Wall Street Compensation Disaster? Gasparino

Nothing to see here. Move along...

not there really are any bulls, or very few anyway, but this would be bad news for New York and New Yorkers, not for the bulls on this board.

ccdevi, that is quite true...i should have noted that in my post..

ccdevi- Are yopu kidding us that there aren't that many bulls on this site. The bulls on this site refuse ot admit anything negative. Just read the posts. According to the bulls like JM, houser, LICComent.... the crisis is over and are wondering what everyone is talking about. Everything that is proven by analysis is disregarded by the "bulls". The most you get is OK it's not the summer of 06-07 but things are still selling. Of course you hear if the property is in a good area, a great building priced right....... and on and on........ they sell. Like that's suppose to mean the problem is over. Things have just begun...........

I also agree that this is a disaster for all New Yorkers. Everyone will be effected in some way by this recession. Some will suffer more than others but all will suffer.

dco = "affected" and not "effected"

Thanks for the grammar lesson. Does this make you feel superior? Did you ever think that some people might actually have a learning disability? No really. Just curious if it ever entered your mind.

dco not only do have a learning disability you have an ability be plain old stupid. Congrats!

spunky- Do you have anything to add to the discussion or are you just waiting to insult someone? I know the market crisis is over and Manhattan is a magical island were all realtor's dreams come true. Shouldn't you be off calling people about up coming open houses. I'm actually surprised that there is a need for open houses in Manhattan. Don't they sell before they actually hit the market.

who knows I just like renting them out.

dco, you named 3 people and are they even bulls? maybe, I wonder if those people would care to comment.

" Everything that is proven by analysis"

See thats part of the problem, you guys are in love with your own arguments. You describe things as "proven", when in reality all you might be able to claim is that someone made a strong argument in favor of that thing.

Regardless from what I see, very few people on the board think the problems with the economy as a whole, and the real estate market in general, are over. You and steve just say it over and over. doesn't make it so.

ccdevi- Ok your right. Steve and I are the cause of all the problems. To tell you the truth I'm actually getting bored. I'm on the verge of taking a vacation from this site. Sorry just thinking out load. No really I think I need a break.

I think it's time to turn this site over to the people who need it much more than me. Ok Realtors and recent buyers if you think I should take a vacation let me hear it.

We can all make typos, but they aren't learning disabilities, the represent sloppyness.

Irony, thy name is VVerain.

Gee, this is so nasty & I didn't even have to say anything!

hey stevejhx what do you think about this link

http://www.streeteasy.com/nyc/talk/discussion/3645-biggest-bear-market-sign-yet-deal-to-build-at-railyards-on-west-side-collapses

typo ... sloppy, but I'm not making some lame excuse. dco probably thinks he deserves extra time to take his SATs and a discount on his rent as accommodation. I make a typo, its sloppyness, I don't blame learning disabilities which are just euphamisms for "not as smart"

By the way, we know real well Steve's age, what Steve does for a living, how much he makes, what building he lives in, what he pays in rent, where he was during all Latin American crises, what recommendation he made to BofA in the 80s and then to Reuters, about his 60% equity returns per year for the past 10 years, his past returns on real estate in Florida, his Irish background and family in NY, his sexual orientation, his 25 year old dates, his weekends on Fire Island, about his man tits and martini habit as well as his comedy performances, love of Suze Orman and propensity to call people "dude" ... but what about dco? The guy with the learning disability, what are your positive credentials for not just your point of view, but also your indignation over anyone who is less negative than you?

okay okay stevejhx I will leave you alone. Sorry about that I didn't think you would be upset with the link but apparently it bothers you so I won't bring it up. The least you could've done was acknowledge you were wrong or your forecast was off. Oh well.

For the record, I am not bullish right now. We are experiencing a downturn, and the question is whether it will be a soft downturn or something more severe. I do not believe it will be severe, but there is no surefire way to predict. However, I do think that predictions of a major downturn in NYC real estate prices are just ridiculous and simple-minded. Fortunately, I think most people here can see baseless analysis and stupid remarks for what they are.

Spunky, you give yourself far too much importance. I wasn't even home to answer you immediately.

Here's my answer: "The two sides will take the next four months to complete a contract to buy the development rights."

Ask me then, b/c that's the part of the Tishman deal that fell apart: the devil is in the details.

VVerain- I never said I had a learning disability. My point was to make people stop and think about their actions. I think people get caught up in a lot of hype on this site and forget that correcting people is rude. Just something to think about.

Ok back to the fight.

no no, I didn't get to vote, I vote for you to take a long long vacation. thanks

thanks LIC, thats one less "bull"

I'm not sure if I'm a bull, but I'm pretty good at spotting bull. stevejhx + dco = a whole lotta bull.

JM- HAHA. ccdevi your vote is counted.

Get lost 1
Stay put 0

steve - Why do you think Steve Ross and Goldman Sachs would come back in at this time, agree to all the major terms including the same purchase price, incur costs to complete the contract, and then back out of the deal? Do you think they are doing this to leverage themselves into a better deal? Or is it your opinion that the market is so bad that no one is going to buy this site and it will just sit there undeveloped indefinitely? Let's say the Related deal is finalized under the existing major terms and it moves forward as planned, will you then admit that your first reaction to Tishman backing out was pretty stupid?

JM, you still owe me an answer from yesterday's thread about job losses on Wall Street and your unmitigated BS about how more Wall Streeters would have to rent than own and have to rent market rate rentals than stabilized rentals to cause rental prices to go down for market-rate rentals.

Unmitigated BS.

You also still owe me a calculation using the Fed's formula for calculating imputed rent, and for the charts that clearly state that whenever imputed rent exceeds market rents, it is a precursor to a significant downturn in the market.

And right now we're at 2:1.

I think the "bull" you see from me is actually a case of projective identification.

steve, I owe you nothing. When you get to be a big boy and can have a logical discussion without losing your mind, let me know. Until then, not worth my time.

LICComment, I will not admit that my initial reaction to the Tishman deal was stupid - they do not see a market for this development project at the current price, and that was at the time a huge bear sign.

Related is taking a huge risk - although they are not agreeing to a deal at the present price (just agreeing to negotiate), they are doing so without an anchor tenant. The Japanese bought Rockefeller Center in the 80's at an exorbitant price that they wound up losing half of.

Sometimes smart people do dumb things. Then there's spunky - dumb people doing dumb things. It all balances out in the end.

Let's see what eventually comes out of it, though: do they want more residential development vs. office development or vice-versa, what the lease terms will be for the development rights. Because if the ground lease is too expensive it might make the place like BPC: nice views but remote, with very high monthly charges that drive down the price.

Let us see.

JuiceMan, wrong: the whole wide world owes steve something! The world must explain itself right this very instant, or steve will get really really really angry and start typing and calling it names...

manhattanguy - DCO was correct using "effected". The next time you decide to correct someone maybe you should check to make sure you are correct, first. Just a thought.

actually, dco was wrong in his use of "effected": as a verb that means "implemented." Otherwise, the verb is "affected."

Hey, JM makes ridiculous claims that "more Wall Streeters would have to rent than own and have to rent market rate rentals than stabilized rentals to cause rental prices to go down for market-rate rentals," and I tell him why that's not so, & he can't say why it is.

Because it isn't.

JM wants claims that market rents only have to go up "a little" for imputed rents to be equal to market rents, I show him the formula how the Fed calculates imputed rents, he comes back with a ridiculous statement that "home price" = down payment * risk-free interest rate amortized principal, which a) leads to a circular equation; and b) makes no sense since home price = home price, and...

...in both cases the JM has no retort.

Because there isn't one.

Because he's wrong but can't admit it, but would rather claim that I'm not having "a logical discussion without losing your mind," when I gave him the formulas to fill out, showed him the effect of Wall Street on the NYC economy with figures from the State Comptroller's Office, and he says, "home price" = down payment * risk-free interest rate amortized principal.

LOL.

No!

LMAO!

"home price" = down payment * risk-free interest rate PLUS amortized principal

Ooops!

steve, have you ever heard of context? It is a wonderful way to communicate that you should try sometime. Also, your ability to take credit for proving things that you never have makes you a much better politician than economist. You know, Hillary does need some help. Maybe your "spin" tactics could help her secure the Florida and Michagan vote?

http://www.hillaryclinton.com/action/flmi/?sc=a726&gclid=CLro5IjUtZMCFRQXsgod41DgDQ

lmao.

You were the one accusing me of saying things that I never said by taking them out of context.

LMAO LMAO LMAO.

Just to get this thread back on track . . .

http://www.crainsnewyork.com/apps/pbcs.dll/article?AID=/20080520/FREE/639533453/1048

that is, "More dark job forecasts for New York finance

The mayor's Independent Budget office now predicts that the city will lose 33,300 financial jobs through the second quarter of 2009, up significantly from previous predictions."

And off to India go the back offices.

whoknows - i suggest you google it or check your dictionary. You are probably one of those people who use the word "irregardless"?

"Irregardless"?

What an ugly word.

Actually India is not like it was a few years ago steve, the employees there are getting too expensive.

But they speak English (sort of) and you need that for a back office operation. Ireland is too expensive anymore, Canada is too, all that's left is Guatemala, Guayana, and some small parts of Nicaragua and Argentina / Chile where they still speak English like natives. Or maybe Africa, but except for South Africa I doubt it.

Don't get me wrong I don't support the move - in my experience the reason they make less is because they're far less productive, and customer service from foreigners is maddening. But that is what they will do b/c it's cheaper.