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No One Wants To Admit The Shift Happened

A report from the Douglas Digital Daily in California. “Forget what’s fashionable in floor plans, decor or color palettes. This year’s hot housing flavor is something every house hunter can agree upon: a price discount. It’s no blip. The frequency of price-cutting in Southern California statewide and across the nation is running at or near post-recession highs.”

“When I filled my trusty spreadsheet with among the 50 largest metropolitan areas, I found 43 with increased discounting in the 12 months ended in August vs. the previous 12 months. Five of the 11 big metros with the steepest jumps in price reductions were in the Golden State. So, who’s lowering asking prices the most? Silicon Valley. The San Jose metro area’s 115% jump in its discounting rate over the past 12 months meant 15.9% of sellers had cut their asking price.”

“In Southern California, more sellers are cutting prices, too. Los Angeles and Orange counties had the No. 7 jump with 28% increased discounting. As for the Inland Empire, it had the 11th-largest growth in price cuts: Up to 16.1% (No. 28) from 13.7% (No. 20) — an 18% increase. Big California upswings in discounts were also found in San Francisco. A 67% jump, to No. 3 nationally, pushed price-cutting to 12.2% of listings.”

“Now remember, cutting listing prices is no guarantee that house hunters will bite. That’s likely a reason why you see some of the nation’s once-hottest housing markets filling out the Top 10 for increased price cut. Las Vegas had the second-biggest surge in reductions, running to 22.5% this year from 12.3% a year — an 82% jump. No. 4 was Seattle, 14.6% from 9.3% — a 56% increase. Then there was No. 6 Denver: 18.1% from 13.8% — up 31%; No. 8 Atlanta: 15.1% from 12.3% — up 23%; No. 9 Salt Lake City: 19.6% from 16.1% — up 22%; and No. 10 Kansas City: 13.2% from 10.9% — up 21%.”

“Ah, housing price cuts. Everyone complains about affordability … and now house hunters get what they’ve wished for: Discounts! Of course, lowered prices can be a doubled-edged sword. When housing markets cool, plenty of buyers get cold feet fearful of overpaying for housing.”

The Record Searchlight in California. “Build 3.5 million new dwelling units across California by 2025 and this state’s housing shortage will be solved, Gov. Gavin Newsom prescribed during his campaign last year and many times since. SB 50’s likely failure was implied last spring, when MetroStudy reported that 3,700 newly-built homes went unsold in Orange, Los Angeles, Riverside, and San Bernardino counties during the first quarter of this year.”

“That left unsold housing inventory up 22 percent from last year and 37 percent above the five-year average. It caused a slowdown in construction at the very time Newsom and others wanted more building, with new home development in the state’s most populous region down 18 percent year over year.”

“This was market forces at work: Even though builders dropped the price of new housing below the regional median price, they could not drop it below the $425,000 average cost of building an apartment or condominium in a typical 100-unit project. Instead, most new units must be sold for about $600,000 in order to push the price of ‘affordable’ new units in each development down to $350,000 or less.”

“Such numbers are needed for developers to make any profit, a prerequisite if anyone expects them to build anything. But at those prices, there aren’t enough buyers to sustain the kind of building boom California needs.”

The Real Deal on Florida. “It’s a buyer’s market in Miami, and a new startup wants to capitalize on the glut of condos on the market. New York City-based Compound, led by CEO Janine Yorio, is under contract to purchase a unit at Brickell City Centre, and will open up a vehicle for accredited investors to buy shares. Using the same model, the investment firm hopes to buy hundreds of condos that it will lease to renters. Yorio compared it to Blackstone’s strategy of buying over 10,000 single-family homes that it ultimately took public as Invitation Homes.”

“The Miami unit is Compound’s first using the investment model. Each individual unit will be owned by a real estate investment trust that Compound sets up. Compound is under contract to pay $445,000 for a unit at Reach at Brickell City Centre, with closing expected in two months. Shares of the unit will be priced at $4.80, with a minimum investment of $4,800 or 1,000 shares – and will be capped, per investor, at 10 percent of the entire unit’s ownership. Accredited investors will be required to have a net worth of about $2 million to qualify.”

“Compound plans to rent the condo for 12 months, and is targeting an internal rate of return of about 17 percent. Investors would receive annual dividends from the net cash flow generated from the rental stream, but the idea is that they would make their money when Compound sells the unit, typically after a long-term hold.”

“Owners of newly completed condos in Miami and some other markets across the country are struggling to recoup their investments as they list units at the same time the developers are still trying to unload even newer product. That provides an opportunity for buyers. The sellers of the Brickell City Centre unit, Harley and Nichole Hines, paid $582,900 for the condo in 2016, when Swire Properties completed Reach and Rise. Both condo towers connect to the mixed-use development in the heart of Brickell.”

“The one-bedroom, 879-square-foot unit at Reach hit the market in June for $500,000 with a price reduction in September to $475,000, according to Realtor.com. If it closes for the purchase price of $445,000, the Hineses will have sold their unit at a 24 percent markdown compared to what they paid three years ago, a loss that does not include carrying costs like monthly maintenance fees and insurance. The HOA fees total $789 a month for that unit, according to the listing.”

The Wall Street Journal on New York. “It is too soon to know how badly New York City’s new rent control laws may batter apartment landlords. But a battle heating up in Israel between a Brooklyn-born developer and a short seller may provide an early clue. Joel Wiener, chief executive of Pinnacle Group, rose to prominence by buying up thousands of rent-stabilized New York apartments, many of which he renovated or converted to condominiums. His firm has raised funds by selling more than $500 million in bonds on the Tel Aviv stock exchange, making Pinnacle one of the largest bond sales by a foreign company in Israel’s history.”

“Now, at least two investors are shorting the Pinnacle bonds, or betting that the prices will fall further. The new laws make it harder for landlords to raise rents, evict tenants or convert rent-controlled units into market-rate apartments or condos, and the two investors are betting this will push down the value of Pinnacle’s portfolio and could force it to default on its bonds. Pinnacle has nearly 1,800 unsold condominium units in its portfolio, bond documents show, and most are still occupied by renters.”

“‘To me it seems like everyone is looking the other way. No one wants to admit the shift happened,’ Ori Eisenberg, one of the short sellers said in an interview. ‘The moment that will be recognized, there will be major implications.'”

From Mansion Global on New York. “Wealthy house hunters in Manhattan signed contracts for only nine homes in the week ending Sunday. It’s the fourth time this year that new pending sales in the borough’s luxury market were in the single digits, according to the report from Olshan Realty. Anemic home buying in the world’s financial capital follows myriad factors—including unfavorable tax changes for the rich—that have weighed on demand for trophy homes in the city.”

“Sellers and developers have had to counter the slowdown by slashing prices. For instance, homes that went into contract last week had an average price cut of 10%. After the unit at 432 Park Avenue, the second most expensive home to find a buyer last week was a penthouse asking $13.5 million at Midtown new development 135 West 52nd St. Developers originally listed the five-bedroom aerie four years ago and have cut at least $3.3 million off the asking price since then.”

From Bravo TV on New York. “After being unable to secure a buyer over the past few years, Bethenny Frankel has dropped the price of her sexy Soho condo in NYC to a number below what she paid for it just five years ago. The Real Housewives of New York City alum purchased the two-bedroom, 2,392-square-foot property, located in a prestigious building on a cobblestone street, for $4.2 million in 2014 to renovate and share with her daughter, Bryn. She and Bryn moved out of the condo and listed it for sale for $5.25 million back in 2017, but Bethenny never found a buyer for it. She then re-listed it in April for a much lower asking price of $4.38 million.”

“Now, the price for the condo has dropped to $3.995, which would put Bethenny at a financial loss; she hasn’t disclosed how much she spent to renovate the condo. She offered the condo for rent at $13,500 per month in 2017.”

This Post Has 180 Comments
  1. Major a$$-poundings. Oversupply, vulture funds have been operating for almost two years now. I’m not interested in what the MSM will or will not admit. They are REIC devils who would sell their grandmothers for one more months commission. The bubble burst long ago.

    1. Iffin’ the “minimums wage$” was increa$ed to $15.00 per hour, all financial i$$ues in America would bee re$olved! … (Including $helter.$hack price$!)

        1. Housing prices are absurd everywhere.

          “…the $425,000 average cost of building an apartment or condominium in a typical 100-unit project”

          Absurd to the max. A single family house can be built for 1/10th of that and apartments in a 100 unit building are sharing walls and floors.

          1. 1/10th of that ??

            You say that because you don’t know any better or your just a troll…You, MW, Mafia sound alike…Same words…Statements…You one in the same or just hand holding partners…

          2. Asked you this many times before and you won’t do it because you can’t do it…Break it out dude…Trade by trade…Labor & materials…2000 square foot single story home on a level lot…Get ready..go !!

          3. A couple years ago I looked up pre-fab companies. You could buy a basic ~1000 sq ft 3/2 pre-fab for $100K depending on finishes. That excludes foundation, land, hook-ups. I don’t know the markup on that.

            Apartment complexes are probably more expensive / sq ft because so much of the square footage is kitchens and bathrooms.

          4. you don’t know any better

            Maybe you held your hands over your eyes every time we’ve discussed this here. You do go into a rage whenever we speak to the absurd prices suckers will pay (with borrowed money) for what actually costs a small fraction to erect. Cost to erect, not what the market will bear with multiple markups.

            I say this from my experience, and associates who have done their own contracting and probably their own trim, not what others here say (including Ben).

            Naturally, engineers and people with experience in the trades do things differently than realtors.

          5. “A single family house can be built for 1/10th of that”

            $42,250

            Roof & vinyl shower curtain & home de$pot China toilet is $12,286.99

            Eye think you won’t get the rest of the hou$e built for $30,000, knot even in Flat$ville, OK … next to the sewage plant.

          6. Roof & vinyl shower curtain

            My steel roof was $5,000 and the toilet something like $100. You pay too much for shower curtains maybe.

          7. $5,100.00 got ya a “cool summer” roof, & imported shitter, what did you get for the balance of $37,150.00? … ($42,250.00)

          8. “Did you pay a couple or three grand per square for your dig$?”

            Naw, eye’m a Thoreau existential taoist takin’ life as it comes @ me. (been blessed with great health genes, thus.far!, knocks.on.oak)

            Primary re$idence on 29 acres, $48,000 in 1989, (0 zero balance $ince 1997)… this 2019-2020 full year CA property tax bill @ $336.00 (< $1 per day) … x7 outdoor/indoor rooms @ 220 sqft each @ le$$ $5,000 per unit.
            1.$olar + propane water + wood stove heating
            2.$olar with 6kw house batterie$ (most co$tly addition)
            3. Individual room AC (when needed, mostly $ummer @ 4,500' elevation on the East side of an 8,000 ft mountain)
            4. Year round mtn drainage stream + 8 gpm natural spring
            5. Jacuzzi + ping pong + billards
            6. Yurt / Tipi / Treehouse accommodated
            6. Kern River fishing, rafting, swimming, hiking 19 miles North

            Renting, Pacific ocean
            sailing, social interactions in the rural canyons near "Thee.Oh.$ee!", pricele$$! … (When eye'm knot camp hosting in some new awesome "Discover.America" location)

            Zero debt, including vehicle$ …

            Preferred method of distance traveling: "All.Aboard.Amtrak!"

            Laughing @ Wall $treet $henanigans, Political pontification$, & people who distribute fear.of.life … every waking day!

          9. “Naw”

            Well BlueSkye, Eye had a hard 1$t le$$on @ age 24, Eye purchased a two story, detached x2 garage, w/ ba$ement in a small town in Nebraska in 1982. Eye a$$umed a VA loan $27,000 @ 15.5% (eye clearly remember the loan officers patting me on the back, saying what a great % interest rate eye recieved!)

            Le$$on learned.

          10. Le$$on learned.

            That’s funny. In 1978 I acquired a $27,000 ranch in the mountains of NE PA with a loan at 17%. Fantastic view, and deer hunting in the front yard, but I didn’t learn my lesson for a while. I remember the banker congratulating me as well.

  2. ‘MetroStudy reported that 3,700 newly-built homes went unsold in Orange, Los Angeles, Riverside, and San Bernardino counties during the first quarter of this year’

    It was over 4,000 new unsold shacks in Orange County alone.

    ‘That left unsold housing inventory up 22 percent from last year and 37 percent above the five-year average. It caused a slowdown in construction at the very time Newsom and others wanted more building’

    Still doing the “build more shacks” thing even as prices are sinking like a turd in a well all across the state. No wonder they are watching their state burn without power.

    ‘Even though builders dropped the price of new housing below the regional median price’

    Annnnnd you’re fooked.

    1. The largest privately owned U.S. coal mining company is seeking bankruptcy protection. Ohio-based Murray Energy filed for Chapter 11 bankruptcy reorganization Tuesday.

      This is the fourth large coal company to file for BK in 2019….I thought trump loved coal?

      1. loved coal

        We have abundant cheap natural gas for now. Cleaner and cheaper is hard to compete with, love aside.

        1. NG just in the last few days reached a point where in many areas it is cheaper to burn coal. We had very low prices all summer which encouraged burning NG over coal. With the low rig count coal may be back by December.

        1. I don’t get the political obsession with coal. It affects only one or two states. And by now it’s done mostly by machines anyway. At this point it’s probably cheaper to just give all the coal miner families in West Virginia $50K/yr UBI than it is to bring back coal jobs. (As soon as someone can find a painkiller that’s not horribly addictive.)

          1. Ohio, PA and WV are very important to the Trump re-election. The good news is the NG glut is disappearing fast due to LNG exports and less associated gas now that companies are actually trying to make money. The renewable subsidies are being phased out and coal is becoming competitive with NG again. The push by Trump’s administration to export gas was to level the playing field and with the export facilities coming online coal can thrive.

          2. agdan, dead wrong again, $wing, $wing, $wing … Zilch as in zero 0

            More natural ga$ & cancer causing wind machine$ now in the state you left off yer li$t: Wyoming

            $ad.

            The coal-producing states were, in descending order, with annual production in million$ of short ton$:
            Wyoming 395.7 (see Coal mining in Wyoming)
            West Virginia 112.2.
            Kentucky 77.3 (see Coal mining in Kentucky)
            Pennsylvania 60.9.
            Illinois 58.0.
            Montana 44.6.
            Texas 43.7.
            Indiana 39.3.

          3. Oh yeah, feel their pain do ya aqdan?

            The average life expectancy in the coal mine$ for those starting work at 15 y was found to be 58.91 y and 49.23 y for surface and underground workers respectively.

            https://www.ncbi.nlm.nih.gov

            Also, search for miners blocking railroad tracks so they can their bankrupt owners to give them their pay for work already done.

            $ad.

    2. “God Bless President Donald J. Trump and God Bless America!”

      You sound just like “Oh, Nancy Pelosi” & her prayers!

      1. I was not trying to list all the coal states or list them by production but to list the states which could be swing States in the next election which coal miners’ votes could be the difference

        1. Clean energy jobs outnumber fossil fuel jobs 3 to 1. This administration hasn’t been particularly friendly to clean energy instead rewarding oil and gas. Those people vote and remember what DJT is doing to solar/wind.

          1. Jobs which on average pay less than half of those in the fossil fuel sector and cost taxpayers dearly. Green jobs are nothing but crony capitalist jobs. If they could work without massive subsidies it would be great. However right now fossil fuel jobs provide the taxes and green jobs collect the subsidies. Do not try to claim that paying less in taxes means a subsidy as the crony capitalist do. Fossil fuel companies pay massive net taxes not true for the green companies.

          2. Clean energy jobs

            Of which there is no such thing. Building lots of stuff with negative return on energy invested is a dirty piece of work.

          3. Do not try to claim that paying less in taxes means a subsidy as the crony capitalist do.

            You can’t have it both ways. You can’t call tax incentives for renewable energy subsidies while simultaneously claiming that the myriad tax incentives to fossil fuel companies tax cuts. Renewable energy, aside from being the cleanest, is quickly becoming the most economical too. Regardless of what you or I say on this blog, coal and eventually nat gas is going to decline and wind/solar and going to increase. It’s just basic economics.

          4. It’s just basic economics.

            Actually, it’s not. It’s basic physics. Ignore physics at your peril. I’ve had a fascination with wind, solar and hydro for 50 years. Sadly, we are still pissing away money and energy building stuff that has a negative return. Until this stuff has a significant positive return it’s a bad idea to take it past the fringe experimental stage, or for those living off grid in the mountains, on a boat or on the moon. Tax incentives here, there, we all end up paying for folly. France, Spain and Germany have learned a lesson about the fraud of “renewables”. Eventually we will too.

          5. OAM… Details matter. That article is comparing solar energy jobs to coal jobs. Not to all fossil fuel jobs, as your post stated.

            Speaking of details, there was some sketchy methodology used to generate the numbers.

        2. Natural gas is hitting $2.70 today compared to $2.10 this Summer
          At these prices, coal is competitive. Trump’s plan is working. Export natural gas and use more in petrochemical facilities so it helps our trade balance and provides more employment
          Then use coal instead of NG to produce electricity to provide more employment for coal miners.

          1. use more in petrochemical facilities

            This doesn’t rely so much on some mysterious Oval Office plan as it does on high oil prices. The process of making high alcohols for example, from little bits (natural gas) is more difficult than making them from bigger bits (long chains from oil).

          2. On a BTU basis NG is selling for the equivalent of around $ 16.50 oil so there are a lot of savings by using NG in petrochemical plants.

          3. On a BTU basis

            Well, that’s not how things work exactly, though it would be nice and simple. The fuel value of either doesn’t matter much when you are using it as a chemical feedstock.

          4. Blue the point is that NG is very cheap compared to its historical relationship with oil which was ten mmbtu per barrel. Thus, numerous plants are being built to use NG or at least the liquids produced with NG. You take ethane out of the NG you reduce the BTUs per the volume in cubic feet. It is happening bigly.

          5. Dan, the fuel value is not what makes either valuable as a chemical feedstock. What is most important is how difficult the the chemistry is. It can be much more difficult to build long chain molecules from NG than from oil. Possible, just expensive. I was working on a multi billion $ project to use NG as a feedstock (not fuel) to make long chain alcohols before I retired. It got dropped when the price of oil fell off.

        3. Avoidance, an aqdan $pecialty!

          What is The mortality rate for $olar field, wind machine “cancer” victims?

          The average life expectancy in the coal mine$ for those starting work at 15 y was found to be 58.91 y and 49.23 y for surface and underground workers respectively.

          https://www.ncbi.nlm.nih.gov

        4. “swing States in the next election which coal miners’ votes could be the difference”

          Pay check$ & lives … 2019 – 2020 Coal is dying

  3. https://www.wsj.com/articles/grubhub-shares-fall-after-downbeat-outlook-11572367468

    ‘Grubhub Inc. shares headed toward their biggest one-day decline ever Tuesday, underlining intensifying concerns among investors over the future of the food-delivery industry. Shares slumped 43%, on track to close at their lowest level in more than two years.’

    ‘Grubhub Chief Executive Matt Maloney suggested competition was heating up and said that raising funds was also becoming tougher with the fall of startup WeWork making private investors skittish.’

    “Right now, we are in a weird bubble that is about to burst,” Mr. Maloney said in an interview with The Wall Street Journal Monday.’

    “The food delivery market is increasingly irrational as competitors flood the market with rewards and incentives, making online diners less loyal,” said Nat Schindler, a Bank of America analyst, in a note. Rising pressures among delivery services to offer incentives are likely to not only increase the cost of attracting diners, but also potentially reduce the number of repeat orders, Mr. Schindler said.’

    ‘Shares of other startups that have made their debuts in the public markets in recent years took a hit Tuesday, with Uber Technologies Inc. down 2.7%, Spotify Technology SA down 3.2% and Beyond Meat Inc. down 19%.’

    ‘Right now, we are in a weird bubble that is about to burst’

    You don’t say…

    1. I still can’t wrap my head around how food delivery is supposed to be a highly valued “tech biz”. Pizza joints, sandwich shops and Chinese takeout places have been doing this forever.

      1. Silicon Valley Snake-Oil. The grilled cheese truck made more sense.

        I know somebody who ordered from these grub people. They stopped delivering a couple of weeks ago.

      2. “…I still can’t wrap my head around how food delivery is supposed to be a highly valued “tech biz”…”

        Because you order via a app instead of an actual telephone?

        And, of course, once you dare reveal your email, street address, actual phone number, credit card info to this gang of geniuses, you will be forever and ever be pelted with adds, coupons and all other known ways to invade your space.

        I will bet a hundred pizzas that Grubhub business plan states that more money will be made selling customer “meta-data” than any money made on the actual delivery.

        Knowing your street address (by delivery necessity) is the high tech variant of a line right out of a gangster movie: “We know where you live”.

        No thank you.

        1. “And, of course, once you dare reveal your email, street address, actual phone number, credit card info to this gang of geniuses, you will be forever and ever be pelted with adds, coupons and all other known ways to invade your space.”

          They make their money selling this data, not pizza.

      3. I think the real opportunity will be what Kalanick is doing next with “virtual” restaurants. The restaurant business is extremely difficult and leases and overhead are high. I can see some virtual restaurant kitchen that basically just cooks food to deliver as doing well and then dispenses with all the square footage associated with having diners in the store.

          1. I believe it’s called “catering.” I guess they could offer some of their catered dishes to serve two or four instead of 40 or 50.

          2. I believe it’s called “catering.” I guess they could offer some of their catered dishes to serve two or four instead of 40 or 50.

            But this is different from catering. Catering is for large groups, or at least medium sized ones. The whole “cloud kitchen” concept is that you create a small kitchen/food prep area, have a good online presence and menu, and then deliver the food. The owner focuses on food quality and doesn’t pay for pricey real estate. It disintermediates the building and provides the thing of value (e.g. the food) directly to the end user. This is kind of what food trucks tried to do, but the difference is that a food truck came to you. This is the reverse: the (good) food is cooked and delivered to the customer. This strikes me as not particularly new in theory, but disruptive nonetheless when applied properly. The challenge will be to have food quality remain high when transporting, which is the problem that all these food delivery joints are facing.

            NPR Planet Money ran a good story about how food delivery is booming in China and doing more than in-store sales. They focused on the problem of French fries and how they might have to be reengineered because fries after like 4 minutes are pretty nasty.

          3. In China, their food delivery business is underpinned with low paid rural migrants without citizenship in urban areas. They earn little money, live in crowded dormitories, and send most of their earnings to the village. They have zero legal rights in the city and can be forcibly removed at any time.

            Hardly a 21st century model to emulate.

          4. In China, their food delivery business is underpinned with low paid rural migrants without citizenship in urban areas.

            Correct. China’s version of illegal aliens.

        1. The difference is “illegals” in China are incentivized to leave the city once they stop working. No free schooling and lunches for you and your children!

          1. The difference is “illegals” in China are incentivized to leave the city once they stop working.

            You’re right. I hadn’t really thought about it that way. The ones I’ve met always acted like they plan to do it forever (and the grandparents back home will raise the kids forever or until the law changes), but in reality it frequently doesn’t last forever partially due to the incentives mentioned. But they always act like it’s forever right up until they don’t come back from Chinese New Year.

      4. supposed to be a highly valued “tech biz”.

        It’s financial technology. Raise money, lose money, walk away rich.

        1. Raise money, lose money, walk away rich ??

          Trumps playbook…And he played this one masterfully although he had a tiny bit of help…

      5. I would be afraid to have some weirdo delivering to my house, or to deliver to some weirdo’s house myself.

    1. Interesting thread. Amazing how many people said “lower the price” yet she just says “I know I need to lower the price”.

      Also, Baton Rouge. While I’ve only visited there a handful of times it didn’t strike me as the $200K simple house type area.

    2. No wonder it won’t sell. Someone came in and stole all of the furniture while the photos were being taken.

    3. This development has a pool and a clubhouse, probably some lawn care, yet HOA dues are only $41 month? Either the HOA figure is wrong, or a lot of the HOA stuff is included in the price.

    1. Building cars is hard. Add to this the upcoming introduction of BEVs from other industry players, and the market share pie starts getting sliced further.

    2. Teslas are a rare sight in my neck of the woods. Benzes, BMW’s, Audi’s and Lexus are commonly seen. They might be “common” in Silly Valley, but out here they are rarer than Porsche’s.

      1. Cold winters are a big drain on battery power. They are popular here in San Diego. They are cool looking machines. But I inherited my money sense from my dad. Never spend more than a thousand dollars on a car for each year you expect to drive it. These days there are so many used cars around you can easily find one for 5k$ that will run for ten years. Which is less than one third the cost of the battery in a Chevy volt.

        1. will run for ten years

          Can you actually signal virtue with a ten year old Luxury EV? It seems rather oxymoronic. Not as much as driving a new one I guess.

          1. Can you actually signal virtue with a ten year old Luxury EV?

            Good question. But if you can virtue signal with it new, I would think you definitely could when it’s old. I’m imagining the 80s when the ivy league kids drove their parent’s “old” Mercedes cars to college. A unique form of slumming that definitely sent a signal. I could see old Teslas being used in a similar fashion in another 10 years. All of them with just enough battery power to get around town after being plugged into 110v through a frat house window the night before.

        2. What about the opportunity cost of finding a used vehicle, meeting with a stranger (danger!), having the vehicle checked, etc.?

          Last time I wanted to buy a cheap used car I gave up because no one apparently changes oil, tires, or fluids on their buckets anymore. It was hard to find a vehicle that wasn’t abused.

          1. It’s easy actually you just have to pick an uncool vehicle type in an unpopular color that was a second or third family vehicle with low miles. A model they built a lot of so parts are easily available and every mechanic can work on it. I don’t know where you live but if I just search craigslist for vehicles less than 5k$ with less than 75000 miles I get 189 hits with no dealer vehicles. Of course, it takes a bit of leg work but buying a new vehicle is the single worst financial drain most people will experience.

            https://www.cnbc.com/2018/10/11/david-bach-says-buying-a-new-car-is-the-single-worst-financial-decision.html

            And haven’t even mentioned all the money you save on taxes, registration, and insurance.

          2. So how does David Bach get this supply of used vehicles for everyone to materialize after he’s just told everyone to never buy a new one?

          3. “I think that a lot people never replace that transmission fluid.”

            Seeing a master cylinder reservoir with dark brake fluid pisses me off. I see these ads with tire black, detail job, etc., but the fluids other than motor oil are ignored. I flush our vehicle’s brake fluid with two-quarts every Spring on each of our vehicles. It takes only 30-minutes per vehicle unless the wheels need to be removed to access the bleeder screw.

          4. @rms: Do you just use a turkey baster for flushing fluids? I’ve been trying to do more maintenance on our 2001 Honda and learning as I go.

            @John G: I live in Utah, and no offense to any posters on this board, but the people here are some of the cheapest and greediest I’ve ever encountered. The bald tires, broken lights, and other nonsense that passes for “normal” here makes me hesitant to buy a vehicle from one of them. The greed-heads I’ve encountered in the used car market all think their 12 year old car with 130,000 miles is somehow worth 125% KBB’s estimate. Total waste of time to deal with these clowns. Saturdays are a precious commodity that I don’t like to waste.

          5. Seeing a master cylinder reservoir with dark brake fluid pisses me off.

            Most people never use their brakes hard enough to matter. Even brake fluid with a ton of water absorbed in it can still do one hard emergency stop without boiling.

            But yeah…everybody changes their oil and ignores everything else. But any more the automakers have kind of assumed that. I don’t think there is any maintenance schedule for the tranny and diffs on my BMW.

          6. “Do you just use a turkey baster for flushing fluids?”

            No, I just keep pouring fluid into the reservoir about every 12 full pedal presses. My wife or kids sit in the car doing the pedal presses, and they know to hold the pedal down until I close the bleeder. I capture the fluid at the bleeder end in a glass jar using a long small hose.

          7. “Even brake fluid with a ton of water absorbed in it can still do one hard emergency stop without boiling.”

            The inside of the caliper or wheel cylinder gets pitted due to moisture laden fluid. When you install new brake pads that are thicker, the piston and o-ring are recessed such that they are now scrapping along that pitted surface. The fix is to hone the caliper’s insides, which is way more work.

          8. When you install new brake pads that are thicker, the piston and o-ring are recessed such that they are now scrapping along that pitted surface.

            Sure. But everybody assumes that by that time it will be somebody else’s problem. And that somebody else probably bought it as a borderline disposable car and just takes the caliper down to Autozone and exchanges it for a cheapo rebuilt one for $29 or something like that. Not enough to incentivize anybody in the ownership chain to do the level of maintenance you’re wishing everyone did :-).

          9. I’m a throw-back from the days where Saturday was tune-up day, e.g., points, rotor and condenser every 5,000-miles. FWIW, a “new” car for me already has 50,000-miles on it.

          10. FWIW, a “new” car for me already has 50,000-miles on it.

            I’m with you there. But I’m glad to not have to do ignition maintenance that often any more. On high boost turbo motors I like to do new plugs every year whether I need it or not, helps avoid misfires under boost. Other than that they just work until a coil goes bad. I prefer to spend my free time on things that might make me faster.

      2. “Benze$, BMW’$, Audi’$ and Lexu$ are commonly seen”

        Ca$h.on.thee.barrel.head … or lea$ed?

  4. Mission Accomplished JPMorgan: Repo Market Eases Sharply As Mnuchin Says May Loosen GSIB Regs

    The article suggests that JPM is deliberately crashing the repo market to prod Treasury to remove capital requirement regulations (cash/cash equivalents they must keep on hand to mitigate losses for GSIB, or Global Systematically Important Banks). So to allow for more risk taking with no safety net, JPM might be exacerbating or even creating the crisis.

    This is setting up the shop work paradigm of private profits with public losses. With less capital to cover losses, look for TARP2 (we, the taxpayers pay for risks others took). So, if Wall Street takes another cr*p, we’ll pay for it.

      1. “China needs more American pork.”

        Why ye$ aqdan they do!, & here is their #1 U$A $upplier!

        aqdan = cluele$$

        U$A $mithfield Food$ (China owned) is importing, soy from Brazil (it’$ cheaper) …

        $mithfield Foods, Inc., is a meat-proce$$ing company based in Smithfield, Virginia, in the United States, and a wholly owned subsidiary of WH Group of China. Founded in 1936 as the Smithfield Packing Company by Joseph W. Luter and his son, the company is the largest pig and pork producer in the world. In addition to owning over 500 farms in the US, Smithfield contracts with another 2,000 independent farms around the country to grow Smithfield’s pigs. Outside the US, the company has facilities in Mexico, Poland, Romania, Germany, and the United Kingdom.Globally the company employed 50,200 in 2016 and reported an annual revenue of $14 billion. Its 973,000-square-foot meat-processing plant in Tar Heel, North Carolina, was said in 2000 to be the world’s largest, processing 32,000 pigs a day

        Smithfield has come under criticism for the millions of gallons of untreated fecal matter it produces and stores in the lagoons. In 2012 it produced at least 4.7 billion gallons of manure in the United States; during their lifetimes, every pig will produce 1,100–1,300 liters. In a four-year period in North Carolina in the 1990s, 4.7 million gallons of hog fecal matter were released into the state’s rivers

      2. Gotta bee some illegal feral Mexican pigs roamin’ near ya in New Mexico aqdan.

        I$ 500,000 a day a lot?

        Pork Plant$ to $peed $laughter Under US$DA Rule Change$ – WSJ

        Sep 17, 2019 · Under the new rule$, fewer USDA food inspectors will directly look over hog carca$es moving along pork-plant proce$$ing lines that collectively have the capacity to slaughter about 500,000 hogs a day. Instead, meatpacking workers will take over some of those duties

        1. I’ll never forget reading “The Jungle” in US history. Not a vegan/vegetarian, but I never wanted to eat again after that book!

  5. HOA fee of $789.

    I can’t get past that.
    Obviously I don’t know their model assumptions but mine, assuming no appreciation, means they can’t get any where near 17%.
    I am guessing they need to charge over 5000 to make any money and that doesn’t include corporate overhead.
    I guess I don’t get it but then I don’t get a lot of things related to investing these days.
    Obviously if you assume 10% Y-O-Y appreciation the numbers change dramatically.

    1. Lows in the 40’s in the Bay Area. No electricity means no furnace, so there might be some shivering in the dark tonight.

    2. – Some would ask “how could this happen?”

      – Others would ask “Who is John Galt?”

      – Socialism is Western Civilization in retrograde.

      – California is the poster child du jour. Tomorrow it’ll be somewhere else, since all Socialist regimes are on the same road to perdition.

      “To the masses, the catchwords of Socialism sound so enticing… so they will continue to work for Socialism, helping thereby to bring about the inevitable decline of the civilization which the nations of the West have taken thousands of years to build up.” – Ludwig von Mises

      “Government “help” to business is just as disastrous as government persecution… the only way a government can be of service to national prosperity is by keeping its hands off.” – Ayn Rand

      “When you see that in order to produce, you need to obtain permission from men who produce nothing – When you see that money is flowing to those who deal, not in goods, but in favors – When you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them, but protect them against you – When you see corruption being rewarded and honesty becoming a self-sacrifice – You may know that your society is doomed.” – Ayn Rand, Atlas Shrugged

      “Money is made—before it can be looted or mooched—made by the effort of every honest man, each to the extent of his ability. An honest man is one who knows that he can’t consume more than he has produced.”-Ayn Rand, Atlas Shrugged

        1. https://babylonbee.com/news/texas-luring-jobs-away-from-california-with-promises-of-electricity
          Texas Luring Jobs Away From California With Promises Of Electricity
          October 29th, 2019

          U.S.—New billboards have been popping up in California with the slogan “Move to Texas: We have electricity!” Many see this as a play to lure jobs away from California, as many jobs rely on electricity, especially in the modern economy. This could especially be attractive to jobs in the tech sector.

          Roy Rivera, a tech analyst with decades of experience in cutting edge technology, explained that “a lot of tech uses electricity.” He then pointed to a chart showing that tech businesses can be at least 300% more effective when they have power.

          California Governor Gavin Newsom was dismissive of Texas’s claims, though. “They’re making false claims of being able to deliver electricity 24/7,” Newsom said, “but it just can’t be done.” Newsom was also dismissive of the Lone Star State’s other claims, such as affordable housing, plenty of water, cheap gas, plastic straws, and not constantly being on fire. “It sounds made up,” said Newsom. “I don’t even think there is a Texas.”

          California plans to fight back. It’s now working on a wall to keep people and jobs from leaving California. The planned wall should extend along the entire California border, except for the southern part.

          https://daysofsunshine.blog/2019/10/13/california-has-much-much-bigger-problems-than-wildfires/

          California has much, much bigger problems than wildfires
          saucysandpiper October 13, 2019

          The rolling blackouts in California is not a climate change story. It’s a perfect storm of bad management decisions and rent-seeking green energy contractors.

          California gets a lot of well-deserved grief for not clearing publicly managed lands of organic debris, thus ensuring that the state is an epic tinderbox every year. This is something that does not happen here in Florida. Florida ecologists and wildlife officials supervise controlled burns throughout the state to ensure that there’s not a situation where a wildfire among the mangroves poses a threat to a major (or even a minor) city. It also protects the state’s tourism industry, which is a significant component of the state’s economy.

          But that’s not where the rolling blackouts came from. California’s investor-owned utilities have dealt with the increasingly batshit people in Sacramento by taking an “if you can’t beat them, join them” attitude in lobbying. And that’s what you are seeing backfiring now.

          1. BTW, wasn’t it the idea that shutting OFF the power grid (mandatory blackouts) would PREVENT wildfires? And yet, here we are…

          2. dtRumpsis says California just needs white skinned treet line needle rakers like in Thee Nordic countries.

            Problem $olved!

            “California is experiencing tree die-off at an unprecedented scale, and the Sierra Nevada Region has been hit extremely hard. 129 million trees have died across the state due to drought and bark beetles since 2010, and 85 percent of those dead trees are in the Sierra.”

            Colorado is even worse, next Oregone, Idaho, & Montana

            ($mart money is building U$A factories$ that make rake$ with Pennsylvania $teel & Tennessee hickory $ticks!) (Non.Union)

          3. This kinda de$truction would never happen in Florida!

            I$ 834 millions alot?

            (How many toothpicks & matchstick could be made in Thee U$A with that much cellulo$e?)

            “One in 14 trees are dead in Colorado forests. The number of gray-brown standing-dead trees has increased 30 percent since 2010 to 834 million. Colorado’s mountain pine beetle epidemic killed trees across 3.4 million acres. The continuing spruce beetle epidemic has killed trees across 1.7 million acres”

          4. Texas is not free from green sin. It had $9000 a megawatt electricity this Summer for a brief period due to the wind not blowing during a heatwave. Green energy had destabilized the grid in a lot of areas not just California.

          5. Aren’t most of the publicly managed lands in California under the control of the federal government? Such as US Forest Service, BLM, or National Park Service?

          6. ” …the publicly managed lands in California under the control of the federal government”

            Yes, but the 230,000 volt private profit$ utility lines running through & over such .gov lands are knot placed there by Dear Mother Nature.

            The “bidne$$.model” of Mega.Utilitie$ is knot: 1$t, “let’s do what is $afest”, no matter the co$t$.

    3. CA is getting first dibs what the entire nation will eventually experience with the “green new deal”.

      1. nation will eventually experience

        Only if this massive credit expansion goes on forever. Honest money cannot and will not pay for that stuff.

  6. These guys send me emails:

    https://www.hubzu.com/

    I noticed this shack which I had posted here a couple of weeks ago:

    https://www.hubzu.com/property/88516055457-4247S-CLOVERDALE-AVE-Los-Angeles-CA-90008

    I guess the foreclosure auction happened and the lender shot it over to Hubzu. Fridge is gone now, carpet still not cleaned which is unbelievable. There’s a huge hole in the ceiling above the kitchen. Looks like water damage. Same with the living room.

    $1,191,000
    Starting Bid
    Note: The seller may choose to negotiate with bidders even if reserve isn’t met.

    Good luck with that number.

    1. Glad to see this one still sitting unsold! Couldnt imagine staring out my back yard at Those power lines while my power was out and my plumbing was leaking through out my entire house. i went to an open house awhile back and the UHS said it was a hubzu listing and I had to bid on it if i wanted it. It was in even worse shape than this one. It got flipped and sold. Turns out Hubzu aka altisource aka realhome services has many entities. Kinda like them shady foreign money launderers and their shell companies. Glad I didn’t partake in the bidding.

      Before

      https://www.coldwellbankerhomes.com/ca/santa-cruz/272-goss-ave/pid_23974044/

      After

      https://www.zillow.com/homedetails/272-Goss-Ave-Santa-Cruz-CA-95065/16109462_zpid/

  7. “Using the same model, the investment firm hopes to buy hundreds of condos that it will lease to renters. Yorio compared it to Blackstone’s strategy of buying over 10,000 single-family homes that it ultimately took public as Invitation Homes.”

    So long as they are investing other people’s money, and siphoning off a cut up front, why not?

  8. “the $425,000 average cost of building an apartment or condominium in a typical 100-unit project”

    No, it does not cost that much to build a matchbox in the sky. It costs like 50 grand. What are these people on?

    1. Markets
      Bond Market Is Dialing Back, Just a Bit, on Recession Gloom
      Tian Chen and Livia Yap
      October 29, 2019, 2:06 AM PDT
      Updated on October 29, 2019, 6:36 PM PDT
      – About $4 trillion of negative-yielding debt flipped positive
      – Sell-off could just be short term, Manulife strategist warns

      It might not exactly be a fully fledged reflation trade, but the bond market is dialing back on tail risks in the global economy, shrinking the universe of negative-yielding debt from its $17 trillion August record.

      Driving the sell-off: signs of steady progress towards an interim U.S.-China trade deal that averts further tariff hikes, and the receding threat of a hard Brexit. A slew of PMI readings across major economies later this week, and Friday’s U.S. jobs report, may determine how prolonged the slide is — and affect bets on a Federal Reserve pause after the expected easing on Wednesday.

    2. Business News
      October 18, 2019 / 5:11 AM / 11 days ago
      Global policymakers, IMF warn of darkening growth outlook as trade war bites
      Leika Kihara, David Lawder

      WASHINGTON (Reuters) – Policymakers from the world’s major economies on Friday warned that risks posed by trade and geopolitical tensions could slow already-weakening global economic growth, but offered little beyond calls for using all available tools to prevent recession.

      The International Monetary Fund also said the U.S.-China trade war and slumping Chinese demand were heightening risks to Asia, the world’s fastest-growing region, adding to signs of a darkening global outlook.

      “Headwinds from global policy uncertainty and growth deceleration in major trading partners are taking a toll on manufacturing, investment, trade, and growth,” Changyong Rhee, director of the IMF’s Asia and Pacific department, said during a news conference at the IMF and World Bank fall meetings.

      “The intensification in trade tensions between the U.S. and China could further weigh on confidence and financial markets, thereby weakening trade, investment and growth,” he said.

    3. The Wall Street Journal
      Credit Markets
      Fed Adds $104.5 Billion to Financial Markets, Also Buys More Treasury Bills
      Central bank injects both permanent and temporary liquidity ahead of FOMC meeting
      By Michael S. Derby
      Updated Oct. 29, 2019 12:17 pm ET

      The New York Fed added both permanent and temporary liquidity to financial markets ahead of this week’s rate-setting central bank meeting and before the end of the month, which can bring volatility to short-term markets as banks sort out their respective financing needs.

      The permanent addition happened by way of central bank buying of Treasury bills
      aimed at expanding the central bank’s balance sheet of just under $4 trillion.

    4. Can the stock market march higher without the promise of more Fed cuts?
      By Chris Matthews
      Published: Oct 29, 2019 1:06 p.m. ET
      Central bank easing has helped power markets, but this support might soon come to an end.

      Large-capitalization U.S. stocks have hit a new high this week, and significant credit for this feat can be given to the Federal Reserve.

      Since the Fed instituted its first interest rate cut at the end of July, the S&P 500 index (SPX, -0.08%) has shown remarkable resilience, rising 2% to a record high, despite the imposition of higher tariffs on Chinese imports, growing evidence of a global manufacturing recession and corporate earnings growth that has been flat at best.

      But with the Fed almost certain to cut rates for a third time in as many meetings Wednesday, analysts fear that the central bank’s prescription of “insurance” cuts will have run its course, leaving the market without a key pillar of support, potentially setting the stage for a pullback.

      “Looking at the fed funds futures market, investors are anticipating a few more rate cuts before the end of next year, whereas the Fed projections indicate this is the last cut before they go on hold,” Michael Geraghty, chief market strategist at Cornerstone Capital Group told MarketWatch.

      1. Is a 2% gain over four months alot? Seems to my recollection that the stock market sometimes goes up or down by more in a single day…

        “Since the Fed instituted its first interest rate cut at the end of July, the S&P 500 index (SPX, -0.08%) has shown remarkable resilience, rising 2% to a record high,…”

  9. L.A.’s $1 Billion Trophy Tower Halted as China Pulls Back
    https://finance.yahoo.com/news/l-1-billion-trophy-tower-040000137.html

    (a snip)

    “As a trade war between the U.S. and China approaches its second anniversary in January, Beijing is making it tougher to shift money abroad, having imposed capital controls last year to help stabilize its currency. Those restrictions have meant that Chinese direct investment in the U.S. real estate and hospitality sectors plummeted to $377 million last year from a high of $17.3 billion in 2016, according to data from Rhodium Group LLC.”

  10. 6F degrees in Denver right now. Maybe moving here for legal weed to be homeless and panhandle on the 16th Street Mall wasn’t such a good idea?

    Free one way bus tickets to San Francisco and Los Angeles for any Denver homeless wanting to leave will be handed out at the daily food bank in Civic Center Park today…

    1. Better yet, send the homeless to Texas for all that water and 24/7 electricity. Not sure about the level of services tho.

      1. No. They will ALL be sent to California, especially those “unwilling to work” as outlined in the original (and now scrubbed) version of the Green New Deal.

        Only people with money are allowed to relocate from Colorado to Texas.

    2. “Free one way bus tickets to San Francisco and Los Angeles for any Denver homeless wanting to leave will be handed out at the daily food bank in Civic Center Park today…”

      🤦🏻‍♂️

    3. “6F degrees in Denver right now.”

      Roughly 10-degrees F wind chill across the Columbia Basin. I believe we’ll have left-over Halloween candy this year.

  11. And now for some good news …

    Across the Board, Scores Drop in Math and Reading for U.S. Students | Education News | US News
    https://www.usnews.com/news/education-news/articles/2019-10-30/across-the-board-scores-drop-in-math-and-reading-for-us-students

    MATH AND READING SCORES for fourth- and eighth-graders in the United States dropped since 2017, and the decrease in reading achievement has government researchers particularly concerned.

    (snip)

    “‘Over the past decade, there has been no progress in either mathematics or reading performance, and the lowest performing students are doing worse,’ Peggy Carr, associate commissioner of the National Center for Education Statistics, said during a press call Tuesday.”

    I consider this to be wonderful news in that these dumb pukes are destined to become my future customers.

    Dumb ’em down, and profit; The dumber they are the greater the profit.

    1. Hmmmm…I wonder what the reading and math scores look like when broken down by race? I wonder if some groups are doing fine and some are under-performing, thus pulling the average scores down? I know this is the case in CA where the numbers look bleak until you realize that it’s not the schools, it’s the students.

      1. In California the “range” is extreme from more better Asian students to ghetto road kill only attending school for the three (yep, count ’em) nutritious meals and the flu shots.

  12. – No property bubbles here…

    “To me it seems like everyone is looking the other way. No one wants to admit the shift happened,’

    Ori Eisenberg, one of the short sellers said in an interview.

    ‘The moment that will be recognized, there will be major implications.’”

    – The 5 stages of grief and loss are:
    1. Denial and isolation;
    – Check!
    – Causes sticky prices on the upside.
    – Followed by…
    2. Anger
    3. Bargaining
    4. Depression
    5. Acceptance (probably a few years from now)

    – The slow motion train wreck continues…

  13. Chinese investors, having belatedly figured out their central bankers and central planners are clueless Keynesian fraudsters and charlatans (like ours), are belatedly seeking safe haven in gold, as they have for five thousand years. The end game is getting closer once ordinary people start to lose trust and confidence in a nation’s fiat currency and monetary policies intended to benefit only the corrupt elites.

    https://www.forbes.com/sites/simonconstable/2019/10/28/chinese-investors-pile-into-gold-as-economic-worries-surge/#3af717d62fb7

  14. Mr Market desperately wants lower levels, but can’t get there without the Fed’s permission.

    1. ” … can’t get there without the Fed’$ permi$$ion”

      APEC cancelled in Chile, Pha$e 1 v18.2 $igning moving to Doral Country Club for Xi – dtRumpsis “Trade.War$.i$.Ea$y!” All promi$e, no $ub$tance (Plan “B”) implentation$.

      Coming $oon, le$$ $helter.$hack$ @ $till higher price$! Prepare for liftoff to yet have higher elevation$!

      All$ well, that end$ well! (x2 days until The Great Pumpkin ri$es in The Ea$t!)

    2. Minor rant alert:
      – Think about that for a moment. That’s exactly right. Free markets have been captured/distorted/repurposed by Fed/Gov’t. interventions; much like a virus takes over a cell and eventually the entire body. Because of course they know more/better than the complex system of global markets, where price is determined by the actions of millions of freely acting participants instead of less than a dozen private bankers and their crony buddies.

      – And yet, here we are in the biggest asset bubble in history; “The Everything Bubble.”

      – Now, if asset prices (pick you asset class, it really doesn’t matter today, since they’re all in a bubble) are perpetually propped up by global central banks, and they’re not allowed to fall in price (i.e. true price discovery), and they can’t rise higher either due to ridiculous valuations, how does one interpret that set of circumstances? Well, that would be a situation of artificially fixed prices vs. an actual market with buyers and sellers determining price and volume. How can that possibly be good for the economy? How can that possibly remain as status quo indefinitely? Again, the current situation is that of a centrally-planned, command economy; aka Soviet-style economics.

      – How has that ended throughout history? Hint: not well: USSR=dead. Venezuela=On death watch. CA, IL, NY, NJ, Puerto “Rico”=In ICU with poor prognosis. Recall that the Fed is an unelected and unaccountable private banking cartel acting in the best interest of the owner/participating/primary dealer/member banks. The Fed is for the banks; not for U.S. citizens. Remember that. The Fed is no more a gov’t. agc’y. than FedEx. Five branches of gov’t.: Executive, Legislative, Judicial, Administrative/Deep State, The Federal Reserve.

  15. So the US economy was hit by the GM strike, the 737 debacle, the trade war, a slowing housing market, and a temporary reduction of drilling in the oil patch, with the MSM screaming about an imminent recession all of which occurred late in the economic cycle and the quarter exceeded the growth rate of Obama’s last year and exceeded or ties his average over his presidency depending on the source. It both shows the soundness of Trump’s policies and the ineptitude of Obama. No wonder the left is doing anything possible to impeach. The sure thing recession in his first term does not look so sure. Hell we were suppose to have a recession Trump’s first year.

    1. Blah, blah, blah … Bahahahahaaa:

      Compare that with how the economy performed back in 2012, when GDP growth similarly dropped to a revised 1.9 percent in the first quarter of the year.

      That was under former President Barack Obama, so Trump had another opinion on the matter @ that time:

      Donald J. Trump✔@realDonaldTrump
      Q1 GDP has just been revised down to 1.9% http://1.usa.gov/3hAL

      The economy is in deep trouble.

      12:24 PM – May 31, 2012

      1. dtRumpsis rode inn on the 8 year old Obama.Hussein Wall $treet Bull, delivered on de.regulation$.on.everything$, delivered.on.China.is my.bitch!, ($tatu$.pending, 20 month$ on.going), & threaten$ blood&trea$ure American Civil.War ll Iffin’ he’s knot reelected.

        How’$ he doing on $helter.$hack price$? Will demanding Wu$$y Powell deliver (0) Zero % Fed$ Fund$ by tomorrow help $olve that i$$ue?

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