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Valuations Are On An Untethered Space Walk Away From Few Private Market Comparables

A report from the Palm Beach Post in Florida. “The Palm Beach County courts will, again, bring in jurors for smaller criminal and civil cases in the coming weeks. Chief Judge Krista Marx said the one area they are concerned about are foreclosures and evictions, which have been building as a federal moratorium has been in place. ‘Albeit the case load has grown (in general), by and large our numbers are not that bad,’ Marx said. “What we’re going to have is a horrible of influx of foreclosure and evictions in the coming months.'”

The Boston Herald in Massachusetts. “The price to rent a one-bedroom apartment in Boston has plummeted 18% since last January, as the coronavirus pandemic has driven away student renters and many city dwellers, according recent data. One obvious factor driving down the local rates is remote learning: Boston’s tens of thousands of college students left university campuses in droves and have yet to return. ‘We know the bottom fell out of the college market very quickly in 2020,’ said Doug Quattrochi, executive director of MassLandlords.”

“But that’s not the only reason prices are dropping. Quattrochi, a landlord himself, says he and other property managers have seen unemployment affect people’s ability to sign new leases.”

The Forest Hills Post in New York. “The rental market in Queens has taken a hit over the past year — and western Queens saw a heavy decline. The prices plummeted most in Long Island City and Astoria, the report revealed. Other neighborhoods in the borough saw rental price declines but they were less severe. In Long Island City apartments of all sizes were down — with the larger units hit hardest.”

From Deadline Detroit in Michigan. “The condo market in Detroit favors buyers now. Detroit has about 11 months’ worth of inventory, Kirk Pinho of Crain’s Detroit Business reports. The last time Detroit’s condo market was this saturated was 2010-11 — still better than 2006 when there was three years of surplus.”

“‘Four to six months is a healthy market where (supply) and demand are nicely balanced. If the inventory goes lower than that, it becomes a seller’s market, higher than that, a buyer’s market,’ Jerome Huez, owner of Detroit-based Berkshire Hathaway HomeServices The Loft Warehouse, a residential brokerage, tells Crain’s.”

From Bisnow Washington DC. “WeWork plans to close four more D.C.-area coworking spaces next month after closing a trio of locations in October. A WeWork spokesperson confirmed to Bisnow that the company decided to close locations in Crystal City, Dupont Circle, Chinatown and the H Street corridor. The company plans to move out of the spaces on Feb. 26, and it identified nearby WeWork locations for members of each space to relocate. The company decided to close the spaces in order to ‘streamline our portfolio toward profitable growth,’ the spokesperson said.”

From WKRN on Tennessee. “Two major Nashville properties will be auctioned by court order after a partnership dissolution including a large Murfreesboro Pike hotel and eight undeveloped Midtown lots. ‘Auctions are generally reserved for the properties that are hard to value,’ Justin Ochs said, Vice President of National Development at Real Look.”

“‘If we could get rid of some of these hotels, this whole corridor could change overnight,’ said Bobby Joslin, a well-known Nashville businessman.”

From Skilled Housing News. “Credit Suisse has downgraded its outlook for nursing home heavyweight Genesis HealthCare, citing low occupancy, a looming debt burden, and continued uncertainty around future government support. Genesis’s buildings were 76.5% full as of the third quarter of 2020, far below the mid-80s figure that would ensure at least break-even cash flow, according to the analysts. ‘GEN’s debt / lease load was high entering the pandemic, and, as of 3Q20, GEN was burning about $75 million of cash per quarter,’ the analysts wrote.”

“The provider is not alone in its COVID-related strains, with nursing home occupancy at record lows in markets across the country and coronavirus-related expenses still high. But Genesis in particular has been under the microscope after publicly disclosing serious doubts about its future as a going concern in August 2020.”

From Yahoo Finance. “Nomadic Value Partners, a research and portfolio management firm, published its fourth-quarter 2020 Investor Letter. In the letter, they talked about how the US equity market is undeniably overvalued, and is most probably in a ‘bubble’ territory. ‘COVID has turned office central business district real estate (office CBD) upside down as work-from-home has accelerated a suburbanization trend. In major metro markets, vacancy has increased to roughly 15% and subletting is at levels not seen since the tech bubble. Many feel this is only the beginning as COVID has forced most companies to rethink their overall office needs farther out than 2021.'”

“‘A lack of price discovery has created a very challenging environment for investors. Transaction volume came to a halt this year and lease renewal terms are less meaningful due to an overwhelming number of short-term renewals. As a result, public REIT valuations are on an untethered space walk away from few private market comparables.'”

From Mission Local in California. “Before the pandemic, the Valencia Street corridor was a jaunty stretch of high-end boutiques and small-batch eateries. Now many stores seem to be offering the same thing: Plywood. ‘It’s really, really, really, really bad,’ said Clinton Textor, a broker with Marcus and Millichap, speaking about the present moment in which businesses seem to be dropping like flies. ‘Some of the commercial corridors in the city might be forever changed.’ Pre-pandemic, such real estate could go for $6 a square foot each month. Now, according to some estimates, it can be had for nearly half of that.”

The San Francisco Chronicle in California. “How do you kickstart a historically ambitious, multibillion-dollar housing development while the world’s economies remain paralyzed? That’s the dilemma facing Concord after 2020, a year that not only dashed financial markets and upended everyday life across the Bay Area, but also wrecked this city’s critical redevelopment project at the Concord Naval Weapons Station.”

“‘I don’t think they would have walked away’ if they’d known the scale of the crisis brewing, says William Goodman, an organizer with the housing group Hope Solutions. ‘There were jobs, there was housing, there was a lot of land; we had a pot of gold.'”

From KTLA. “California Gov. Gavin Newsom and the state’s top two legislative leaders pledged Monday to pay off 80% of most people’s unpaid rent that has piled up during the coronavirus pandemic — but only if landlords agree to forgive the other 20%. Landlords aren’t happy with everything in the bill, either. But the California Apartment Association, which represents owners, investors, developers and managers of rental homes and apartment complexes, said the most important part ‘is the payment of dollars for rent that is owed.'”

“‘Without this money, many landlords are at risk of losing their rental units,’ said Debra Carlton, the association’s executive vice president of state public affairs.”

This Post Has 133 Comments
  1. ‘after publicly disclosing serious doubts about its future as a going concern’

    This is accounting for fooked.

  2. ‘‘There were jobs, there was housing, there was a lot of land; we had a pot of gold’

    Lotta land? In California?

    ‘Without this money, many landlords are at risk of losing their rental units’

    But UHS says can always sell? Get off yer knees.

    1. My daughter lives in Bellingham across the street from a beautiful new student housing complex that opened a couple of months before the covid-19 pandemic shuttered the WWU campus forcing their students online leading many to move back home to save on housing expense. I’m not sure what’s happening to the student housing investors who are likely pension funds, but any recovery is almost certainly many years out.

  3. Well, I guess that is a business plan.

    Cut until you are profitable and then grow. Except you never were profitable and never will be.

    “The company decided to close the spaces in order to ‘streamline our portfolio toward profitable growth,’ the spokesperson said.”

  4. I think GM feels the same about Toyota.

    “‘If we could get rid of some of these hotels, this whole corridor could change overnight,’ said Bobby Joslin, a well-known Nashville businessman.”

    1. FWIW, the Big 3 have ditched cars and switched to trux and SUV’s, a policy that has worked well for them.

          1. So all of your food delivers itself to the grocery store, right? And you don’t use any products manufactured from petroleum byproducts?

            “As previously reported, and as was just confirmed by the WSJ, President Biden on Wednesday will announce that he is halting all new oil and gas leasing on federal territory, “setting up a confrontation with the oil industry over the future of U.S. energy.” And since this effectively will suspend all fracking on federal lands (albeit once the extension period expires), this means that contrary to his representations, Biden is in fact banning fracking despite his Aug 31, 2020 proclamation that “I am not banning fracking. Let me say that again. I am not banning fracking, no matter how many times Donald Trump lies about me.”

            If it increases suffering for the working class and middle class, globalists support it.

          2. Not to mention that nat gas, heating oil and electricity prices will shoot up.

            Yeah, if you can drive less that will help you personally, but the economy will get punched in the face.

  5. Besides not making grammatical sense…it was all smoke and mirrors to begin with…

    “‘I don’t think they would have walked away’ if they’d known the scale of the crisis brewing, says William Goodman, an organizer with the housing group Hope Solutions. ‘There were jobs, there was housing, there was a lot of land; we had a pot of gold.’”

  6. You voted for marxists, you got marxism.

    Enjoy.

    “California Gov. Gavin Newsom and the state’s top two legislative leaders pledged Monday to pay off 80% of most people’s unpaid rent that has piled up during the coronavirus pandemic — but only if landlords agree to forgive the other 20%.

    1. Free gimmes. That’s one way to stave off a recall. How much of my tax money will travel 3000 miles for this?

    2. pledged Monday to pay off 80% of most people’s unpaid rent

      He can’t make good on that promise, and he knows it.

        1. I wonder if a similar comment will soon apply to those currently repaying student debt and mortgages?

        2. The napster/bit torrent generations will lap this up. Boosting free wi-fi, sharing netflix accounts, patronizing lawless fraud biz models like uber and airbnb. They’ve had their cars broken into, iphones stolen and seen theft effectively decriminalized because its raycis to punish crime.

          They’ve grown up both as thieves and victims. This is their normal.

    3. “The state can’t tell cities and counties how to spend that money. But the legislation would give them an incentive to send it back to the state and let them operate the program. California hopes some smaller cities and counties will choose that option because they don’t have experience with complex federal spending requirements.”

      That money is meant to bail-out the landlord’s lenders.

    4. “You voted for marxists, you got marxism.”

      +1

      – Imagine that!

      No republic has long outlived the discovery by a majority of its people that they could vote themselves largesse from the public treasury.” – Alexander Fraser Tytler

      How do you know when a politician is lying? His [or her] lips are moving.” – Favorite Old Joke

      Democracy is the theory that the common people know what they want, and deserve to get it good and hard.” – H L Mencken

      Toute nation a le gouvernement qu’elle mérite.” (Every country has the government it deserves.) Lettres et Opuscules Inédits (1851) (letter of August 15, 1811). – Joseph de Maistre

      The government you elect is the government you deserve.” – Thomas Jefferson

      A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years. These nations have progressed through this sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to apathy; From apathy to dependence; From dependence back into bondage.” – Alexander Fraser Tytler

    5. How much will our taxes increase to cover that? Time to get the heck out of California before it’s too late.

  7. “From KTLA. “California Gov. Gavin Newsom and the state’s top two legislative leaders pledged Monday to pay off 80% of most people’s unpaid rent that has piled up during the coronavirus pandemic”

    “California estimating as many as 1.1 million households were behind on their rent in December, facing an estimated $3.6 billion in debt.”

    Where in the world would a broke state get that kind of money?

    Biden’s Son of Porkulus bill?

    “The proposal announced Monday is California’s first major attempt at paying back those debts. The state would pay for the program by using $2.6 billion in federal rent relief money from the most recent coronavirus rescue package.”

  8. “From Deadline Detroit in Michigan. “The condo market in Detroit favors buyers now.”

    I’m shocked that there is a condo market in Detroit.

  9. So Newsom and the state’s top two legislators have offered to use their personal fortunes to make landlords mostly whole on their highly leveraged speculative gambling losses? That’s very generous of them.

    1. The Financial Times
      Runaway Markets
      Equity valuation
      Investor anxiety mounts over prospect of stock market ‘bubble’
      Veteran managers warn over exuberance as stock valuations and other signals flash red
      Analysts worry that speculators using apps like Robin Hood are contributing to a market in which companies like Tesla have soaring valuations and bitcoin is racing to new highs
      © FT montage; Bloomberg
      Katie Martin in London
      January 24 2021
      This article is the first in the FT’s Runaway Markets series.

      Screaming stock rallies and wild speculation by have-a-go amateur investors are stirring concerns among market veterans over a bubble to rival anything seen in the past century.

      After a dramatic rebound from the coronavirus crash last March, benchmark equity indices have toppled a series of record highs in the early days of 2021. Bitcoin, the most speculative bet of them all, has raced to new extremes. Popular stocks like Tesla continue to defy efforts at sober valuation.

    2. Best description yet of an insanely overvalued market?

      “As a result, public REIT valuations are on an untethered space walk away from few private market comparables.”

    3. The next time the market gives back 10% of its recent stratospheric gains, remember: Every correction is an opportunity to buy the dip!

      1. Because you do the technical analysis 🙂

        Seriously the charts guy on CNBC basically look at the 200 day moving average and draws a line – and calls it technical analysis

          1. I’ve worked for, what were at the time, some of the biggest companies in the world and the best their management could do is draw a line.

  10. “untethered space walk away”

    that’s a new one

    lets see if it makes it into the UHS cliche’ hall of fame like:
    snap up. tumbled. great time to. fence sitter. etc

    1. “Never been a better time to take an untethered space walk in the ether of fantasy valuations.”

    1. if it moves toward independence

      Such a curious dance, this is. Taiwan is defacto independent. It has it’s own military, currency. constitution, president. It issues it’s own passports and controls its borders. But instead of just admitting that Taiwan is independent, the PRC goes through all these motions, bullying other countries to not recognize Taiwan’s defacto independence.

      Though I wonder, now that China Joe is squatting in the White House, perhaps the PRC will make its move and invade Taiwan. That said, they too are probably dependent on trade with Taiwan.

      I suspect that when I take my last breath, this charade will still be ongoing.

    2. TSMC’s chip factories

      If the PRC takes Taiwan by force I suspect they won’t sell any chips or any other electronics to the rest of the world from Taiwan or the mainland.

  11. Dr Fauci recommend wearing two masks. I think these liar criminals should be made to be tried in a High Court for crimes against humanity.

    1. Meanwhile Fauci didn’t bother to ask Pfizer to do PRC testing for virus on those vaccine recipients. That is, it’s still “unknown” whether a vaccinated person can spread COVID, so the vaccinated still have to wear masks. If it’s unknown, then go and FIND OUT. *so frustrated* They must be doing this on purpose.

      1. Just read that the Chinese are performing trials with their vaccine in Mexico.

        Now that is one vaccine I would avoid above all the others.

          1. That hand sanitizer China shipped back during the onset of the scamdemic was absolutely nasty. Smelled bad, probably causes the big C.

    2. “I think these liar criminals should be made to be tried in a High Court for crimes against humanity.”

      – Well, at least he’s being well compensated…

      https://notthebee.com/article/would-it-surprise-you-to-find-out-dr-anthony-fauci-is-the-highest-paid-employee-in-the-entire-federal-government

      Would it surprise you to find out Dr. Fauci is the highest paid employee in THE ENTIRE FEDERAL GOVERNMENT?

      Reagan Rose
      Jan 25th, 2021 5:07 pm

      There are four million federal employees, and little old Dr. Anthony Fauci is the highest paid of them all.

      “In 2019 Fauci pocketed a cool $417,608 (federal salaries for 2020 are not yet available).”

      – Sidebar: Federal Reserve System (2019 numbers): >22K employees, $4.5B annual budget, Governors (12 Banks) salaries: most all at or > $400K. New York Governor: almost $500K. I would consider them as a quasi-branch of government, but without accountability or oversight.

      1. “Would it surprise you to find out Dr. Fauci is the highest paid employee in THE ENTIRE FEDERAL GOVERNMENT?”

        Napoleon!

      2. Small potato’s CA firemen can make almost that much with overtime and prison doctors double that

        Transparent CA

  12. Bloomberg — U.S. Suffers Sharpest Rise in Poverty Rate in More Than 50 Years (1/25/2021):

    “The end of 2020 brought the sharpest rise in the U.S. poverty rate since the 1960s, according to a study released Monday.

    Economists Bruce Meyer, from the University of Chicago, and James Sullivan of the University of Notre Dame found that the poverty rate increased by 2.4 percentage points during the latter half of 2020 as the U.S. continued to suffer the economic impacts from Covid-19.

    That percentage-point rise is nearly double the largest annual increase in poverty since the 1960s. This means an additional 8 million people nationwide are now considered poor. Moreover, the poverty rate for Black Americans is estimated to have jumped by 5.4 percentage points, or by 2.4 million individuals.

    The scholars’ findings put the rate at 11.8% in December. While poverty is down from readings of more than 15% a decade earlier, the new estimates suggest that the annual Census Bureau tally due in September will be higher than the last official, pre-pandemic level of 10.5% in 2019.”

    https://archive.is/o8xyg

    Happy 10 month anniversary of 2 weeks to flatten the curve.

  13. From Yahoo Finance. “Nomadic Value Partners, a research and portfolio management firm, published its fourth-quarter 2020 Investor Letter. In the letter, they talked about how the US equity market is undeniably overvalued, and is most probably in a ‘bubble’ territory.”

    “‘A lack of price discovery has created a very challenging environment for investors. Transaction volume came to a halt this year and lease renewal terms are less meaningful due to an overwhelming number of short-term renewals. As a result, public REIT valuations are on an untethered space walk away from few private market comparables.’”

    – I’m seeing more “bubble” references in the MSM lately? Is “the top” in yet?

    – The article is about CBD office space.

    – This movie comes to mind…

    https://www.youtube.com/watch?v=Kiber_CzHqo
    OFFICE SPACE (1999) | Full Movie Trailer in HD | 1080p
    72,169 views | Apr 22, 2018

    – It also ends badly (company building burns down). Dumpster fire doesn’t cover it. Maybe slow motion train wreck fits better?

  14. Tuesday tech news roundup, three articles from the New York Times all published today. Pearl clutchers and bedwetters bemoan the erosion of their control of the #Narrative.

    Why Is Big Tech Policing Free Speech? Because the Government Isn’t:

    https://archive.is/BCmFD

    Telegram, Pro-Democracy Tool, Struggles Over New Fans From Far Right:

    https://archive.is/ts5jU

    They Found a Way to Limit Big Tech’s Power — Using the Design of Bitcoin:

    https://archive.is/OeiiX

    Articles provided to the HBB via the archive website, because we don’t give clicks to or generate revenue for globalists.

  15. From CNN’s business website:

    Evictions, unemployment and hunger: The American economy Joe Biden inherits

    There is no mention that it is the blue states, with their lockdown loving governors, who are faring the worst. I’m wondering how long until the usurper signs an executive order for a nationwide lockdown. Of course, if he does, it’s likely that many governors will give him the middle fanger, even if access to federal funds is tied to obedience.

    1. I have a feeling that those additional $1400 stimulus checks won’t be going out anytime soon.

      This whole country, by intent and by design, is turning into a nation of Charles Dickens’ Oliver Twist “please sir, may I have some more?”

      1. It’s like you said, all of the rioters were expecting to be given cushy six figure government jobs once the heist was complete. Instead, they are being told “Your services are no longer required. Don’t let the door hit you on the way out.” And they can’t even get their old jobs back at Starbucks. And mom and dad aren’t too keen about them moving back into the basement.

    2. Next up, a huge stock market crash to destroy whats left of the middle class. UBI check in the mail only if you lick their boots.

  16. I wonder what made for tevee somber ceremony Pelosi, Schumer and the MSM have their members of congress rehearsing for today?

    It is with a heavy heart we must impeach the man we conspired to steal the election from. 🙁

    1. Spikes in softwood lumber prices earlier in 2020 caused the price of an average new single-family home to increase by $16,148. Lumber prices began drifting downward in the late fall, but appear to be on the rise yet again, likely due to reduced production heading into the typically slower building season of winter.

      The prices listed below provide an overview of the behaviors within the U.S. framing lumber pricing market. The information is sourced each week using the Random Lengths Framing Lumber Composite, which is comprised using prices from the highest volume-producing regions of the U.S. and Canada.

    1. bailing CA

      A libtard b-school classmate, her brother and parents are planning to move to Austin. They visited in December.

          1. Try right clicking on the URL for a context menu and select to Open in a Private (incognito) Window. Fingers crossed!

          2. rms, it works.

            That is the most self-entitled whiny article I have read in a while. And then the author has to put that punch-inviting “you’re welcome” phrase at the end, you know, as if you’ve already thanked him for his great sacrifice in writing this all down for us. (almost as good as “I’ll wait.”) It sounds as if Austin isn’t bad in general; they just hated this guy specifically, and I can see why.

        1. That’s funny. I’m not a big fan of living the Texas lifestyle myself, but by the end I wanted to force him to live there another 10 years in hopes he could learn a little more about getting along with non-Californians. His comments about Californians having so much more integrity was particularly mystifying to me…

          1. His comments about Californians having so much more integrity was particularly mystifying to me…

            Considering that Joe Biden considers himself a devout Catholic, such self delusion is hardly surprising.

          2. It sounds like Austin wasn’t liberal enough for him.

            To me it sounded like he expected California with cheap houses, which then of course enlightened Californians like him could take advantage of to make huge money on appreciation, which is of course the birthright of all Californians. If you read between the lines you can definitely hear his frustration over not making big bucks on his cheap house like he expected.

          3. Having lived once in Texas, I agree that the weather is severe.

            As for the electricity being expensive, I looked at the rates: 10 cents a kwhr, much, much cheaper than PG&E. There must have been something wrong with his house if it cost so much to cool.

            Also, he never mentioned the thousands he saved by not paying any state income tax.

          4. state income tax

            I’ve heard that the state income tax savings is basically a wash with the increased property taxes. If your job is unstable, you’re fooked.

          5. Man, these people really hate the East Coast states. Actually I think he would do well in Maryland. Nanny state but not as commie as CA, lots of multicultural neighborhoods and ethnic food, plenty of public space. Mountains and beaches within 2.5 hr drive either way. Water is cheap. [why was he watering his lawn in Austin if they got “90% as much rain as Portland”?] Housing is not cheap, but cheaper than CA.

            Crowded recreation on weekends — join the club, bub. That’s what happens when you add kids. You’re contributing to the crowds just as much as everyone else. As for weather, nothing will please him so he can suck it up.

          6. I’ve heard that the state income tax savings is basically a wash with the increased property taxes.

            He did say he was paying the same property tax as in California.

          7. 1.79% in TX vs. 1.25% in CA. Is that 0.54% more based on the house greater than whatever CA state income tax liability he would have had?

          8. 1.79% in TX vs. 1.25% in CA

            The property tax rate is higher in TX, but houses, even in Austin, are much cheaper than in San Jose.

            I’m guessing he probably bought a 5000 sq ft Mc Mansion in Austin (vs. a 1200 sq foot shanty in San Jose), which is why he spends so much cooling it.

    1. Kudos to Dr. Simone Gold.

      The unknown risk of lifelong infertility is really something to think about for women in their childbearing years.

      1. https://twitter.com/AlexBerenson/status/1354189862287650818:

        Two Reddit threads from women reporting heavy or abnormal periods following vaccinations – disturbing in the context of the miscarriage reports.

        https://reddit.com/r/CovidVaccinated/comments/l0qcz3/covid_vaccine_and_menstrual_cycle/

        https://twitter.com/AlexBerenson/status/1354096037556875264:

        1/ Another post-vaccine miscarriage – hours after the second dose in a 32-year-old woman.

        VAERS 930196 [correction 930916]

        “The second dose on 1/7/2021 at 1115 am. She began having abdominal pain and vaginal bleeding at 315 on 1/8/2021 progressing to a previable (22w2d) preterm birth at 739pm.”

        1. Just got back from a dr appointment; she recommended I get vaccinated due to treatment I will be receiving. When I said no thanks, I got the look of pity usually reserved for the ignorant. I guess I’ll just stay home for the duration though I’m near bat sh!t crazy with cabin fever now, and I was never one for the great outdoors.

  17. Boots on the ground report from middle-tennessee:

    Put in an offer on 50 acres of raw land yesterday…list price with escalation up to 15% over asking. We were outbid, and the person outbidding us waived any/all inspections (perc test, survey, etc).

    Custom home builders all appear very busy (hard to get them to even call/email back), houses on acreage and raw land selling quickly.

    As much as it sucks to rent (again), we’ve signed a 12 month lease…for less than half of what we were paying before. So at least that’s a win!

    1. Wow…I heard it was nuts there lately, but that’s worse than I thought. Glad you’ll be spending a summer before you commit to a big purchase. I found Fort Campbell in the summer to be incompatible with human life. But I’m OCD about humidity.

      1. Glad you’ll be spending a summer before you commit to a big purchase

        We’re still looking, but hedging our bets to be sure. It will be interesting to see how things are when spring rolls around…

        We were down here for the month of August so I think I’m prepared for summer, but agree spending a full year somewhere new before committing is a good idea. So far the assessment is we’re absoutely where we want to be…sadly it appears a bunch of other people want to be here as well :/

      2. But I’m OCD about humidity.

        Same here. Of course, living in the Rocky Mountain West will do that to you.

        1. Of course, living in the Rocky Mountain West will do that to you.

          Yes…growing up in the northern Rockies and then being forced to do manual labor outdoors through a couple of Tennessee summers by Uncle Sam. The contrast between the two definitely helped drive the point home. When I visit a humid place now as a free person who can choose when to go outside and for how long I realize I over-reacted a bit to my experience. But only a little bit.

      3. “I found Fort Campbell in the summer to be incompatible with human life.”

        Everyone who was born and raised out West is blown away by the humidity East of the Mississippi river, moreover in the deep South. I can still remember taking my first shower in boot camp and toweling myself but not getting dry. It took me a couple of months to become acclimated.

          1. Ft. Polk was always the example they used when we complained…as in “at least you’re not a Ft. Polk”. I always wondered who they pointed to as being worse? When I drove from Florida back toward Texas in the RV a couple of months ago I was thinking Polk probably sucked but at least they were closer to the ocean. The only thing at all interesting near Campbell was Nashville, IMO.

        1. toweling myself but not getting dry

          I distinctly remember the feeling in Boston and NYC in summertime without A/C.

    2. If you look at a gardening zone map, Zone 7 seems to be the ideal areas to homestead. Middle Tennessee/Nashville is becoming THE place for back-to-the-land libs. The rest of Tennessee is becoming the place for back-to-the-land preppers. I spend a little time in south Tennessee and the humidity is awful. I’m accustomed to east coast humidity, and even to me the doors to the outside were like the doors into a sauna.

      I still have 10+ years before thinking about retirement, so I’m going to wait to see what the climate picture looks like. I’ve heard everything from global warming to grand solar minimum.

        1. The “hygge” cities are laughable. Hygge means “cozy environment that fosters contentment.” The top 5 hygge cities? Seattle, Portland, Minneapolis, Salt Lake, Denver. 🤦‍♀️

        1. Thank you! I think Houston was the best one, but the flooring isn’t the right shade. I know, picky picky, but the clash is rather obvious.

  18. Screw you poor people just trying to get to work, we are going to suck every penny we can get out of you in the name of Climate Change,

    Commerce Sec. Nom Stays Open To Raising Taxes On Middle Class: “Need Funds” For Climate Agenda

    3,345 views•
    Jan 26, 2021

    https://youtu.be/cDx_aN0HQJk

  19. A friend claimed that anyone other than DJT would manage this pandemic better. How’s that working out?! Crow recipes welcome.

    1. The world is full of idiots. I’m no longer making much effort to educate them unless they come to me ready to learn. The rest can learn the hard way. When I was young I thought the grumpy old men who knew how things worked were so strange, but now I know how they got that way.

  20. Any thoughts on why Wall Street futures are tanking?

    MMT already losing its luster one week in?

    1. The Financial Times
      Runaway Markets
      Equities
      Wall St split as more companies hit sky-high valuations
      Calls to jettison traditional price to earnings metrics echo dotcom boom era
      © FT montage
      Laurence Fletcher in London yesterday
      This article is part of the FT’s Runaway Markets series.

      A growing number of companies are joining Tesla in the sky-high valuation club, dividing Wall Street between those warning of a “bubble” and those questioning traditional assumptions about how best to value a business.

      Tesla was a red-hot stock even before the coronavirus crisis, boasting a forward price/earnings ratio — a common measure of the value the market puts on a business’s future profits — of 75 times at the start of 2020. That was the highest of any company worth more than $50bn, according to Bloomberg data.

  21. Tucker Carlson: Democrats Preparing to “Enshrine Fraud” Into Law So They Stay In Power Forever

    by Jamie White
    January 26th 2021, 11:23 am

    “The ‘For The People Act’ is the foundation of the Democratic Party strategy to control the federal government well into your grandchildren’s middle age. Take a look at it,” Carlson warned.

    “If H.R. 1 passes, all 50 states will be California — the entire country will have ballot harvesting and mail-in voting. Think about that.”

    “Under H.R. 1, [people] could freely go house to house and apartment to apartment collecting unknown thousands of ballots and then dump them all in a ballot dropbox. No one would have any idea if those ballots had been tampered with at any point along the way or would there be any way to prove it if they had been tampered with,” he continued.

    “H.R. 1 also makes it harder for election observers to file complaints about any of this because complaining is racist.”

    Carlson warned that Democrats are already putting forth a proposal called H.R. 1 to cement all the mechanisms that contributed to the 2020 election fraud into law.

    “The ‘For The People Act’ is the foundation of the Democratic Party strategy to control the federal government well into your grandchildren’s middle age. Take a look at it,” Carlson warned.

    “Like most revolutionary documents, it’s not a very exciting read — nothing sounds especially radical at first. The bill begins by declaring that — contrary to Article I of the United States Constitution — Congress has an ‘ultimate supervisory power over federal elections.’”

    “Under our current laws, states get to decide how much fraud they will tolerate: Florida requires you to show photo identification in order to vote. California just wants you to vote Democrat,” he continued.

    “If H.R. 1 passes, all 50 states will be California — the entire country will have ballot harvesting and mail-in voting. Think about that.”

    “Under H.R. 1, [people] could freely go house to house and apartment to apartment collecting unknown thousands of ballots and then dump them all in a ballot dropbox. No one would have any idea if those ballots had been tampered with at any point along the way or would there be any way to prove it if they had been tampered with,” he continued.

    “H.R. 1 also makes it harder for election observers to file complaints about any of this because complaining is racist.”

    “A system like that is suicidal for democracy and no other free country would tolerate it,” he added.

    Carlson then scorned Democrats for trying to push forward the very corrupt policies that led to the violence at the Captiol on Jan. 6 in the first place.

    “You are hearing that now as if they are animals who take commands and do what they’re told — but they’re not animals, they’re American citizens who can see what is happening and come to their own conclusions about it: They saw the radical increase in mail-in voting, and it corroded the public’s faith in the system of our of elections. They were enraged by that and some of them exploded,” Carlson said of the marchers.

    “According to the Democrats, the lesson of that terrible day was that we needed more of the corrupt policies that caused it in the first place. We need more mail-in voting, we need more ballot harvesting: More corruption! That will unite the country.”

    https://youtu.be/uhEOWjR3p7M

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