thehousingbubble@gmail.com
Blog

Some Are On The Edge With Their Credit

A report from the Globe and Mail in Canada. “Sales in the Greater Toronto Area plunged 69 per cent in the first 17 days of April compared with the same period last year, according to the Toronto Regional Real Estate Board. Andre Kutyan, a real estate agent with Harvey Kalles Real Estate Ltd., says he is advising owners to hold off listing if they can afford to wait. Mr. Kutyan says potential buyers are circling luxury properties, but many seem to be looking for signs that sellers are in distress.”

“A couple of his listings in the $10-million to $12-million range in the Forest Hill area have drawn queries from prospective buyers asking if his clients might be willing to take 25 per cent less. Mr. Kutyan says the answer is no. ‘Nobody’s under duress to do something,’ he says. ‘They’re not going to give away their homes.'”

“Mr. Kutyan knows of one condo owner who refinanced the unit in January to secure a lower interest rate on the mortgage and also draw some equity to pay for the renovation of his new house. The condo unit was already renting for less than he is paying for the mortgage and expenses each month. Then the tenant moved out and the unit is sitting vacant.”

“In April, the owner approached his bank to see if he could defer a few mortgage payments on the condo unit but the bank would only allow him to defer for one month. The bank is not interested in helping him out any more than that, Mr. Kutyan says. He knows of others facing a similar squeeze. ‘Some are on the edge with their credit.'”

The Royal Gazette in Bermuda. “Property prices are likely to fall as the number of real estate transactions slides this year, realtors said. Penny MacIntyre, partner at Rego Sotheby’s International Realty, said: ‘“We’re all conscious of the fact that our market is going to struggle. There may be people who need liquidity looking to sell or rent out their properties. And it’s likely you’re not going to get what you got before. Everyone will have to adjust to that kind of reality.'”

From Bloomberg on the Philippines. “The Philippine capital region’s condominium market is set to cool for the first time in a decade, according to Colliers International Group Inc. Residential condominium prices this year will drop by 15 per cent from a year ago before slightly recovering in 2021, said Joey Bondoc, a senior research manager at Colliers in Manila. ‘The Philippine economy and property market are facing a tremendous challenge,’ he said in a briefing.”

The Sun Daily on Malaysia. “Developers in Penang expect property prices to drop significantly due to the impact of the Covid-19 pandemic and movement control order. Penang Real Estate and Housing Developers Association chairman Datuk Toh Chin Leong expects developers to put in extra effort to sell off excess units in their inventory as soon as the MCO is lifted. To maintain cash flow, he expects some developers to offer huge rebates.”

The Docklands News in Australia. “Glenn Donnelly, a managing director at City Residential, said the flow of properties into the rental market was ‘totally unprecedented.’ ‘It’s 100 per cent completely unprecedented, we’ve never experienced anything like this at all,’ he said. ‘What we’re finding is we’ve got three times the amount of furnished properties on the market at the moment and with the limited enquiries we’re getting, people are dropping rent by $100 to $150 a week to get them filled. All the short-stay operators are handing back the keys and they’re getting rented out at a lower price than what they normally would.'”

“Rus Littleson, a representative of property owners and long-term resident advocacy group We Live Here, said COVID-19 was an ‘apocalypse for the whole short-stay industry.’ ‘We have residents telling us that short-stay operators are collapsing throughout the city,’ he said. ‘Short-stay companies that have been around for more than a decade have not been immune – they’re crumbling under the pressure of paying above-market rents with near-zero income.'”

The Guardian on Australia. “The coronavirus crisis is having a devastating impact on the Australian property market, with sales down by hundreds of millions of dollars and tenants handing back the keys because they can no longer afford their rent. Sales values have dropped 85% in Melbourne in the past eight weeks, according to figures. In Sydney, sales were down 79% (a loss of $454m), data compiled by FrontierSI/UNSW showed. Across all capital cities rental asking prices fell 3.1% in the past week and 2.5% in the past month, according to SQM research. In Sydney rents were off 3.8% in the past week and 5.2% in the past month, while Melbourne was down 2.5% and 2.6% respectively.”

“But they mask huge falls in the plusher areas such as Sydney’s eastern suburbs, where house rents are down 10%, and the CBD, where they are off by 17%. ‘In a nutshell, 10% of the rental book is vacant,’ said Property Owners Association of NSW, John Gilmovich. He confirmed rents had dropped at least 10%, and in some areas as much as 15%, leading to a price war between landlords desperate to fill their properties.”

“‘The discount wars have started. Landlords are offering two weeks’ free rent, they’re offering to pay for electricity, for gas, for Foxtel, Netflix, you name it. Anything just to get someone in,’ he said. But very few people are moving. ‘Inquiry rates about rentals are down 80%,’ Gilmovich said.”

From News of the Area in Australia. “In the Port Stephens region the restrictions on travel and short-stay accommodation has seen the rental market flooded with new listings. According to Trent Wilshire, an Economist with the Domain Group, the effects of the CoronaVirus are flowing through to the real estate sector as demand for holiday stays drops. ‘For the rental market in the short-term we’re likely to see higher vacancy rates and more discounting on asking rents which we’re already seeing signs of,’ said Mr Wilshire. ‘Property prices are likely to decline in coming months and property sales are likely to fall significantly.'”

From Newsroom on New Zealand. “Three months ago, Queenstown Lakes District’s property market was on a high after a decade of rampant growth. Median house prices had more than doubled from $480,000 in 2010 to $1,055,000 in January 2020, making it the second most expensive district in the country behind Auckland’s North Shore. There were few houses listed below the $700,000 mark.”

“The growth was built on a seemingly endless stampede of three million visitors per year, creating tourism jobs and, in turn, demand for housing, which created more jobs in construction and real estate. Such was the demand for visitor accommodation, and the projections of future income from it, there were more than 4000 hotel rooms under development or awaiting consent, across more than a dozen hotel projects.”

“And the shortage of hotel rooms had a major knock-on effect for the housing market. Landlords could get high nightly returns from Airbnb, pushing prices higher, and reducing the amount of long-term rental stock. Up to a fifth of the district’s housing stock was used as short-term holiday lets. But the tourism tap has been turned off by Covid-19, and now the tables have turned.”

“Within hours of the borders closing, dozens of properties were popping up like daisies on various rental accommodation websites, while landlords were offering 20 percent-plus rent reductions to keep existing tenants. Thousands of redundancies are expected in the tourism sector and beyond. Colliers International Otago managing director James O’Hagan says there is likely to be ‘a level of re-calibration in residential pricing locally as the market responds,’ and how much depends on how the wider Queenstown economy recovers.”

“‘If we find that the changing job market leads to people leaving the district and a significant oversupply of properties that can’t be tenanted, then we would expect a larger correction in pricing,’ O’Hagan said.”

From Newshub on New Zealand. “The property and rental market has been flipped on its head overnight. Property prices nationwide are forecast to drop by around 10 percent. And now a flood of former Airbnb properties is putting pressure on rent prices in Queenstown. ‘So in a situation where demand is suppressed, landlords are having to reduce their rents to meet the market and keep their homes full,’ says independent economist Benje Patterson.”

“Many are dropping rents by 30 percent or more to retain tenants and get some cash flow. ‘So you’ve got to weigh up the fact that is it better to keep a tenant in there and take the loss, or carry on with the costs with nobody?’ says Queenstown landlord John Fenton. ‘And I mean the reality is, it’s better to take the hit.'”

Related Posts
This Post Has 68 Comments

  1. ‘prospective buyers asking if his clients might be willing to take 25 per cent less. Mr. Kutyan says the answer is no. ‘Nobody’s under duress to do something,’ he says. ‘They’re not going to give away their homes’

    One of these things is not like the other:

    ‘one condo owner who refinanced the unit in January to secure a lower interest rate on the mortgage and also draw some equity to pay for the renovation of his new house. The condo unit was already renting for less than he is paying for the mortgage and expenses each month. Then the tenant moved out and the unit is sitting vacant. He knows of others facing a similar squeeze. ‘Some are on the edge with their credit’

    1. Of course … No one will take 25% off their wish list in the first 2 months of corvid. fall 2021???

    2. The MAGIC phrase!

      Maybe a new Suzanne commercial is coming soon?

      “‘They’re not going to give away their homes”

  2. ‘In the Port Stephens region the restrictions on travel and short-stay accommodation has seen the rental market flooded with new listings’

    News of the Area is a humorous and to the point URL!

  3. Translate.

    Do want to feed the alligator an arm AND a leg every month? Or just the arm?
    In either case, it is going to eat you alive.

    “Many are dropping rents by 30 percent or more to retain tenants and get some cash flow. ‘So you’ve got to weigh up the fact that is it better to keep a tenant in there and take the loss, or carry on with the costs with nobody?’ says Queenstown landlord John Fenton. ‘And I mean the reality is, it’s better to take the hit.’

  5. And Toronto used to be such a HOT market!

    Everyone wanted to live their…

    “A couple of his listings in the $10-million to $12-million range in the Forest Hill area have drawn queries from prospective buyers asking if his clients might be willing to take 25 per cent less.”

    1. I haven’t been in Toronto in 20 years, but I used to go there quite a bit in the mid to late 1990’s. At that time it was a truly beautiful city. It was large enough to be cosmopolitan, but small enough to be managed.

      That’s a wordy introduction to my point: if you’re going to live in Canada, then Toronto has many great attributes.

    2. The blogs and fb groups are making arguments (at least for condos) that it is just a Lul, so wait it out a few months …

      See what folks can afford

      1. Prepping for a bank sale?

        Winterizing or summarizing?

        Cleaning up all the trash left?

        Securing against the elements, animals and squatters?

          1. Hold the door Jonesy… I’ll give it the heave-ho……. and right in the rolloff it goes!🤣

  7. Does it seem like you can’t go wrong owning U.S. stocks? I’m wondering what is keeping people with free cash from going all in?

    1. I’m wondering what is keeping people with free cash from going all in?

      Everybody can see the steamroller driver is drunk and has an evil look in his eye?

    2. what is keeping people with free cash from going all in?

      Who are these people? I know some who have savings, but they’re using it to pay the rent and buy groceries.

      2. “Who are all these people [with free cash]”

        Retirement accounts. Almost every IRA, Roth IRA, 401K, 403(b), and TSP has a Treasury fund in it. People who saw that a crash (or the coronavirus) was imminent transferred $$ from their high index funds to the treasury fund. They are waiting for DOW or S&P to crater, and then they’ll transfer the $$ from Treasuries back to the index funds. Simplest version of sell high and buy low.

        1. Who will give them the “all clear” signal to go back into stocks, and won’t it be too late by then, with yields rising and prices falling?

          Or will there be some kind of a capitulation moment, as in the oil market last week?

          1. Anyone who was savvy enough to sell out early is not going to be waiting with baited breath for an all clear signal from some low-pay financial writer at Marketwatch. I’m waiting for a capitulation, which I think won’t be until after the election.

          1. I don’t know about employers’ IRAs, but you can play with private Roth IRAs all you want. The fedgov TSP (thrift savings plan) allows two interfund trades per month. And people were selling out.

            ————
            “If you look between Feb. 24 and March 17, inter-fund transfers brought a net flow of $21 billion into the G Fund [Treasuries],” McCaffrey said. “It marked the highest volume of [inter-fund transfer] activity in both absolute dollars and as a percentage of assets since we introduced the monthly limit in May 2008. But despite that activity, there’s another stat that I think will provide some context. Over that same period, approximately 5% of participants submitted an inter-fund transfer request. That means 95% of our participants were not spurred to action by the recent volatility.”
            ———–

            In other words, 5% of Fedgov employees moved $21 billion of TSP assets somewhere else. My guess is these were fed employees getting ready to retire.

            https://www.govexec.com/pay-benefits/2020/03/tsp-officials-report-continuous-service-despite-coronavirus-market-volatility/164011/

  8. “A couple of his listings in the $10-million to $12-million range in the Forest Hill area have drawn queries from prospective buyers asking if his clients might be willing to take 25 per cent less. Mr. Kutyan says the answer is no. ‘Nobody’s under duress to do something,’ he says. ‘They’re not going to give away their homes.’”

    Greedhead will ride market down lol. How did prices got so absurd up North? WeNorth becomes WeBroke

    1. Toronto is very neighbourhood centric with specific zoning allowances. Some older neighbourhoods (esp with green space) have been locked up for years – so ‘upgrades’ have been going up.

      And old money, bankers, lawyers etc will buy when things pop up.

      I have a colleague (high-tech) who bought a $3.2M CDN home. It was done very trendy – but still only 2200 sq ft on a narrow – but deeper lot.

      If the housing down turn goes on for 2-3 years – how badly does it impact him.

        1. been in the hi-tech industry 25 years. Made a bunch of $s on a particular start-up where he was a principle that was able to cash in around 2015.

          but still – why buy in an over trendy, over expensive neighbourhood.

  9. ‘The condo unit was already renting for less than he is paying for the mortgage and expenses each month’

    Sure sign of a mania. Of course now it’s a good chunk of the US multi-family rental market.

    1. ‘Shadow Housing Minister Jason Clare has told Sky News the coronavirus will trigger a massive downturn in the housing market. “You’ve got people at the moment who might’ve been talking about building a new house or buying their first house, then coronavirus hits, you lose your job, confidence is down and you’re less likely to buy a house,” he said. “And that’s exactly what’s happening now. The housing industry says people aren’t signing contracts and the impact of that is fewer houses are going to be built this year than originally predicted.”

      ‘Mr Clare said the housing industry originally predicted 160,000 new homes would be built this year and that prediction had since dropped to 100,000. “That means a lot of tradies could lose their jobs and this is an industry that employs about a million people,” he said.’

      https://www.skynews.com.au/details/_6153013101001

      1. you lose your job, confidence is down and you’re less likely to buy a house

        Less likely? More like you’re not buying anything and you’re moving into your parent’s basement.

          1. Had to look that one up!

            Monkey Branching
            when a girl already has a boyfriend but she gives her number to guys that she meets and flirts as if she were single. she’s basically branching off from her boyfriend and establishing backups.

  10. Is $9.6 billion alot?

    The Financial Times
    SoftBank Group Corp
    SoftBank warns of $9.6bn investment losses due to coronavirus
    Pandemic puts more pressure on Masayoshi Son’s bet on beleaguered WeWork
    Masayoshi Son’s SoftBank said it expects a net loss of ¥900bn for the fiscal year that ended in March
    © Bloomberg
    Kana Inagaki in Tokyo
    2 hours ago

    SoftBank has warned of a writedown of more than ¥1tn ($9.6bn) on investments held outside its huge Vision Fund, as the coronavirus crisis piles new pressure on founder Masayoshi Son’s bet on struggling WeWork.

    The Japanese technology group’s widened loss forecast, announced on Thursday, came just two weeks after SoftBank flagged a ¥1.8tn blow to its $100bn, Saudi-backed technology fund, underscoring the depth of its exposure to the market turmoil sparked by the pandemic.

    SoftBank said a newly recognised non-operating loss of ¥700bn on WeWork arose from the “fair value measurement” of the multibillion-dollar rescue package that the Japanese group put in place when the lossmaking US property group was on the brink of insolvency last year.

    In a sign of the complexity of its WeWork commitment totalling $14.3bn, the company said it was unable to include the figure in its guidance two weeks ago, given how long it took to assess the value of WeWork’s debt. WeWork’s bonds have been trading deep in distressed territory at around 42 cents on the dollar. That puts their current yield at about 36 per cent.

    It’s hard to understand how SoftBank can keep getting losses on WeWork
    — Kirk Boodry, Redex Holdings

    SoftBank’s package included a $1.5bn cash injection as well as $2.2bn in debt and a $1.75bn line of credit for WeWork, although the group has since walked away from a previously agreed $3bn deal to buy shares from WeWork investors.

    The property group has been hit hard by the Covid-19 outbreak with some tenants refusing to pay rent or requesting the termination of their month-to-month lease agreements.

    As a result of the WeWork losses, SoftBank said it now expects a net loss of ¥900bn for the fiscal year that ended in March, compared to a ¥750bn loss projected in mid-April. It kept its operating loss forecast of ¥1.35tn — its biggest ever — unchanged.
    …

  11. Based on the theory that what’s bad for the real world economy is great for the stock market, today should be another bumper day on Wall Street.

    1. The Financial Times
      US economy
      US jobless claims hit 30m on coronavirus lockdowns
      More than 3.8m Americans filed new claims for first-time benefits in week six of lockdowns
      The US economy has contracted sharply as stay-at-home orders see companies lay off, or furlough their workers
      © AFP via Getty Images
      Demetri Sevastopulo in Washington and Mamta Badkar in New York
      12 minutes ago

      More than 3.8m Americans filed new claims for jobless benefits last week, bringing the six-week total since the start of the lockdowns to curb the coronavirus pandemic to more than 30m.

      The number of initial unemployment claims fell from 4.4m the previous week, the US labour department said on Thursday, against expectations of 3.5m.

      But the figure underscores the collapse in the economy, as states try to curb the spread of the virus by implementing stay-at-home orders and companies lay off, or furlough, their workers.

      The growing ranks of unemployed came one day after the government said the economy had shrunk at an annualised 4.8 per cent in the first three months of the year, the sharpest fall since the end of 2008.

      Illustrating the harsh jobs landscape, Boeing on Wednesday said it would cut its 160-000-strong workforce by 10 per cent.

      Kevin Hassett, a top White House economic adviser, this week said the jobless rate would rise steeply to as much as 20 per cent by June, which would be the highest figure since the Great Depression nine decades ago.

      The latest jobless report comes as states debate the balance between the health and economic risks as they consider when to start reopening their economies.
      …

    3. Opinion: Economic data results are bad and will get worse. Better get used to it. But what does it mean?
      Published: April 30, 2020 at 7:27 a.m. ET
      By Pierre Briançon
      Volunteers distribute face masks and leaflets to commuters outside a metro station on the outskirts of Paris, France. Getty Images

      Markets took in their stride the bad (very bad) news about the sharp decline of the European economy in the first quarter of the year. Gross domestic product in the eurozone shrank 3.8% in the period, with a corresponding fall of 3.5% in Europe. And two of Europe’s largest powers, France and Spain, saw their economies shrink 5.8% and 5.2%, respectively.

      Cue the headlines about “the worst decline since World War 2 (when data started being collected in individual countries.) And brace for the worst, which is yet to come. The lockdowns across the region only started around mid-March in most countries, whereas the second quarter of the year will be impacted by their full, and dreadful, economic impact.

      The Stoxx Europe 600 index (SXXP, -0.65%) was stable on Thursday, down 0.2% in mid-day trading.
      …

      1. The stock market has lost connection with the real world. Even on Bloomberg radio, I hear the hosts/hostesses and guests noting this.

        1. “…The stock market has lost connection with the real world….”

          Unclear to me if the market was *ever* connected to the real world.

          I have been in the markets for 45+ years.

          The older I get, the less I know.

      2. It seems that drug and treatment news is only good for one day. Happened with HCQ too.

        (I’m still banging the drum for HCQ. Luckily, other countries are still conducting studies on it, Trump hate or no, big pharma or no. For example, Australia. IMO Australia is important because they are a Western-style society with Western-style medicine. Results there will be trusted much more than, say, China or India.

        There is also a rumor that RA and lupus patients in Italy showed a very low infection rate for COVID, which would indicate the HCQ is preventative. But it wasn’t a reliable source. )

        1. That one Doctor was saying that if you give somebody antibiotics soon enough that it will prevent the death rate from the secondary lung infections that end up killing the person.

          I have been studying the 1957 Asian Flu that killed 118 thousand in the USA. Apparently giving antibiotics was a big treatment choice at that time that was effective.
          With people getting the instructions to stay at home unless they get extreme symptoms it delays the option of nipping something in the bud before it becomes fatal.

          The whole idea with medicine is that time is of the essence.

          The way they set up this whole process to get service was bizarre from day one.

          1. To me it seems like once they figured out it might be a real threat the primary goal was to avoid having people dying in hospital hallways and parking lots like we were seeing in China. We succeeded everywhere but NYC and even that wasn’t nearly as bad as it could have been. Whether that was the right goal will be debated for quite a while.

          2. We succeeded everywhere but NYC

            NYC didn’t fail. The field hospitals weren’t needed. Hospitals were not overwhelmed. The media were overwhelmed though.

          3. The whole idea with medicine is that time is of the essence. Sometimes yes. The worst case of infectious disease I ever saw, I diagnosed within 1 min of seeing him. Of course there were dozens of other possible causes. Got on the phone with the local infectious disease expert, and within 30 min of arrival, pt. was getting several antibiotics IV, followed by an IV antifungal agent, followed by an IV antiviral agent. Idiot local doctor insisted I do a spinal tap before giving any drugs, which is IMSHO impossible with a patient having opisthotonos. I insisted that he come to the ER and to it himself, but he weaseled out of that. Patient was much better within 12 hours and back at work 5 days later. The blood culture I ordered in ER took 3 weeks to come back positive of N. Meningitidis infection. That’s a bug that can kill a healthy individual within 24 hours unless treated very early. The microbiology lab got a bit excited when they got the results.

    5. today should be another bumper day on Wall Street

      So far it’s in the red. But the day is young.

  12. The FBI’s sneering contempt for the rule of law they’re supposed to be upholding is on full display as the truth comes out about how they conspired to lay Flynn low. Would you want this biased, scheming “lawmen” investigating you, especially if you were innocent? Trump’s biggest failing has been his failure to purge the DoJ and FBI of the systemic corruption fostered by Obama- and Clinton-era holdovers who have turned the FBI into the Democrat’s NKVD while letting the really big criminals on Wall Street and in the corridors of power break the law with impunity.

    https://www.foxnews.com/politics/michael-flynn-fbi-handwritten-notes-get-him-lie-fired

      1. FBI Departures:
        James Comey, director (fired)
        Andrew McCabe, deputy director (fired)
        Peter Strzok, counterintelligence expert (fired)
        Lisa Page, attorney (demoted; resigned)
        James Rybicki, chief of staff (resigned)
        James Baker, general counsel (resigned)
        Mike Kortan, assistant director for public affairs (resigned)
        Josh Campbell, special assistant to James Comey (resigned)
        James Turgal, executive assistant director (resigned)
        Greg Bower, assistant director for office of congressional affairs (resigned)
        Michael Steinbach, executive assistant director (resigned)
        John Giacalone, executive assistant director (resigned)

        DOJ Departures:
        Sally Yates, deputy attorney general (fired)
        Bruce Ohr, associate deputy attorney general (twice demoted)
        David Laufman, counterintelligence chief (resigned)
        Rachel Brand, deputy attorney general (resigned)
        Trisha Beth Anderson, office of legal counsel for FBI (demoted or reassigned*)
        John P. Carlin, assistant attorney general (resigned)
        Peter Kadzik, assistant attorney general, congressional liaison (resigned)
        Mary McCord, acting assistant attorney general (resigned)
        Matthew Axelrod, principal assistant to deputy attorney general (resigned)
        Preet Bharara, U.S. attorney, SDNY (fired along with 45 other U.S. Attorneys)
        Sharon McGowan, civil rights division (resigned)
        Diana Flynn, litigation director for LGBTQ civil rights (resigned)
        Vanita Gupta, civil rights division (resigned)
        Joel McElvain, assistant branch director of the civil division (resigned)

        1. I’m assuming that these positions are of the Appointed SES category that seem to change with each administration as they come to power.

          1. “He joins more than two dozen other top FBI and Department of Justice (DOJ) officials who have been fired, demoted, or resigned in the wake of investigations of the 2016 presidential election—in yet another confirmation that the DOJ/FBI swamp is being drained.” (emphasis added)

        2. When I read “purge” in the original post I thought of “doing time in prison.” Quite a few of these peeps need locked up to encourage the rest of them to behave better in the future.

  15. I saved for a rainy day, and it happened. I’m not sick yet from the Ching Chong Virus. Some day I want to buy a small house with a small backyard for a dog.

    1. Oh also I noticed there is a lot of foreclosures lately on zillow for my region but I’m not looking to buy anything.

  16. You know that we have entered weird times when Joe Biden is the candidate for President. Not only does Biden belong in a nursing home, he’s a corrupt long term Politician that looks like a sexual predator also.

    Did anyone believe that Biden coming up behind women and smelling their hair wasn’t creepy? And everybody is suppose to ignore how he sit up his family for money making.

    Who would vote for this mindless empty shirt Biden who is to old to run for any office?
    I just don’t get it.

    1. One would think they could have come up with someone better, but apparently they can’t.

    2. Who would vote for this mindless empty shirt Biden who is to old to run for any office?

      People who hate Trump. And who voted for Trump? People who hate Hillary.

      1. I think the Founding Fathers of America did not envision a 20 to 70 percent Federal income tax that would advance Big Government and the deep State corruption that evolved .

        Washington D.C. has become some kind of entity that’s detached from the States and the private sector workers
        In theory there shouldn’t. be this many Government workers per every private sector worker.

        Everything the government touches either becomes overpriced or a monopoly or a scheme. When Government gets in bed with the private sector like it did with Obamacare or loan backing of real estate and college costs false pricing results.

        This was not suppose to be the role of government . The USA wasn’t suppose to be part of a one World Order in which we are no longer a Country that has the right to have borders or operate in self interest for the majority of Citizens. Your called a racist if you don’t buy into advancing other Countries interest over your own.

        Everything is headed toward Communist takeover . USA has limited time to stop this trend and go back to the intent of the Founding Fathers . The Communist and the Globalist got in bed with each other to achieve different objectives, but in the end the Communist will overtake the greedhead Globalist.
        I don’t know why people aren’t insulted by this talk about a thousand a month income from the Government as if anyone could live on that. It would mean they would have to provide housing and Medical also. None of it makes any sense unless the plan is for Government to distribute all wealth.

        It’s really a crying shame that the private sector got so creamed by covid 19 because that sector was gaining a little bit of power for a change .

        I don’t know what is going to happen but you would think people would rebel against these nut cake control freaks, as well as all the fake pricing that has been going on.

Comments are closed.