do for you.
that personal ponzi article is factually inaccurate. if you don’t pay the safe harbor in estimated taxes, the government is not a fair creditor, they will charge you interest and/or penalties, unless you work in the government or are a potential Obama cabinet member, in which case you are fine. for us peons, you have to pay 110% of previous year’s taxes or youse is outta luck come penalty time.
How is that in any way, shape or form a “Ponzi scheme?”
“Ponzi scheme” is quickly becoming the most overused word – it’s going to make that list at the end of this year.
Oh and NYT’s Paul Sullivan is a flat out moron. Or did he knowingly give a salacious title to his piece to try to sell copy? (Seems like DB fell for it.)
This “scheme” amounts to underpaying estimated taxes. Big deal. At best it’s something like check-kiting.
This was a big issue in the dotcom bust when people exercised options but didn’t sell any stock to cover the tax. When the stock went *poof* the tax liability did not follow.
Paul Sullivan – a Ponzi scheme involves taking money from “investors” and paying early investors out of the receipts from later ones.
Let’s not dilute or muddle the meaning of the term. Paul, if you don’t know the basics of finance and law, maybe it would be best for you to leave writing to the professionals?
@7
I’m learning to set my expectations very low, when the source is the NYT and the subject has anything to do with business/finance/economics/etc…
@5
OK. You know there are serious risks to the Plutonomy like war, inflation, financial crises, the end of the technological revolution and populist political pressure?
Yours truly,
M. Robespierre
@6, you nailed it. Unless you’re Turbo Tax Tim or Delinquent Daschle, the IRS tomahawk scalps all the hairs off your butt. Ponzi has nothing to do with it. Except maybe the U.S. Government is floating the biggest Ponzi of all. Sucking out all our tax $ for long-term fractional returns (haven’t they heard about 60% of the folks who default on their mortgages go into foreclosure relapse w/in 10 years)?
fwiw, THIS is why we’re all in deep sh!t right now, not subprime borrowers
http://curbed.com/archives/2009/02/20/real_estate_meltdown_explained.php
@11
I bet her boyfriend is a scam artist.
@11:@Anal
You know, I was still able to laugh after reading that. No doubt in 10 or 15 years time (sooner?) we’ll be going through the same crap again.
So spokesman Gibbs explicitly stated that Santelli doesn’t know what he (Santelli) is talking about re: the “rants on cable news”?
Slow, steady march towards socialism people. Your government knows best, the people know jack shit, except how to pay taxes, which they don’t pay…
@14
No, he’s actually giving Santelli time to actually read the plan. As long as the discussion is about confusing apples and oranges we are not getting anywhere.
You are all drunk idiots.
~The Pope
i think gasbag is actually wasted and has cum on his chin right now…. confirmed how he got wind of this “fluid situation”
also I am a loser for being anywhere where I can hear Kudlow’s terrible show
will stimulus hit the hamptons? tax cuts for taking butterfaces out to dinner at Nello?
how about tax credits for claiming you’re “boys with noah tepperberg” to a club bouncer?
TRB
#14, the people don’t know what they are talking about because the Administration can’t figure it out and they are the paramount geniuses on earth so how could the plebeians figure things out if they can’t? Seriously though, Is it possible that he can say that Rick Santelli doesn’t know what he is talking about because maybe he doesn’t have any/all of the facts?
@11
Sometimes being in America makes you feel like your living in a looney bin.
Why are 50% of the posts on this site about C.G’s drooling/gym antics, gay posts about Ratigan, about boinking or Santelli? These used to be mildly funny for a while but now are just downright annoying.
@19
Go here:
http://www.whitehouse.gov/blog/09/02/18/9-million-plus/#TB_inline?height=220&width=370&inlineId=tb_external#TB_inline?height=220&width=370&inlineId=tb_external
If you like to analyze pull the Fact Sheet. To presume that Gibbs doesn’t have all the facts is ridiculous. Santelli actually didn’t say much, except act as a cheerleader for a bunch of crazy futures traders. It makes for good TV, but that’s about it.
Now, when Wall Street’s bailout gets finalized and amounts to about 20 times what the “homeowner plan” is, don’t be surprised if the plebeians go berserk about it. I’m sure Santelli will be outraged, but don’t expect another good TV moment on that one. Remember that GE is parent of his employer and he better watch his back and his pocketbook on that account. GE will get to benefit from the $1.5 Trillion package.
#21, I know what you mean. There are totally brilliant and out of the box thinkers here and they are a somewhat overshadowed by some of the slanderous remarks.
#22. Sorry for my obvious lack of clarity. The “he” refers to Santelli, not Gibbs. But, thank you for the link, I will be very interested in anything that would bring any kind of clarity.
Roubini is at it again, driving down bank stocks to up the gains of his clients – for full disclosure he should disclose who his clients are and their positions!
That Bridgehampton “mansion” shown in the WSJ article looks like a piece of shit. Ugly. 50% off? $12.5 million?
WhyTF would any buyer in that market even think of a purchase now? Maybe they’ll wait till the market really tanks.
The Guy from Delaware
@22: “Could help up to 9 million people.” So the 295 million other people living in the US just get to grin and bear it while they take it in the ass, I guess?
Roubini is incredibly misleading when he says “Paradoxically the proposal (nationalizing the banks) is more market-friendly than zombie banks”. He’s constricting the reader to assume that either zombie banks or national take-overs are the only options.
Shortie, grab a step ladder and look at other alternatives on the shelf… You might be surprised at the attractive options presented by various groups.
BTW, if one does the research, you can find how joined at the hip Soros and Roubini are… Roubini’s bearish comments are making Soros $$$….