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Just A Tip Of The Iceberg – Or Crater

A report from CTV Vancouver in Canada. “When detached homes in Metro Vancouver began dropping in price several years ago, condos seemed immune to the changing market – but not anymore. New data from Royal LePage shows Metro Vancouver condominiums have sold for an average of $764 per square foot this year, an 8.3 per cent drop in the past seven months.”

“Two months ago Vancouver realtor David Hutchison listed a one-bedroom condo in the West End for $599,000, a price he was hopeful would nab a happy buyer. That didn’t happen. Instead, the property just sold for $490,000, and the seller agreed to do some renovations before the buyer moves in on Friday. ‘In previous markets we probably would have said no and moved onto the next buyer,’ said Hutchison.”

From The BBC in the UK. “Cardiff could be left with a skyline of empty buildings after an ‘oversaturation’ of luxury student flats, a leading architect has said. Plans to create about 7,400 new student rooms have been approved in the city in the past five years. But a number of schemes have since been let to professionals and tourists after a struggle to fill rooms. Property expert David Feeney said rents were too high and the market was ‘oversaturated.’

“While many offer incentives, including reduced rents, cash back and free breakfasts, Mr Feeney said it was not yet enough to entice students from traditional house shares. ‘If you are charging £150 a week for these flats, you are not going to get them out of the £80 a week HMOS, they cannot afford it,’ said Mr Feeney. ‘There is going to be a lot of people going to be hurting and a lot of empty buildings.'”

From This Day Live in Nigeria. “Ikoyi lies on the edge of the Lagos Lagoon and is the most affluent neighbourhood in Lagos. Popular with the extreme upper class residents of Nigerian society, it is arguably the wealthiest community within the country. Getting here was a tortuous journey. The Uber that brought me initially went to the next street, Cameron, in error. Unfortunately, his car paid for it; he failed to evade a pothole in the middle of the road.”

“I shook my head wondering how this could be in what is supposed to be highbrow Ikoyi. But that was just a tip of the iceberg – or crater – as we were soon to find out.”

From Mingtiandi on China. “Just over two weeks after China Evergrande Group warned shareholders of falling profits for the period up to the end of June, the country’s third-largest developer by sales has posted its first drop in returns since 2016. The Shenzhen-based real estate giant confirmed in a stock exchange announcement that its net profit for the first half of the year had almost halved to RMB 27 billion ($3.8 billion) from RMB 53 billion for the corresponding period last year.”

“The fall in income comes at what could be a sensitive time for the debt-laden developer. Last week Evergrande slashed prices by up to 22 percent across 532 of its developments, with Xu Jiayin asking employees to spread the word on social media in a bid to muster up sales. Country Garden was also offering discounts of up to ten percent at its The Clouds development in Guangzhou.”

The Sydney Morning Herald in Australia. “Aussie Home Loans founder John Symond is urging the government to intervene to ease the pressure on banks over how stringently they must check customers’ living expenses. The remarks come after housing credit growth fell to a new record low of 3.3 per cent in the year to July on Friday.”

“He said about a fifth of customers who would previously have been given loans were now being knocked back by banks that feared being pursued by more assertive regulators. ‘It’s got to the point where lenders and credit people are running scared. At least 20 per cent of loans that normally would stack up and get approved are getting rejected,’ he said.”

From TV New Zealand. “Auckland house prices have continued to fall, according to the latest Trade Me property price index, which shows the average asking price drop to the lowest since September 2016. Trade Me Property’s Aaron Clancy said it was the fourth consecutive month that property prices have dipped in Auckland. ‘After years of eye-watering price increases the heat has well and truly been taken out of the Auckland property market,’ he said.”

“Statistics show the average asking price in Auckland dropped almost $71,000 from its peak in October 2018.”

This Post Has 80 Comments
  1. ‘When detached homes in Metro Vancouver began dropping in price several years ago’

    Years ago? But only people at the HBB seem to remember that!

    ‘condos seemed immune to the changing market – but not anymore’

    Who gave the impression condos were immune? Oh, right the REIC. Guess they fooked the public – again!

    ‘In previous markets we probably would have said no and moved onto the next buyer’

    No problem, just jump into that way back machine and turn that frown upside down! What? Got no way back machine? Crap.

    1. condos seemed immune to the changing market – but not anymore

      Didn’t condos used to be the first and hardest to drop? Makes me think that maybe that rule of thumb came from the days when condos were the speculator’s tool of choice? But this time around the vast majority of speculators were Chinese who only wanted SFH so condos had less speculation?

    1. ‘Seller will credit Buyer $3,500 at COE for Landscape costs. Everything is brand spanking new! And, on over an acre… 1.33 per Assessor. Beautiful, unobstructed view of Sierra Nevada Mountains. 3 & 2 with an open concept, great room. This is a true modular …not a mobile home converted. Full perimeter Concrete stemwall foundation. Seller built it for himself, health forced mover before occupied. He visited the factory to personally inspect the construction.’

      The dishwasher is so new it hasn’t shown up yet! I see a red tag in the shower. And the one shed on skids certainly isn’t new. Landscaping? I bet that mud road is a joy at 6AM after it rains all night.

      1. Look at the busted up junkyard next door. This isn’t an area of custom homes or something, this is in a dump. What sort of appraiser would sign off on this? $338,000 trailers? This is nuts.

        1. I admire a collector of vintage automobiles. Not to mention having them on 3 or 4 sides of me. Of course it ain’t Jay Leno’s garage, but letting em sit out in the field gives up that patina.

          pa·ti·na
          /pəˈtēnə/
          Learn to pronounce
          noun
          noun: patina; plural noun: patinas

          -a green or brown film on the surface of bronze or similar metals, produced by oxidation over a long period.
          -a gloss or sheen on a surface resulting from age or polishing.
          “the dining table will acquire a warm patina with age”
          “the impression or appearance of something.”
          “he carries the patina of old money and good breeding”

        2. “What sort of appraiser would sign off on this? $338,000 trailers? This is nuts.”

          Defective appraisals.

          There is no other way to arrive where we’re at without them.

    2. every single place today has a useless microwave over the stove, especially if your GF/wife is just barely 5 feet

  2. Refresh my memory, what is the name of the browser extension to use with HBB? Is it available for Firefox on Android? If not, which Android browser(s) will it work with?

    1. Your android question makes me think you are hoping to use it on mobile. As far as I know it will not work on any of the mobile browsers yet.

      On the plus side at least on Chrome it will now work on both your work pc and your home pc and remember where you left off in each place automatically if both are signed into Google using the same account.

          1. whether it can synch with my desktop Firefoxes

            It won’t sync data across them, but the plugin still works 🙂

            Firefox doesn’t support synced storage on android, but it will work across desktop instances.

  3. “The developed world is on the brink of a financial, economic, social and political crisis”
    https://www.youtube.com/watch?v=3WclYu5l4G0 (20-minutes)

    “Donald Amstad from Aberdeen Standard Investments delivers a sobering assessment on the state of developed market economies.”

    Don’t look at his teeth…just listen to his unpleasant warning.

  4. Maybe you should care, as a landlord has less negotiating power to raise rents when their option to kick out a tenant and sell is weakened by falling prices.

    1. That’s a concern of mine, all right. I’ve had one rental sold out from underneath me, and don’t care to repeat the experience, though if I was my landlord I’d be selling post-haste and taking profits.

      1. You raise a good point, which is that the rational course of action at the onset of bubble collapse most likely is to sell quickly at whatever price the market will bear, even if it is slightly below peak.

        However, given greed and denial, many will instead opt to HODL their falling knives all the way down to the floor, rather than cutting bait.

  5. Interesting read: Homes That Sold for Around $1,500,000 (nytimes.com)

    The very first one listed:

    $1,365,000 – 144 Pelhamdale Avenue, Pelham

    A 31-year-old, 3,357-square-foot house that has a paneled living room with a fireplace, a formal dining room with a window seat, and a kitchen with a breakfast bar, on a quarter-acre.

    15 weeks on the market
    $1,298,000 list price
    5% above list price
    Costs $40,221 a year in taxes

    ——————————————————-
    $40K a year in taxes ??

    Let’s see what that costs in Texas (metro DFW, Richardson) ??

    https://www.zillow.com/homedetails/2810-Ashbury-Dr-Richardson-TX-75082/53106977_zpid/

    Let’s see.. 10 years newer, not bad, nothing extraordinary though, slightly larger, same number of bedrooms, +1 bath, approx same lot size…

    $360K and a whopping $7800 a year in Taxes. That’s more than Casa Spiffy’s Tax bill as Texas loves them some property taxes…

    And yet it’s still less than than 1/5th the tax bill in Pelham, New York. No wonder there’s an exodus to low tax states.

    Even Scarier is the last one – a 1,158-square-foot condo in Brooklyn that sold for a measly $1,390,000. There’s a $435/mo condo fee ($5220/yr) which could go up at any time, but the land mine is the $20 a month in abated taxes. That tax abatement is good for what? 5 years? Can’t wait for the fun surprise when it jumps to $2000 or $3000 a month for a 30′ x 38′ box with shared walls…

    1. The Financial Times
      US economy
      US manufacturing contracts for first time since 2016 amid tension
      Stocks fall after data show how US-China trade war has created ‘an undercurrent of fear and alarm’
      Mamta Badkar in New York and Brendan Greeley in Washington yesterday

      The US manufacturing sector has contracted for the first time in three years, data on Tuesday showed, as the US-China trade war weighed on the industrial economy and added to fears about slowing domestic growth.

      The Institute for Supply Management’s index fell 2.1 percentage points to 49.1 last month, missing expectations for a reading of 51.1, according to economists surveyed by Thomson Reuters.

      “While business is strong, there is an undercurrent of fear and alarm regarding the trade wars and a potential recession,” said one respondent to the institute’s survey.

      1. The MSM is ignoring the impact of Boeing. If you believe that Boeing will fix the problems caused by $9 an hour software engineers soon, Boeing will go from a headwind to a tailwind within a few months.

        1. “Boeing will go from a headwind to a tailwind within a few months.”

          Really?, Define: “a few months” … 2? 5? 19?

          United Airlines pulls Boeing 737 Max from $chedules until Dec. 19 as cancellations pile up

          CNBC | Leslie Josephs | Fri, 30 Aug 2019

          United has pulled the planes from its schedules until Dec. 19.

          Southwest Airlines last month said it wouldn’t fly the 737 Max until January 2020.

          United’s targeted return date of Dec. 19 will bring the planes back just before the Christmas travel period.

          But that return depends on Boeing and aviation regulators.

          x1 Crash after returning will be a production “death.$piral” … Quite co$tly to their bottom line$ … & $tock price$.

        2. “The MSM is ignoring the impact of Boeing.”

          If their stocks were tanking then they would be in the news, but that’s not the case.

    2. Business
      U.S. stocks slump after more China tariffs kick in
      New York Stock Exchange
      The Dow Jones industrial average slumped 1.1% on Tuesday as the market gave back some of its gains from last week.
      (Mark Lennihan / Associated Press)
      By Associated Press
      Sep. 3, 2019
      4:24 PM

      Technology companies drove a broad slide in U.S. stocks Tuesday as disappointing economic data and the latest escalation in the U.S.-China trade war put investors in a selling mood.

      The Dow Jones industrial average slumped 1.1% as the market gave back some of its gains from last week. The losses ended a three-day winning streak for the Standard & Poor’s 500 index.

      The sell-off got going as investors took in the state of the U.S.-China trade war: New tariffs had taken effect over the long weekend. New economic data showing that U.S. factory activity shrank in August for the first time in three years helped drive the selling.

      “While we’ve known that manufacturing was slowing and in a slump, this was worse than expected, which is rekindling fears of recession,” said Kate Warne, chief investment strategist at Edward Jones. “While we don’t think recession is on the horizon, certainly it’s one more sign of slower economic growth.”

      1. US stocks are range bound just like oil. Down a dollar a barrel one day and then up a dollar the next day. Just noise signaling nothing. The only think I see making a real move is silver.

          1. Boeing and a slowdown in the oil patch, both of which are about to turn. Boeing, I explained, drilling will increase because you cannot continue to frac more Wells than you drill and pipeline capacity is going online reducing transportation costs.

    3. Sep 02, 2019 06:33 AM
      ECONOMY
      In Depth: Is the Next Global Recession in Sight?
      By Wang Liwei, Yu Hairong, Zeng Jia, Zhang Qi and Han Wei

      As the Chinese proverb says: The moon waxes only to wane, and water surges only to overflow.

      After nearly 10 years of steady expansion, the world economy faces growing concerns of a looming recession. There are plenty of reasons to worry as major economies including those of China, Britain and Germany are struggling with downward pressures or entering a contraction, underlining mounting uncertainties in a world rattled by growing protectionism and mounting trade barriers.

      Analysts say the question is not whether there will be another recession, but when.

      1. Wow that is deep, not a question of if there is a recession but when. Of course it is true, we have business cycles, the same thing was true in 2016 but we still have not had it. If on election day 2020 we still have not had it it will still be true. Here is Trump’s ace in the hole, China wants to claim it has doubled it’s economy from 2010 to 2020, without the world laughing too hard. Thus, it needs to prop up its economy to meet the “plan”. Expect China to pile on even more debt and worry about the consequences later. BTW, China last month purchased a phenomenal amount of US soybeans.

        1. “BTW, China last month purchased a phenomenal amount of US soybeans.”

          Define “phenomenal” :
          Purcha$ed x1 month: 68,000 tonne$
          Average x1 month: 14 Million tonne$

          Do you get $upplemental payment$ from faux.new$?

          The $ales were exempt from 25% dtRump.tariff$

          “Sunday’s article added that, “Five Chinese soybean crushers are eligible for exemption$ from 25% tariffs on some U.$. cargoe$, the state planner told them, but they are unlikely to be in a rush to buy in bulk as the industry grapples with poor crushing margins and a premium on U.S. soybean ver$us Brazilian soybean$.”

          “U.S. soybean supplie$ to China, the world’s biggest market, $lumped in the first half of 2019 to the lowe$t level in more than a decade as little progre$$ was made on ending a trade war between the two countries.
          “China’s demand for soybeans crushed into livestock feed has also decreased dramatically in recent months as African Swine Fever swept across the country, resulting in the death or culling of millions of pigs.”

          Meanwhile, a separate Bloomberg News article last week by Alfred Cang stated that, “Marubeni Corp., one of the world’s biggest general trading companies, said its U.S.-based unit Columbia Grain Trading Inc., stopped all new sales of soybeans to Chinese customers, according to a statement.

          https://farmpolicynews.illinois.edu/2019/07/sluggish-soybean-sales-to-china-in-first-half-of-2019-as-trade-talks-continue-this-week/

          He $wings, he misse$ … again!, sad.

          Anywho, those were fer “new.bean$”

          The U.S. Department of Agriculture on Thursday confirmed private sales to China of 68,000 tonnes of soybeans for the 2019/20 marketing year, the first such purchase by a private buyer since the trade war between the world’s two largest economies broke out more than a year ago. Aug 1, 2019

    4. Which country would suffer more in the absence of a trade deal: U.S. or China?

      Reminds me of the old Russian joke of “we pretend to work and they pretend to pay us”.

      Our relationship with China has been “they pretend to make quality goods for us and we pretend to pay for them”.

      But no idea who suffers more when that stops. I’m gonna guess China.

      1. “But no idea who suffers more when that stops. I’m gonna guess China.”

        Thee Chinese are conditioned to $uffering, U$ $helter.$hack.debt.donkey$, knot so much.

        1. Thee Chinese are conditioned to $uffering

          Older generation and rural folks yes. Younger generation in the cities, no. If this ends up being their 1929 I’m wondering how many can still go back to the farm. My wife’s whole family moved to the city a while back. I suppose there might be some distant cousins still out there…but that’s no longer a home base.

    1. The real crash hasn’t even started yet, and still the knife-catchers are jumping in to pick up pennies in front of the steamroller.

      1. Yes. Housing prices unlike stocks are stickier on the way down then the way up. However unless governments intervene the old rules do apply and they will correct. Perhaps it will be like a earthen dam breaking. Slow at first, then catastrophic failure or maybe government lower the water sufficiently to avoid the collapse, honestly I do not know which is more likely.

        1. The Bernanke/Obama Fed already set a precedent for rescuing housing circa 2012. We’ll see if the Powell/Trump Fed follows suit. The majority of voters in a presidential election are likely also homeowners.

        2. “Hou$ing price$ unlike $tocks are $tickier on the way down then the way up.”

          Here is the $eptember 2019 Wall.$treet mantra:

          “$taying/maintaining expo$ure to equitie$!”

          #1 on the tattoo$ hot.li$t!

      1. This Kentucky canary has been without air for over 30 day$!

        Bidne$$ is Bidne$$, get.in.line for yer claim$!

        Kentucky Miner$ Are Camped Out on Railroad Tracks, Blocking a Coal Train, Demanding Their $tolen Wages

        Labor News / July 31, 2019 / Alexandra Bradbury

        Word spread quickly July 29 that someone was loading up the train to move. A few laid-off miners headed down to the site to find out what was going on, and it didn’t take long to decide they weren’t going to let this train go anywhere.

        The miners want their jobs back, if possible—but bottom line, they want their wages for the work they already did.

        “I would like to get the money that I’m owed,” said miner Cameron Cornett, a father of three, “the money that I worked for, and that was taken from me and my family and these other workers.”

        “If we can’t get our money, they need to do something with [former CEO] Jeff Hoops for what he’s done,” said Shane Smith, a fourth-generation miner. His youngest daughter was born three days after the company announced its bankruptcy a month ago and stole workers’ wages.

        Both men said they are owed nearly $4,000 in their last two paychecks.

        Miners say the county police came by, asked everyone to stay off the tracks, said as long as the protests stayed civil there wouldn’t be any trouble—and departed.

        Since then miners, their spouses, their kids, and their supporters have maintained a constant presence at the tracks. The numbers have fluctuated, with up to 100 people gathered at times, and a few stalwarts sticking it out through the nights.

        To pass the time they’re playing cornhole and singing songs like “I Want My Pay” to the tune of “I Want It That Way.” Even rain last night didn’t dampen their spirits.

        PAYCHECKS EVAPORATED

        Blackjewel LLC abruptly shut down all its mines July 1 and filed for Chapter 11 bankruptcy. Partway through a shift, workers were told the bad news and sent home.

        Cornett heard about it on Facebook, but showed up anyway for the night shift, “just to see.” He found no one there but a security guard.

        The miners never got their last paycheck. Their second-to-last paycheck, already deposited, evaporated out of their bank accounts.

        Smith’s baby girl was born July 4. Now his wife is out on maternity leave, and money is tight. He had to scrape up change for gas to drive to the protest.

        “Everybody started pitching in and finding a way to get everybody to it,” he said.

        Adding insult to injury, the miners never received any paper notice of their layoff, which caused a bureaucratic headache when they went to file for unemployment—they couldn’t prove they were out of work.
        Even once that was straightened out, the company’s paperwork was a mess, said Cornett. Everyone’s case was slightly different. It turned out that Blackjewel hadn’t reported most of his wages to Social Security all year. He filed additional paperwork and expects to wait two to three more weeks for a reconsideration by the unemployment department.

        Since Blackjewel shut down, he said, there are only two coal mines still operating in the area. Neither one is currently hiring.

        The bankruptcy proceedings are still playing out in federal court. Unfortunately, federal bankruptcy law puts workers far down the list of who gets paid, after business creditors and legal fees for the bankruptcy itself. Nonetheless, miners hope some of the company’s assets will eventually be paid out to recoup them. In the meantime they’re trying to make ends meet day to day.

          1. Therein lies the truth. If increased EV adoption meant more coal usage, then all of the West Virginians who were promised by DJT that he would save coal would be hailing the EV transition.

          2. Therein lies the truth.

            Not so. Gas is cheaper right now. Whatever we’re burning to make your toy run, you’re wasting more of it than the average Joe.

          3. Whatever we’re burning to make your toy run, you’re wasting more of it than the average Joe.

            Do you think that if you keep repeating falsehoods it becomes true?

            https://www.quora.com/How-energy-efficient-are-electric-motors-compared-to-combustion-engines

            Consider the Tesla Model S, which has an available 85kWh battery and a 265 mile range.

            Consider a similar gas-powered car, which gets 35 mpg.

            Gasoline contains about 33kwh of energy per gallon.

            The Tesla uses 320 Wh/mile of energy (85kWh/265 miles)

            The gas powered car uses 940 Wh/mile of energy (33kWh/35 miles)

            Once the energy is onboard (not counting the efficiency of the power generation, oil refining, or charging), the Tesla is using only about a third as much energy as the comparable gasoline-powered car.

          4. not counting the efficiency of the power generation, oil refining, or charging

            And why would you intentionally leave that out if you really wanted to look at the energy balance? Also why would you ignore the astronomical cost of producing the Tesla? That’s energy consumption too. Over $100,000 of it per each one produced to date. Tesla cash burn around $2 Billion/yr at present. A conservationist’s nightmare.

            Repetition of BS indeed.

          5. And why would you intentionally leave that out if you really wanted to look at the energy balance?

            Because that is variable and cannot be compared directly because it depends on the electricity energy source. More specifically, it depends on where you live. If, say, you have solar PV and a good battery (like a Powerwall) and bank all your electricity, then your vehicle is fully renewable. Best resource is to look here:

            https://www.ucsusa.org/clean-vehicles/electric-vehicles/ev-emissions-tool

            Also, a model 3 is less than $30k to produce. See Sandy Monroe’s tear-down estimate. You can’t fairly roll capital expenditures for new plants into vehicle production costs. I have no idea where you get your 100k price, but it’s not from any reputable source and it is not even close.

        1. “Unfortunately, federal bankruptcy law puts workers far down the list of who gets paid, after business creditors and legal fees for the bankruptcy itself.”

          -Absolutely nauseating. The wealthy speculators and litigation parasites get to gobble up the remains of the carcass while the hard-working laborer struggling to feed his family gets ‘shafted’.

          This country can go one of two ways:
          Massive systemic changes to set things right
          or total collapse followed by eventual rebirth.

          Take a guess which is more likely. Bullish on metals. Gold, Silver, and BRASS.

          1. “…or total collapse…”

            Want to know how the country is doing? Try spending 30-minutes in a Walmart store on a Saturday morning looking at a sample distribution of the population.

          2. Try spending 30-minutes in a Walmart store on a Saturday morning looking at a sample distribution of the population.

            A few years ago when my son was 1, he would wake up at 4:30 and wouldn’t go back to bed. I would drive to the local Walmart and just let him walk around the aisles and until Chick-Fil-A opened up around 7. I saw some strange people there, but I guess I myself was pretty strange letting my toddler walk up and down Walmart at around 5 in the morning. At least my wife got some sleep!

          3. I saw some strange people there, but I guess I myself was pretty strange letting my toddler walk up and down Walmart at around 5 in the morning.

            The rural Walmarts I’ve been in have still been reasonably nice. They get a little Mad Max in the city, though. All the people with any money go to Target to get away from the crazy.

            I’ve heard there’s another layer of hell in the places for the people who think Walmart is for rich people but I haven’t gone to see for myself.

          4. Ours is a rural Walmart, so the sample population includes the obese welfare slobs, hard scrabble laborers, middle class workers and the high earner lawyers, managers, etc., in the tail of the distribution. A cursory glance in their shopping carts says it all.

        1. The high-maintenance hotties love their fitness studio workouts with some muscular negro and getting their working cuck to pay for it. Must be a real letdown spinning at home with the noisy baby bassinet nearby.

    1. Here’s to hoping they don’t cut back too much, as one of my children’s incomes, plus my free supply of slightly burnt coffee beans, depends on these purchases.

    2. The Financial Times
      US Treasury bonds
      Will the US follow Germany and Japan below zero?
      Investors are preparing for the possibility of negative 10-year Treasury yields
      The European Central Bank has recently committed to keep rates lower for longer and has been surprised that inflation expectations keep falling
      The European Central Bank’s deposit rate currently sits at minus 0.4 per cent, having been set below zero since June 2014 © Bloomberg
      Colby Smith in New York yesterday

      Some US investors are girding themselves for the once-inconceivable prospect that the 10-year Treasury yield could be headed towards zero, as this year’s giant rally in bonds shows few signs of easing.

      In a world awash with roughly $17tn of negative-yielding government debt — meaning buyers are guaranteed to get back less than they paid, via interest and principal, if they hold to maturity — America’s government bond market has long offered refuge to investors seeking higher returns.

      German government bonds maturing in 10 years now yield minus 0.70 per cent, while Japan’s 10-year debt yields minus 0.27 per cent. In that context, the 1.5 per cent yield on the 10-year Treasury looks attractive.

      But roughly a month ago the 10-year note was yielding about 2 per cent. The tight timeframe of that 50 basis-point slide has caught investors by surprise, leading some to put the prospect of further heavy falls on their radars.

      “We could see zero,” said Nick Maroutsos, the co-head of global bonds at Janus Henderson in Newport Beach, California, noting that any sell-off in bonds so far, causing yields to rise, has been met with immediate buying. “The probability is increasing, particularly as we drop so rapidly.”

        1. Of course they want it. They’ll probably get it here eventually. And never a thought that it’s a giant flashing red sign telling them they are paying too much.

    3. “…non-essentials like $4 cups of burnt-tasting coffee.”

      I’ve must say that McDonald’s serves a great cup of coffee.

  6. Or maybe the millennials are starting to grow up and are beginning to be adults and not high schoolers. The need to look cool and be socially popular is not as strong. It would be good for the economy and our political system if they become independent. Many of them are voting against their best interests to be seen as woke. Successful hard working financially responsible millennials should not be bailing out people who act like teenagers.

      1. Hey there’$ a donation opportunitie$ for all that money you’re $aving & can’t find any $torage room! … Firefly Autism

        Women Bikers Converge On Harley David$on Dealership In World Record Attempt
        Author: Dillon Thomas |August 24, 2019
        Filed Under: Colorado News, Firefly Autism

        FREDERICK, Colo. (CBS4) – Women bikers in Colorado attempted to set a world record on Saturday. More than 430 women showed up to the Harley Davidson dealership in Frederick on motorcycles, hoping to set the record for most women riding in one place at one time.

        “In Colorado, women bikers are growing like a weed,” said Susan Udero, organizer of Colorado Women’s World Record Ride. “There are 88,000 bikers registered (in Colorado). How many are women? (The DMV) said 4,000 or 5,000.”

        “All the proceeds from this incredible event come directly to Firefly Autism,” said Jesse Ogas, Executive Director of Firefly Autism.

  7. Gold spot looking to close over 1550. Maybe something that has no yield is starting to look attractive relative negative yield assets.

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