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This Hollow, Asset-Led Growth Model Was Steering Us Into Dangerous, Unstable Territory

It’s Friday desk clearing time for this blogger. “Experts say there could be a foreclosure wave next year as companies go out of business ‘and those jobs don’t come back,’ said Chad Van Horn, a Fort Lauderdale-based bankruptcy attorney. ‘I have clients we are filing motions to [postpone] the foreclosure proceedings until we get through this COVID-19.’ He said while he doesn’t expect the glut of foreclosures and short sale homes on the market like in the 2008 crash, he expects trouble as people to deal with multiple financial problems at once, including other debt. ‘I think property values are going to take a hit,’ he said.”

“It’s hard to sell one luxury apartment these days, but what about 20? In New York City, some developers are hoping to clear a glut of unsold units by offering bulk deals at discounted prices. Developers Simon Baron and Quadrum Global are offering a 10 percent discount on the 26 remaining units at their 38-unit Chamberlain at 269 West 87th Street. Vickram Jambu declined to comment on the project, but said he had seen an uptick in interest in bulk deals overall. ‘Given the turbulence in the market recently, bulk-condo dispositions have become more of a popular topic between some of our clients as of late,’ he said.”

“Toll Bros. said it is pausing work on condo projects planned for land it owns in city centers, such as the 24-story tower it has proposed at the former site of four stately buildings it demolished along Philadelphia’s Jewelers Row shopping street. Toll chief executive Douglas Yearley said in a conference call with analysts last week that the company ‘has chosen not to start’ projects planned on land held by its City Living division ‘in this environment.'”

“The COVID-19 pandemic has started to negatively impact asking rents in Oakville and most of the Greater Toronto Area (GTA), according to a report. Part of the decline can be attributed to an increase in former short-term rentals hitting the market, which added a major infusion of supply. The largest declines in average monthly asking rents for rental apartments in the former city of Toronto were three-bedroom suites, which declined by 16 per cent month over month. Two-bedroom apartments experienced a monthly decline of 14 per cent.”

“Professor Sue Rigby, Vice Chancellor of Bath Spa University, said both Bath universities are ‘not growing’ and there aren’t going to be more students. There has also been concerns that too much development in Bath has been centered on student accommodation, and now the universities are also suggesting that there could be an over-supply. ‘Both Bath Uni and ourselves have worked very hard to reinforce the understanding that we are not growing, and that means that an awful lot of this speculative student development is going to be wasted because there aren’t going to be more students,’ she said.”

“According to Jacqui Savage, national rentals manager for the Rawson Property Group, these are the four biggest trends hitting the South Africa market. Tourism is unlikely to resume anytime soon, making Airbnbs something of a white elephant for now. As a result, Savage said many Airbnb owners are converting their properties to long-term rentals, competing with those already on the market. ‘It’s important to differentiate between a good tenant in temporary difficulty and a tenant with no desire or ability to return to good standing,’ said Savage. ‘In the case of the former, we’d definitely encourage landlords to consider negotiating some kind of payment plan to retain the tenant, rather than having to start from scratch with an empty property in current circumstances.'”

“Mumbai’s real estate landscape, residential rented properties in particular, is witnessing a major reshuffle. Here’s how: a 3 BHK apartment at a prime location in Mumbai’s Bandra West that was never rented below Rs 90,000 per month is now available for Rs 65,000 to Rs 70,000. That’s a drop of almost 28 percent. Yet, there are no takers. Pawan Makhija who runs a broking business covering Mumbai suburbs, has never seen prices drop so sharply in a span of just two months in at least 15 years of his broking career. ’25 percent of my clients have vacated houses in the last 2 months and this is likely to worsen after the lockdown is lifted,’ adds Pawan.”

“Rents on tiny flats in some of Hong Kong’s chic property developments are sliding towards the rates on the city’s notorious subdivided flats as landlords concede more ground in a recession-hit economy, according to property agents. Rents have slipped by 10 per cent on average across the broader market since they peaked in August last year. Last week, a 167 sq ft flat at One Prestige, a two-year-old development in North Point catering for young people, was rented out for HK$10,000, according to Jeffrey Lam, chief area director at Hong Kong Property Services. That represented a 16.7 per cent cut from the landlord’s asking price.”

“Mortgage stress levels among Australians have continued to soar amid the global outbreak of COVID-19, with data showing more than 1.4 million Australian households are now in mortgage stress and almost 100,000 could soon default on their loans. Alison Pennington, senior economist at The Australia Institute’s Centre for Future Work said housing price inflation had allowed Australian households to consume like they’re rich.”

“‘This hollow, asset-led growth model was steering us into dangerous, unstable territory pre-pandemic,’ she said.”

“The club of people who can afford to buy a first home is getting smaller as a result of actions taken by the federal government’s housing specialists. Kick the housing market while it’s down, will they? Yes, and kudos to Canada Mortgage and Housing Corp. for having the guts to do it. Already, payments on about 15 per cent of mortgages at banks have been deferred or temporarily skipped, according to the Canadian Bankers Association.”

“It seems an awkward time to get tougher with first-time buyers. But treating first-time buyers like kindling is no way to build the financial resilience of Canadian households. The new rules could actually improve affordability by driving prices down. And they’ll be using up a little less of their income to carry their mortgages and other borrowings.”

“Steve Harvey just landed one of Atlanta’s most impressive estates. The nearly 35,000-square-foot French Provincial-style mansion, which was once owned by Tyler Perry, was just sold to the comedian for $15 million. In 2016, Perry sold it to televangelist David Turner for a record-breaking $17.5 million. Turner shot for the stars two years later, listing it for $25 million before trimming the price to $21 million and eventually selling it to Harvey for a loss at $15 million.”

“A well-timed relist did the trick for Sylvester Stallone, who just sold his La Quinta retreat for $3.15 million. He found no takers after floating it for sale at $4.2 million in 2014 but landed a buyer after just a week on the market this time around. It chalks up as a loss for Stallone; records show he paid $4.5 million for the property a decade ago.”

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This Post Has 156 Comments

  1. ‘This hollow, asset-led growth model was steering us into dangerous, unstable territory pre-pandemic’

    Once in a while somebody hits the nail on the head.

    ‘The club of people who can afford to buy a first home is getting smaller as a result of actions taken by the federal government’s housing specialists. Kick the housing market while it’s down, will they? Yes, and kudos to Canada Mortgage and Housing Corp. for having the guts to do it. Already, payments on about 15 per cent of mortgages at banks have been deferred or temporarily skipped, according to the Canadian Bankers Association’

    ‘It seems an awkward time to get tougher with first-time buyers. But treating first-time buyers like kindling is no way to build the financial resilience of Canadian households’

    So another day and the obvious is ther for all to see. This rickety sh$t cart is hardly holding up, and when it does it’s only done with a never ending slew of guberment backed loans to people who can’t afford it. It has to fall apart. And we’d be richer and more stable without it.

    So why? These people at the central banks aren’t smart enough to see these bubbles make us poorer and then pop at the worst time? I suspect they know and don’t care. It’s just power and keeping the globalist game going while they all draw big checks. Simple as that.

        1. If I had a hammer, I’d hammer in the morning
          I’d hammer in the evening, all over this land…

      2. Emergency measure piled on emergency measure since 2008, all into perpetuity, for one purpose: to further enrich the already super-wealthy at the expense of everyone else.

        1. Works only as long as we’re willing to live in debt to them.

          I’ve been fighting them off for a long time. It’s lonely.

          1. Try doing it in orange Cou ty. Spouse can’t figure out why none of the other sports team parents want to be friends. He doesn’t connect our paid off, 10-year old cars, refusal to go out to eat after every game and have a $10 beer at every practice to their social distancing. I’d worry about my kids, but their kids are gonna make piss poor friends when they’re teenagers anyway. I teach them; it’s sad how little character they demonstrate. That might just be the human condition though.

    2. better late than never.

      I am less worried about folks that still have positive equity – and more about not f’ing folks that have less financial assets/

      Lets make sure that we dont screw them

      —

      “But treating first-time buyers like kindling is no way to build the financial resilience of Canadian households. The new rules could actually improve affordability by driving prices down. And they’ll be using up a little less of their income to carry their mortgages and other borrowings.”

  2. ‘Pawan Makhija who runs a broking business covering Mumbai suburbs, has never seen prices drop so sharply in a span of just two months in at least 15 years of his broking career. ’25 percent of my clients have vacated houses in the last 2 months and this is likely to worsen after the lockdown is lifted’

    Mumbai, once the most expensive residential real estate in the world, has been sinking like a turd in a well for around 10 years.

  3. ‘There has also been concerns that too much development in Bath has been centered on student accommodation, and now the universities are also suggesting that there could be an over-supply. ‘Both Bath Uni and ourselves have worked very hard to reinforce the understanding that we are not growing, and that means that an awful lot of this speculative student development is going to be wasted because there aren’t going to be more students’

    In the US college enrollment was shrinking a couple of years ago at least. Yet many billion$ are being poured into student housing, most of it luxury. Yellen bucks looking for a place to die is a real economic phenomenon.

    1. So all of the folks who invested in that are are going to end up taking a… erm, sorry.

      1. That lady in Tucson who used to post at HBB warned of the student housing bubble even before Ben did. She must have seen it going up. IIUC, the Millenials are completely done with college and most of GenZ is too. What generation is after that? They certainly aren’t going to be taking out tens of thousands of dollars in college loans for snowflake majors.

      1. Technology
        Bitcoin ‘Bart Simpson’ Trading Pattern Returns With Volatility
        By Vildana Hajric
        June 3, 2020, 8:59 AM PDT
        Bitcoin breached $10,000 this week, then swiftly dropped lower
        Largest token, peer coins seeing double-digit gains this year

        Bitcoin’s quick rise and subsequent fall this week had some investors scratching their heads.

        The world’s largest digital token breached the $10,000 level this week but fell below it shortly after, forming a so-called “Bart Simpson” pattern. Named for its resemblance to the cartoon character’s hairstyle, the pattern traces an upward swing, some uneven — or spiky — sideways trading, followed by a swift drop.
        …

        1. Bitcoin’s quick rise and subsequent fall this week had some investors scratching their heads

          LOL! I guess some people still haven’t heard (or are simply in denial) that these cryptocurrencies are manipulated.

          1. Right. The price movements are controlled by a few people, who own the lion’s share. They slam it down with massive sales, then buy it back up on limited volume, then slam it back down again, collecting huge gains.

          2. They slam it down

            I’m no day trader, but that sounds to me like a way to lose a lot of money, not make massive gains.

          3. I’m no day trader, but that sounds to me like a way to lose a lot of money, not make massive gains.

            When you dump hundreds of millions of dollars worth onto the market at a high price in one transaction – they call these people “whales” – it hammers the price. Then, they rig the price back up and do the same thing again. It’s a massive pump and dump scheme, over, and over, and over, and over…..

          4. in one transaction

            That’s unclear. One transaction would mean another whale is taking the other side of the one transaction. What then would drive the market price down, if the first whale did not continue to sell as the price guttered. If the first whale did so in large volume, and then could bid the market back up in small volume, it’s just a money losing procedure. Can’t figure how this is profit taking.

            Maybe it’s because I can’t figure how an imaginary coin is worth any money at all.

          5. BlueSkye, look up Bitcoin’s logarithmic chart. He doesn’t know what he’s talking about.

          6. BlueSkye, look up Bitcoin’s logarithmic chart. He doesn’t know what he’s talking about.

            Sure, cryptoboy. Let me guess, you’re one of the rubes who’s getting fleeced over and over?

          1. I was referring to our states, but is there somebody else we’re feeling invadey towards? I haven’t heard.

      2. I’ve said it before and I’ll say it again – this bubble is far from over with. After the FED pledged to destroy the dollar if need be, with unlimited QE and an unlimited balance sheet, all bets are off in terms of how big of an asset price bubble they can blow. DOW 50,000, $120,000 pickup trucks with 15 year zero interest loans, you name it. Not only did they back up gasoline tankers to a raging inferno, they’re now dropping zephyrs full of it on top of the fire.

        1. Remember as a noted economist said, “I can ask $50k for my ten year old Chevy pickup but where is the buyer at that price? So it is with all depreciating assets like houses and cars.”

          Denver, CO Housing Prices Crater 17% YOY As On Broker Concedes, “Housing Is Becoming More Worthless With Each Passing Day”

          https://www.zillow.com/denver-co-80202/home-values/

          *Select price from dropdown menu on first chart

    3. “I frankly don’t get the “stocks are expensive” argument. Stocks are worth what somebody is willing to pay for them,…”

      – The Fed is driving stock prices. Valuations are extreme, but corp. earnings are way down, as just one example. Stocks no longer reflect the health of the economy, it’s all the Fed. In a normal market, aka before the Fed massively intervened after the GFC with unprecedented policies, there would be some relationship here between Wall St. and Main St. Now w/ Fed balance sheet over $7T, it’s anyone’s guess how high stocks can go in price. Valuations are another matter. I wouldn’t have expected the S&P 500 to be over 3100 based on the real economy, but liquidity rules the day now.

      – Blowout employment report is a good sign, but I’m a little skeptical to say the least. I guess everything’s “back to normal.”

      “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.” – Chuck Prince, former chairman and CEO of Citigroup (told to the Financial Times on July 10, 2007).

      “Market analysis has now become central bank analysis. All the old methods of analyzing markets have given way to deciphering what the Fed or ECB will do next.”
– Richard Russell in one of his last Dow Theory Letters, October 2015

      “We are in a big, fat, ugly bubble.” – Donald Trump – 9/26/16 [and that was almost four years ago…]

      “Earnings don’t move the overall market; it’s the Federal Reserve Board…
      Focus on the central banks and focus on the movement of liquidity…
      Most people in the market are looking for earnings and conventional measures.
      It’s liquidity that moves markets.”       – Stan Druckenmiller

      “Pigs can fly if shot out of a large enough canon; until they come down to earth as bacon.” – Harley Bassman

      “The stock market is filled with individuals who know the price of everything, but the value of nothing.” – Phillip Fisher

      “Price is what you pay. Value is what you get.” – Warren Buffett

      1. Man, I’m so tired of all the corruption and lies. I just got hammered by a relative that dumped their stocks pretty much at the bottom of the “v” because of something that they heard me say at a f*ckin birthday party.

        I never counseled them to do so.

        Stocks are ascending back toward record highs.

        WTI is trending around $40.

        It’ll probably be at $60.00 next month.

        The Fed balance sheet doesn’t appear to matter. It’s now just printed paper that gets passed out to the oligarchs as needed and it will never be paid back. Power and control for the PTB was consolidated in the 2008 crash and risk was forever eliminated for the chosen ones.

        IMHO: It’s never going to change. Interest rates will never go up (probably end up in negative territory) and prices will never go down on the things that we need in our daily lives. These financial bast*rds will buy houses and corporate real estate and give it away for free to their buddies, as they done in the past, if that’s what they need to do to keep real estate prices at artificial (terminally criminal) high values.

        We didn’t have big shutdowns locally for the virus. My local State park is overflowing with trailers & tourists and the restaurants downtown are packed. A friend of mine who has worked at the same auto dealership for six years just told me that they are selling more cars & trucks than he has ever witnessed.

        F*ck it.

        Perhaps it is time to embrace the BS, move on, and join the FSA mob.

        Black lives matter, y’all.

        1. steadykat… I I know how you feel. By this point, the BS is deeper than the oceans.

        3. This is why I don’t talk about the stock market much. I hit it dead on when Bear Sterns went tits up, and there was a several day lag before the stock marked followed. Warned my entire family, and none of them did anything about it. Just not worth the effort.

  7. Rich people are always looking for what they perceive to be a bargain in areas they actually want to live (or at least visit). Rich folks may continue to prop up prices in metro Denver and the most popular parts of Idaho, Wyoming, and Montana but that’s not going to help other area’s that are not so chic.

      1. Can’t figure todays farmers out ….Farmland across the USA is now way overpriced , all of it….
        .An older Farmer getting close to retirement will often hock his paid off operations to purchase more land , either to impress people or to “help” his son or daughter get going ..Anyways , they invariably will hit a rough spot , even with low interest rates, and lose it all , even with The government throwing gobs of money to them……

    2. Are they going to televise the Revolution this weekend?
      Without any studies to confirm the claims that Police forces need to be defunded, the angry mod is getting agreement from left wing Politicians.

      It wasn’t enough that the homeless in liberal cities were allowed to shit in the streets and loot up to 900 dollars,, while their leaders protecting ilegals, now it’s defund the Police.

      The party of false narratives with their Main Stream news cheerleaders is fueling a discontent that is false. It’s just as false as the Russian hoax, Impeachment show, and all that is a violation of rights under the law.

      This is the Party that supports the following,

      Open Borders, Free health care for ilegals, defund the Police, Medicare for all, release the criminals, let 16 year olds and criminals vote,
      Mail in voting with no voter ID, applaud China , racism narratives and political correctness, elimation of words so people can’t think, elimation of Constitution, take the guns and first amendment rights, call America bad and in need a new government, fake Climate Change, Globalists agenda, loot the small business owners, support monopolies, , increase welfare, kickbacks from Foreign Governments, Church discrimination , Government funding of nine month abortions,, big nànny government, government loans backing price fixing monopolies, rigged markets, taxes used to pick winners and losers, Deep State, making everyone equal regardless of effort, make Whites kneel, false narrtive of White privilege, Fake narratives of civil rights violations, disregard for Trump and his voters with false framing of people such as Flynn, false framing of Judicial picks by Trump, using public funds to advance political agendas, party of survelance and IRS overwatch. I could keep going but Joe Biden is the empty shirt mindless and Corrupt Representive of where that party is today.
      So, the revolution is before our eyes. How do you like it now?

      1. BHW… and that’s why I’m not a Democrat, though I grew up in a staunchly democratic family.

        Of course at this point, I’m completely non-partisan as I think they’re all in cahoots. But don’t mind me.

          1. Without those pensions, would anyone take those jobs? America is too far gone, its culture degraded with mindless entertainment, a vampiric media and 50 years of great society welfare, open borders and rampant drug use which has rendered ~30% of our population as parasitic and/or predatory. No amount of money is worth dealing with that group of scum, many are less than animals. But you could get people to be cops for half that wage – in Japan – where they still have an intact culture that’s heavily rooted in respect and shame.

          2. But you could get people to be cops for half that wage – in Japan – where they still have an intact culture that’s heavily rooted in respect and shame.

            Sure, because the danger level is like 5% of what it is in the US. I wouldn’t want to be a cop for any amount of money in the US. It’s just a miserable job all around, and with the help of the media they are hated more than ever now.

            And yes, it’s too bad that American culture is lacking the respect and shame that the Japanese have. If it weren’t, then we’d have seen and continue to see countless bankers and corporate execs commit Seppuku for their vile behavior.

          3. That is especially true here in California, “public safety” pensions are typically 3% X years of service once you are 50…so many bail at 50 and will collect close to full pay for maybe as much as 30-40 years…no way that is sustainable

          5. Was able to retire from a private sector job at 55 in 2012, my age + years of service needed to be 75 or more. FWIW was able to draw 401K money then without penalty, did not have to wait until 59.5 like an IRA…however my pension amounted to about 33% of pre retirement pay, not 90%.

    3. “Rich folks may continue to prop up prices in metro Denver”

      They’re not rich. It’s all fake, borrowed prosperity. Coastal prices with flyover salaries, it’s all a lie.

  8. And yet, price gains and sales volume continue to accelerate. I’m not sure any of this is going to matter against the demand for high CoL cities, which seems to be not at all disrupted by COVID. Not as long as the fed keeps printing cash and dropping rates.

  9. This foolish guy from Buffalo, NY hasn’t learned in his 75-yrs to avoid confrontations with riot police? White Privilege didn’t serve him well.

    1. This foolish guy

      Now in my 50s I’m starting to have more sympathy for guys like that. If you never do anything physically difficult, your brain still assumes your body works the way it used to. Then when something unexpected happens you are caught by surprise when your body doesn’t respond like a young person’s. We got a badminton set for some socially distanced exercise and it took me a couple of days to get back into the swing of using fast twitch muscles. Prior to that I didn’t know they weren’t ready to go. Most exercise that people do on a regular schedule is all slow twitch.

      1. Who does he think he is, Obi-Wan Kenobi? The police are out there to protect property at this late stage of the George sympathy act. He probably drives 55 in the fast lane too.

    2. Police undermine their cause when they do stuff like this. There was no reason to shove this guy.

        1. Or because a lot of schoolyard bullies gravitate towards professions where not much intelligence is required and they can abuse their authority while dominating other people.

          Officer: Do you know why I’m standing here?
          Sarah Silverman: Because you got Ds in high school?

          1. Hah! The neighborhood bully, who I duked it out with a number of times growing up, became a city police officer in our home town.

      2. No doubt with all this mayhem and misdirected anger and false narratives going on your going to get some mistakes from the police.

        I’m shocked at how quickly the Covid-19 narrative of no crowds over 10 can assemble to combat the virus is gone.

        It’s very interesting to me how it’s one drama after another from false Russian Hoax, false framing of people by FBI, false investigations, false impeachment, deliberate
        China infection of World by virus, false virus models, Inept response to virus, and now protests that advance false narratives.

        I’m still wearing my mask and practicing social distancing and you won’t see me out with the protestors kneeling cause I’m white.

        When Boo Randy was talking yesterday in a post about a battle between the decent people verses the non decent people he or she was so right in that post.

        Its really is a battle between good and evil . Communism is evil if one takes the time to see the assertions are faulty and anti justice. It’s not power to the people, it’s central government control of the people and all resources. Karl Marx was a leach parasite bum who was intelligent enough to make evil sound good.

        1. I’m not really following the the translation from “We’re mad that the police murdered people” to “yay communism”. Can you elaborate?

          1. ” Can you elaborate,”.

            Firstly, a goal of Communist is to break down the Authority figures and civil society. Getting rid of the Police would further the breakdown of Society .

            A narrative that white culture is racist is another attack on a segment of the population to disenpower them so they can be
            replaced and punished.
            It’s out right child abuse to brainwash young white child that they are quilty of White Privilege.

            False narratives are the hallmark of entities that want to overthrow the current structures.
            Communist will use thugs and looters and arsonist to advance fear to further their agenda . The Brown Shirts of Nazi Germany were used by Hilter to eliminate any power structures that would stand in his way.
            This call to defund and get rid of the Police would make it easier to take over. Just read about the tatics of Stalin, Hilter, Mao on how they took over and ended up killing millions.
            Brainwashing and false narratives are the tools of Communist takeover.

          2. Getting rid of the Police would further the breakdown of Society

            It would become a society in which troublemakers had no protection.

        2. Its really is a battle between good and evil ??

          TWO WOLVES

          One evening an old Cherokee told his grandson about a battle that goes on inside people. He said, “My son, the battle is between two wolves inside us all.

          “One is Evil – It is anger, envy, jealousy, sorrow, regret, greed,
          arrogance, self-pity, guilt, resentment, inferiority, lies, false pride,
          superiority, and ego.

          “The other is Good – It is joy, peace, love, hope, serenity, humility,
          kindness, benevolence, empathy, generosity, truth, compassion and faith.”

          The grandson thought about it for a minute and then asked his grandfather: “Which wolf wins?”

          The old Cherokee simply replied, “The one you feed.”

          1. Well before white man’s Budweiser, reservations and welfare these natives lived a Hobbesian life that was nasty, brutish and short, and certainly lacking that many character adjectives.

          2. “It would become a society in which troublemakers had no protection.”

            Bingo. The Police and the justice system exist to protect the accused, mainly criminals. Some guy attacked your daughter? The Police exist to protect him from you.

            This won’t end well, esp. considering all these riots are happening in 100% Dem controlled cities who have spent the last 50 years disarming everyone BUT the Police.

      3. There was no reason to shove this guy.

        The guy made a play and got more than he expected. A line of police in full riot gear advancing to clear the square and the idiot walked up and stopped two of them. No doubt he had been told to fall back and had an attitude. I watched the video twice. The guy poked one of the cops in the stomach with his cell phone and he was immediately pushed hard. Advancing toward the cops was an aggressive act. He doubled down by poking the cop. Very foolish with a predictable reaction.

        Not knowing how to fall was quite unfortunate for him.

        1. Not knowing how to fall was quite unfortunate for him.

          And that’s where I think his body betrayed him as I outlined above, I bet he never expected to take a fall from a push like that. I bet he hadn’t been knocked off balance for many years. Hence the young guy cockiness in the old guy body.

        2. Agreed, his brain was in as bad if not worse shape than his body when the decision was made to get lippy with a bunch of guys in riot gear with batons, etc. and push (or nudge given hes 75) one of the cops. The odds of that working out well are < 1%. Kinda like when a drunk woman strikes a guy twice her size and gets a response in kind.

          "A mans gotta know his limitations"

    3. 75 years old and dumber than a stump.

      You approach a herd of cops suited up for battle and they’re telling you to move on and you keep approaching them? Then you extend your arms in their direction?

      Once again… first rule in dealing with cops…. Cops win, you lose. Always.

      1. 75 years old and dumber than a stump.

        Yep, and yet, Joe Biden probably makes him look like a brain surgeon. How sad is that?

        Also, big thumbs down for Grandpa Antifa violating the COVID-19 lockdown. Didn’t we abort the economy so him and his ilk could collect social security a few more years? The injury he got from tripping was nothing compared to what the Karens would have unleashed on him just a few weeks ago when the phony planDEMic was in full effect though.

  10. Narrators gonna narrate:

    https://www.cnn.com/2020/06/05/business/facebook-employee-resigns/index.html

    Timothy Aveni, a 22-year-old Facebook software engineer, quit after Facebook CEO Mark Zuckerberg refused to take action on President Donald Trump’s warning last week that “looting” would lead to “shooting,”

    So, a 22 year old flunky quits his job because he doesn’t like how his employer conducts business, and this is news? Have they never heard the song “Take this job and shove it”?

    Had he quit because he thought male or white employees are treated unfairly no one in the MSM would have given a rat’s tail.

    1. Heck, they would have demonized the kid… tarred, feathered, and run out on a rail. Then they would have given him a sex change.

    2. ‘This hollow, asset-led growth model was steering us into dangerous, unstable territory pre-pandemic’

      When did it become acceptable to not only challenge your employer’s political beliefs, but try to force them to change them? This is unreal.

      1. When did it become acceptable

        Snowflakes are told since they’re toddlers that they can do anything. Then life happens.

    3. So how is this young software engineer going to make his living? He’s not going to get unemployment. And his 22-year old job could be filled by a compliant H1-B in about 10 minutes.

      1. He is the target demographic in Silly Valley, he’ll find something soon, though it might not be as lucrative as Fakebook.

      2. And his 22-year old job could be filled by a compliant H1-B in about 10 minutes.

        If he’s mediocre, yes. If he’s really good, no. The real problem with H1Bs IMO is that they have greatly devalued 90th percentile Americans. 99th percentile not so much.

    1. “Timothy Aveni, a 22-year-old”

      Timmy read the script well.

      PS

      I’m gonna go out on a limb and guess Timmy was not a first or second team All State linebacker in High School.

      1. I’m not quite sure how I missed replying to In Colorado but I did.

        I have this handy from the last thread so along with my apology for the mispost (is that a word if not it should be) I will leave you with the best apology scene ever.

        https://youtu.be/LeZ6e3nhHQk

      2. guess Timmy was not a first or second team All State linebacker in High School

        He’s a poster soy boy, that’s for sure.

      3. “I’m gonna go out on a limb and guess Timmy was not a first or second team All State linebacker in High School.”

        Guys like that can’t even bench press 135 for 1 rep.

        1. Speaking of guys who can bench 135, some of the strongest men you’ll see are pairs figure skaters. They have to lift, throw, and catch 110-pound women as if they weighed nothing. I think it’s harder than just benching a static weight. This is the 2018 gold-medal pairs skating routine: https://www.youtube.com/watch?v=6bNOnXTe4Ok

          1. After work, i.e., sports, I wonder how many of these pairs figure skater guys go home to obese “Karen?”

          3. Or opera baritones, such as Placido Domingo in his prime…
            Hefting an opera soprano around the stage while singing is impressive

  13. 10 year treasury rocketed higher this week. Can see a 1% increase in mortgage rates in next month or two. Anything above 4 will kill cash out refis and purchases. Looks to me the bow is breaking the surface and the stern is beginning to lift. Once fall hits the plunge will begin. If Trump thinks he’s headed for retirement I believe he’ll take the economy with him so that Old Joe has nothing to build on.

  14. Looks like Toll Brothers got woke to the fact that downtown Philly isn’t a good place to develop right now.

  16. Ok, another example of a false narrative brewing
    Senators Harris and Brooker in furtherance of false narratives have introduced a Bill in Senate for anti Lynching laws.

    They have had anti Lynching laws on the books for over 70 years. When is the last time you even heard of a Lynching?

    Somehow these nut cake Politicians want to advance false narratives of things occuring that aren’t.

    Oh yes sure we better get some anti Lynching laws enacted because this is a wide spread thing being done NOT
    This is race bating at it’s worse and it’s designed to advance these false narratives that such things are occuring.

    These Politicians are evil really.

    1. Senators Harris and Brooker in furtherance of false narratives have introduced a Bill in Senate for anti Lynching laws.

      They tried pushing that after the Juicy Smooyay hoax.

      1. I was about to post that link as a reply if you were referring to a different video. Dave nails that. “We supported him with our silence”.

        1. Dave Chappelle’s Netflix special Sticks and Stones is worth watching. I rewatched some other clips after posting this one.

    2. “…anti Lynching laws.”

      Stupid. Be glad Booker didn’t advance in the national political scene.

    1. Hispanics mostly consider blacks to be rivals and even the enemy. And they now outnumber them.

      1. Yeah, and Asians don’t like blacks, either. I personally think blacks are wearing out their welcome right now.

        1. I personally think blacks are wearing out their welcome right now.

          I personally think they have a lot of support and it’s Antifa that are wearing out their welcome. But every time the cops get caught on video doing something stupid people forget to be scared of Antifa. So I wish the cops would stop doing stupid things.

          1. I personally think they have a lot of support and it’s Antifa that are wearing out their welcome.

            Nah. With all these rich, entitled black athletes singing the blues, Reverand Al Sharpton types calling for reparations, and a general “gimme dat” entitlement mentality, people are growing weary. I’m hearing it more and more now.

          2. With all these rich, entitled black athletes singing the blues

            Sportsball TV ratings have been falling for a reason.

          3. Sportsball TV ratings have been falling for a reason.

            Right. Because people pay to watch athletes play kids’ games as adults, not talk politics and social engineering. When I want to hear intelligent conversation on other subjects aside from sports, I don’t want to hear it from a guy who barely finished high school with poor grades and a poor grasp of the English language, just the same as I don’t want to hear Bill Gates talk about the pick and roll. The term “stay in your lane” comes to mind. And tens of millions more feel as I do.

          4. I don’t follow sports, but has anyone seen, or personally felt, any kind of sports withdrawal? I don’t see a lot of sadness for no baseball, or excitement for whatever they do with football. I wonder if those no-spectator games will even get enough TV ratings to sustain themselves.

          5. I don’t follow sports, but has anyone seen, or personally felt, any kind of sports withdrawal?

            Not really. I did have a habit of turning a Giants baseball game on in the evening, but I can’t say it’s really been life changing. It’s pretty much background noise a lot of the time, though I like Kruk and Kuip.

    2. Depends on whether you mean legal or illegal Hispanic workers. The illegal ones are on edge. Easy hire, easy fire. No green card, no safety net. And yes, Hispanics and blacks are competing with each other for the low-education menial jobs. Both are competing with machines.

    1. Well, it can’t be any more clear to me that the Commie pigs and Greed head Globalist and Money Changers have gotten in bed with each other to defeat any empowerment of the private sector working class.

      The tear down of USA Citizens and culture in favor of these entities like Commies , intent on overthrowing capitalism, the Constitution, and civil society, is advancing by leaps and bounds. They have been working on it since the 1930s.

      The greed head Globalists want any distraction possible from their looting of wealth and rigged markets and Ponzi Schemes.
      Both factions want the Government to further their objectives for different reasons.
      The truth is the Communist are just using the greedheads until they can reach critical mass, than you see what they do with the Greed head Globalist.

      The false narratives all play into the dismantling of what the Founders of this Country set up. A one World order wasn’t exactly the vision of the Founders of this Nation.

      The fact that Trump and his supporters are their ennemy tells me that orange man might be better than them, in spite of Trump being protrayed as Hilter, Stalin and Mao all rolled into one.
      It’s got to be projection of what they are. Some how Trump got in the way of the powers that be and the corrupt swamp intent on a changed America for the worse IMHO. True colors coming out for all to see if your even looking.

      1. Comrade Biden has decreed that 10-15% of Americans are “bad people.” By which he means, of course, anyone who doesn’t go along with the globalist-collectivist program for “fundamental transformation.” Of course that’s an improvement over Crooked Hillary describing a quarter of the population as “irredeemable deplorables.” While, Comrades Lenin, Stalin, Mao, and Pol Pot certainly showed us how to deal with Enemies of the People, did they not? Has the DNC started soliciting bids from their “affordable housing” racket bosses to construct the detention camps for the “bad people”? They must be removed from society…it’s for the children.

        https://www.foxnews.com/politics/bidens-deplorables-moment-trump-camp-decries-comments-on-presidents-base

  19. “Experts say there could be a foreclosure wave next year as companies go out of business ‘and those jobs don’t come back,’ said Chad Van Horn, a Fort Lauderdale-based bankruptcy attorney.

    The Fed is pumping trillions of Powell Bux to its Wall Street grifter accomplices in preparation for the Mother of All Distress Sales later this year – probably right before the November elections. This will be a transfer of wealth to the oligarchy that will exceed even the haul they collected after the 2008 crash.

    1. That’s how the Fed worked it last time…handed out gobzillions in QE to their oligarch accomplices to give them first dibs on America’s residential housing market at the tail end of the Great Recession before prices had a chance to settle down to affordable levels for people who just want a place to live.

  20. “Toll Bros. said it is pausing work on condo projects planned for land it owns in city centers, such as the 24-story tower it has proposed at the former site of four stately buildings it demolished along Philadelphia’s Jewelers Row shopping street.

    Razing stately buildings so you can replace them with a shoddily constructed, faux “luxury” monstrosity. What an apt metaphor for what the globalists are doing to America.

  21. Pawan Makhija who runs a broking business covering Mumbai suburbs, has never seen prices drop so sharply in a span of just two months in at least 15 years of his broking career. ’

    Stick around, Pawan. The real cratering hasn’t even begun yet.

  22. Last week, a 167 sq ft flat at One Prestige, a two-year-old development in North Point catering for young people, was rented out for HK$10,000, according to Jeffrey Lam, chief area director at Hong Kong Property Services. That represented a 16.7 per cent cut from the landlord’s asking price.”

    When the PRC tanks roll in, those prices are going to plummet to a fraction of what they are now.

  23. “‘This hollow, asset-led growth model was steering us into dangerous, unstable territory pre-pandemic,’ she said.”

    Heckova job, central bankers. These gold collar criminals are leading the entire western world into ruin, by design.

    1. The ADL has a long history and at its founding and for decades after was a legitimate civil rights organization.

      The Southern Poverty Law Center, OTOH, cloaks itself as a civil rights organization when it reality it should rename itself the Defamation League. Their smears get the press (Washington Post on speed dial) but the lawsuits against them are summarily ignored by Real Journalists.

      The SPLC have crowned themselves as the 21st Century Speech Police, but they are nothing more than a criminal cartel.

    2. No hint yet of a riots connection.

      I must express my gratitude to Amazon for all the great stuff they have delivered to us since the Stay at Home order went into effect.

      1. Personally, I’m getting fed up with Amazon. This year, I’ve been finding stuff at a lower price elsewhere. Often on walmart .com.

        And shipping for us lepers who aren’t in Prime seems to suck at times. Right now, I’m waiting for one item from a recent order. The other two items arrived over a week ago.

        According to the tracking information on Amazon, the item was shipped out several days ago. But when I check on the USPS site, the tracking shows the item was never shipped out. The Amazon page has an apology for the item being late, and states that I can return the following day for a refund. Well, it has said that for at least two days now, and there’s still no link or instructions to apply for this refund.

        I have two customer service phone numbers for Amazon. But when I call either, I hear a message explaining they’re not helping people via phone right now.

    3. Actually it’s in Redlands, CA, east of LA. (And right next to where I grew up.)

  31. Something is not adding up. There are estimates of up to 60 million jobs lost, yet this?

    Americans’ love of pickups is the only saving grace of the U.S. auto industry at the moment — a point highlighted Tuesday when Toyota Motor Corp. announced its San Antonio-made Tacoma scored its strongest-ever May sales, despite the economic catastrophe brought on by the novel coronavirus.

    Industry analysts were taken aback.

    “You don’t expect the best May sales numbers in history in the middle of a pandemic,” said Jessica Caldwell, executive director of insights at the automotive website Edmunds.com.

    I’m not quite understanding this at all, yet I saw this happen on a local level. The dealership had 130 of these trucks on the lot and sold all but 4 of them over the course of a month.

      1. Some Beach!

        20% off leaves Mr. and Mrs. Howmuchamonth with this?

        Payment Calculator
        $752 /month
        Estimated payment for 60 months at 4.39% APR

        1. Even with 20% off, that Buick Enclave is still overpriced.

          I’ve noticed that a lot of asking prices on cars.com for new cars have dropped these past few weeks. Saw Nissan Muranos discounted from 36K to 26K. That’s a 28% discount. Granted, even during good times no one pays MSRP.

          1. “Granted, even during good times no one pays MSRP.”

            True, but I know a couple of guys who bought pretty damn expensive new trucks a little over a year ago and according to them even after shopping around they wouldn’t come off the price much.

          2. Trucks are the top selling vehicles, and as such the wiggle room is less due to the demand. The prices are insane. It’s all possible for one reason: MASSIVE CREDIT ORGY. Until the credit spigot dries up, it will continue.

          3. A quick look on cars.com locally showed F-150’s heavily discounted now, around 20% of MSRP.

            As for the run on the Tacomas, who knows what that was about.

  32. How’s my class warfare fomenting good friends doing this morning?

    Are you happy with your progress so far?

    1. If you watch the video be sure you watch to 0:48 seconds so you don’t think it was just a few slaps. (I had to fight off the urge of putting the B word in front of slaps)

      1. “This perp must be one of those Trump voters Joe Biden was talking about” — you’d think the television news people would have taken off with that.

        Starts to make you wonder if there is a streak of power tripping and/or anger management in the folks who pursue careers in law enforcement. They clearly don’t train them well enough in the business of avoiding having their buttons pushed, or they do and it’s not working.

  34. Weather Underground

    From Wikipedia

    The Weathermen were outspoken critics of the concepts that later came to be known as “white privilege” (described as white-skin privilege) and identity politics.[41][42] As the civil disorder in poor black neighborhoods intensified in the early 1970s, Bernardine Dohrn said, “White youth must choose sides now. They must either fight on the side of the oppressed, or be on the side of the oppressor.”[8]

    The Weathermen called for the overthrow of the United States government.[43][44][45]

    Anti-imperialism, anti-racism, and white privilege

    Weather denounced other political theories of the time as “objectively racist” if they did not side with the international proletariat; such political theories, they argued, needed to be “smashed”

    Weather’s political theory sought to make every struggle an anti-imperialist, anti-racist struggle; out of this premise came their interrogation of critical concepts that would later be known as “white privilege”.

    Recruitment

    Schools became a common place of recruitment for the movement. In direct actions, dubbed Jailbreaks, Weather members invaded educational institutions as a means by which to recruit high school and college students. The motivation of these jailbreaks was the organization’s belief that school was where the youth were oppressed by the system and where they learned to tolerate society’s faults instead of rise against them.

    https://en.wikipedia.org/wiki/Weather_Underground

    1. I have been watching the narratives my whole life.

      In any given Country you have a dominate race by numbers. In America it happened to be the white race. In Africa it’s Black, and in China it’s overwhelmingly Chinese.

      For instance if the Whites went to Africa and demanded as a minority that the Africans had African Privilege it would be laughed at. If the minority whites claimed that the Majority Blacks need to be overthrown it would be absurd.

      So in the USA as long as all the races have their Constitution protections than White culture has rights also.
      The Constitution doesn’t say that any group gets to overthrow the values of another group unless those values are in gross violations of that groups rights.
      To assert a idea that White values are the problem is absurd. Many minorities have those same values.

      The Communist want to overthrow the USA. Using race wars is a well known divide and conquer tatics.

      It’s not true that the White race is taking away Black rights. The welfare State and affirmative action only served to corrupt and create more demands that’ now
      would be discrimination to Whites.

      Demanding that whites kneel and atone for White Privilege is a bum rap and a absurd violation of Whites to have what they value.

      False quilt on Whites who never did anything to oppress minority races .

      All races are screwed by what the Globalist greed heads are doing to transfer wealth, and the Commies are intent on overthrow of USA by using race as a means.

      1. In the USA, “rights” mostly consist of the right to be left alone. For collectivists that’s grossly inadequate. Collectivists would like to change the USA and our concept of rights. I would like them to consider living elsewhere. But somehow we all have to find a way to get along since nobody wants to leave. Normally the individualists spend little effort trying to convince others to be individualists. Maybe that will need to change.

  35. Also, could it be , as the stats show, that Blacks are commiting more crimes, therefore they have more contact with police?

    In Detroit for instance the Blacks are killing other Blacks in these gang infested areas. Probably need more Cops in those areas, but that would deemed racis.

    I’m just saying that there has been some unintended conquences from the welfare State and affirmative action. .

  36. I don’t even know what the word racist means anymore.

    If a Chinese person likes Chinese food does that mean that they are racist toward other types of food.?

    If the races prefer certain cultural things is that racism or is it a right to what you like, as in the right to pursuit of happiness.

    Just suffice to say that all races have the right to pursue happiness under the Constitutional protections.

    When Trump wants to secure the borders he’s accused of being racist. It’s not that it’s against our laws, it’s called racist.

    I’m just saying that the word racist has become meaningless.

    1. I’m just saying that the word racist has become meaningless. I have taken to using the spelling “racis” or “rayciss” to emphasize the distorted meaning.

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