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There’s Been A Lot Who Have Just Kind Of Disappeared, Mailed In The Keys, And Just Vacated

A report from The Wall Street Journal on Florida. “U.S. prosecutors are looking to seize a penthouse in a luxury condominium tower in Miami that they say a son of the Republic of the Congo’s president bought with money embezzled from the country’s state-owned oil company. Denis-Christel Sassou Nguesso, a parliament minister and son of Congo’s president Denis Sassou Nguesso, allegedly bought the 3,500-square-foot penthouse at 900 Biscayne Blvd. in 2012, according to a civil forfeiture complaint filed last week by federal prosecutors.”

“The forfeiture action is the latest case in which U.S. prosecutors say illicit money from bribery or corruption has been laundered through South Florida real estate.”

From Mortgage Professional America. “Last week, a former Tampa-area mortgage broker was sentenced to 15 months in federal prison after pleading guilty to making false statements to financial institutions on mortgage applications. Jonathan Marmol and real estate developer Mordechai Boaziz cooperated in a scam that saw Marmol’s lending partners lose more than $5 million. The scheme dates back to before the 2007 financial meltdown.”

“While stories like Marmol’s are relatively uncommon, brokers who bend the rules are not. According to Fairway’s Ryan Grant, raising the bar for entry into the industry would help reduce the number of individuals polluting it. Citing data from the Nationwide Multistate Licensing System, Grant says that of the almost 38,000 applications to become licensed loan officers received by the NMLS in 2019, only 36 were denied.”

“‘This just goes to show you that as an industry, we are not focused on creative, value-based, financially literate, and fiscally responsible mortgage advisors. We are only interested in collecting licensing fees, and the consumer is always going to be negatively impacted by this,’ he says. Grant explains that before becoming a licensed cosmetologist, a person needs to amass 1,600 hours of education and experience. To become a licensed mortgage professional – who, unless you’re a Kardashian, carries significantly more responsibility – that same person needs 20 hours of education; none of which, according to Grant, ‘teaches you anything about actually providing financial advice or guidance.'”

From Bisnow on New York. “In the past few years, developers have rushed to build scores of glitzy new projects, flooding the market and spoiling buyers for choice. There are now more than 15,000 unsold condos in the city, according to data from real estate data analysis firm Marketproof. Of that 15,000 more than 15% — or around 2,600 units — is in just six buildings, Marketproof CEO Kael Goodman said.”

“Miller Samuel President Jonathan Miller figures suggested more than 2,000 new development units would become available for sale this year. He said it could take almost nine years to chew through the unsold inventory on the market.”

“Known as The Towers of the Waldorf Astoria, this much-hyped condominium development officially launched sales in early March. A total of 375 condominiums are on offer, but none have closed as yet, according to Marketproof. Anbang paid Hilton $1.95B for the hotel at 301 Park Ave. back in 2015, setting a record for a single-asset hotel purchase, then started its massive renovation. In 2018, the Chinese government took over the firm after its chairman, Wu Xiaohui, was charged with corruption and sentenced to 18 years in prison.”

The Aspen Daily News in Colorado. “The penthouse atop Dancing Bear Aspen sold recently for $18.3 million, or more than $6,000 per square foot. Dancing Bear’s penthouse has been on and off the market since it was originally listed, as a finished and furnished unit in January 2017, for $29.95 million, or nearly $10,000 per square foot. ‘That caught a lot of attention,’ said broker associate Andrew Ernemann, but didn’t result in a sale. The property was eventually removed from the active listings ‘because we felt the market was getting over supplied at the higher end levels,’ he said.”

The Midland Reporter Telegram in Texas. “The number of houses on the market in Midland County continues to climb. The Texas A&M Real Estate Center reports the number of available houses at the end of May climbed to 885, which was 82 more than April and the highest number since the real estate center began keeping statistics in 2015. Months of inventory also increased to 4.1, which tied the high set in July and August of 2016.”

“The report also shows a two-month continuation in the dropping of price metrics. The first was that the average home sold for $321,339, which was a decline of nearly $16,000 compared to April and a drop of nearly $30,000 compared to May 2019. The median price for a home sold in May — $285,000 — dropped more than $19,000 month over month and year over year. Also, it was the lowest median price in May going back to 2017.”

“The number of homes sold in May – 156 — followed similar trends. The Texas A&M Real Estate Center reported 253 homes sold in May 2019 and 245 in May 2018. Data show that one has to go back to February 2016 to find a month when fewer homes were sold in a month. ‘Texas’ existing-home sales plummeted 32 percent year over year on top of a 22 percent slide in April,’ James Gaines, chief economist for the Real Estate Center at Texas A&M University, said.”

From Housing Wire. “California is seeing rents decrease in several areas. According to RealPage, operators in Los Angeles cut rents by 3.3% in May 2020 compared to May 2019. Oakland, California saw an annual loss in effective asking rents of about 3% in May. Bigger cuts were seen in San Jose at 4.4% and in San Francisco at 4.9%, RealPage said. Executed new lease rent has dropped at least 8%, which is double the norm in the U.S., in Boston, Detroit, New York, Salt Lake City, San Francisco and San Jose, California.”

“In San Francisco, one-bedroom rents have dropped 9.2% since June 2019, according to SFGate. Boston has felt the impact from universities and colleges being out, as about 65,000 students live off-campus, the Boston Globe said, and rent is down 2%. Asking prices have also dropped, for the first time since the middle of 2010.”

The San Francisco Chronicle in California. “Summer in the Bay Area usually brings a flood of interns, students and new workers who fill spare rooms and snatch up months-long Airbnb vacancies. But this year, the coronavirus pandemic has upended the once-hot Bay Area housing market and kept people at home, leaving landlords bereft — and some renters on the hook for payments from subletters who never showed. A survey from the San Francisco Apartment Association estimated that 7.5% of renters in San Francisco have broken their leases in the past three months, an unprecedented number.”

“Companies in the business of short-term rentals are also having difficulties. Airbnb laid off a quarter of its workforce in May, and Sonder, another hospitality company headquartered in San Francisco, had major layoffs in March. ‘There’s been a lot who have just kind of disappeared, mailed in the keys, and just vacated, sometimes with furniture left there,’ said Sarah Yaussi, vice president of business strategy for the National Multifamily Housing Council.”

“The slack summer demand from students and interns likely will evolve into a more serious problem for the rental market as a whole in the fall if students do not return, according to Krista Gulbransen, executive director of the Berkeley Property Owners Association. ‘The summer’s just shot. So for someone to go longer than the summer on a vacancy just to see if the students come back in January is probably not realistic and doable,’ Gulbransen said.”

From Socket Site in California. “The percentage of homes on the market in San Francisco which have undergone at least one official price reduction is currently running around 21 percent, which is six (6) percentage points, or roughly 39 percent, higher than at the same time last year. And with inventory levels up 60 percent on a year-over-year basis, there are now over twice as many reduced listings on the MLS in the absolute than there were at the same time last year.”

The Los Angeles Times in California. “Retired football player Carson Palmer has finally sold his custom home in Del Mar for $18 million, according to the Multiple Listing Service. The wood-clad contemporary had been on and off the market since 2015, when it first listed at $24.995 million. In May, the median sale price for the area was $1.439 million, down 23.4% year-over-year, according to CoreLogic.”

The Jersey Journal in New Jersey. “Four owners of an unregistered short-term rental in the Hilltop section of Jersey City could each face fines of up to $2,000 a day if the property does not register with the city, official said. Additionally, the 50 Trenton St. owners — Steven Ling, Joseph Peter Turro, Yang Ge and Hyun Soo Kim — would each cited for maintaining a nuisance, which carries with it fines of up to $1,000 fine and jail time or community service.”

“Ward C Councilman Richard Boggiano said there have been several things going on at the property that include partying in the street, loud music and vomiting out of the window. Police have received more than 30 calls to the property, which is separated from neighboring homes by only an alleyway on each side, in the past few months, he said. He said there are a lot of short-term rentals causing trouble. People are just tired of them, Boggiano added.”

This Post Has 122 Comments
  1. ‘explains that before becoming a licensed cosmetologist, a person needs to amass 1,600 hours of education and experience. To become a licensed mortgage professional – who, unless you’re a Kardashian, carries significantly more responsibility – that same person needs 20 hours of education’

    But, sound lending? Plus if it takes 13 years to throw a crook in jail, how tough is the enforcement?

    1. Heh heh…I was teaching a college class in the summer of 2006. I recall students who quit coming to class due to fear of missing out on the lucrative opportunity to peddle subprime mortgages to greater fools. It was a sort of professorial shoeshine boy moment.

  2. ‘this year, the coronavirus pandemic has upended the once-hot Bay Area housing market and kept people at home, leaving landlords bereft — and some renters on the hook for payments from subletters who never showed. A survey from the San Francisco Apartment Association estimated that 7.5% of renters in San Francisco have broken their leases in the past three months, an unprecedented number’

    Wa happened to my shortage bay aryans?

        1. I think you have that backwards. Next time you use uber just ask your driver Bubba. And make sure to wear your seatbelt and record everything.

  3. ‘Anbang paid Hilton $1.95B for the hotel at 301 Park Ave. back in 2015, setting a record for a single-asset hotel purchase, then started its massive renovation. In 2018, the Chinese government took over the firm after its chairman, Wu Xiaohui, was charged with corruption and sentenced to 18 years in prison’

    This is the clown who would ride in a glass elevator, pointing at buildings and say “I want that one, and that one”. Enjoy breaking rocks Wu.

    Notice the increase in federal prosecutors and mentions of prison time?

  4. ‘The report also shows a two-month continuation in the dropping of price metrics. The first was that the average home sold for $321,339, which was a decline of nearly $16,000 compared to April and a drop of nearly $30,000 compared to May 2019. The median price for a home sold in May — $285,000 — dropped more than $19,000 month over month and year over year. Also, it was the lowest median price in May going back to 2017’

    A couple of things: does anyone really believe sellers would be slashing if it took 4 months to sell? According to UHS that a sellers market!

    Second, I said when the median climbed over 300k that Midland would regret it. Enjoy the bust!

    1. It’s an obvious “Grandma finally died” house. Days on market: 657. And the pictures are old, pre-renovation. If the house was really flip-renovated, the price doesn’t not seem out of line with the rest of the area.

      1. I actually like that house. A modest but totally livable house on a nice tree lined street. Why aren’t new versions of these being built?

          1. But builders insist they don’t pencil out.

            I assume what that really means is that if they price it to make the same or more margin as the current product there are no buyers. Can they make money? Yes. Can they make a ton of money at a high rate of speed? No.

      2. It would have justified the asking price somewhat more if it were east of Hubbard and north of West Chicago — and I realize that it isn’t at all fair to someone who does not live in this area to be expected to know that:

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

        That was probably why the asking price was what it originally was, and also why nobody bought it, because if you’re not in that district those are not your comps.

        But yeah, that the details mention sanded floors and the photos show carpet and linoleum suggests the latter are out of date — assuming that the flipper is out of the picture now.

        1. It doesn’t mean she died in the house.

          And yes, that is a perfectly good house for most families. You know how they say “people used to live in smaller houses blah blah.” Well, people still DO live in those houses, built from 1950 – 1975 or so. My development has thousands of this size house, in several variations.

          1. My son is helping to build one, with plans to live in it as a newlywed in the foreseeable future.

          2. Bear…think of how much we have downsized from just 10 years ago… no massive bookcases filled with books records cd’s vhs, no overstuffed couches chairs, since everything is digital, even speakers are a lot smaller and can put out tons of bass. add in axlexa bluetooth etc… captains beds with storage underneath more open areas… I love the old style with a big eat in kitchen,

    2. Interesting pricing history: A negative AM loan perhaps?

      ——————————————–
      8/21/2018 Loan issued – A loan was issued by LAURENT BRESSON on 8/21/2018.

      9/5/2018 Loan issued – This home last sold for $142,000.

      3/3/2020 Foreclosure auction $155,000 unpaid balance

      ——————————————-

      It was listed for sale just 6 weeks after being purchased

      9/6/2018 Sold $142,000 (-13.1%)
      10/28/2018 Listed for sale $224,900 (+58.4%)
      11/8/2018 Price change $214,900 (-4.4%)
      11/10/2018 Price change $204,900 (-4.7%)
      11/24/2018 Price change $244,900 (+19.5%)
      12/19/2018 Pending sale $244,900
      1/22/2019 Listing removed $244,900

  5. Do the MarketWatch peops not realize that higher Treasury yields = selloff?

    Seems like the current flight-to-quality asset of choice is gold. And rising Treasury yields portends badly for Wall Street, as both stocks and “risk-free” bonds selling off on the same day suggest there’s no place to hide in U.S. dollar denominated assets.

    1. Bond Report
      Treasury yields tilt higher as bond-market shrugs off tariff and coronavirus fears
      Published: June 24, 2020 at 8:30 a.m. ET
      By Sunny Oh

      U.S. Treasury yields edged
      higher early Wednesday as investors looked past reports that the Trump administration was weighing imposing import tariffs on the European Union and Canada along with more evidence of rising coronavirus case in many American states.

      What are Treasurys doing?

      The 10-year Treasury note yield (TMUBMUSD10Y, 0.700%) rose 0.8 basis point to 0.717%, while the 2-year note rate (TMUBMUSD02Y, 0.183%) was virtually flat at 0.192%. The 30-year bond yield (TMUBMUSD30Y, 1.451%) edged 0.3 basis point higher to 1.492%.

      What’s driving Treasurys?

      The U.S. was considering placing tariffs on the EU over a trade spat involving Europe’s Airbus and its U.S. counterpart Boeing, according to a notice by the Office of the U.S. Trade Representative. The move is part of the U.S. response to the most recent ruling in the very long-running dispute at the World Trade Organization on aircraft subsidies.

    2. I put in a buy order for more FTBFX after market close yesterday. I still refuse to buy ANY stock right now or anytime soon, but as the Fed declared last week that they’ll be buying corporate bonds directly, might as well ride the wave and collect some interest instead of watching my pile of cash gather dust.

    3. Seems like the current flight-to-quality asset of choice is gold.

      Go to the US Mint website and check out their bullion sales page that tracks monthly sales. Then go to online bullion brokers and see what’s sold out. The smart money knows where the Keynesian fraudsters at the Fed are taking us, and they’re protecting their wealth accordingly.

    1. New York, New Jersey, and Connecticut are now imposing 14 day quarantines on all out of state visitors from Bat Soup Flu hotspots. Note that this order will under no circumstances apply to anyone traveling across state lines to topple statues and deface monuments, that is considered essential business travel, as they’re getting paid for it, and is therefore subject to Constitutional protection under the Commerce Clause.

        1. I think CA and AZ have their own bubble.

          Here in the Finger Lakes region of NY, we’re going into Phase IV this Friday, although we don’t know what that means.

    2. Take NYC out of the equation and see what the numbers look like?

      Also, the pandemic is just ramping up in less densely populated states.

    3. Ben, the other day I posted several reasons why fatality can decrease even when case count is increasing. Anyway, I’m not too worried about a fatality. What I fear is that 10% of patients are sick for 3-4 months with icky symptoms and potential permanent organ damage. I don’t want to be one of them.

      The takeaway from yesterday’s youtubes: One of the strains of SARS-COV-2, the D614G mutation, is more contagious (but maybe not more deadly). Because it’s more contagious, it’s been out-infecting the other competing mutations and now accounts for 70% of infections. IIUC, this is the European strain that so ravaged Italy.

      This is important because the D614G mutation appears to not be affected by antibodies produced from the original Wuhan virus.(!) This means that anyone who suffered and built antibodies to the original Wuhan disease from ~November-March — whether in China or had a connection to China — may not be not immune to the D614G strain. And that D614G strain is now dominant. There is a theory that this is why we’re seeing isolated incidents of reinfection. Someone had the early version of COVID and is still susceptible to this new strain. The jury is still out on how long immunity lasts.

      So folks:
      1. If you think you had COVID in February/March, you’re not out of the woods. If you had the old strain, you may still be susceptible to the new strain. Or you immunity may have faded by now.
      2. Take Vitamin D! Or at least get out into the sun.

      1. “One of the strains of SARS-COV-2, the D614G mutation,…”

        Any idea how many strains are out there? If it mutates like its cousin, the common cold virus, good luck developing a vaccine.

      2. Woke up today with a cough that I can’t seem to shake. I hate that it (covid) puts a ball of worry in the back of my mind over what -so far- are just minor symptoms.

        1. “Woke up today with a cough…”

          Salt. I grab a couple family sized boxes of Triscuits, slowly chew and swallow them one at a time. Gargle frequently with warm salt water. I prefer to control coughing with Mucinex. Pound down the water…lots of water!

  6. “The forfeiture action is the latest case in which U.S. prosecutors say illicit money from bribery or corruption has been laundered through South Florida real estate.”

    I am shocked, shocked! to learn of money laundering in Miami real estate. Looks like someone failed to pass the requisite brown envelopes to state and local Democrat Party bagmen.

  7. “‘This just goes to show you that as an industry, we are not focused on creative, value-based, financially literate, and fiscally responsible mortgage advisors.

    The HBB cracked the code on that racket years ago, while the MSM parrots on the REIC’s shoulder were squawking about loose lending being a thing of yesteryear.

  8. There are now more than 15,000 unsold condos in the city, according to data from real estate data analysis firm Marketproof.

    Is that a lot?

  9. A total of 375 condominiums are on offer, but none have closed as yet, according to Marketproof.

    Oh dear. Lots of realtors cut off from the office coffee pot.

  10. The first was that the average home sold for $321,339, which was a decline of nearly $16,000 compared to April and a drop of nearly $30,000 compared to May 2019.

    And FBs said renting was throwing money away?

  11. According to RealPage, operators in Los Angeles cut rents by 3.3% in May 2020 compared to May 2019.

    Since when have greedy landlords been known as “operators”?

  12. ‘There’s been a lot who have just kind of disappeared, mailed in the keys, and just vacated, sometimes with furniture left there,’ said Sarah Yaussi, vice president of business strategy for the National Multifamily Housing Council.”

    Check their parents’ spare bedrooms and basements, Sarah.

    1. It amazes me how many people move out of apartments, and leave large amounts of furniture and stuff behind. Sometimes it looks like they just walked away and left everything.

      1. I’m not surprised at all. People on the way up to a house want nicer stuff, and people who are on the way down — say to stay with friends — don’t have the money or space or motivation to move it. It’s likely worthless cheap stuff anyway. IKEA is worth billions for a reason.

  13. Tough day for the smarter-than-Buffett day traders, on the day after my daughter told me her boyfriend is among them. Hope he’s not getting wiped out.

    1. Apparently new cases haven’t stopped emerging, and about 1 in 20 of these won’t survive.

      The Financial Times
      Coronavirus business update 30 days complimentary
      Markets Briefing Equities
      Stocks fall sharply amid new flare-ups of coronavirus
      Several US states report record cases and New York imposes quarantines
      © FT montage
      Joshua Oliver and Philip Georgiadis in London and Hudson Lockett in Hong Kong 3 hours ago

      Global markets dropped on Wednesday as rising US Covid-19 cases and new quarantine measures fuelled fears that the virus could derail an economic recovery.

      Markets in the US and Europe slid, with the FTSE 100 and the Euro Stoxx 50 both closing 3.1 per cent lower. On Wall Street, the S&P 500 was down 2.8 per cent and the Nasdaq Composite 2.4 per cent lower by lunchtime trading, while the dollar rallied.

      Stocks extended losses after the governors of New York, New Jersey and Connecticut announced that travellers coming in from states that have a high infection rate must quarantine for 14 days. The restrictions came after Florida reported its biggest daily increase in Covid-19 cases.

      Renewed trade friction between the US and Europe also knocked investor sentiment. Washington launched a consultation on new tariffs on $3.1bn of European products — ranging from German camera lenses to British biscuits and French wine — in a move that would broaden a transatlantic dispute over aircraft subsidies.

      Traders are scrutinising the latest coronavirus figures as the global case count tally rises above 9m and more than 450,000 deaths have been reported.

    2. “The success rate for day traders is estimated to be around only 10%, so … 90% are losing money.” Cory Michael at Vantage Point Trading is even more pessimistic (or realistic) when he says, “Only 1% of [day] traders really make money.” He says it’s because of the “social mood.” Put simply, by definition, if you are buying, someone else must be selling; that is the social part. The markets are a real-time thermometer; buying and selling, action and reaction. If someone is making money, someone else is losing money. You would have to join the crowd as the market is moving up and be smarter than that crowd to get out before they do, if it starts to fall.

      https://www.forbes.com/sites/nealegodfrey/2017/07/16/day-trading-smart-or-stupid/#657cea071007

        1. How can you tell high from low when trillions in central bank liquidity injections are completely masking fundamentals?

          1. ‘How do people feel about buying securities that are high only because the Fed is buying?’

            Seems like nobody cares about the steamroller any more. They just want their elected representatives to make damn sure that thing doesn’t stop popping out the nickels. If somebody gets crushed once in a while that’s just the price of freedom.

  14. “The percentage of homes on the market in San Francisco which have undergone at least one official price reduction is currently running around 21 percent, which is six (6) percentage points, or roughly 39 percent, higher than at the same time last year.

    You’re gonna have to do better than that, greedheads, if you expect to unload your alligators.

  15. Additionally, the 50 Trenton St. owners — Steven Ling, Joseph Peter Turro, Yang Ge and Hyun Soo Kim — would each cited for maintaining a nuisance, which carries with it fines of up to $1,000 fine and jail time or community service.”

    Amish elders need to exert more discipline over their flock.

    1. The eviction and foreclosure moratorium in Nevada is set to expire on June 30. We’re all waiting to see if it will be extended. Seems possible, given that the virus isn’t exactly finished with us yet.

      1. Heh, it makes me wonder if that’s one reason why people want to open back up: to string out the epidemic freebies like eviction moratoriums, $600 cheese, and no utility shutoff. After all, it’s not them dyin’; it’s the “olds with colds.”

  16. This is a longer piece but a good summary of the initial events in Minneapolis in late May:

    https://crimethinc.com/2020/06/10/the-siege-of-the-third-precinct-in-minneapolis-an-account-and-analysis

    It’s been thirty days since Minneapolis police murdered George Floyd. What has unfolded since then has been the worst urban unrest in this country in my lifetime. Lessons learned: do not buy a house in a municipality unwilling and unable to enforce law and order against looters, vandals, and other feral trash.

    No property tax revenue, no income tax revenue, and no sales tax revenue for you. And more importantly, not a penny for the Real Journalists who are responsible for most of the violence and destruction, you will be boycotted for life and donations will be made to the HBB.

    1. Im still holding out for the truth, they knew each other from the club, they all had headsets/earphones and were on the same frequency .heck I remember just about every dj club booth had a panic button to get security over in what 15 seconds if there was trouble…. My first thought was this was personal and went way out of control.

      1. My first thought was this was personal and went way out of control.

        That was my first thought too as soon as I heard they worked at the same place.

      2. If they knew each other, wouldn’t that erase some of the hate-crime aspect? That officer may have been as vindictive if the victim had been another color. On the other hand. it will be easier to convict on the charge of higher degree of murder. Easier to prove intent. Either way it’s clear that this LEO will be sacrificed to restore some order post verdict.

        (Then again, who knows. I’ve lived in college towns with major sports teams. After a game, students went out in the streets win or lose.)

        1. If they knew each other

          https://www.msn.com/en-us/news/us/transcript-benjamin-crump-on-face-the-nation/ar-BB14QjqE

          MARGARET BRENNAN: Did the two know each other?

          CRUMP: We don’t understand how that is not first degree murder. We don’t understand- we don’t understand how all these officers have not been arrested. And, yes, his family has been notified by the owner of a club that Derek Chauvin was an off duty police officer while George Floyd was a security guard. And so they had to overlap. And so that is going to be an interesting aspect to this case and hopefully upgrading these charges to first degree murder because we believe he knew who George Floyd was.

          1. George Floyd was a security guard

            I have no idea how such a connection is evidence of premeditated murder. Did the cops know that he was on parole for a violent crime conviction?

            How does a violent crime & multiple cocaine convict get a job as a security guard anywhere?

  17. This is a long video (67 minutes), but i think it fairly accurately describes what the authorities involved in globalism have planned for all of us… I’m not one of those that are opposed to cultured meat, but the globalists are evil. Cultured meat is not going to be the problem that Cullen thinks it will be. Autonomous cars are also not a plot against freedom. The woman in the video has her priorities more correct than Cullen.

    https://www.bitchute.com/video/jf5hVCidA4s/

    1. Autonomous cars are also not a plot against freedom

      Yes, elderly folks who can’t safely drive anymore would love to have autonomous cars.

      1. True, and i’m sure most of them would love the idea that drunk driving would become a thing of the past too.

        And insurance rates could drop to nearly zero. And if Musk could incorporate insurance (insurance being an expense of owning a car) with buying and financing a car, no one else could compete until they produced full self-driving cars also. He’ll have a big advantage when he gets to self-driving cars. How long he could keep that advantage is another question.

        In other videos Cullen has said he doesn’t like the idea of self-driving cars. He really doesn’t trust high tech. But the problem is hardly ever high technology, it’s people.

        There are many other advantages to self-driving cars, but the main point is that we shouldn’t fear them. Same for cultured meat. There will be no reason to fear it by the time it gets here, but some people still will.

        The real enemy is the people who want to control us. The “democratics”. The communists/socialists. It’s like the woman in the video said, “There is practically no one alive today who doesn’t believe that they would have never put on that Nazi uniform.” That’s how the tyrants hide. They convince mostly themselves that they could never be tyrants.

        1. He’ll have a big advantage when he gets to self-driving cars.

          Has hell frozen over? Can pigs fly too?

    1. “The order will apply to travellers from states with infections equal to 10 per cent of their population, or 10 per 100,000 people,…”

      No.

      The Financial Times
      Coronavirus business update 30 days complimentary
      Coronavirus pandemic
      Reopenings begin to slow as new cases in US hit record
      Seven states post highest one-day increase as nationwide coronavirus total rises by 38,700
      Texas is one of the states reporting record increases in new coronavirus cases. A shop in San Antonio requires patrons to wear masks.
      © AP
      Peter Wells and Matthew Rocco in New York 2 hours ago

      American political and business leaders have begun putting the brakes on the US’s gradual economic reopening as the country on Wednesday tallied its biggest increase in coronavirus cases since the outbreak began.

      Seven states, mainly in the south and west, reported record increases over the preceding 24 hours, with the nationwide tally rising by 38,672, according to the Covid Tracking Project.

      Covid-19 cases continue to surge in the south and west US. Seven-day rolling average of new cases, by number of days since 10 average cases first recorded

      Texas, Florida and California — which all reported record increases — led the pack on Wednesday, with California tallying 7,149 cases over the preceding 24 hours, Texas recording 5,551 and Florida 5,511. North Carolina recorded 1,721 cases, near an all-time high for the state.

      Most of the states showing sharp increases in new cases were quick to reopen their economies last month, moves that prompted public health experts to warn that many jurisdictions were moving too quickly.

      The new outbreaks prompted the governors of New York, New Jersey and Connecticut — states that were once home to the worst of the US pandemic — to impose a two-week quarantine on visitors from states with elevated infection rates.

      The order will apply to travellers from states with infections equal to 10 per cent of their population, or 10 per 100,000 people, on a seven-day rolling average. As of Wednesday, that list included Alabama, Arkansas, Arizona, Florida, North Carolina, South Carolina, Texas, Utah and Washington.
      Column chart of One-day increase in coronavirus cases showing US has record rise in new Covid-19 cases

      The sharp rise in cases in the south and west sent jitters through Wall Street on Wednesday, with the benchmark S&P 500 index closing 2.6 per cent lower.

      Although the rising number of cases has yet to result in a rise in fatalities, several states have reported an alarming increase in Covid-19 patients in hospital.

      Texas reported on Wednesday it had 4,389 coronavirus patients in hospital, more than at any point during the pandemic, and California said it had 5,399, a record and up 19 per cent from a month ago.

      Arizona (2,270), Georgia (1,124), South Carolina (832), Mississippi (767), Tennessee (470) and Arkansas (267) on Wednesday all reported their highest number of current hospitalisations since the start of the outbreak.

    2. The recession is much worse than the IMF expected and the hit to jobs ‘catastrophic’
      By Julia Horowitz, CNN Business
      Updated 2:39 PM ET, Wed June 24, 2020
      A seller waits for customers behind a protective nylon shield placed to prevent the spread of the new coronavirus, COVID-19, at Iztapalapa market, in Mexico City on June 22, 2020. – The spread of COVID-19 is accelerating across Latin America, with Mexico, Peru and Chile also hard-hit as death tolls soar and healthcare facilities are pushed toward collapse. (Photo by Pedro Pardo/AFP/Getty Images)

      London (CNN Business)The International Monetary Fund has slashed its global economic forecasts for 2020, saying the coronavirus pandemic is causing a much steeper recession and a slower recovery than initially expected.

      The organization said Wednesday that it thinks global GDP will contract by 4.9% this year, downgrading its estimate from April, when output was forecast to shrink by 3%.

    3. World Economy
      IMF slashes its forecasts for the global economy and warns of soaring debt levels
      Published Wed, Jun 24 2020 9:00 AM EDT
      Updated Wed, Jun 24 2020 10:54 AM EDT
      Silvia Amaro
      Key Points
      – The IMF also downgraded its GDP forecast for 2021.
      – The fund cautioned that the forecasts are surrounded with unprecedented uncertainty.
      The United States is expected to contract by 8% this year. The IMF had estimated a contraction of 5.9% in April.

      1. I’m sure New York doesn’t need any stinkin’ COVID-19-ridden, Clownifornia tourist dollars.

        But did he say 10% or 0.01%? The latter seems kind of dumb as a threshold for quarantine, as lots of the 0.01% are naturally going to be bedridden or worse, and not traveling, so the effective transmission risk is much lower.

    1. Interesting guy…seemed very at peace with himself and destiny.

      And I have gotten to know a few folks from San Pedro since settling in SoCal.

    1. Actually the percentage testing positive in SD County has been dropping steadily from a high in April of 7% to a rolling average in June of 3%. It’s still 3%. County health officials think this is great news.

      Over here in NY, the % positive has fallen to 1%. Testing 60,000 healthy people per day helps alot. All you germy people from everywhere else just stay home.

    2. Transmission is up, but death rate is down. They’re still trying to figure it out. I don’t think we’ll have trendable data for another couple weeks, when the new cases would turn into ICU cases.

      I’m still taking this seriously, as I am very afraid of being in that low % of patients who get the 3 months of icky symptoms. There’s not great news on the immunity front either. There are now some accounts of antibodies not hanging around very long – 2-3 months. The data is still anecdotal but the trend is not good.

      Brace yourselves, it might be that our only course of action is to take Vitamin D, wear a mask (N-95/face shield if you can), and hope the virus itself mutates to something like a flu over the next year.

    1. William Kristol will have a cabinet position in the Biden administration and we will launch a ground invasion of Iran within two years.

      You heard it here first.

  18. First, the purpose of. the formation of America was to give a right to the pursuit of happiness under Constitutional protections.
    There was nothing about a One World Order .

    What had happened under the banner of Constitutional protection is the idea that the USA should tolerate any form of un American activity or insurrection intent on overthrowing the Constitution Republic.

    Attacking Statues with demands to defund the Police is not a democratic process, it rule and extortion by the mod.

    When you have a certain population of people that’s view would mean the canceling of the Constitutional Republic in favor of some Commie takeover ,where you loose your Constition and Bill of Rights, than it’s no different than a takeover from a hostile Foreign Government, no different than Pearl Harbor or 911.

    When the Federal Income Tax was passed by Wilson it set the stage for the growth of big government, deep State , and corrupted welfare State. Than Obamacare enforced by the IRS was ushered in, but it was a Communist health plan.
    Basically this idea that the Government is in charge of insuring that people are equal is Commie and not the Foundation of this Government. Merit based pursuit of happiness without your Government betraying you, or the High Court betraying you was the idea.
    The peaceful protestors and Looters are making demands that aren’t voted on by the entirety of the population, therefore it’s not anything but a undemocratic insurrection or domestic terrorism.

    Somebody said last night that for most part these protestors were Bernie Sanders supporters. The Commie Con artist Bernie Sanders who captured dumb ass young people with talk about what rights the Big Government should provide for you.
    This Government was not formed on the concept of the Government being your provider, but rather the protector of your rights.

    These are not freedom fighters, they are take other people’s rights by force as they demand free shit from the people they step on. And the Globalist Looters rah rah these nuts that loot because the Globalist Greedheads are the biggest Looters of all.
    I think there needs to be a new Party because currently there isn’t anything but a departure from the intent of the Framers of this Republic.

    Really, this idea that everyone can be equal is a evil idea from Despots that want to control what everyone gets. The Globalist don’t care what the Government pays for as long as their gravy train continues of looting America isn’t disrupted, with the Government being the Pawn.
    I think the USA either needs to go back to what the original intent was or it will morph into a Commie Big Government Regime of the opposite of Justice.

    1. I think there needs to be a new Party because currently there isn’t anything but a departure from the intent of the Framers of this Republic.

      As an NPP voter, it seems that since Trump the Republican party is slowly reverting back to American conservatism as people #WalkAway from the Democrat party. The new blood in the party contrasts with the establishment globalist GOP RINOs.

      1. I think your right that the GOP comes closer to a party that could restore the Republic.

        The one thing the Trump Adminstration did bring out was the true colors of all the factions, including China, deep State, radical Commie left, Globalist Looters, fake news, fake investigations,etc.

        If the GOP steps up to the plate, than they could be the restoring Party.

        It seems like this whole Trump Adminstration has been the attack of the resistance, one drama after another.
        The Dem party isn’t even electable and they need to be totally taken out IMHO.

          1. Thanks for the tape. Nice group of people who I hope don’t get banned by Google for speaking their mind.
            There is nothing better than a Walk Away person to articulate why the Dem party is nothing but a corrupted fraud these days

  19. I know I write a lot about the evils of Communist theory, but it’s a big threatening cloud now.

    I remember back in the 60″s you had a bunch of hippie types try out the Commie commune type life style.

    What ended up happening was people dropped out because their was this natural tendency for a certain percentage to become parasitic on the ones working hard. Than the hard working ones got sick of the slackers and wanted to leave. The productive ones lost their incentive because they got the same as a slacker.
    Contrary to what Karl Marx asserted ,that everyone would be sharing the wealth and become more productive, the evidence shows the opposite happens.

    And look at how nuts Big Government was with the Covid 19 drama. To think that Big Government can run your life better than a person could themselves ,operating in self interest, is absurd.
    Since when do we give in to the minority demand that don’t believe in voting to get what they want.

    1. Exactly. People have tried it over and over in small groups. They pool their money, buy land, set up their utopia and it immediately falls right to pieces. They can never do it small scale, but somehow they think they can do it large scale. When they get a chance to try it large scale, it’s not long before “It’s not working because of group A” so let’s kill group A. Darn, it still doesn’t work – there’s this problematic group B. Let’s kill group B. Eventually all of the producers and educated, etc. are killed and you’re left with the garbage. Meanwhile, the top always makes out. Lenin, Mao, Kim, etc. Always rich. It never works for anybody else….But it’s gonna work this time for sure!!

  20. Another word about White Privilege.
    For years in this Country you had a majority White population. In spite of this the White population endorsed equal rights for all races.

    What you have with the protestors is a minority calling to demean whites, take whatever by force, get rid of any White history or values, and practice reverse discrimation on Whites. They demand that any merit based system is a evil White system , so they are willing to get rid of the Constitution in favor of minority mob rule. White values isn’t racism but rather just values each person is entitled to.

    If you have a group that values religion for instance, how can you say it racism and Jesus Statues should be destroyed.

    These Commie nuts are saying that Science is racism and they are attacking Science.

    Everything is racism to these anarchist rather than it being labeled values.
    So it’s all false narrative, but they are really Communist trying to topple what the Framers set up .

    These people have no idea how oppressed they would be under a Communist Government.

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