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Companies Are Chasing Fees In Today’s Frothy Environment, With Capital Flooding In

A report from the Dallas Morning News in Texas. “Dallas-Fort Worth is the country’s top apartment building market with more than 26,000 new rental units opening this year. Another 16,000 apartments are set to open their doors in Houston in 2020. ‘Are we overbuilding or are we not building enough?’ asked Jeanette Rice, head of multifamily research for CBRE. ‘My worry about Dallas and for that matter all the Texas market is the construction pipeline. We have enormous apartment demand but a lot of supply,’ she said. ‘It’s probably too much short term. It’s very likely not enough long term.'”

“Rice said most of the apartments being built in Texas are higher-cost units, not the more affordable rental units that are in short supply. ‘A lot of the new supply doesn’t match the demand,’ she said.”

The Austin American Statesman in Texas. “Amid Central Texas’ ongoing job and population growth, the Austin-area apartment market continued its upward climb last year. And experts say they don’t see a slowdown in sight, although tenants might feel some relief this year as the pace of rent growth is expected to slow. Once again — for the fourth consecutive year — developers added more than 10,000 apartment units to the existing inventory, said Charles Heimsath, president of Capitol Market Research.”

“More than 25,000 apartment units are under construction, with half of those likely to open this year, according to Capitol Market Research. That means it is possible that the Austin area this year will see the highest number of units ever completed in a 12-month period, Heimsath said, which could mean ‘a risk of a decline in occupancy and slower rent growth.'”

“In another year-end report on the local market, Robin Davis with Austin Investor Interests, said that in the fourth quarter alone, more than 3,300 new apartments units were added, the highest number of new completions in more than three years. There are about 28,580 units under construction among all property types, according to Davis. Another 27,800 units have entered the permitting process or are already approved and ready to break ground, she wrote.”

“‘It remains to be seen how many of these will come to fruition, but the pipeline is unyielding and with more 56,000 units already underway or pending a start, there is certainly room for caution as Austin is well known for its boom/bust cycles,’ Davis wrote.”

From Curbed San Francisco in California. “Something is rotten in Hayes Valley, or at least that’s what the San Francisco City Attorney’s Office suspects. On Thursday the city attorney issued a barrage of subpoenas that threaten to ensnare a long-delayed mixed-use project in that neighborhood in the ongoing City Hall corruption scandal focused on ex-Public Works chief Mohammed Nuru.”

“The development at 555 Fulton Street has been something of an enigma, backed by an overseas developer but plagued by mysterious delays that have kept it in limbo for more than five years. This five-story, 139-unit mixed-use development in Hayes Valley broke ground in 2014. It comes with one-, two-, and three-bed condos starting at $889,000 and up to more than $1.2 million, advertising to deep-pocketed buyers looking for ‘contemporary and convenient luxury’ homes in SF’s trendiest neighborhood.”

“Although the name of the developer is Fulton Street Ventures, in reality Chinese mega-developer R&F Properties is behind the building, designed by architect Ian Birchill. But the most newsworthy thing about 555 Fulton is the mystifying amount of time construction has taken, largely on account of arguments with the city over alleged changes to its design in the midst of construction. The San Francisco Chronicle reported in 2018 that as many as 30 buyers walked out on purchases at 555 Fulton because they got tired of waiting.”

“The holdup frustrated both neighbors and the city because a big part of the appeal of the building was that it includes a much-needed grocery store in Hayes Valley that couldn’t open until construction finished. Nor is it open now; the building remains unfinished. In January, the FBI arrested Nuru on fraud charges, with a 79-page complaint alleging that he tried to reward friends with lucrative city contracts, accepted gifts as bribes from developers and offered bribes to others, used city employees to work on his vacation home, and lied to the FBI.”

“Nuru resigned as head of Public Works earlier this month; Mayor London Breed said for legal reasons it was impossible to fire him sooner. Now the affair has expanded to potentially ensnare permit expediter Walter Wong and R&F executive Zhang Li. For the record, Nuru hasn’t admitted any crimes and has not yet been convicted of any criminal act. His attorney denies any wrongdoing on Nuru’s part.”

From Senior Housing News. “Three decades after the senior living industry got off the ground, providers are still ‘inventing a business,’ SRG Senior Living CEO Michael Grust believes. Grust is also concerned about ‘add water and stir’ management companies that are chasing fees in today’s frothy environment, with capital flooding into the sector.”

“On whether compressed margins are the new normal, given labor trends and other factors: ‘I wouldn’t accept that as a new baseline. Clearly, margin compression is something we’re facing right now, when there’s oversupply and rate growth is being challenged. Unfortunately, in certain markets, people are building new products, and I scratch my head sometimes because they come in and build it with cost of construction being what it is, it’s surging in some markets at still-incredible rates. I read a statistic the other day that the cost of construction is going up 1% a month almost in Texas. We just opened a building in Texas, and to a certain extent, we experienced that at the tail end.'”

From Bloomberg. “New York State’s sweeping tenant-protection law is causing headaches for Hamptons mansion owners who lease out their beachside spreads for the summer. The new rules prohibit landlords from collecting more than a month’s rent upfront. That is a problem in the Long Island resort towns, where home owners rely on three-month rental contracts in the hundreds of thousands of dollars, paid in full ahead of the season.”

“The law – aimed at keeping apartments affordable – took effect in June, but Hamptons home owners are only now catching up with its provisions as the peak leasing season gets under way. ‘The issue is you can get stuck with a tenant who pays for June, and once August comes around, doesn’t pay,’ said Frank Bodenchak, a rental and sales broker with Sotheby’s International Realty in the Hamptons. ‘The month of August through Labour Day might be worth as much as the other 11 months combined. These are big houses that require a lot of planning. You can’t rent these things last minute.'”

“When renting out her Southampton home the past two summers, Victoria Shtainer preferred taking a lesser amount for the entire season over having the onus of preparing for a new tenant each month. This year, she is selling her house – with its saunas, tennis and basketball courts, movie theatre and saltwater pool – for US$9 million. ‘I cannot rent it the way I used to,’ said Ms Shtainer, a Manhattan-based real estate agent with Compass. ‘I’m thinking about maybe becoming a tenant myself.'”

This Post Has 116 Comments
  1. ‘My worry about Dallas and for that matter all the Texas market is the construction pipeline. We have enormous apartment demand but a lot of supply…It’s probably too much short term’

    Dallas airboxes have been overbuilt for at least 2 and a half years.

    ‘Rice said most of the apartments being built in Texas are higher-cost units, not the more affordable rental units that are in short supply. ‘A lot of the new supply doesn’t match the demand’

    The average HBB reader can see more clearly how this has played out that the majority of “experts.” It is very rare for a segment to stop before it is way over-built.

    1. Etc:

      ‘Grust is also concerned about ‘add water and stir’ management companies that are chasing fees in today’s frothy environment, with capital flooding into the sector’

      ‘On whether compressed margins are the new normal, given labor trends and other factors: ‘I wouldn’t accept that as a new baseline. Clearly, margin compression is something we’re facing right now, when there’s oversupply and rate growth is being challenged. Unfortunately, in certain markets, people are building new products, and I scratch my head sometimes because they come in and build it with cost of construction being what it is’

      Senior has been overbuilt for years. Student too. QE is deflationary, as the Yellen bucks take wing, looking for a place to die in oversupply.

      One prime example of how these guys get screwed up is they say, “we’re not overbuilding, look at all the capital pouring in!”

    2. Lived in Texas back in the 80’s during their RE crash. When things in the job market went south all the transplants from other parts of the country headed back north home to where they came from. Newly built town homes and condos that had been selling for 60K were selling off for 5K each. Looks like a repeat is in the works.

  2. Thee virus.missiles have been launched!

    Iran > 👣Bahrain > 👣 $audi Arabia

    WORLD NEWS | MARCH 2, 2020:

    Saudi Arabia announces first case of coronavirus

    CAIRO (Reuters) – Saudi Arabia on Monday announced its first case of the new coronavirus, the health ministry said, according to the state news agency.

    The infected person had come from Iran through Bahrain, the report added.

    Reporting by Hesham Abdul Khalek; Editing by Andrew Heavens

    1. This is nothing. We’ve been assured by the world’s highest authority on COVID-19, our resident commenter from FL – Jeff – that the death rate is only .7% when you use his special data. Jeff is no doubt a statistics major and infectious disease expert. Check that, Jeff repairs drywall for a living, but just trust him.

          1. The virus is relevant. Taking gratuitous potshots at posters who may differ on their views of how much of an actual public health threat it poses is bad form.

      1. “repairs drywall for a living”

        I dropped out of the government contracting cube farm to become a sparky. It feels alot more honest and meaningful than handing out $17 billion of Obamabux Recovery Act funds via the Department of Energy, or worse yet doing administrative work on a $21 billion contract with the Department of Defense (the real Queen Welfare Queen of them all).

        1. Agree. Where is Greta on the amount of fuel burned by militaries on a daily basis or Al Gore for that matter?

  3. “When renting out her Southampton home the past two summers, Victoria Shtainer preferred taking a lesser amount for the entire season over having the onus of preparing for a new tenant each month. This year, she is selling her house – with its saunas, tennis and basketball courts, movie theatre and saltwater pool – for US$9 million. ‘I cannot rent it the way I used to,’ said Ms Shtainer, a Manhattan-based real estate agent with Compass. ‘I’m thinking about maybe becoming a tenant myself.’”

    I bet she saved every commission checks….

  4. Dow, S&P, NASDAQ all up significantly – who is doing the buying? I am very interested
    1. People / mutual funds looks for deals – well that is OK – they lose money if they are wrong

    2. Central Banks – that is so wrong. Heard that JCB bought $100B yen worth of ETFs today

    1. Thee Federal Re$erve is gonna $how the world how well they’ve learned to ma$ter their “Doing.the.Limbo” maneuver’$

      FEDERAL RE$ERVE

      Unthinkable a few weeks ago, Wall Street sees a chance of rates falling as low as zero this year

      CNBC | By Jeff Cox |PUBLISHED MON, MAR 2 2020

      KEY POINT$:

      JP Morgan Cha$e economist$ see the Fed acting even more aggre$$ively than the market is anticipating.

      Current market pricing is for a 50 basis point cut in March and 100 basis points in total this year.

      JPM says the Fed could go to zero by the end of the summer if conditions per$i$t.

      Unthinkable a few weeks ago, Wall Street sees a chance of rates falling as low as zero this year
      SEARCH QUOTES

      FEDERAL RESERVE
      Unthinkable a few weeks ago, Wall Street sees a chance of rates falling as low as zero this year
      PUBLISHED MON, MAR 2 20208:26 AM ESTUPDATED 2 HOURS AGO
      Jeff Cox
      @JEFF.COX.7528
      @JEFFCOXCNBCCOM
      KEY POINTS
      JP Morgan Chase economists see the Fed acting even more aggressively than the market is anticipating.
      Current market pricing is for a 50 basis point cut in March and 100 basis points in total this year.
      However, JPM says the Fed could go to zero by the end of the summer if conditions persist.
      With the Federal Reserve expected to act soon in response to the coronavirus scare, there’s a chance that the central bank could take policy back to where it was during the financial crisis.

      Goldman Sachs economists said Sunday they see the Fed cutting rates by 50 basis points by its March meeting or sooner, and probably 100 basis points this year, a forecast about in consensus with current market pricing.

      But as short-term rates keep going lower, there’s a chance they could go all the way to near-zero where they were during the financial crisis.

      WATCH NOW
      VIDEO03:06
      Boockvar: A rate cut by the Fed or other central banks is not the antidote to what ails us right now
      Traders in the fed funds futures market are indicating about a 9% probability that the fed funds rate, which serves as benchmark for other very short-term rates, will fall to a range of zero to 25 basis points by December, according to the CME’s FedWatch tracker.

      JP Morgan Chase sees the chances even higher.

      “One of the recurring themes in optimal monetary policy near the zero lower bound is that when growth risks occur with policy rates within the neighborhood of zero, then the central bank should act early and aggressively,” JP Morgan chief U.S. economist Michael Feroli said in a note. “This suggests to us that there is a reasonable chance (we subjectively put the odds at one-in-three) that policy rates return to zero before the end of the summer.”

      Change in approach:

      While that chance is still small, it’s something that was unthinkable just a few weeks ago when policymaker$ had been in uni$on saying they were comfortable with the current policy level and not anticipating any moves through at least the rest of the year.

      However, research suggesting that it’s better to act aggressively when rates are already this low could drive even more dramatic action.

      New York Fed President John Williams caused a stir in July 2019 when he noted the same research that pointed to cutting rates dramatically rather than incrementally when they are already low.

      “When you only have so much stimulus at your disposal, it pays to act quickly to lower rates at the first sign of economic distress,” Williams said in a speech. He had to quickly walk back the remarks, however, when markets took his speech to mean that the Fed was contemplating action.

      As the coronaviru$ $care e$calates, market$ are anticipating some sort of coordinated policy action between the Fed and its global counterparts.

      Fed Chairman Jerome Powell released a statement Friday promising to “act as appropriate” should the COVID-19 situation escalate. The Bank of Japan issued its own statement Monday saying that it, too, will “closely monitor future developments, and will strive to provide ample liquidity and ensure stability in financial markets through appropriate market operations and asset purchases.”

      Former Fed Governor Kevin Warsh told CNBC on Friday that the Fed, BOJ, European Central Bank, Bank of England and others should act in concert with a cut on the order of 50 basis points. Goldman’s economists said they also see multiple central banks acting.

      The fed funds rate is trading in a range between 1.5%-1.75. That’s higher than any U.S. Treasury bill, note or bond, the first time that’s happened since 2008, according to FOREX.com.

  5. Here is the counter argument. Total new housing units built have been way below the average seen from 1950 to 2008 ever since then.

    Of course there are all the existing housing units, many of them with many empty bedrooms that could be turned in two or more units if the law allowed.

    But the question is, how many of those are in the process of going away because of their age, type, quality and/or location? I’d think folks here would agree that lots of stuff has been built that should not have been built. And lots of the older suburban housing in the Rustbelt (and more falls into this category every year) is worth less than what it would cost to replace major systems.

    I recommend this.

    https://granolashotgun.com/2018/08/29/beginnings-middles-and-ends/

    1. But everything has a beginning, a middle, and an end ??

      Excellent post Larry…Thanks…I have been witnessing this in my decades long travels in my RV…

    2. “how many of those are in the proce$$ of going away because of their age, type, quality and/or location?”

      Well, eyes just visited this place:

      Marblehead is a coastal community with about 19,800 residents and immeasurable charm. It’s located 18 miles north of Boston, but feels worlds away from the urban sprawl. Marblehead is famous for its time capsule feel; it has retained the quaint, narrow streets and beautiful buildings that were the pride of its first colonists in 1629.

      Marblehead has nearly 300 $urviving colonial-era home$ – the most of any town in the country.

      Now how is that you can “pre$erve” building$ & $helter.$hacks that date back to 1629? …

      $eems many towns across America, $avanna, Quincy, Richmond, etc., etc., etc., find ways of “pre$erving” old hi$toric di$trict’$ building$ & home$ …

      (Eye reckon the “modern.era” = dispo$able.ink.pens, dispo$able.home$ & dispo$able people$ … Income$?)

        1. Thanks for that article … From the comments section:

          Johnny: “Next time I’ll know to only buy property that doesn’t require engaging with the authorities at all!”

          One who learn$ from mi$take$ = Wise, wise, person.

          1. I really like this one…..
            I’m not a social justice warrior. I just want people to understand that at the end of the day there are costs for every path we take. Let’s be honest about those choices and their side effects.

      1. My dad lives in area on the north shore that has a lot of those colonial era houses dating back to the 16-1700s. I love walking around looking at them. Wouldn’t want to own one though.

  6. $helter.$hacks.Price$.$hall.knot.bee.$laughted! 🚫🔪 🐑🏠🏧🍼💲

    BUSINE$$ NEW$|MARCH 2, 2020

    Global growth plunging into downturn over coronaviru$, OECD says

    “We don’t want to add a financial cri$is to the health cri$is,”

    Reuters | By Leigh Thomas

    PARIS (Reuters) – The coronavirus outbreak is plunging the world economy into its worst downturn since the global financial crisis, the Organisation for Economic Cooperation and Development warned on Monday, urging governments and central banks to fight back to avoid an even steeper slump.

    However, if the virus spreads throughout Asia, Europe and North America, global growth could drop as low as 1.5% this year, the OECD warned.

    “The main message from this downside scenario is that it would put many countries into a recession, which is why we are urging measures to be taken in the affected areas as quickly as possible,” OECD chief economist Laurence Boone told Reuters.

    She said the governments needed to support health systems with extra pay or tax relief for workers doing overtime and short-time working schemes for companies struggling with a slump in demand.

    Governments could give companies further financial relief by cutting social charges, suspending value-added taxes and providing emergency loans for sectors particularly hard, such as travel, Boone said.

    In a nod to some European countries like fiscally conservative Germany, she said governments should not fuss over spending caps while letting programmes like unemployment insurance do their job of softening the blow from the downturn.

    Meanwhile, central banks could provide comforting signals to stressed financial markets that they stand ready to further ease monetary policy and provide liquidity to banks if needed.

    “A G20 coordinated health, fiscal and monetary policy response would not only send a strong confidence message but also multiply the effect of national actions,” Boone said.

  7. The medical journal JAMA released a paper this month analyzing data from the Chinese Center for Disease Control and Prevention on 72,314 coronavirus cases in mainland China, the figure as of Feb. 11, the largest such sample in a study of this kind.

    The sample’s overall case-fatality rate was 2.3%, higher than World Health Organization official 0.7% rate.

    https://www.marketwatch.com/story/coronavirus-fatality-rates-vary-wildly-depending-on-age-gender-and-medical-history-some-patients-fare-much-worse-than-others-2020-02-26

    1. “The fatality rate of the novel coronavirus so far appears to be a fraction of that of Severe Acute Respiratory Syndrome (9.6%) and Middle East respiratory syndrome (34.4%). But most researchers say it’s too early to say what the actual fatality rate of the novel coronavirus will ultimately be.”

      So we wait.

      1. So we wait.

        Rapidly advancing technology for doing these antibody tests or RNA matchups or whatever technique they’re using makes comparison with our experience rather sketchy. We’re being told the number of cases in the US is going to jump because they will finally start using new test kits. Like a kid with his first microscope, we’ll be testing, testing, testing, and find all sorts of things. That doesn’t mean things changed all that much.

  8. Mabee add this place on my European vacation itinerary: Luxembourg

    DESTINATION$ | FOOD & DRINK |PLAY | $TAY

    Luxembourg makes all public tran$port free CN

    The government is putting up the cost of making it free, Frank says. “The country at this very moment is in really good shape. We, the government, want the people to benefit from the good economy.”

    By Andrea Lo, CNN •1st March 2020

    (CNN) — With a population of 602,000, Luxembourg is one of Europe’s smallest countries — yet it suffers from major traffic jams.

    But that could be about to change. As of March 1, 2020 all public transport — trains, trams and buses — in the country is now free.

    The government hopes the move will alleviate heavy congestion and bring environmental benefits, according to Dany Frank, a spokesperson for the Ministry of Mobility and Public Works.

    Tiny country, big traffic:

    Landlocked Luxembourg is one of the richest countries in Europe, with the highest per capita GDP in the European Union.

    Taking up 2,586 square kilometers, Luxembourg is roughly the size of Rhode Island. From the capital of Luxembourg City, Belgium, France and Germany can all be reached by car in half an hour.

    High housing costs, especially in Luxembourg City, mean more than 180,000 of its workforce commute from those neighboring countries every day.

    Free transport for all:

    Luxembourg’s public transport system covers the whole country and costs $562 million (€508 million) per year to run. Each year, it generates around $46 million in ticket sales, according to the ministry.

    Caruso is concerned that making transport free may unintentionally deter people who would normally walk or cycle in urban areas. “Rather than walking 500 meters, you see a bus coming and you say, ‘I (can) get on and travel 500 meters because it’s free,'” he says.
    He adds, however, that the new scheme can signal important changes ahead when it comes to Luxembourg’s reliance on driving.

  9. Klobuchar out, endorsing Biden. Looks like the DNC is going all-in for Joe on Super Tuesday.

      1. The candidate with the best chance of beating Trump…

        Was Kloubuchar.

        I’m not a big fan of Trump. But I don’t live in a swing state, so I don’t need to vote for whoever the Dems put up to vote against him. Looks like I’ll be writing in Daffy Duck again.

      2. Biden has zero chance of beating Trump.

        I agree. I can’t tell whether they can’t admit that to themselves… OR have already resigned themselves to losing but want to lose without giving any aid or comfort to their real enemy, those who would take control from the party bosses.

    1. “DNC is going all-in for Joe”

      Agreed. Why else wouldn’t she and Pete hang around for another couple of hours through Tuesday?

      1. “Why else wouldn’t she and Pete hang around for another couple of hours through Tuesday?”

        Yes, when I heard the news, I thought that they’re throwing in the towel awfully quickly! There must be some pretty incredible pressure from the DNC.

          1. Bernie is raising a lot of cash from what I heard over the weekend. Is that all bros or are there some big fish writing checks too?

            Besides Putin, of course 😉

        1. Consider also that all the remaining candidates are over 70 and like big crowds. Coronavirus appears to like feeding on both.

      2. Why else wouldn’t she and Pete hang around for another couple of hours through Tuesday?

        They should have done it sooner, as a lot people (including yours truly) have already mailed in their Super Tuesday ballots.

    2. Fauxahontus is going to get a tap on the shoulder sometime this week, informing her that the DNC’s globalist patrons have decided to dump the also-rans and focus on their Anointed One, Joe Biden, to carry on the Clinton/Obama tradition of craven stoogery in the service of the corporatocracy.

      1. “focus on their Anointed One, Joe Biden”

        “Biden is a gaffe machine with no off switch.”

        Tom Tillison

      2. “Fauxahontus is going to get a tap on the shoulder sometime this week,”

        I hope not, given just one more debate Bloomberg might just bite her wagging finger right off.

    3. Don’t like Tulsi’s leftist leaning but her anti endless wars stance was important to have as contrast. And now we have the Chief Nair Sniffer. Biden is one creepy aZz mofo.

      1. I think Tulsi is the best thing they’ve had since pre-scandal Warren. And in the meantime my left relatives have written her off as a Russian agent. Go figure…

      1. At least it isn’t RBG, Pelosi, Hill-dawg or Maxine Waters, so there’s that. I apologize if any of you were just about to eat.

  10. The Financial Times
    fastFT US Treasury bonds
    Benchmark US bond yield slides towards 1% on coronavirus fears
    Concerns over global growth and rate-cut expectations fuel flight to safe assets
    Colby Smith in New York and Joe Rennison in London 6 hours ago

    The 10-year US Treasury yield slid towards 1 per cent for the first time, as investors sought haven assets during the deepening coronavirus crisis and placed bets on monetary policy support to mitigate some of the impact.

    The yield on the benchmark US government bond dropped to a low of 1.03 per cent on Monday, before edging back up to 1.09 per cent. Other US government bond yields were also in freefall, with the two-year yield dropping almost 0.17 percentage points to 0.74 per cent in the biggest one-day fall since March 2009. Yields fall when prices rise.

    The 10-year yield is among the most important benchmarks in global finance, underpinning borrowing and savings rates around the world. Seema Shah, chief strategist at Principal Global Investors, said 1 per cent was a “mental line in the sand”.

    “Once the 1 per cent level is passed, you could see a bigger move lower as people start to lose confidence in the economic outlook,” she said. “People have been talking about negative rates in the US and at the beginning of the year it seemed unlikely, but it has started to become part of the normal conversation.”

    1. 10-year Treasury yield carves out fresh low around 1.03% as investors hope for global central-bank action
      Published: Mar 2, 2020 8:51 a.m. ET
      By Sunny Oh

      Treasury yields slumped in choppy trading on Monday amid expectations for major central banks to prop up financial conditions in response to the COVID-19 outbreak, following the worst week for U.S. equities since the 2008 financial crisis.

      What are Treasurys doing?

      The 10-year Treasury note yield (TMUBMUSD10Y, -6.22%) fell 6.7 basis points to 1.059%, trading in a range between 1.03% to 1.15% in overnight trading. while the 2-year note rate (TMUBMUSD02Y, -11.54%), sensitive to expectations for Fed policy, declined 14.3 basis points to 0.735%. The 30-year bond yield (TMUBMUSD30Y, -2.08%) slipped 3.7 basis points to 1.631%. Bond prices move in the opposite direction of yields.

      1. Why should the Fed cut interest rates when they can just stand pat and let interest rates cut themselves?

    1. Yup. My mom and stepdad live in St. Pete, both in their 70s. Sh*t’s about to get really real in a state with that many olds.

      1. Sh*t’s about to get really real in a state with that many olds.

        Ain’t that the truth? Probably also true in Arizona.

  11. Sargent Schultz (Hogan’s Hero’s): I know nothings!!! (Fake German accent)

    HEALTH CARE:

    CDC abruptly postpones coronavirus press briefing
    The postponement comes after a number of states reported new cases over the weekend.

    By BRIANNA EHLEY and LAUREN MORELLO | Politico

    The CDC today abruptly postponed a press briefing on the coronavirus response.

    The CDC today also removed information on its website that detailed how many people in the country had been tested for the virus. It now only displays the number of confirmed cases.

    CDC spokesperson Ben Haynes told reporters on the scheduled call that it had been pushed back and did not provide an explanation as to why or when it would be reschedule

    CDC has been holding sporadic telephone briefings with reporters, including a call on Saturday after the first death in the U.S. was announced.

    CDC Director Robert Redfield told POLITICO last week that his agency intended to continue holding the calls and briefing the press as the coronavirus response evolves.

    1. The CDC today also removed information on its website that detailed how many people in the country had been tested for the virus. It now only displays the number of confirmed cases ??

      I heard through talking heads that the Administration knew about the virus in December but did not acknowledge it until March…Probably because the “lid” came off and the genie was out…Wonder if there is any truth to this…

      1. I think they may have known there was something new in virusland but not how transmissible it was. It didn’t start getting nuts in China (as reported) until mid January – early February, so no way the US could have known in December that it was going to get as bad as it has.

        But go ahead and blame Trump if that makes you feel better.

        1. He’s repeating the talking points I see all the time at the Washington Post. Everything is Trump’s fault, as usual.

          But I gotta say, I’ve lost most of my respect for the CDC and the WHO. When China said “asymptomatic transmission,” not only did the CDC not believe China, the CDC flat-out refused to entertain the idea. Didn’t even do any what-if preparation just-in-case. Even last week, after they got blindsided by asymptomatic superspreaders, Nancy what’s-her-name said that they were “comfortable” with a 14-day quarantine. The test-kit eff-up is the last straw. China had tens of thousands of test kits a month ago, and the CDC couldn’t come up with a thousand?

          They doing this to prevent a panic. Heh. So now they’ve shown themselves to not be quite on top of things, and THEN tried to keep things from the public. The panic is even worse now.

          In Maryland, there are three suspected cases which have been “out for testing” for 3-4 days now. That’s a LONG time to be out for testing, and they won’t say where in Maryland. I think they’re hiding it from the federal employees.

          1. The intelligence agencies probably have thousands of regular payroll spies within China, so the virus outbreak came as no surprise. The real issue is how to mitigate the impact of public discovery. Remember the movie with the hottie reporter on the “mistress Ellie” trail in Washington DC only to discover that it was an actual “E.L.E.” crisis?

  12. In January, the FBI arrested Nuru on fraud charges, with a 79-page complaint alleging that he tried to reward friends with lucrative city contracts, accepted gifts as bribes from developers and offered bribes to others, used city employees to work on his vacation home, and lied to the FBI.”

    Define iron: “Persons of Interest” in FBI investigations routinely get 5-year prison sentences for supposedly lying to the FBI (which does not allow “interviews” with “subjects” to be recorded or videotaped), while senior FBI officials repeatedly lied under oath when being questioned about their efforts to lay Trump low through leaks and willfully falsified evidence. None of them, of course, will ever be criminally charged or prosecuted.

  13. This dip is only for the pros to buy. The rest of y’all stand back and wait!

    Long-term stock investors still shouldn’t buy the dip, says El-Erian, but it’s an opportunity-filled environment for pro traders
    Published: Mar 2, 2020 3:23 p.m. ET
    ‘Interesting dynamic’ at play in Monday bounce, says investor
    Reuters
    Mohamed El-Erian
    By William Watts
    Deputy markets editor
    ‘If you are a long-term investor, I would wait.’
    Mohamed El-Erian

    That’s economist and investor Mohamed El-Erian updating his previous blanket call to refrain from the previously tried-and-true strategy of reflexively buying stock-market dips. In remarks in a CNBC interview Monday and on Twitter, the former Pimco chief executive who is now chief economic adviser to Allianz, said last week’s stock market plunge — the largest fall for major indexes since the financial crisis in 2008 — now offered opportunities for “highly tactical” and arbitrage traders.

    1. ” … now offered opportunitie$ for “highly tactical” and arbitrage trader$. ”

      DOW 📈 ↗↗↗↗↗↗↗↗↗⤴🚀🎉 +1,293.96 / x1day = 5%

      They purcha$ed ba$ed on up.coming corporate earning$. 😷👏

    2. Powell is buying-out those who matter, i.e., all top hats and umbrella hoop dresses to the lifeboats, immediately! The public pension plans, main street and Joe Sixpack will have to sort it out for themselves.

      1. “main street and Joe Sixpack will have to sort it out for themselves”

        I’ve been recommending “A Random Walk Down Wall Street” by Burton G. Malkiel to everyone I know who likes to talk about stocks and investing since I re-read it last month.

        “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.” — Warren Buffett

  14. China is trying to re-starts its economy. It reminds me of Lower Manhattan after 9/11. Remember Christie Whitman — “the air is safe to breath.”

    Not that many believed that, but what are you going to do? Go back to work of the city dies. So you go back to work.

    I was down at the tip of Lower Manhattan. Diesel fumes really bother me. When the wind was out of the north, from the WTC five blocks away, I felt sick. When the wind was out of the south, off the harbor, they had testers show up to check the air.

    I’ll bet that’s what China is like now.

    1. I was down at the tip of Lower Manhattan.

      I was at One Broadway and remember people wearing masks in December.

    2. Larry i was in Sunnyside queens greenpoint ave on the LIE taking pictures..it was an exceptionally clear day.

  15. https://www.justice.gov/opa/pr/major-generic-pharmaceutical-company-admits-antitrust-crimes

    “Today’s case is the seventh to be filed in the Antitrust Division’s ongoing investigation into the generic pharmaceutical industry. Sandoz is the third company to be charged; the previous two companies also entered into deferred prosecution agreements. Four individual charges have been filed in the investigation. Three executives have pleaded guilty, including former Sandoz executive Hector Armando Kellum. Ara Aprahamian, a former executive of a company based in New York, was indicted in February 2020 and is awaiting trial.”

    1. Will Bill Maher be next? I haven’t been following him, but he doesn’t strike me as a Bernie Bro.

    1. Pueblo is Colorado’s Oil Can City. Few jobs and lots of problems. The only thing going for it is the local CSU campus, which is small. That low end prices would double in under two years is scandalous.

      But one of the things that really bothers me is constantly, when I see candidates – is where’s their stance on housing? And nobody really has any stance on housing, or although they feel it’s important, they have these other priorities.

      Obviously trannies, open borders along with free healthcare and other welfare bennies for illegals are far more important issues. Can’t afford the rent? Get another job.

  16. Here’s a long read …

    Uyghurs for sale | Australian Strategic Policy Institute | ASPI
    https://www.aspi.org.au/report/uyghurs-sale

    And here’s a snip …

    “By late 2018, cheap labour emerging from the ‘re-education camps’ had become an important driver of Xinjiang’s economy, according to an official statement by the Xinjiang Development and Reform Commission.86 There is now a direct pipeline of Uyghur workers from ‘vocational training’ and political indoctrination in Xinjiang to factory work across China. ‘For every batch (of workers) that is trained, a batch of employment will be arranged and the batch will be transferred’, a 2019 government work report from Karakax county reads.87 In some cases, labour transfers outside of Xinjiang are organised even before vocational training and political indoctrination start—to ensure ‘100% employment rate’ for the ‘trained’ Uyghurs.”

  17. Here’s another long read …

    Mapping China’s Tech Giants | Australian Strategic Policy Institute | ASPI
    https://www.aspi.org.au/report/mapping-chinas-tech-giants

    And here’s a snip …

    “Chinese technology companies are becoming increasingly important and dynamic actors on the world stage. They’re making important contributions in a range of areas, from cutting-edge research to connectivity for developing countries, but their growing influence also brings a range of strategic considerations. The close relationship between these companies and the Chinese Communist Party (CCP) raises concerns about whether they may be being used to further the CCP’s strategic and geopolitical interests.

    “The CCP has made no secret about its intentions to export its vision for the global internet. Officials from the Cyber Administration of China have written about the need to develop controls so that ‘the party’s ideas always become the strongest voice in cyberspace.’1 This includes enhancing the ‘global influence of internet companies like Alibaba, Tencent, Baidu [and] Huawei’ and striving ‘to push China’s proposition of internet governance toward becoming an international consensus’.”

    1. Another snip …

      “All Chinese companies are subject to China’s increasingly stringent security, intelligence, counter-espionage and cybersecurity laws.3 That includes, for example, requirements in the CCP constitution4 for any enterprise with three or more full party members to host internal party committees, a clause in the Company Law5 that requires companies to provide for party activity to take place, and a requirement in the National Intelligence Law to cooperate in and conceal involvement in intelligence work.6

      “Several of the companies included in this research are also directly complicit in human rights abuses in China, including the reported detention of up to 1.5 million Uyghur Muslims in Xinjiang.7 From communications monitoring to facial recognition that enables precise and pervasive surveillance,advanced technology – from these and other companies – is crucial to the increasingly inescapable surveillance net that the CCP has created for some Chinese citizens.

      “Every year since 2015, China has ranked last in the annual Freedom on the Net Index.8 The CCP has made no secret of its desire to export its concepts of internet and information ‘sovereignty’,9 as well as cyber censorship,10 around the world.11 Consistent with that directive, this research shows that Chinese companies are playing a role in aiding surveillance and providing sophisticated public security technologies and expertise to authoritarian regimes and developing countries that face challenges to their political stability, governance and rule of law.”

  18. At long last it’s Super Thursday

    Biden In Texas Ahead Of Super Tuesday: “Tomorrow Is Super Thursday!”

    Posted By Tim Hains
    17 hours ago

    At the same rally, Biden also referred to the opening line of the Declaration of Independence as “the thing” after failing to articulate the entire quote.

    “We hold these truths to be self evident. All men and women created by the, you know, the thing…” he said.

    https://www.realclearpolitics.com/video/2020/03/02/biden_in_texas_ahead_of_super_tuesday_tomorrow_is_super_thursday.html

    1. His gafs are epic. He is the horse faced pony soldier who has an affinity for hair sniffing and very young kids.

      OK for the highest office of the cesspool in DC but if he was in corp Murika he wouldn’t last through one HR review.

    1. Metro
      New York confirms second coronavirus case as Jewish schools close over virus fears
      By Selim Algar, Bernadette Hogan, Jacob Henry and Yaron Steinbuch
      March 3, 2020 | 9:02am

      A New Rochelle man has been confirmed to have the coronavirus, making him the second person in the state to have the illness, Gov. Andrew Cuomo said Tuesday — as three Jewish schools closed, including one in The Bronx attended by one of the man’s children.

      The Westchester County man — an attorney who commutes to work in Manhattan — had no direct connection with any known countries at the center of the novel virus, he said on LI News Radio.

    1. 10-year Treasury yield falls to all-time low after Powell press conference
      By Sunny Oh
      Published: Mar 3, 2020 11:36 a.m. ET

      Treasury yields slid sharply on Tuesday after Federal Reserve Chairman Jerome Powell held his press conference, following the U.S. central bank’s decision to cut interest rates by 50 basis points to a range between 1.00% to 1.25%. The 10-year Treasury note yield (TMUBMUSD10Y, -11.32%) plunged 6.2 basis points to 1.026%, taking out its previous intraday record of 1.03% set on Monday. Bond prices move in the opposite direction of yields. Powell did not suggest further rate cuts were forthcoming, but investors are adding to bets that the central bank will ease policy again at either the March or April meeting.

    2. Powell was/is $imply trying to dodge a dtRumpsis Tantrumois Chaostic bullet to his head.

      As soon as the Fed$ announcement of .5% “emergency” rate.lowering$, “Thee.Orange.jesus” demanded even more!

      Eye marvel @ his “True.Believer$” supporter$ on this site who thinks his economic demand$ & action$ are going to de$troy the $helter.$hacks.Megaplex$.Indu$try.fal$e.price$ & create true.price$.discoverie$ … hilariou$ … you won’t get yer price$.wishe$ unless there is a total economic$.collap$e … yer “$aviour” is knot inclined to grand yer wi$he’s & $ave.you.per$onally, … $ad

  19. Powell painted the tape and cut the prime rate, but the DJIA is dropping again. Is a hat trick in the works?

  20. A picture is worth a 10000 words

    Pelosi Security Points Gun at Trump Supporters From New Jersey Rooftop

    ByYour NewsPosted on March 3, 2020

    [Blackwood, New Jersey] House Speaker Nancy Pelosi stumped in South Jersey Saturday on behalf of U.S. House Rep. Donald Norcross in his campaign for re-election.

    Pelosi was joined by New Jersey Governor, Phil Murphy (D) and Senator Corey Booker (D), all of whom are staunchly against Second Amendment rights, and are known to push for gun control.

    The Democrats were met by hundreds of peaceful protestors who filled the sidewalk at Camden County College, demonstrating and holding pro-Second Amendment and pro-Trump signs.

    A civilian on the sidewalk snapped this photo, showing a member of the Democrats’ security force, dangerously pointing a firearm at the crowd of civilians. By any standard, this unequivocally violates basic safety rules and calls into question training, and protocol.

    William J. Hayden who attended the protest said: “You can clearly see he is pointing the weapon at us. This is why they want complete and total disarmament of the civilian population. And in New Jersey, where the right is diminished, this should be a wake up call to even those that think only the government should have firearms……”

    Pointing a rifle at one’s political enemies could be aggravated assault at a minimum, but worse, it bears the hallmarks of tyranny.

    https://shorenewsnetwork.com/2020/03/03/report-pelosi-security-points-loaded-rifles-at-trump-supporters-from-new-jersey-rooftop/

      1. The larger picture is indeed nondescript but the smaller picture shows a rooftop sniper.

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