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Buyers Prefer To Sit Out And Wait For Price Reductions

A report from Realtor.com on Florida. “Rap mogul Bryan ‘Birdman’ Williams hasn’t been able to find a buyer for his swanky manse in Miami Beach, Florida. To entice someone (anyone!) into making an offer, the price on Birdman’s enormous tricked-out mansion was recently slashed to $13.5 million. The new price represents a 33% reduction — the 20,000-square-foot home first landed on the market in 2017 for $20 million.”

“Williams purchased the home from Rockstar Energy Drink founder Russell Weiner for $14.25 million in 2011, and then customized it with high-end details.”

From Curbed New Orleans in Louisiana. “It’s hard to say which is richer: this two-story Greek Revival townhouse’s craftmanship or its history. Built in 1849 for banker Frederick Rodewald and purchased by New Orleans-born novelist Grace King in 1904, the home sits on a double lot overlooking Coliseum Square. The asking price for this historically and architecturally significant treasure recently dropped from $2,750,000 to $2,250,000.”

The Courier & Press on Indiana. “The century-old McCurdy building on Evansville’s riverfront, which came back to life as apartment housing but had some delays and controversies along the way, has a new owner and manager. A deed in lieu of foreclosure was filed with the Vanderburgh County Recorder’s Office on Aug. 12.”

“The document filed with the County Recorder indicates a $12 million loan was issued in September 2016 to developer McCurdy 100 Development LLC. Ben Kunkel, manager of the company that restored the McCurdy, had estimated the project’s cost was $10 million or so. Tenants began moving in during 2017. Kunkel hung up on a Courier & Press reporter who called him Monday night to try to get comment about the sale.”

The Iowa City Press Citizen. “Iowa City’s population continues to grow at one of the fastest rates in the state. That influx has spurred development. Two big trends that will have continuing pressure on revenues are property tax reform and a housing market with a supply glut. Before the 2013 assessment, multifamily properties were taxed at 100% of value as commercial property. Since fiscal year 2014, the taxable percentage of multi-family properties has been on the decline being at just 75% in fiscal year 2020.”

“On top of that, there is also a growing over supply of both single- and multi-family properties looming, City Manager Geoff Fruin noted. The city expects demand to be unable to keep up with supply in the coming years.”

A press release on California. “Luxury Realtor Laurie Johnson, of Chase International Real Estate, discusses why investors should purchase Lake Tahoe/Truckee vacation or second homes now. ‘It’s a buyers market at Lake Tahoe and Truckee, as leftover summer inventory is going to be high and sellers should be very motivated to get into an escrow before winter snowfall sets in,’ said Johnson, who has over 18 years of experience in real estate in the Lake Tahoe/Truckee markets and has sold homes in every neighborhood in the Tahoe Sierras. ‘Savvy investors do not want to miss out on the many dream vacation homes now available.'”

From Patch Laguna Beach in California. “In Orange County, according to the report listed in the Orange County Register, single-family homes have dropped by 8.5-percent, with a drop of the median home selling price to $780,000 county-wide. In Lake Forest, Mission Viejo, Rancho Santa Margarita, and San Juan Capistrano areas, home sales have declined by almost 20-percent, CoreLogic says.”

“During the first six months of the year, ‘falling mortgage rates could not override the slipping consumer confidence,’ OC Register reported. In Mission Viejo, there was a decline in sales by 13.3-percent, CoreLogic reported. In Lake Forest, there was a decline of 40-percent over the past year, and the median selling price of a 92630 home was down to $692,000.”

“In Rancho Santa Margarita, the median selling price was down to just over $600,000. In Trabuco Canyon, the median selling price dropped to just over $930,000, down 8.5-percent over 12 months. San Juan Capistrano saw the median home price drop to $769,000, declining to only 9,912 homes sold compared to 10,833 sold in 2018. All factors contribute to Orange County’s lowest home sales since 2011.”

From Business Insider on California. “A lottery winner is selling his massive California mountain estate at more than a $19 million price cut. Originally listed for $26 million in 2018, the Eagle Crest Estate is now up for auction with Concierge Auctions at a minimum price of $6.9 million, the auction house told Business Insider.”

“Listing agent Craig Strong said the reason for the hefty price cut is that ‘the sellers are motivated to move the property.'”

The Westchester Journal News in New York. “When Gov. Andrew Cuomo’s partner, Sandra Lee, announced in mid-May that she intended to sell the Chappaqua home they lived in for $2.3 million, skeptics wondered whether she’d fetch that much in the softening market for high-end northern Westchester houses.”

“A few days later, she listed the three-acre manse she calls Lily Pond for $2 million. With no takers by mid-August, Lee slashed the price again Tuesday by $300,000 to $1,699,000. Harriet Libov, listing agent for Lily Pond, said the market was ‘very soft’ for homes in Chappaqua listed for $2 million and more.”

“Sena Baron, an associate broker at William Raveis Real Estate, said New York City families are still moving to Chappaqua. But buyers this year are waiting longer to bid on their dream house in the suburbs. ‘ Buyers continue to relocate from Manhattan and Brooklyn, seeking top schools, more space, and a better quality of life,’ she said. ‘But homes must be priced for value. Properties that are overpriced simply don’t sell. Buyers prefer to sit out and wait for price reductions.'”

The New York Observer. “Last month, Lena Dunham finally sold her Brooklyn condo for $2.63 million, accepting a loss on the three-bedroom apartment at 60 Broadway for which she had paid $2.9 million in April 2018. Now, the writer and actress is letting the rest of the world in on a few details of her current New York home situation, in an essay she penned for Domino‘s fall 2019 cover story.”

“We learned quite a few things about Dunham’s New York real estate woes in this piece, including that she felt she was ‘real-estate shamed’ when outlets (including this one) covered her troubles with the aforementioned Brooklyn abode, which, by the way, we now also know she never actually moved into. Instead, she bought it ‘in a state of panic’ shortly after her break-up with Jack Antonoff, who kept their previously shared Brooklyn Heights home.”

“Dunham called the subsequent condo purchase a ‘massive real-estate mistake,’ which she recognized shortly after signing the paperwork—at least, that seems to be the case, considering she listed the place just two months after buying it.”

“But Dunham has now moved on, crossing the bridge back into Manhattan and setting up camp in the West Village, where she’s renting an apartment on the second floor. Since it’s a rental, at least Dunham won’t have to worry about getting real-estate shamed if and when she leaves.”

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This Post Has 101 Comments

    1. The prices there are straight stupid. It’s not a buyer’s market, it’s a fool’s market. There is nothing that pencils out from a rental standpoint – or any standpoint. 75% off would be a good start.

  2. ‘recently slashed to $13.5 million. The new price represents a 33% reduction — the 20,000-square-foot home first landed on the market in 2017 for $20 million…Williams purchased the home for $14.25 million in 2011, and then customized it with high-end details’

    Eight years of bubble wiped away.

    1. Just a hunch, but I’d be willing to guess that those “high-end details” did more pricing damage than good, and he paid somebody to do it.

      2. Check out the pix of the house. The gold toilet is a detriment, sure.
        But the design itself is pretty bad, so no amount of new details is going to save it. The rooms are SO big that it’s like living in an airport or sleeping in a hotel lobby. No matter what I did I would feel exposed and unprotected.

        Then again, if you’re a caffeine dealer or a rap mogul, maybe that’s your groove.

        1. Kids screaming will echo through rooms that large with high ceilings. Glad to see that he invested some of it rather than burn through it in a few years.

  4. “…leftover summer inventory is going to be high and sellers should be very motivated to get into an escrow before winter snowfall sets in,’ said [Luxury Realtor Laurie] Johnson, who has over 18 years of experience…”

    Hey Laurie, what ever happened to all those “feed the squirrels love letters”? Must be a million of them in Lake Tahoe?

    Before “winter snowfall sets in”? Who are you selling to? The Donner Party? How about something more realistic. ‘Buy now before Lake Tahoe runs out of pine cones’

    The REIC hype and BS is really never ending, isnt’t it?

      1. (snip)

        “Del Bene shares his knowledge of 19th century foods and cooking methods, and adds some ideas for hosting your own Donner party event.”

        Q. How many of you HBB readers are interested in hosting a Donner party event?

  5. https://www.wsj.com/articles/baby-boomers-are-leaving-behind-a-trail-of-luxury-ranches-11566487531

    “I know a lot of multimillionaires who run cattle and still lose millions of dollars a year,” said Tony Caligiuri of Colorado Open Lands, a land-conservancy group. “One guy I talked to recently in oil and gas said he’s hoping to get his loss down to $1 million a year. His ranch hasn’t turned a profit the whole time he owned it.” In some ways, wealthy ranchers who can afford losses are keeping the industry afloat, Mr. Caligiuri said.

    1. “In some ways, wealthy ranchers who can afford losses are keeping the industry afloat, Mr. Caligiuri said.”

      In other ways they are distorting the market.

      1. If wealthy ranchers can afford to operate at a loss then this puts pressure on neighboring ranchers to also operate at a loss. If the neighboring ranchers cannot absorb these losses then they will eventually be forced to sell their ranches to … to the wealthy ranchers.

    2. ‘His ranch hasn’t turned a profit the whole time he owned it.’

      That’s the whole point. $1M loss = $300k+ in tax savings on his other income. At the end of the day he has a nice ranch with all the bells and whistles.

        1. It’s an ego exercise. He likes to play “wealthy rancher.” It reminds me of a super wealthy old woman I used to work for. It was generational money. To give you an idea of how wealthy – her brother bought a massive yacht from a Wall St. banker back east and paid a crew to sail it back to the west coast.

          At any rate, this woman had a small business that she paid me to manage. Shortly after starting to work for her, I realized how messed up things were. What looked like a thriving business was actually a black hole where money went to die. I turned some things around and she was ecstatic at the increase in revenues. But she confided in me that she could never recoup the past 20 years worth of losses. When I asked her why she had done it for so long she replied “because I love it.”

          2. It’s the “pay to play” business model. Agree with Ben though, most rich people do not enjoy losing money. The wealthiest of friends I have are the most frugal.

    3. wealthy ranchers who can afford losses are keeping the industry afloat

      Which industry? Not the sustainable one that they drove out of business by being willing to take a big loss every year. Those guys got screwed.

    4. The elitist version of the Dry Cleaner Effect. In Virginia they pull the same stunt, not with ranches but with wineries.

      IIUC it’s also a good way to get your acreage declared as agricultural so you can pay less property tax.

      1. I have relatives with 20 acres in western Washington, and they get lower property taxes if they leave most of the property with trees.

        1. Right, but the minute they want to develop it, all those back taxes have to be paid up. So the value of the land is greatly reduced.

  10. We Liberals Need Self-Criticism

    We won’t beat Trump by blaming others and boasting about our own supposed virtue.

    https://www.wsj.com/articles/we-liberals-need-self-criticism-11566428129

    ‘Progressives need to be progressive—pluralistic rather than tribal, compassionate rather than hateful, thoughtful rather than reactive. “Progressive” has become a dirty word to many Americans, more closely associated with intolerance and double standards than with free thought and due process.’

    ‘Cultivate a fuller understanding of justice. Our fanatical embrace of the oppressor-victim narrative finds us quick to assign guilt or innocence based on narrow identity markers like race and sex, seeing women as always victims, men as always aggressors, minorities and immigrants as by definition innocent. We’ve rightly drawn attention to disparities in everything from police brutality to mortgage lending, but we’ve become reckless in the process. Think of the way progressives believed Jussie Smollett ’s preposterous hate-crime claim and condemned Al Franken without evidence.’

    Sen. Franken is ‘ashamed’ of Tweeden photo, says ‘she didn’t have any ability to consent’

    Nov 26, 2017

    https://abcnews.go.com/Politics/sen-franken-embarassed-groping-claims-rebuild-trust/story?id=51394106

    1. “Progressive” has become a dirty word to many Americans, more closely associated with intolerance and double standards than with free thought and due process.’

      Oh? And just why is that? Perhaps I should read on and maybe I will find out …

      “Cultivate a fuller understanding of justice.”

      Check.

      “Our fanatical embrace of the oppressor-victim narrative finds us quick to assign guilt or innocence based on …”

      “… evidence? No? Then based on what?

      “… based on narrow identity markers like race and sex, seeing women as always victims, men as always aggressors, minorities and immigrants as by definition innocent.”

      Check.

      “We’ve rightly drawn attention to disparities in everything from police brutality to mortgage lending, but we’ve become reckless in the process.”

      No sh1t.

      1. Triple No sh1t.

        I’ve attempted to have a version of this exact conversation with some of my blue friends out here, under the context if “If the democrats want to win in 2020, they should be learning from what happened and do this…”

        Their response?

        Turn the flamethrowers up to 11 and shoot the messenger.

        The democratic party and all concerned has had 3 years to study what happened and why.. if they would listen to the people (like those in the midwest, etc) telling them flat out the truth.

        And what have they done? NOTHING. They’ve doubled down on what they did before, but upped the idetnity politics, being “woke” and blaming strawmen. They should have course corrected in Jan 2017, and I doubt now it will happen before Jan 2027.

        FWIW: did not vote blue.

        1. I’ve tried to explain to my blue friends in the past that all they have to do is let the rednecks have their guns. Just make a public statement agreeing to disagree in the interest of working on the things we all can agree on, and credibly commit to leaving gun legislation alone as long as they are in office. They will win. But they can’t stand making that compromise. There might be others they could choose instead but that would be my preference. They only need a couple more percent in the middle. But it seems they would rather lose than agree to disagree on anything.

          1. I’ve tried to explain to my blue friends in the past that all they have to do is let the rednecks have their guns.

            I think abortion is also a hot-button issue. I know a lot of middle-class women who are not staunchly red or blue, but they are moms and they are very pro-life. There is not very much ideological diversity in the Democratic party when it comes to abortion and I think it is to the party’s detriment.

            Having said that, much hand-wringing was done when Romney lost about how the GOP didn’t have a broad enough inclusion appeal to minority voters. I remember the “soul-searching” that went on at the time and that many GOP strategists said that the GOP needed to do more outreach to black, Latino, native Americans, and Asian Americans. Here was the quote from Newt Gingrich:

            “We have to become a party of inclusion, not outreach,” former House of Representatives Speaker Newt Gingrich, who lost the Republican presidential nomination fight this year, told CBS’ “This Morning” program. “We have to recognize that if you’re not going to be competitive with Latinos, with African-Americans, with Native Americans, with Asian-Americans, you’re not going to be a successful party.”

            Well, DJT has basically proven that thesis wrong. He mobilized a core group that has felt very threatened and left behind that skews heavily white and older. It will be interesting to see how this strategy works not just next election cycle but the one after that the racial makeup of the voting American is set to change markedly in the next 20 years.

          2. ‘tried to explain to my blue friends in the past that all they have to do is let the rednecks have their guns…They will win’

            I don’t know if you realize how clueless this statement makes you look. “Let us have” what we have a constitutional right to. (Plus we paid for them.) Let’s see if this redneck can figure out what your friends have to do to take my guns. Win a majority, set up a constitutional convention, send enough people there to change the constitution. Heck yeah, that happens all the time!

            And then the fun part: we are armed to the teeth! Come and take it!

            ‘He mobilized a core group that has felt very threatened and left behind that skews heavily white and older. It will be interesting to see how this strategy works not just next election cycle but the one after that the racial makeup of the voting American is set to change markedly in the next 20 years’

            Also clueless. Identity politics is horse-sh*t and everybody knows it. (Same with political correctness – 70-80% of us don’t like it). What matters is jobs and quality of life. You assume rednecks (don’t exist anymore, see the internet) don’t know what poetry is, or understand geopolitics, globalism, or go to museums. No we scared! We drink beer and shoot sh*t, 24/7! Jeebus you guys should go into political consulting. You’ll starve to death in a week.

          3. But Trump proved them wrong for a different reason. He is more popular in minority communities than most of his GOP predecessors and he got a smaller percentage of the white vote than his recent GOP predecessors. The republican party does need support from diverse communities. He just proved the way to get it is different than what had been assumed. I’ll make a prediction also. Trump will get an even greater percentage of the minority vote in the next election.

            https://www.forbes.com/sites/aviksaroy/2016/11/19/man-bites-dog-trump-did-better-with-minorities-than-mitt-romney-did-in-2012/#6205a8d335fd

          4. His approval with minorities has doubled since then. This is my opinion, but what minorities understand well is pandering. Has it ever occurred to DC that Hispanics don’t want illegal immigration any more than anyone else? It’s the case in Arizona. Why would they think that? Oh, Mexican Americans want more Mexicans! You know that’s kinda racist. Do you think the people in Arizona don’t know Mexico is a failed narco-state? Has been for well over two decades. So is Guatemala, El Salvador, and Honduras. Sure let’s have open borders with these people and let the cartels decide who gets to live here!

            I thought about the way this is sizing up. This open borders, free health care stuff is a load of you know what. Because – it – won’t – work. You can have a safety net or open borders, not both. So what does this mean the Democrats are doing? Lying. If elected they will renege on their platforms and go about their globalist business.

          5. I hate that too Its either 100% or zero……and dont get them started on the 90% who uses illegal guns to kill each other……

          6. skews heavily white and older

            I suggest you watch a Trump rally, probably on mute given your delicate progressive ears.

          7. He mobilized a core group that has felt very threatened and left behind that skews heavily white and older. It will be interesting to see how this strategy…

            Mitt Romney got 61% of 65 and older white vote while Trump got 58% of the same demographic. You’ve made a fairly bold statement about more old threatened white people voting for Trump. Do you have data to support this conclusion?

            https://en.m.wikipedia.org/wiki/2016_United_States_presidential_election

            https://en.m.wikipedia.org/wiki/2012_United_States_presidential_election

          8. I don’t know if you realize how clueless this statement makes you look. “Let us have” what we have a constitutional right to. (Plus we paid for them.)

            I get it. I made the statement tongue in cheek as a “redneck” gun owner myself. I just mean that the Ds could win narrow elections instead of lose them if they could just leave it alone.

          9. He mobilized a core group that has felt very threatened and left behind that skews heavily white and older.

            Hillary Clinton did a much better job of mobilizing them.

          10. The 2020 election is going to hinge on
            1) Whether the recession hits before or after the election <– biggest factor
            2) Whether the Dems run an African American on the ticket <– will affect AA turnout
            3) Whether the Libertarians put up a viable candidate <– G. Johnson isn't running.

          12. He is more popular in minority communities than most of his GOP predecessors and he got a smaller percentage of the white vote than his recent GOP predecessors.

            From the article you cited:

            “But, remarkably, Donald Trump captured slightly more of the minority vote share than Romney did. To be sure, by “slightly more” I mean “slightly less disastrously.” Trump captured 8 percent of the black vote, 29 percent of the Latino vote, and 29 percent of the Asian vote.”

            The story here isn’t that Trump isn’t knocking it out of the park with minorities. Romney did really terrible with those groups, so the baseline was very low to begin with. Trump was only marginally better.

          13. You assume rednecks (don’t exist anymore, see the internet) don’t know what poetry is, or understand geopolitics, globalism, or go to museums.

            You are absolutely correct Ben, stereotypes are flimsy and misleading. I agree wholeheartedly with you. I also have frequented “Cowboy poetry” (Heber, UT) on occasion as it is where I volunteered for the winter olympics. When I said that Trump voters were threatened, I meant in in terms of economics. Places that were devastated from the hollowing out of manufacturing, globalization, outsourcing, etc. Places that were hit by the scourge of opioids.

          14. Nobody suggested he was knocking it out of the park with minorities just that he did better than his GOP predecessors, which is obviously a low bar. Also surprisingly he did worse with 65+ white voters and slightly worse with the white vote overall. All of these data points appear contradict the hypothesis you stated, although it’s possible the data is not capturing a shift in the people who feel “threatened”. If there is other data, it would be interesting to see it.

          15. If there is other data, it would be interesting to see it.

            We largely agree. Romney didn’t do well with minorities. Trump did only marginally better. Hillary Clinton didn’t do as well with blacks and Hispanics as Obama did. The real difference though is the white & older voters in the swing state. The wikipedia data and the Forbes article you cited showed overall data at the national level by age/race. What really mattered was Pennsylvania, Wisconsin, and Michigan. After all, Hillary won the popular vote by almost 3 million. So the real difference was in the disaffected independent voters and the white/older voters who pulled the lever for Obama but switched to Trump. That is where he surprised everyone, including the pollsters.

        2. The last year has been horrible on the FB sites i read, as soon as you post from Fox news or Pamela Geller or some other site deemed by the left as fake news, then it becomes all about shooting the messenger, and never intelligently proving the facts are wrong.

          Turn the flamethrowers up to 11 and shoot the messenger.

          3. It is indeed the STATED strategy of operatives like Steve Bannon to create scenarios wherein “progressives” lose their s@*t and turn the flamethrowers up to 11 and alienate people whom they deem wrong headed or biased etc. . It works. It keeps the Dems blathering on about the rights of non citizens because the offenses are so nasty, when instead they could say hey we get it, our immigration situation is untenable, so we need to fix it but Trump is not doing it right and plus he’s a cruel clown ruining our strategically useful moral high ground internationally . It’s just opening up the world further to competitor nations like China, who can now far more convincingly point to us and say *this* is a reliable ally/agent of economic development schemes?

    4. The blue checkmark circle jerk on Twitter live in a bubble, they think re-tweets count more than votes in presidential elections.

      As New Yorker film critic Pauline Kael allegedly said: “I can’t believe Nixon won, nobody I know voted for him.”

    5. “Progressive” has become a dirty word to many Americans, more closely associated with intolerance and double standards than with free thought and due process.’

      Any decent American despises progressives and their supreme virtues of parasitism, dependence, pathological victimization, and rejection of personal responsibility. Dirty needles and feces on the sidewalk are the most visible manifestations of the legacy of corrupt and incompetent progressive malgovernance.

    6. I can’t get to the WSJ article, but I would LOVE to see such an article repeated in the Washington Post, just to watch the author be tarred and feathered in the comment section. They won’t tolerate ANYthing over there.

    2. At this point I am convinced that the Obama character was created deep in the bowels of Langley, VA.

        1. “He certainly isn’t who he claimed to be.”

          You’re right about that. The guy turned out to be a total fraud – an epic con man.

          1. Speaking of that if Obama really does believe in AGW why does he keep buying beach front property?

    3. But don’t the Obamas know Martha’s Vineyard is about to be swallowed by Climate Change?

      Unless of course the BS story run on the CBS news yesterday (and many like it every week) about the island being swallowed by rising waters is actually being lost to erosion (which it is) and the Obamas and the rest of these globalists selling Global Warm I mean Climate Change already know it and laugh about it.

      Native Americans may lose their homes to rising waters on Louisiana island

      By MIREYA VILLARREAL CBS NEWS August 21, 2019, 6:41 PM

      Shrimper Steve Billiot is a member of the Houma Nation. For almost two centuries, his people have fished, hunted and farmed on and around Isle de Jean Charles. Now, the land is in danger of being lost to climate change.

      https://www.cbsnews.com/news/climate-change-native-americans-louisiana-isle-de-jean-charles-may-lose-homes-2019-08-21/

      1. Sorry, I did not see your post prior to my post. Besides AGW it says something about his economic judgment. he is buying luxury property in a high tax state. Does anyone on this blog think that is a good economic choice? Is it any wonder we had such a weak economic recovery despite 0 percent interest rates, trillions in QE and nine trillion in deficits?

    4. Meh,15 mil for that place? I don’t see the appeal. Could get a lot of nights at a 5 star beachfront hotel for that amount of money. Let them have it.

  14. I saw a vanity plate today that read “GETDIRT” surrounded by a frame that read “They’re not making any more land! #Realtor”. The Realtor Donner Party can’t get here soon enough. The hubris and arrogance of this group is truly heinous.

  15. “Originally listed for $26 million in 2018, the Eagle Crest Estate is now up for auction with Concierge Auctions at a minimum price of $6.9 million, the auction house told Business Insider.”

    73% off fire sale price reduction! It’s surreal…

    1. To be fair, listing prices mean absolutely nothing. We’re back to the “fantasy prices” of yesteryear, where people put their houses on the market for an amount not steeped in reality, hoping for some sucker to come along with a “bucket of money and a box of stupid.”

    1. The alternative was a one-woman crime spree with a 30-year trail of scandals and influence peddling who epitomized the worst aspects of crony capitalism, impunity for the .1%, and neocon bungling.

      Not to mention #ClintonBodyCount

      1. “… a one-woman crime spree with a 30-year trail of scandals and influence peddling who epitomized the worst aspects of crony capitalism, impunity for the .1%, and neocon bungling.”

        I consider that as being positive attributes.

  17. Markets
    Surge in corporate debt with negative yields poses risk ‘unlike anything’ investors have ever seen
    Published Wed, Aug 21 2019 7:01 AM EDT
    Updated Wed, Aug 21 2019 8:50 AM EDT
    Jeff Cox
    Key Points
    – Negative-yielding corporate debt recently passed $1 trillion in market value.
    – Investors holding the bonds for price appreciation face significant risk should rates start to rise, says Jim Bianco of Bianco Research.
    – “The financial system doesn’t work with negative rates. If the economy recovers, the losses that investors would take are unlike anything they’ve ever seen,” he says.
    …

    1. “The financial system doesn’t work with negative rates.”
      “The financial system doesn’t work with negative rates.”
      “The financial system doesn’t work with negative rates.”
      …
      Don’t tell a central banker.

  19. David Koch is dead. I have never considered him evil like Soros. However his control over people like Paul Ryan did a lot of damage to working class Americans.

  22. Acculturated Hispanics? I guess that is better than calling them coconuts. The left is screaming racist at Trump precisely because he is showing minorities that Globalists are hurting not helping them. With all the racist charges being thrown at Trump, it is easy to see why minorities will not admit to pollsters that they support Trump. However the signs are there, MSNBC’s audience is collapsing, turn out for the Democrats is low on the campaign trail the MSM is now out and out lying about it. Low turnout among minorities is almost as good as shifting allegiances, however usually the first step to shifting is non support for the existing party. Irish and Italian voters use to be a major part of the Democrats coalition now they lean Republican. I see northern Asians and successful Hispanics supporting conservatives more and more. Hence the need for Democrats to bring in more people who look to the government for support.

    1. I see northern Asians and successful Hispanics supporting conservatives more and more.

      Anecdotal, but all my Asian friends really like Andrew Yang.

      1. Anecdotal, but in a area that’s majority Asian, many more Chinese support Trump than any previous Republican.

      2. Do you think he has a chance? Then what vote for reparations? Almost funny to have Asians pay those.

        1. Not any funnier than having white people or anybody pay them, in reality. My family was in Norway during the days of slavery. It’s racist to try to hold me accountable for something I had absolutely nothing to do with.

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