The Jaffe Briefing - July 23, 2021

ON THE RAILS – $673 million? Wow, it’s almost like real money, as New Jersey, Connecticut and New York squabble over federal pandemic cash in the topsy-turvy world of mass transit. The total pot contains $14.2 billion, to be divided among the three states, NJ.com reports. The three states use a federal funding formula to figure out the split, but now greedy New York wants to switch things around, focusing the formula on operating expense and grabbing more of the pie. Hell no, says NJ Transit. “I don’t think I’d be employed very long at NJ Transit if I decide to give $400 million to $500 million away just for goodwill. That’s not going to happen,” said Kevin Corbett, NJ Transit CEO. Never a smarter sentence uttered.

NORTH JERSEY – The real estate market has been crazy, as our backyard birdhouse is currently listed for $199,999. But the Record thinks things may finally be levelling off, based on interviews with realtors and examining some data. Of course, this could all mean nothing, as fickle buyers and sellers do their thing. But a clear indicator is the increase of supply on the market, as home buyers look to cash in on this nutty moment. The number of new listings in Bergen County jumped 11.3% this May compared to May 2020, while Morris County saw a 14.5% uptick, Essex County 12.5% and Passaic County experienced an absolutely crazy 42% jump over that period. (There was no real change in Sussex County, as you can only do so much with a barn.) There is still super-low borrowing, tight inventory in desirable towns and urban dwellers who have been waiting for things to cool down so they can finally flee the tightly-packed cities. Our uneducated forecast: Jersey’s real estate market will rage on. Want to tour the birdhouse?

MONMOUTH BEACH – Former Lt. Gov. Kim Guadagno: no longer a Republican. And, while she is now a private citizen, that is certainly newsworthy. Guadagno was the hopes and dreams of the state’s Republican Party, after serving eight years under Gov. Chris Christie and then running for governor in 2017, getting shellacked by Gov. Phil Murphy. NJ Globe got the scoop on the news, as she quietly filed paperwork on Monday to be an unaffiliated voter. This is the second huge defection from the GOP, after former Gov. Christie Whitman ditched the party a few months ago as a protest to Donald Trump. No comment yet from Guadagno on all this and perhaps we shouldn’t expect one.

BRIEFING BREATHER

Alfred Hitchcock was frightened of eggs.

EAST RUTHERFORD – Close your eyes and imagine: Rutgers football gloriously wins the Big 10 championship in front of a packed hometown crowd in the Meadowlands, as fans stream onto the field and gleefully hoist Greg Schiano toward the heavens. OK, OK, a few things in that sentence may not exactly happen. But one thing may: the Big 10 could allow a championship game to be played at MetLife Stadium, NJ.com reports. The league’s long-term contract with Lucas Oil Stadium in Indianapolis expires after this season. Other stadiums can now vie for the big game, adding yet even more competition in this conference.

IN OTHER IMPORTANT NEWS

PUNTA GORDA, Fla — Hey now…. A Florida man returning home from a doctor’s appointment got a bit of a surprise – a naked woman swimming in his backyard pool. No, this is not the opening scene of a porn video, but rather a trespassing charge, courtesy of the Charlotte County Sheriff. Upon seeing the woman in nothing but her birthday suit, the resident called deputies to fish her out. After the cops finished questioning the man – and got repeated assurances that yes, he actually wants them to remove the naked woman from his pool – they responded. When police arrived, the woman became belligerent, refusing to get out of the water or to put on any clothes. She wouldn’t give her name either…. (would you?) 

ALL OVER – There are a lot of factors in factors. OK, that really didn’t say anything. The fact is businesses are absolutely desperate for workers, yet the number of Americans seeking jobless claims is increasing. Huh? At this point, you can’t walk down the street without tripping over all the “Help Wanted” signs, yet jobless claims are now the highest in two months. How? Well, factors. There’s now an increase in COVID cases among the dumbest of our population who still refuse to get vaccinated. There's shortages in the supply chain, requiring companies to grudgingly lay off treasured workers.  And it’s the dead of summer, so some seasonal companies just don’t have the work. Yet, Americans are buying and selling stuff at record levels, and jobs are plentiful for anyone who really, truly wants them. Damn those factors.

THIS DAY IN HISTORY

It was this day in 1994 that Amy Osmond of Utah, 17, was crowned America’s Junior Miss.  For some reason, we are telling you.

WORD OF THE DAY

Guttural – [GUTT-uh-rul] – adjective

Definition: Being or marked by utterance that is strange, unpleasant, or disagreeable

Example: I asked the bartender if he could put a second cherry in my Shirley Temple. He responded with a guttural grunt.

WIT OF THE DAY

“The perils of duck hunting are great - especially for the duck.”

-Walter Cronkite

BIDEN BLURB

“If you need more than 10 rounds to hunt, and some argue they hunt with that many rounds, you shouldn't be hunting. If you can't get the deer in 3 shots, you shouldn't be hunting. You are an embarrassment.”

-Joe Biden 

WEATHER IN A WORD

Repeat