FRIDAY, AUGUST 24, 2012 LAST UPDATED: FRIDAY AUGUST 24, 2012, 7:11 AM
BY JOAN VERDON
STAFF WRITER
THE RECORD
More than two dozen North Jersey companies made Inc. magazine’s 2012 list of the 5,000 fastest-growing private companies in the country, and several local businesses said their revenue grew by more than 1,000 percent since 2008.
Vitals, a Lyndhurst-based company that operates a website that matches patients with doctors, was ranked the fastest-growing private company in New Jersey, and the 47th-fastest growing in the country, by Inc. Vitals generated $6.4 million in revenue last year, up 4,637 percent since 2008. Englewood brokerage Victor Securities, Fairfield outdoor advertising firm Pearl Media and Little Falls construction management company Landmark Retail all had three-year growth rates of more than 1,000 percent.
The list is based on revenue growth since 2008. The list only includes companies that submitted certified financial results to the magazine, so the rankings don’t take into account companies that chose not to participate. But the list nonetheless documents an impressive growth spurt among New Jersey companies, 153 of which made the list.
Among the 20 North Jersey companies ranked highest on the list, three are related to the health-care industry, and three are software companies. But the list covers a broad range of industries, from popcorn snacks producer Popcorn, Indiana, in Englewood, to paper supplier Thermal Paper Direct in Mahwah.
Lawmakers who had mixed feelings about a job-creation bill in 2011 unanimously backed the plan Monday, as they search urgently for ways to address New Jersey’s historically high unemployment.
Angel investors in technology start-ups could get tax breaks through a proposed program that Christie vetoed in 2011, Senate Democrats argued Monday, in the first volley of a political blame-game about the state’s 9.8-percent July unemployment rate.
Republicans, most of whom voted for the angel-investor measure last year but then refused to override Christie’s veto, unanimously supported it Monday. (Fletcher, The Record)
The Youth Vote and the Virtues of Free Enterprise
August 20, 2012
By Herman Cain
Dear Young Voters of America,
You shouldn’t feel bad.
You were not the only ones who drank the Kool-Aid and voted for Barack Obama in 2008. Back then, with the economy suddenly collapsing amid the stench of toxic mortgage assets, Obama and the Democrats did a very effective job of convincing voters that free-market capitalism was responsible for the problem. With his soaring rhetoric and seeming empathy, he was able to convince many of you that he would be a president who “gets it,” (whatever that means), and that he would end the reckless deregulation and unbridled pursuit of profits that had led us to economic collapse.
Young voters who had not yet spent time in the work force, and had never experienced the business world, were sold on these notions.
Reality bites, doesn’t it?
Young people who voted for Obama are now leaving college to face poor job prospects, and carrying record levels of personal debt – often from those oh-so-enticing student loans Obama keeps telling them it’s such a great idea to take out. And that’s before we factor in your share of the soaring national debt run up by Obama and his friends in Congress.
Welcome to the real world, huh? No job, lots of your own debt to pay back, and a pretty hefty share of Obama’s debt as well. No wonder your generation doesn’t think you will do as well as your parents.
But even though it’s easy to demonstrate that Obama has failed, I understand that you are not going to automatically vote for Mitt Romney because he is the alternative. Nor should you. You shouldn’t vote for anyone unless they give you a positive reason to do so. You need to know what would be positive for you about a Romney Administration.
The answer lies in electing a president who, unlike Barack Obama, actually understands the power of free enterprise – not only to provide opportunity but ultimately to lead the growth of America’s economy to a point of strength that we can solve our massive economic problems.
But before I got touting free enterprise, I have to acknowledge something I saw recently that troubled me to no end. It was a survey showing that 43 percent of young Americans have a positive impression of socialism. 43 percent! That tells me that too many young people do not have a good understanding of the true nature of free enterprise, and that’s a shame because the free enterprise system contains the answers to every economic challenge we face as a nation, and as individuals.
The truth is that even with the economy limping along, and even with debt levels these students are carrying, you can overcome it all if you learn how to access opportunity and make the most of it. There are countless examples of young people who forced doors open, then took advantage of the opportunity to achieve great things. The real unemployment rate is about 15 percent, and that is horrendous, but that still leaves 85 of the real work force gainfully employed. So it’s not as if a smart, hard-working young person can’t find any opportunity at all. The Obama economy creates a serious obstacle, but there are always obstacles to success, and people who are committed to excellence overcome them.
Do you realize that virtually every exciting innovation, or solution to a problem, comes from entrepreneurs in the private sector? Those devices that young people carry around came from free-market capitalists. So did the homes and cars you’ll be buying soon.
The same is true with those jobs you’re trying to find. There would be a lot more jobs if Obama would stop blocking the Keystone XL pipeline, because jobs come from the private sector, especially crucial sectors like energy – where it’s not a scandal that companies operate profitably, despite what Obama would have you believe. Businesses invest in workers when they’re confident about the nation’s economic future, and their present lack of confidence is the result of Obama’s policies, which is largely borne of Obama’s hostility toward the very job creators who could give young voters the start they seek toward bright futures.
Free enterprise offers you far more than the promise of government handouts from a president who didn’t deliver on any of his promises in his first term, and has pretty much tapped the nation out trying to make it look like he was.
If you really want to succeed in life and overcome the obstacles facing you, embrace free enterprise and strive for success. Of course, if you do that, you will become Obama’s enemies – just like all successful people. So it would be wise to start by sending Obama to an early retiremen
WASHINGTON, DC – Rep. Scott Garrett (R-NJ), Vice Chairman of the House Budget Committee and Chairman of the Budget and Spending Task Force for the Republican Study Committee (RSC), issued the following statement today after the Congressional Budget Office (CBO) released its latest projections of the nation’s budget outlook:
“Today’s CBO report confirms that, under President Obama’s leadership, our nation will be facing trillion-dollar-plus deficits for the fourth year in a row. The proof is in the pudding, and it is clear that the failed economic policies of the president are doing nothing to grow the economy, jumpstart job creation, and reduce the deficit. In fact, the president’s prescription to create jobs—record levels of big-government spending and tax increases on every working American—has only resulted in 42 consecutive months with an unemployment rate above 8 percent. This sort of fiscal malpractice will do nothing to help struggling families facing an 8.3-percent jobless rate. Simply put, CBO’s report is an urgent reminder of the need to change course. We must cut spending, prevent tax increases on families and small businesses, and put our nation back on the path to economic prosperity.”
Top 5 Items You Will Not See on Bob Menendez’ Tax Returns
Middletown, August 23…Since Senator Menendez has announced he would disclose 5 years worth of tax returns, his campaign has kicked into high gear selling the notion that Senator Menendez is “on par” with New Jersey’s middle class by ranking “near the very bottom of the list of United States Senators” based on income.
Senator Menendez has been on the public dole for nearly 40 years and has lived the high life in return for doing the bidding of his special interest and big bank pals. Being near the bottom of the list of an institution with the wealthiest membership whose salary is more than four times that of the average American hardly qualifies as middle class. To refresh the Senator’s recollection of his time in government, Team Kyrillos presents the top five items you will not see on Bob Menendez’ tax returns:
1. $8,039,608 in special interest campaign cash
2. $1, 400,000 from his Wall Street Banker pals
3. $328,438 on steak dinners at Charlie Palmer and other five star restaurants (2006, 2012 election cycles)
4. $98,983 on private jets and airfare (2006, 2012 election cycles)
5. $26,656 on luxury hotel accommodations like the Biltmore Miami (2006, 2012 election cycle)
“Bob Menendez must be living in an alternate universe to believe that flying around on private jets and sipping champagne poolside at the Biltmore Hotel makes him a middle class guy,” said Kyrillos Campaign Manager Chapin Fay. “Senator Menendez may be shocked to learn this, but people who do not live in Washington actually have to work for a living.”
The Valley Hospital and the Ridgewood Public Library Launch a New Walking Club, Healthy Steps Set for September 10
The Valley Hospital and The Ridgewood Public Library are proud to announce the launch of a new Walking Club called “Healthy Steps.” The Club will celebrate its launch with a special kickoff on Monday, September 10, at 6:30 p.m., at the Ridgewood Library at 125 N. Maple Avenue, Ridgewood. Healthy Steps is a 12-week program designed to encourage physical fitness among people of all ages in a fun and motivating atmosphere.
Walking regularly can help reduce the risk of health conditions, such as heart disease and diabetes. On Monday, September 10, meet your team leader, fellow walkers, and kick off the season with a presentation on the benefits of walking and the basics of getting started. Join Lara Vajas, M.S., Lead Exercise Physiologist, The Valley Hospital.
Baseline screenings will also be available at the kick off. The screenings will include blood pressure, weight, body fat analysis, waist and hip measurements, and a health age risk assessment.
Space is limited. To register or for more information, please call 201-291-6090 or www.valleyhealth.com/events.
Obama’s Budget to Add $4.4 Trillion to Debt in Next Four Years
On track to $20 trillion in debt in 2016.
1:41 PM, AUG 23, 2012 • BY DANIEL HALPER
By the end of this year, the federal debt is expected to be $16.2 trillion, which is $6.2 trillion more than when President Obama first came into office four years ago. Moreover, new analysis by the Republican side of the Senate Budget Committee finds that, over the next 4 years, if Barack Obama remains president and his budget is enacted, $4.4 trillion will be added to the federal debt.
Beach protection funding key to state’s economy, congressmen argue
The importance of tourism to the state’s economy is a key reason why the federal government must maintain funding for protecting beaches, U.S. Sen. Frank Lautenberg (D-Cliffside Park) and Rep. Frank Pallone (D-Long Branch) said today.
“People have to be satisfied that the beaches are clean and the water is safe for them to swim,” said Pallone, a sponsor of a federal law enacted in 2000 that sets national water quality standards and provides states with funding to test water quality and notify the public when conditions are unsafe.
Pallone said he and Lautenberg are seeking to maintain $10 million in federal appropriations for the fiscal year starting Oct. 1. He said it is likely the funding will be including in a “continuing resolution,” used to fund the government. (Kitchenman, NJBIZ)
Self-serve gas stations in N.J.? Not a chance, Gov. Christie says
Anyone in New Jersey longing for self-serve gas stations, don’t get too pumped up about it.
“It’s never going to happen,” Gov. Chris Christie said on a monthly call-in radio show. “There is just no appetite, republicans or democrats in the legislature, to make us a completely self–serve state.”
A caller on NJ 101.5’s Ask the Governor show encouraged Christie to pursue self-serve gas stations. Christie said he used to talk about this issue a lot, but fuel hasn’t been added to that fire. (DeMarco, The Star-Ledger)
Ridgewood YMCA Breakers make a splash at Nationals
FRIDAY, AUGUST 24, 2012
THE RIDGEWOOD NEWS
The Ridgewood Y Breakers Swim Team qualified for the YMCA Long Course National Championships held at the Georgia Tech Aquatics Center in Atlanta from July 23 to 27. The Breakers swam against the 80 of the top YMCA programs from across the United States, with the Ridgewood boys team placing 39th in its division and the girls finishing 33rd in theirs. Between its boys and girls squads combined, the Breakers – who feature seven current or former members of the Ridgewood High School swimming program – compiled the 40th-highest point total at the meet, ranking in the top half of a field of elite competition.
FRIDAY, AUGUST 24, 2012
BY EILEEN LA FORGIA
STAFF WRITER
THE RIDGEWOOD NEWS
“Assorted Creation,” an exhibit of Robert Holloway’s photography and graphic designs, is on display at West Side Presbyterian Church.
Robert Holloway’s exhibit, ‘Assorted Creation,’ features photography and graphic designs and is on display at West Side Presbyterian Church. Below, artwork on display includes ‘Engraved Rocks’ (left) and ‘Oiled Sands.’
In 2010, Holloway held an art show at the church, but believed his capabilities were limited by what he could design from scratch. Since that show, he has had a desire to use real world images in his works.
“As a college graduation gift, I received a Nikon D5000 and I have utilized it not only in my own projects, but also in projects for West Side Presbyterian Church,” he said. “I always take my camera when I am visiting a new location, and I try to include both realistic and abstract works.”
On display are “Sketched Trees,” “Oiled Sands” and “Engraved Rocks.” Each of these three pictures was edited on the computer to depict a distinct artistic style – a sketch, an oil painting and an engraving. He shot these photos at Lake Tahoe, where he attended a wedding. He said he was intrigued by the lovely scenery.
“Modified photography means I take a photo with my camera and I manipulate the image on my computer,” he explained.
Similarity breeds frustration for some in Ridgewood
THURSDAY AUGUST 23, 2012, 3:37 PM
BY LAURA HERZOG
STAFF WRITER
THE RIDGEWOOD NEWS
Anyone who knows Ridgewood’s downtown knows two things: There used to be a lot of banks, and now there are a lot of restaurants.
Gus Lainis, owner of the Daily Treat, said for ‘every new restaurant that opens, you lose three or four customers.’
However, it wasn’t always this way. Longtime residents and seasoned Ridgewood shoppers recall the days when the Central Business District (CBD) featured a larger variety of stores, including many retail shops selling unique goods.
While banks have been on the wane in the village since the global financial crisis, some current residents, while saying they enjoy the restaurants, have expressed dissatisfaction with the village’s high percentage of eateries. They argue that besides the village’s notoriously high rent and parking issues, the downtown’s saturation with certain services may be driving retailers away.
Gene Callaghan, a longtime Ridgewood resident, operated Irish Eyes Imports in Ridgewood for more than 20 years before moving his shop to its current Westwood location about two years ago. He called the move to Westwood, where he pays about 40 percent less in rent, a no-brainer from a business standpoint.
“My landlord was upping the rent,” Callaghan said. “From a business point of view, I had to move. It was one of those offers I couldn’t refuse.”
Romney Reiterates He Would Replace Bernanke
By Colleen McCain Nelson
Mitt Romney said Thursday that he would replace Federal Reserve Chairman Ben Bernanke, dismissing the advice of a top adviser who suggested this week that the chairman should be considered for a third term.
The presumptive Republican nominee told the Fox Business Network that as president, he would want to install someone new in the Federal Reserve post. Mr. Bernanke’s term ends in January 2014.
On Tuesday, Glenn Hubbard, a top economic adviser to Mr. Romney, told Reuters TV that Mr. Bernanke should “get every consideration” to stay on at the Federal Reserve, calling the chairman a “model technocrat” and saying that he deserves a pat on the back.
Big Income Losses for Those Near Retirement
By CATHERINE RAMPELL
7:24 p.m. | Updated with additional details.
Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply.
The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.
Across the country, in almost every demographic, Americans earn less today than they did in June 2009, when the recovery technically started. As of June, the median household income for all Americans was $50,964, or 4.8 percent lower than its level three years earlier, when the inflation-adjusted median income was $53,508.
The decline looks even worse when comparing today’s incomes to those when the recession began in December 2007. Then, the median household income was $54,916, meaning that incomes have fallen 7.2 percent since the economy last peaked.
Marc Faber : Odds of Global Recession Are 100%:
Published: Thursday, 23 Aug 2012 | 3:46 PM ET
By: Justin Menza
News Writer
There’s still a 100 percent chance the world heads into recession, Marc Faber, publisher of “The Gloom, Boom & Doom Report,” told CNBC’s “Closing Bell” on Thursday, echoing a call he made in May.
When you look at the major economies, Europe, the U.S., China and the emerging markets that are dependent on China for growth, Faber, aka Dr. Doom, only sees weakness.
“Europe is already in recession,” he said. “Germany is still growing very, very slightly, but is likely to go into recession soon.”
Growth in the U.S. is also falling off. “The U.S. economy has decelerated and I don’t see much growth in the next six to 12 months,” Faber said.
There’s also little the Federal Reserve and other policy makers can do to turn the U.S. economy around. “I think that if you look at the injection of liquidity and the intervention by the Federal Reserve and the Treasury with fiscal measures, it has already impoverished the U.S. economy,” he said.
It would take “massive easing, a huge balance sheet expansion,” to boost economic activity in the U.S., according to Faber. (Read More: More Easing Not Needed If Growth Holds Up: Fed’s Bullard.)
