Property Grunt

Tuesday, November 06, 2007

Roll Call: S**t hits the fan edition.

This past Halloween, shots were fired in Union Square. Evidence suggests that it was gang related. Sounds familiar?

Union Square will be protected. No matter what.

As I have said before, Union Square is not the proper site urban warfare. It is a place of commerce, tourism and relaxation. Not for gangbanging. As I have stated before, keep that douchebaggery in your own back yard.

Just because Bloomberg is in the final stages of his administration does not mean he is going to be slacking off. In fact he has been going full speed ahead trying to get as many changes to be implemented. He sure as hell as not going to let a bench of street punks f**k up his legacy. He has already put one gang member away for terrorism and he has to he will flood that entire park with Hercules Teams.

Even after Bloomberg leaves office, I do not see Union square going to hell in a hand basket because that area has turned into a hive for anchor stores. If violent activity continues to be a problem I wouldn’t be surprised to see Blackwater showing patrolling the area.

Remember that jobs report that got the market all worked up in a positive state. href="">Floyd Norris says otherwise.

NOVEMBER 2, 2007, 11:12 AM
Making Up Jobs
Today’s employment report is mediocre at best. But to understand that, you have to look past the headline numbers.
Those numbers say that the government’s survey of employers showed a gain of 130,000 private sector jobs, on a seasonally adjusted basis, in October. That seems to be better than in recent months.
I don’t believe it. Most of those jobs — 103,000 of them, before seasonal adjustment — were added by the statisticians, not reported by employers. (It should be noted that, before seasonal adjustment, there were 201,000 jobs added, so this is just more than half.)
Why add jobs? It is an effort to include jobs created by new companies not surveyed, less an estimate for jobs lost at companies that went out of business and therefore did not respond to the survey.
Of those 103,000 jobs, 14,000 were in the construction industry, and 25,000 were in finance. Does anyone believe that all those new companies are being created in those industries now? (You can see the government’s explanation for this here.)
At times of inflection, these adjustments can be wildly off, as I argued a month ago. I think we hit such a point this spring. A couple of years from now, after all the adjustments are made, this year’s job performance will look far less impressive.
Over the last 12 months, the government’s current numbers indicate that the private sector added an average of 115,000 jobs a month. But 80 percent of those jobs came from the statistical adjustments.
It is also worth noting that the govertment’s other survey, of households, has not found those jobs. Over the last 12 months, it has found about 50,000 new jobs a month. In October, it found employment declined by 250,000 jobs.

A few years ago, the survey of employers was showing what turned out to be unreasonably low job numbers. (They have since been revised upward, and those revisions influenced the current rose-tinted adjustments.) Then the household survey sounded the warning that things were not as bad as the survey of employers seemed to indicate. Now it is warning that the job picture is not as good as it appears at first glance.

Now we have Citigroup is doing the Write down dance and it has been reported they have lobbed death threats at Meredith Whitney of an analyst at CIBC World Market, a subsidiary of the Canadian Imperial Bank of Commerce who had the balls to blow the whistle that Citigroup and say the following

Citigroup needs to cut its dividend or sell assets to stave off a $30 billion capital shortfall. She further downgraded Citigroup shares to "market underperform," which basically tells investors to sell.

And we know the end of that movie.

I think it is outrageous to blame her for the turmoil that has affected Citigroup and the market. Everyone knew the Emperor had no clothes but she was the one who called it out.

But Meredith isn't done yet because now she is calling for Citigroup to be broken up.

Asked about the possibility of a Citi break-up, Ms Whitney, who received death threats following her comments last week, said: "That's really the only thing they can do. They don't have the capital to manage it as an ongoing entity."

Btw, for those of you who wish to do her harm, please remember, her husband is John “Bradshaw” Layfield. He is a Texan who was once signed with the Los Angeles Raiders, a former WWE superstar who ran with the APA. He also is extremely bright when it comes to finance. If you are stupid enough to touch her not only will he put his foot up your ass but he will also complete a hostile takeover without breaking a sweat at the same time. Mess with his wife and it is the end of your life.

It is getting so bad that Brazilian lingerie models are ditch the dollar as if it was last year’s clothing line.

Hot and Smart.

Bundchen's Demands
The dollar fell 0.8 percent last week and touched $1.4528 per euro, the weakest since the euro's debut in 1999. It traded at $1.4476 at 5:47 p.m. in New York. The dollar lost 2.8 percent last week to 93.47 Canadian cents and 1.8 percent to $2.09 per British pound. The Fed's U.S. Trade Weighted Major Currency Index measuring the dollar's performance versus seven currencies, such as Japan's, slid to a record low of 72.22.
BNP Paribas chief currency strategist Hans-Guenter Redeker, the most accurate foreign-exchange forecaster last quarter in a Bloomberg survey, said the dollar may drop to $1.50 per euro by year-end. The median estimate of 42 strategists surveyed by Bloomberg is for the currency to end the year at $1.43. Among those surveyed last week, the forecast ranges from $1.42 to $1.50.
When Bundchen, 27, signed a contract in August to represent Pantene hair products for Cincinnati-based Procter & Gamble Co., she demanded payment in euros, according to Veja, Brazil's biggest weekly magazine. She'll also get euros for the deal she reached last October with Dolce & Gabbana SpA in Milan to promote the Italian designer's new fragrance, The One, Veja reported. Bundchen earned $33 million in the year through June, Forbes reported in July.
`More Attractive'
``Contracts starting now are more attractive in euros because we don't know what will happen to the dollar,'' Patricia Bundchen, the model's twin sister and manager in Brazil, said in a telephone interview in September from Sao Paulo. She declined to discuss details of the arrangements last week.
``Gisele has contracts in dollars,'' said Anne Nelson, Bundchen's agent in New York at IMG Models, in an interview today. ``When she works in Europe she gets paid in euros, when she works in the U.S. she gets paid in dollars, when she works in Brazil she gets paid in reais, and so on and so forth.''

Over on True Gotham they have confirmed what I heard on the street that all is quiet on the Manhattan front. Buyers are waiting and sellers are staying.

Dig in people. This is just the beginning.