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Back On The Market, This Time At An Even Lower Price

A report from Reuters. “Zillow Group reported better-than-expected quarterly revenue on Wednesday. The company has also benefited from its move to buy and sell homes under Zillow Offers. Net loss, however, widened to $101.2 million from $97.7 million a year earlier.”

From Patch California. “Los Angeles County Home sales and prices tumbled in January as the market reacts to the economic uncertainties of the coronavirus. The county’s median home sales price dipped nearly 4 percent from December, the California Association of Realtors reported Wednesday. Statewide, the picture was even worse. California’s median single family home price dropped 6.5%. in a month. CAR Chief Economist Leslie Appleton-Young said that the real estate market was rattled at the beginning of the year, like other markets, by the worldwide onset of the novel coronavirus originating from China.”

“‘With interest rates on a declining trend again due to concerns about the impact of the coronavirus, motivated buyers will have an opportunity to stretch their purchasing power in the housing market,’ she said. ‘The economic outlook, however, is less clear than a month ago, before the outbreak of the disease, and we should expect market uncertainties to continue to linger on for the short term.'”

From Bay City News in California. “Sen. Nancy Skinner introduced a bill Wednesday that would allow local jurisdictions to use vacant single-family homes as affordable housing and give them the authority to fine corporations that keep homes vacant for long stretches of time. Senate Bill 1079 would give tenants of a foreclosed property the exclusive opportunity to buy the house for a reduced price within 90 days of its foreclosure. If the tenant chooses not to buy the house, cities, counties, community land trusts and affordable housing nonprofits would be able to buy the house before it hits the open market and convert it to affordable housing.”

“The bill would also give cities and counties the authority to levy fines against companies for keeping a property vacant for more than 90 days. Census data from 2017 found roughly 1.1 million vacant homes across the state. Census data from late last year found that roughly 6,000 of those vacant homes are located in Oakland alone, including homes that were recently built and were not yet occupied.”

From Cheat Sheet on New York. “Bravo’s Summer House features a sprawling Hamptons mansion that is taken over by a group of millennials each summer. The Water Mill home has been on and off the market for at least a decade. But maybe the latest price drop could be the final incentive to get the Summer House sold. The house was originally offered for more than $5 million. Zillow tracked the Water Mill home for sale in 2008 for $5,300,000. The house was pulled off the market for a price reduction and then re-listed. This went on for a few years until the owners finally decided to rent it in 2015 for $125,000 per month.”

“Last year the home was still on the market. At the time, the owners were asking $4,195,000. But, Zillow estimated the home’s worth to be $4,887,471. At the same time, the owners continued to offer it for rent for $100,000 per month, which was around the time when Summer House was filming.”

“Neighbors are likely going to want the home to sell. A Summer House neighbor told Page Six that buyers in the immediate area were not advised about the reality television show filming schedule. ‘Not one of the buyers was advised before closing that their multimillion-dollar retreat is next door to where a trashy reality TV show is being filmed,’ the person said. Plus, area families were concerned about children seeing the debauchery and partying going down at the Summer House. Maybe another price reduction could entice the right buyer.”

“The home is back on the market, this time at an even lower price. The home is now listed at $3,895,000. The price was dropped on February 14 as the owner is likely hoping last summer was the last season for filming. The Summer House was still on the market in September but at $3,995,000. Zillow also has the home value as significantly lower at $3,595,384.”

The Telegram in Massachusetts. “Several Central Massachusetts residents are part of a class action lawsuit accusing a Boston-based nonprofit of predatory lending practices that have saddled them with burdensome mortgages on their homes. The complaint, filed Friday in Suffolk County Superior Court, also claims BlueHub Capital deceived the plaintiffs in its explanation of those deals, which involved buying the client’s home and selling it back with an ostensibly cheaper monthly mortgage payment.”

“The 14 plaintiffs listed in the lawsuit all were in a similar situation when they reached out to the organization, said one of their attorneys, David Kelston: ‘Their income had gone down, and the value of their home had gone down,’ he said, and they were facing pressure from their lender. ‘These folks were desperate to hold onto their home, which was typically the only asset they had.'”

“But the arrangements his clients agreed to with BlueHub ended up with them taking on above-market interest rates after buying back the home at a higher price than what they sold it to the organization for, according to the complaint. Even if the homeowners are able to fully pay off the mortgage, Kelston said, ‘they’re still going to be stuck with this giant balloon payment (at the end), and remain in debt indefinitely.'”

“The contracts also ensure the organization would get a portion of the home’s appreciation, and hinder the plaintiffs’ ability to refinance their home due to their mortgage obligations to BlueHub, the lawsuit says.”

“Half of the plaintiffs in the class action suit live in Worcester County: Nardella Thomas of Webster; Cheryl and Dante Ortiz of Southbridge; Francis and Debra DeSimone of Millbury; and Ronald and Christine Dolat of Worcester. The other plaintiffs are from Dorchester, Monson and Taunton, according to a copy of the complaint. In all of their cases, the homeowners had fallen on difficult financial times due to disability or some other situation limiting their income, and were afraid of losing their homes when they found out about BlueHub’s services.”

“The plaintiffs claimed the organization concealed important parts of its program, however, including a ‘shared appreciation’ provision that allowed BlueHub to claim a large portion of any appreciation of the home. They also resented BlueHub’s claims to being a community service nonprofit while simultaneously, they alleged, profiting off of desperate people’s housing situations.”

“Thomas, for instance, who lost her home in Webster to foreclosure in 2010, first learned about BlueHub from a TV news program about the organization that highlighted its mission to help struggling homeowners afford to keep their houses. Intrigued, Thomas reached out and was approved for the program, and was able to buy back her house, valued by BlueHub at $112,400, for around $150,000 in 2011, according to the complaint.”

“‘I was on that kind of high – I was going to get my home back, the only home I’ve ever lived in, the home I raised my son in,’ she said. ‘They were my lifeline to help me do it.'”

“But Thomas now accuses the organization of rushing through the contractual process, leaving out details that would come back to hurt her later, particularly the shared appreciation agreement. In 2018, seven years after buying her home from BlueHub, Thomas found out the nonprofit was entitled to about 40% of the appreciation of her home, which by then had been appraised at $272,000, with $117,000 of that amount in equity. ‘It blew me away,’ she said. ‘I couldn’t wrap my brain around it – they said there were no prepayment penalties. But that (shared appreciation agreement) is a prepayment penalty.'”

“As a result, Thomas feels she is now far more indebted to BlueHub then she was led to believe; she cannot take out an equity loan, which she was hoping to use to help renovate her aging mother’s home, for instance. ‘It’s predatory,’ she said. ‘I never would have signed up for this if I knew this was part of the deal.'”

“Francis DeSimone, who said he was left with an even smaller shared appreciation agreement with BlueHub – 17% – on his Millbury home, which the nonprofit sold back to him and his wife for a profit of around $80,000, also said he and his wife can handle their situation. But he is also mad at the organization for what he considers its deceptive practices. ‘Did they help me? Yes – I’m still in my home,’ he said, adding he was also desperate to refinance his house when he found out about BlueHub. ‘But did they also screw me? Absolutely.'”

“The class action suit is seeking injunctive relief for the plaintiffs from their BlueHub contracts, including ‘modifying, rescinding or striking down (the defendant’s) unlawful practices, mortgage terms and tainted transactions,’ as well as multiple damages.”

This Post Has 163 Comments
  1. ‘Even if the homeowners are able to fully pay off the mortgage, Kelston said, ‘they’re still going to be stuck with this giant balloon payment (at the end), and remain in debt indefinitely’

    Well, it was cheaper than renting.

    ‘Net loss, however, widened to $101.2 million from $97.7 million a year earlier’

    But these a$$-hats are running all over Phoenix over-paying for shacks? How can they lose money if it’s “to the moon Alice” in Phoenix?

    And they lost money all of last year too! Somebody is a lion!!

    1. Can somebody explain the “balloon payment” referred to in the article? If the homeowner pays off the mortgage, what is the balloon payment? Is that the sharing payment to Blue Hub? If so, that payment is taken out of the profits, so how is the homeowner still “in debt?”

    2. “Somebody is a lion!!”

      Even the suckers paying through the nose lie about their losses. It’s like they’ve got Stockholm Syndrome.

      1. No loanowner will admit their ‘profit’ is actually a loss.

        You can check the zestimate 5 times a day and truth will remain the same.

      2. One of my friends is always bragging to me about his stock picks. I never hear about the losses. It’s annoying A F.

  2. ‘Los Angeles County Home sales and prices tumbled in January as the market reacts to the economic uncertainties of the coronavirus. The county’s median home sales price dipped nearly 4 percent from December, the California Association of Realtors reported Wednesday. Statewide, the picture was even worse. ‘With interest rates on a declining trend again due to concerns about the impact of the coronavirus, motivated buyers will have an opportunity to stretch their purchasing power in the housing market,’ she said. ‘The economic outlook, however, is less clear than a month ago, before the outbreak of the disease, and we should expect market uncertainties to continue to linger on for the short term’

    Hey Leslie, turn that frown upside down! So why would a virus hit LA, you had a bunch of Chinese shack gamblers maybe? Interesting that the state-wide number is even lower. Something stinky about this virus angle Leslie.

    ‘Census data from 2017 found roughly 1.1 million vacant homes across the state. Census data from late last year found that roughly 6,000 of those vacant homes are located in Oakland alone, including homes that were recently built and were not yet occupied’

    1.1 M vacant? Recently built? Wa happened to my shortage California?

    1. Something stinky about this virus angle Leslie.

      Like it not being a concern in the US until the end of January?

      1. Even when they are talking the market down they are hiding something. Why not use the regular standby and hype the YOY price increase? More stinky Leslie!

    2. as the market reacts to the economic uncertainties of the coronavirus. The county’s median home sales price dipped nearly 4 percent from December, the California Association of Realtors reported

      it’s the flu

  3. “Somebody is a lion!!”

    Ye$, there is a lion roaring in it’$ cage🌎:
    U.S. Dollar Index (DXY)

    DAY RANGE:
    🐂💲 99.53 – 99.91 ☝👏🎉

    1. T$k, T$k, …

      u$ Dollar tramples$ yen and $afe-haven $tatus, gold gain$

      By Herbert Lash|Reuters

      NEW YORK (Reuters) – The $trong dollar got $tronger on Thursday, rising to a three-year high against a basket of trading partner currencies, after a steep slide in the Japanese yen called into question its safe-haven status while the rally in U.S. equities took a pause.

      Gold prices hit their highest level in seven years as investors sought safe-haven assets after a rise in the number of new coronavirus cases

      The dollar index of the world’s most-traded currencies rose 0.12% to its highest level since May 2017.

      The index is up 3.6% this year. It also gained to its best levels of the year against China’s offshore yuan and MSCI’s index of emerging-market currencies.

      A host of reasons were cited for the dollar’s move, ranging from the outperformance of the U.S. economy and corporate earnings to potential recessions in Japan and the euro zone.

      A run of dire economic news out of Japan has stirred talk the country is already in recession and that Japanese funds were dumping local assets in favor of U.S. shares and gold.

      “The strongest explanation (for the yen’s decline) is a widespread selling by Japanese asset managers amid growing fears about the health of Japan’s economy,” said Raffi Boyadijian, investment analyst at XM.

      The yen’s slide is unusual because the exchange rate with the dollar has been unraveling from its close correlation to the price of gold and U.S. Treasury yields, a development that must be watched, he said.

  4. If the lit march of local coronavirus cases contacts the tinderbox of California homeless populations, the resulting conflagration will be frightening.

    1. Homeless move about @ shopping.cart speed. How mobile is the rest of Americans.in.America?

      (What happened within hours of the Twin.Towers collapsing?)

        1. (Well, that would have required a diplomatic permi$$ion $lip, & a Kings signature, that took a least 24 hrs)

        2. W soared in the polls and Democrats paid a price for holding up increased security. What do you think is going to happen if the primary way coranavirus enters this country is by illegals coming through the southern border?

          1. “if the primary way coranavirus enters this country is by illegals coming through the southern border”

            aqdanny.boy = no clue$ + can’t see thee $altwater.from.the.Sea.

            Aeroplane ticket$ to America are cheap!, cheap!, cheap!

            Cheap Flight$ | $earch +560 Airline$ In$tantly!
            Earn reward$ on every booking. It’s like getting free ca$h. Book more, $ave more. Last-minute flight$ from $128. Packages under $499. Start your search with these deals! Biggest Discount$. Free 24-hour Cancellation. Top-Rated Loyalty Program. Ultra-Fast Booking. Destination$: New York, Los Angeles, Miami, Las Vegas, Seattle, Phoenix, Denver, Atlanta, Chicago, Dallas, Cleveland, D.C., Boston … Etc., Etc., Etc.

          2. Then they will blame Trump for allowing the virus to spread through the detention centers (and, given the cruise ship example, that virus will certainly spread). Never mind that it was Obama who built the centers.

      1. All the airline lobbyists put on their $1200 suits and headed over to Capitol Hill to beg for a bailout from Congress for their poor beleaguered industry. While people were still jumping out of windows.

      2. “What happened within hours of the Twin.Towers collapsing?”

        I distinctly recall the cabal quickly put out a story that 9/11 had nothing to do with Israel and the Palestinian situation.

    2. Hint:

      Market$
      Airline$ Fore$ee First Global Traffic Drop $ince 2003

      By Siddharth Vikram Philip|February 20, 2020 | Bloomberg

      The airline industry expects the first annual decline in global passenger demand in 17 years, after tallying up the initial impact of the thousands of flights canceled because of the coronavirus outbreak in China.

      The estimate shaves about 4.7 percentage points off of a passenger-growth forecast issued just two months ago, with almost all of the impact in the Asia-Pacific region, according to the International Air Transport Association. That may be conservative. The projections assume the loss of demand will be limited to markets linked to China.

      “This will be a very tough year for airlines”

      Airlines have scrapped flights to China and about 80% of the country’s domestic fleet is grounded because of the epidemic that is centered in Hubei province. About 1.7 million seats were dropped from China services from Jan. 20 to Feb. 17 by global carriers, according to OAG Aviation Worldwide. Meanwhile, Chinese airlines cut 10.4 million seats domestically.

      While the impact will be felt strongest in China, carriers outside of Asia-Pacific would lose about $1.5 billion in revenue, IATA said. A warning from Air France-KLM, which said the outbreak will wipe as much as 200 million euros ($216 million) from earnings, hammered home the point on Thursday.

      (All that lo$t monie$ on adder luggage fee$, … $ad, $o $ad)

  5. Filed.under: “Connect.thee.dot$!” 👀 …☝ 📈🚀💰💵💴💶🎆🎉✌

    Why would Goldman $ucks, Morgan.$tanley, Fidelity Investment$, JP Morgan$.Cha$e & Bank.of.American$ want to create & inve$t in a new competing Market$ exchange?

    A new $tock exchange is on the way

    Axios | Courtenay Brown

    Nine major financial firm$, including Morgan $tanley, Bank of America$, and Fidelity Investment$, are launching a new $tock exchange — the Member$ Exchange, aka MEMX.

    Details: MEMX expects to file an application with the Securities and Exchange Commission this year with plans to reduce costs and streamline the trading process

    More firm$ throw weight behind new Wall-$treet backed $tock exchange
    Axio$ |Courtenay Brown

    Be $mart:
    It’s notable that MEMX is backed by Citadel $ecurities and Virtu Financial$— the country’s bigge$t $tock trader$, which each facilitate 20% of U.S. equity volume, per WSJ — in addition to the big financial firms.

    Despite being run by some big players, a new exchange doesn’t guarantee they’ll pull liquidity from the NYSE or Nasdaq.

    Economy & Busine$$:

    Goldman Sachs and JPMorgan are joining the list of banks, brokerages and trading firms that back the Members Exchange, or “MEMX” — a new stock exchange that says it will go live in July and challenge incumbent exchanges by charging lower fees.

    Why it matter$:
    MEMX, which is still awaiting regulatory approval from the SEC, could be a formidable competitor to the entrenched “big three” stock exchanges.

    The big picture:
    All but one of the nation’s stock exchanges (not including dark pool$) are controlled by three big player$: Intercontinental Exchange (the parent company of NYSE), Nasdaq and Cboe.

    MEMX’s arrival comes at a time of $trife: The $EC is looking to loosen the grip the major exchange$ have on busine$$es, like stock market data.
    And NYSE, Nasdaq and Cboe all sued the SEC last year over the regulator’s effort to limit the fees they can charge for trading.

    What’s new:
    MEMX said it’s raised an undisclosed amount of money from new members JPMorgan, Goldman Sachs and trading firm Jane Street Capital.

    Other MEMX backers include Morgan Stanley, Bank of America, and Fidelity Investments

    It’s also backed by Citadel Securities and Virtu Financial — two of the biggest stock trading firms, which each control about 20% of trading volume

    MEMX Launch Timeline – Are You Ready?

    “$implicity is the ultimate form of $ophistication”

    More!, More!, More!, … Fa$ter!, Fa$ter!, Fa$ter!

    (re$tin’ & awaitin’ the colo$$al capitulation’$ of over.priced $helter.$hack$ to compliment the colo$$al panic$ of over.priced Equitie$) … 🔮💣⏳⌛💥

    1. “There is very little “inventory” available under 600K.”

      600k$ is just a $illy number, ea$y loan$ available with $oft.ea$y intere$t.rate$, ea$ily accessed, hone$tly, just ask the Federal Re$erve.

    2. Years ago, someone on HBB asked where all the old-fashioned boarding houses, where the poor could usually find a room for cheap, had gone. Well, here is where they went.

      Nowadays, the poor find cheap rooms in very old motels.

  6. What a.bunch of pi$$🐜 ❄’$:

    Goldman $achs warn$ of $tock market correction$

    By Julia Horowitz, CNN Busine$$, Thu February 20, 2020

    London(CNN Busine$$):

    $tocks keep reaching record high$. Goldman $achs is worried that leaves investor$ vulnerable to $urpri$e$.

    The investment bank told client$ this week that a near-term correction, in which the market $lides at least 10% from a recent peak, “is looking much more probable.”

    The thinking:
    Equity markets look “increasingly exposed” to disappointing earnings growth due to the new coronavirus outbreak, Goldman warns.

    Remember:
    The number of companies that have lowered their guidance on profits for the first quarter is still in line with past years. But Apple’s surprise update this week that it wouldn’t hit its revenue target has put investors on edge

    Goldman Sachs notes that the global economy is expected to keep growing, and the United States is, too, despite the country already having experienced its longest economic expansion in 150 years. That creates a supportive environment for stocks. But the bank is concerned that earnings expectations could still be too rosy, especially given the exposure of global companies to the Chinese economy.

    Apple (AAPL), it observes, has been “an important driver” of better-than-expected earnings results. Big Tech companies — Facebook, Amazon, Apple, Microsoft and Google — beat earnings expectations by 20% on average last quarter, compared with 4% for the average S&P 500 company.

    “Any weakness to these and other companies would likely push earnings estimates lower,” wrote Peter Oppenheimer, the firm’s chief global equity strategist.

    Additionally, depressed bond yields have made stocks look more attractive by comparison. Oppenheimer points to Germany’s DAX, which has also hit an all-time high as the yield on the country’s benchmark 10-year bond remains in negative territory. That raises the stakes for corporate earnings as well”

      1. Last Friday, eye was exposed to a “fact” from a friend who is the head “Buyer” for the largest “Tier1” medical $upply company … (rumor.has.it.that.theegubbermint. “$eized”.all.of.their.masks.overknight)

        Looks like the chicken code.named “birdyflew” is out of the coup!

        HEALTH AND SCIENCE:

        FBI has ordered $40,000 in hand sanitizer and face masks ‘in case the coronavirus becomes a pandemic in the United States’

        PUBLISHED THU, FEB 20 2020 …UPDATED MOMENTS AGO
        CNBC |By William Feuer

        KEY POINT$:

        The FBI has ordered $40,000 of hand sanitizer and face masks “in case the coronavirus becomes a pandemic in the United States.”

        The agency said it was “taking preemptive measures by procuring these items” now.

        “This is the time to open up your pandemic plans and see that things are in order,” Anne Schuchat, a top CDC official, said earlier this month.

        The bureau’s “pandemic preparedness” supply order includes face masks from manufacturer 3M and disinfectants, including hand sanitizer, from PDI Healthcare, the document said. In its purchase order, the FBI said it needs to have those items on hand if the coronavirus, or COVID-19, spreads widely throughout the U.S. The Trump administration last month declared the virus a public health emergency, but it’s not yet met world health officials’ designation of a global pandemic that spreads widely throughout the world.

        The masks and disinfectants “are to be stored throughout the country for distribution in the event of a declared pandemic,” according to the document, which was signed Friday and gave the companies a week to fulfill the order. The document said the “supplies are for the FBI strategic stockpile for Pandemic Preparedness.”

        Kill time

        The FBI said PDI’s hand sanitizer and wipes were necessary because they kill “54 different microorganisms within 1 minute so this disinfectant has both speed and power.” The agency justified awarding the contract to PDI without a formal competitive bidding process because “they are the number one rated in healthcare because of this kill time.”

        While $40,000 is just a fraction of the size of other contracts the FBI awards to private companies, the order illustrates how U.S. agencies are preparing for the possibility that the coronavirus could reach pandemic levels in the U.S.

        “The FBI has actively been monitoring the coronavirus outbreak in Asia and is taking preemptive measures by procuring these items … now,” the document reads.

        The supplies are required to be delivered by Friday, according to the document. A spokeswoman for the FBI didn’t immediately comment on the contract or the agency’s preparedness for an outbreak in the U.S.

        Representatives from 3M and PDI Healthcare did not respond to requests for comment.

        “Due to the human life and safety component, these two brands are required,” the acquisition order said. “The items being requested will be critical to keeping employees safe should a coronavirus pandemic take place.”

      2. Are oil prices up due to Coranavirus? Pretty easy to attribute moves to coranavirus. Maybe it is really because the billionaires saw their great hope crash and burn on the debate stage.

        1. Dropping like a rock…

          Oil Prices Slip as Coronavirus Spread Dashes Hopes of a Demand Rebound
          By Callum Keown
          Feb. 21, 2020 9:11 am ET

          Oil prices slipped 1.5% on Friday, as fears over the spread of the coronavirus outside of China mounted and economic data began to show the extent of the epidemic’s impact.

          China reported 889 new cases of the novel coronavirus COVID-19, a sharp jump from the 394 fresh cases it reported on Thursday. South Korea has implemented emergency measures after it confirmed 100 new cases on Friday and a second death, while cases in Japan have now risen to 727.

        1. Why would the plunge protection team be involved in a market just a few percentage points off its all time highs? Ten percent corrections are very useful to shake out the people scared of their own shadows. wall Street professionals make money buying and selling within the normal range of individual stocks. Buying and selling and making one percent each time adds up quickly when big money is involved.

          1. You just answered your own question. It sells off 1or 2 percent after they dump, then they buy back in and the PPT pushes it back up.

          2. No, the one to two percent churn is the insiders but to call that the PPT removes any meaning from that term. The PPT includes the biggest insiders and the Fed, but it is not meant to deal with normal trading.

  7. ‘Every candidate but Sanders said that they support delegates at the Democratic National Convention this summer choosing the Democratic presidential nominee.’

    ‘If no candidate wins a majority of the delegates, a brokered convention could then take place. Such a convention, in which party bosses or delegates decide the nominee through floor fights and negotiations, hasn’t happened since the invention of the modern primary system five decades ago.’

    ‘Asked about such a possibility at the debate, five candidates said it would be fine. But Sanders said that whichever candidate goes into the convention with the most nominees should get the nomination.’

    ‘Appearing on CNN early Thursday, former presidential candidate John Kerry pushed back on Sanders’s contention. “This is not a race for the most delegates going into the convention,” Kerry, a Biden supporter, argued. “When you become a candidate for president of the United States, you know what the rules are. And if you’re going to be a good president, you need to play by the rules, something that Donald Trump doesn’t do.”

    ‘Former Senate Majority Leader Harry Reid said before the debate on Wednesday that a brokered convention should take place if no candidate gets a majority of delegates. “We’ve had brokered conventions before, and we’ve always come up with good candidates. It’s not the end of the world. It just slows the process down,” he said.’

    ‘While every candidate took time to attack at least one rival, a lengthy back-and-forth was seen between Bloomberg and Sanders, with the ex-mayor repeatedly criticizing Sanders over his decades as a U.S. lawmaker and Sanders hitting at Bloomberg for his massive fortune.’

    ‘At one point, Sanders charged that “billionaires pay a lower tax rate than the middle class!” “Why do you complain? Who wrote the tax code?” Bloomberg asked, referring to Sanders’s long history as a government official.’

    “The billionaires,” Sanders responded. Bloomberg dismissed the claim before Sanders added: “Politicians put in place by billionaires,” prompting Bloomberg to add: “Most of whom are Democrats.”

    ‘After Sanders railed against the most wealthy in the United States, Bloomberg responded, saying: “What a wonderful country we have. The best known socialist in the company happens to be a millionaire with three houses. What did I miss?”

    ‘Sanders said that one of his homes is in Washington, where he works as a senator, and another is in Vermont. The third, he said, is “a summer camp.”

    https://www.theepochtimes.com/democratic-presidential-debate-live-updates_3244128.html

      1. What’s Bloomie’s view on immigration? Are they gonna ask him to raise his hand if he supports giving free health care to illegal immigrants?

        1. He is running to allow more immigration. Yes, he should be asked that question. My guess is yes Bloomie wants taxpayers to pay because paying taxes is for the little guy, but he might have to pay for healthcare if his employees unionized.

        1. Naaa….he’s looking to buy a fourth house. Come on you loser renter, everyone has a second summer camp house by the lake.

          1. “I wrote a best-selling book. If you write a best-selling book, you can be a millionaire, too.”

            Bernie Sanders

            Did you hear that 500,000 people sleeping out on the street?

            If you write a best-selling book, you can be a millionaire, too.

            Last night

            Sen. Bernie Sanders: “Why three people own more wealth than the bottom half of America when 500,000 people sleep out on the street.”

            “And like thousands of other Vermonters, I do have a summer camp,” Sanders said. “Forgive me for that.”

            What Is Bernie Sanders’ Net Worth?

            As a political icon of democratic socialism, Bernie Sanders is worth an estimated $2 million.

            ANNE SRADERSUPDATED:FEB
            :FEB 6, 2020

            https://www.thestreet.com/lifestyle/bernie-sanders-net-worth-14678955

            How Many Millionaires Are There in America?

            Economics Updated: November 15, 2019 by PK

            How many multimillionaires are there in the United States? More than $2 million or $3 million?

            Our estimate is 7,647,278 American households have $2 million or more, and 4,665,039 households have $3 million or more in net worth. $2 million or more in net worth covers roughly 6.07% of households, while $3 million or more covers 3.70%.

            Those are the 93.93% and 96.30% wealth percentiles.

            https://dqydj.com/how-many-millionaires-decamillionaires-america/

      1. Yes, but if the Democrats do not nominate him, there may be a new party of progressives. Democrats may go the way of the Whigs.

        1. “there may be a new party of progressives”

          I’ve been wondering about that for a while. I think what we’re going to see a real shift.

          The centrist Dems — those who voted Obama twice and then for Trump — may join the Republicans, figuring that corporate tax cuts is a lesser evil than open borders and screeching blue-haired feminists. The Progressives in search of freebies would form a Sanders-type progressive party. The far far left, that is, the older Tea Party, those who grew up racis and anti-gay, and ultra evangelicals, might actually die off.

    1. Some quotes from Sanders:

      “”We are living, in many ways, in a socialist society right now,” Sanders said. “Problem is, as Dr. Martin Luther King reminded us, we have socialism for the very rich, rugged individualism for the poor.””

      “We’re getting ripped off outrageously by the greed and corruption of a pharmaceutical industry, which in some cases charges us 10 times more for the same drugs because of their price-fixing, 500,000 people go bankrupt every year because they can’t afford medical bills.”

      “Somehow or another, Canada can provide universal health care to all their people at half the cost. U.K. can do it. France can do it. Germany can do it. All of Europe can do it. Gee-whiz, somehow or another, we are the only major country on Earth that can’t do it. Why is that?”

      And I’ll tell you why. It’s because, last year, the health care industry made $100 billion in profits. Pharmaceutical industry, top six companies, $69 billion in profit. And those CEOs are contributing to Pete’s campaign and other campaigns up here.

      “You know, when we talk about a corrupt political system, bought by billionaires like Mr. Bloomberg, it manifests itself in a tax code in which not only is Amazon and many other major corporations, some owned by the wealthiest people in this country not paying a nickel in taxes, we have the insane situation that billionaires today, if you can believe it, have an effective tax rate lower than the middle class.”

      “We have a grotesque and immoral distribution of wealth and income. Mike Bloomberg owns more wealth than the bottom 125 million Americans. That’s wrong. That’s immoral. That should not be the case when we got a half a million people sleeping out on the street, where we have kids who cannot afford to go to college, when we have 45 million people dealing with student debt.

      We have enormous problems facing this country, and we cannot continue seeing a situation where, in the last three years, billionaires in this country saw an $850 billion increase in their wealth — congratulations, Mr. Bloomberg — but the average American last year saw less than a 1 percent increase in his or her income. That’s wrong.”

      Sanders was dropping BOMBS last night.

      1. “Thank you, it is my policy, and I’m very proud of that policy. All right? What we need to do to deal with this grotesque level of income and wealth inequality is make sure that those people who are working — you know what, Mr. Bloomberg, it wasn’t you who made all that money. Maybe your workers played some role in that, as well.

      2. This is why Bernie is laying waste to the rest of the field. He is talking about the real problems here in the US, while the rest of these clowns are arguing over gender identity, climate change, reparations for blacks and #metoo BS.

        1. +1

          I already voted for Bernie in the Colorado primary and donated $200 to his campaign. If he is not the nominee, I probably will vote for Trump again.

          And I love love love telling this to anti-Bernie Democrats, it makes them seethe with rage. Their sense of entitlement is beyond revolting, it is truly deplorable.

        2. And he’s so fortunate to have useful idiots like you to carry all of that class warfare water for him.

          You’re never going to get shit in return for it, either.

          LOL, what a tool.

          1. Chino, some on this blog are playing three dimension chess like the president. He is pushing for Bernie too. Bernie puts the Democrats in total chaos.

      3. “Sanders was dropping BOMBS last night.”

        You got that right.

        ‘The Green New Deal that I support, by the way, will create up to 20 million good-paying jobs as we move our energy system away from fossil fuel to energy efficiency and sustainable energy,” said Sanders.

        I have already seen Obama’s $Trillion Porkulus package and all the paybacks for his donors I mean Stimulus with all the nonexistent good-paying green jobs.

        The failed carpenter turned socialist couldn’t create a good-paying job if his summer camp in Vermont depended on it.

        Bernie Sanders is unelectable.

        1. None of them have the slightest clue how wealth is created. It’s a static thing that failure only knows how to confiscate from success by force.

          And the joke is going to be on all of them when they’re no longer blinded by their stupidity as discover how quickly they run out of anything to confiscate.

          Just laugh at them and walk away; they’re pathetic.

          1. “laugh at them and walk away”

            But for some reason, you can’t, because you keep coming back to the HBB to post about it, LOLZ.

          1. Not a big fan of either but I’m cheering too. Any election with no globalist representation is cheer-worthy.

        2. 20 million good-paying jobs…

          I call BS. Here’s a job breakdown from the 2017 US Energy and Jobs Report:
          Electric Power Generation and Fuels: 1.9 million
          Transmission, Distribution and Storage: 2.3 million
          Energy Efficiency: 2.2 million
          Motor vehicle and parts (excluding dealerships): 2.4 million

          So a total of 8 million jobs TOTAL, including all the existing green stuff. So where is Bernie getting 20 million jobs for ANYthing?

          https://www.energy.gov/downloads/2017-us-energy-and-employment-report

          1. So where is Bernie getting 20 million jobs for ANYthing?

            We’re all gonna install Chinese made solar panels on each other rooftops.

            Meanwhile, I recall reading somewhere that we are already leading the world in reducing CO2 emissions.

          2. “We’re all gonna install”

            I don’t do solar, but we did do the Qdoba at Concourse B at Denver International Airport that opened last May.

            The lighting for the entire restaurant is fed from a single 120 volt 20 amp circuit, split on four switch legs. That’s alot of lighting for not much juice.

          3. The lighting for the entire restaurant is fed from a single 120 volt 20 amp circuit, split on four switch legs. That’s alot of lighting for not much juice.

            Interesting. Is it all LED these days? Did you work on the new Smash Burger there too?

  8. pik·er | /ˈpīkər/ |noun
    INFORMAL
    noun: piker; … plural noun: piker$

    1. NORTH AMERICAN
    a gambler who makes only $mall bet$.
    a $tingy or cautiou$ $overeign

    2. AUSTRALIAN/NZ
    a $overeign who withdraw$ from a commitment.

    Origin
    late 19th century: from pike

    $overeign$’ debt$ = “defict$.don’t.matter$!”

    Reuters |BUSINE$$ NEWS FEBRUARY 20, 2020 ,

    World government debt$ to hit record $53 trillion$ this year: S&P Global

    By Marc Jones

    LONDON (Reuters) – The amount of debt$ owed by the world’s government$ will jump to a record $53 trillion$ by the end of the year, S&P Global estimated on Thursday, with $8.1 trillion$ set to borrowed this year alone.

    About 70%, or $5.8 trillion, of sovereigns’ gross borrowing will be to refinance maturing long-term debt, though the expected $2.3 trillion of new borrowing will still be worth at least 2.6% of global GDP.

    S&P said the increase reflected the higher borrowing needs of the largest countries. The U.S. at $3 trillion and Japan at $1.75 trillion will remain by far the largest borrowers globally, accounting for almost 60% of the overall total.

    “By end-2020 we project that the commercial debt stock of all sovereigns we rate will rise by 5% to reach a record of $53 trillion compared to 2019 and by 30% compared to 2015,”

    After the U.S. and Japan, China is forecast to issue around $636 billion, followed by Italy, Brazil, and France, each of which are expected to borrow $250 billion in 2020.

    Those four together will account for around 17% of the global total, slightly below Japan by itself, while the G-7 group of nations will account for approximately 70% of global borrowing and debt.

    The top 20 emerging economies are expected to issue a combined $1.62 trillion this year meanwhile, with up 4% from 2019 and a historical high.

    “The (global) increase reflects the higher borrowing needs of the largest sovereign issuers as their fiscal stance loosens in 2020 amid the fragile global economic outlook,”

    1. Just remember:
      1) Debt doesn’t matter anymore.
      2) With balance sheet expansion, debt can be increased without limits.

      1. Tanks for Thee reminder dear Professor, my mind gets di$combobulated when eye watch the “U$.Debt.clock” for more than 30 $econds! 🌀🌊⏰🆘:-$

      2. What was the debt to GDP ratio when Obama took office and what was it when he left office? What was the debt to GDP ratio when Trump took office and what is it now. You will find that it soared under Obama and has hardly moved under Trump. A trillion dollars just isn’t the same ten years later.

  9. “Sen. Nancy Skinner introduced a bill Wednesday…”

    The real estate syndicates and their shareholders should be barred from owning single family homes and renting them to families who should be buying them with 20% down at true market value. The syndicates should be limited to apartment buildings, no condos or townhouses. The next administration should give these syndicates no more than 6-months to dissolve their holdings. To paraphrase Obama’s view of conservatives, phuc ’em!

  10. “Zillow Group reported better-than-expected quarterly revenue on Wednesday. The company has also benefited from its move to buy and sell homes under Zillow Offers. Net loss, however, widened to $101.2 million from $97.7 million a year earlier.”

    The Unicorn model. We lose money on every house we flip but we will make it up on volume!

    1. They bought and sold a LOT more houses this time, and they lost a little bit LESS money at it. This implies they are getting better at what they are trying to do. So we should give them a bit of credit on that.

      At the same time, I just don’t know how they can make a go of this flipping properties that are in decent/saleable shape. A good chunk of the transaction costs (transfer tax, recording, etc.) are just flat unavoidable. A rehabber can get enough return on his capital to justify paying those. But someone flipping liveable houses? Not sure. Also they have been doing this in the “everything is awesome” economy. What happens when a downturn comes and they are stuck with all this inventory?

      Lastly, there is a slightly scary angle here. What WILL they do with all that inventory? If they keep growing they will gain a lot of market power…

        1. Still here, although my attempts to post yesterday failed. Have you ever had two colds within a few months of each other? People are getting re-exposed to the virus. If your initial case was too mild you have built up too little immunity. Coranaviruses are particularly difficult to establish immunity to with mild cases.

          1. ‘although my attempts to post yesterday failed’

            Not all of them. I told you I wasn’t going to spend hours moderating your off topic stuff every day. Try posting a lot less. If it piles up I just delete them without reading.

        2. Maybe he can offer his reassurances that the article posted below can be safely ignored.

          US hospitals prepare for potential coronavirus pandemic
          A CDC official warns hospitals to prepare ahead in case of the announcement of a COVID-19 pandemic.

          By Alexandra Kelley

          As more U.S. citizens return from abroad after being exposed to COVID-19 and the Centers for Disease Control and Prevention (CDC) monitoring hundreds of potential patients for up to 14 days, hospitals across the country are being encouraged to prepare for the World Health Organization’s (WHO) announcement of a global pandemic.

          Speaking with CNBC, Dr. Anne Schuchat, a CDC official, recommends that hospitals “open up your pandemic plans and see that things are in order.”

  11. “Los Angeles County Home sales and prices tumbled in January as the market reacts to the economic uncertainties of the coronavirus. The county’s median home sales price dipped nearly 4 percent from December, the California Association of Realtors reported Wednesday. Statewide, the picture was even worse. California’s median single family home price dropped 6.5%. in a month.”

    Coronavirus bubble collapse blame game is underway…

  12. “Net loss, however, widened to $101.2 million from $97.7 million a year earlier.”

    Why is Zillow losing money? They have a website. Sellers pay to advertise on the website, don’t they? Even if the price is low, the ongoing costs should be too.

    Yes it is a competitive market. There is Trulia as well. But it is a big market.

    Am I missing something?

      1. I thought that business was just starting. So it is already big enough to sink the company?

        Oh well, perhaps someone will buy its original business after Chapter 11.

        This reminds me of WeWork. They had a good idea, but for a limited market. But now everyone wants to be Jeff Bezos and own everything, so they went nuts, and now they are doomed.

        1. But now everyone wants to be Jeff Bezos and own everything

          There’s a rational reason for that…when people said they were going to do that investors lined up to throw money at them. When people didn’t do that they had to work for a living. Easy call to make. All we need to do to end it is stop giving investors access to free OPM.

    1. When you decide to start flipping houses at the absolute apex of the market, the losses are baked in the cake.

  13. E*Trade jumped 24.1% after Morgan Stanley offered to buy it in a $13 billion stock deal, the biggest acquisition by a Wall Street bank since the financial crisis.

    Click.

    1. There’s a wave of consolidation going on in the investment house neighborhood, said my broker this morning.

      1. 0 commission fees are not the most profitable. Of course, they hide some of the fees in the bid and call quotes. I have noticed that in my account, E-Trade is one of my brokers.

  14. USC is no longer counting home equity in financial aid calculations. So if you rent and save $200000 you may make your child ineligible for financial assistance. Buy a house and amass $200000 in home equity no problem. Why is it liberals are always finding ways to encourage home ownership?

    1. Because they are smart enough to know that there’s no equity in loan ownership. It’s all a loss regardless of what Zestimate says.

    2. It’s not unlike Redpilled Redhead, the attorney, who owns a $2MILLON house free and clear, yet gets Medi-Cal for her son.

      1. Again, I do not own nor can I afford a $2M house. The house my son inherited from my mother is not free and clear. I’ve learned many important lessons for some of the regular contributors here, namely eschew debt, which is why I’m doing a 1031 exchange. You also seem to be missing why my son qualifies for Medi-Cal; he’s disabled. I lost my job as an in-house patent attorney because of pregnancy discrimination. Between my mother’s battle and death from colon cancer and my son’s diagnosis and ongoing needs (and every battle that goes along with getting his needs met and making sure he’s not sidelined by the system), I have not been gainfully employed.

        1. I missed the part where it’s not free and clear. Pardon my mistake. And I do not begrudge you for using something that your disabled son qualifies for. However, it does beg the question: Should equity be considered when qualifying a person for any government assistance? My opinion is an unequivocal YES.

          1. Unlike most parents, I need to provide for my son beyond my life span and ideally for his. The last thing I want is for him to be dependent on society, particularly one that’s embracing socialism. His constant care and spiraling health care costs necessitate that I explore all available options to him. If I weren’t paying for other people’s health care already, I wouldn’t consider Medi-Cal benefits. I haven’t for the last 7 years. But alas I am paying for other people’s health care and there’s the prospect I could be paying more, so I’m doing what’s in the best interest of my child. That you malign me for it and make incorrect assumptions just makes you look like a jealous ass.

          2. equity

            When I started following the housing market back in 2005, I had a hard time understanding how people were allowed to borrow against the equity in their home via cash-out refinancing. I could understand borrowing against what had been paid in but not more. It seemed to me, and still does, that you should be required to dispose of the asset to realize the full gain. Until that point, it’s illusory wealth created by central bankers.

          3. free and clear

            Please point me to a property that is free and clear. Even without a mortgage, there are property taxes, repairs and maintenance.

          4. I grew up with a disabled father who ultimately died of his disease in his early 50s. My younger sibling was incapacitated in an auto accident and later died. Neither ever took a dime from the system. Our family cared for both.

          5. free and clear

            Please point me to a property that is free and clear. Even without a mortgage, there are property taxes, repairs and maintenance.

            Not my term:

            DEFINITION of Free and Clear

            Free and clear is a slang phrase describing the situation of someone when they gain outright ownership of an asset, such as when it is completely paid off and no creditor has a claim on the property.
            BREAKING DOWN Free and Clear

            The phrase is often used in reference to one’s mortgage. If an owner’s house is completely paid off, then they own the house “free and clear.”

            In the case of real estate, before a sale can occur, the property must be “free and clear” so the buyers know that there are no prior claims on it. A title search company can be hired to assist prospective owners to ensure that a property has a clear title before proceeding with a transaction. If the owner does not hold a clear title, there may be clauses in their mortgage that accelerate payment to force the debt to be cleared before the property can be sold.

          6. and later died. Neither ever took a dime from the system

            I hear you on that. My older sibling died as well and never “took a dime”. Very few can claim to have never received anything.

            Your harshness on Red does cut some rather large logical corners. I also have a disabled “child”, now an adult. I have taken advantage of everyone and everything available to give her the best chance possible in a sometimes harsh world for the past 40 some years.

          7. Your harshness on Red

            Give me a break, white knight. She was on an older blog post criticizing Medicare for all, yet she has no problem signing her own child up for Medi-Cal. I don’t have a problem with her kid getting it, I have a problem with her thinking that an American citizen with cancer isn’t just as deserving. The hypocrisy is astounding.

          8. “I could understand borrowing against what had been paid in but not more.”

            Do you remember the 125% HELOCs back when spinner mag wheels were all the rage? Greenspan’s legacy!

          9. I have a problem with her thinking that an American citizen with cancer isn’t just as deserving.

            I never said anything of the sort! Again, you are making incorrect assumptions. I co-founded a biotech startup with a patent application directed to a new antibody therapeutic for cancer, autoimmune and infectious diseases. Given its capital-intensive nature in this VC environment, there was no way it was getting funding. Try again.

      2. yet gets

        After years of medical diagnoses, school assessments, physician certifications, and multiple in-home assessments from various governmental agencies.

  15. I hear a lot of thousandaires defending billionaires and our “free market capitalism” lately. Meanwhile, they’re broke as a joke and in debt up to their eyeballs. Reminds me of a Bob Dylan song, “Only A Pawn In Their Game”:

    A bullet from the back of a bush took Medgar Evers’ blood
    A finger fired the trigger to his name
    A handle hid out in the dark
    A hand set the spark
    Two eyes took the aim
    Behind a man’s brain
    But he can’t be blamed
    He’s only a pawn in their game

    A South politician preaches to the poor white man
    “You got more than blacks, don’t complain
    You’re better than them, you been born with white skin” they explain
    And the Negro’s name
    Is used it is plain
    For the politician’s gain
    As he rises to fame
    And the poor white remains
    On the caboose of the train
    But it ain’t him to blame
    He’s only a pawn in their game

    The deputy sheriffs, the soldiers, the governors get paid
    And the marshals and cops get the same
    But the poor white man’s used in the hands of them all like a tool
    He’s taught in his school
    From the start by the rule
    That the laws are with him
    To protect his white skin
    To keep up his hate
    So he never thinks straight
    ‘Bout the shape that he’s in
    But it ain’t him to blame
    He’s only a pawn in their game

    From the poverty shacks, he looks from the cracks to the tracks
    And the hoof beats pound in his brain
    And he’s taught how to walk in a pack
    Shoot in the back
    With his fist in a clinch
    To hang and to lynch
    To hide ‘neath the hood
    To kill with no pain
    Like a dog on a chain
    He ain’t got no name
    But it ain’t him to blame
    He’s only a pawn in their game

    Today, Medgar Evers was buried from the bullet he caught
    They lowered him down as a king
    But when the shadowy sun sets on the one
    That fired the gun
    He’ll see by his grave
    On the stone that remains
    Carved next to his name
    His epitaph plain
    Only a pawn in their game

    1. a lot of thousandaires defending billionaires

      Simply because we know that if we don’t defend a fellow’s right to accumulate a billion dollars, when you’ve taken that you will, as sure as rain, come for the food in our pantry.

  16. ‘The Chinese regime recently announced that 80 percent of all central-government-run enterprises resumed operations on Feb. 18, following a mandated extended Lunar New Year break in order to prevent people from gathering and potentially spreading the coronavirus.’

    ‘But benchmarks indicated that many more Chinese businesses did not return to work, despite the central authorities’ desire to prevent an economic slowdown due to the virus outbreak.’

    ‘Chinese economists told business magazine Caixin that from Jan. 2 to Feb. 16, the country’s generated electrical energy was at roughly 60 percent of previous years’ levels.’

    ‘Similarly, as of Feb. 13, daily power coal consumption across China is approximately 50 percent lower in 2020 compared with 2016–2019 averages during the same time frame, according to research by investment bank Morgan Stanley.’

    ‘Meanwhile, Lu Ting, chief economist at Nomura Securities’ China branch, said only one-fourth of all migrant workers returned to work by Feb. 16. Such workers typically relocate from their village hometowns to major Chinese cities for low-wage labor.’

    ‘State-run media Xinhua, citing data from the Jiangsu provincial government, reported that 3.24 million workers in that region returned to work by Feb. 16—or 57 percent of the number during normal periods.’

    ‘Furthermore, the report said those 3.24 million workers comprised 17 percent of the total number of workers who went back to work in China. Going by that number, that means only about 19 million workers returned to work in the whole of China.’

    ‘According to China’s latest official statistics, China has 805.7 million workers as of the end of 2018. About 213.9 million of them work in manufacturing industries.’

    https://www.theepochtimes.com/80-chinese-central-government-owned-enterprises-resume-production-private-companies-take-more-cautions_3243975.html

    1. ‘According to China’s latest official statistics, China has 805.7 million workers as of the end of 2018. ”

      Those kinda #’$ are nothing.to.sneeze.@!

    2. despite the central authorities’ desire to prevent an economic slowdown

      Their hopes and desires appear to be out of reach.

  17. Oh woe is we…

    The Financial Times
    Coronavirus
    Coronavirus latest: China and South Korea cases rise while airlines fear $29bn impact

    Live
    Investment Banking
    Investment banking revenues fall to lowest since 2008
    Industry data also show increasing job cuts as lenders bulk up in other areas instead
    new 43 minutes ago

    Analysis
    Financial services
    ‘Monstrous’ run for green stocks stokes bubble fears
    Inflows into ESG funds are driving up stock prices for companies with green credentials

    1. Visualizing the spread of the coronavirus
      In less than a month, so many people have fallen ill from the coronavirus that they could fill concert halls and ballparks.
      Janet Loehrke, Javier Zarracina and George Petras, USA TODAY
      Updated 3:12 p.m. PST Feb. 18, 2020
      Corrections & Clarifications: An earlier version of this story used an incorrect photo when comparing cases with Yankee Stadium’s capacity.

      The coronavirus COVID-19 has multiplied more rapidly than any infectious disease in recent memory – more than 64,000 cases in the first 25 days alone. This makes it difficult to grasp the scale of the outbreak. Here’s how the mounting number of cases have matched crowd sizes in familiar American venues:

      1. We’re Reading the Coronavirus Numbers Wrong
        Up-to-the-minute reports and statistics can unintentionally distort the facts.
        By John Allen Paulos
        Mr. Paulos is a professor of mathematics.
        Feb. 18, 2020
        Credit…Daniel Zender
        阅读简体中文版閱讀繁體中文版

        Numbers have a certain mystique: They seem precise, exact, sometimes even beyond doubt. But outside the field of pure mathematics, this reputation rarely is deserved. And when it comes to the coronavirus epidemic, buying into that can be downright dangerous.

        Naturally, everyone wants to know how deadly COVID-19, the disease caused by the new coronavirus, is. The technical term for that is the case fatality rate — which is, put simply, the number of people who have died from the disease (D) divided by the total number of people who were infected with it (I), or D/I. As of Tuesday morning, at least 1,873 people were thought to have died from the disease worldwide and 72,869 people to have been infected.

        But those figures may not mean what you think.

        1. “But those figures may not mean what you think.”

          Inconceivable!
          Vizzini: He didn’t fall?! Inconceivable!
          Inigo Montoya: You keep using that word. I do not think it means what you think it means.

    2. Live updates: Coronavirus cases soar in South Korea; China prison outbreak raises alarm
      A disinfection worker wearing protective gear sprays antiseptic solution at a subway station in Seoul on Friday. South Korea reported 52 new cases of the coronavirus bringing its total number of infections to 156. (Chung Sung-Jun/AFP/Getty Images)
      By Gerry Shih,
      Simon Denyer and
      Teo Armus
      Feb. 21, 2020 at 3:05 a.m. PST
      Refresh for updates

      A surge in coronavirus cases in South Korea — many traced to a church — provoked fresh alarm Friday, after Chinese authorities reported hundreds of new infections at prisons, undercutting Beijing’s effort to show progress in containing the deadly epidemic.

  18. Is bidding up stock prices against the backdrop of a raging epidemic akin to running around with scissors?

    1. Stocks fell Thursday because investors realized ‘too many traders are running with scissors,’ says strategist
      By Sunny Oh
      Published: Feb 20, 2020 3:08 p.m. ET
      The S&P 500 and Dow were down as much as 1.3%, but have since pared losses
      iStockphoto
      Hand holding oversized scissors on white background

      U.S. stocks swooned early Thursday trading without any discernible news trigger, raising questions as to why investors were selling risk assets in a hurry when the manufacturing supply chain risks and economic growth concerns around the COVID-19 epidemic have been kicking around for several weeks.

      Yet bond-market analyst Jim Vogel feels investors shouldn’t search too far for answers. He argues that too many stock investors assumed that the economic problems from the coronavirus are merely a blip, and that it made sense to fade any selloffs as global health scares usually have a fleeting impact on risk assets.

      But now some traders are waking up to the realization that the damage could spill beyond the first-quarter and result in a more lasting and painful correction to global growth forecasts for the full year of 2020.

      “It’s as though [markets] suddenly realized too many traders are carrying scissors. So, they slow down, take profits, and wait to see if someone else stumbles while still running at full speed,” said Vogel, a rates strategist at FHN Financial, in a Thursday note.

    2. A flight to quality move is underway on the latest wave of coronavirus fear.

      Asian markets retreat amid worries of coronavirus’ spread outside China
      By Associated Press
      Published: Feb 20, 2020 11:10 p.m. ET
      Nikkei, Hang Seng, Kospi pull back as South Korean cases spike
      Associated Press
      A pedestrian walks past a bank’s electronic board showing the Hong Kong Stock Exchange results Friday.

      BEIJING — Asian stock markets followed Wall Street lower Friday after a spike in new virus cases in South Korea refueled investor anxiety about China’s disease outbreak.

      Benchmarks in Tokyo, Hong Kong and Sydney retreated. Traders shifted money into bonds and gold, a traditional safe haven.

      Bond markets are “sounding a warning on global growth” as virus fears spread to South Korea, Singapore and other economies, DBS analysts said in a report.

    3. RISK OFF!

      Bonds News
      February 20, 2020 / 3:53 AM / Updated 17 hours ago
      UPDATE 2-Longer-dated bonds lead euro zone debt rally on coronavirus worries
      Yoruk Bahceli, Tommy Wilkes

      * Bonds rally led by longer-dated paper

      * Dutch 20-year bond yield returns to negative territory

      * Traders await euro zone PMI numbers on Friday

      * Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Recasts, adds inflation expectations, ECB minutes, Dutch and Spanish bonds)
      By Yoruk Bahceli and Tommy Wilkes

      LONDON, Feb 20 (Reuters) – Longer-dated euro zone government bonds led a broad rally on Thursday as concern about an economic slowdown in the region and damage to Asian growth from China’s coronavirus created strong demand for safe-haven government bonds.

      1. “Dutch 20-year bond yield returns to negative territory”

        When does the Market$ get to $tuff U$ 20 year$ into their brea$t.coat$?

    4. TWEET IT: STOCKS ARE TOAST!

      US Markets
      GLOBAL MARKETS-Stocks head for worst week in four as coronavirus spreads
      Contributors
      Tom Wilson Reuters
      Wayne Cole Reuters
      Published
      Feb 21, 2020 4:23AM EST
      Credit: REUTERS/KIM KYUNG-HOON
      Shares across the world fell on Friday and were set for their worst week in four as investors dumped riskier assets for the safety of bonds and gold, with coronavirus cases in China and elsewhere spreading.
      By Tom Wilson and Wayne Cole

      LONDON/SYDNEY, Feb 21 (Reuters) – Shares across the world fell on Friday and were set for their worst week in four as investors dumped riskier assets for the safety of bonds and gold, with coronavirus cases in China and elsewhere spreading.

      China reported more cases of the disease on Friday, with finance leaders from the Group of 20 major economies meeting in Saudi Arabia over the weekend set to discuss risks to the global economy stemming from the outbreak.

      Though investors have been sanguine about the long term economic risks from the virus, a steady drip of new cases in countries beyond China has kept worries gnawing away, with South Korea on Friday recording over 50 new cases.

      Europe’s broad Euro STOXX 600 fell 0.3%, with indexes in London and Paris down 0.5% and 0.3% respectively.

      It’s risk-off – bonds are being bought again and hedges are being put into play at the moment,” said Olivier Marciot, investment manager at Unigestion.

    1. Coronavirus has been good to bond investors.

      30-year Treasury bond yield breaks to all-time low as coronavirus fears lift havens
      By Sunny Oh
      Published: Feb 21, 2020 9:44 a.m. ET

      The 10-year Treasury note yield also broke below key level of 1.50% on Friday

      U.S. Treasury yields extended their weeklong slump on Friday as investors worried that the economic impact of COVID-19 may not be contained to China, and is spilling over into neighboring regions.

      What are Treasurys doing?

      The 10-year Treasury note yield (TMUBMUSD10Y, -2.90%) was down 3 basis points to 1.495%, the lowest since last September, while the 2-year note rate (TMUBMUSD02Y, -2.95%) edged 1.4 basis points lower to 1.381%. The 30-year bond yield (TMUBMUSD30Y, -2.02%) slipped 4.2 basis points to 1.930%, falling below its previous all-time low of 1.95%.

    2. CoronaCR8R alert!

      The denial phase of the outbreak is giving way to fear and anger, soon to be followed by depression.

      Tech stocks lead Wall Street slide as coronavirus worries rise
      By Mark DeCambre
      Published: Feb 21, 2020 10:15 a.m. ET
      Coca-Cola says it will be hit by coronavirus but still says it will reach its full-year guidance
      AFP/Getty Images

      U.S. stocks extended losses Friday, with technology shares leading the way lower, as the spread of COVID-19 in China and in neighboring countries amplified worries about the impact on supply chains and global growth.

      Technology shares were the biggest loser in the S&P 500 index, with the sector down 1.7%.

      How are benchmarks faring?

      The Dow Jones Industrial Average (DJIA, -0.70%) fell 246 points, or 0.9%, to 28,974, while the S&P 500 (SPX, -0.86%) lost 30 points, or 0.9%, to trade at 3,343. The Nasdaq Composite (COMP, -1.28%) was off 131 points, or 1.3%, at 9,620.

  19. ‘Weak Start To The Year’ – Maersk Warns Paralyzed Chinese Factories To Damage Global Economy | Zero Hedge
    https://www.zerohedge.com/markets/maersk-warns-chinese-factories-paralyzed-will-damage-global-economy

    (snip)

    “Maersk said factories in China are currently operating at 50-60% of capacity because the economy has ground to a halt.

    “Maersk reported an unexpected loss in the fourth quarter of $72 million from a profit of $46 million a year earlier. The shipper is a barometer of global trade, said revenues declined 5.6% to $9.67 billion, missing expectations of $9.4 billion, due mostly to a decline in container shipping.

    “Shipping volumes in both East to West and North to South routes were lower amid several years of front-loading by corporations ahead of President Trump’s tariffs. Lower demand was seen across Europe, Latin America, the US, and across Asia Pacific countries last quarter.”

    1. “Shipping volumes in both East to West and North to South routes were lower amid several years of front-loading by corporations ahead of President Trump’s tariffs. Lower demand was seen across Europe, Latin America, the US, and across Asia Pacific countries last quarter.”

      Heheheeehe … 💵💪 … 💴💶💷🌏🌍⌛⤵

      Ma$$ human vector tran$portation mode$ … Inter$ect$ with … “Ju$t.in.time” global di$tribution dependabilitie$.

      $ynchronized Global $lowing is $ocial media myth!

  20. Maybe the China virus is the Black Swan event that shows that Globalism , or a One World Order was a contruct that was created by the Money Changers to rule the World.

    The Politicians sold USA out about 25 years ago. Come on, outsourcing jobs and manufacturing base of US to Communist China. Allowing the Casino called Wall Street to create worldwide Ponzi scheme markets to the point that prices are artificial and debt is the way and means to prop up these false markets.

    How can you have a soft landing when you have this much distortion on markets

    The Globalists Money Changers are treating the USA like a Colony and they are the Kings. No wonder Commies are gaining ground in response to the rigged decks. While Communist takeover isn’t the solution, the right solutions are avoided at all costs.

    Sometimes Black Swan events challenge the current structures. Can you imagine that America was created in the first place because the colonies got sick of paying unfair taxes to the King.

    Americans have to take back their County and we are not a One World Order that’s rigged for the Money Changers or the Commies.

    1. The Globalists Money Changers are treating the USA like a Colony

      Where are they headquartered? Any chance we used to be their colony and they think we still are?

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