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Cutting Losses Appears The Right Move To Make

A report from My Northwest in Washington. “Matthew Gardner, chief economist for Windermere Real Estate, says just shy of 8% of all homes with mortgages in the United States are in forbearance today. ‘That number has been dropping back over the last several weeks as those people go back to work and they feel more confident,’ he said. ‘So again, I think the ownership market is still in pretty good shape. But it’s the apartment world, which is clearly a problem.'”

“Dave Ross said that it feels like another shoe is going to drop as housing values are increasing at the same time that the small business economy and retail seem to be in a shambles.”

The Cape Cod Times in Massachusetts. “Local housing advocates are worried about this fall. They see three factors that, together, could leave Cape Codders in a vulnerable position: the state’s eviction moratorium that is set to expire in mid-October; the end of the additional $600 a week in unemployment benefits that ended in July; and the seasonal economy’s annual move to winter hibernation.”

“Lower Cape Outreach Council Executive Director Larry Marsland is expecting a surge now that the extra $600 has stopped. ‘A lot of people are going to go into fall in a really difficult situation financially,’ he said. ‘I don’t know how you can take $600 away from people and think anything but a catastrophe will happen.'”

“Landlords, too, are affected. Some depend on rental income to be able to stay on the Cape. ‘A lot of landlords, especially small landlords, are hurting and rely on this money,’ said Michael Pierce, a Cape-based attorney who handles tenant/landlord disputes.”

From CBS San Francisco in California. “A Fremont landlord recently found out his property was being illegally rented out on Airbnb but state and local eviction moratoriums are preventing him from getting his house back. ‘I was furious,” said Avinash Jha, the homeowner about finding out from a neighbor that his home was being rented out on Airbnb without his permission. Their tenant, Linda, is violating Fremont city law by allowing more than two people to stay there at a time. She asked them to reduce her rent back in March by $500 a month because of hardships caused by COVID-19, they agreed to lower the rent and now regret it.”

“‘They’re making money off our house and not paying us the rent, it’s kind of like crazy in every which way you look at,’ Shah said.”

“Todd Rothbard is an attorney who helps landlords through the eviction process. He says cases like this are happening all across the state. ‘I get more than a dozen stories like this every day and a lot worse,’ Rothbard said. ‘The worst case scenario is that property owners will abandon their properties. They can’t afford them, they can’t maintain them, they can’t pay the property taxes so the government will be deprived of funds, all of these impacts will occur the longer this goes on.'”

“Meanwhile Jha and Shah are being forced to downsize. With an expensive mortgage to maintain they’re moving their family of four to a two bedroom condo nearby hoping someday soon they’ll be allowed to move into their own home. ‘All nights that we are awake, it’s because of this, you know, it’s causing a lot of emotional stress for sure,’ Shah said.”

The Los Angeles Times in California. “Actress Lori Loughlin and her husband, fashion designer Mossimo Giannulli, have one less thing to worry about as they await sentencing for their role in the college admissions scandal. The pair have sold their Bel-Air estate for $18.75 million — or about half the $35 million they had asked for the estate.”

From Variety on New York. “Jennifer Lawrence has had plenty of success on the big screen, but not so much with Big Apple real estate. The actor shoveled out $15.6 million for her glass-walled penthouse condo on the Upper East Side in 2016, just as the Manhattan market peaked. According to tax records filed in late July, she’s now resold the place for a breathtaking $9.9 million. Not counting carrying costs, improvement expenses, and real estate fees, that’s a staggering $5.7 million loss — which has gotta hurt, no matter who you are or how much money you have.”

“J-Law initially listed the condo last year with a much-too-optimistic asking price of $15.45 million. The price dropped to $14.25 million before it was, in late 2019, slashed to its final ask of $12 million. Saddled with massive common charges of over $5,700 month, not to mention taxes, insurance and upkeep that collectively amounted to around $100,000 per year, cutting her losses appears to have the right move to make.”

From Yahoo Finance. “Bank lending collapsed in the second quarter. According to the latest Senior Loan Officer Opinion Survey — or SLOOS report — from the Federal Reserve published Monday, bank lending during Q2 tightened by the most since the financial crisis. Across all parts of the commercial lending business and all areas of consumer lending except housing, banks tightened standards and saw demand plunge during the months covering the most acute phase of the pandemic crisis.”

“Only residential real estate, essentially the mortgage market, has seen increased demand, though standards still rose sharply during the last few months. Cash transfers can keep consumers spending and meeting some (but not all) of their obligations. This at least keeps the economy sputtering along. But bank lending — and the curtailment of this credit extension — is where we see signs of just how sharply the economy contracted, how aggressively lenders have hunkered down, how fast borrowers dried up, and how long the road ahead is to get the economy back to full strength.”

From Forbes. “Year-over-year revenues of small business owners plummeted 52% while their payroll expenses dropped 54% in the second quarter of 2020, according the new Small Business Financial Health Survey, conducted by Biz2Credit. Businesses reported a 54% drop in average payroll expenses from $137,126 in 2Q’19 to $62,599 in 2Q’20. 60% of businesses surveyed were closed for some part of 2020 due to COVID-19, and these companies experienced a drop in revenue of 87% compared to 2019. Meanwhile, companies that were not closed saw an average decline of just 13%.”

“LLCs showed a revenue decline of 90%, a drop in payroll expenses of 51%, and a drop in the number of employees by 62%. The average of number of employees among businesses surveyed dropped from 15 in 2Q’19 to just 8 in 2Q’20. Only 20% of the businesses that had to close because of government mandates were offered a deferred payment option by their landlord or mortgage company.”

“Struggles for small businesses continue. Only one in five companies were able to negotiate deferments or discounts on rents with their landlords. Thus, despite having zero revenues in some cases, businesses were expected to pay their rent in full. A lot of small business owners were caught between a rock and a hard place; they had little money coming in, yet they had obligations to pay. Everyone suffered. After all, many times the landlords themselves do not have deep pockets and rely on their rental income to survive.”

The Wall Street Journal. “More U.S. farmers are filing for bankruptcy, as federal payments projected to reach record levels this year fall short of compensating for the coronavirus pandemic and a yearslong slump in the agricultural economy. The pandemic has pressured prices for many commodities, squeezing farmers who raise crops and livestock, and prolonging a six-year downturn in the Farm Belt.”

“‘Agricultural markets have been horrible, and the pandemic exacerbated it, big time,’ said Paul Swanson, an Oshkosh, Wis.-based attorney. He said he has 40 open farm-bankruptcy cases, about a third more than last year. Mr. Swanson said some clients who received federal coronavirus aid still wound up in bankruptcy. ‘The cash came in, the cash came out,’ he said.”

“Before the pandemic, a global grain glut and foreign competition had pushed down agricultural prices. Then the coronavirus hit, upending the U.S. food-supply chain. As restaurants closed, farmers plowed under thousands of acres of vegetables and dumped milk into manure lagoons. Corn prices plummeted as Americans stopped driving, cutting demand for ethanol, a corn-based biofuel blended into gasoline. Prices for slaughter-ready cattle and hogs dropped as meatpacking plants that became virus hot spots slowed or halted production.”

“Hog farmers have lost nearly $5 billion in actual and potential profits for 2020, according to the National Pork Producers Council, a trade group. In California, agricultural businesses stand to lose as much as $8.6 billion, according to a study commissioned by the California Farm Bureau Federation. Trouble for many farmers extends back to a commodity boom beginning in 2006 that encouraged them to borrow heavily, said Patrick Westhoff, director of the Food and Agricultural Policy Research Institute.”

“U.S. farm debt has grown steadily since then to more than $425 billion this year, the U.S. Department of Agriculture estimates. That is the largest sum since a farm crisis in the 1980s that pushed many farmers and lenders out of business. ‘There are a lot of people that have been hanging on for a long time that needed a positive development, and this year hasn’t provided that,’ Mr. Westhoff said. ‘It’s been just the opposite.'”

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This Post Has 122 Comments

  1. ‘Ross said that it feels like another shoe is going to drop as housing values are increasing at the same time that the small business economy and retail seem to be in a shambles’

    The report doesn’t say who Ross is. But the UHS can pretend all they want, the economy is in a bad place. Have you guys ever heard of the median statistic? You realize it’s flawed, a lagging indicator, and can show shack prices rising for a year or more after they are actually falling? I don’t know what’s happening in this little corner or that. But borrowing hundreds of thousands of dollars at a time like this is your funeral.

    1. is this because the lower end housing has trouble qualifying buyers — and the resulting skew moves up?

      Or something else.

    3. All housing price metrics with which I am familiar are based on stale data and don’t consider the prices of homes that don’t sell, which under present circumstances is a large portion of the potential data.

    4. Have you guys ever heard of the median statistic? You realize it’s flawed, a lagging indicator, and can show shack prices rising for a year or more after they are actually falling?

      Especially since all the lower paid workers lost jobs, and it’s the higher paid ones buying now. That has grossly skewed the purchases to the more expensive houses by these higher income earners, leading to a higher median.

      1. That’s right to my point. The “sample” used to compute home price statistics is always unrepresentative. Garbage in, garbage out, as computer programmers like to say.

        1. Garbage in, garbage out, as computer programmers like to say.

          That’s an old one. I doubt the current generation of Javascript and Python code monkeys have ever heard of it.

          2. The saying applies at least doubly to real estate statistics, as they get embellished further when realtors quote them.

          4. Garbage in, oh wait that’s Javascript!

            Luckily someone comes along and automatically collects the garbage! 😉

      2. A big blow by the inequality wedge indeed – Like my friend over at google that I mentioned who got out of Tesla with a hefty profit.

        The massive inflating of equities has been helping a small group of people a lot, while the gig workers (and many others) have been screwed.

    5. “UHS can pretend all they want”

      Realtors are liars. It’s as certain as falling housing prices.

  2. ‘LLCs showed a revenue decline of 90%, a drop in payroll expenses of 51%, and a drop in the number of employees by 62%. The average of number of employees among businesses surveyed dropped from 15 in 2Q’19 to just 8 in 2Q’20. Only 20% of the businesses that had to close because of government mandates were offered a deferred payment option by their landlord or mortgage company’

    ‘Struggles for small businesses continue. Only one in five companies were able to negotiate deferments or discounts on rents with their landlords. Thus, despite having zero revenues in some cases, businesses were expected to pay their rent in full. A lot of small business owners were caught between a rock and a hard place; they had little money coming in, yet they had obligations to pay. Everyone suffered. After all, many times the landlords themselves do not have deep pockets and rely on their rental income to survive’

    From what I’ve seen Forbes was the only MSM to report this study.

  3. ‘A lot of people are going to go into fall in a really difficult situation financially…I don’t know how you can take $600 away from people and think anything but a catastrophe will happen’

    $600 away from catastrophe?

    ‘Landlords, too, are affected. Some depend on rental income to be able to stay on the Cape. ‘A lot of landlords, especially small landlords, are hurting and rely on this money’

    Sounds like a rickety cart to me.

    1. Has anyone seen reporting on people pulling out HELOC $s in March and April?

      I have heard stories of folks wanting a safe buffer – and it was worth the risk at 4.5% HELOC interest

      1. Americans are now experienced in how to sell your house at the top and continue to live in it as long as you want.

          1. The banks bring this on themselves. They got burned by squatters in 2009-2001 and if they lent badly again, it’s their own fault.

          2. The banks bring this on themselves.

            True. The only check and balance on that is to let them fail from it. But we can’t do that because it hurts People Who Matter.

          3. Did the banks ask Subprime Sam to support subprime lending through an alphabet soup of housing market support programs at Fannie Mae, Freddie Mac, FDA, USDA, VA, and probably ten others I can’t recall.

    2. Luv the narrative.

      “Take away” free temporary government money you didn’t earn…

      Because racism and hate.

      1. Pay no heed to how that “free” printing press money is destroying the purchasing power of every dollar you have saved, earned, or will receive from your pension fund.

    3. I don’t know how you can take $600 away from people and think anything but a catastrophe will happen

      This extra $600 was one of the worst pieces of legislation in the history of CONgress. These cronies are so old and out of touch they didn’t realize that they were doubling, and in some cases tripling peoples’ incomes. It isn’t just an incentive to not look for work, it’s a financial windfall.

      1. There’s always a catastrophe waiting to happen whenever any politician’s pet program is not adopted.

    4. I don’t know how you can take $600 away from people and think anything but a catastrophe will happen

      That’s the problem with any entitlement. Take it away and far too many start screaming.

  4. ‘A lot of landlords, especially small landlords, are hurting and rely on this money,’ said Michael Pierce, a Cape-based attorney who handles tenant/landlord disputes.”

    Sounds like a lot of speculators overextended themselves financially to buy overpriced properties they clearly couldn’t afford. This is my non-sympathetic face.

  5. I was furious,” said Avinash Jha, the homeowner about finding out from a neighbor that his home was being rented out on Airbnb without his permission. Their tenant, Linda, is violating Fremont city law by allowing more than two people to stay there at a time.

    While California law is firmly on the side of deadbeats, there is a provision for stamping your little feet, Avinash.

    2. Call it the ‘chinese’ mentality where the only thing that counts or is valued is making money and there is no shame is breaking contracts or screwing people over.

      I’ve been seeing it here around Seattle for years now where people rent an apartment – multiple apartments like 4, 5, or 6+ if they can – put some cheap Ikea furniture in it, and then short-term rental the heck out of it, while being vague in the listing descriptions so as not to indicate what building or complex it is, etc (and thus get caught by the landlord).

  6. ‘Before the pandemic, a global grain glut and foreign competition had pushed down agricultural prices. Then the coronavirus hit’

    I’ve posted many articles on the farmland bubble. To recap, China went on a QE blast much larger than the US, although the central banks everywhere went crazy. This resulted in China pouring 100 years of concrete in 3. Commodities exploded, everything was overproduced, China went limp, prices plunged. QE is ultimately deflationary.

    ‘Trouble for many farmers extends back to a commodity boom beginning in 2006 that encouraged them to borrow heavily’

      1. ‘Since the bank run on Gansu Bank in April 2020, there have been many bank runs inside China. The regime’s general practice of maintaining so-called social stability is always to label them rumors by claiming the bank is financially well-managed, which is followed by a series of arrests by the police. On July 12 when a bank run took place in Hengshui Bank Branch of Hebei province, local police arrested two citizens believed to be spreading rumors.’

        ‘In June, there was a bank run on Bank of Baoding of Hebei Province, after which two people were arrested. Also in June, there was a run on Yangquan City Commercial Bank of Shanxi Province, with four arrests following.’

        ‘According to an Aug. 4 report by Tencent News, the public security (akin to police) bureau of Huludao city is following the formula. According to the latest police report, the public security organs have punished the “rumormongers” in accordance with the law, and thus have administratively detained 4 people and conducted disciplinary talks to 13 people.’

      2. “China’s financial reckoning day is drawing nearer.”

        Is that when they start cashing in U.S. Treasuries to cover losses? That would be a reckoning for more than them.

        The U.S. in 2020 = indebted Europe in 1929.

        China in 2020 = the export-dependent U.S. in 1929.

        1. China in 2020 = the export-dependent U.S. in 1929.

          Yup. Can they go back to the farm in 2020? I’ve heard some factory workers have already started to. But so far it’s just a story here and there. At least that’ll bring families back together as long as they can all eat. No more kids on the farm with the grands while the able bodied work under the table in the cities.

  7. ‘All nights that we are awake, it’s because of this, you know, it’s causing a lot of emotional stress for sure,’ Shah said.”

    I’m trying to relate, Shah, but as a renter I just don’t have to deal with these problems.

  8. “J-Law initially listed the condo last year with a much-too-optimistic asking price of $15.45 million. The price dropped to $14.25 million before it was, in late 2019, slashed to its final ask of $12 million. Saddled with massive common charges of over $5,700 month, not to mention taxes, insurance and upkeep that collectively amounted to around $100,000 per year, cutting her losses appears to have the right move to make.”

    Well, I’m sure this is an isolated incident that in no way reflects a cratering NYC real estate market.

    2. Usually the rule of thumb is $1 max per sqft per month common charges so the 4100 sqft should be $4100 a month tops, so my guess is $2000 of that is to build up the reserve fund which they spent way down for building renovations…

    1. Guns shops for money laundering?

      One of THE most heavily regulated and audited retail industries?

      Guess the author had to get in some woked comments.

      “Pawn shops, payday loans, casinos, & gun retailers are also involved, usually above ground level, retail laundering.”

      1. Yeah, that “news source” smacked of Narrative purveying. I know several gun shop owners personally, and don’t think you’ll find a more law-abiding bunch anywhere.

  11. But the fake legacy news media and BLM tell me the landlords are evil scum with oodles of cash just laying around.

    Hey….where did all the affordable rental stock go?

    “After all, many times the landlords themselves do not have deep pockets and rely on their rental income to survive.”

    1. The MSM propagandists are out with their pom-poms cheering on an orchestrated “tenant uprising.” Pay close attention to which landlords are, and are not, being targeted by this “uprising.”

      https://www.vice.com/en_us/article/7kpdyq/the-tenant-uprising-is-here-and-its-fierce

      In recent days, tenant activists have stormed courthouses in Kansas City and New Orleans. They’ve crowded, chanting, into real estate law firms in New York City. They’ve protested outside a mayor’s home in Los Angeles and marched with signs through another mayor’s neighborhood in Milwaukee.

      Their message to landlords and government leaders: Don’t allow evictions to occur during a global pandemic. Tenant activists are worried about the millions of unemployed Americans who now stand on the edge of an unprecedented housing crisis that could leave as many as 40 million people facing eviction by the end of the year.

      1. As far as I can tell, ALL landlords are being targeted by this anti-eviction uprising, not just the Blackrocks of the world.

        1. It has to be a crushing blow to myriad Mom & Pop landlords who previously believed themselves to be financial geniuses, having borrowed money to buy rental properties as a source of livelihood.

  12. ‘Alasdair Douglas runs Rockwood Adventures, which used to cater specifically to corporate groups, cruise lines and privately booked leisure visitors (George Lucas and his family of 13, wanting to visit Victoria and Whistler, among them). He employed about 20 guides.’

    ‘Now, all those sources of tourism have vanished. He is working to repackage some activities for locals, including stays at northern lodges and glamping excursions at an uninhabited island in the Salish Sea. In the meantime, he doesn’t qualify for the federal government’s payroll subsidy.’

    ‘Although his revenues for May, June and July were down from this time last year by 100 per cent, he also didn’t have any revenue or wage costs in the Jan. 1 to March 31 period – the required second condition.’

    “All these seasonal business are ineligible for [Canada Emergency Wage Subsidy] and this is crippling right now for a lot of tourism businesses trying to restart and focus on the local and domestic markets,” he said.’

    ‘On Quadra Island, kayaking-tour operator Rick Snowdon is anticipating a similar problem, only in reverse. Although he’s received some of the federal wage subsidy for guides at his Spirit of the West company, he anticipates that will end when they finish their season early in September. Then he’ll be trying to figure out how to make it to next summer, which he also expects to see reduced business, with no income for the winter.’

    ‘Mr. Snowdon once ran several multiday tours on various routes across northern Vancouver Island. Now, he is only able to offer one package, limited by reduced access to land because of concerns from Indigenous groups and small communities about visitors, as well as general pandemic-safety rules.’

    Like others, he said the wave of vacationing B.C. residents forced to stay within the provincial boundaries is not making up for the missing international tourists. “For anyone who is doing a guided experience, there’s been a huge drop in activity. BCers know their province and how to get around.”

    ‘British Columbians tend to prefer independent vacations, relying on camping and recreational vehicles. Few are willing to pay for guides or lodges that provide distinctly B.C. experiences. “Why should I pay $9,000 to see a bear?” is the response he and his fellow specialty tourism operators hear.’

    https://www.theglobeandmail.com/canada/british-columbia/article-bc-tourism-providers-struggle-to-stay-afloat/

    1. ‘The check has arrived and beleaguered restaurant owners across America are looking down on their empty wallets. Government coronavirus loans in the spring helped eating establishments rehire laid-off employees and ride out the pandemic’s initial surge and wave of shutdown orders.’

      ‘But that Paycheck Protection Program money has now been spent at many restaurants, leaving them in the same precarious position they were in during outbreak’s early days: Thousands of restaurants are being forced to close down again on mandates from state and local officials combating the virus’s resurgence, particularly in the South and West.’

      ‘And even in parts of the country where the outbreak appears contained, restaurants’ revenue is far below normal because social distancing requirements — and wary diners — mean fewer tables, fewer customers and limited hours. John Pepper used a PPP loan to pay employees and reopen four of his eight Boloco restaurants when Massachusetts lifted its shutdown order in early May. But with the money spent and business at the restaurants down as much as 70%, Pepper had to again close two locations. The staff of 125 he had before the virus outbreak is down to 50.’

      “A lot of this is out of our hands at this point,” Pepper says. “At this moment, I don’t see getting my full payroll back.”

      https://apnews.com/60a4e9a873593cc149975c936ef9cf44

      2. Economies of bail are destined to fail. You can’t paper over massive debt with even more massive debt.

    2. But…not racist.

      “limited by reduced access to land because of concerns from Indigenous groups and small communities about visitors…”

  13. “Dave Ross said that it feels like another shoe is going to drop as housing values are increasing at the same time that the small business economy and retail seem to be in a shambles.”

    Damn those millipedes and and all their tiny shoes!

  14. “A Fremont landlord recently found out his property was being illegally rented out on Airbnb but state and local eviction moratoriums are preventing him from getting his house back. ‘I was furious,” said Avinash Jha, the homeowner about finding out from a neighbor that his home was being rented out on Airbnb without his permission.”

    Only in California…

      2. The guy should book a night in his own place and then refuse to leave.

        Genius. That should be fun when the cops show up…

  15. ‘The worst case scenario is that property owners will abandon their properties. They can’t afford them, they can’t maintain them, they can’t pay the property taxes so the government will be deprived of funds, all of these impacts will occur the longer this goes on.’

    What prevents the government from confiscating abandoned property in such cases and selling it off to the highest bidder?

    If legal, this seems like an easy-peazy way to generate revenue up front and restore the property tax flow.

    1. “What prevents the government from confiscating abandoned property in such cases and selling it off to the highest bidder?”

      If handled properly the confiscated property could be steered into the hands of the politician’s buddies or perhaps the politicians themselves.

      I like it.

      1. Of course there would also be a cut for the bankers whom the government contracts to conduct the auction process.

  16. “As restaurants closed, farmers plowed under thousands of acres of vegetables and dumped milk into manure lagoons.”

    There’s something awful about the notion that it is cheaper for farmers to incur the costs of producing foodstuffs then dumping it rather than finding an alternative market when restaurants closed. Seems like society overall was the big loser.

      1. Seems to indicate it would be more expensive to sell the food, including the identification of a market channel to replace restaurants, even after collecting the sales revenues, than to just dump it.

          1. it would be more expensive to sell the food I doubt it was a matter of expense, but rather that of non-existence of proper supply channels to get the milk from the farmer to the consumer. Channels can’t be developed instantly, no matter how much money is available.

          2. I wonder how much is making it to food banks? OF course there extra costs, such as packaging and transportation, to get the food from the farm to the food bank. and if no one can pay for that, the farmers sure won’t.

          3. I wonder how much is making it to food banks? As I mentioned earlier, supply channels, particularly for milk have to be set up well ahead of the time it is actually needed.

    2. PB notice how all this waste hasn’t been in the news for weeks, and 400 cars lined up to get a box of groceries? i still see lots of people lined up for 2+ hours before the local church pantry opens up. Guess its not news anymore

  17. I just got this in an email from a brokerage:

    ‘It has never been more important to list a house at the “right” price than it is now. When preparing to list your home, it’s nice to hear the highest price from a potential listing broker but, more times than not, this will cost you money and time by having to lower the price for it to eventually sell. If priced right at the beginning, the result would be a faster sale with less money spent on advertising, staging, and other expenses. Here are a handful of listings that were overpriced (original asking price vs. the final selling price):

    BUYER BEWARE
    9901 Copley: $42M vs. $25M
    1005 Elden: $33M vs. $15M
    922 Benedict: $25M vs. $14.7M
    909 Bedford: $36.5M vs. $23.5M
    11951 Crest: $35M vs. $21.650M
    911 Foothill: $125M vs. $68M
    75 Beverly Park: $38M vs. $19.3M
    10410 Bellagio: $75M vs. $43.3M
    Plus, about 70 more…

    In contrast, here are a handful of listings that were priced appropriately (original asking price vs. the final selling price):

    BUYER BE WISE
    837 Greenway: $33M vs. $32.350M
    1011 Roxbury: $19.5M vs. $17M
    9520 Hidden Valley: $19.95M vs. $17M
    1155 Angelo: $46.5M vs. $42.750M
    333 Crown: $22M vs. $21.5M
    368 Chautauqua: $26M vs. $24M

    There are not nearly as many examples of BUYER BE WISE as there are BUYER BEWARE. We suggest considering this before you proceed with listing your home at the highest asking price. After all, most agents want a listing at any price.’

    It says they are in Malibu, Beverly Hills and Miami.

    1. ‘It has never been more important to list a house at the “right” price than it is now.

      Starving realtors are getting hangry and are turning surly towards greedheads who won’t price their shacks for a quick sale.

    2. It seems like there’s a huge risk of catching a falling knife by overpaying under current conditions.

  18. “U.S. farm debt has grown steadily since then to more than $425 billion this year, the U.S. Department of Agriculture estimates. That is the largest sum since a farm crisis in the 1980s that pushed many farmers and lenders out of business. ‘There are a lot of people that have been hanging on for a long time that needed a positive development, and this year hasn’t provided that,’ Mr. Westhoff said. ‘It’s been just the opposite.’”

    If any of you puke wonder how it is that corporations end up owning valuable farmland that has been handed down for generations … well this is how it is done.

    Suck ’em in, shake ’em out.

  19. – How’d we get here? The un-virtuous cycle, including real estate, and other asset bubbles, has replaced the virtuous cycle.
    – August 15, 1971 – Happy 49th Anniversary.
    – Party on, Garth! (Hangover ensues)

    https://realinvestmentadvice.com/the-fifteenth-of-august/
    The Fifteenth Of August
    Michael Lebowitz, 720 Global Research | Jun 29, 2016
    RIA Contributing Partner

    “August 15, 1971 was the date that President Richard Nixon shocked the world when he closed the gold window, thus eliminating free convertibility of the U.S. dollar to gold. This infamous ‘new economic policy’, or “Nixon Shock”, thereby removed the requirement that the U.S. dollar be backed by gold reserves. From that fateful day forward, constraints were removed that previously hindered the Federal Reserve’s (Fed) ability to manage the U.S. money supply. Decades later, slowing economic growth, nonexistent wage growth, growing wealth disparity, deteriorating productivity growth and other economic ills lay in the wake of Nixon’s verdict.”

    “Eliminating the risk of global redemption of U.S. dollars for gold also eliminated the discipline, the checks and balances, on deficit spending by the government and its citizens.“

    “The Fed’s powerful effect on interest rates made it cheaper for households and government to borrow and spend, and therefore debt was made more attractive to citizens and politicians. Personal consumption and government spending are the largest components of economic activity, accounting for approximately 70% and 20% of GDP respectively.”

    “In a Virtuous Cycle, saving and investment lead to productivity gains, increased production growth and ultimately growing prosperity which then further perpetuates the cycle. In the Un-Virtuous Cycle, debt leads to consumption which leads to more debt and more consumption in a vicious self-fulfilling spiral [aka “doom loop”].  In the Un-Virtuous Cycle, savings, investment and productivity are neglected. Declining productivity growth causes a decline in the potential economic growth rate, thus requiring ever-greater levels of debt to maintain current levels of economic growth. This debt trap also requires ever lower interest rates to allow the growing mountain of debt to be serviced.”

    “In the 1970’s $1.66 of new debt created $1.00 of economic growth. Since that time, debt has grown at three times the rate of economic activity and it now takes $4.47 of new debt to create the same $1.00 of economic growth. “

    – [This increasing debt-toGDP ratio over time clearly shows the declining productivity of (unproductive) debt.]

    – [Increasing unproductive debt (e.g. consumption) vs. productive debt (e.g. investment) only slows economic growth. Furthermore, once debt-to-GDP ratios exceed historical limits (on the order of 100% debt-to-GDP), then the decline in growth becomes non-linear.]

    “The evidence of these failed policies is apparent. However one must consider the basic facts and peer beyond the narrative being fed to the public by the central bankers, Wall Street, and politicians. There is nothing normal about any of this.”

    1. 1971 was the date that President Richard Nixon shocked the world

      The world wasn’t “shocked”. Americans couldn’t convert their dollars to gold for decades and by then couldn’t convert to silver either. It was still illegal for Americans to own gold. Other countries weren’t settling international accounts with gold. America was the last to stop IIRC. France was doing a run on the US Treasury gold hoard.

      1. BS-
        This action took the U.S. off the gold standard, removing convert-ability of dollars to gold. Yes, illegal for U.S. citizens to own gold from 1933-1977, but missing the point. Linking dollars to gold limited their numbers, and so inflation. We all know what happened to inflation soon after in the 70’s. Effectively ended Bretton Woods. This was the Rubicon that enabled the conditions we have now; huge deficits and weak growth. Printing press can’t go brrrr when $ linked to PMs. Fed policies are now unrestrained (e.g. “unlimited” QE). Now in serial asset bubble mode. End game ensues. Don’t miss the forest for the trees.

        “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” – Napoleon Bonaparte

        “All the money and all the banks in Christendom cannot control credit…Gold is money and nothing else.” – JP Morgan’s 1912 Congressional testimony on “the justification of Wall Street”

        “Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.” … Alan Greenspan, ex-US Federal Reserve Chairman, August 23, 2011

        “Fiat money eventually always goes back to its intrinsic value – zero” – Voltaire

        “The tendency of an inconvertible paper money is to create fictitious wealth, bubbles, which by their bursting, produce inconvenience.” – Lord Liverpool

        “Nations are not ruined by one act of violence, but gradually and in an almost imperceptible manner by the depreciation of their circulating currency, through its excessive quantity.” – Nicolaus Copernicus

        – Capisce?

        1. Linking dollars to gold limited their numbers

          Except that it didn’t because of Fractional Reserve Banking.

          I was there. I was an adult. My mentor was an old gambler/investor/gold bug/chart technician (my father-in-law). I learned all of this in real time and had money bets on gold & silver & coins as 1971 came and went.

          After 1964 we called the Dollar the “IOU Nothing”.

          I never bet on the horses though.

          – Capisce?

          Oh dear.

          1. “After 1964…”

            What happened in 1964?

            (I’ve seen references to people at the time referring to the 1960s as a big financial bubble, but of course it has been dwarfed by subsequent bubbles.)

          2. “Linking dollars to gold limited their numbers”
            “Except that it didn’t because of Fractional Reserve Banking.”

            – OK, we can agree to disagree, but the historical quotes I gave above pretty much show the problem of fiat currency throughout history. A fractional reserve ratio of 10:1 (typical) is normal for bank loans. I’m talking about setting the value of currency. Apples and oranges.

            – The U.S. Constitution had originally set the value of a dollar, based only on gold and silver. Fiat was illegal. There’s no Federal Reserve System in the Constitution, and for good reason. The Founding Fathers were on to something here. Having a currency based on PMs (sound money) vs. fiat, or by decree (trust me), is huge. History has shown that it doesn’t end well for the latter, because there’s no longer any restraint from running the printing press.

            “No state shall coin money, emit bills of credit, or make any thing but gold and silver coin a tender in payment of debts. ~ Art. I, sec. 10, cl. 1.”

            “Congress shall have power to coin money, regulate the Value thereof, and of foreign coin, and fix the standard of weights and measures. ~ Art. I, sec. 8, cl. 5.”

            “This is your last chance. After this, there is no turning back. You take the blue pill – the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill – you stay in Wonderland and I show you how deep the rabbit-hole goes.” – Morpheus, The Matrix, 1999

          3. What happened in 1964?

            A lot of weird stuff happened in 64 but I assume we’re referring to the silver being taken out of the coins?

          4. Someone reportedly convinced my parents to buy stocks around 1964, after which they proceeded to lose alot of money.

          5. What happened in 1964?

            That was when silver coins stopped. For a while after that you could still redeem a silver certificate at the bank for a silver dollar, then for a while a little bottle with silver shavings, then all you could get (from the bank) was a damned Federal Reserve Note.

      2. France and to a lesser extent the other European powers, who by the way never paid us back for WWI in gold either. De Gaul was a real piece of work.

  20. Interesting video embedded along with this article. 🤔

    Newsweek: Hillary Clinton Says Trump Executive Actions Show He’s Going After Social Security, Medicare

    “Clinton concluded the Sunday MSNBC interview by declining to endorse or express favoritism for any of Joe Biden’s potential vice president picks. And she reiterated that Americans ‘have to do everything possible’ to make sure Trump is defeated in November, labeling him a ‘wannabe authoritarian.'”

    1. Then I invite Denmark to open their borders to unmasked tourists. Go ahead, Denmark. I dare you.

      However, it’s not impossible that parts of Europe actually have achieved a sort of herd immunity. This is a very strange virus. It’s possible that everyone was already exposed before masks were mandated, and that most of the population has already reacted to it individually, responding with total immunity, death, and everything in between.

      In other words, masks DO stop the spread, but after the initial wave of death, so many people fight off the virus — some without knowing it — that you don’t care if there’s spread or not. However, if a new virus comes along where everybody responds with symptoms, then you DO need to stop the spread, and that’s when you’ll need those masks.

      As for me, I will continue to wear my N-95s and goggles until we know definitively what’s going on. N-95s protect me from spreading it, but it also protects me from anti-maskers and from inconsiderate a-holes who run me over in the stores. I am NOT taking a chance on being one of those unlucky long-haulers.

      1. How far are you willing to go Oxide?

        There are many types of people in our country. 

        There are people who fundamentally oppose mandated masks and vaccinations, but will acquiesce if pressured, but will also carry a deep resentment for those that pressured them.

        There are also people who will have panic attacks if forced to wear a mask. Are you ok with causing that?

        There has also been much written about unhealthy effects from wearing masks, especially the elderly. Yes, i know many on the left claim to have debunked that, but i don’t believe them. It’s well documented that some elderly people quickly get short of breath when in a mask.

        Then there is “Mark of the Beast Gates” whose vaccine is said to have already killed many children in Africa. He wants mandatory vaccinations every year for anyone to be allowed to travel. He intends to have you tattooed so you don’t have to remember your passport. What a swell guy. Just remember to send in your yearly payments and all will be fine.

        And there are those like Jordan Peterson who will peacefully resist by starving themselves to death if it comes to that.

        Then there are those who will fight back with weapons even though they know they will lose in the long run. But before they are killed things will get very bloody. And they know they always have a chance to change people’s minds before they lose, so they’ll never give up. The important thing is that they will fight if they get pushed.

        And then there are those who will not wait. They will go on offense when they sense they have to. When that happens, everyone should be worried. They will not give up their freedom under any circumstances and they will never surrender. You’ll have to kill them all to defeat them. And you should keep in mind that it’s people like them that you have to thank for the freedom you already have in the first place.

        Is all of that worth it to you?

        Some people need a certain amount of freedom to remain sane. Some need to go be a hermit in the wilderness for a period of time. It’s sort of a release valve. And you take it away from them at your own peril. The government also hates those kinds of people. The more tyrannical the government, the more it wants total control. The government is too stupid to know what it’s creating.

        One of the first posts on this blog was that Sweden would come out of this as one of the most intact countries because it didn’t force a lockdown. I just heard they are down to 1 death a day from covid. No one forced anyone to do anything about covid-19 in Sweden. Everything was voluntary. It now looks like they might be over it. 

        So i ask you, are you dead certain that your mandatory mask path is the correct one for covid-19? Because i don’t think it is.

        1. Yes, there are people who want to allow the virus to just rip through. Just let the old and weak and obese die, and allow some random 5% of the young get stuck with 3 months of nasty symptoms and permanent heart or kidney damage (it’s not all about death rate). All because a few seniors get panicky in a mask (then stay home), or because some people with low critical thinking skills think that masks are a slippery slope to having their guns and homesteads taken away. Is that worth it to you?

          You could argue that the US is already taking the Sweden route — or at least the individual freedom-loving states are. How’s that working out?

          As for Sweden itself, the Scandinavian countries all supplement their food supply with Vitamin D. Are you dead certain that it’s the Swedish love and freedom that seems to tamp down the virus? Or could it be the Vitamin D? If we’re going to let the virus rip, maybe we should supply our population (especially POCs) with Vitamin D. And have some kind of easy treatment at the ready. HCQ and Ivermectin, anyone?

          The nice thing about vaccines is that, unlike masks, they are a personal choice. If I get a vaccine, I’m protected no matter what you do. The risk is on you. I will refuse the Moderna vaccine; the RNA tech is too new. The Astra-Zeneca vaccine seems safer.

          2. Just let the old and weak and obese die, and allow some random 5% of the young get stuck with 3 months of nasty symptoms and permanent heart or kidney damage (it’s not all about death rate).

            That’s a red herring and you know it. I never said or implied any such thing. The vulnerable should have some form of extra care and protection. I didn’t say to do nothing. I’m saying don’t force people to do things even if you’re sure it’s the right things to do.

            All because a few seniors get panicky in a mask (then stay home),

            Stay home even when circumstances force them to go out? How kind of you.

            You could argue that the US is already taking the Sweden route

            You could argue that, but it would be wrong.

            or at least the individual freedom-loving states are. How’s that working out?

            It depends on whose numbers you believe. I believe the state (was it North Dakota?) that didn’t lock down is doing the best.

            Are you dead certain that it’s the Swedish love and freedom that seems to tamp down the virus? Or could it be the Vitamin D?

            Sweden doesn’t get much sun so they’re trying to balance things out with supplementation. We’d have to test blood levels of D3 and compare to get an idea. It looks to me like you’re really grasping at straws.

            And have some kind of easy treatment at the ready. HCQ and Ivermectin, anyone?

            I believe we’d have been better off than before the virus even got here if we’d have handed out HCQ over the counter with printed warnings and plain simple instructions on how to take it. Let people decide to take it at their own risk since we’ve known for almost fifty years the risk of harm is very low.

            Later we could have done the same thing with Ivermectin. Ivermectin is extremely safe and would have had the added benefit of killing most of parasites people don’t even know they have. One doctor is saying that neither medications amplify any toxic effects of the other and they can both be given safely at the same time.

            I believe that both those medications are very close to being a complete cure if taken when symptoms first appear.

            But the left wants something from this virus. They want a damaged economy in hopes of defeating trump while gaining more control over us at the same time.

            Big pharma wants something else from the virus. Guys like Gates and Farci the Ferret want a windfall leading to vast wealth. I’ve read that The Ferret is already invested heavily in a vaccine that is being considered. Can you say “conflict of interest”? I knew you could.

            One more thing. How much good does testing do when you might take the test when you don’t have the virus but get it the very next day? Especially when you consider that either result might be wrong?

          4. What sort of “extra protection” do you plan to give the vulnerable? You can’t force them to stay home, because “circumstance will force them to go out.” You can’t make them wear N-95 masks, because of the “unhealthy effects of wearing masks.” You can’t make everyone else wear masks near them, because “freedom.” So you’ve painted yourself into a corner there.

            And as for the young long-haulers, how can you protect them, if you don’t know who they are? That IMO is the biggest problem with this virus; you just don’t know how you will respond to the disease until you actually get it. Long-haul is random — or due to some characteristic we don’t know about yet.

            We can agree on HCQ and Ivermectin. Just give everyone two week’s worth of dosages and be done with it. And yes, I know full well that the rich and powerful — on all sides and for different reasons — do NOT want a quick cheap cure. Never let a crisis go to waste, and everyone is milking this for all they are worth. The most despicable are Gates and Fauci. Gates has more money than God and doesn’t need any more (although maybe he has honest fantasies about saving the world with his vaccines). Fauci is 80+, it’s not like he needs to save for retirement. He must know full well about early vs. late HCQ. He had the power to override the anti-Trumpers, put out HCQ, and save thousands of lives. And he knows it.

            I fully agree with you on the testing. Too many governors are bragging about “we tested 45% of the population.” That only works if you test everyone on the same day, OR go into Chinese lockdown (weld people in) while everyone is tested over, say, a month. Conversely, there might be some use to testing the population for antibodies. Even that’s dicey since most people appear to be using a different part of the immune system, and don’t show antibodies. And antibodies themselves disappear.

            Vitamin D is a real thing, and not a straw. It’s worth looking up.

          5. What sort of “extra protection” do you plan to give the vulnerable?

            You act like there are no protections to give. How about giving them HCQ prophylactically until they are out of danger? And how about delivering groceries or meals so they won’t need to go out as often? And no, i wouldn’t try to force them to wear masks.

            No one making deliveries would have to wear a mask either. Just notify them and leave the food at the door. No one has been painted into a corner.

            The long-haulers? Again, just make HCQ easy to get OTC, at least until the threat has passed. And again, they only take it if they want to.

            And i know D3 is a “real thing”. I’ve been taking it and my Cheetos since long before covid hit us.

          6. Just to note, I am really enjoying this conversation. When I said “low critical thinking skills,” I was not referring specifically to you. I was thinking of those (mostly) conservatives who still think that masks stop the virus coming in, instead of the virus going out. Or the ones who are still using the chain-link fence theory of masking. (or, those groups at the start who thought they were immune).

            Unmasked deliveries for the unmasked vulnerable, sure. We’re already doing that now. It still prevents the people from going out of the house.

            If everyone took HCQ as a prophylactic, then nobody would need masks at all, vulnerable or not. But I’m wary of HCQ. HCQ is safe for a couple weeks, but it’s still a drug. I wouldn’t want to take it every day for months on end, which is what you would need for it to be effective.

            Long-haulers need more study. IIRC, they test negative for the virus after a month or so, but the symptoms linger. If there’s no virus then there’s no reason for HCQ. In fact, by the time you figure out you’re a long-hauler, it’s too late for HCQ. Long-haulers would probably do better with anti-coagulant drugs or steroids. Possibly Ivermectin, since that may prevent some of the micro-clotting. Or N-Acetyl Cystine (NAC), which is an OTC supplement.

          7. But I’m wary of HCQ. HCQ is safe for a couple weeks, but it’s still a drug.

            Yes, but it’s a drug people use safely for sometimes over twenty years. They usually get tested in 5 year increments starting in year 5. They test for vision problems. It’s a very safe drug that could easily get people through the pandemic, unless it lasts another 5 years. As i said before, i think it and Ivermectin are both very close to being cures for the virus. If we’d have responded correctly, this whole thing could have been over in about four to six weeks with very few people dying from it and no shutdowns, masks or vaccines would have been necessary. You probably don’t believe that, but i firmly do.

            Regarding ‘the insult’, relax. I took no offense. You can see in my reply to you that i never mentioned it. I was simply responding to someone else’s comment.

      2. Be honest, you’re not wearing a mask to prevent spread to others. That’s the 3% Jasmine and incense to cover for the 97% looking out for yourself. That’s absolutely cool, but at least be honest about it.

        1. I’m sorry, Barnaby, but I can’t figure out who you’re responding to. I am definitely wearing a mask every time I go to a store.

          1. And Goggles!

            New reports say that the plague can enter through the ear. It might be prudent for you to also wear sterile ear protection.

            s/

    2. – Science is apparently out of vogue in many places currently, or could it be that there’s a political agenda?

      The Lancet – Article on the effectiveness of social distancing + PPE, including face masks.

      – My comment: 1) A reasonable analogy is wearing a seat belt in an automobile. It’s not about personal freedoms, or political motivations. It’s about safety and protecting life. Some people still aren’t getting it, with some in positions of authority. The medical field scientific data all point to wearing face masks as effective in reducing the spread of the SARS-CoV-2 virus.

      – My comment: 2) Based on previous human respiratory virus pandemics (i.e. Spanish Flu, SARS, Swine Flu), they last about two years in duration, with up to three waves. I’m not aware of any virus vaccine being developed in that short of a time period (?), but it’s possible. If we use the behavior and timelines of these previous respiratory virus pandemics as a guide, then we can expect about another year of the pandemic before it burns itself out, and not much chance of an effective anti-virus vaccine being developed before then. I would love to be wrong about both the duration and the vaccine. Time will tell.

      3a) Summary (external source to this referenced paper):

      – Physical distancing: ~80% (each 3ft reduces ~1/2)
      – Crude masks: ~ 2/3 [~67%] risk reduction
      – N95 or 12-16 layer cotton masks: ~85% reduction
      – Eye protection may help near infected individuals.

      ——————–|

      3b) The paper:

      https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)31142-9/fulltext
      Articles| Volume 395, ISSUE 10242, P1973-1987, June 27, 2020
      Physical distancing, face masks, and eye protection to prevent person-to-person transmission of SARS-CoV-2 and COVID-19: a systematic review and meta-analysis

      Derek K Chu, MD
      Prof Elie A Akl, MD
      Stephanie Duda, MSc
      Karla Solo, MSc
      Sally Yaacoub, MPH
      Prof Holger J Schünemann, MD
      et al.

      Published:June 01, 2020DOI:https://doi.org/10.1016/S0140-6736(20)31142-9

      Findings

      Our search identified 172 observational studies across 16 countries and six continents, with no randomised controlled trials and 44 relevant comparative studies in health-care and non-health-care settings (n=25 697 patients). Transmission of viruses was lower with physical distancing of 1 m or more, compared with a distance of less than 1 m (n=10 736, pooled adjusted odds ratio [aOR] 0·18, 95% CI 0·09 to 0·38; risk difference [RD] −10·2%, 95% CI −11·5 to −7·5; moderate certainty); protection was increased as distance was lengthened (change in relative risk [RR] 2·02 per m; pinteraction=0·041; moderate certainty). Face mask use could result in a large reduction in risk of infection (n=2647; aOR 0·15, 95% CI 0·07 to 0·34, RD −14·3%, −15·9 to −10·7; low certainty), with stronger associations with N95 or similar respirators compared with disposable surgical masks or similar (eg, reusable 12–16-layer cotton masks; pinteraction=0·090; posterior probability >95%, low certainty). Eye protection also was associated with less infection (n=3713; aOR 0·22, 95% CI 0·12 to 0·39, RD −10·6%, 95% CI −12·5 to −7·7; low certainty). Unadjusted studies and subgroup and sensitivity analyses showed similar findings.

      Interpretation

      The findings of this systematic review and meta-analysis support physical distancing of 1 m or more and provide quantitative estimates for models and contact tracing to inform policy. Optimum use of face masks, respirators, and eye protection in public and health-care settings should be informed by these findings and contextual factors. Robust randomised trials are needed to better inform the evidence for these interventions, but this systematic appraisal of currently best available evidence might inform interim guidance.

      Discussion

      The findings of this systematic review of 172 studies (44 comparative studies; n=25 697 patients) on COVID-19, SARS, and MERS provide the best available evidence that current policies of at least 1 m physical distancing are associated with a large reduction in infection, and distances of 2 m might be more effective. These data also suggest that wearing face masks protects people (both health-care workers and the general public) against infection by these coronaviruses, and that eye protection could confer additional benefit. However, none of these interventions afforded complete protection from infection, and their optimum role might need risk assessment and several contextual considerations. No randomised trials were identified for these interventions in COVID-19, SARS, or MERS.

      ——————–|

      1. Science is apparently out of vogue in many places currently, or could it be that there’s a political agenda?

        HARD PASS on “science” and “scientists” from now on. They’ve exposed themselves as nothing but corrupt liars and phonies.

        1. True. We’re in a weird place i’ve never been nor though we’d ever get to. We can no longer trust scientists or the numbers put out. And i’ve only felt this way over the last couple years.

          Trust in the MSM and such things as climate “scientists” have never been there, but now it’s to the point of confusion. By that i mean that it isn’t easy to confirm facts anymore. The sheer volume of disinformation makes it difficult. It used to be that with a little digging one could find the truth. Much, much harder to do that now.

        2. I am (or was) a highly trained scientist. If you see a scientist in front of a camera, give them a HARD PASS. They have an agenda and they will use/abuse their pedigree to make a falsehood into a truth. If you see a scientist in a real labcoat (one with stains on it), give them some love. They are working in the trenches at the benches, they aren’t making that much money, and their biggest fear is making a boss look bad.

  24. The Anonymous Professor Who Wasn’t
    A professor at Arizona State University does not exist.
    BethAnn McLaughlin in late 2018.
    By Jonah Engel Bromwich and Ezra Marcus
    Aug. 4, 2020

    An anonymous anthropology professor remained outspoken about fairness in academia even as she suffered for months with coronavirus.

    “This person was a scientist who got Covid because they’d been forced to teach,” said Michael Eisen, a fly geneticist at the University of California, Berkeley, who had interacted on Twitter with the professor for years. “It wasn’t the first person I knew who got Covid — but for a lot of people it was one of the first people they knew who got it.”

    He said that he had continued to exchange messages with the person running the account through June and that this person frequently discussed a difficult recovery.

    Then BethAnn McLaughlin, another Twitter connection, announced on July 31 that the anonymous professor had died from complications of the virus.

    Just a few days later, both the account of the anonymous professor and of Ms. McLaughlin were suspended for Twitter policies that, among other things, bar the coordination of fake accounts.

    The same day, Gerardo Gonzalez, a spokesman for Arizona State University, where the anonymous Twitter user was supposedly a professor, described the anonymous account as a “hoax.”

    The account had posted inaccurate information about the school, he said. “We also have had no one, such as a family member or friend, report a death to anyone at the university,” he added.
    …

  26. 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.”

    1. Story’s Marquee Photo: “A Colorado family’s possessions are pictured sitting in the front yard as they were evicted from the home they lost to foreclosure in 2011.”

      1. I know a guy who bought a split level much like the one in the picture after the previous crash, in Fort Collins. IIRC, he paid 100K at the time.

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