thehousingbubble@gmail.com
Blog

It Was Dead Before, And We Just Kind Of Roll With It

A report from Mortgage Professional America. “The Federal Housing Finance Agency on Monday warned Congress that Fannie Mae and Freddie Mac could not withstand a serious economic downturn and asked for the authority to develop more stringent capital standards for the GSEs. FHFA Director Mark Calabria warned Congress that Fannie and Freddie were ‘inarguably undercapitalized for their size, risk, and systemic importance.'”

“‘As of December 31, 2019, the Enterprises owned or guaranteed approximately $5.7 trillion in single-family and multifamily mortgages, nearly half of all mortgage debt outstanding in the United States, and their combined leverage ratio was approximately 300 to 1,’ Calabria wrote in the report. ‘By contrast, the largest financial institutions in the nation have an average leverage ratio of approximately 12 to 1. Given their risks and financial position, the Enterprises do not have the capital necessary to withstand a serious downturn in the housing market.'”

“Calabria said that the ‘lack of safety and soundness’ at Fannie and Freddie jeopardized their mission to support sustainable homeownership. ‘It also puts taxpayers at risk of absorbing their losses, as we saw after the housing and financial crisis of 2008, and it threatens every sector of the nation’s housing and mortgage finance systems,’ Calabria said.”

From Patch New York. “Woefully out of step. Not the time to flood the market with a glut of luxury housing units. Unjust and financially irresponsible. That’s how a group called Voice of Gowanus described an on-again, off-again effort to rezone the Gowanus area in a letter sent to local politicians. They called for a moratorium on the rezoning effort.”

“‘In the wake of COVID-19, while the city, state, and Brooklyn residents are in a state of financial decline, the city is seeing an enormous number of residents fleeing the city, and massive numbers of citizens are out of work, subsidizing luxury towers built by wealthy developers is UNJUST and FINANCIALLY IRRESPONSIBLE,’ the letter states.”

From E! on California. “How does one sell houses for a living when they can’t even leave their own? That’s something Million Dollar Listing Los Angeles star Josh Altman was forced to figure out when the coronavirus pandemic hit earlier this year. ‘It is a buyer’s market right now,’ Altman noted. ‘It was dead before. And you know, we just kind of roll with [it]. We got to adjust.'”

“He continued, ‘Because rates are low, right? So you see people like Kylie Jenner, who obviously is extremely wealthy, right, saying, ‘You know what, now’s the time to buy. It’s a buyers market, I can get something that might have been 25 million for 15 million.'”

The Los Angeles Times in California. “Demi Lovato couldn’t quite turn a profit on her Hollywood Hills home. After shelling out $8.3 million for the sleek three-story in 2016, the singer-actress just sold it for $8.25 million, records show. The sale wraps up a multiyear effort from Lovato, who first asked $9.495 million for the property in 2018 before trimming the price to $8.995 million last year.”

The Santa Fe New Mexican. “Is it a doomsday scenario for vacation rentals in Santa Fe? Some rental owners and managers think so. A draft city ordinance would tighten regulations for short-term rental properties, in part prohibiting new permits to be issued for units in residential areas that lie within 75 feet of an existing rental. The goal of the provision is to limit the density of vacation rentals in residential neighborhoods, the draft ordinance says.”

“‘It’s just a complete decimation of short-term rentals,’ said Richard Woodruff, co-owner of Adobe Casitas Vacation Rentals, who manages 18 short-term rentals in the city. ‘If you look at the turnover of homes in Santa Fe, over the longer term, four to 10 years, a majority of short-term rentals would not be granted licenses,’ he said.”

“As of May 28, Santa Fe had 830 permitted vacation rentals — 743 in residential areas and 87 in areas zoned nonresidential, according to city data. Woodruff said he has analyzed how short-term rental properties are situated and believes as few as 250 would comply with the 75-foot rule as ownerships change.”

From Inman News. “April rent prices grew at the lowest level in nine years — a drop caused by widespread, pandemic-induced unemployment. Experts had been predicting the drop in price growth as the coronavirus pandemic closed down large swaths of the economy and put millions in industries such as travel and hospitality out of work this spring. Unemployment in April reached an 80-year high, and tenants struggled to pay rent while owners in all but some luxury markets struggled to find tenants to pay the same prices that they had asked in the past.”

“‘As the pandemic-induced recession took hold in April, the single-family rent index posted its lowest growth rate in over nine years,’ said Molly Boesel, principal economist at CoreLogic. ‘While disruptions in the economy affect all parts of the housing market, the impact can often be seen in the rental market sooner than the for-sale market. This means changes in rents can foreshadow changes in home prices.'”

From Crain’s Cleveland Business. “New data from Solon-based MRI Software, a producer of real estate software, underscore the way the COVID-19 pandemic is reshaping the U.S. multifamily property market. Among the trends it identified: Lower prices: Pricing for new leases of 8-14 months decreased by 5% in May 2020 compared to May 2019. Last month’s pricing is also 7% lower than that of February 2020.”

“Wider use of credit cards for rent payments: Card usage in May was 58% greater than that of February 2020. Brian Zrimsek, industry principal at MRI, in a statement raised one red flag, noting, ‘The use of credit cards could signal increased risks if residents are paying with cards because of restricted cash flows as opposed to a desire to accumulate reward points.'”

From Austin Culture Map in Texas. “The impact of COVID-19 has not been lost on Austin’s hot housing market — including the rental sector. When the pandemic hit Texas, Austin’s upward trend of rent prices stopped. These losses are even more significant because they have occurred during the traditionally strong summer rental season.”

“In order to fill apartments, some landlords are offering concessions and making deals they would not have pre-pandemic. One condo renter recently reported that he was able to negotiate a three-year lease for new construction in a very hot area, even though he did not want to move in until September. The landlord even agreed to leave the property vacant (without trying to find an interim tenant) until the fall.”

From Community Impact in Texas. “Median house prices in five of the seven ZIP codes in The Woodlands area decreased in May compared to the previous year, according to data gathered by Community Impact Newspaper. House prices increased by about 5% in the 77384 and 77386 ZIP codes, and the largest price drop occurred in 77389, a 17.55% decrease.”

Related Posts
This Post Has 125 Comments

  1. ‘As of December 31, 2019, the Enterprises owned or guaranteed approximately $5.7 trillion in single-family and multifamily mortgages, nearly half of all mortgage debt outstanding in the United States, and their combined leverage ratio was approximately 300 to 1,’ Calabria wrote in the report. ‘By contrast, the largest financial institutions in the nation have an average leverage ratio of approximately 12 to 1. Given their risks and financial position, the Enterprises do not have the capital necessary to withstand a serious downturn in the housing market.’

    This is all you need to know about what’s ahead.

    I wonder why Diane didn’t cover this?

    2. Some snips from an article from last October …

      Mark Calabria: Fannie Mae and Freddie Mac will increase focus on exiting conservatorship – HousingWire
      https://www.housingwire.com/articles/mark-calabria-fannie-and-freddie-will-increase-focus-on-exiting-conservatorship/

      “At the end of September, the FHFA announced it would allow Fannie and Freddie to rebuild a portion of their capital reserves to a total of $45 billion combined.

      “Calabria explained in his keynote speech that after just one quarter of retention where Fannie and Freddie profits weren’t swept back, the companies doubled the capital.

      “’I’m not sure I can keep up that pace,’ Calabria said, drawing laughs from the audience.

      “But before they were able to hold their capital, Fannie and Freddie had a leverage ratio of 1,000 to one. Now, that has been decreased to 500 to one. The GSEs still have a ways to go, as currently the nation’s largest banks operate at an average ratio of 10 to one.”

      They went from a leverage ratio of an astounding 1,000 to one to an astounding ratio of 500 to one to a recent but still astounding ratio of 300 to one.

      Let us hope these pukes can keep this trend intact long enough so as to allow the ratio to get close to becoming reasonable before SHTF day arrives.

      1. Director of the FHfA is a termed position, not a cabinet position. That means he can have the post for the next 4.5 years no matter who is elected President. (This is why Mel Watt was able to continue under Trump; he was filling out the five-year term.) So as long as the FHFA keeps doing what Calabria says, the deleveraging trend will continue.

    4. They achieved their goal, which was to blow another massive housing bubble – or re-inflate the same one – after the last meltdown. Now what?

  2. ‘One condo renter recently reported that he was able to negotiate a three-year lease for new construction in a very hot area, even though he did not want to move in until September. The landlord even agreed to leave the property vacant (without trying to find an interim tenant) until the fall’

    And this wouldn’t get captured in ordinary rent reporting.

    How’s that 5% cap rate looking now?

  3. A comment to the last link:

    ‘Thanks to the developer in The Creeks of Augusta Pines is why 77389 lost value. The hidden secret finally was discovered!’

  4. ‘It’s just a complete decimation of short-term rentals,’ said Richard Woodruff, co-owner of Adobe Casitas Vacation Rentals, who manages 18 short-term rentals in the city. ‘If you look at the turnover of homes in Santa Fe, over the longer term, four to 10 years, a majority of short-term rentals would not be granted licenses,’ he said’

    Stamp em’ Dick!

    ‘As of May 28, Santa Fe had 830 permitted vacation rentals — 743 in residential areas and 87 in areas zoned nonresidential, according to city data. Woodruff said he has analyzed how short-term rental properties are situated and believes as few as 250 would comply with the 75-foot rule as ownerships change’

    Is that a lot? BTW, there’s something screwy with the NM link, I recommend not clicking on it.

    1. A message to you, Larry!

      ‘It’s a buyers market, I can get something that might have been 25 million for 15 million’

      ‘Demi Lovato couldn’t quite turn a profit on her Hollywood Hills home’

      1. Dummi Luvado can’t turn a profit on a rapidly depreciating asset like a house and neither can anyone else.

        1. And she only bought the house in 2016. So many celebrities can even stay put for 5 years and actually enjoy the grand homes they live in.

    2. CNN = ClownWorld News Network.

      LOL@ I haven’t paid for cable TeeVee in almost 15 years.

          1. good thing the police are doing their job… right when the guy got hit with the skateboard they should have been in there detaining, deescalating, and arresting. If it wasn’t for the militamen there taking control of the situation, kicking the gun away, and another stepping on more bloodshed would have occured.

          2. “…the guy got hit with the skateboard…”

            I’m not sure why the police don’t shut-down these guys with skateboards just like someone with a baseball bat; they’re being used as weapons.

        2. Jeff, thanks. We were fortunate in that he was able to live independently until the last three months of his life and did not suffer a prolonged illness.

          And to whoever stole $165 out of his wallet in the assisted living facility, you deserve every shred of that karma you bring to the world.

      2. Tucker Carlson Dials Up Fear Factor In Ugly New Attack On Black Lives Matter

        “Black Lives Matter believes in force,” he said, warning:

        “They flood the streets with angry young people who break things, and they hurt anyone who gets in the way. When they want something, they take it. Make them mad, and they will set your business on fire. Annoy them, and they will occupy your downtown and declare a brand-new country. You’re not going to do anything about it. They know that for certain.”

        What exactly did he say that was not accurate?

        2. “They flood the streets with angry young people who break things, and they hurt anyone who gets in the way.”

          This entire statement is untrue. The vast majority of protests are totally 100% peaceful.

          1. He said BLM. Maybe that makes it an untrue statement. But I believe he meant the black block Antifa guys. Which is not an untrue statement. And hopefully you can see how people might get them mixed up in the current environment where they are both on the streets at the same time.

        3. Tucker is an entertainer not a journalist. His job is to fan the flames of discontent, strife and the “us against them”. In real life, he’s a registered Democrat, Stop falling this very clear manipulation.

    2. I doubt it.

      Politicians will make some toothless laws, the cops will make some conciliatory noises… and provided they can hold off from murdering anyone in cold blood for a couple weeks, everyone will get bored of protesting and wander home.

      1. AHHHHT!

        Housing.

        Tampa, FL Housing Prices Crater 17% YOY As Guf Coast Housing Market Turns Toxic On Rampant Appraisal And Mortgage Fraud

        https://www.zillow.com/tampa-fl-33617/home-values/

        *Select price from dropdown menu on first chart

        As a leading economist advises, “Mortgage debt is the most toxic and damaging debt of all. Avoid it at all costs.”

      2. Someone please tell me why so many celebrate the Boston Tea Party but vilify BLM protests.

        Someday you might add value to HBB discussions, but not today, evidently.

      3. For the most part, people here are vilifying rioters, looters, and anarchist commies. Not peaceful protestors.

        1. Agreed. Police need to be held accountable for their actions, regardless of the race of those who are on the wrong side of police excessive force or abuse of power. I’m not unsympathetic to a lot of the BLM anger over the way blacks tend to be treated by law enforcement. But NOBODY has the right to use legitimate grievances as an excuse to commit violence, arson, and looting.

          1. But NOBODY has the right to use legitimate grievances as an excuse to commit violence, arson, and looting.

            According to the Narrative, that’s hate speech.

        2. A little anarchy is good for society — shakes things up a bit — I thought a lot of you guys celebrated alpha behavior.

          1. “I thought a lot of you guys celebrated alpha behavior.”

            Unfortunately, business owners get arrested for defending their property while the rioters in hoodies and masks get a free pass.

      4. Someone please tell me why so many celebrate the Boston Tea Party but vilify BLM protests.

        We only celebrate the BTP because our eventual revolution from England succeeded. BLM protests will also be celebrated someday IF they succeed in creating a new country for themselves that survives long enough to celebrate them. Odds are poor from what I’ve seen so far.

        1. IF they succeed in creating a new country for themselves

          So what happens to the nearly 300M non black Americans should the BLM Soviet Socialist Republic succeed?

          1. In that very hypothetical scenario I assume best case is they would be second class citizens and worst case would be flee the country or brave the gulag. Has any communist revolution so far ever trended toward a best case scenario afterwards?

          2. Has any communist revolution so far ever trended toward a best case scenario afterwards?

            Yes, all of them. The best case scenario for communism is always some form of complete disaster.

      5. I was going to ask you about this…

        fjm
        June 16, 2020 at 12:18 pm
        Some of us look at it was taking back our country.

        Who exactly are you taking “your” country back from?

          1. way to deal with a troll

            Aside from that, it’s useful to remember that wrong headed people Project. “Trying to take our country back” really means “Trying to take your country from you”.

        2. I would like fjm to stick around. He(?) is providing valuable information on the mindset of the protesters.

          This is about a two-part payback. A group of people were discriminated against and were therefore not allowed to rise in society. If they had been allowed to rise in society, then they would have been on top by now. They would have all the money, they would have all the easy cubicle jobs, they have all the housing, they would have all the hereditary wealth, they would have privilege, they would all be thin and beautiful, and they would have an idealistic society.* And the oppressors would be their servants. And so, of course, all the houses, money, health, wealth, and jobs that exist now were wrongfully taken by discrimination, and really should have been theirs. That is what they are taking back.

          But there’s a second part to the payback. “Justice” is equality of outcome, not only of present and future, but of past as well. There will be no justice until there is revenge for the past, a retroactive Hammurabi. A house for every house, a police murder for every police murder, a punishment for every punishment, a low (or no) pay job for every low pay job, a million dollar inheritance for every million dollar inheritance. Everything squared away, even steven, and then start over again with the new people in charge.

          *in recent years there was a superhero movie about such a society. It became so popular and charged that no one may offer anything less than a 10/10 review.

        3. I think it’s absurd that people that have been the beneficiaries of trillions in welfare and affirmative action can say they are taking back their Country .

          They just want more stuff by extortion, like the fecus like Commie parasites they are.

          The Boston Tea Party People were being taxed by a King just like hard working people are being overtaxed to support the Commie buns that think they have right to fleece the tax coffers.

          You Commie Bums would be thrown overboard ,along with the tea in those times ,because people had to pull their weight.

  9. “The Federal Housing Finance Agency on Monday warned Congress that Fannie Mae and Freddie Mac could not withstand a serious economic downturn and asked for the authority to develop more stringent capital standards for the GSEs. FHFA Director Mark Calabria warned Congress that Fannie and Freddie were ‘inarguably undercapitalized for their size, risk, and systemic importance.’”

    Barn door left open
    All of the horses have fled
    Hurry, shut the door

      1. Just more illustrations of how stupid and bankrupt this bowel movement is. Nothing of any value to offer to anyone, just consumed with hatred and destruction.

      2. Call the zoo – one of theirs escaped.

        Damn, fell out of the ugly tree and hit every. single. branch on the way down. Bet its IQ isn’t > 50 either.

  12. “‘In the wake of COVID-19, while the city, state, and Brooklyn residents are in a state of financial decline, the city is seeing an enormous number of residents fleeing the city, and massive numbers of citizens are out of work, subsidizing luxury towers built by wealthy developers is UNJUST and FINANCIALLY IRRESPONSIBLE,’ the letter states.”

    I’m sure the powers that be will be highly responsive to sternly worded letters. Subsidizing “luxury towers” is the least of it: thanks to the Fed, the 99% are being systematically fleeced by the financier oligarchy.

  13. It’s just a complete decimation of short-term rentals,’ said Richard Woodruff

    You say that like it’s a BAD thing, Dick.

    1. “An Indian government source said the troops had fought with iron rods and stones, and that no shots had been fired. ”

      Old school warfare!

      “The deaths were the first since the last major border clash in 1967”

      To keep things in perspective, this border conflict has been going on for decades. Not sure if it will amount to anything bigger now.

      1. The glaciers in that area are a vital source of fresh drinking water. Both India and China are rapidly outstripping their natural resources and need control of those glaciers. China, like Japan in the 1930s, is now strong enough to start taking what it needs or wants from regional rivals.

        1. Yep.

          from Center for Preventive Action
          Military Confrontation in the South China Sea
          A seaman uses binoculars while standing aboard the U.S. Navy aircraft carrier USS Ronald Reagan. Mass Communication Specialist 2nd Class Tyra M. Campbell/U.S. Navy

          The trade war, fallout from COVID-19, and increased military activity raise the risk of conflict between the United States and China in the South China Sea. Oriana Skylar Mastro offers nine recommendations for ways the United States can prevent or mitigate a military clash.
          May 21, 2020
          …

          1. Someday one of these “sitting duck” aircraft carriers with all of its aircraft, equipment and 5k souls will be sent to the bottom of the ocean by a surface skimming missile, and the stock market will realize a magnitude 9.0 on the economic Richter scale.

          2. Someday one of these “sitting duck” aircraft carriers with all of its aircraft, equipment and 5k souls will be sent to the bottom of the ocean by a surface skimming missile,

            Correct.

            and the stock market will realize a magnitude 9.0 on the economic Richter scale.

            Nah, it will go up. Think how much Fed stimulus will be dumped into the market, and how much the missile makers will go up regardless. As long as a missile doesn’t hit the Fed it’s all good.

    2. Just a little dust up between 2.7 billion people.

      India to overtake China as the world’s most populous country: UN
      By Ella Hurworth, CNN

      June 19, 2019

      China and India currently account for about 37% of the entire global population of roughly 7.7 billion, with China currently home to about 1.4 billion people and India to 1.3 billion.

      1. Jeebus, 1.3 billion people in a country about 1/3 the size of the US. And I think the US is far too crowded! 😮

  15. “And you know, we just kind of roll with [it].”

    Now where have I heard that before? 😉

  16. R u ready for 15 years of social upheaval?

    Key Words
    A decade ago, he predicted that 2020 would be a complete mess — now he says things could get even worse
    Published: June 16, 2020 at 2:26 p.m. ET
    By Shawn Langlois
    Two military Humvees block a roadway near the White House during protest on June 1, 2020
    / Getty Images

    ‘Unfortunately, things are not as bad as they can be.’

    That is Peter Turchin, a 63-year-old researcher at the University of Connecticut, sharing his thoughts in a story for Time.com on where the U.S. goes from here.

    As the divide between the rich and the poor has only widened during the coronavirus pandemic, Turchin said he believes tensions “may escalate all the way to a civil war.”

    Why do we care what he says? Well, back in 2010, he predicted on Nature.com that the U.S. would suffer major social upheaval beginning around 2020.

    “Very long ‘secular cycles’ interact with shorter-term processes. In the United States, 50-year instability spikes occurred around 1870, 1920 and 1970, so another could be due around 2020,” he wrote at the time. “Records show that societies can avert disaster. We need to find ways to ameliorate the negative effects of globalization on people’s well-being.”

    Then, in 2013, he reiterated his prediction in an essay on Aeon.com.

    “We are rapidly approaching a historical cusp, at which the U.S. will be particularly vulnerable to violent upheaval,” he wrote. “If we understand the causes, we have a chance to prevent it from happening. But the first thing we will have to do is reverse the trend of ever-growing inequality.”

    Clearly, we didn’t do that. Enter 2020, right on cue.

    “As a scientist, I feel vindicated,” Turchin said in the Time story. “But on the other hand, I am an American and have to live through these hard times.” He warned that the worst may be yet to come, as societal crises can typically last for five to 15 years.

    1. “We are rapidly approaching a historical cusp, at which the U.S. will be particularly vulnerable to violent upheaval,” he wrote.

      “An imbalance between rich and poor is the oldest and most fatal ailment of all Republics.” – Plutarch (46 – 119)

      “Those who make peaceful revolution impossible will make violent revolution inevitable.” – JFK

      “The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.” – Lord Acton

  17. From Inman News. “April rent prices grew at the lowest level in nine years — a drop caused by widespread, pandemic-induced unemployment. Experts had been predicting the drop in price growth as the coronavirus pandemic closed down large swaths of the economy and put millions in industries such as travel and hospitality out of work this spring. Unemployment in April reached an 80-year high, and tenants struggled to pay rent while owners in all but some luxury markets struggled to find tenants to pay the same prices that they had asked in the past.”

    “‘As the pandemic-induced recession took hold in April, the single-family rent index posted its lowest growth rate in over nine years,’ said Molly Boesel, principal economist at CoreLogic. ‘While disruptions in the economy affect all parts of the housing market, the impact can often be seen in the rental market sooner than the for-sale market. This means changes in rents can foreshadow changes in home prices.‘”

    – The Inman article states that rent growth is falling (rate of change), but fails to mention that rents are now falling, and by not inconsequential amounts. So, there’s no growth in rents, but rather just the opposite.
    – “This means changes in rents can foreshadow changes in home prices.”
    – Translation: “This means falling rents foreshadow falling home prices.” Just using my realtor-speak translator.
    – Yes, my understanding is that rents lead house prices. Does anyone else observe this trend in the housing market?
    – I’ve seen a lot of articles lately showing substantial drops in rents, mostly on the HBB, but elsewhere as well. Oh, it’s happening.

    1. I just got this from Crain’s New York:

      “Let’s make a deal: Landlords are slashing prices on empty units”

    3. LOL, real or fake?

      If it’s true, Real Journalists(tm) would be raising a stink about white supremacists harming sweet, innocent protesters.

        1. A senior law enforcement official tells News 4 Brimmage is a recidivist with 100 prior arrests who has gotten a desk appearance ticket for his most recent ones because of bail reform. He is an NYPD co-response client, which means police have responded with social workers when dealing with him. Brimmage has an extensive history of being emotionally disturbed in police encounters as well.

          He’s been arrested three times since February for alleged assaults. On March 9, he allegedly punched a 29-year-old man in an unprovoked attack at a pizza shop in Manhattan. A few weeks before that, Brimmage allegedly punched a 39-year-old female at a Dunkin’ Donuts in the Bronx. On Feb. 4 he allegedly punched a 39-year-old man in the face at that same Dunkin’ Donuts. In the latter two cases, he received desk appearance tickets.

          Brimmage is currently a suspect in a grand larceny that happened on Feb.19 at the 116th St. train station in which a woman had $120 stolen from her purse, the senior law enforcement official said. He’s also a transit sex crime recidivist.

  20. The Financial Times
    Coronavirus business update 30 days complimentary
    Coronavirus pandemic
    Anthony Fauci calls for action to prevent coronavirus ‘surge’
    Uptick of cases in some states is cause for concern, says leading member of White House task force
    Anthony Fauci, seen here in a screenshot of his video testimony to a Senate hearing last week, warns that ‘the pandemic is not over by any means’
    © REUTERS
    Hannah Kuchler in New York yesterday

    Anthony Fauci, a leading member of the White House coronavirus task force, has urged states including Arizona, Texas and Florida to move aggressively to prevent recent increases in cases from turning into “a real surge”.
    …
    Dr Fauci said states where cases have ticked up could prevent surges by employing “the recommended manpower” to identify people with the disease, isolate them and trace their contacts. He said this capacity was “variable” among the states but better than it was a month or two ago.

    “We are concerned about it but hopefully we can prevent individual blips we are seeing becoming a real surge,” he told the Financial Times. “The critical issue is how we handle and respond to the increases in cases.”
    …

    1. I for one wouldn’t object to states shutting down again. Set up road blocks and don’t allow out-of-state plates in. In Maryland, the governor has been fighting to obtain tests and requiring masks indoors for 5 weeks now. Our case count and % positives are steadily decreasing, even in the hot-spot counties. It was a lot of work for us, and I don’t want some yokels from the red states to ruin it for us.

      1. ‘In Glendora, some of the people without face coverings were with relatives, and others were carrying masks in their pockets. But it wasn’t hard to find people who told me they didn’t buy into the argument that masks necessarily limit the spread of the coronavirus. “It’s probably driven by political scare tactics,” said a 77-year-old retiree strolling with his wife, neither of them wearing masks. He added that he didn’t know anyone who has gotten COVID-19.’

        ‘A man named Jon told me that he’s in a bar every night, no one in the place wears a mask, and he doesn’t have a problem with that. He said he lost his job in the cement business because the economy shut down, and while he knows the coronavirus is a killer, he wondered why L.A. County focuses so much on new COVID-19 cases and not on the number of people who recover from the virus. A woman named Elise came by with a son who was riding a scooter, neither of them wearing a mask. Elise said she doubted that masks do much good.’

        “Eighty percent don’t wear masks here,” said a guy sitting outside a coffee shop with his dog. His mask was on the table, and his wife said they wear masks if they’re in a store or near anyone else. But not everyone is buying in.’

        “They think it’s a hoax, or they’re Trump supporters,” said a guy named Gary, who sat eight feet away with his mask on the table and his dog at his side.’

        https://www.latimes.com/california/story/2020-06-17/column-wonder-why-so-many-people-arent-wearing-masks-heres-how-they-explain-it

      2. Careful, your bigotry is showing — unless, of course, we’ve all agreed that it’s okay, as long as the targets are Caucasian.

      3. Set up road blocks and don’t allow out-of-state plates in

        They did this in Australia.

    2. the increases in cases

      Another day, the same narrative.

      Like in Florida, where the Governor explains that the increase in “cases” is due to the doubling of tests, and that the % positive is plummeting.

      Has Fauci ever said this? Ever? No, we need more tests!

      On a lighter note, my daughter is planning a visit and will spend some time on the Blue Skye with her kids. One of the family members asked if she was going to get tested. This is the one that works at a hospital. She says they don’t want her to get tested if she’s not symptomatic (febrile). The thinking is that the testing station is probably the most contaminated place possible to visit. They don’t change their PPE!

      1. In the absence of sufficient testing, there are other means to detect whether cases are rising, such as that Harvard study of Summer 2019 Wuhan hospitalizations the CCP so disliked.

  21. I find his prediction interesting, though frankly I don’t know how such predictions as these can be made in advance.

    Key Words
    ‘The dollar is going to fall very, very sharply,’ warns prominent Yale economist
    Published: June 16, 2020 at 5:40 p.m. ET
    By Mark DeCambre
    Stephen Roach, Senior Fellow, Jackson Institute for Global Affairs, Yale University AFP/Getty Images

    Stephen Roach, Yale University senior fellow and former Morgan Stanley Asia chairman, has a warning for U.S. dollar bulls. The prominent economist says that the era of the U.S. buck may be coming to an end and is forecasting a 35% decline soon in the U.S. currency against its major rivals, citing increases in the nation’s deficit and dwindling savings.

    The lecturer said during CNBC’s “Trading Nation” on Monday that the rise of China and the decoupling of the U.S. from its trade partners is setting the stage for a dramatic weakening of the U.S. currency in the next few years that is likely to end the supremacy of the monetary unit as the world’s reserve currency.

    “The dollar is going to fall very, very sharply,” he told the business network.
    …

    2. “The dollar is going to fall very, very sharply,” he told the business network.”

      Does that mean RE will go up priced in dollars ? Pretty sure most pay won’t .

  22. Why was it again that Wall Street rallied yesterday?

    Associated Press
    Asian markets decline after Wall Street gains on recovery hopes
    Published: June 16, 2020 at 11:56 p.m. ET
    By Associated Press
    Stocks fall in Tokyo as data shows exports plunged in May
    A couple wearing face masks walk through Seoul Plaza in front of the city hall in Seoul. AFP/Getty Images

    Major Asian stock markets mostly declined Wednesday after Wall Street gained on hopes for a global economic recovery and Japan’s exports sank.
    …

    1. Because they found that some steroid drug will save the lives of 10% of the COVID patients already on oxygen or ventilators. The drug does nothing for prevention or mild cases.

      1. Exactly. Any lame excuse to rally will serve the drunkard Wall Street bovine herd to party another day.

    2. Why was it again that Wall Street rallied yesterday?

      Because the FED is pumping liquidity like never before.

    1. If the credit is available, the donkeys will binge. This is a credit orgy. Until it ends, expect the debt junkies to keep gorging on it. They are so stupid that they sign up for 30 years of debt to buy houses even after losing their jobs.

  26. I got a great idea on how to level out the playing field.
    Defund welfare and let’s see the meaning of true equality.
    Than the stupid give me free shit bums can see who is really screwing them.

    2. No no no, you dont need to be abusive….no drug testing , no fingerprinting, no work requirements, .. All you need to do is in order to get your EBT card you must sit in class 15 hours a week and learn to read,write and speak fluent English and Math, ill bet 1/3 will drop out the first month.

  27. Actually all this nonsense started with Dr. Spark.

    Dr Spark was some goofball psychologist from the 60s that taught you can’t dicipline your little angles because it might hurt their little egos.
    So fine, raise a bunch of wild dogs and unleash them on Society.

Comments are closed.