thehousingbubble@gmail.com
Blog

The Ponzi Scheme Refrain Came Through Loud And Clear

It’s Friday desk clearing time for this blogger. “The good news for buyers is that inventory is rising in places such as Arlington County and Alexandria, up 39% and 38% respectively compared to a year ago. ‘We’re seeing huge increases in inventory in some areas in Northern Virginia,’ said Larry Foster, president of Long & Foster Real Estate. ‘This is due to people seeing opportunities to sell at the height of the market.'”

“Not even the reliably expensive West Village is immune to the COVID-induced housing price drops sweeping Manhattan. According to UrbanDigs, the median asking price for new listings in the area has decreased to the lowest figure in years, from $2.8 million in May to $1.765 million in August. Or, in sum: ‘Buyers may soon start to find real deals in the West Village,’ says John Walkup, CEO of UrbanDigs.”

“A mega-mansion just got a mega price cut in Bel-Air, where a massive spec house known as Unica just relisted for $78 million. That’s a $22-million price chop for the Spanish villa. ‘Unica is unequivocally worth $100 million; we just had to make an adjustment for today’s market,’ said listing agent Ben Bacal.”

“At first, Stephanie Morris was nervous about leaving Modesto. She’d lived in the Central Valley her whole life, but her family couldn’t keep paying $850-a-month for her sons to share a living room while she, her husband and the baby slept in their apartment’s only bedroom. ‘I have to keep reminding myself that I’m not moving out of California to a third-world country,’ Morris said. ‘I’m leaving a third-world country to join America.'”

“Though a foreclosure crisis is on the horizon, experts say recent fiscal policy will prevent a full collapse of the financial system. ‘It’s a slow-moving process,’ Bill Emmons, an economist at the St. Louis Federal Reserve, said during a presentation. ‘It definitely looks like there will be another major event, but hopefully not as bad as the foreclosure crisis associated with the Great Recession.'”

“The actual level of distress is difficult to determine because of eviction and foreclosure bans across the country. But Emmons said the level of past-due mortgages is now at levels seen in the beginning of the Great Recession. The uneven recovery has led to a growing consensus around the idea that the recovery from Covid will be K-shaped, lifting more affluent people out of distress faster while the lower-income population sinks further into poverty. ‘Probably the clearest massive supportive income were one-time payments and unemployment benefits, but those provisions expired at the end of July,’ said Emmons. ‘The V has been interrupted.'”

“There is a ‘dangerous’ oversupply of new, single-family homes in Calgary and Edmonton, on top of affordability issues in Vancouver and Toronto, the financial intelligence company said in a report this week. ‘The housing market will no longer be able to escape the poor condition of the labour market,’ said the report.”

“The frenzy of July has calmed somewhat. Janice Goss, broker with ReMax Professionals Inc. says that the market at $1.5-million and below is very active in Mississauga, but it cools above that level. ‘Some in that same sub-division are at $1.7-million and they haven’t sold.’ At the $3-million mark and above, some sellers are reducing asking prices or taking offers at substantial discounts.”

“We have a three-bedroom semi-detached house in good condition with a decent garden in a town about 35 miles from London, in an area popular with families. We’ve seen a number of places we’d quite like to buy but not been able to make any offers stick, because we aren’t under offer ourselves. Do we just need to be more patient, or is there anything we can do to try to get our house sold?”

“Property expert Myra Butterworth said: By and large, if you’re failing to sell your house, it is often because you’re asking too much money for it. Sellers often fall into the trap of thinking they know what a property is worth, but it is the buyer who has the final say. They will decide what price they are prepared to pay for the bricks and mortar in front of them.”

“The ongoing Covid-19 global pandemic and postponement of the long-awaited Dubai World Expo has led the Dubai housing market into a new price slump this year. Before the pandemic hit, average sales prices in Dubai’s luxury communities were already down 20% to 30% from their last peak in 2014, Mansion Global previously reported.”

“A 1920s cottage in Sydney’s inner west has sold at auction for $8000 less than when it last traded at the height of the property market in 2017. The freestanding three-bedroom house sold for $1,372,000. said the vendors were a young family making a tree change and moving further out of the city. The owners purchased the 272-square-metre block in 2017 for $1.38 million, and knew they had bought at the peak of Sydney’s property market, said selling agent Chris Nunn.”

“‘They were aware they had bought it at the peak,’ he said. ‘There weren’t any illusions there – they knew it would be difficult to get back there.'”

“An article by senior economics correspondent Shane Wright examining how the collapse in Australia’s population growth because of closed international borders may affect the housing market, was one of the most-commented on by The Age and the Sydney Morning Herald readers in the past week. Many readers queried the pessimistic tone they detected in the article, saying the forecasts were a potential silver lining to the pandemic.”

“Carmine: ‘So, the Ponzi of bringing in more migrants is finally collapsing. About time.’ MelbourneGuy: ‘While some may see this as bad news, many of us, including home owners, see the madness of population growth led housing bubbles as our primary industry stalling as a complete blessing. Hopefully we now learn as a society that there are other ways to run an economy other than the aforementioned.'”

“Reflecting on the reader debate, Wright says population growth and housing are contentious areas at the best of times, so it was little surprise there were more than 400 comments. ‘Overcrowding, congestion and the ‘Ponzi scheme’ refrain all came through loud and clear from many readers who face the consequences of Australia’s growing population on a daily basis…,’ he says.”

“In Palm Beach County, some questions are eternal. How do you get rid of all that horse poop in Wellington? The horse poop question has been a pungent and vexing one that has been answered in a variety of ways that always seem to be rejected. For a while, the answer was to put 32 tons of it each day on trucks and drive them to Martin County for dumping. But for some strange reason, the good people of Martin County grew tired of accepting our excremental offerings.”

“The land bordering the poop plant is owned by the county’s Solid Waste Authority. But the surrounding area is also home to the outdoor concert amphitheater at the South Florida Fairgrounds, some high-end residential communities – such as Riverwalk, Breakers West, Andros Isles and Baywinds – and The King’s Academy, a private Christian school.”

“As you might imagine, opposition is forming against the pending zoning change. ‘They call me ‘The Horse—t Man at Riverwalk,’ Andre Budd said. Budd is rounding up signatures from his neighbors against the project. ‘Can you imagine trying to host a barbecue in your backyard on a windy day?’ asked another Riverwalk resident, Phyllis Kingsbury. ‘Excited about seeing your favorite country star at the amphitheater? What are they thinking!'”

“If the facility is approved in November and gets built over the neighbors’ objections, the least the county could do is to give it a name that makes it sound like something else. For example, pretend it’s a new shopping center, and put a big sign out front calling it ‘The Olfactory Outlet Mall.’ Or better yet, make it appear to be a luxury housing community by landscaping the entrance with a waterfall and a dramatically landscaped guard-gate entrance. And, of course, giving it a name that suggests luxury guard-gate community living.”

“Here’s my top-10 suggested names. If you have better ideas, please let me know so I can pass them on. 1. Stallion’s End. 2. Barnaggio. 3. Palomino Palms. 4. Palm Beach Poolo. 5. Olumpia. 6. The Droppings. 7. Breakers Wind. 8. Belle Merde. 9. Villas on the Brown. 10. Compostrano Estates.”

Related Posts

A Sort Of Monomania

A weekend topic starting with the Los Angeles Times. "When Steve Qunell won a seat…

This Post Has 182 Comments

  1. ‘inventory is rising in places such as Arlington County and Alexandria, up 39% and 38% respectively compared to a year ago. ‘We’re seeing huge increases in inventory in some areas in Northern Virginia’

    Again, where did all these shacks come from? Were they just built? No. There’s no shortage of shacks, there never has been and there never will be.

    Eat yer crowz taxpayer.

  3. ‘I have to keep reminding myself that I’m not moving out of California to a third-world country…I’m leaving a third-world country to join America’

    This is a fascinating article. The SMH article is too. Plenty of people wailing about how fooked they are.

    1. The great thing about renting in California is that you know you can leave tomorrow if necessary without having to worry about offloading a house with an underwater mortgage.

    2. She’s paying $850/month for a one bedroom in Modesto which seems about right for the Central Valley. She could rent a decent family sized for a few hundred more. What she’s going to discover is that when she moves to Nevada, Arizona, Texas, or wherever is that rents are a couple of hundred dollars a month lower and, also, that her pay check is short couple of hundred dollars as well. Jobs that pay $18-20/hr in California often only pay $11-13/hr in other states.

        1. I’ve visited almost every state in the contiguous U.S. and California is the only one where I’ve seen barbed wire on highway overpasses to protect the signs from graffiti.

          That “third-world” quote is an absolute classic.

          1. California is the only one where I’ve seen barbed wire on highway overpasses to protect the signs from graffiti.

            And that’s in the good parts of town.

            A few weeks ago I mentioned a young, liberal couple who moved to California with great expectations, only to discover it was an utter sh!thole. They no longer live there.

          2. My favorite ghetto feature are the tall nets like those used by golf courses along the edge of the freeway to prevent vehicles from being hit by debris thrown by the disenchanted hordes.

      3. She’s paying $850/month for a one bedroom in Modesto which seems about right for the Central Valley.

        That’s not “about right for the Central Valley.” “About right” is when $850 per month buys two houses in that hell hole.

    3. That poor lady lived in Modesto! Most of the cost, all of the taxes, and none of the nice environment.

  4. ‘the level of past-due mortgages is now at levels seen in the beginning of the Great Recession’

    And we’re just getting started. I can’t keep up with the crater. I’ll have a massive CRE post this weekend.

    ‘That’s a $22-million price chop for the Spanish villa. ‘Unica is unequivocally worth $100 million; we just had to make an adjustment for today’s market’

    Click!

    1. “…said listing agent Ben Bacal…”

      “…Unica is unequivocally worth $100 million; we just had to make an adjustment for today’s market…”

      Tik-Tok message to Ben Bacal:

      You really, really, need to get a grip on reality.

      I understand the best nut-case Doctors in the world ply their trade in the Bel-Air/Beverly Hills area.

      Do yourself (and readers of the HBB) a huge favor. Make an appointment.

      1. I understand the best nut-case Doctors in the world ply their trade in the Bel-Air/Beverly Hills area.

        Who else would carve somebody’s face up to look like The Joker on meth, say “perfect,” then do it to thousands of other “celebrities?”

  5. .‘Some in that same sub-division are at $1.7-million and they haven’t sold.’ At the $3-million mark and above, some sellers are reducing asking prices or taking offers at substantial discounts’

    ‘The frenzy of July has calmed somewhat’

    Golly, I hope no one overpaid in such an environment.

  6. ‘The ongoing Covid-19 global pandemic and postponement of the long-awaited Dubai World Expo has led the Dubai housing market into a new price slump this year. Before the pandemic hit, average sales prices in Dubai’s luxury communities were already down 20% to 30% from their last peak in 2014’

    Again with that gotdam expo. It’s like Toyota and Dallas. BTW, I’d bet Dubai has fallen 20% to 30% every year since 2014.

    1. ‘A pickup truck hit a protester Thursday night in Hollywood, California, and moments later a second vehicle hit a car participating in the same protest as it tried to leave the area, according to the Los Angeles Police Department.’

      ‘The “largely peaceful” group of protesters began marching around 7 p.m. local time with only isolated reports of vandalism, but shortly after 9 p.m., things turned violent when a blue pickup truck traveling on Sunset Boulevard maneuvered through the crowd and became involved in an altercation, according to authorities. The driver of the truck attempted to get away from the situation, but police said he struck a protester standing in the street.’

      ‘A short time later, a white Prius attempted to drive around the same protest, but a truck involved in the protests pinned the Prius in, forcing it to stop. Police said the driver of the Prius put the car in reverse to leave the area but then hit a green Mustang that was also participating in the protest. Protesters tried to remove the driver of the Prius from his vehicle, but LAPD said he was able to get away from the scene. There were no injuries reported in the second incident. Police said they have detained the driver.’

      https://abcnews.go.com/US/vehicles-hit-protesters-los-angeles-breonna-taylor-protests/story?id=73234687

      The video cuts at the part where a truck full of peaceful protestors overtakes the Prius and mobs it. Third world socialist sh$t-hole.

        2. Not specifically the m4 but I have a benelli for trap/skeet/bird season. Fine guns, but looking at the price of that m4 I would consider opting for a remington tactical – how much are you planning to use a riot shotty anyway? 😉

          I do think its a good time to buy a shotgun – thats about all thats available, plus you can still get shells. Everything else is gone, no mas!

        4. Haven’t used it, but it seems sweet based on past research. Definitely expensive. If you want the high cap mag tube (7 rds), I think you have to pay separate for it, a spring, and do the install. Adding another 250-300

        5. I’ve used one. Pricy, but worth it especially in a SHTF scenario. A friend, a former Navy Special Warfare officer who knows his guns, says the M4 is the ONLY shotgun he would trust with his life. The quality on Remingtons and Mossbergs has slipped in recent years.

      3. Where does the law stand on drivers accidentally hitting violent protesters who are attempting to block their escape from harm?

        1. Last I heard, the motorist in Denver wasn’t charged with anything. Neither was the one who pushed through the blockade on I-225. That was the incident when a knucklehead antifa tried to shoot him, missed and instead hit 2 of his fellow “peaceful protestors”. The shooter was arrested and charged.

          1. As much as protesters scream “Nazi”, everyone else seems to understand the Reginald Denny principle clearly.

      4. Police said they have detained the driver.’

        Police detained the Prius driver, but not the domestic terrorists blocking public roadways and attacking motorists in their vehicles? Welcome to #ClownWorld. The one bright spot is that the Prius driver was most likely a libtard – aren’t they all? – so a little Karmic justice wouldn’t go amiss.

    2. Attempting to torch the library in Louisville last night was cute.

      Not a single book was stolen. HBB readers know that “social justice” is only achieved by looting Foot Locker.

  9. ‘the median asking price for new listings in the area has decreased to the lowest figure in years’

    ‘from $2.8 million in May to $1.765 million in August’

    So they correctly acknowledge it’s been falling for years. Since 2016. But they only report the decrease from May to August.

    1. “Before the pandemic hit, average sales prices in Dubai’s luxury communities were already down 20% to 30% from their last peak in 2014, Mansion Global previously reported.”

      Now they tell us… no overpaid we hope

    3. From the comments:

      “We will see the democrat response to this video soon, starring AOC and Ilhan Omar, showing them looting and burning America down and praising Iran.”

      “This ad is so American, Twitter will ban it!”

  11. “The California-bred realtor started relocation website ExitCalifornia.org and a namesake Facebook page early last year, when he saw a business opportunity in the endless stories of friends and neighbors moving out of state. Now, during the pandemic, the site is so busy he doesn’t even have to pay for online ads.”

    When the rats are jumping ships, its over.

    1. When the rats are jumping ships, its over.

      It takes some serious incompetence to ruin a place like California.

      1. Column: No, it’s not your ‘God-given right’ to buy a new gas-powered car

        ‘For years, automakers have pleaded that, much as they’d love to lead the way to a zero-emissions vehicular future, they just can’t wean Americans from their love of SUVs and other gas-guzzlers. California just called their bluff.’

        ‘An executive order signed Wednesday by Gov. Gavin Newsom aims to ban the sale of new gasoline-powered cars and light trucks in the state by 2035.’

        “What we’re sending is a demand signal…The last piece of the puzzle for the automobile manufacturers is that they need the certainty that the demand will be there in the largest domestic auto market in America.” Gov. Gavin Newsom.’

        “Why now? With 3.7 million acres burning, to date, after the hottest August in history, a five-year historic drought? Enough — I feel a deep intellectual and emotional need to address this moment head-on by being much more proactive,” Newsom told me.’

        ‘But let’s not overlook the political context. Newsom’s order is also a shot fired at the nation’s number-one climate change denier, President Trump, whose administration has been rolling back existing emissions standards and has revoked California’s decades-old authority to set its own rules. (Both steps are vulnerable to legal challenge.)’

        https://www.latimes.com/business/story/2020-09-25/newsom-order-gas-guzzling-vehicles

        Just don’t drive it around the peaceful protests.

          1. My mom was a home-Ec teacher. She explained to me that the difference between a fruit and a vegetable is whether you can desertify it…

            a five-year historic drought

            According to LAX records, they’re just off a way above average rain season.

      2. What we’re sending is a demand signal

        No, you’re dictating to the masses beyond California’s borders.

        1. This is from a state that has been trying to “fix” shack prices since I started this blog. This clown will pile into his gas guzzling limo today and make some meaningless trip to showboat.

          2. This clown (nuisance, Gov.of.CA) will pile into his ga$ guzzling limo today and make some meaningle$$ trip to $howboat

            Versus:

            This clown (thee.🍊.jesus) will pile into his ga$ guzzling Airforce1 today and make some meaningle$$ trip to $howboat

            As, a former accountant, do you $ee a po$$ible di$crepancy in Cost$ to ALL U$ taxpayer$ in this compari$on?

            $ad.

    2. So you think that in five or ten years large areas of coastal California will be abandoned? That no one would move there even if housing were cheaper than the U.S. average.

      Perhaps if the area is destroyed by an earthquake. Otherwise, if the rats are leaving California, that just means that other states will have more rats and California will have fewer.

      2. That no one would move there even if housing were cheaper than the U.S. average.

        If all the other problems remain in place, then yeah, they won’t come back.

      3. So you think that in five or ten years large areas of coastal California will be abandoned? That no one would move there even if housing were cheaper than the U.S. average.

        Of course not. BUT…I can see a time when it’s like living in other beautiful places where there are no jobs or services. You have to bring your own money and not plan on making any there. And in those places real estate is usually relatively cheap.

      4. I don’t know why anybody stays in the central valley… it’s basically expensive texas with more gun laws.

    4. People come and go from California more than any other state. Its been that way since at least the gold rush era. Millions come with expectations and ambitions. Many leave disappointed.

      1. Yeah, keep telling yerself that. The big difference is that now it’s a broke a$$, third world, socialist sh$t-hole.

        1. fjm keeps talking like it’s just another cyclical recession, as opposed to a fundamental transformation from the jewel of America into a 3rd world cesspool. Productive people leave, uneducated 3rd worlders move in.

        2. “third world, socialist sh$t-hole.”

          Well, perhap$ $o, but eye reckon Leno & Arnie & Clint aren’t intere$ted in $pending many summers in Phoenix, AZ.

          (+me.neither)

      2. California has been good to me. Came here to make money I couldn’t get anywhere else, and now I’m moneyed up and taking my remote job and California pay somewhere else.

        I never intended to stay, so I’ve lived lean during my time here, but If you have money and want to spend it, you can have a pretty nice life. It’s a huge state, and the poors inhabit only a fragment of it. Money keeps them away.

        1. It’s a huge state, and the poors inhabit only a fragment of it. Money keeps them away.

          Haha, what? CA has the largest number of poor in the nation.

          2. Oh, I get out plenty. Last time I was in Los Angeles I was absolutely shocked by what a pit it had become. The homeless had taken over miles and miles of areas where you never even used to see them before.

          3. Last time I was in Los Angeles I was absolutely shocked by what a pit it had become.

            I was shocked 15 years ago. I can’t begin to imagine just how bad it is now.

          5. Los Angeles is IN California. California is a state.

            My gosh, if you didn’t point this out I don’t where we’d all be.

        2. If its so great, why leave? Youre FOS and know it. I made the same move 14 years ago when the state was a bit nicer but I could see it turning into the giant sh!thole it is now and I didnt make excuses for it, I GTFO’d and never looked back. In the rare instance I go back to visit family its like being in a south park episode – I pity the fools in that asylum.

          1. “I pity the fools in that asylum.”

            Cali.forn.e.cate is a rather big $tate.

            Good weather, Prop 13, cool folks, (-you) no complaint$ …

            Actually, as Will Rodgers says: “Eye never met a State eye didn’t like!”

            $o true!

            Unlike some folks on this HB.B blog, eye’s love every part of this wonderful U$A!

          2. “I go back to visit family its like being in a south park episode.”

            Because, everyone whose $mart like you, drools @ all the possible mating possibilities in a town of 186 people in South Dakota!

  13. ‘There is a ‘dangerous’ oversupply of new, single-family homes in Calgary and Edmonton’

    You read that right. Brand new, unsold shacks. Thousands of them.

    2. Both Edmonton and Calgary are surrounded by unlimited amounts of buildable land. Developers do what its in their DNA to do — they build. This is not the first time these cities have overbuilt and it won’t be the last. In the mid 80s after the price of oil collapsed you could buy a house in either city by giving the owner one dollar and assuming the existing mortgage. I was a little late to the game, in 1989 we bought a nice little house in Edmonton by giving the owner 11K and assuming the existing mortgage.

      2. It’s naive to think that someone would vote 100% in lockstep with a political affiliation.

        RBG sure did.

          1. As proof of her “conservative” side they say she valued “family”. Is that an unintended confession that leftists do not value family?

          2. “It’s naive to think that someone would vote 100% in lockstep with a political affiliation.”

            Ginseberg, Sotomayor, Kagen, they all vote lockstep.

          3. Ginseberg, Sotomayor, Kagen

            You’re quite the legal scholar. You can’t spell 2/3 of their names correctly.

          5. The lo$ing position is to $tack.thee.court. ($ad!)

            Since the Constitution does knot DICTate what the 3rd leg of Guber.Mint $hould bee, … eye propose a “new” Taoist/Amiss approach:

            Reduce Thee.$acred.Court … to x5!

            Thoreau: $implify, $imply, $imply

            The mechani$m to reduction might bee intere$ting!

            $mall.gubermint!
            Thee Fi$cal.Con$ervative.CONpa$$ionate.Repubican$ will bee “All.in!” with this $trategy!

            🎉🍷

      3. It’s naive to think that someone would vote 100% in lockstep with a political affiliation.

        The gruesome stiff RBG certainly voted in lockstep with her Constitution-hating globalist handlers.

      4. Amy Coney Barrett and gun rights:

        Perhaps the most high-profile opinion Barrett has written is a dissent in Kanter v. Barr, a case that upheld a Wisconsin law taking gun rights away from non-violent felons. The majority opinion was written by Judges Joel Flaum and Kenneth Ripple, who were appointed by President Ronald Reagan.

        “History is consistent with common sense: it demonstrates that legislatures have the power to prohibit dangerous people from possessing guns,” Barrett wrote. “But that power extends only to people who are dangerous.”

        She added: “While both Wisconsin and the United States have an unquestionably strong interest in protecting the public from gun violence, they have failed to show, by either logic or data … that disarming Kanter substantially advances that interest. On this record, holding that the ban is constitutional as applied to Kanter does not ‘put the government through its paces’ … but instead treats the Second Amendment as a ‘second-class right, subject to an entirely different body of rules than the other Bill of Rights guarantees.'”

        Severino lauded the dissent as “bold” and said preserving rights for felons, especially nonviolent ones like the individual at issue in Kanter v. Barr, is something that both sides should be able to get behind.

        Eliot Mincberg, a senior fellow at the liberal group People for the American Way, called Barrett’s record on this case and others “extremely troubling in a number of respects.”

    2. Scalia and Thomas are the only Republican picks who actually worked out. Souter, Roberts, Gorsuch, Kennedy and whoever Trump picks are all or will be Liberals. Hell, Gorsuch decided that 1/2 of Oklahoma is an Indian Reservation (including the state capital) Even Alito is useless when it counts.

      I am sure Barret will be no different.

      1. “Hell, Gorsuch decided that 1/2 of Oklahoma is an Indian Re$ervation (including the state capital)”

        He was using Judicial Re$traint & $till behaving like a typical CON$ervative, Compa$$ionate, trail.of.tear$ repubican.

      2. who actually worked out

        From a college freshman in 2016, https://stanfordpolitics.org/2016/01/07/troubling-partisanship-supreme-court/:

        The framers of the Constitution intended the Court to be insulated from the chaotic politics that the consume the executive and legislative branches of government. This separation creates public respect for the Court as an authority on the Constitution and a body that can legitimately have the “final say” on some issues. Such respect is crucial, because, in the end, the Court has no real ability to enforce its decisions. It must rely on the executive to carry out its orders, and the legislature to acknowledge its supremacy. Faith in the Court is thus indispensable. Unfortunately, as a recent Gallup poll shows, that faith is on the decline. The amount of Americans who have have a “great deal” or “fair amount” of faith in the Court is at an all time low. Chief Justice Roberts himself has noted, “the Court is ripe for a similar refocus on functioning as an institution, because if it doesn’t, it’s going to lose its credibility and legitimacy as an institution.” As long as partisanship remains, public approval will only continue to drop, further damaging the Court’s reputation and belittling its authority.

        1. The ship on partisanship sailed long ago. The Court (and most courts) have become overtly partisan, legislating from the bench. Forcing abortion and gay marriage on states, instead of letting states decide is but a few examples. The Left weaponized the courts a long time ago and are now wanting to change the rules.

          My greatest apologies from not bothering to correct my typos in the revered Judges last names. I know this makes me very stupid, not a great legal scholar like you.

    3. If he really wanted to shake things up, Orange Haysoos could appoint a non-lawyer. Nothing in the Constitution requires a JD or admission to the bar. Somebody with a different perspective from lawyers is needed bigly on the courts.

    1. That ought to work out good. By the time you’re done mobilizing temp heat and outdoor dining room, you’re losing $50 a customer.

      What kind of donkey logic is this?

      1. That clip is a classic.

        The Burn Loot Murder carjackers are back on the prowl in downtown Denver. Anyone who tries to escape gets the full Real Journalist treatment, assuming they escape without getting curb stomped by the mob (they NEVER fight one on one).

        1. Denver is a hotbed of Bolshevism, which means most of the motorists and other people being accosted by BLM are ideological fellow travelers. Seeing Democrats reap what they voted doesn’t bother me one bit.

          2. Colo, I’m the same way with DC. I spent a lot of time 2000-2007 in downtown DC, and there’s still a lot of good stuff. But the subway system has gone to crap, and I’m sure the city streets aren’t much better. I haven’t seen the Washington Monument in a long time.

          3. The only reason I’ve had lately to go downtown was to attend the local Comic Con, which I stopped doing once it became consumed with DTS. It was like someone flipped a switch, it went from fun to hopelessly political from one year to the next. That was also when the attendance began to fall abruptly. Of course this year it was cancelled due to the beer flu.

      2. After watching that Mom get smacked down, tased , handcuffed and dragged away for not wearing a mask while she was outdoors on the bleachers away from anyone besides her family while watching her son play a jv football game, it makes me wonder why it’s is not a capitol offence for the rent a mob above to lean over this lady spitting no justice no peace all over her through their cr@ppy masks?

        Woman arrested, tased for not wearing mask at middle school football game | New York Post

        21,013 views•
        Sep 24, 2020

        https://youtu.be/U039RpRooCk

      3. From the comments:

        “The owners of this country continue to centralize their power and rob the nation of its wealth. Meanwhile mobs of lost, confused, bored and stupid citizens harass each other and burn down their own communities. So focused on racial inequality when the deeper issue is about our financial institutions rigged to rip EVERYONE off. The owners must be laughing at how easily the public is misled and abused. Perhaps we deserve it. Pathetic all the way around.”

        2. Nailed it. The middle class is being systematically culled, and most of the idiots have no inkling how they’re being played.

    3. Outdoor dining to become permanent year-round

      We have an excellent burger joint here with mostly outdoor seating. It is closed in the cold season.

      1. These 3 imbeciles… Como, Lamont and Murphy know damn well these guys aren’t gonna open under those conditions. This appears to be a deliberate attempt to deep 6 the entire restaurant sector.

  17. PRAY FOR RON PAUL! LIBERTARIAN ICON APPEARS TO SUFFER MEDICAL EPISODE DURING LIVE INTERVIEW

    Patriot leader just turned 85-years-old

    Infowars.com – SEPTEMBER 25, 2020

  18. “We all went and purchased professional liability insurance,” one analyst texted on Jan. 10, 2017, just 10 days before Trump took office.

    “Holy crap,” a colleague responded. “All the analysts too?”

    “Yep,” the first analyst said. “All the folks at the Agency as well.”

    The explosive messages were attached to a new filing by Flynn’s attorney Sidney Powell, who argued to the court that is considering dismissing her client’s guilty plea that the emails show “stunning government misconduct” and “wrongful prosecution.”

    A hearing is scheduled for next Tuesday.

    1. professional liability insurance

      I’d like to see the fine print on that policy. Does it cover previous malfeasance?

    1. I’d consider that to be “constituent outreach” since he represents a whole district of street sh*tters, subway sh*tters, and pants sh*tters.

    1. The Financial Times
      Capital markets
      Investors flee US junk bond funds as concern for the economy grows
      Asset class suffers its worst weekly outflow since first wave of the pandemic in March
      Joe Rennison in London and Colby Smith in New York yesterday
      Be the first to know about every new Coronavirus story
      Column chart of $bn showing US high yield bond funds suffer worst weekly outflows since March

      US junk bond funds have suffered their biggest weekly outflows since the depths of the coronavirus pandemic in March, as investors fret over the sustainability of the US economic recovery.

      Investors pulled $4.86bn from funds that buy US high-yield bonds in the week ending September 23, according to data from EPFR Global, the worst result since $5.6bn was withdrawn in the middle of March.

      The BlackRock iShares high-yield bond exchange traded fund — known by its stock market ticker HYG — suffered close to $2bn in outflows across Monday and Tuesday alone.

      Concerns over the persistent economic effects of the virus, alongside mounting fears of a contentious US presidential election, are pushing some investors to pare back their exposure to some of the riskiest companies in debt markets. This week President Donald Trump refused to commit to a peaceful transfer of power if he loses on election day.

      David Norris, head of US credit at TwentyFour Asset Management, said the idea of a contested election was “very unsettling” and in the lead up to November 3, he expected “increased volatility”.

      Hopes for another economic relief package ahead of the election also dimmed over the most recent week, with relations between Republicans and Democrats in Congress further complicated by the death of justice Ruth Bader Ginsburg and the coming fight over her Supreme Court seat.

      Several Federal Reserve officials, including chairman Jay Powell and vice-chairman Richard Clarida, made clear this week that the US economic recovery hinges in large part on more fiscal support.

      “High yield has pulled up to a stop light,” said Andrew Brenner, head of international fixed income at National Alliance Securities. “I think people are a little bit concerned, they are backing away from risk and I expect that to continue.”
      …

    2. The Tell
      Stock fund outflows reach nearly two-year high as selloff intensifies
      Published: Sept. 25, 2020 at 10:23 a.m. ET
      By Andrea Riquier
      Heaviest outflows since the ‘Christmas massacre’ of 2018
      Referenced Symbols
      SPX
      +1.59%
      DJIA
      +1.33%
      Where is the money going?
      Adem Altan/Agence France-Presse/Getty Images

      U.S equity mutual funds and exchange-traded funds last week saw their biggest weekly outflows in nearly two years last week amid a month-long market swoon.

      Stock funds saw outflows of $26.87 billion in the week ending Sept. 23, according to BofA. That was the largest since the market tumble of December 2018.

      September has been a roller-coaster ride for fund flows: in the prior week, funds took in $22.67 billion, the largest weekly haul since March 2019.

      It’s been a rough month for stocks, with major benchmarks on track Friday for their fourth straight weekly loss and headed for their first monthly declines since March. The S&P 500 (SPX, +1.59%) was on track for a weekly loss of more than 2% and remains down more than 7% so far this month after hitting an all-time high on Sept. 2. The Dow Jones Industrial Average (DJIA, +1.33%) is down more than 3% this week and was on track for a nearly 6% monthly fall.

      This past week, high-yield bond funds reported a $4.94 billion outflow, the biggest since March, while flows into investment-grade bond funds slowed to $5.63 billion, from $7.05 billion the week before.
      …

      1. They tried to paint the tape at the end of today’s market open but couldn’t break 3300 on the S&P.

        “This sucker could go down” — George W. Bush, 2008

      2. biggest weekly outflows

        This is an interesting example of gambler gibberish. There isn’t any money “in the market”. If you sell some stocks, someone else paid you for them, the exact same amount.

        1. I agree the terminology is confusing. But I believe it has to do with when retail HODLers of stock mutual funds sell their shares, presumably leaving the fund provider with the problem of selling some HODLings to pay off the exiters, and the remaining share HODLers stuck with any negative price impacts.

        2. “There isn’t any money “in the market”. If you sell some stocks, someone else paid you for them, the exact same amount.”

          If I buy stock at 100 dollars a share and sell it at ninety dollars a share then I experienced a loss of ten dollars a share. The same amount of shares traded hands from both the person I bought the stock from and the person I sold the stock to; The only thing that remained the same was the number of shares that was at first bought and later on was sold.

          A further consideration involves what happens to the value of all the shares of this particular stock that was neither bought nor sold. These shares also experienced a loss in market value over the same period of time of ten dollars a share.

          1. As with stocks the same rule applies to houses; The few decide the values for the many.

            The few traders of shares of stock decide the value of all the stock whether or not all the stock was traded or not. The few buyers and sellers of houses decide the values of all of the comparable houses whether they were sold or not.

            If money flows into stocks or houses at higher and higher prices then the perception emerges that wealth is created, thus, as was previously stated, the few decide the values for the many.

          2. If it is done correctly the buying or selling of just a few number of shares can greatly affect the values for all of the shares. There are times during most days that, for whatever reason, the spread between the bid price and the asked price can become quite wide hence a trader willing to “hit the bid” or “hit the asked” can move the price (thus move the value) of the stock, not only for the few shares of stock he traded but for all the stock that makes up the float. IOW, a trader can, for a relatively small amount of money, create or destroy huge amounts of wealth. The same rule applies to houses; The winner of a bidding war, say, can increase the wealth of all of the houses that are considered to be comparable. If, for example, the highest bidder increases the value of the house he is buying by fifty-thousand dollars and there are 100 comparable houses in the neighborhood then this buyer just created fifty-thousand dollars for each one of these 100 neighbors. That’s five million dollars of equity wealth magically created for strangers by the use of money that the highest bidder most likely does not actually have but is only allowed access to.

    1. Market Extra
      Wall Street’s biggest 5 stocks by value are on track for their worst month ever
      Published: Sept. 25, 2020 at 2:59 p.m. ET
      By Mark DeCambre
      MarketWatch photo illustration/iStockphoto
      Referenced Symbols
      FB
      +2.12%
      AMZN
      +2.49%
      AAPL
      +3.75%
      MSFT
      +2.27%
      GOOGL
      +1.13%
      GOOG
      +1.16%

      It is shaping up to be an ugly month for the overall equity market, but it could be an even worst stretch for the cadre of stocks that have generated the most bullish momentum for Wall Street since March.

      A contingent of highflying technology-related companies, consisting of Facebook Inc. (FB, +2.12%), Amazon.com (AMZN, +2.49%), Apple Inc. (AAPL, +3.75%), Microsoft Corp. (MSFT, +2.27%) and Google parent Alphabet Inc. (GOOGL, +1.13% GOOG, +1.16%), are on track for their steepest monthly fall on record, according to Dow Jones Market Data.

      Approximately $817 billion of market value has been lost by the quintuplet of heavy weights so far in September, which puts the group on pace for the steepest monthly slump on record.
      …

  23. “The good news for buyers is that inventory is rising in places such as Arlington County and Alexandria, up 39% and 38% respectively compared to a year ago.

    Is that a lot?

  24. ‘Unica is unequivocally worth $100 million; we just had to make an adjustment for today’s market,’ said listing agent Ben Bacal.”

    Ben is a realtor; ergo, he’s a liar. “Today’s market” is what sets the price, and Mr. Market just said unequivocally that your delusional greedhead wish price was way too high.

  25. ‘I have to keep reminding myself that I’m not moving out of California to a third-world country,’ Morris said. ‘I’m leaving a third-world country to join America.’”

    Import the Third World, become the Third World.

    2. So it wasn’t just me? Heh. I’m in the process of upgrading my internet, so I postponed the update for a week until that’s squared away.

    3. There’s something different with his speech, like he’s swallowing words. I don’t recall him doing that 4-5 years ago, does anyone else hear a difference?

      1. There is no timestamp on the clip. He was probably VP at the time.

        The problem with being a sociopath, is that you don’t actually know what if funny and what is not.

    1. May he rest in peace. I hope the President hears the plea to bury him at Arlington so that his grave isn’t defiled.

      1. Yeppers, appropriate place fer thee.🍊jesus, dirt.dead in the former backyard of a loser general’$ house which was divided & used as a burial ground for the hell.he.wrought to support the division of America.

        Eye would rejoice to visit his corpse.

        “I’ve never wished a man dead, but I have read some obituaries with great pleasure.”

        1. “Eye would rejoice to visit his corpse.”

          I am going to refrain from saying you make me sick until you do a little more research on the subject which would allow you to not rush to judgement by the spoon fed propaganda that has the idiots who make up the mobs who are looting, burning and terrorizing business owners, citizens and cities in this country.

          The Tragic Suicide Of Jake Gardner After Being Charged For Killing Rioter In Self-Defense Discussed

          57 views•Sep 25, 2020

          https://youtu.be/PmMyOn9CTtc

          1. “you do a little more research on the subject”

            Like dtRumpsis, just send me a 2 year olds flashcard for comprehension.

          2. Thanks for finding this, Jeff. I couldn’t when I posted. It’s going to be a rough 4 more years for Hwy.

          6. Hwys been on ignore for a long time. Hes clearly a hippie boomer and he cant write coherently. Signs of an untrained mind and an unexamined life. Why would I pay any mind to an individual who doesn’t know how to use a question mark?

  32. Mexico sending 101 firefighters to help in California
    Mexico will send 101 firefighters to the United States to help battle wildfires in California

    Ran out of prisoners to do the work ? Or just let them all go ?

    1. S&P Global Market Intelligence
      25 Sep, 2020
      Real Treasury yields climb as Fed ‘walked the line’ on higher inflation
      Author Brian Scheid Theme Macroeconomics

      Real yields on U.S. Treasurys have jumped in September as Federal Reserve officials have publicly committed to a policy shift allowing inflation to run up in an effort to maximize employment and the broader economic recovery.

      Fed officials backed the policy shift, initially outlined by Chairman Jerome Powell in August, in numerous speeches and appearances this week, including three congressional hearings with Powell.

      Rising real yields, which have been in negative territory since March, could exacerbate the recent sell-off in stocks, which has been driven, in part, by the paucity of returns in fixed income.

      “Almost everyone walked the line,” said Patrick Leary, chief market strategist with Incapital, said in a Sept. 25 interview. Fed officials “reaffirmed the commitment to achieving a higher level of inflation than we have in the past … that message is clear.”

      Expectations of higher inflation, along with the assurances that rates would be kept near zero at least through 2023 and that the Fed would continue to purchase bonds, pushed up real yields — a bond’s nominal yield adjusted for inflation — after falling in late August to deeply negative levels, the lowest levels since 2012.

      From Sept. 1 through Sept. 24, the five-year real yield climbed 21 basis points to -1.18%, the seven-year note jumped 19 points to -1.07%, and the 10-year rose 17 points to -0.91%, according to daily data from the U.S. Treasury Department.
      …

    2. Ya know prof, maybee you can provide me with the % of people in America who actually read the “Term$ & Condition$” of everything that matter$ in regards to the “Term$ & Condition$” that i$ important in life.

      That would bee one hell.a.va $tatistic of actual CONcern$. 🍷

  37. Archive dot is link to New York Times — Portland Prepares for Violent Showdowns, Proud Boys and Tear Gas:

    “After a series of escalating conflicts between opposing factions this summer that involved gunfire from both directions, the city is set to become a stage again on Saturday, when the Proud Boys, a far-right group notorious for engaging in brawls, descend once more on Portland, perhaps in numbers larger than ever before.

    Authorities have expressed widespread alarm about the expected clash, as there is talk of further escalation by some members of the Proud Boys.”

    http://archive.is/yuejj

    Real Journalists pimp the fear:

    “Some members have touted their efforts to buy shields and tactical gear.”

    LOL@ three days ago in Louisville the Burn Loot Murder terrorists get their weapons delivered to them via Soros Express:

    https://www.newsweek.com/uhaul-video-shows-louisville-protesters-unloading-riot-gear-truck-1534066

    https://thepostmillennial.com/watch-anarchists-unpack-u-haul-truck-filled-with-riot-gear-in-louisville-after-breonna-taylor-verdict

    https://www.dailymail.co.uk/news/article-8767007/Video-emerges-riot-supplies-unloaded-U-Haul-truck-Louisville.html

    https://www.thegatewaypundit.com/2020/09/u-haul-seen-distributing-shields-weapons-louisville-rioters-rented-holly-zoller-louisville-bail-project/

    https://www.the-sun.com/news/1523899/louisville-blm-protesters-abolish-police-banners-uhaul-truck/

    Kyle Rittenhouse is innocent.

    We don’t believe your lies anymore 🙁

  38. “‘Overcrowding, congestion and the ‘Ponzi scheme’ refrain all came through loud and clear from many readers who face the consequences of Australia’s growing population on a daily basis…,’ he says.”

    The California housing bubble contagion has clearly infected Australia with a very severe outbreak.

  39. ‘We’re seeing huge increases in inventory in some areas in Northern Virginia,’ said Larry Foster, president of Long & Foster Real Estate.

    B…b…but how can inventory be rising, when the REIC shills repeatedly assured us that low inventory was the only bar to selling every shack that came to market?

    1. Probably high rise condos, or small old houses at really high prices. 1300sqft 3/1 for $900K type stuff? Often times two will be purchased, bulldozed and a McMansion built in it’s place.

Comments are closed.