The Jaffe Briefing - October 28, 2022

STATEWIDE – It’s officially 10-year lookback time for New Jersey’s media; it's already been a decade since Superstorm Sandy pummeled New Jersey, tearing apart 300,000 homes and creating $30 billion in damages. While anniversaries are not “news,” they do give reporters a great opportunity to look at trends and see if the initial news event had any real effect on anything. Well, Sandy certainly did. Homes and businesses in flood zones have been rebuilt with higher foundations and a lot of communities now look entirely different, with even bigger mansions on the original pilings. People are still flocking to the Jersey Shore, as most homes are worth a mint, plenty more than when Sandy slammed the state. But extreme weather has just gotten worse and worse (see Hurricane Ida), as many government leaders still ignore climate change. It is all sobering to say, especially on such a glorious fall morning, but more superstorms are coming. Why? Because our behavior has not changed. But our coastal homes have certainly got bigger. Margarita anyone?

BEACH HAVEN – There’s no fire sale here, not even close. But real estate gurus are finally noticing a teeny little softness in the housing market in LBI. Hey, don’t even think you can find a decent shore house for under $1 million. But, NJ.com reports, the market isn’t as crazy as usual, as 7% interest rates, the threat of recession and many, many more months before Memorial Day has prompted a quiet deal or two. In fact, out of 16 towns in the state with the largest supply of houses for the most months, four of them are located on LBI. In Loveladies, there’s a 6.8 month supply of luxury homes that have been lingering on the market. So, if you have an extra $3 million or so, this might be your glorious moment to secure that three-bedroom ranch with partial water views. Margarita anyone?

TRENTON – State officials have been lauded for finally making pension payments for retired government workers, providing $7 billion just in this year. Everything, it seems, is just swell for the 800,000 current and retired government workers on the state and local level. But then – boom – there’s the war in Ukraine, and a bunch of global geopolitical tensions that won’t get a proper explanation here. But here’s what it all means: the state’s pension fund lost nearly $10 billion through June 30, driving the total account down to $86 billion. That’s a far cry from the beginning of the year, when giddy investors were watching the fund hit nearly $100 billion, as happy days were here again. But now? Nowhere to hide from the blood bath. Here’s hoping state officials focus on ongoing contributions with this silver lining: Now’s the time to buy on the cheap. 

BRIEFING BREATHER

The most stolen book in the U.S.?
The Bible

STATEWIDE – Cars are no bargain these days, with cockpits rivaling any fighter jet that Tom Cruise may be piloting. State officials are noting that manufacturers are including all these nifty components and hardware in cars that eventually require subscriptions. (See Tesla). So, it seems the buyer is spending the money for these features, whether they want them or not. Two Democratic assemblymen - Paul Moriarty and Joe Danielsen – say car companies want to charge weekly, monthly or annual fees for subscriptions already in the vehicle, then activated remotely. The proposed bill would slam manufacturers with fines for selling in-car subscriptions for these built-in features. Sounds great, but this seems like it would require federal legislation as vehicles are sold beyond New Jersey state lines (we’ve been told.)

FREEHOLD BOROUGH – Hey, money is money. But history buffs in Monmouth County are aghast about some quiet plans of the Monmouth County Historical Association to sell a significant piece of artwork for millions of bucks. The painting – displayed for 80 years or so – shows George Washington at the Battle of Monmouth, the Asbury Park Press reports. Local historians claim Monmouth County would lose a valuable piece of history as artwork titled, “Washington Rallying the Troops at Monmouth” should really remain in Monmouth. The painting, by Emanuel Gottlieb Leutze, a legendary German artist, dates to 1857. Historians tell the newspaper it would be “pathetically tragic” to sell such artwork. But with tens of millions of dollars, the historical association could use the cash for other preservation work, like maintaining all those old preserved homes.

IN THE MEDIA

ONLINE – The media devotes barrels of ink to report its own demise, as the number of newspapers in America drop by two each week, as they steadily go out of business. So, rather than join the press to cry in our beers, let’s celebrate a remarkable achievement: the creation of a fresh news organization called Semafor, armed with $25 million in initial investment. Besides writing a news article, there is also analysis from the reporter, a counter viewpoint, perspective on the issue as it is seen elsewhere and a distillation of other stories on the same topic. Facts and opinion are clearly separated. The reporters are actually trained, experienced and aggressive, making it near impossible to claim such an approach as biased or lazy. In an era when the traditional news media is quickly dismissed as biased and fake, Semafor can play a critical role as America careens toward the 2024 presidential election, if people choose to read it.

IN OTHER IMPORTANT NEWS

STOCKHOLM, Sweden – A king cobra has turned out to be a real snake in the grass, say the officials at Skansen Aquarium after their new arrival pulled off such a cunning escape that they have renamed him Houdini. Panicked officials had evacuated the place and a search for the venomous vagrant was launched after he apparently slithered his way out of his enclosure through a lamp fixture, CBS News reports. Special cameras are being, pardon the pun, snaked through sewage pipes, and flour is being sprinkled about in an attempt to follow his squirmy movements. Assuming Houdini won’t be too happy to be heading back to his enclosure, the poor soul that finds him had better tread lightly: a single king cobra bite contains enough venom to kill an elephant.

THIS WEEK IN HISTORY

It was this day in 2014 that an apparently embarrassed Walmart issued an apology, after labeling plus-sized Halloween costumes as “Fat Girl Costumes.” The product was retitled, “Yes, Of Course You Don’t Look Fat in That Costume, Dear.”

WORD OF THE WEEK

Sepulchre – [SEP-ul-ker] – noun

Definition: A tomb or other place of burial

Example: For my Halloween costume, I will be rising out of my sepulchre.

WIT OF THE WEEK

“If you think it's hard to meet new people, try picking up the wrong golf ball.” 

-Jack Lemmon

BIDEN BLURB

“I guess what I'm trying to say without boring you too long at breakfast—and you all look dull as hell, I might add. The dullest audience I have ever spoken to. Just sitting there, staring at me. Pretend you like me!” 

-Joe Biden

WEEKEND WEATHER IN A WORD

Spooky