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2008-2009? It’s Going To Dwarf That

A report from the Wall Street Journal. “In the years leading up to the coronavirus pandemic, rental apartments were one of the hottest property types. Things are different now. Even stronger markets are seeing declines of about 5% in effective rent rates, which takes into account landlord concessions like months of free rent when leases are signed, according to John Pawlowski, an analyst with Green Street Advisors.”

“In harder-hit markets, like New York and San Francisco, effective rents are down 15% to 20%. Shares of public REITs have fallen about 30% since mid-February when Covid-19, the illness caused by the new coronavirus, began spreading in the U.S., Mr. Pawlowski said.”

From Zillow. “Rental concessions on Zillow® listings are now nearly twice as common as they were in February, as landlords strive to attract new tenants in a rental market that has softened considerably. The share of rental listings on Zillow that advertise some form of concession rose from 16.2% in February to 30.4% in July. Renters will most often find discounts in Washington D.C. — 57.5% of listings advertised at least one type concession in July. Charlotte (53%) and Austin (47.1%) had the next-highest shares. These are all up dramatically from July 2019, when 27.4% of rentals in Washington D.C. were offered with concessions, Charlotte had 29.4% and Austin just 15.3%.”

From CBS Boston in Massachusetts. “As moving vans and college students once again descend on Boston, real estate experts say thousands of apartments are still empty and unrented due to the pandemic. Landlords are finding it difficult to fund buildings typically crammed with college students. Experts estimate more than 10,000 apartments in Boston remain up for grabs. ‘The biggest decrease we’ve seen so far was a $1200 decrease for a 5 bedroom in Brighton,’ said John Puma, Chief Operating Officer for apartment search website Places for Less.”

“In downtown Boston, there are still ads for brand new luxury apartments but, on average, Puma says rents are down roughly $200 to $600 a month. ‘We’ve seen 2 to 3 months rent free. Other incentives like free parking, waived deposits, waived pet fees, all kinds of incentives,’ said Puma. ‘We expect by this weekend that there will be another round of price reductions because it’s finally going to set in what September 1st looks like,’ Puma said.”

From NBC Boston in Massachusetts. “Faneuil Hall – an area usually bustling with tourists and street performers – has become a near ghost town as businesses are hit hard by the pandemic. At least 20 tenants have closed for good or have not reopened since the beginning of the coronavirus pandemic, according to the Boston Globe, representing nearly one-fourth of the properties. Tenants that are open also say business is down up to 90% from this time last year.”

From Bisnow New York. “Between January and July, New York City investment sales dropped by half from the same period last year, the lowest it has been since at least 2015, according to the Real Estate Board of New York’s Biannual Investment Sales report. Hotels were the hardest hit asset class, according to the report, with investment sales volume down 81% year-over-year to $294M total. The price tag on these transactions — just under $49M — dropped by 37%.”

“Multifamily investment sales dipped 51% year-over-year with a 50% year-over-year average price drop to $17M as apartment vacancies continue to rise and rent prices continue to drop across all boroughs. Since the onset of the crisis, real estate lobby groups have pushed for federal funding to aid the city’s gaping budget holes.”

From NPR on New York. “Adam Johnson enjoys going into the office. It helps that he works in one of the nicest buildings in Midtown Manhattan. He shares the sixth floor with a real estate showroom and an assortment of hedge funds. They all left months ago. ‘I am the only person who’s been coming in here since April 1st,’ he says. ‘This is what happens when people move out,’ Johnson says, gesturing to a massive conference room with million-dollar views over Central Park.”

“Jeff Blau, CEO of Related Companies, one of the world’s largest commercial landlords, cites the example of companies like Google, which announced it will let employees continue to work from home until at least July 2021. When that happens, he says, temporary relocations can become permanent ones. Apartments lie vacant; restaurants and shops continue to fail. ‘Everyone thinks that they’re just going to come back here July of ’21, or whatever the date might be, and find the city in the same shape it was,’ Blau says. ‘And that’s just not going to be the case.'”

The Jacksonville Daily Record in Florida. “The multifamily investment sector in Northeast Florida slowed in March amid the uncertainty of the coronavirus pandemic. During the quarter, 715 vacant units were rented while communities completed 928 units. There are 4,928 apartment units under construction. ‘The annual demand for new units in the market is roughly 2,000 and annual completions are around 3,300,’ said Bradley Coe, senior director of Multifamily Investment Services with Colliers International Northeast Florida.”

“Federal relief helped apartment owners ‘ride this thing out,’ he said. ‘They are saying my collections are still good, my income is still good and occupancy is strong. Why should I sell an asset that may have to be discounted anywhere from eight to 12%?'”

The Las Vegas Sun in Nevada. “Danielle Eldridge, a Salvation Army case manager who works with financially distressed families in Henderson, said the next six months are likely to bring more pain for residents struggling to pay their rent or mortgage. ‘Unfortunately, I see a lot of people losing their homes,’ Eldridge said. ‘Some people may have family members who can assist, but that usually can only go on for so long, especially in the economy that we’re in, nationwide. When they can’t receive assistance from family members any longer, they come to me.'”

“The state’s unemployment rate, which sits at just over 16%, skyrocketed in the spring after Nevada’s nonessential economy was closed. Since March, Eldridge said the city has helped more than 50 clients with housing payment assistance, although the assistance is limited to one month. ‘A lot of the people I work with are very vulnerable,’ Eldridge said. ‘A lot of them have never asked for assistance in their lives. Right now, they’re having to swallow their pride and reach out. They’re close to being evicted or close to being homeless. For some, this is their last straw.'”

From Greenville News in South Carolina. “Evictions are back. In South Carolina, early September is expected to bring an alarming and possibly record number of evictions, said Mark Fessler, head of S.C. Legal Service’s housing unit. It is being called a coming ‘tsunami’ of evictions and more people will likely lose their housing stability than at the peak of the 2008-2009 recession because this time the jobs lost are disproportionately from lower-income fields like hospitality and restaurants, said Bryan Grady, chief research officer of S.C. Housing, a state agency.”

“‘Everything we are seeing suggests it’s going to be huge, 2008-2009? It’s going to dwarf that,’ said Adam Protheroe, a litigation attorney with S.C. Appleseed, a low-income advocacy group in the state. ‘Everything that drives evictions in normal times is now on overdrive.'”

The Orange County Register. “California lawmakers released plans Friday, Aug. 28 for a new eviction moratorium that would protect tenants with COVID-related financial hardships from getting thrown out of their homes through January for not paying rent. Daniel Yukelson, chief executive of the Apartment Association of Greater Los Angeles, characterized it as ‘another knee-jerk attempt to stabilize housing on the backs of rental property owners who are being forced to carry interest-free loans’ for renters. ‘This bill,’ he said, ‘will be a complete disaster for housing providers.'”

“‘AB 3088 is a risky, high-stakes legislative solution that falls short of being fair and equitable,’ said David Cordero, executive director of the Apartment Association of Orange County. ‘AB 3088 will result in a wave of smaller rental property owners being driven into bankruptcy.'”

From Cal Matters. “California renters financially impacted by the coronavirus pandemic will be protected from eviction until at least next February, while small landlords will be offered some foreclosure protections, under a measure approved by lawmakers and signed by Gov. Gavin Newsom late Monday night. Without money coming from the state, small landlords may wonder how they expect to meet their mortgage payments if they can’t evict renters and re-rent apartments until next year.”

“An earlier proposal embraced by tenants, from Assemblymember David Chiu, a Democrat from San Francisco, would have forced banks to offer mortgage forbearance options to struggling small landlords. Those provisions also weren’t included in the final bill. Banks and credit unions are also a powerful force in the Capitol. But their leverage on the eviction issue in particular was amplified by the constitutional limits of state law, and the threat of legal action.”

“Both landlord and banking groups were skeptical that any type of compulsory mortgage forbearance would survive legal challenge. Both the state and federal constitutions have ‘contract clauses’ that limit government interference with private contracts like mortgages. California is also preempted from regulating certain banking activities in the federal government’s purview. Banking groups argued that any state incursion along the lines of mandatory mortgage forbearance for distressed small landlords could be dismantled in court.”

“Some lawmakers voiced frustration that banking groups did not offer more in the spirit of compromise, considering the concessions made by tenants and landlords. ‘The banks and the mortgage beholder are not doing a thing,’ said Sen. Hannah-Beth Jackson, Democrat from Santa Barbara. ‘And I can’t tell you how disappointed I am that they have not been willing to step up.'”

This Post Has 87 Comments
  1. Vancouver, WA Housing Prices Crater 19% YOY As Vancouver, BC And Seattle Housing Markets Meltdown Under Weight Of Toxic Mortgages

    https://www.zillow.com/vancouver-wa-98684/home-values/

    *Select price from dropdown menu on first chart

    As a noted economist stated so eloquently, “A house is a rapidly depreciating asset that empties your wallet it every day you own it.”

  2. ‘These are all up dramatically from July 2019, when 27.4% of rentals in Washington D.C. were offered with concessions, Charlotte had 29.4% and Austin just 15.3%’

    Rents have been falling in many metros for over a year.

  3. ‘their leverage on the eviction issue in particular was amplified by the constitutional limits of state law, and the threat of legal action’

    Oh, that!

  4. ‘Unfortunately, I see a lot of people losing their homes’

    Wa? But Vegas red-hotcakes?

    ‘The state’s unemployment rate, which sits at just over 16%, skyrocketed in the spring after Nevada’s nonessential economy was closed. Since March, Eldridge said the city has helped more than 50 clients with housing payment assistance, although the assistance is limited to one month’

    50? That should do right? How many people live in LV, a hundred or two?

  5. ‘They all left months ago. ‘I am the only person who’s been coming in here since April 1st…This is what happens when people move out,’ Johnson says, gesturing to a massive conference room with million-dollar views over Central Park’

    I said this could happen, and it has.

    ‘When that happens, he says, temporary relocations can become permanent ones. Apartments lie vacant; restaurants and shops continue to fail. ‘Everyone thinks that they’re just going to come back here July of ’21, or whatever the date might be, and find the city in the same shape it was…And that’s just not going to be the case’

    This is magnitudes of September 11, 2001. It would be bad enough, except NYC CRE doubled in price from 2014 to 2016, so there’s yer bubble. And the guvnah and mayor shooting themselves in the fook was the cherry on top!

    1. Just wait until all these folks who “relocated” to the burbs or rural areas have their NYC salaries “relocated” too.

      1. Its not relocation in the classic sense. It will be something on the lines of:

        1. you might have to come in once a week or two for very critical meetings
        2. if you need an office facilities – here are some options (in the burbs) – think a minor version of WeWork

        In 12+ months, managers will finally have learnt to manage and hold accountable experienced employees – think professionals with 5-20 years out of school. Then the dams will break open

      2. Yeah, those salaries are going down. It started before the virus. When Bay Area firms move people to Denver, Portland, and Seattle they “adjust” their salaries. Now that people are moving to even cheaper locations we can expect much larger “adjustments”.

    2. the cherry on top!

      When you’re already nearly broken and doubled over, nature comes along and kicks you in the arse.

    3. The problem is how high prices were.

      The threat is extend and pretend. Once the pandemic is over, lots of people would want to live and work here — at free market prices.

      Just the possibility of a bailout freezes the market, and does harm.

  6. ‘During the quarter, 715 vacant units were rented while communities completed 928 units. There are 4,928 apartment units under construction. ‘The annual demand for new units in the market is roughly 2,000 and annual completions are around 3,300’

    Every market, no matter how big or small, has massively overbuilt. Why? They weren’t building for real demand. Rather it was greater fools they had their eye on.

    ‘Federal relief helped apartment owners ‘ride this thing out,’ he said. ‘They are saying my collections are still good, my income is still good and occupancy is strong. Why should I sell an asset that may have to be discounted anywhere from eight to 12%?’

    How do those 5% cap rates look now?

  7. ‘Hotels were the hardest hit asset class, according to the report, with investment sales volume down 81% year-over-year to $294M total. The price tag on these transactions — just under $49M — dropped by 37%’

    Did you put yer money where yer mouth is Larry?

  8. If only there was a common denominator.

    ““In harder-hit markets, like New York and San Francisco, effective rents are down 15% to 20%.”

    1. Hawaii is even worse. Projections of 40% of businesses closing on the outer islands if the state remains shutdown the next 6 months. Probably 20% across the whole state with no tourism for a year.

      50 million to hire and train contact tracers and apparently only 10 have been hired so far. No one knows where the money went, just like the ~40 million on an Obama care website than never worked.

      And of the 300 criminals let out of jail so they can spread covid/prey on the general population (the Dem 2020 campaign strategy), 110 have been arrested on new crimes – and thats just the ones that got caught.

      Oh yeah, 250K of CARES act money is going to build a new skateboard park. People parked for hours waiting to get free food a couple of times a week but they will be able to shred the gnar on some new terrain by the end of the year.

      Politicians fiddle while the islands sink.

  9. ‘Experts estimate more than 10,000 apartments in Boston remain up for grabs’

    They’ll be empty the rest of the year. Alligator!

    ‘Landlords are finding it difficult to fund buildings typically crammed with college students’

    Fund? Oh dear…

    1. Maybe this will finally be the thing that kills the Boston area tradition of “rental fees”. Usually they’d require a months rent for the privilege. of moving in. That along with first, last, and a deposit.

  10. because insane union contracts and power mad mayors who voluntarily destroy their local economies are bad for housing?

    And the only solution is, of course, a bailout.

    “Since the onset of the crisis, real estate lobby groups have pushed for federal funding to aid the city’s gaping budget holes.”

    1. I mentioned before I sat in on a apartment big-wig thing a few weeks ago. To a man they were hanging their hat on free cheese.

      1. Apartment owners might get free cheese – but CRE … it is hard to see how CRE will get help.

        So all those small business that support corps – what the heck happens to all those semi skilled employees

        1. Specifically they were counting on these stimulus checks to keep the rent coming in. Except there hasn’t been more. It’s a nuts idea anyway that a multi-trillion $ industry thought 1.2k checks were going to save their bacon.

          1. Specifically they were counting on these stimulus checks to keep the rent coming in.

            People were getting their weekly $600 free cheese but not paying their rent with it, instead buying toys and things.

          2. Not only were they not paying their current rent, they weren’t saving any extra in case their unemployment lasted longer than the handouts. I guess they were counting on a $2400 UBI until unemployment was back down to 3%. In facts Dems were promising just that.

            No wonder they want to get rid of Trump. In their eyes, he’s their only obstacle to being granted unlimited free money (UBI, reparations, cancel rent) without doing any pesky work or getting a pesky education.

          3. “It’s a nut$ idea anyway that a multi-trillion $ indu$try thought 1.2k check$ were going to $ave their bacon.”

            after thee $helter.$hack.collap$e, some will lo$e.fat, other$ add to their pig.bellie$.

            Vote accordingly!

  11. yep – you sure don’t want to give it away.

    “Why should I sell an asset that may have to be discounted anywhere from eight to 12%?’”

  12. The US Constitution is a marvelous document.

    There is even a “takings” section where government can’t take stuff from you without equitable compensation.

    Too bad California hasn’t followed the US Constitution in a generation.

    “California lawmakers released plans Friday, Aug. 28 for a new eviction moratorium that would protect tenants with COVID-related financial hardships from getting thrown out of their homes through January for not paying rent.”

    1. Could California landlords file a class action lawsuit against the state government for taking away their rental income stream?

      I’d like to see that.

      1. Here in Central Valley, CA you’d never know it’s not a hot hot market. Rents are way up over 2 years ago, housing is at 25-50% ask over sales in 2018.

        idk whats going on, but I’m waiting with bated breath.

          1. It’s actually correct:

            “Bated breath is a phrase that means to hold one’s breath due to suspense, trepidation or fear. Bated breath is a phrase first mentioned in Shakespeare’s The Merchant of Venice. The word bated is an abbreviation of the word abated, meaning to lessen in severity or amount.” — grammarist dot com

          2. A lack of knowledge of Shakespearean English (as written) is once again my embarrassment!

            I thought the phrase was “waiting with baited breath”.

        1. “$ounds fi$hy” = a person who actually read$ the “term$&condition$” offered bye Mr.Ben’s UH$ & Mr.banker$ dotted line$

          👏

  13. ‘Some lawmakers voiced frustration that banking groups did not offer more in the spirit of compromise, considering the concessions made by tenants and landlords’

    I’m not sure what you mean by concessions. The stuff being crammed down their throat illegally by the guvnah?

    ‘The banks and the mortgage beholder are not doing a thing’

    Here’s how it works, Hannah-Beth. If there is a bank involved, (not likely) it’s as a servicer. They don’t own squat. So who does? Some little old lady down the line maybe. But you do-gooders never acknowledge that, eh? It’s way easier to pull out the ol’ “banks” line.

    BTW, there’s no such thing as a mortgage beholder. Smart as a whup this Hannah-Beth.

  14. The USA Constitution was designed for a productive Nation of individuals with freedom of the pursuit of happiness with limited Government.

    I don’t think the Constitution was designed for Commie give me this, that, or the other thing, or was it designed for Globalism.
    Progressives don’t really like the way that the Constitution implies limited government.

    All the big power grabs want Government to be the pawn for their self serving special interest.
    The Revolution has started in the minds of the rioters and Looters of the Dem Cities. How do you like them now? How do you like that big Corporations are even donating to BLM.
    How do you like the fact that fake news doesn’t want to televise the rioters. It’s only peaceful protestors move along now.

    1. Well, as long as you comprehend that this system has nothing to do with either, socialism or capitalism, but it’s just a putrid to the bones kleptocracy with the government bought and payed for by the big corporations to protect corporate interests, provide corporate welfare, to guarantee profits under any circumstances with the tax payers money, while the payers(taxpayer) are treated as rats ans slaves, I really don’t care who gets elected.
      If you propose a more social solution, great! If it’s true capitalism that will save us, great! But we need a viable solution, a system that works and it is fair.
      All Bernie ever says is that the Corporations need to stoop the looting of this economy, pay their fair share of taxes so that people who work for them can also have a life.
      What we have right now is a complete disaster, and none of the Trump’s supporters or Biden’s get it. The fight over irrelevant ideologies while the 1%s run all the way to the bank with their new money made by scams, corruption and financial engineering.
      It’s a morally bankrupt system that bankrupting all of us while the few privileged, the new and old financial nobility, and the rest of the corporate nobility, are just laughing. It destroys competition by creating huge cartels, controlling prices, and inflating assets with free money.

      1. But we need a viable solution, a system that works and it is fair.

        The constitution and rule of law are your best bet long term. It’s not easy to convince people of that, though.

        1. I’m in the camp of capitalism and limited government.
          Of course there has to be some rules under capitalism that include protection from Globalism, and protection against monopolies.
          That’s just it, any kind of system has some rules.
          The Communist are the worse because they promote that Big Government controls everything and dishes out everything . I don’t want the Government telling me what I get or don’t get based on their ideas on equity.

          1. More power to you! Some systems work better in certain environments and epochs that others, and they all work if they are sanctioned by a Moral Code. Aristotle already annualized a variety of politic systems with their benefits and flaws 2300 years ago.
            In the Roman Empire(and not that that empire really worked that well) they had a Censor who was responsible for watching people’s morals, and could exclude from the Senate anyone who was not adhering to it. Anyway, that worked more in theory than practice, but at leas they tried.

            On Communism: That is an impossible system. It works against human nature. It asked us to be superior beings. To work as hard as we can, and only use as much as we need. To help you fellow man, and give up your own interests for the benefit of the community. There were many in the past that were successful on a very small scale. The natives under Jesuits in S America and Pythagoras followers come to mind.
            What we saw in E Europe were just a series of totalitarian states dominated by Soviet Union with nothing else in mind that POWER. They were hiding their own agenda in ideology that everyone professed, nobody believed in, and very few followed. That was not communism, it was a massive social revenge in the beginning, and then it turn into a desire for power and control.

            I really love the ideas in “The Protestant Ethic and the Spirit of Capitalism (German: Die protestantische Ethik und der Geist des Kapitalismus), by Max Weber”
            If you believe you can be a hard worker guided by the virtues of Christianity, love, share, sacrifice, more power to you, but in the end that is nothing different that the values and virtues professed by communists. The result is the same, and so is the enemy: HUMAN NATURE. It’s all a fight against it!

        2. And if we think it’s bad now, just wait until the left tears up the constitution and tosses the bill of rights into the shredder. Then they can throw you in jail for mouthing off against the narrative on a blog like this one.

          1. Working near Cheeseman Park in Denver this week, it’s not terrible this far east of Civic Center. Walked up to East Colfax for lunch and it’s not really changed since 2019.

            Haven’t been in central downtown since March, I’m still angry and depressed they vandalized the main library. Burn down McDonalds but leave the library the f* alone.

          2. but her emails! & theys gonna take away my squirrel hunting’ uzi!

            Thee world is a flat.top & blue.helmets are coming!

          3. Yer, Hero!

            LEAD COUN$EL IN MORE THAN 500 APPEAL$

            $idney Powell, a former partner in a large regional firm, established her firm, dedicated to federal appellate practice, in 1993. She is now practicing in the Second, Fourth, Fifth, Ninth, Tenth, and Eleventh Federal Circuits, and the United States Supreme Court. Ms. Powell also consults in federal appeals and litigation involving complex class actions and selected “white-collar” defendants, including the $3 billion national cla$$ action against Fibreboard Corporation; real e$tate transaction$ …

            She recently published a book entitled Licen$ed To Lie: Expo$ing Corruption in the Department of Ju$tice, which reveals to the layman and the broader pro$ecutorial mi$conduct infecting the government’s cases against Alaska Senator Ted Stevens (Repubican) and the Merrill Lynch executive$ in the Enron litigation, including the dramatic distinctions in the responses to the two cases by both the judiciary and the Department of Justice. Alex Kozinski, in his personal capacity, wrote the Foreword of the book, noting as he wrote in his dissental in Olsen, “There is an epidemic of Brady violations abroad in the land!

            Theodore Fulton Stevens Sr. (November 18, 1923 – August 9, 2010 was an American politician who served as a United States Senator from Alaska from 1968 to 2009. He was the longest-serving Republican U.S. Senator in history at the time he left office.

            Eye think thee Enron.Texa$.Debacle had no Kenyan.thee.O’Bammy connection$. ($ad)

          4. Eye think thee Enron.Texa$.Debacle had no Kenyan.thee.O’Bammy connection$. ($ad)

            The Bushes, Clintons and Obamas are all globalists. I’m not sure what point you’re trying to make about Sydney Powell. Our judicial system has been corrupted.

          5. Sydney Powell? …

            “Our judicial $ystem has been corrupted.” … Ya think?

            How does conviction$ (Kudlow cnbc, white.powder.cocaine, dtRumpsis swamp.bea$t), … versus … A Veteran black man with a crack.cocaine conviction circa 2001

            LA Times / BEN BRAZIL / AUG. 27, 2020

            David Stringer was overcome with relief when he received the news he’d once again be a free man after more than 17 years in prison.

            After a years-long legal battle for his freedom, UC Irvine law students were recently able to secure the compassionate release of the 74-year-old veteran.

            “Now that I sit down, it just went by so fast, it doesn’t even seem like it’s been that long,” Stringer reflected on his time in prison. “But I lost a lot while I was locked up.”

            Stringer was charged in 2001 for possession with intent to distribute crack cocaine. At that time, crimes related to crack cocaine carried heavier penalties than powder cocaine.

            Many tie that sentencing inequity to socioeconomics and racism. Crack tended to be used by lower-income communities of color and powder cocaine was the drug of choice for wealthier, white communities.

            At one point, crack sentences were 100 times harsher than for powder cocaine.

            The court ultimately kept that in mind when approving Stringer’s compassionate release on Aug. 10. He was originally scheduled to be released on Sept. 5, 2021.

            “We were able to develop a narrative for him which really almost wrote itself in that he was a veteran, he served his country and was honorably discharged,” said Julienne Pasichow, one of the two UCI law students who fought for Stringer’s compassionate release. “He found himself in the throes of addiction and that’s how this particular offense came to be.”

    2. There is a reason why only male landowners could vote when the country was founded – to include free blacks.

      Skin in the game vs gimme dat cheese.

      1. Rome built and empire on that philosophy, and as soon the vast majority lost any skin in the game, all there were left was a few thousand families that owned everything, the ones with nos skin asked themselves, “why fighting for these masters, we don’t get anything anyway”. The masters started hiring foreign mercenaries, and pretty soon the mercenaries started asking bigger questions, “since we do all the fighting, why the heck don’t we take over the land, too” Who will stop us?” GAME OVER!!

        1. Look Dora, I understand everything you say because I study history.
          But, it helps to give some perspective. Did you know that prior to the 16th amendment ( Federal Income Tax Law), the Federal Government was funded by tariffs alone. That shows you how small the Fed Gov was.
          Once the Feds got that power to tax, it set the stage for the growth of big Government and the Swamp of D C we have today.
          What’s interesting is the Feds collect about 4.5 trillons in Federal tax . That amount is very similar to the amount the Medical Cartel wants to get yearly being the monopoly it is.
          But you had the growth of big Fed government based on the power to tax. Than you got all the special interest groups wanting the money to be spent on what benefited them. Now you have Big Government wanting to take over everything.
          Biden is going to raise taxes to fund ilegals health care and a Green Deal and God knows what other free shit they want to bribe with.

          Medicare for all will simply be the Government insuring excessive profit for the medical industry by the Feds power to tax.
          Everything the Government touches screw’s things up.
          It’s no longer a government in service of the people, but a government highjacked by the rich and the poor and even non Citizens.
          Now you have the Commies wanting to take over and have their version of Governments redistributing of the wealth.
          It’s just all a big corrupt mess.

    1. Joe Biden slams President Trump: “He’s stroking violence in our cities.”

      And Biden is stroking little girls and other little things in our cities.

    1. Thee.quote.is: QE I$ “deflationary”

      knot to thee .001% – 1% Cla$$ … It’$ beneficiarie$ & generositie$!

      Only after the De$truction$, is it deflationary.

      Go Neo.$ocialist American $tephan Munchin! & “Pu$h.over Powell! … Yous all bigger boy’$ then Greeni$$pent, Benarcke’$, Yellen’$ combined!

      ” We care, about the e $uffering$, truly, we care who is harmed, it’$ $handful iffin’ tho$e folk$ $hould experience financial pain$!!!” … ($ad)

    1. @rip – Did you listen to podcast with the Tesla whistleblower that I posted? Seriously 🤯 stuff (e.g., organized crime, drug cartels, illegal surveillance, whistleblower retaliation, government protection).

      1. “Seriously 🤯 stuff (e.g., organized crime, drug cartels, illegal surveillance, whistleblower retaliation, government protection).”

        ($ad) … just another day in Martha’$ vineyard & Fisher I$land.

        (What’$ that $ong: keep.yer.hand$ off of my $tack!)

  15. Green Bay Police: Antifa Member with Flamethrower Cried in Fetal Position When Caught

    Joshua Caplan
    Sep 1 2020

    Matthew Banta, 23, is charged with obstructing an officer and two counts of felony bail jumping.

    The criminal complaint says Banta “is known to be a violent Antifa member who incites violence in otherwise relatively peaceful protests.” Police say he’s known as “Commander Red.”

    A responding officer says he saw four individuals walking towards a protest with baseball bats. One man was wearing a metal helmet with goggles and military-style gear with multiple pouches, and was carrying an Antifa flag. When the officer pulled his squad car in front of the group, they ran away. The officer caught Banta, who was carrying the flag, and says Banta “dropped into the fetal position and began crying.”

    “It’s worrisome when people associated with Antifa come here to Green Bay from out of town for the purpose of protesting here or for the purposes of committing violent acts,” said Green Bay Police Chief Andrew Smith.

    https://www.breitbart.com/politics/2020/09/01/green-bay-police-antifa-member-with-flamethrower-cried-in-fetal-position-when-caught/

      1. The Huffington Post, Salon, The Atlantic, New York Magazine will define your #Narrative and tell you how you’re supposed to think about what you’re allowed to think about.

        Tim Pool discusses how awesome being Tim Pool is and some other narrative titled “Elites Are Fleeing Democrat Cities, Something BIG Is Coming And We All know It”

        https://www.youtube.com/watch?v=hpdIMJPoSfk

        1. ” … tell you how you’re supposed to think about what you’re allowed to think about. ”

          Yous my bee huffin & puffin’ from walkin’ all them steps up to apt.401, but in ‘Merkica, ya can $till u$e this personal tool:

          Critical.thinking, & it’$ Free! ( ye$, more free.$tuff! Wow$ers!)

  16. I live in Henderson, and you can’t get a 3 bedroom apartment, townhouse or house with a garage in the southern area for less than $1500, and there are many costs and restrictions that are added: application fee for each person over 18, cleaning fee, repair fee, water, sewer, trash costs and in some cases, a mailbox key fee. If I wanted to pay all these fees, I wouldn’t be renting. And the governor just announced an extension to ban evictions until October 15. I wonder if landlords will then be ready to accept more reasonable rents for homes that were picked up for around $100k a few years ago.

    1. Eye’m in the offering$ of a 90 day rental. Long enough to roam & know a place, $hort enough to move.on to another location, or go back to base.camp.

  17. Sorry, greedy landlords, but now the gub’mint interference in contract law will enable deadbeats to stay rent-free in your “investment property” through the end of the year. At which time it will not doubt be extended for another few months…and another…say, did you factor any of these rent-free months into your cost/benefit calculations when you decided to become a housing speculator?

    https://www.marketwatch.com/story/cdc-issues-nationwide-eviction-ban-through-the-end-of-the-year-in-an-effort-to-control-coronavirus-2020-09-01?mod=mw_latestnews

    The Centers for Disease Control and Prevention is using its authority to implement a temporary eviction moratorium through the end of the year, the Trump administration said Tuesday evening.

    The CDC’s moratorium will apply to all rental units nationwide until Dec. 31 and goes into effect immediately, senior administration officials said. The previous federal eviction moratorium created by the CARES Act that ended in late July only applied to federally-funded housing, including rental units with mortgages backed by Fannie Mae FNMA, -1.33% and Freddie Mac FMCC, -1.78% .

  18. “‘Everything we are seeing suggests it’s going to be huge, 2008-2009? It’s going to dwarf that,’ said Adam Protheroe, a litigation attorney with S.C. Appleseed, a low-income advocacy group in the state.

    And yet the Fed’s Ponzi markets are hitting all-time highs. One of these things is not like the other.

  19. I wonder if these Robinhood muppets have any inkling of how they’re being set up by the Wall Street-Federal Reserve Looting Syndicate.

    https://finance.yahoo.com/news/robinhood-rise-brings-dark-side-100000690.html

    Robinhood Rise Brings Setbacks of Irate Traders, U.S. Probes

    (Bloomberg) — Robinhood Markets has catapulted ahead of its online brokerage rivals with a smartphone app that has attracted an army of young investors. Yet with the company’s rise has come a litany of problems: trading outages, angry customers and regulatory probes.

    Over the first half of the year, U.S. consumer protection agencies received more than 400 complaints about Robinhood — roughly four times more than competitors like Charles Schwab Corp. and Fidelity Investments’ brokerage unit. The grievances, obtained via a public records request to the Federal Trade Commission, depict novice investors in over their heads, struggling to understand why they’ve lost money on stock options or had shares liquidated to pay off margin loans.

    1. “I wonder if these Robinhood muppet$ have any inkling of how they’re being $et up …”

      What?, They “own” thee.$treet”

      (How much ca$h does Uncle.Wally.thee.Walrus.Warren have in his ve$t pocket?) Reckon they have him $hakin’.inn.hi$.boot$!

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