thehousingbubble@gmail.com
Blog

A Housing Crisis That We Knew Was Coming

A report from AM New York. “According to RealtyHop, five Manhattan neighborhoods had the highest number of price drops last month. Manhattan’s Upper East Side-Carnegie Hill was the neighborhood with the most price drops in September. The Norwood area of the Bronx had the highest median percentage price drop with -39.6%, meaning the listing had a $78,800 price drop. Following not so closely behind was the Bronx’s Bedford Park-Fordham North with a -10.3% drop, meaning a drop of $33,433 on a listing, and the Steinway area of Queens with a -10.1% drop, a -101,000 decrease on the listing.”

“Two neighborhoods in the Bronx round out the top five with high median percentage price drops last month: the Melrose South-Mott Haven North with a 9.6% drop, meaning a $96,000 price drop in the area, and the Claremont-Bathgate area with an 8.4% drop, equaling a $200,000 price drop in the neighborhood.”

From Boston 25 News in Massachusetts. “The first round of stimulus payments included help for small businesses, as well as direct payments to families. Many are facing unemployment, but now that money is gone, and more help is needed. Boston 25 News Reporter Malini Basu spoke with the owner of Mast Boston, a restaurant in Boston, who says after this news, he is on the brink of shutting down. This story resembles the story for hundreds across the city.”

“Marco Caputo’s restaurant is on Province Street in downtown Boston. He needs all the financial help he can get, even after his landlord slashed his rent in half to $15,000 a month. ‘The stimulus check would give me more time that I would survive. Now, I’m standing between shutting down and trying to survive,’ says Caputo. ‘Downtown is dying. We need help.'”

From Bisnow on Massachusetts. “Boston’s office market has seen better days. More than 2M SF has hit the sublease market since the start of the coronavirus pandemic in March. Many of the companies looking to rent out their offices are tech firms that have hit hard times in the economic slowdown caused by the pandemic. ‘Historically, this is a larger ratio of office inventory compared to the Great Recession of 2008 and is closing in on the dot-com bubble of the early 2000s,’ Hunneman officials wrote last week in their third-quarter office report.”

The Wall Street Journal. “The technology boom elevated San Francisco office rents to the highest levels in the country. Now during the pandemic, these buildings are suffering the biggest rent declines. The lack of office workers is clobbering the city’s economy, wiping out thousands of jobs that support its businesses. About half of the city’s 3,900 restaurants are likely to fail because of the pandemic, said Laurie Thomas, executive director of the Golden Gate Restaurant Association.”

“‘There are almost no tours. There’s almost no proposals,’ said Chris Roeder, who runs JLL’s brokerage team in San Francisco. ‘The deal activity has totally dried up.'”

The Silicon Valley Business Journal in California. “Median apartment rents in Mountain View have dropped more than 15.5% since February, the sharpest drop in median apartment rents compared to nine other Silicon Valley cities during that time. Apartment List’s data shows that median rents for apartments in Mountain View ranging from studios to four-bedroom units decreased between 15.63% and 15.66% from February to September, depending on the unit type.”

“In Sunnyvale median apartment rents for studios through four-bedroom units have declined between 14.93% and 14.98% from February through September, depending on the unit type. Four-bedroom units have seen the biggest drops in median rents, from $4,071 in February to $3,461 in September. Rob Warnock, a research associate at Apartment List, said that Mountain View and Sunnyvale are great examples of cities where the job market and the housing market are closely linked. ‘For a long time, that was something that people would pay a premium for,’ he said.”

From Socket Site in California. “Having jumped over 20 percent in September, the number of homes on the market in San Francisco, net of all sales, both pending and closed, has just ticked up to 1,900 for the first time in a decade and is within 5 percent of hitting a two-decade (plus) high. Listed inventory levels in San Francisco are now over 200 percent higher than they were in October of 2015 and roughly 20 percent higher than during the Great Recession.”

“At the same time, with 31 percent of the homes on the market in San Francisco having been reduced at least once, which is 14 percentage points higher than at the same time last year, the number of reduced listings has jumped 26 percent over the past month to a 10-year high in the absolute.”

From KITV 4 in Hawaii. “Data shows Hawaii’s rental vacancy rate jumped to 9% in August, more than double what’s normal for the state. According to UHERO, more than half of Hawaii’s rental units are single family properties. ‘At the lower end of the rental market is going to be an increase in vacancies,’ said Philip Garboden, HCRC Professor. Garboden says he’s concerned rising vacancies will mean those landlords will choose to sell their properties rather than rent, shrinking the supply of affordable housing.”

“Property manager Daniel Lee, of Elevate Hawaii Management, doesn’t believe that will happen. ‘They’re trying to sell it and they haven’t been successful. So, their thinking is it’s always easier to find a renter than it is to find a buyer, which I tend to agree,’ Lee said. ‘The stuff in the I’d say on the lower price range, like anything under a thousand or maybe around $1,200 super fast or rents very quickly. Something in the high end, not so much and then stuff right in the middle, been sitting a lot so that one bedroom, two bedroom anywhere from, let’s say $1,700 to like $2,500, it’s very stagnant.'”

The Greater Baton Rouge Business Report in Louisiana. “Nearly 110,000 Louisiana homeowners were unable to pay on their mortgages in September—including some 15,000 in East Baton Rouge Parish—suggesting that the state could be on the brink of a foreclosure crisis when forbearance periods come to an end next year. According to national consulting firm Urban Footprint and the Baton Rouge-based Center for Planning Excellence, the mortgage gap in Louisiana—the difference between what is owed on monthly home loans and what mortgage holders are able to pay—is currently an estimated $140 million per month.”

“In Baton Rouge, as well as in Lafayette and on the Northshore, the gap is nearly $20 million. In the Greater New Orleans area, which has the largest mortgage gap in the state, the amount is $34 million. ‘The findings of this report put more numbers to a housing crisis that we knew was coming,’ CPEX Executive Director Camille Manning Broome says.”

“The study predicts the crisis will hit in early 2021, when a federal forbearance program that was part of the CARES Act relief package expires. While the expiration of the program is still several months away and is not expected to hit all at once, the study includes data showing that as of Sept. 30, 3.6 million homeowners nationwide remain in pandemic-released forbearance plans. That’s nearly 7% of all active mortgages and represents more than $750 billion in unpaid principal.”

From WCCO in Minnesota. “America’s economy is a two-sided coin. One side shows a resurging stock market. On the other, struggling small businesses trying to weather a pandemic and the restrictions that come with it. WCCO spoke Tuesday with Neel Kashkari, president and CEO of the Federal Reserve Bank of Minneapolis. ‘Ultimately, we have to get control of the virus in order to fully restore our economy,’ Kashkari said.”

“Surviving not just the virus, but its impact on job loss is another major hurdle for America. That’s why Kashkari believes a second stimulus package is needed, especially for the millions of people still unemployed. Many who are jobless worked in hospitality, restaurants and retail. Tuesday, President Donald Trump said he wants negotiations on the HEROES Act — currently a $2.2 trillion stimulus package — to stop until after the election. Kashkari, along Federal Reserve Chair Jerome Powell, said it cannot wait any longer.”

“‘If those folks who are out of work today can’t pay their bills, then this spirals. Then there’s a worse downturn for our economy. Then you have a lot more small businesses going bankrupt, you have banks facing big losses, then the downturn is much worse for all of us,’ Kashkari said.”

Related Posts
This Post Has 178 Comments

    2. The article mentioned the 1 million that had already fled. There are at least that many just in Peru, all better looking and harder working than the Peruvians who’s jobs they are taking.

      1. More than five million Venezuelans, or one in six residents, have fled the country since 2015,

  2. ‘with 31 percent of the homes on the market in San Francisco having been reduced at least once, which is 14 percentage points higher than at the same time last year, the number of reduced listings has jumped 26 percent over the past month to a 10-year high in the absolute’

    And this doesn’t count the relisting game.

  3. ‘Ultimately, we have to get control of the virus in order to fully restore our economy’

    So which under control measure are we talking about Neel? Keep hospitals from being overwhelmed? Flatten the curve? Until after the election?

    Let’s quit beating around the bush. Another round of free cheese isn’t going to solve one gotdam thing. The only thing that’s going to help at this point is for people to get back to work. Schools have to open so moms can go back. We have to stop listening to bed wetters ASAP.

    1. There are too many Kneels with loudmouths and microphones in positions of authority.

      This must be corrected.

    2. There’s no ‘back’ to go to for a lot of people. The places they worked are
      out of business. We are about to see what happens when millions of people don’t have the money to keep themselves alive by legal means. It’s gonna be a Dickens Christmas.

      1. ‘Women abandoned the workforce at an alarming pace in September, raising new fears that women are bearing the brunt of the pandemic and that it could have lasting impacts on their careers. As summer ended and children headed back to the virtual or physical classroom, another shift happened: 865,000 women stopped working or looking for work, accord to the U.S. Bureau of Labor Statistics.’

        ‘Four times more women than men left the workforce in September. During that same one-month period, only 216,000 men over the age of 20 dropped out of the labor force. “It just turned everything upside down,” said Salt Lake City resident Robynn Garfield about the day that schools closed. As a journalist for KSL Newsradio, an entrepreneur trying to start her own business and the mother of three boys, Garfield said the pandemic forced the demands of motherhood onto center stage.’

        “It was an overnight scramble that was almost impossible to do,” she said. “So I had to call into work that day and say, ‘I’m so sorry. My kids are home.’”

        https://www.ksl.com/article/50025413/unaffordable-utah-women-hit-hard-by-pink-recession

        1. That is most definitely a disaster. The local district here in Agrestic has given parents the option of sending their kids in or teleconferencing, and there haven’t been many takers for the in person schooling. The local McMommies were already stay-at-home.

    3. We have to stop listening to bed wetters ASAP.

      The local Governor is sounding the alarm because there are 200 people hospitalized across the state. I don’t know how many that is per hospital, but it can’t be more than a few.

    4. So which under control measure are we talking about Neel?

      If it were up to Dems, it would be full-on lockdown so they can ram through a UBI.
      The best control method is 15-minute paper testing on every street corner with Ivermectin immediately handed out for free to anyone who tests infectious-positive. We have the technology to do this.

      1. The solution is to leave people alone and let them assess their own risk and live their lives accordingly without dictates from central planners.

        1. Then you had better issue N-95 masks to everyone who wishes to protect themselves from the people who don’t wear masks.

          2. Masking everyone would cost about US$50 billion for 6 months of continuous masking. It’s a pretty penny.
            But then again a fraction of the current US$4 trillion welfare program.

          3. John G: 🙄 Let’s review: Masks are better at stopping aerosols issuing from the wearer. Masks are less good at protecting the receiver. If you go maskless, you don’t endanger only yourself from receiving. You issue your potentially infected aerosols unchecked, endangering OTHERs.

            If you wish to go maskless, then your aerosols are not stopped by anything, and the cloth mask on a receiver is not quite good enough to stop all the aerosols coming in. The only way to protect a receiver from a maskless issuer is to wear an N-95. And if you proudly insist on spreading your own snot, you should be the one to pay to protect others. If everyone would wear a mask, then we can get away with re-using cheaper cloth masks.

      2. ‘15 minute paper testing” – one Canadian company has a 3 minute antibody test – MedMira. Not sure if it’s ready yet.

    5. It’s a great lesson for us all if we can learn it. Even in a “pandemic” the central planners’ solutions are worse than the problem itself.

  4. ‘Historically, this is a larger ratio of office inventory compared to the Great Recession of 2008 and is closing in on the dot-com bubble of the early 2000s’

    Oh dear…

    ‘The technology boom elevated San Francisco office rents to the highest levels in the country. Now during the pandemic, these buildings are suffering the biggest rent declines. The lack of office workers is clobbering the city’s economy, wiping out thousands of jobs that support its businesses. About half of the city’s 3,900 restaurants are likely to fail because of the pandemic’

    Is it because of the CCP virus, or an idiot guvnah’s arbitrary BS? Because we go out to eat when we please down the road in Arizona.

  5. ‘They’re trying to sell it and they haven’t been successful. So, their thinking is it’s always easier to find a renter than it is to find a buyer, which I tend to agree’

    But UHS says Hawaii red-hotcakes?

    1. ‘They’re trying to sell it and they haven’t been successful. So, their thinking is it’s always easier to find a renter than it is to find a buyer, which I tend to agree’

      They’re in the “bargaining” stage of grief. Once they find that there are no renters available at their delusional rental price, they will likely return to the “anger” stage.

  6. ‘the difference between what is owed on monthly home loans and what mortgage holders are able to pay—is currently an estimated $140 million per month’

    ‘In Baton Rouge, as well as in Lafayette and on the Northshore, the gap is nearly $20 million. In the Greater New Orleans area, which has the largest mortgage gap in the state, the amount is $34 million’

    Per month.

    Yesterday I sat in on a call about forbearance scenarios. Some lenders, some foreclosure biz people. Pretty much have their heads up their a$$es. Like the apartment guys, still gee-whizzing about free cheese.

    1. To give you an idea of how clueless, the big expert says the worst case scenario is a loss of $450 billions, in the entire US. I’d say they are in the hole that much already, just in Louisiana alone.

    2. still gee-whizzing about free cheese.

      But the free cheese is real. They’re all hoping they will be a beneficiary. Unfortunately, only certain sectors are. The past free cheese has favored auto and RV dealers, computer and phone manufacturers, renters and a few others.

    1. Another great podcast from Cullen. I agree with his analysis because from day one nothing has made any sense except for this One World order agenda by the Power elite. They would live in the lap of luxury, while the rest of the World ears crickets. .
      The Great Reset that Cullen talks about will be the last and final stage of the Control Freaks controlling the populations..
      They have to bring on their agenda by deception and brainwashing and fear because it’s has no appeal to people to actually give up their freedoms and rewards of their own efforts.
      The whole power grab is sick, evil and anti human.

      1. And there’s no guarantee that they won’t succeed. It’s going to be a hard fight. They’ve got us in a headlock and we’re just now starting to wake up. I’m glad Cullen is shouting from the rooftops.

      1. The nazi’s were defeated.

        I’m not sure sure about that. Between Operation Paperclip and those that fled to South America, I think they just went underground.

      2. ‘Police are searching for a group of suspects who were caught on camera attacking two men inside a Bronx bodega with machetes. Bodega owners across the five boroughs say they need the city’s help to protect themselves from the rise in violence, CBS2’s Hazel Sanchez reported Tuesday.’

        ‘Daylight didn’t stop the brazen attack that rolled into Colorado Deli in the Morrisania section of the Bronx at around 5 p.m. on Sunday. Two men ran into the bodega for safety, both feuding sides armed with machetes and swinging. Friends of the store owner who witnessed the attack said he left town with his family on Monday night.’

        ‘The United Bodegas of America praised police for quickly responding Sunday, but said the owners of the essential businesses are helpless to defend themselves and need the city to step up.’

        “We need to refund our police department,” spokesman Fernando Mateo said. “We pay enough money in taxes to get public safety and we are not getting it.”

        https://newyork.cbslocal.com/2020/10/06/bodega-machete-attack/

    3. I’m surprised Andy Ngo hasn’t been banned from Twitter yet. Once Twitter applies the recently revised Associated Press style guide into its own terms of service, I expect that he will be, soon.

    4. “I am a communist”

      This is the kind of blowback you get when the bifurcation between the haves and have nots reaches grotesque proportions, as we have today. It’s a shame.

      1. Funny, though, how these communists are bankrolled by billionaires. The Bezos types should be cautious, as they might lose control of their golems.

        1. Remember – the most expensive yachts in Monte Carlo were owned by Russian commies. Under communism, there is a small group of extraordinarily wealthy people with a mass of poors with next to nothing.

        2. The Bezos types should be cautious, as they might lose control of their golems.

          They don’t have real foresight. They’re doers, but not great thinkers. They fell into a pot of gold and think they’re smart. They don’t understand that they’re Lindberghs, not the Wright Bros. All they know is how to fly their planes, not how they’re made. So they see little and presume everything. Including their own greatness. You’re correct, their golems are probably going to eat them. And deservedly so.

          Speaking of billionaires, the NBA just caved. They all will. Tyrants produce poverty. Only free markets and risk produce prosperity. Pro sports are learning that the hard way. They took a stupid risk and lost. Time to pay up.

          2. “They don’t have real foresight.”

            They are just stupid pawns in a agenda that was lunched about 25 years ago that has nothing to do with democracy or people voting for such a agenda.
            It’s all a bunch of fake narratives to take government from the people.

          4. Too little, too late, if you ask me.

            Agreed. Growing up i used to trust that most sports pros had to be good people at heart. That trust is gone and can’t be gotten back. I don’t think they have a clue as to the amount of damage they’ve done to themselves. I don’t think sports will ever be as big as it was before. Time will tell.

          6. Read Shirley Jackson’s short story “The Lottery”

            I remember reading that in high school. Chilling.

  10. Likely Next Mayor of Portland Proudly Wears Chairman Mao Skirt

    By Paul Joseph Watson Wednesday, October 07, 2020

    The woman who is likely to become the next Mayor of Portland was caught on camera proudly wearing a skirt featuring images of Chairman Mao, the Chinese dictator responsible for around 50 million deaths.

    Latest polling of likely voters shows that Sarah Iannarone is leading current Mayor Ted Wheeler by 11 points.

    Wheeler has faced intense criticism for months over his failure to deal with nightly riots, looting and mayhem courtesy of Antifa and Black Lives Matter demonstrators.

    However, far from offering a different approach, Iannarone is seen as even more pro-Antifa than Wheeler.

    Last year she proudly declared “I am Antifa” while embracing the ‘Antifa Mayor’ label.

    She bolstered her Communist street cred by appearing on camera wearing a dress featuring far-left historical extremists, including Chinese dictator Mao Zedong.

    One wonders how the media would respond to a Republican candidate wearing Adolf Hitler clothing.

    Most experts agree that Mao was responsible for up to 46 million deaths after the Great Leap Forward led to the deadliest famine in history.

    The terror of the Cultural Revolution that followed also claimed the lives of an estimated 1.5 million people as dissidents were murdered en masse.

    https://www.newswars.com/likely-next-mayor-of-portland-proudly-wears-chairman-mao-skirt/

    1. It’s the funniest thing in the world. They found out wheeler was terrible, now wait until they get a load of her. (As if Wheeler wasn’t communist enough.)

      It will be worse than they can imagine. And the whole country will get to watch it in real time.

    3. Little Feat Apolitical Blues

      https://youtu.be/TkVijd9g_Hk?t=12

      Well my telephone was ringing
      And they told me it was Chairman Mao
      Well my telephone was ringing
      And they told me it was Chairman Mao
      You can tell him anything
      ‘Cause I just don’t wanna talk to him now

    4. Any small business owner that stays in Portland needs to have his/her head examined. Corporate America will virtue signal and stay put.

      1. Try and wrap your head around this: What does this really say about the great citizens of Portland when she does win??

        1. That they will happily and militantly vote communist until their dying breath, which will come courtesy of the communist bullet they voted for?

    5. the deadliest famine in history

      It’s not a “famine” if you send 30 million people up into the mountains and tell them to learn to farm.

    6. “One wonders how the media would respond to a Republican candidate wearing Adolf Hitler clothing.”

      Well, our current President has a lot in common with Mussolini, and Peron.

      There reason for the idiocy in Portland is the same as the reason for Trump’s election. The desperation of people who understand they are screwed and find that no one gives a damn about them.

      1. ‘our current President has a lot in common with Mussolini, and Peron’

        Like what? Not opinions, facts.

        ‘There reason for the idiocy in Portland’

        Antifa has been violent up there for decades. It’s another socialist sh$t hole, like where you live.

        1. facts

          = something repeated on CNN thousands upon thousands of times, even though originally a made up lie.

          1. Ironically . . .

            “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” – Joseph Goebbels

        2. Well, he hasn’t denounced white supremacists today so that makes him (insert facist of choice).

          1. Massive government intervention in the economy, including individual companies This has only been going for many decades now, and would still be a major part of our common dilemma, without Trump. This is just blah-blah.

        3. “Our current President has a lot in common with Mussolini, and Peron.” “Like what? Not opinions, facts.”

          Massive government intervention in the economy, including individual companies, without the “socialist” pretensions of redistributing income downward. Nazi = “National” “Socialism” much like Trump’s pretensions that under his leadership, the Republicans would become a “workers party,” and his “economic nationalism” that has seen the trade gap increase. It’s actually corporatism, which (like communism) can work for a little while until it doesn’t.

          In the case of Peron, his movement was both right wing authoritarian and left wing populist, kind of like Trump’s rhetoric. It worked as long as he was around to resolve the contradictions, but after he was gone you got the dirty war between the two wings.

          1. You forget that Trump is not a dictator. As for government intervention in the economy, it’s been going on since the New Deal.

          3. much like Trump’s pretensions that under his leadership, the Republicans would become a “workers party,” and his “economic nationalism” that has seen the trade gap increase.

            First of all, trade deficits are actually an economic advantage.

            Second, when did Mussolini ever reduce taxes and roll back regulations? Some fascist.

      2. Well, our current President has a lot in common with Mussolini, and Peron.

        You mean like how Mar-a-Lago was the first club in its area to accept non white members?

          3. Tweets encouraging citizens to hold their representatives accountable to the will of the people. Get a grip!

    7. “She bolstered her Communist street cred by appearing on camera wearing a dress featuring far-left historical extremists, including Chinese dictator Mao Zedong.”

      I recognize Che Guevara. Who else?

  12. “…Ultimately, we have to get control of the virus in order to fully restore our economy,’ Kashkari said…”

    Assignment for Neel Kashkari.

    How about you watching some re-runs of the old TV series ‘Mr. Ed’?

    Common horse sense will tell you fewer restrictions will allow people to work. That will ‘restore our economy’. No free cheese needed.

    (Mr. Ed stomps his right front hoof in approval).

    1. The demands for UBI can’t be far off. And I don’t think that it was a coincidence that UBI was pushed into the national dialogue last year.

      1. If Biden wins I think this country is finished. He’s polling 16 points ahead now (I sure hope this poll is wrong). It appears that everything collapsed at astonishing speed, but when you look at the damage the globalists have done, it’s been over many decades. We’re finally in the end-game of that as well as central banker money-printing.

        1. We’re finally in the end-game

          I felt the very same way in the 70s.

          Prepare also for things to go other than as you fear.

          1. Prepare also for things to go other than as you fear.

            I am not in fear of anything. I go about my days as I did pre-virus. But I look around and see economic carnage the likes of what we’ve never seen before, along with commie politicians making power grabs.

        2. The US won’t be finished, but our meritocracy will be. Why bother to go to college and then to work, when you can make a cool $6K/month just for spreading your legs a few times? Even those work-at-home for Google scam spams don’t promise so much.

          1. Why bother to go to college and then to work, when you can make a cool $6K/month just for spreading your legs a few times?

            You may not even have to do that, what with the advent of “Fans Only” and “Patreon,” etc. Lots of e-sluts out there these days, and they don’t even have to touch or be touched by men .

          2. Patreon

            AKA, the youtube tip jar. Many “content creators” start their videos nagging you to hit their patreon account with $$$.

          3. I was referring to one of the more radical UBI proposals that handed out $2K/month per adult + 2K/month per child (up to 3). That’s $10K a month. Usually you need a college degree and 10+ years of experience before you make that kind of scratch. Of course, if you make $120K through your own merit, you’re “fortunate” and “white privilege.” I’m almost hoping they pass such a bill. Might wake up the wokes.

          4. Many “content creators” start their videos nagging you to hit their patreon account with $$$.

            I think there’s a moral and ethical obligation to financially support the truth-tellers on YouTube who are boldly speaking truth to power, like Tim Poole. Or independent citizen bloggers like Ben, or citizen journalists, for that matter. They’re putting in the hard work and putting their reputations, and in the case of independent journalists like Andy Ngo, their lives on the line. The corporate media can count on its corporate sponsors for funding, but truth-tellers need and deserve support from those who benefit from their efforts.

          5. I was referring to one of the more radical UBI proposals

            It’s easy to propose/demand something so absurdly impossible when there is no change in Hades of it passing and getting signed off in the Oval Office.

            That said, should the Dems win all the marbles in November I wouldn’t be surprised to see them pass something like $1000/month per adult. The MJ dispensaries will be doing brisk business.

          6. MJ dispensaries

            And the sexi-trux. Don’t forget the sexi-trux. Meh, most of it will go to hookers and blow. And then they’ll still be poor and demand to “cancel rent.”

          7. I support the content creators by watching advertisements. I look at it this way: pro athletes make tens of millions of dollars off of advertising alone, via TV rights. (ticket sales probably barely cover the cost of the running the mega-stadium). Some of those ads on YouTube are infomercial length, and sometimes they interrupt the video 4-5 times. Surely that’s enough to sustain a regular schmo.

            I don’t begrudge watching advertisements in exchange for meaningful content. What I *DO* object to is the youtuber babbling on about Patreon and subscribe and smash that like button for the entire first minute of a 10 minute video.

          8. smash that like button

            Haha, you’ve got all the lingo down. BTW, I think it’s “OnlyFans,” not “Fans Only.” Correcting myself.

  14. ‘Wells Fargo & Co has cut 700 commercial banking jobs as part of work force reductions that could ultimately impact “tens of thousands” of staff, Bloomberg News reported on Wednesday citing people with knowledge of the matter.’

    ‘The bank resumed job cuts in early August after it paused layoffs in March because of the COVID-19 pandemic. Wells Fargo said in July it would launch a broad cost-cutting initiative this year as the bank braces for massive loan losses.’

    https://www.theglobeandmail.com/business/international-business/us-business/article-wells-fargo-reportedly-cutting-700-commercial-banking-jobs/

  15. The Hill, published less than an hour ago:

    “Nearly a quarter of Americans expect someone in their household to lose their job or take a pay cut before Election Day and nearly one-third expect to potentially lose their homes within the next two months, according to survey results released Wednesday by the Census Bureau.

    The Census Bureau’s latest edition of the Household Pulse Survey found that 24 percent of Americans expect either themselves or someone they live with to suffer a loss of unemployment income within four weeks. The survey was conducted Sept. 16-28 through an online questionnaire.

    Roughly 32 percent of respondents said it is likely they will be evicted or foreclosed on within the next 60 days despite federal protections meant to prevent a widespread homelessness crisis, and another 6.8 percent said they do not expect to pay their next monthly rent or mortgage payment on time.”

    https://thehill.com/policy/finance/519992-nearly-one-fourth-of-american-households-facing-layoffs-or-pay-cuts-census

    1. “Nearly a quarter of Americans expect someone in their household to lose their job or take a pay cut before Election Day and nearly one-third expect to potentially lose their homes within the next two months, according to survey results released Wednesday by the Census Bureau.

      That’s got to be bullish for rental and house prices, right?

    2. “The survey was conducted Sept. 16-28 through an online questionnaire.”

      Of which some people responded to and other people did not.

      “Roughly 32 percent of respondents said it is likely they will be evicted or foreclosed on within the next 60 days despite federal protections meant to prevent a widespread homelessness crisis, and another 6.8 percent said they do not expect to pay their next monthly rent or mortgage payment on time.”

      “Roughly 32 percent of the respondents” can skew the picture if these respondents do not actually represent the population that is being surveyed.

      I can well image that someone who is financially stressed would more likely respond to such an online survey while someone who has it together financially-wise would not, misery likes company and all that.

        1. “Nearly a quarter of Americans expect someone in their household to lose their job or take a pay cut before Election Day and nearly one-third expect to potentially lose their homes within the next two months, according to survey results released Wednesday by the Census Bureau.”

          So one-third of Americans expect to potentially lose their homes within the next two months even though nearly 40% of homes are free and clear of mortgages. Got it.

          1. The sum of the parts is greater than the whole.

            a quarter of Americans expect someone in their household to lose their job or take a pay cut before Election Day

            30 million jobs to be lost in the next three weeks???

        1. sleeping bag futures I have a nice collection of sleeping bags,including a down filled one supposed to be good to -20 F. I tested it last winter on a friends enclosed porch that was 20 above in the middle of the night, and it proved much too hot for me.

        2. Now is the time to start putting together a guillotine start-up. They’re going to be in great demand, along with pitchforks, torches, and boiled rope, once the Fed’s Everything Bubble bursts.

    3. “nearly one-third expect to potentially lose their homes within the next two months,”

      They never had them in the first place.

      1. Even those “owning” their homes outright don’t really own them anyway. They are held hostage by the taxing authorities.

  16. Reason Magazine, October 5, 2020:

    “We’re told that life is never getting back to normal, so we need to suck it up and accept a world of mask-wearing, economic disruption, and social distancing. It’s a denatured echo of the warnings we’ve heard before that government responses to COVID-19 are pushing the world toward authoritarianism—but dressed up as if that’s a good thing.

    That’s unfortunate, given that less-intrusive responses to the pandemic are proving at least as effective as heavy-handed ones. And that’s before we even discuss the inherent value of the freedom that looks destined to be pushed aside by public health concerns and by disingenuous government officials.

    “As 2020 slides into and probably infects 2021, try to take heart in one discomfiting fact: Things are most likely never going ‘back to normal,'” wrote CNN International Security Editor Nick Paton Walsh last week. In his piece he discusses the likely permanency of mask mandates, telecommuting, reduced physical contact, and similar changes to life.

    We’re supposed to accept our newly constrained lives as “the new normal”—in a phrasing that’s already very tired, indeed.

    https://reason.com/2020/10/05/the-post-pandemic-new-normal-looks-awfully-authoritarian/

    2. permanency of mask mandates, … reduced physical contact,

      Are they planning to blacklist the vaccines the same way they did HCQ?

      1. they planning to blacklist the vaccines The as yet undiscovered side effects / problems / lack of efficacy hasn’t yet hit the news media and the internet. “Blacklists” may be unnecssary.

    1. Funny, Matt continually compares Trump to hitler, stalin, etc. just like the deranged gefilte fish mafia member above. His salary the last half decade or more came from writing vapid articles for a nothing rag like rolling stone that no one reads but is owned by that same mafia along with virtually every other nearly bankrupt media outlet.

      They are a cancer that needs to be excised from society.

    2. I read the book and he is deranged by TDS. But he does go over a lot of the Iraq wmd hoax and how the media helped drag us into war.

      There was a lot I didn’t know about how it all went down.

  18. In New York, the data shows that in 2019 there were about 850,000 additional employed residents compared with 2000, but they were packed into the same 2.5 million households with work earnings. Median rents increased 41.7% — after adjustment for inflation. Is it any surprise that young workers got fed up and left when they had the chance?

    Nationally, as for Trump’s “greatest economy ever” in 2019, unemployment was low but only because, compared with the prior peak in 2007, labor force participation fell as the Boomers retired. Median earnings per worker fell for every education level aside from high school dropouts (due to the higher minimum wage in some places), especially among men, after adjustment for inflation, and the only age group with a big increase in median household income were those headed by someone age 65 and over.

    https://larrylittlefield.wordpress.com/2020/10/05/the-2019-american-community-survey-last-year-compared-with-prior-economic-peaks-nyc-and-the-u-s/

    Trump won in 2016 because he realized how bad things were for many Americans, because he took their last dime in his casinos before they and the casinos went under, and Clinton’s yuppies didn’t get it. Now that he is President Trump is pretending things are Great Again. They aren’t.

      1. I’ve never bet a dime in a casino… I’ve only spent pennies. The tribe that enrolled me sends me a portion of their casino profits twice a year.

      2. States are do desperate for revenues to pay for debts and pensions that you don’t have to set foot in a casino to bet a dime anymore.

        1. One of the selling points here for legalizing MJ was that it would generate tax revenue (the prop exempted MJ revenues from TABOR limits)

    2. “Trump won in 2016 because he realized how bad things were for many Americans, because he took their last dime in his casinos before they and the casinos went under, and Clinton’s yuppies didn’t get it.”

      IMO Trump won in 2016 because he wasn’t Hillary.

      1. Trump won because he was a middle finger to the crony capitalist status quo, embodied by Crooked Hillary.

      2. In 2016 the Democrats nominated the only person in the entire world who Trump could beat. They should have just nominated some random person off the street.

        1. “They should have just nominated some random person off the street.”

          That’s pretty much what they did this time, isn’t it?

          I met up with some very partisan Democrats over the weekend. They understand that they need The Donald to stay alive through Election Day. Beating Trump with nothing is a lot easier than beating nothing with nothing.

        2. In 2016 the Democrats nominated the only person in the entire world who Trump could beat.

          They intentionally avoided a real contest of ideas twice now.

    2. Custer County, CO is full of DJT signs and flags, not a single Gropey Joe sign to be seen anywhere. Coming back to Dumver today feels like returning to cold war East Berlin after having a glimpse of freedom on the other side of the wall…

  20. What is the likelihood we will get another market sell-offin the next 12 months? I am hankering to go to cash if the RSI levels hit overbought again like they did early September. Maybe keep a 50/50 ratio of stocks and cash/bonds. In all honesty, I was trying to adhere to a Boglehead tact of buying and holding but I am getting the gist that we have corrections all the time now and a major sell off a few times a decade. I kind of want to time the market and would rather miss a run up than go through another March 2020 crash.

    2. PS – Since you have that gambling streak in you, I’d just let it ride. I mean, NEWSFLASH, this market has been disgustingly overvalued for years. Might as well see if the FED can juice this bubble to 50,000 and beyond.

    1. It’s not exactly his signature style but my favorite thing from him is the slide intro to “Dirty Movies”. Perfection. It’s definitely the end of an era. Now guitar rock officially becomes what jazz has been probably since Miles Davis died…something old people talk about amongst themselves and try to teach bored young people how to do. Not that it wasn’t already, but now it’s official.

      1. Longtime posters will remember Bill from…wherever who continually felt a need to tell us that 50 was the new 19, obsessively shared his body fat index, and harangued us as Yellen groupies because we didn’t go all-in on Bitcoin. As a self-proclaimed “anarcho-capitalist” he reviled Trump, overlooking the fact that the alternative was Crooked Hillary. I used to frequently post this rather unique Van Halen song, “Big Bad Bill is Sweet William Now” once he outted himself, by his opposition to Trump, as Hillary’s bit*ch. Eddie and Alex Van Halen’s Dutch father, a talented musician himself, played clarinet on this tune, which is a major departure from most VH songs.

        https://www.youtube.com/watch?v=kkxqcWhym9U

        1. Alex Van Halen’s Dutch father, a talented musician himself

          Sure…I had always heard that he got to play for the Nazis involuntarily for a few years. The person that never got enough credit was the VH mom. Asian tiger mom type who wasn’t a musician but made the boys seriously practice their piano when they didn’t want to. Apparently dad met mom while playing music in Indonesia or something like that…

  22. ‘President Donald Trump’s White House physician said in a memo Wednesday that the president has been free of symptoms for a full day and that his blood tests show the presence of antibodies for SARS-CoV-2, the scientific name for the CCP (Chinese Communist Party) virus.’

    “Of note today, the President’s labs demonstrated detectable levels of SARS-CoV-2 IgG antibodies from labs drawn Monday, October 5th; initial IgG levels drawn late Thursday night were undetectable,” Dr. Sean P. Conley wrote. The presence of antibodies means Trump’s immune system has been fighting the virus, although more tests would be needed to determine if the president remains infectious.’

    ‘A physical exam of the president showed that his vital signs, including oxygen saturation and respiratory rate, are stable and within a normal range, he noted.’

    “He’s now been fever-free for more than 4 days, symptom-free for over 24 hours, and has not needed nor received any supplemental oxygen since initial hospitalization,” Conley wrote.’

    “Having IgG antibody against SARS-CoV-2 is a good sign that his body is able to mount effective immune response against the virus. It is not clear yet whether those antibodies detected are neutralizing antibodies or not. Meanwhile, the antibody titer is not revealed to the public. So, it is not clear whether the protection level is strong enough. But overall, it is a good sign towards recovery,” said Sean Lin, former lab director of the viral disease branch of Walter Reed Army Institute of Research.’

    https://www.theepochtimes.com/trump-has-developed-ccp-virus-antibodies-white-house-doctor_3530026.html?utm_source=news&utm_medium=email&utm_campaign=breaking

    1. The presence of antibodies means Trump’s immune system has been fighting the virus An alternate explanation just might come from the fact that Trump received an infusion of 2 different antibodies shortly after he was diagnosed with COVID-19. Isn’t anyone out there THINKING?

      1. 2 different antibodies

        Synthetic. What, if any, homology do they have with naturally-occurring IgG antibodies? I don’t know.

          1. NBC News included relevant context:

            A likelier explanation for the presence of Covid-19 antibodies in the president’s blood is that Trump received a direct infusion of them last Friday in the form of Regeneron’s experimental monoclonal antibody cocktail.

            Dr. Eric Topol, director of the Scripps Research Translational Institute in California, tweeted Wednesday that “the patient had a whopping (8g) dose of a #SARSCoV2 neutralizing IgG antibody cocktail. Then they detected antibodies. You must be kidding me, Dr. Conley?”

            The Regeneron drug consists of two lab-made antibodies designed to mimic the body’s own immune response to the coronavirus.

            A Regeneron spokesperson told NBC News that “given the volume of IgG antibodies delivered in our therapy, and the timing of these tests, it is likely that the second test is detecting REGN-COV2 antibodies.”

          2. Still not much information about homology. Given the timeline, any patent applications disclosing the sequences won’t publish for at least another year.

          3. “the patient had a whopping (8g) dose of a #SARSCoV2 neutralizing IgG antibody cocktail. Then they detected antibodies. You must be kidding me, Dr. Conley?”

            Funny. Conley’s a DO not MD. Does that explain anything?

  24. Everyone who is worrying about communists taking over might want to brainstorm what could be done to reunite our country. A divided country is weak, and susceptible to overthrow from outside influences that are not in our collective interest as Americans.

    2. A divided country

      Perhaps you should ask the D ticket and MSM to stop perpetuating the Charlotte’s “very fine people” hoax.

          1. As a former lib, I can tell you it’s rough on both sides. But it’s even rougher in the middle. Try telling someone that you dislike the identity politics virtue signaling, but you also promote mask-wearing. You’ll get stoned no matter where you go.

        2. Only one candidate has made a debunked divisive lie the centerpiece of his campaign knowing the MSM won’t call him out on it. What does that say about our system?

    3. Don’t understand how party took over for country in last 30 years and the Russians and Chinese laugh at us. There is no way they would have dared to mess with us back then.

    4. what could be done to reunite our country

      I can’t think of solutions that are reasonably possible. Congressional term limits and some kind of serious penalty against the media for knowingly publishing false information would be a great start. But our system is now too corrupt to pass or enforce either one. Although if the supreme court were to have a real rule-of-law majority I suppose interesting things could happen over time…if the executive branch at all levels would even enforce the law.

      1. . But our system is now too corrupt to pass or enforce either one. I for one would be greatly encouraged that this country is becoming less corrupt by seeing miscreants like Comey and Brennan locked up for 20-30 years. Voltaire wrote in “Candide”:

        in this country, it is good to kill an admiral from time to time, in order to encourage the others

        1. I for one would be greatly encouraged that this country is becoming less corrupt by seeing miscreants like Comey and Brennan locked up

          I would be too if it ever happens. The problem is if it only happens to the losing side in elections. That won’t help much. What we need is rule of law applied fairly across the board. Your scenario might be a move that direction…or might be something scary.

  25. The Norwood area of the Bronx had the highest median percentage price drop with -39.6%, meaning the listing had a $78,800 price drop.

    Is that a lot?

  26. His Newsomness announced that theme parks won’t be reopening anytime soon. Anaheim city leaders are not pleased and neither is the Mouse or Universal. Interesting that he’s willing to kick some of the left’s biggest supporters in the teeth. Let this be a lesson to anyone with a BLM sign in their front yard.

    1. And if these commies hadn’t suppressed a treatment — HCQ at point of diagnosis, instead of sending people home and wait for them to get sick enough to fill the hospitals — we could have had a home treatment and turned this thing into the flu. We might have mostly reopened by now, possibly with masks, but still reopened.

      If If If. 😒 The first blame goes to China, second to the WHO.

      1. We’ve had less than 10 million infections in the US. The Swine Flu infected like 60 million or whatever, and this Kung Flu is supposedly much more contagious. I’d say that’s better than “turning this into the flu,” wouldn’t you? That’s massive suppression.

        1. I didn’t mean turn this into flu from an infection standpoint. I meant turn it into flu from a prognosis standpoint. If there were a widespread practice of administering HCQ (or Ivermectin, if you will) early at point of test, then we could allow almost everyone except the very ill to simply contract this disease and cure it. That would bring the death rate close to flu rates.

  27. Listening to the debate between a God fearing decent man and a degenerate thot, its really a metaphor for the division in this country and its culture.

    The commie actually talked up her “accomplishments” at reforming law enforcement in SF. Bet the thousands fleeing that sh!thole would like to curb stomp her and her comrades, or maybe just dump them in the tenderloin at 1am and let the street urchins work their magic.

      1. Pence did great. Harris wasn’t likeable at all IMHO.

        But, again avoidance of questions that should be asked.

          1. “The fly was a tiny drone programmed by Antifa to land in Pence’s hair.”

            Coma – la brought the flies.

  28. I keep reading dire predictions of bad times ahead, followed by stellar stock market returns that contradict them.

    What gives?

    For instance, who knows whether the Fed can or will indefinitely continue blasting interest rates and asset prices with a fire hose of liquidity?

    The Tell
    Why Pimco says stock-market investors can’t bank on ‘decent’ returns despite an aggressive Fed
    Last Updated: Oct. 7, 2020 at 2:16 p.m. ET
    First Published: Oct. 7, 2020 at 12:51 p.m. ET
    By William Watts
    Investors should curb expectations for returns over the next 3 to 5 years, says Pimco
    The Federal Reserve Board building Daniel Slim/Agence France-Presse/Getty Images

    “Don’t fight the Fed” is a popular mantra when it comes to investing. But recent history shows that aggressive monetary stimulus by major central banks doesn’t ensure big gains for stock-market investors.

    In an outlook published Wednesday, Pacific Investment Management Co., or Pimco, warned that the next three to five yeas will likely be marked by lackluster asset market returns as it will be difficult to expect continued gains in equity and bond-market prices given already high valuations.

    And that’s despite the Federal Reserve and other central banks engaging in aggressive rounds of interest rate cutting and asset purchases this year to support economies hit by the coronavirus pandemic.

    “The low yield environment and reach for investment returns may continue to support equity markets. But starting valuations should dim any excessive optimism,” said the report, authored by Joachim Fels, Andrew Balls and Daniel Ivascyn.

    “Indeed, the long-term history in Japan over decades and the shorter experience in Europe over the past few years show that there is no guarantee of outsized gains for equities over bonds, even in a very low yield environment,” they wrote.
    …

Comments are closed.