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A Growing Pile Of Unsold Homes

A report from Toronto Storeys in Canada. “Back on the market for the second time this summer, this 409 Bloor Street East penthouse offers incredible views inside and outside. It’s no wonder this sweet suite is priced at $4.1 million. What is a wonder, however, is how this is the sixth time the glam property has hit the market since last June, and the second time it’s seen a massive price drop in one year. On June 20, 2019, the place was listed for $6.2 million, and was removed on August 7. It went back up for the same price for just one day, before being removed again.”

“On September 5, the penthouse was re-listed; this time, it went live asking $4.9 million. October 3 saw another removal and re-list, which lasted until another removal on January 15. As warmth descended upon Toronto, the penthouse was posted again, asking $4.9 million from June 16 to July 16, when it was removed once more. The $4.1 million ask is new to the most recent August 31 posting.”

From CTV in Canada. “Rental prices have dipped and landlords are facing stiffer competition for tenants in Canada’s two hottest housing markets in the fallout from the COVID-19 pandemic. Toronto broker and landlord Davelle Morrison said short-term rentals, such as Airbnb units, are entering the long-term mix as the pandemic continues to restrict and deter travel. ‘We’re finding that (rental units) are sitting on the market a lot longer and my clients are having to bring their rental prices down in order to generate any interest for their particular condo,’ said Morrison, adding she recently listed a unit she owns for the same price she set two years ago.”

The Daily Telegraph in Australia. “The weaker inner city unit market was largely the result of landlords struggling with long-term rental vacancies. My Housing Market economist Andrew Wilson said the falling rents would encourage more investor owners to sell units but, with fewer other investors in the market to buy them, many would struggle to attract buyers. This would force investor to make further price cuts. ‘The inner city unit market is Sydney’s weakest and will probably remain so until international travel restrictions are lifted,’ Mr Wilson said.”

“Inner Sydney has become a fertile hunting ground for bargain hunters as panicked investors try to offload apartments at lower prices in the hope of speeding through sales. Apartments in the CBD and surrounds have recently been listed at more than $250,000 below the prices they were listed at before the pandemic hit, with some listed as ‘must be sold’ or ‘urgent sale.'”

“The deals have come as sales data revealed unit prices in the region dropped by an average of 8 per cent over the past three months. Advertised unit prices in the CBD were also about 15 per cent lower than a year ago, according to SQM Research’s Asking Prices Index.”

From Domain News in Australia. “The number of vacant rentals in Melbourne has skyrocketed, with properties flooding the market and causing a spike in empty listings of 20 per cent last month alone, new data shows. New data from Domain has laid bare the impact of the stage four lockdown on the rental market, revealing the portion of available, empty rental properties is up by a whopping 140.7 per cent compared to the same time last year.”

“NAB chief economist Alan Oster said vacancy rates in Melbourne could rise further given the high number of vacant properties available, which essentially takes competition out of the rental market. Asked if investors were more likely to sell, he said: ‘I don’t know is the short answer. You hear some horror stories about the number of units that are vacant in the CBD. I think you just have to wait and see. Foreigners not coming, kids not at university – all those things are probably not leading in the right direction,’ he said.”

The South China Morning Post. “China’s biggest developers are likely to step up price discounting this year to clear a growing pile of unsold homes, with authorities sounding another alarm in their deleveraging campaign to pre-empt any financial shock to the economy.”

“Completed but unsold homes amounted to 480 million square metres (5.16 billion square feet) across 100 mainland cities at the end of July, according to data compiled by E-house China Research and Development Institute. That’s a 7 per cent increase from a year earlier, and the highest level of inventory since November 2019.”

“‘Developers will offer more discount campaigns to ease inventory pressure and shore up their cash levels as fast as possible,’ said Yan Yuejin, director of the Shanghai-based institute. ‘Home developers are in a fierce competition to lure buyers in the second half.'”

This Post Has 117 Comments
  1. ‘Completed but unsold homes amounted to 480 million square metres (5.16 billion square feet) across 100 mainland cities at the end of July’

    Is that a lot?

      1. Or the Fed could do it. So far as I can tell, they operate these days as a giant hedge fund with no limits on how much they electronically print or how they spend the proceeds.

        Sometimes they even notify the public about which market they are manipulating and why.

        1. Thee.🍊.Jesus demand$ “Pu$h.over” Powell lower the damn intere$t.rate$! to: (0) a$ in Zero% … Now!

          ($ad)

          1. If only the string pushers at the Fed could convince the world that they have the ability to create inflation, they could achieve those long-sought (real) negative yields.

            But after over a decade of trying, Quantitative Easing still appears to be somewhat biased towards deflation. The natural consequence of using rate suppression to incentivize the overproduction of stuff that no one wants or needs is falling, not rising, prices.

    1. “….5.16 billion square feet…”

      And each of those 5.16 billion square feet come with 1000 termites. No extra charge.

      1. ahhh … you guys are just having fun. That is less than 4 sq ft per person in China – place to have quiet time.

        1. ‘That is less than 4 sq ft per person in China’

          I knew some smart ass would pop up with something like that. Here’s the deal: over ten years ago we read there are 50 million empty housing units in China. A few years go by, we’re told it’s 60 million now. Entire cities, sitting most vacant. There’s photos, go look on the intertubes.

          Those are sold and empty. Yep, in some bank each of those millions and millions of empty stark concrete boxes (they don’t furnish or even really finish them) represent muy richos! It’s all a fantasy. No one will ever live there. It will never be sold. The digital riches on the books don’t exist.

          And now you got 5.16 billion square feet more new, unsold waste of resources and debt.

  2. Saw that paper platinum spot price dropped down to $911 today. That notional price is meaningless, because the only dealers that have any 1-oz platinum bullion coins actually in stock (virtually everything is sold out) are pricing them at $1077. I hope I live to see the day the Fed is shut down, its gold collar criminals locked up, and we can again have honest, unrigged markets and sound currency.

    https://www.jmbullion.com/platinum/platinum-coins/

      1. Absolutely, but as a guy I’m not checking out guys. I find beauty in women, and when I see something like that I am aghast at how and why a woman would do that to her skin.

  3. U.S. Debt Is Set to Exceed Size of the Economy Next Year, a First Since World War II
    Coronavirus spending, shrinking GDP and tax-revenue decline push government toward milestone Anyone worried? Naw It hardly registers a blip in the ongoing never ending discourse

      1. The Financial Times
        Coronavirus business update 30 days complimentary
        Markets Briefing Equities
        Global stocks rise on hopes of central bank stimulus
        Signs of deflation in the eurozone prompt speculation of further policy action
        Naomi Rovnick and Bryce Elder in London and Hudson Lockett in Hong Kong yesterday

        US equities followed European stocks higher on Wednesday on mounting expectations central banks would unleash yet more monetary stimulus.

        The S&P 500 index gained 1.5 per cent to close at a record high for a second consecutive day. The benchmark, up 10.8 per cent for the year to date, was buoyed by reports that US Treasury secretary Steven Mnuchin had restarted talks with Nancy Pelosi, the Democratic speaker of the House of Representatives, over an extension of support for out-of-work Americans.

        The technology-focused Nasdaq Composite index rose 1 per cent to close above 12,000 points for the first time.

        Europe mirrored Wall Street’s strength with the Stoxx 600 index ending the day up 1.7 per cent, also supported by a rebound for the dollar versus the euro and pound. In London the FTSE 100 was up 1.4 per cent, rallying from a three-month low.

        The latest rise in equities, which have rebounded vigorously from their March lows, comes as investors wagered the European Central Bank would increase its efforts to stimulate the continent’s pandemic-stricken economy by purchasing even more financial assets.

        Data on Tuesday showed the eurozone had slipped into deflation, meaning prices of basic goods were falling for the first time in four years.

        “The market is likely expecting more stimulus from the ECB,” said Erica Blomgren Dalsto, strategist at the Scandinavian bank SEB.

        Such speculation was evident in the European government debt market, where by late morning in London investors had submitted €16bn of bids for a 10-year bond issued by the Greek government, which bankers said was expected to price at a relatively low yield of 1.22 per cent. The yield on the German 10-year Bund — which moves inversely to price — declined by 6 basis points to minus 0.471 per cent.

        Growing hopes for a fresh round of stimulus measures from Europe come just days after the Federal Reserve said it would tolerate rises in inflation past the 2 per cent rate it had typically targeted. Investors interpreted that message to mean the Fed would be prepared to hold rates lower for longer.

        Data released on Wednesday that showed the US private sector added far fewer jobs than forecast last month added to the idea that the Fed would need to keep policy loose in its attempt to shore up the world’s biggest economy.

        M&G fund manager Maria Municchi said a key driver of the US rally had been expectations for a long stretch of accommodative monetary policy from the Fed. “The amount of liquidity that’s been injected is huge,” she said, pointing out that M2, the broad measure of money circulating in the US financial system, rose from $15.4tn in March to $18.3tn in July.

        Economists say this figure has been boosted both by the Fed and a major fiscal stimulus effort by the government.

    1. As we like to often point out here, Quantitative Easing is ultimately deflationary.

      The lesson apparently takes many years to learn, though.

      1. Deflation … Ver$us … 🚀📈📈📈📈📈📈📈📈📈🎂🎡🎇🎆🎉🎉👏

        What’$ mi$$ing?

  4. Police ARREST pregnant woman for Facebook post

    Sep 1, 2020

    Avi Yemini
    416K subscribers

    #BREAKING: Victoria Police execute a warrant and ARREST pregnant woman in front of her children for a Facebook post.

    SHARE it for the world to see what is happening in Melbourne.

    Shame on #DictatorDan

    https://youtu.be/pym4q9tladg?t=23

    1. This is what happens when you don’t have a bill of rights. This is why the Left wants to tear up the Constitution.

      1. “the Left wants to tear up the Constitution.”

        Thee.🍊.Jesus wants/demads! American citizens in North Carolina to vote twice for him.

        kneel, …now!

  5. The market is booming
    but where are the buyers
    inventory is looming
    realtors are liars

    “A Growing Pile Of Unsold Homes”

    1. Sounds like a lesson in market equilibrium price adjustment is being taught to Chinese real estate investors.

  6. The Financial Times
    Coronavirus business update 30 days complimentary
    Sovereign bonds

    Bond investors cast doubt on Fed’s power to push up inflation

    Prices wobbled after central bank’s reset, but many still question long-term impact

    Jay Powell’s reminder that the Fed will tolerate higher inflation hit bond prices around the world

    © FT montage; Reuters
    Tommy Stubbington in London and Colby Smith in New York August 30 2020

    Government bond prices around the world dropped after Jay Powell confirmed last week that the Federal Reserve was prepared to tolerate higher inflation as it steers the economy through the aftermath of the coronavirus pandemic.

    But many investors say that talking about inflation is one thing, and actually generating swifter price rises is another entirely. Unless the Fed can avoid a path trodden by the Bank of Japan and the European Central Bank — where vast monetary stimulus has failed to nudge inflation back up to target levels — then a lasting reversal of the four-decade rally in fixed income is unlikely, they say.

    “It’s all very well them saying this, but they have been trying to get inflation above 2 per cent since the global financial crisis, and it hasn’t been possible on a consistent basis despite strong economic growth, low unemployment, and massive stimulus,” said Jim Leaviss, CIO of public fixed income at M&G Investments. “There’s quite a lot of scepticism that they can manage it now.”

    Inflation is kryptonite to bonds, particularly longer-dated ones, as over time it erodes the real value of the fixed interest payments they provide. Analysts were quick to point the finger at Mr Powell’s embrace of swifter price rises to explain a decline in bond prices.

    The 10-year US Treasury yield surged to its highest in nearly three months, at 0.76 per cent, in the aftermath of the Fed’s policy shift last week, reflecting a drop in prices before retreating slightly. The 30-year yield climbed to more than 1.5 per cent at one point, up from about 1.2 per cent at the start of August.

    However, on closer inspection, the moves were not mainly driven by inflation concerns. US inflation-linked government bonds also fell. The 10-year break-even rate — which tracks the gap between nominal and real yields and serves as a proxy for investors’ inflation expectations — hovered around 1.77 per cent.

    The relatively muted reaction is due in part to the fact that the Fed’s pivot was widely expected — investors have been pricing in higher inflation expectations for months as the economy rebounded and Fed policymakers hinted that they would not be hasty in withdrawing stimulus. But in pricing in a decade of sub-target consumer price rises, investors are also expressing their doubts about the central bank’s ability to achieve its new average inflation goal.

    US inflation has only fleetingly run hot in the past decade. Since the Fed formally adopted a 2 per cent target in 2012, its preferred measure of inflation has exceeded this figure in just 16 of 102 months, according to strategists at Rabobank. Many fund managers are betting on more of the same.

    “I do think that in some parts of the market there are worries about inflation, [given the] combination of rapid money growth, a large balance sheet, rapid debt growth, some concerns about globalisation being short-circuited and starting to reverse, and broken supply chains putting upward pressure on prices,” said Nathan Sheets, chief economist at PGIM Fixed Income and former under-secretary for international affairs at the US Treasury. “But the post-global financial crisis period was one of low inflation in the US and globally, and I expect that this next period will be very much the same.”

    1. “Coronavirus business update”

      80 year old maskless hag who has access to ALL coronavirus and COVID-19 stats and info seen strutting around closed to public Hair Salon.

      Salon owner joins Tucker, pushes back on Pelosi’s claim she was ‘set-up’

      1,269,147 views•Premiered 12 hours ago

      https://youtu.be/c7lRKAtD4xE

  7. Stuff gets real if you have to have 10% downpayment. Interesting learning for the US – or do our banks even care.
    ————
    Low-deposit mortgage deals available to borrowers have plummeted in recent months as lenders play safer during the economic fall-out from coronavirus.

    Borrowers able to offer 10% of the value of a home as a deposit could have chosen from 779 deals at the start of March, data from Moneyfacts shows.

    Six months later, the choice was now down to around 60, the financial information company said.

    Lenders are being stricter about who they lend to amid fears of defaults.

    HSBC became the latest lender to temporarily restrict lending on 90% loan-to-value deals in what one mortgage broker described as a “sign of the times”.

    https://www.bbc.com/news/business-54000714?fbclid=IwAR1CMUYH25ZIuzKtPPWomBMGU12QZzBtwpkJFLxiv5YydW2HlXS1-oW8mrY

  8. After blowing so much dough on propping up their own stock prices, I guess the U.S. airlines don’t have much left over to invest in such mundane matters as cabin air safety.

    1. Nation/World
      Airlines stumble ahead with coronavirus safety plans that may heighten risks
      Author: Alan Levin, Bloomberg
      Updated: 2 days ago

      A Delta Airlines employee wears personal protective equipment after landing at Minneapolis−Saint Paul International Airport, in Minneapolis. Airlines are trying to convince a frightened public that measures like mandatory face masks and hospital-grade air filters make sitting in a plane safer than many other indoor settings during the coronavirus pandemic. (AP Photo/John Minchillo, File)

      United and Delta airlines have recently begun boarding flights from the rear to the front in a bid to minimize close contacts between passengers that could spread COVID-19.

      Yet new research shows it may do just the opposite: U.S. scientists have found boarding planes starting with the back rows increases the time spent by people clustering in aisles to load bags in overhead bins before taking their seats.

      Boarding procedure is just one example of how airlines are struggling to make flying safe during the pandemic, and lure back passengers. Carriers are also instituting inconsistent policies on leaving middle seats vacant that aren’t backed by science. There are huge gaps in data and research, and the Trump administration has declined to set health-related rules for airlines.

      “There is an abundance of expert opinions and there is a scarcity of good data,” said Byron Jones, an engineering professor at Kansas State University, one of the small coterie of researchers specializing in cabin air safety.

      1. These idiots STILL don’t get it.

        sitting in a plane safer than many other indoor settings

        Those other “indoor settings” includes the ubers, the airports, and the destinations. If you can’t get past the Uber or the airport, then nobody gives a damn about the plane. And who is going anywhere anyway? It’s all Zoom now. Uncle Warren was 100% right to sell his airlines at a loss.

      2. I flew twice in August. It’s merely security theater.

        Plexiglass in front of the customer service counter – oh yeah like the virus won’t be able to get around it?

        Masks – must be worn but you can remove them when you’re eating or drinking. Well just eat and drink REALLY slow.

        Middle seat – some flights we did have middle seats blocked (but what – it’s a couple feet?), some flights we all could even find our own rows after the door closed (Sat AM flight SFO-PVR)

        Lone sanitizer wipe – yep that will really show those germs.

        For the most part, people I have encountered travelling were pretty cool because if they’re out in the world travelling then they’re not the scaredy-cat Karens hiding under their beds.

        However, I did see a couple hazmat dressed looking people with goggles, face shield, wrapped in a bath curtain with gloves.

        Honestly, if you’re THAT scared or vulnerable then you have no business flying. It just makes it really annoying to the rest of us.

        Oh and the fact we can’t get booze in coach for some dumb reason. You won’t even let me buy your overpriced drinks? Don’t want to hear the airlines whine when their revenue sucks.

        I made sure to let the airline know my feelings when they sent me a survey.

        1. Though on the return flight PVR-SFO it was pretty packed so all that middle seat blocking crap went out the window.

  9. The Turkish lira has plunged to a new low against the dollar and euro. Turkish developers, you’ll recall, took out huge loans from “nearly” insolvent PIIGS banks to fund a speculative building spree over the past decade – but now the Istanbul skyline is littered with unfinished skyscrapers because the money ran out and developers can’t afford imported building materials. So now the only question is, when do they start defaulting on their construction loans? Reminder: while Frau Merkel, globalist Quisling, has put German taxpayers on the hook for the Eurozone bankers bad loans, the rise of nationalism and populism means the ECB might’ve run out of road for its endless can-kicking since the 2008 great financial crisis.

    https://www.marketwatch.com/investing/currency/usdtry

  10. As the real economy continues its free-fall, the statistical fakery from the BLS and CPI is going to get even more Soviet-style. Everything is Awesome – Buy Moar Stawks!

    https://www.morningstar.com/news/marketwatch/20200903240/initial-jobless-claims-fall-130000-to-881000-but-drop-tied-to-change-in-statistical-method

    Jobless claims fall to new pandemic low, but still historically high

    The numbers: The number of new applications for unemployment benefits fell sharply last week to a fresh pandemic low, but the entire decline stemmed from a major change in how the data is reported instead a big increase in people finding jobs. Absent the change the labor market showed no progress.

  11. Does the new weekly unemployment claims measure amount to a statistical deception?

    Just how dumb do they think we are?

    1. Marketwatch.com
      Economic Report
      Initial jobless claims fall 130,000 to 881,000, but drop tied to change in statistical method
      Published: Sept. 3, 2020 at 9:17 a.m. ET
      By Jeffry Bartash
      U.S. jobless claims fall to new pandemic low, but still historically high

      High unemployment is a big obstacle to the economy’s recovery after the coronavirus pandemic.

      Getty Images
      Referenced Symbols
      DJIA
      -0.10%
      SPX
      -0.57%

      The numbers: The number of new applications for unemployment benefits fell sharply last week to a fresh pandemic low, but the entire decline stemmed from a major change in how the data is reported instead a big increase in people finding jobs. Without the change the labor market showed no progress.

      Initial jobless claims fell by 130,000 to a seasonally adjusted 881,000 in the last week of August, the Labor Department said Thursday. These figures reflect applications filed the traditional way through state unemployment offices.

      Economists polled by MarketWatch had forecast 940,000 new claims in the seven days ended Aug. 29. Yet not all of the estimates took into account the change in the government’s formula for seasonal adjustments.

    1. It should be the basis of ALL hiring. But your point is well taken in that policing is such an important job.

    2. I can’t completely agree. IMO policing is one of the few professions where race should be a factor in hiring. Sending a cop to a neighborhood with a matching demographic might prevent some crime or riots.

      1. It also will probably increase cooperation and lessen tensions, but it isn’t a good enough reason to let hiring be influenced by race. Standing on principle is hard (as Frank Slade would say), but it is worth it in the long run.

    3. Maybe merit, rather than diversity, needs to be the chief criteria for hiring and promoting law enforcement officers.

      Define “merit”. I’ve heard people make the case that you don’t want to hire people who are too smart for standard police work? I’m not sure if I agree but I did see firsthand how being a smart person in the army could be hell. Maybe it’s a similar principle?

  12. France launches €100 billion stimulus plan to avoid ‘economic collapse.’ It may also help Macron get re-elected
    Published: Sept. 3, 2020 at 9:36 a.m. ET
    By Pierre Briançon
    Marketwatch.com

  13. Here’s snip from a large article on the damage caused by lockdowns.

    In light of all the other factors we have discussed, it is reasonable to conclude that the majority of deaths reported as COVID-19 mortality, by the world’s mainstream media (MSM), were not attributable to the syndrome itself, but rather to the various national and statewide lockdown policies.

    These were lockdown regime deaths not COVID-19 deaths. By restricting access to health care for the most vulnerable, any claim that Lockdown Regimes save lives is patently absurd.”

    https://www.lifesitenews.com/blogs/the-deadly-truth-about-lockdowns-and-masking-policies

  14. Hillary Clinton says Joe Biden should not concede on election night

    Jason Lange

    AUGUST 25, 2020 / 2:10 PM / 9 DAYS AGO

    Clinton said, “Joe Biden should not concede under any circumstances because I think this is going to drag out.”

    https://www.reuters.com/article/us-usa-election-clinton/hillary-clinton-says-joe-biden-should-not-concede-on-election-night-idUSKBN25L2FJ

    Trump Is Heading for a ‘Red Mirage’ Win on Election Night, Bloomberg-Funded Data Firm Says

    BY DARRAGH ROCHE ON 9/1/20 AT 11:51 AM EDT

    President Donald Trump could appear to win the November election in an apparent landslide when the first results come in, but lose once counting mail-in ballots is completed days later.

    https://www.newsweek.com/trump-phantom-win-election-1528948

        1. asks you to vote fer him twice

          Source please? MSM more often than not selectively edits out context and clarifiers and portrays sarcasm or jokes as serious statements. I try to watch his speeches live so I avoid MSM’s spin.

          1. ” …portrays sarcasm or jokes as serious statements … ”

            Thee.🍊.jesus doesn’t need anyone to carry him or poli$h his commandment$.

            Kneel & bow

          2. Kneel & bow

            As an agnostic/atheist, I don’t kneel and/or bow to anyone. Why is it that you equate a vote with worship?! As voters, we’re given a binary choice. No one is perfect.

          3. As an agnostic/atheist, I don’t kneel and/or bow to anyone.

            As a Christian, I don’t kneel or bow to anyone.

          4. Funny, it appears to me that the left worships their politicians FAR more than the right worships their politicians. Biden is going to lead them to the promised land.

        2. You probably believe that Trump called Neo-Nazis and white nationalists in Charlottesville “fine people” too. That’s easily debunked when you read the transcript: “I’m not talking about the Neo-Nazis and the white nationalists because they should be condemned totally.”

        3. “Thee.🍊.jesus asks you to vote fer him twice. please do as yer told.”

          Kayleigh McEnany just schooled a leftist MSM member of the White House press corps on this. 🙂

        1. If they go out to protest, a mask is enough. But for voting, it’s March Lockdown all over again. I would like to see this addressed in the debates.

        2. It is my understanding that the Dems want to rig the election by mail in ballots that are a lot harder to prevent voter fraud and ilegals voting.

          This might be another reason why the Dems have wanted to keep the Covid 19 shut down going so they could justify this mail in ballots demand.
          So, the prediction is that Trump will win at first, but than all the mail in fraud will come in and Biden will win.
          So, this is the current Dem plan to win.

          The Russian Hoax, fake impeachment, 24/7 slander attacks by fake news, Commie thugs in the street attacking Trump supporters, suppression of free speech, fear mongering for Political gain, meritless lawsuits to obstruct and attack the opposition, etc etc etc , is the evident tatics of the Resistance mostly embraced in the Dem party.

          So, any party that tries to win by a ends justify the means, isn’t a party for me.

          So , more people have to vote for Trump to offset the election cheating, and this would include the House and Senate seats.
          I heart a talking head in summary saying that the Dem plan to never let it be possible again that a Republican could win. That sounds like corrupted power talking to me. Aren’t the people suppose to determine who wins, which could be either party.

          1. It might happen, but not the way they want. The left-wing Dems think that they cna keep the Moderate Dems voting for them, but then bait and switch them by enacting commie policies.

            That might work if all the Dems are united against Trump, but it won’t last long. Those moderate Dems aren’t going to tolerate their tax money being given to moochers forever. Especially when Boomer mommy and Daddy are gone and the Millenials have to start thinking for themselves.

            At that point one of three things will happen:
            1) 3 viable parties: a business party (R), a moderate party (D), and a Green-ish party (lefties).
            2) moderate Dems will defect to Republicans, stealing the Republican name. (This is what #walkaway is)
            3) national elections will start to look deep blue or red states, where the fight is really within the primaries inside one party.

        3. I have it on good authority that the EIR paperwork required to get a bucket of water anywhere near her is completing its 1st draft phase. Public comments are scheduled to be collected no later than 2023.

  15. IIRC doesn’t imports in excess of exports get subtracted from Gross Domestic Product?

    Y = C + I + G + (X – M)

    What could (X – M) < 0 portend for U.S. economic growth?

    1. U.S. trade deficit surges 18.9% in July
      Published: Sept. 3, 2020 at 8:37 a.m. ET
      By Jeffry Bartash

      WASHINGTON (MarketWatch) – The U.S. trade deficit jumped 18.9% in July owing to a big snapback in imports, the government said Thursday. The trade gap increased to $63.6 billion from $53.5 billion in the prior month – above the $58.9 billion MarketWatch forecast. Imports shot up 10.9% while exports advanced 8.1%. The increase in both imports and exports is a good sign in many ways, pointing to stronger consumer spending at home and increased demand for American-made goods abroad. Yet global trade is still considerably weaker compared to before the coronavirus pandemic and it will take time to recover. U.S. exports, for example, were 26% lower in July compared to the same month in 2019.

  16. This might be a good read on a day when the stock market moonshot is beginning to show signs of possible engine failure.

    1. The Tell
      Here are Bank of America’s ‘must-know’ market stats that show ‘epic polarization’
      Last Updated: Sept. 3, 2020 at 10:01 a.m. ET
      First Published: Sept. 3, 2020 at 4:59 a.m. ET
      By Steve Goldstein
      Referenced Symbols
      NDX
      -3.02%
      TMUBMUSD30Y
      1.364%
      FB
      -3.50%
      AMZN
      -2.46%
      AAPL
      -4.42%
      MSFT
      -3.48%

      A view of the Facebook thumbs-up ‘Like’ symbol in Menlo Park, California.
      Jeff Chiu/Associated Press

      Stock markets are setting records, and companies like Tesla are surging, at a time when the real economy is reeling from the coronavirus pandemic.

      It isn’t easy for anyone to comprehend, and sometimes, it is worth stepping back at the broader picture rather than focusing on the daily or weekly moves. Michael Hartnett, chief investment strategist for Bank of America, has put together his annual list of the top statistics on the size, composition, risks, returns, leverage, yields and valuations of the bond and equity universe.

      Here are his top 20 “must-know” stats that Hartnett says “highlight the nihilistic bull market in bonds and equities, the Fed’s implicit desire for an asset price overshoot, how Wall Street is ‘too big to fail,’ how financial repression has averted debt deflation, the hubristic dominance of Big Tech in equities, and the epic polarization of asset returns, flows and valuations.”

        1. — $1.4bn: central bank asset purchases every hour since COVID-19 March lockdowns

          — $1.6bn: Nasdaq-100 (NDX, -3.01%) market cap gain every hour since COVID-19 March lockdowns

      1. Yada yada yada. These morons have been using all kinds of “analysis” and “models” to predict a crash for weeks. At this point they’re just penning fan-fiction for clicks, writing themselves as OP AF Mary Sue characters who shall escape virtuous and unscathed. 🙄

  17. how much more does it cost to build a house vs last year?
    lumber=yikes
    I know of a new build project that wnet up 5% seems platry.

  18. CR8R alert!

    Marketwatch.com
    Outside the Box
    Opinion: Tesla’s stock story is one of newbs and rubes — but not quite the way you think it is
    Published: Sept. 3, 2020 at 7:50 a.m. ET
    By Ben Hunt
    This is the power of what the crowd thinks the crowd thinks is true
    Getty Images
    Referenced Symbols
    TSLA
    -7.07%
    AAPL
    -4.57%

    There’s an old saying in poker: don’t just play the cards, play the players.

    It’s the same thing in markets. You can’t just focus on the cards you’re dealt, i.e., the fundamentals of this stock or that stock. You also have to focus on the other players who are playing these same cards, and that means understanding the behavior of a crowd of buyers and sellers in the stock market.

    Just like in poker, sometimes the cards/fundamentals don’t matter at all. Sometimes poker players will think they have an edge in understanding the other players sitting around the table, and before you know it, there’s a huge pot in the middle of the table regardless of what cards have been dealt.

    1. Eye thought thee.🍊.jesus only wants “Bidne$$.item$” to bee made in America?

      Germany tells Elon Mu$k he can have whatever he need$ for new Berlin plant

      CNBC /PUBLISHED THU, SEP 3 2020 / By Sam Shead

      Key Point$:

      Tes$la announced its latest so-called Gigafactory in November.

      Germany’s economy mini$ter told Musk he’ll have “every a$$istance” in building a new Gigafactory on the outskirts of Berlin.

      The German plant — located around 20 miles south east of Berlin in the Brandenburg town of Gruenheide — could hire around 12,000 people and make up to 500,000 vehicles a year when it is up and running. Production is slated to start in summer 2021.

  19. Whatever you do during this market swoon, DON’T PANIC!

    Instead, HODL those losses until the next rally makes your stocks even more valuable than they were yesterday!

    (Channeling the stopped-clock advice I’ve heard repeatedly over the years from stock market experts…)

    1. Regulation
      Beware of a big stock market correction, warns influential regulator in rare missive
      The European Securities and Markets Authority warned of a ‘prolonged period of risk’ to both institutional and retail investors, including ‘possibly significant’ market corrections in the months to come
      Getty Images
      By David Ricketts
      September 3, 2020 10:49 am

      Europe’s main financial watchdog warned that strong gains posted by stock markets across the region could be unsustainable, with investors urged to brace themselves for further turmoil as a result of the Covid-19 pandemic.

      In an unusual missive, the European Securities and Markets Authority in a 2 September report warned of a “prolonged period of risk” to both institutional and retail investors, including “possibly significant” market corrections in the months to come as the pandemic continues to wreak havoc on the global economy.

      Esma cited a high risk of “decoupling of financial market performance and underlying economic activity” and that “the sustainability of the recent market rebound remains a concern”. Esma based its report on the first half of this year.

      The warning seemed to “go beyond its remit,” said Colin Mclean, chief executive of SVM Asset Management.

      “Undoubtedly there is a period of risk ahead, but it is far from clear that this is principally from a market correction,” he said. “The March low was driven by panic selling in the absence of much information and few investors participated. It does not seem a good starting point for any measurement.”

    1. 👀 …”🎤📢 … it’s just the common.cold folk$! ”

      Is it x1 deeth.👾.death every 80 seconds or 81?

  20. Washington Post
    Democratic mayors flee their homes after protesters show
    up on their doorsteps – As hundreds of protesters gathered Monday outside a condo building in … including the Democratic mayors of Chicago, Seattle, Pittsburgh and St. Louis.
    6 hours ago

      1. Can you imagine a Democratic candidate for anything promising to intentionally slash funding for Republican-voting areas, regardless of any formulas that say how funding should be allocated?

        What does this day about the values of people elsewhere in the country? After all, Texas fought to prevent disaster relief for NY-NJ after superstorm Sandy, but were certain that NY-NJ would generously approve aid when a hurricane hit Houston.

        Does this make New Yorkers suckers? Should we demand that our elected officials intentionally try to harm the rest of the country if they are in a position to do so?

        Net, both the federal government and the State of New York have always defunded New York City.

        1. Wake up NYC, encouraging violent and destructive riots by restraining and removing the police is bad for the whole state and country.

          1. Removing the police? We have more than double the number of police officers per capita than the U.S. average, and more than any city other than Washington DC. And thanks to a full pension after working just 20 years, plus an extra $12,000 pension payment every year, etc., the average officer costs well north of $350,000.

            And they demand more — or else they won’t do their job.

          2. Didn’t DeBlasio eliminate a 500 person squad of vice officers to appease the BLM “defund the police” crowd just a while back?

          3. DeBlasio shifted around some cops, that’s about all. All the cops get into specialized squads after a couple of years.

            In fairness to DeBlasio, early in his administration when the NYPD was just as overstaffed as it is not, the City Council pandered to the PBA union by adding unneeded officers over his and Commissioner Bill Bratton’s objections.

            And in this crisis budget, they turned around and cut overtime and deferred one police academy class — again over DeBlasio’s objections. It’s pander all around.

            When I talk about funding and staffing, I know whereof I speak, believe me. I’ve been analyzing data on comparative state and local government finances and employment for more than three decades.

            https://larrylittlefield.wordpress.com/2020/06/04/graphic-summary-2017-census-of-governments-data/

            But as for the uptick in urban shootings, it’s a cultural problem. Similar to the mass shootings by rural whites cultural problem. Do you think jacking up taxes and cutting other services in rural America to hire 1 million extra cops to harass non-criminal white people in rural areas would be a good idea in response? Could people there afford it?

      1. That’s the funniest part of all this. They are nobody’s friends apparently. But when you make everybody your enemy I don’t see how you can expect to accomplish any of your goals.

    1. “Democratic mayors flee their homes after protesters show
      up on their doorsteps”

      Taking the political protests to someone’s home where their family lives is inexcusable behavior. It’s time to reconstruct the stocks, tall ones where your legs are put to the test.

  21. How much less is your rotting pile of sticks worth so far this year? (Besides the 4% losses to depreciation).

    1. Stick futures continue to slide.

      If I am reading the futures chart reasonably, it is $670 for a contract of 110,000 bdft of sticks. That’s only $0.06 per bdft, or about $0.03 per stick. How many sticks go into a standard house? Am I missing something?

      1. “…drop your 110000 board feet of 2×4$”

        Northern Cali.for.knee.i.a, they never rake up in those forests!🏡🔥

    1. OK, $kip the $helter.$hack.$ticks, there’$ alway$ COAL!

      Trump Made a Promi$e to $ave Coal in 2016. He Couldn’t Keep It.

      Despite the campaign vow$, 2020 coal production is expected to be down 31%.

      Bloomberg / By Ari Natter and Will Wade September 3, 2020

      Nicholas Akins, chairman of Columbus, Ohio-based American Electric Power Co., one of many utilities replacing coal with renewable energy $ources. “You really can’t fight the law$ of economic$ and the law$ of ri$k and the i$$ues of development around new technologie$

      U.S. coal production has been declining steadily since it peaked in 2008. While there was a slight uptick in 2017, Trump’s first year in office, it’s expected to be about 502 million tons this year, down 31% from 2016. Exports, which have helped support U.S. miners, are also shrinking amid increasing competition from liquefied national gas in Asia and waning demand in Europe. U.S. producers will export about 60 million tons this year, down 48% from 2018.

      Covid-19, which has sapped U.S. power demand, has only hurt the industry further, and the export market, once seen as a savior for the industry, has evaporated as well, said Mark Levin an analyst with the research firm, The Benchmark Co.

      “Retirements of coal plants will continue, and I don’t think Trump has had any meaningful impact,” Levin said. “Consumption this year has completely fallen off a cliff.”

      Since Trump’s inauguration, 65 coal-fired power plants have been retired, and 72 more plants have announced plans to do so, according to the Sierra Club.

      “It’s fair to say that Trump has had no success whatsoever in reviving the coal industry,”

      (reckon AQdanny.boy is still watching those empty train.car$ pa$$ bye?)

      $ad

  22. Marketwatch.com
    Deep Dive
    This analysis of Wall Street stock ratings is sounding a warning for Tesla and 62 other stocks
    Published: Sept. 3, 2020 at 11:16 a.m. ET
    By Philip van Doorn
    More analysts rate Tesla a ‘sell’ than a ‘buy’

    1. I’m comfortable just sitting on my zero management fee Treasury Index fund like the proverbial tortoise while the hare expends his energy looking for yield and getting scalped along the way.

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