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The Perfect Breeding Ground For The Winner’s Curse

It’s Friday desk clearing time for this blogger. “A San Diego-based mortgage lender has agreed to pay nearly $25 million to resolve allegations that it knowingly approved ineligible loans that later defaulted, resulting in mortgage insurance claims to the Federal Housing Administration, the Department of Justice announced Thursday. The settlement resolves allegations that Guild approved ineligible loans, failed to comply with material program rules that require lenders to maintain quality control and failed to self-report materially deficient loans that it identified.”

“‘We are seeing less buyer activity in the condo and townhouse market,’ said Sandy Jamison, president of the Santa Clara County Association of Realtors. ‘Showing appointments are down and days on market are climbing. Many sellers are having to reduce their prices to attract buyers to their units over the competition.'”

“A penthouse at Eighty Seven Park sold for $37 million, marking the highest price sale at the Miami Beach luxury condo tower. The Renzo Piano-designed Eighty Seven Park in North Beach had much higher hopes for the sale price of the penthouse. The two-story unit went on the market with an asking price of $68 million in 2018. It sold for 46 percent below that asking price.”

“The unthinkable has happened: For the first time in nearly a decade, Manhattan rents have dipped below $3,000 per month. For the first time in a decade, asking rents fell in Manhattan, Brooklyn and Queens last quarter, according to StreetEasy’s Q3 market report. As rents plummet across the city, inventory and concessions are soaring and landlords have to swallow the loss. ‘Landlords across the city, but particularly in Manhattan, have to be willing to face some really hard hits if they want to fill their units,” said Nancy Wu, the listing portal’s chief economist.”

“Rents for Class-A apartments in the D.C. area last quarter fell by 7%, according to Delta Associates, the most severe rent decline the firm has ever recorded. The rent drop was most pronounced in the District and other high-rise areas throughout the region, while suburban areas remained relatively stable. Suburban Maryland experienced a 2.4% rent drop, while Northern Virginia rents fell 7.2% and D.C. rents fell 10.7%. ‘The exodus we’re hearing about from cities is not limited to D.C.; it’s happening in other cities like New York and San Francisco,’ Delta Associates President Will Rich said.”

“The Toronto rental housing market has pulled a 180. Crystal Chen, an analyst with rental-market tracker PadMapper, says landlords are now offering a slew of incentives. ‘I’ve seen two months of free rent with at least a year-long lease as well as things like six months of free parking or storage,’ she said. ‘It’s definitely a crazy time and property managers are desperate to fill vacancies. If anyone is looking for a good deal, the next couple of months are a good time to be moving.'”

“Condos reached a point of oversupply a few years ago. ‘The issue with some condos — not all — is that a lot of the owners paid more when the market was higher and now are in a market where the prices have come down to where the mortgage might be, putting them under water,’ said Jason Yochim, CEO of the Saskatchewan Realtors® Association.”

“The cost of renting a room in London has fallen, according to data from Hamptons International. The biggest discount was in Aldgate, EC3, where room rents dropped 34 per cent to £983 per month. This was followed by the W9 postcode, covering Maida Vale and Little Venice, where room rents fell 20 per cent to £824; and SW1, home to Westminster, Belgravia and Pimlico, where rents dropped 17 per cent to £922 per month. ‘Once again, London dominates the headlines in terms of falling rents, and it’s generally the most expensive neighbourhoods that are worst affected,’ says Matt Hutchinson of SpareRoom.”

“Lansdowne Place apartment returns to market seeking €1.45m. The upscale residential apartment scheme launched in 2017 to much fanfare. These features were what attracted the owners to number 12, a third-floor two-bedroom apartment in the Templeton building, paying €1.65 million for it, according to the property price register. ‘It was the right move at the time,’ says one half of the couple.”

“In the world’s big financial centres — from New York to Toronto to London to Sydney — rents for inner-city apartments are plunging. ‘You’re daft if you aren’t negotiating lower rent right now,’ said Tim Lawless, Asia-Pacific head of research for CoreLogic Inc. ‘Supply is high and occupancy has fallen off a cliff.'”

“Christine Chung, 26, is one of those taking advantage. She just managed to negotiate a 9% drop in rent for the house she shares with three others in Sydney’s trendy Enmore neighbourhood about 10km from the city centre. ‘I’ll push for another rent reduction at the end of the lease,’ Chung said. ‘The market has changed.'”

“The median monthly rent for a studio in San Francisco tumbled 31% in September from a year earlier to US$2,285, according to Realtor.com. In downtown Toronto, home to the second-largest financial centre in North America behind New York, apartments are piling up. Rents have plunged, down 14.5% in the third quarter compared with the same period last year, according to Urbanation Inc. ‘Applicants are noticeably fewer,’ London West End appraiser Mark Wilson told the RICS survey. ‘Rents are still a one-way bet in our view, and it’s south.'”

“Apartment rents in Auckland Central West fell 9.7 per cent over the September quarter, compared to the same period a year ago, and rents in Auckland Central East fell 5.6 per cent; both areas have a significant student population. Developers have also been less likely to want to build apartments in Auckland, with consents down 50 per cent for the three months to August, compared to the same time last year.”

“‘Not only can they not get financing for these projects, without having people come into them there is not as much activity,’ said Infometrics economist Brad Olsen. ‘A lot of the time these apartments are bought by investors in the inner city to rent out to others, particularly international students.'”

“The turmoil unleashed by the coronavirus caused a sharp plunge in house values in NSW and Victoria, new real time data shows. Property transactions processed on e-conveyancing platform PEXA show that for the first nine months of this year residential values slumped 9 per cent in NSW and 14 per cent in Victoria. Commercial real estate has been hit harder by the pandemic than residential properties, with values falling 14 per cent in NSW for the first nine months of the year.”

“‘Analysing previous housing cycles and key economic drivers suggests that in the medium term, house prices and new loan commitments will decline further,’ it said.”

“There’s no question Australian housing auctions are high-stakes contests. And this phenomenon now has a name – the ‘winner’s curse’. Stanford University economists Paul Milgrom and Robert Wilson suggest the winner’s curse occurs when a bidder believes they paid a higher value for an asset – anything from property to gold – than it’s actual worth. University of Melbourne professor in property Piyush Tiwari told The New Daily housing auctions are the perfect breeding ground for the winner’s curse.”

“Unlike stock markets where information is processed in real-time, he said bidders weigh up what the Stanford researchers call ‘common values’ – like location and pricing trends – with ‘private values’ – such as how much they personally believe a swimming pool is worth. ‘People who participate in auctions, such as mums and dads, do not process this information the same way,’ Professor Tiwari said. ‘And what’s happening right now (in the pandemic) is the information we have is uncertain, there’s a lot of noise in the data and there’s a possibility we may see much higher values paid for property than its intrinsic value.'”

“President of the Real Estate Buyers’ Agents Association of Australia Cate Bakos told The New Daily there are a number of reasons why buyers have a false impression of how much a home is really worth. Auctioneers tap into buyers’ anxieties to force them into a decision in the heat of the moment, while some agents may not provide a ‘completely honest’ quote to their clients, she said.”

“Calls from laid-off Cathay Pacific Airways Ltd pilots began arriving at OKAY Property Agency Ltd not long after the Hong Kong airline announced one of the biggest job cuts in global aviation. In Tung Chung about 60 renters have surrendered their leases over the past three months, said Joe Lee, a senior area sales manager at Midland Realty Ltd. ‘I’ve never seen so many people giving up their rented apartments in my career,’ Lee said.”

“Some landlords in the area are now happy to find takers at HK$85,000 for properties previously going for HK$110,000, said Nina Schulte-Mattler, a senior manager in the residential division of OKAY Property. Other landlords have downsized to the HK$40,000 to HK$60,000 price range, where demand is more stable, she said.”

“Rickie So, a property agent with Century 21 Newcourt Realty in Discovery Bay, has seen about 50 properties in that price range drop their rent by 15 to 20 percent in the past two months in anticipation of layoffs. Further price cuts could start emerging in a couple of months, So said.”

Related Posts

The Crash of Flipping Homes With Algorithms

https://www.youtube.com/watch?v=_a2kAzFBGtc https://www.youtube.com/watch?v=rk5Jj6ezP5o https://www.youtube.com/watch?v=ioaOXz2B7DQ https://www.youtube.com/watch?v=rSzwO5CU3Go https://www.youtube.com/watch?v=taSzZhcZhcc https://www.youtube.com/watch?v=nXcz6CHDtwo

This Post Has 184 Comments

  1. ‘A San Diego-based mortgage lender has agreed to pay nearly $25 million to resolve allegations that it knowingly approved ineligible loans that later defaulted’

    Eat yer crows jingle.

    ‘Many sellers are having to reduce their prices to attract buyers to their units over the competition’

    Eat yer crows Thornberg.

    2. San Diego These people are not mortgage lenders not “loam originators”. They are Debt Originators (TM) and Broke(R) Originators (TM).

      1. Subprime is everything now. That’s how you get such massive bubbles in all assets – extending credit to debt-junkies who have no business buying anything.

  2. ‘seeking €1.45m…paying €1.65 million for it…‘It was the right move at the time’

    Well it was cheaper than renting.

  3. ‘She just managed to negotiate a 9% drop in rent for the house…‘I’ll push for another rent reduction at the end of the lease’

    That’s the spirit!

  4. ‘The unthinkable has happened…landlords have to swallow the loss’

    The swords falling Larry! Oh right, you got no arms anymore. I hear they can do wonders with those fake ones.

  5. No “pent-up demand” for $500,000 starter homes happening here:

    “America’s youngest workers started the year with a rare opportunity to slingshot their careers in the hottest job market in decades.

    They’ll end 2020 facing some of the nation’s bleakest employment prospects and the most volatile job market ever for recent college graduates.

    The unemployment rate for young people age 20 to 24 was 12.5% in September, the highest among adults. Joblessness for them peaked at nearly 26% at the height of the pandemic in April — quadruple the level two months earlier — a bigger jump than in any previous recession back to the 1940.

    Economists say the longer that young people are forced to delay their careers, the worse their prospects will be in the future to hold a job, accumulate wealth, or even get married or start a family.”

    https://www.bloomberg.com/news/articles/2020-10-23/college-age-americans-face-permanent-hit-with-few-job-prospects?srnd=premium

    1. “For Tessa Filipczyk, this year was supposed to springboard her career in marine and coastal science. Graduating in June from the University of California at Davis, Filipczyk, 22, had applied for jobs related to ocean conservation, marine plant research and climate change advocacy. But none of those have panned out.”

      Ditto for Civil Engineering during my career. The country’s infrastructure maintenance has been ignored for decades, and now we have record unemployment. You’d think we would have a jobs program to rebuild things, but it isn’t happening. WTF?

      1. You’d think we would have a jobs program to rebuild things, but it isn’t happening. WTF?

        The welfare/warfare state has its priorities set by the globalists. Endless neocon wars and endless corporate and Wall Street bailouts take precedence over infrastructure.

      2. had applied for jobs related to ocean conservation, marine plant research and climate change advocacy

        Those sound like either .gov or NGO jobs. Governments are broke and I’ll bet donations to NGO’s are way down.

      3. You’d think we would have a jobs program to rebuild things ??

        Big, Beautiful, infrastructure projects coming any day Trump tells us…

    2. Economists say the longer that young people are forced to delay their careers, the worse their prospects will be in the future to hold a job, accumulate wealth, or even get married or start a family.”

      There’s always Fentanyl-laced heroin and a fleshlight.

  6. They swords are still miles in the air in New York. I just looked at the third quarter report from Douglas Elliman. The headline is that rents in Manhattan have fallen below $3,000.

    They are including more neighborhoods. In Brownsville, they say, the median asking rent is $2,000, and the median recorded sales price is $545,000. In East New York, the median asking rent is $2,150, and the median sales price is $649,000.

    These are the two furthest-away, poorest-built, poorest, highest crime, lowest safety neighborhoods in all of Brooklyn. Back in the day they were, as Bruce Springsteen put it, “the part of town where when you hit a red light you don’t stop.” The murder capital. One of two broad bands of poverty in the city, with the other in South Bronx (extending into Harlem at one time). I highly recommend the documentary The 75 to anyone who can see it — it is about East New York.

    https://www.youtube.com/watch?v=FRRTie0i_TQ

    Now look at those “lower” “cratering” prices. I’m guessing two years to get back to reality,

  7. “There’s no question Australian housing auctions are high-stakes contests. And this phenomenon now has a name – the ‘winner’s curse’. Stanford University economists Paul Milgrom and Robert Wilson suggest the winner’s curse occurs when a bidder believes they paid a higher value for an asset – anything from property to gold – than it’s actual worth. University of Melbourne professor in property Piyush Tiwari told The New Daily housing auctions are the perfect breeding ground for the winner’s curse.”

    If this winner’s curse effects just one item then the value of that one item is all that is altered. But if the change in value of this one item effects the values of numerous comparable items then not only is the value of this one item affected but the values of the comparable items are effected as well.

    If the winner of this winner’s curse is of diminished intelligence (another term for “just plain stupid”) then the values of the comps, as expressed by prices, will reflect this diminished intelligence and will rise. If rising prices are perceived as gains in wealth then this winner’s curse is perceived as being a good thing to all of the owners of the comps.

    The winner’s curse in a bidding war goes to the highest bidder. If the highest bidder is the stupidest bidder then the resulting price will be the stupidest price and the values of the comps will reflect this stupidity. However, stupid or not, these values of the comps will be perceived as wealth by the owners of the comps and most likely by lenders and as such they can easily be cashed out and spent. Also these stupid prices set by the stupidest bidder, will become “the going price” which means it will be the floor price that the next stupid bidding war will start from.

    1. Being stupid and having money are generally two situations that are incapable in that if one is stupid he usually does not have any money. But in this winner’s curse situation regarding real estate the winner, meaning the stupidest, does not need to have money, he only needs to have ACCESS to money.

      Having money and having access to money are two quite different things. A person who cannot raise four hundred dollars in an emergency (as many people cannot do) can indeed buy a four hundred thousand dollar house. He is able to pay such a high price because the money he uses belongs to somebody else.

        1. The lender of the money that ends up paying the stupid price for the house does not himself own the money that is used in the purchase; It, too, belongs so somebody else.

          So we end up with a situation whereby the purchaser of a house buys the house using money that belongs to somebody else that is gotten from a lender who is also using money that belongs to somebody else. Since neither the buyer nor the lender actually own the money that is being spent the incentive for insuring that the money is spent wisely is non-existent, hence stupidly high prices.

          1. Don’t banks loan money based on Appraisals ? or is it still ” hit the number ” or we will find someone who will ?

          2. A case can be made that the appraisers are at the root of all this insanity in that the appraisers are the people who determine what the houses are worth. But the appraisers make these determinations by what prices the houses are going for so ultimately it’s the buyers and sellers who are at the root of all this insanity.

      2. Isn’t this a Tragedy of the Commons issue where the easy credit is made available, and someone takes it before before the next person can get to it?

        1. easy credit is made available

          The easy credit spigot has not closed for autos and RVs, despite record default rates. I can’t remember where I read it, but somebody was saying that the reason they don’t even care about credit score or income documentation for new cars and trucks is because the dealer installs lojack on all of them, and knows that it’s easy to just take it away for non-payment and sell it to the next sucker. They don’t care if they sell the same vehicle 4 or 5 times, they make money ever time.

          1. This must be for used cars/trucks only. Since they can re-sell it to the next ‘sucker’ without depreciation

            What about new vehicles – where they depreciate at least 20% once off the lot.

          2. “This must be for used cars/trucks only.”

            The easy credit is needed to inflate used car residual values, which enables new car sales. If the new car buyer doesn’t get a high enough trade-in price for their current vehicle the deal collapses. Same goes for the leased car trade-in residual value, or no new vehicle lease.

          3. This must be for used cars/trucks only. Since they can re-sell it to the next ‘sucker’ without depreciation

            No, this is for both new and used.

    2. “….If the highest bidder is the stupidest bidder then the resulting price will be the stupidest price and the values of the comps will reflect this stupidity…”

      The next big thing: An app that monetizes stupidity.

      Like hydrogen in the universe, it is available in limitless supply.

    3. Winner’s curse = placing the winning bid in a bidding war to buy a house at the peak of a bubble…

      1. bidding war

        Spoke with someone yesterday afternoon who was recently in a bidding war for a Ranch Bernardo home. Low 800s.

        1. I have a work colleague who is talking about making a nearterm home purchase in San Diego. He seems both daunted and excited by prices that are rising parabolically.

          I’ve given up trying to educate people who should know better that extraordinarily rapid price gains normally are a harbinger of an imminent crash.

    4. The winner’s curse in a bidding war goes to the highest bidder.

      Not always. A colleague sold her house, but not to the highest bidder. She went instead with an all cash, no contingency bid, which wasn’t the highest. It was still more than the initial asking price.

    5. I still see this on Ebay……….a $2-3 obscure record that some rapper uses as a sample, skyrockets to $30-40 50 so some wannabe rap dj with a zero or low rating can impress his friends on mommies credit card, then a few weeks later after its burnt out it goes back to $5 or less.

  8. 10 years of the NYC renting bubble wiped out.

    And sill falling…

    I hope no one leverage themselves 40:1 to become a real estate mogul in training.

    “The unthinkable has happened: For the first time in nearly a decade, Manhattan rents have dipped below $3,000 per month. For the first time in a decade, asking rents fell in Manhattan, Brooklyn and Queens last quarter, according to StreetEasy’s Q3 market report. As rents plummet across the city, inventory and concessions are soaring and landlords have to swallow the loss. ‘Landlords across the city, but particularly in Manhattan, have to be willing to face some really hard hits if they want to fill their units,”

  9. In the middle of winter in Canada?

    ‘It’s definitely a crazy time and property managers are desperate to fill vacancies. If anyone is looking for a good deal, the next couple of months are a good time to be moving.’”

  10. Is that an English way of saying “a single person?”

    ‘It was the right move at the time,’ says one half of the couple.”

    1. I think it means the female half of the couple bailed when she realized the magnitude of their “shared” financial loss.

  11. Really? It couldn’t be anything else?

    And these places weren’t losing value for years?

    “The turmoil unleashed by the coronavirus caused a sharp plunge in house values in NSW and Victoria, new real time data shows.”

  12. Nah – it’s called the greater fool theory and is the basic underlying mechanism for all bubbles/ponzis.

    And it has been around for hundred’s of years.

    Any why drag gold into this?

    “And this phenomenon now has a name – the ‘winner’s curse’. Stanford University economists Paul Milgrom and Robert Wilson suggest the winner’s curse occurs when a bidder believes they paid a higher value for an asset – anything from property to gold – than it’s actual worth. University of Melbourne professor in property Piyush Tiwari told The New Daily housing auctions are the perfect breeding ground for the winner’s curse.”

  14. We’ve been reading for daze on end that a pre-election stimulus agreement was close at hand, and that the alternative was financial markets Armageddon.

    Does that mean stocks will crater if the deal falls through?

    2. Have you noticed how often political measures come wrapped with the threat of stock market collapse in case they are not adopted, and how seldom the market actually crashes in case of nonadoption?

  15. As rents plummet across the city, inventory and concessions are soaring and landlords have to swallow the loss. ‘

    Die, speculator scum.

  16. “Rents for Class-A apartments in the D.C. area last quarter fell by 7%, according to Delta Associates, the most severe rent decline the firm has ever recorded.

    Is that a lot?

  17. ‘The issue with some condos — not all — is that a lot of the owners paid more when the market was higher and now are in a market where the prices have come down to where the mortgage might be, putting them under water,’ said Jason Yochim, CEO of the Saskatchewan Realtors® Association.”

    I fear that in such a scenario, some speculators could end up losing money.

  18. “In the world’s big financial centres — from New York to Toronto to London to Sydney — rents for inner-city apartments are plunging.

    The real cratering won’t start until the Fed’s Everything Bubble implodes.

  19. “‘Analysing previous housing cycles and key economic drivers suggests that in the medium term, house prices and new loan commitments will decline further,’ it said.”

    Said otherwise, an epic schlonging awaits speculators who bought into this unsustainable housing bubble.

  20. “Rickie So, a property agent with Century 21 Newcourt Realty in Discovery Bay, has seen about 50 properties in that price range drop their rent by 15 to 20 percent in the past two months in anticipation of layoffs.

    Yes, but surely the mortgages will drop by a corresponding amount, will they not? Cuz if rents are dropping but mortgages and carrying costs remain the same, that would put speculators in an untenable position.

  22. Speaking of perfect breeding grounds…

    New cases hit three-month high as Covid-19 hospitalizations soar
    By Jay Croft and Christina Maxouris, CNN
    Updated 1:33 PM ET, Fri October 23, 2020
    – 14 states set new record in Covid-19 hospitalization rates
    – Expert issues dire warning about next 6 to 12 weeks
    – How Dr. Fauci reacted to Trump’s Covid-19 diagnosis

    (CNN) Thursday was the first day with more than 70,000 new US Covid-19 cases in three months, and the hospitalization rate is soaring, new data reveal.

    Thirty-two states reported rising Covid-19 infections, according to data from Johns Hopkins University.

    Thursday was the highest day for new infections since July 24 and the day with the fourth highest total ever, at 71,671, Johns Hopkins says.
    …

    1. CNN? Lol, no. Just more fake news that the sky is falling. 800 people die a day, probably 80-90% > 75 years old out of a nation of 300 million+? Lots of people are testing positive and they just so happen to be students in their 20s who never have a symptom?

      This is all so tedious, but go ahead and lock down your sh!tholes to anything but riots, what do I care?

      1. Seems like Red States coronavirus cases are skyrocketing just in time for Election Day.

        The Financial Times
        Steer from crisis to recovery with the FT
        Coronavirus pandemic
        US records worst Covid-19 week since summer peak
        Midwestern outbreak pushes nationwide total of new cases to a record 83,000 on Friday
        Joe Biden, in Wilmington, Delaware, stands in front of a chart showing the rise in coronavirus-related hospitalisations during an address on the outbreak
        © AFP via Getty Images
        Peter Wells in New York and Lauren Fedor in Washington yesterday

        The US has tallied the most new coronavirus cases in a week since a major summer outbreak, threatening to overwhelm hospitals in parts of the country just as voters head to the polls for one of the most hotly contested presidential elections in modern history.

        The worst-hit region in the latest spike continued to be the Midwest, where some of the key battleground states in the presidential campaign posted record one-day increases in new infections on Friday. Those jumps pushed the nationwide tally to 83,010 new cases, according to the Covid Tracking Project, a record one-day rise.

        Ohio, where President Donald Trump is clinging to a narrow lead in opinion polls, on Friday recorded its worst daily increase in new Covid-19 cases for the third day running, while Pennsylvania, a state regarded as key for the president’s re-election prospects, also reporting a single-day record.

        Wisconsin, another key swing state where Democrat Joe Biden has been widening his lead, recorded its second-highest daily jump. Other states in the region that saw daily increases at or near records on Friday included Illinois, Indiana and South Dakota.

        Over the course of the week, the US has seen 441,541 new cases, the biggest seven-day increase since the end of July.
        …

        1. Hmmmm. Is there any incentive for media to inflate COVID stats this week?

          Well, I cant think of any possible reason the powers that be would want to increase the apprehension of the public to heading outdoors to a venue where long lines and close proximity to other, possibly infected, human beings.

          Carry on, Prof.

    1. And those are well paid pilots who fly wide bodies on long haul flights, not convenience store clerks.

        1. From what I have heard, not long. I also understand that a pilot can only be certified for one “type” at a time, even if experienced with other types. If he were to switch from a 737 to a 777 he would have to jump through all the hoops to become certified, even if he once was 777 certified.

          1. I remember many retired pilots getting their pension recalculated downward after 9/11 in order to save the airlines. There was little camaraderie for pilots then, and this covid19 pandemic is a couple of orders of magnitude worse, so a stale pilot is likely a former pilot going forward.

          2. I do know a guy who flew for United and was laid off after 9/11. He was ex Air Force and went back t the USAF and stayed until he had enough years for a pension, then went back to to United to fly again. I’ll ask him what he had to do to get recertified.

    2. On Oct. 20, the U.S. District Court for the Northern District of Georgia heard the first case against the moratorium, Richard Lee Brown, et al. v. Secretary Alex Azar, et al.. That challenge, brought by a nonprofit called the New Civil Liberties Alliance, has been joined by the National Apartment Association, which represents some 85,000 landlords responsible for 10 million rental units. Lawyers and scholars working on behalf of plaintiffs in the cases say that the CDC lacks the constitutional authority to enact a policy affecting rents.

      Exactly.

      2. Conspiracy theories are very popular with the low education set…

        Yeah, the high education set is usually in on it or at least understands how it works so it’s not a theory for them. Those silly deplorables have no idea…

        1. “I’ve seen this movie before
          And I have to admit it’s no bore
          But the lying, the dying, the ultimate crying —
          They make me want to watch it no more”

          1. You wouldn’t care if there was video of a Russian oligarch handing Joe Biden a check for millions. There is probably nothing that could change your mind.

          2. They make me

            But you should appreciate the irony. Quite possibly (like a mountain of possibility) traitorous conspirators were trying to unseat the POTUS, for simply asking about their crimes.

            Now their possible crimes are boring, but I don’t recall the impeachment farce being so boring. Ironic.

          4. Right, RR.

            The smell of smug can get thick. Many of these “conspiracy theories” have turned out to be true.

            This Is The “Sh*t Hitting The Fan” Part Of The Fourth Turning • Fri, 10/23/2020
            zerohedge.com/geopolitical/sht-hitting-fan-part-fourth-turning:
            I’m amazed by the extreme level of ignorance exhibited by a vast swath of our population, as they glory in believing comforting mistruths which confirm their preordained belief structure. They don’t know because they don’t want to know…

            There’s also the satisfaction some get when putting others down.

          6. The dystopian use of disinformation, false narratives, blatant lies and propaganda by the totalitarians constituting the Deep State, as their never-ending coup attempt against a duly elected president attests, will be the catalyst for the next vicious phase of this Fourth Turning. For the last four years the Russiagate coup has dogged Trump, as Obama, Clinton, Brennan, Clapper, Comey, Mueller and a myriad of lesser co-conspirators have propagated the Big Lie to cover-up their traitorous actions of trying to overthrow Trump.

            An honest truth-seeking press with unbiased journalists would have uncovered this conspiracy and revealed the truthful facts to a concerned public. Instead, a completely captured corporate media has turned a blind eye to the truth as they have acted as accomplices of the coup culprits. Just as evil is the suppression of truth through censorship and keeping silent regarding the truth. Huxley understood how totalitarian propagandists operated decades before the current batch of Silicon Valley authoritarians initiated their national truth repression scheme.

          7. All of the people employed by the lamestream media are complicit, and just as guilty as those who craft the narrative. It’s no different than being a mob hitman. Just because you’re not the boss calling the shots doesn’t mean your hands are not dirty.

          8. An honest truth-seeking press

            This link talks about a new documentary movie called “The Plot Against the President”.

            greatest political scandal in our country’s history…

            Warning: May trigger TDS.

          9. a new documentary

            I’ve heard good things about that documentary. I’ve been following Dan Bongino on his podcast on and off the last few years so I don’t feel the need to watch it.

        1. Chris Wallace apparently thinks so. He interrupted Turley on a panel to tell him what the issue was before the Supreme Court in the ACA case. Wallace’s opinion unsurprisingly was globalist fearmongering propaganda.

    1. “If anyone can carry Minnesota, Trump can carry Minnesota, and if it doesn’t happen this year, I’ll be hard-pressed to think of a time when it could happen just because he is the right man for the situation that is happening in the Twin Cities,” he said. “You have a lot of silent Trump support that is happening right now in Minneapolis and in the Twin Cities.”

      Why is there silent support? Because people are scared. When you embrace violence nothing good comes from it.

      1. Why is there silent support? Because people are scared. When you embrace violence nothing good comes from it.

        Exactly. Wear a MAGA hat, get sucker punched or worse.

      3. Why is there silent support?

        Even physical violence aside, people we know get extremely angry at the suggestion they might not have a reasonable view of things. It is like dealing with a psychotic.

          2. Also strong recommend for Victor Davis Hansen’s The Case for Trump. Lays out the facts, and makes an impressive literary analogy in the process.

  32. My curiosity got the best of me, so I decided to call a major RV seller today. I just can’t wrap my mind around 40+ million job losses but “hotcakes” in the RV industry.

    I got a salesman on the line and asked him about a particular unit on the lot, found on RV Trader. I gave him the stock #. It was already “sold.” OK. So I asked about similar units and he said they’re waiting for new inventory to show up. He told me that there are issues with the manufacturers getting parts to build and finish them, so it has cut down on their production. Things like molded sinks and toilets, etc. Fair enough.

    He then told me they’ve been busier than they have ever been in their history, which is something like 50 years. He has worked there over 25. I explained that I thought it was very odd. He agreed. I then asked him about pricing and of course they are not discounting right now because there’s no product. Hey, more power to you.

    I decided to ask if I could talk to the finance office. Sure, he said. So I got a really nice gal on the phone and told her that I’ve never financed and RV and was just curious about rates, terms, etc., especially in this zero rate environment. She told me that RVs are considered “luxury” purchases and therefore the loan rates will be much higher. I asked what a good rate would be for a good FICO for somebody like me. She said high 4% at best, and rates go higher from there. I asked how much the rates are for bad scores. She said she’s seen 18%. I laughed, and she did, too. I asked her if she’s honestly seen people taking out loans on depreciating RVs at that rate and she said “all the time.” I thanked her for the info. She was nice.

    There it is – subprime city. YOLO.

    1. An article from last August …

      RV Sales Rev As Vacationers Avoid Hotels, Air Travel
      https://www.forbes.com/sites/edgarsten/2020/08/03/rv-sales-rev-as-vacationers-avoid-hotels-air-travel/#390f6b05254b

      (a snip)

      Call it a case of cooped up consumers creating pent up demand. Deprived of traditional spring and summer vacations that might include crowded flights and hotel stays due to Covid-19 pandemic restrictions, individuals and families are busting out on the open road in recreational vehicles where their rides are their lodgings.

      The RVIA represents manufacturers, suppliers, dealers in the RV industry.

      “This is an epic snap back in demand,” said Garry Enyart, Chairman of the RV Industry Association (RVIA). “We went from literally nothing, to, as weather started to improve, people who have been cooped up for several weeks, looking for things to do started visiting RV dealers.”

      When the pandemic first hit, dealer inventories were fairly light, since February and March are typically slower months. Then it got worse as production shut down for about seven weeks from late March to the first week in May.

      But once the units started rolling off the assembly lines and onto dealer lots as the weather warmed, sales hit a torrid pace.

      “I talked to one dealer who said he’s selling four times the units he’s receiving which is pretty crazy,” noted Enyart. “You can almost liken it to looking for masks during the pandemic, or hand sanitizer or toilet paper or paper towels. it has been remarkable.”

      (end of snip. access the link for more info.)

    2. We paid cash…I was trying to fish around part way through the deal to see if they would give me a better deal if I financed. The owner of the dealership talked to me once after I walked away from their first counteroffer and didn’t seem to care at all whether I financed or not. I never quite figured it out, but as far as I could tell the financing was through a third party and the dealer really didn’t care. They were very interested in selling a warranty, though.

      1. Yeah, I’m not sure that financing yields a better deal like it will in the car market. I was just fishing for information anyway. I like to try to understand all markets, and things just aren’t making sense to me right now.

        It would seem that inventory issues would have worked themselves out by now, seeing as how most manufacturers went back to work in April/May, but I guess that’s not the case.

      2. They were very interested in selling a warranty, though.

        Those suckers are almost pure profit. I get at least 1 letter a week from some huckster trying to sell me an extended warranty. They have all kinds of loopholes to not pay claims

      3. Same thing with boats currently. Its been making headlines in local papers even the WSJ. Dealers can’t keep enough inventory and manufacturers can’t make enough. Everyone wants to do something during the lockdowns and in California boating is about the only thing you can do. I plan to sell mine during the pandemic, a 27 foot power cabin cruiser and rebuy after the crater, might get a nice upgrade for less than I sell mine for.

        Put my Porsche up for sale a few weeks back, asked more than I think its worth and I have a test driver lined up Monday, crossing fingers. This pandemic has been fantastic for my bottom line, my health, my stress, my commute, its good to be a renter.

  33. https://www.bloomberg.com/news/articles/2020-09-18/perelman-selling-almost-everything-as-pandemic-roils-his-empire

    “Take Revlon, which sits at the center of his empire.

    Its $365 million market value is a whisper of the $1.74 billion he paid for the company in 1985. He owns about 87% of Revlon and has full control over the firm, run by his daughter, Debra Perelman.”

    Probably time to fire Debra?

    “Revlon, which was slow to respond to shifting trends 20 years ago, has more recently lost sales to smaller beauty companies that lured customers with social media. Now revenue is plunging further because of store closures. The company has $3 billion of debt, some of its bonds trade at 14 cents on the dollar and the company faces a cash crunch in November. A Revlon spokesperson declined to comment.”

    Oh Dear

    1. “Even art sales can be troublesome. A Francis Bacon painting belonging to Perelman, valued at about $15 million to $23 million, was pulled from auction at the last minute due to a lack of interest. The art collection — which contains some of the most valuable 20th century works, including sculptures by Alberto Giacometti and paintings by Mark Rothko and Ed Ruscha — is now responsible for more than a third of his fortune.”

      BTW, look at the paintings. It looks like shit. Something that my son can paint with his A$$! Is this Greenspan bux going to heaven?

    2. I think Ben or somebody posted an article a while back about this guy selling off some assets. I remember a quote in it from another wealthy guy saying something to the effect of “let’s be honest, he’s not “downsizing,” he’s selling because he needs the money.”

    3. Its $365 million market value is a whisper of the $1.74 billion he paid for the company in 1985.

      Just goes to show that many “masters of the universe” aren’t as savvy as one might think.

      2. I spent the first half of my life “buying high, and selling low.” During good times the depreciation will quietly gnaw away like a cancer, and then a recession happens, and you discover your “stuff” is nearly worthless.

  35. Gov. Newsom’s rules for Thanksgiving and Christmas:

    1. No more than 3 households, including your own. If you have 3 married kids, only two of them are allowed to come.
    2. Make a list of all attendees and their contact information in case the government wants it.
    3. May not be indoors.
    4. Your guests may go inside briefly to use the bathroom as long as you sanitize it frequently.
    5. Any shade structure must be open on at least 3 sides.
    6. Your chairs must be at least 6′ apart.
    7. You must provide a hand washing or sanitizing station for your guests.
    8. You should only use single serving food. (No turkey or bowls of mash potatoes or cranberry salad.)
    9. If you must serve out of one dish, your guests may not help themselves.
    10. The designated person who is allowed to serve you must wash or sanitize their hands frequently and wear a face covering.
    11. Everyone must wear a face covering at all times, except briefly while you eat (but you must sit 6′ apart while you eat), or if you need to use an inhaler or for other urgent medical needs.
    12. Keep the gathering to 2 hours or less.
    13. You should not sing or chant. Physical exertion is warned against.

    –California Department of Health

    https://www.cdph.ca.gov/Programs/CID/DCDC/Pages/COVID-19/CDPH-Guidance-for-the-Prevention-of-COVID-19-Transmission-for-Gatherings-10-09.aspx

    (From Josh Lindsay)

    ‐———-

    If you hate someone, tell them don’t come due to CCP Virus restrictions!

    2. your guests may not help themselves

      Poor, poor California. 60 people die a day having tested positive. That’s 60 out of 40 million or 1 out of 666,666.

    3. “1. No more than 3 households, including your own. If you have 3 married kids, only two of them are allowed to come.”

      14. Larger families are exempt if they are made up of Antifa/BLM members gathering for a Christmas Riot.

  36. “National Mask Mandate”

    Have you hear ChinaJoe discuss it yet?

    It’s a beaut. Everyone wears a mask under threat of immediate incarceration.

        1. This mush mouth is one of the most annoying people to listen to that I’ve ever encountered. And he yells his message. He is completely devoid of charm.

  41. Just made shrimp scampi for the hubby and daughter. I’m not a great (or very enthusiastic) cook but happy all were pleased, shrimp tender and plentiful. Not the usual “Shrimp Skimpy” on the menu in most places. Jeez, the lengths I’ll go to for a joke.

  42. “He has no understanding of immigration law,” Trump said of his opponent. “‘Capture and release’ was a disaster, a murderer would come in, and a rapist would come in, a very bad person would come in and we would take their name and have to release them into our country.”

    Rape and kidnapping suspect captured in Martin County

    by Gary Detman
    Friday, October 23rd 2020

    STUART, Fla. (CBS12) — A man wanted for the rape of a child and the kidnapping of another is behind bars in Martin County.

    The Martin County Sheriff’s Office and the U.S. Marshals arrested Mynor Jeronimo-Velasquez, 31. Authorities also located an 8-year-old girl reported missing from Tennessee, who lived with Velasquez.

    The girl is now in protective custody.

    Investigators say Velasquez confessed to the rape and kidnapping. He will be taken back to Tennessee to face charges.

    The sheriff’s office says he is in the United States illegally.

    https://cbs12.com/

  43. I’m not sure it’s optimal to have New Yorkers in charge during a pandemic. A culture of lying and denial doesn’t work very well for containing a disease outbreak.

    1. The Financial Times
      FT Series Coronavirus: Could the world have been spared?
      The Big Read Coronavirus pandemic
      How New York’s missteps let Covid-19 overwhelm the US
      City leaders saw the threat but did not act: why arguments and rivalries among politicians and power groups allowed disaster to unfold
      © FT montage/Getty
      Hannah Kuchler and Andrew Edgecliffe-Johnson in New York October 21, 2020
      This story is part of a major Financial Times series Coronavirus: Could the world have been spared? Investigating the global response to the crisis and whether the disaster could have been averted.
      THE FIRST EVENT
      A deadly quiet
      An empty street in New Rochelle after the commuter hub was locked down in March. Within days of the lockdown, businesses and school were shuttering across the US
      © Angus Mordant/Bloomberg

      New Rochelle’s mayor watched as the National Guard rolled into the commuter hub north of New York City, wearing camouflage that offered no disguise in suburbia. A week after a local lawyer had been diagnosed with coronavirus, a mile-wide containment zone was being drawn around the virus’s first known superspreader event on the US’s east coast.

      After a sleepless night, Mayor Noam Bramson called his city manager to spill out his worries. On March 10, he thought New Rochelle’s lockdown looked “dramatic”. But within days businesses and schools were shuttering, and a deadly quiet was descending across the US.

      “I went through a series of worst-case scenarios. What will we do if there are food riots? If civil unrest sweeps through the essential workforce?” says the 50-year-old mayor.

      But in the world’s financial capital, just eight miles away, business bustled on. The New Rochelle lawyer, seen as “patient zero” for “community spread” because he had not visited any coronavirus hotspots, had commuted to the city.

      Yet nothing in New York City was locked down. New Yorkers who were not sick or vulnerable “should be going about your life”, said Mayor Bill de Blasio on March 11, as the city’s largest conference venue boasted about a “buzzing” coffee trade show. Within 17 days, the Javits Center would become a field hospital.

      “We thought we were dealing with a kitchen fire and could knock it down with a hand extinguisher. But in reality it was through the walls and ducts . . . it was everywhere. There were already 10,000 cases of Covid in NYC,” says Mr Bramson.

      The US had seen coronavirus coming as it swept from China through Asia, Europe and Iran in early 2020. “We’re prepared and we’re doing a great job with it, and it will go away,” said Donald Trump, US president, on March 10. A week earlier, New York governor Andrew Cuomo declared: “Excuse our arrogance as New Yorkers . . . [but] we don’t even think it’s going to be as bad as it was in other countries.”

      As the National Guard responded to New Rochelle’s 108 recorded cases, Mr Cuomo observed reassuringly that New York City had just 36 and no deaths. But since then it has suffered more than 260,000 infections and buried 24,000 of its citizens, almost 10 times the number who died at the World Trade Center in 2001.
      …

        1. What happened in the spring will never change, but that’s not “news”. It’s been over in NY for months. Wake up.

          1. I’m wide awake. And it’s still happening, with bloviating New York ship captains steering the vessel into the rocks.

          3. New York ship captains

            People in New York are not dying of the virus. Everyone going into hospital gets tested though. A friend of mine got tested three times before procedures related to a broken wrist. She was negative, but if she had been positive she would have been one of those hospitalizations even if she had no symptoms.

            Bloviating or not, if there aren’t fatalities, it’s not much of a concern. JMO.

            Blue Skye standing by on channel 16.

    2. I suppose there’s always an upside, which in this case is people coming to their senses about the folly of living out their days inside the heart of a concrete jungle.

      1. Editors’ Pick|
        Oct 23, 2020,11:38am EDT
        Manhattan Real Estate Fizzles As Prices, Demand Plummets
        Natalie Campisi
        Forbes Staff
        Advisor Contributor Group
        Personal Finance
        Young man looking out at Manhattan skyline
        getty

        Manhattan has made adjustments, like all of us, during Covid. Subways are mostly ghost trains. But the streets are bustling and restaurants (the ones that are still open) have welcomed patrons back with limited indoor dining.

        Elevator etiquette requires that no more than two parties share a ride, and that’s only if the next party in line says it’s OK. And Broadway is still dark, an ominous symbol of what Covid has wrought on the Big Apple.

        But perhaps the ultimate philosophical question posed during the pandemic to New Yorkers is this: Should I stay or should I go? As it turns out, many of those who can have left, or are planning to. At least enough have moved to shake the steel girders of Manhattan’s real estate market.

        Moving From the City to the Suburbs

        Demand in New York real estate has shifted from dense urban cores to less populated areas that are budget-friendly and offer more space, according to a recent report from the American Enterprise Institute. During the five-month period between May 18 and Oct. 12, New York saw a 37% year-over-year drop in purchase rate locks, which is the part of the mortgage application process when lenders lock in your rate.

        This shift from the city to bedroom communities around New York (places like Kingston in Ulster County and the lower end of Sussex County) has affected the Manhattan real estate market, although no one knows how long it might last.

        As homes for sale dwindle around the country, real estate listings shot up in Manhattan 22% year-over-year during the third week of October, according to a report by real estate analytics firm UrbanDigs. This coincided with an 18% drop in units taken off the market from the same time last year. This decline is unusual and suggests that the number of owners eager to sell is rising, says John Walkup, UrbanDigs co-founder and chief operating officer.

        “Typically, this number [of homes removed from the market] increases as the fall season goes on,” Walkup says. “However, this week’s decrease in removals suggests that sellers may be getting more serious as the season continues, with important potential implications.”

        Real Estate Prices Fall More Than 50% in Some Areas

        Manhattan prices have dropped 5.3% year-over-year, according to data from Redfin. However, not all areas have been affected evenly. Home prices since last year are down 56.5% on the Lower East Side, 34.8% in Tribeca and 36.3% in the Financial District, its neighbor to the south. But if you head north to Murray Hill on the East River, home prices are up 47.2%.

        Although the peak of Covid discounting in Manhattan happened during the shutdown period (between March and May), ranging from 10% to 20%, Walkup says there are still discounts to be had. Since businesses have reopened, listing discounts are closer to 8% to 12%.

        The best deals, according to Steven Gottlieb, real estate agent at Warburg Realty, can be had at the luxury end of the market. Gottlieb says that while there are great opportunities now, it all depends on which neighborhood you’re looking in.

        A Good Time To Buy if You’re in the Market

        The retreat in home prices has been one shining light during the pandemic for Manhattan-based newlyweds Joe Cecchini, an independent location manager and producer in the film industry, and Sue Srinivasan, senior vice president of strategy and distribution at Arch Insurance.

        The couple, who lives in Chelsea, oscillated between buying a place outside of the city at the start of the pandemic and more recently realizing the rare opportunity they have to invest in Manhattan real estate.

        “We’re looking to buy a larger apartment and maybe rent the apartment we have now, or Sue’s mother might move there; it’s still up in the air. It appears to us the real estate market is dropping,” Cecchini says. “Right across the street is an apartment building that’s being constructed. We’re on the list to view it and put a bid on the apartment once it’s completed.”

        Buyers like Cecchini and Srinivasan can score a deal if they’re ready to pounce when one pops up, Walkup says. The best thing Manhattan buyers can do is to get their paperwork and finances in order and put in an offer immediately when they see something they like.

        A Tougher Time for Sellers

        For sellers, the stakes are higher because buyers have more options now, which means they might have to adjust their prices based on what’s lacking in their listing.

        “Great apartments can still command healthy prices, which may surprise certain buyers, but if a home has a specific quirk, like an ugly view, strange layout, high carrying costs or a noisy street, it becomes a tougher obstacle to overcome,” Gottlieb says.

        “That’s because buyers have a lot of choices. And if an apartment is well-priced, buyers recognize it—a property that has been sitting on the market for months without any bids may suddenly see a bidding war if its asking price is appropriately corrected. Buyers are coming out of the woodwork and looking for opportunities after sitting in their homes in lockdown.”

        Although mortgage rates have collapsed to the lowest level on record, falling to 2.8% on Thursday, according to Freddie Mac, Cecchini says that he isn’t looking to rates for the savings; he’s really counting on the drop in prices.

        Rental Prices Crumble—Dropping Below $3,000 For the First Time in Nine Years

        Not only is Manhattan real estate buckling under pressure, but rent is falling, too.

        Rent prices sunk to lows in the third quarter of 2020 not seen since 2011, according to recent data by StreetEasy, an online marketplace for New York real estate. The median asking rent was $2,900, the first time in nine years rent has fallen below the $3,000 mark.

        Nearly 45% of rental listings on StreetEasy saw price drops during the third quarter, a sign that landlords are desperate to woo tenants. Rental inventory (the number of units available for rent) rose by 69.8% year-over-year, with more than 30,000 units on the market compared with the same time last year.

        “We are seeing more and more renters come into the rental market every week. It’s natural for the overabundance of supply to naturally push down prices, but in an effort to keep prices up, landlords are now offering concessions (like free rent) and covering many friction costs (brokerage fees, for instance),” Gottlieb says. “However, these hidden incentives are not readily visible in pricing data.”

        Some 48% of apartments in Midtown Manhattan, home to Penn Station and the Empire State Building, faced a rent reduction in the third quarter, dropping 5.7% to $3,000 on average. As more people work from home, the demand for places in proximity to offices is waning.

        Bad timing (or good timing, depending on which side of the lease you’re on) contributed to the spike in units for rent in the city, Walkup says.

        “For years, landlords structured leases to begin and end during the summer months, when the most amount of people were looking to rent. Unfortunately, this well-orchestrated rental clockwork coincided nearly perfectly with the Covid outbreak, so the rental market was predictably flooded with expired leases at the same time that only a fraction of people were looking to rent,” Walkup says. “As a result, vacancy rates have spiked, and asking rental prices have plunged.”

        Although Covid has played a major part in the recent transformation of New York’s real estate market, a vaccine alone is not enough to get it back on track, according to both Gottlieb and Walkup.

        For buyers and renters to return, there would have to be certainty in other areas, as well: crime rates, the economy, remote work, school, transportation.

        “Certainly, a vaccine would be helpful, but it’s going to require good news on several fronts to open the floodgates,” Walkup says.
        …

    1. San Bernadino has gone a long way down the tubes since its original establishment as a California Mormon colony.

    2. “San Bernardino police Sgt. John Echevarria said a 9 mm semi-automatic handgun was recovered at the scene.”

      I really disdain the politicized use of “semi-automatic.” What’s wrong with just reporting the facts?

      1. Narrative, narrative, narrative. Some anti-gun people have finally figured out that they need to get rid of all autoloaders to make any progress toward their end goal. Even they finally recognize that banning guns based on cosmetic features is as stupid as everyone always tried to tell them it was. So now they’re trying to prepare the country to give up more than just pistol grips and bayonet lugs.

      1. I just read something about a week or two ago about a doctor in residency in the New Orleans area back in the 70’s, IIRC. He mentioned the average age of unwed pregnant females at eleven years old!

          1. “…not many cases were consensual…”

            Odds are that they had no idea that anything wrong was happening; just another facet of ghetto life. Likely the center of attention too.

            The doctor was part of a group creating sex education material to prevent unwanted births, but local community leaders shut it down labeling it “black genocide.”

    1. Markets Insider
      Cries for more stimulus are overblown and stock investors should stop throwing ‘tantrums’ about it, says a Wall Street chief strategist
      Ben Winck
      Oct. 24, 2020, 03:15 PM
      Getty/Brendon Hoffman
      – Calls for another round of stimulus are overblown, and investors should simply stay the course for historically strong gains, James Paulsen, chief investment strategist at The Leuthold Group, said Thursday.
      – “Regular temper-tantrums on Wall Street” have convinced investors that failure to pass a near-term bill will tank stocks, but many are ignoring the massive stimulus already passed, he added.
      – The policy response to COVID-19’s economic fallout dwarfs those used in the four other instances of outsized stimulus.
      – Enacting another relief package risks long-term challenges from paying the bill, and precedent suggests the amount of stimulus already passed will give way to a decade of healthy market gains, Paulsen said.

      Amplified calls for more fiscal stimulus ignore the economic recovery’s current strength, James Paulsen, chief investment strategist at The Leuthold Group, said Thursday.

      Investors, executives, and lawmakers have spent recent weeks clamoring for a new bill, warning that failure to pass fresh stimulus endangers the nation’s rebound. Federal Reserve Chairman Jerome Powell emphasized in early October that passing too much aid posed fewer risks than passing too little. President Donald Trump has repeatedly called for a bill even larger than the $2.2 trillion CARES Act.

      Yet some gauges suggest the recovery is not only on track, but progressing healthily. Retail sales sit at record highs, the unemployment rate retraced half of its climb, and new orders are improving.

      “Regular temper-tantrums on Wall Street have convinced everyone the stock market will crash without more action,” Paulsen said in a note to clients. Investors should stay the course and avoid missing out on outsized gains to come, he added.
      …

  49. New CDC Numbers Show Lockdown’s Deadly Toll On Young People

    http://www.scoopyweb.com/2020/10/new-cdc-numbers-show-lockdowns-deadly.html

    The Centerfor Disease Control and Prevention (CDC) revealed Wednesday that young adults aged 25-44 years saw the largest increase in “excess” deaths from previous years, a stunning 26.5% jump.
    The notable increase even surpassed the jump in excess deaths of older Americans, who are at much higher risk of COVID-19 fatality.

    Moreover, according to the CDC, 100,947 excess deaths were not linked to COVID-19 at all.

    Since such young people are at very low risk for COVID-19 fatality—20-49-year-olds have a 99.98% chance of surviving the virus, per CDC data—it has been suggested that the shocking increase in deaths is largely attributable to deaths of “despair,” or deaths linked to our “cure” for the disease: lockdown measures.

    Former Food and Drug Administration (FDA) Commissioner Scott Gottlieb, one of the most vocal and earliest proponents of lockdown measures, admitted this much during a Wednesday news appearance.

    1. If you look at past news tapes, it was the Dem talking heads and Dr Fauci that were downplaying the Corona Virus. Joe Biden attacking Trump for closing down China Virus.
      Than, in spite of all the obvious cover up by China, the virus started to spread. Than Trump and Pense did everything go shore up the medical system and flatten the curve based on projections.
      So than the Dem talking heads and their fake news did everything to blame Trump for any deaths when the deceit of China cause the virus to spread World wide.
      When I see a political Party trying to take the blame off the real culprit China and transfer to Trump I say that Party is in bed with our enemy and the Globalist that are enriched by the China factor.
      This is a treasonous Political Party and it looks like Biden was taking bribes from them. Yet the fake news doesn’t want to report on what is a big story .
      The Dem Party is the Benedic Arnold of George Washingtons time.
      Fake narratives to get power to destroy the USA. No borders, fake Green New Deal, control of information, take guns, stack Court, take over health care, tax tax tax, add States, get rid of electoral college, let felons and teenagers vote, defund Police so Commie gangs can control, Commie education brainwashing.,on and on.

      This obvious power grab by false narratives is to establish a one party power in the Dem Party and to take the government for the people and replace with Top Down control by Gov and Globalist and China.
      A takeover from within by a evil that knows no bounds.
      Trump stands in the way of this absurd sell out by Politicians like Biden and Pelosi and the cult.
      These traitors don’t represent the interest of the American Citizens or the brainwashed dumb ass citizens who know not what they do.

      1. If you look at past news tapes, it was the Dem talking heads and Dr Fauci that were downplaying the Corona Virus. Joe Biden attacking Trump for closing down China Virus.

        Exactly. And Trump pointed that out in the debate, reiterating that Biden even called him a racist for shutting down the border to Chinese flights. But Biden’s new story is that he would have shut the border down sooner. So does that make Biden a racist? No? Then what happened to that narrative.

        Then they tried to hang Trump as a racist regarding the BLM sham. He quickly pointed out that these guys were marching, saying “pigs in a blanket” and “kill these pigs” or whatever. Trump was supporting cops.

        The people behind these narratives are not nameless and faceless “globalists” and “oligarchs.” It’s Jeff Bezos. It’s Bill Gates. It’s Warren Buffet. It’s George Soros, and on and on. These people are all working in concert to try to remove Trump.

    2. We need to let more young people die so 70 year old people can stay at home alone and feel safe!

      I don’t understand why the at-risk and elderly don’t just self-isolate and let the world continue.

      1. If your part of the high risk group you should protect yourself and not expect the whole world to shut down.

        I’m older, so it’s my job to protect .myself if I think I might be at higher risk. People in nursing homes need to be protected by their caretakers.

      2. just self-isolate and let the world continue.

        OK. Just go back to March in your mind. This thing is so deadly that our hospitals can’t handle the load. Millions of Americans are going to die an undignified death on the streets waiting for a hospital bed and the bodies will pile up in back alleys.

        Just suspend your normal life for two weeks. Two weeks, you can do it. Give the hospitals time to gear up and stretch the workload out. You’ll all get it anyway, but we’ll space it out and be dignified.

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