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There Will Be Banks That Go Under

A report from the Chicago Tribune in Illinois. “Former Chicago Bulls forward Jabari Parker has become a motivated seller of his three-bedroom town home in the Fulton River District, cutting his asking price by $210,000 — nearly 10% — to $1.99 million, which he first listed in March 2019 for $2.55 million. Parker clearly expects a loss on the Kinzie Park town home, which he bought for $2.2 million in September 2018.”

From Bisnow National. “Renters are less able to pay rent than before the coronavirus pandemic, but that isn’t the only factor now bedeviling apartment landlords. Evictions are difficult or impossible for now, banks are less willing to finance multifamily deals and rents — even those that are being paid — are dropping. Altogether, that means Americans owe a total of $57.3B to their landlords, large and small, as of January. In New York City alone, tenants owe an estimated $1B in back rent.”

“Banks are warier of the multifamily industry as well. At the beginning of the pandemic, about 4.6% of apartment debt held by banks was considered high risk, The Wall Street Journal reports, citing Trepp data. As of December, that total was 16.9%. ‘A lot of this was driven by people being in stress,’ Trepp Vice President Russell Hughes told the WSJ.”

“A longer-term challenge for apartment landlords is declining rents. In 2020, according to RENTCafé, apartment rents decreased in each of the 10 most expensive cities as the number of renters declined. In the most expensive market in the country, San Francisco, rents were down 17.3% year-over-year, but even in relatively less expensive places such as Austin, Texas, and Portland, Oregon, rents dropped 4.9% and 3.2%, respectively.”

From Bloomberg. “New York’s apartment investors are suddenly waist-deep in distress. By December, they were behind on $395 million of debt backed by mortgage bonds, almost 150 times the level a year earlier, according to Trepp data on commercial mortgage-backed securities. Tenants in rent-stabilized units owe at least $1 billion in rent and wealthier ones are fleeing the city, leaving behind vacancies and pushing newly-built luxury towers into foreclosure.”

“Across the boroughs, rents are on a downward spiral, as landlords try to fill empty apartments with ever-sweeter tenant concessions — only to see the number of vacant listings surge further. The trouble will filter from highly-leveraged investors who expanded quickly to lenders with the most aggressive underwriting, says Barry Hersh, a professor of real estate at New York University. ‘There will be banks that go under,’ said Hersh. ‘The people who specialize in mortgage workouts are the busiest people in New York real estate.'”

The Bay Area Newsgroup in California. “Sanjeev Acharya, a South Bay developer who faces fraud allegations and the implosion of his Bay Area real estate empire, has filed for bankruptcy, hoping to reorganize his company’s finances. In the Chapter 11 bankruptcy case, Acharya stated he had incurred at least $100 million and as much as $500 million in debts, according to documents on file with the U.S. Bankruptcy Court. The value of his assets ranged from $1 million to $10 million, the court papers show.”

“An estimated 250 people who paid about $119 million to invest in real estate projects launched by Acharya and Silicon Sage Builders face the prospect that they were defrauded through a financial web woven by the real estate developer, according to a complaint filed by the Securities and Exchange Commission. The fraudulent activity allegedly orchestrated by Acharya and Silicon Sage Builders began around August 2016, according to a complaint that the SEC filed on Dec. 21 in the U.S. District Court for Northern California.”

“Silicon Sage and Acharya painted an overly rosy picture of the outlook, prospects, and financial strength of the company’s array of projects, according to the SEC’s allegations. ‘Since at least August 24, 2016, Silicon Sage Builders and all but one of its real estate development projects have not been profitable,’ the SEC complaint alleges.”

“In meetings with investors around August 2020, Acharya appeared to acknowledge that he had made some errors over the years, according to the SEC documents. Acharya said he should have been more transparent with investors, the SEC’s complaint stated. ‘I should have done it,’ Acharya said at an investment meeting. ‘Back then, maybe my thinking was that everybody’s returns will come. So … I really didn’t bother to get into details, but what I was not thinking, what my mistake was that I wasn’t thinking a downside scenario.'”

The Globe and Mail in Canada. “Looking at the condo market south of Bloor Street, Davelle Morrison, a broker with Bosley Real Estate Ltd., found 1,277 for sale in the month to Jan. 22 and 519 had sold firm. In the same period in 2020, there were 286 condos available in the area and 211, sold, she says. At the current pace, 41 per cent of those available have sold, compared with just over 73 per cent that had sold at the same time last year.”

“‘The sales have skyrocketed but not as much as inventory,’ she points out. ‘We’re not able to absorb the inventory at the rate it’s coming out.'”

“The rental market remains in the doldrums, adds Christopher Bibby, a real estate agent with Re/Max Hallmark Bibby Group Realty Ltd. ‘Rents aren’t necessarily supporting the purchase prices,’ he says. ‘You really have to have a long-term outlook.’ He expects it will take some time to absorb the current listings for rent and for sale. ‘The amount of supply we had completely suffocated the condo market,’ he says.”

“Mr. Bibby adds that new supply is arriving on the market as well: People are still leaving town, splitting up with partners, or deciding to get out of the rental market after losing a tenant. Mr. Bibby says that wrangling a deal usually takes a few days of negotiating. Buyers’ agents often submit a low-ball bid, accompanied by a letter explaining why the seller should accept the discount to the asking price.”

“‘They want you to be aware – like we don’t know already – the condo market has shifted,’ he says.”

“New supply will be coming into the market this year as projects reach completion. Mr. Bibby has already heard from investors who purchased units pre-construction. Now that rents have fallen and tenants are scarce, they’re worried about their ability to carry the unit. ‘Some may have to sell,’ he says.”

This Post Has 81 Comments
  1. ‘Buyers’ agents often submit a low-ball bid, accompanied by a letter explaining why the seller should accept the discount to the asking price….’They want you to be aware – like we don’t know already – the condo market has shifted’

    No feeding the squirrels then Chris?

  2. ‘Back then, maybe my thinking was that everybody’s returns will come. So … I really didn’t bother to get into details, but what I was not thinking, what my mistake was that I wasn’t thinking a downside scenario’

    The jokes write themselves.

    I’m not sure if this is the ponzi scheme I posted days ago. Yet we see “developer” defaults, half built towers all around California. Oh but it’s re-hotcakes the lions say. Judge for yer self, but CA RE has been sinking like a turd in a well for years. Don’t believe me?

    ‘Since at least August 24, 2016, Silicon Sage Builders and all but one of its real estate development projects have not been profitable’

    1. people forgot about common sense ratios (investors, bankers, govt).

      For instance stock PE Ratios should be 1:16 (give or take) for a mature company. Yet Tesla is 1:1600 in mid Jan. Just 100x times – can they ever make that up

      For landlords the Price:MonthlyRent ratio should be 100 or 120 (historically). Even with low mortgage rates it cannot deviate much from that – but it did. Who are the fools that invested with this scammer.

      1. “Sanjeev Acharya, a South Bay developer who faces fraud allegations and the implosion of his Bay Area real estate empire, has filed for bankruptcy, hoping to reorganize his company’s finances. In the Chapter 11 bankruptcy case, Acharya stated he had incurred at least $100 million and as much as $500 million in debts, according to documents on file with the U.S. Bankruptcy Court. The value of his assets ranged from $1 million to $10 million, the court papers show.”

        Tight loan standards they said.

        BTW, I missed out on massive gains on AMC stocks. Brought low and wife made me sell at 4.50. OUCH! Stimulus money at work

        1. “…1600 PE ok…”

          Patience grasshopper, patience..

          You need to look through the lens of a 100 year business plan.

          Pencil in your calendar to do lunch in the year 2121 and we’ll see who’s right.

  3. ‘New York’s apartment investors are suddenly waist-deep in distress’

    Where’s frozen soup line Larry? He was gonna snap up some empty, over priced hotels and… eat sh$t!

    Well frozen soup is better than sh$t Larry.

      1. Location buyer. The question is why these celebs are all selling after 2-3 years. Doesn’t anyone live anywhere anymore? They must be spending half their time on planes to visit all these abodes.

    1. Jabari

      Never heard of him. He makes $6.5 million a year, plus whatever endorsement money he brings in.

  4. SF Gate — Bay Area may lose its title as the leading U.S. tech hub, new data finds (1/27/2021):

    “While it’s largely conjecture, new data from Initialized Capital, a San Francisco venture capital firm, shows that in a survey of its portfolio companies, if most of them were founding a company today, it wouldn’t be in San Francisco. Of the more than 90 companies that typically respond to this survey each year, 42.1% said a distributed workforce would be the most beneficial way to start it in the interest of the company’s long-term success.

    That’s a big change from last year, when only 6% said they would start a company remote. In 2020, the Bay Area was still the big winner, with 41.6% of respondents saying they would headquarter a company there, while only 28.4% said the same in 2021.”

    https://www.sfgate.com/realestate/article/Bay-Area-tech-leaving-for-miami-15900147.php?IPID=SFGate-HP-CP-Spotlight

    Will the last taxpayer leaving California please turn out the lights.

    1. Will the last taxpayer leaving California please turn out the lights.

      Not necessary, a blackout will take care of that.

    2. Interesting that some of the more in demand workers are starting to make their singleton arrangements.

      For instance, an ex-coworker of mine was switching positions within a big tech firm. As part of the negotiations with his new boss – he got firm agreement that he would be able to work remotely, only having to come into the office occasionally. He will be working from the Olympic peninsular (with a great water view from his home office) and commute 1 day every couple/3 weeks to Redmond (outside of Seattle). Awesome deal for him. The plan is to drive in with his wife who will do errands/shopping/visiting friends and then pick him up for the drive home.

        1. Yeah, I’m sure his agreement is good for as long as he works there for that manager. But as soon as the pendulum swings the other way they’ll have to cut somebody…I wonder who will be first?

          1. We have friends who are trying this. When she couldn’t land a proper gig in Portland she took a job in San Diego. He doesn’t work (the spell she’s under to agree to this is beyond me, but I digress…).

            They sell and move to SD, rent a too-expensive place there, just in time for WFH. They get the idea that, since housing is “cheaper” here, they’ll move back here, buy, and WFH. She decides it’s a good idea to tell her boss AFTER they make the purchase. His response was basically, “we can’t guarantee your position once we come back to the office.” People are nuckin’ futs.

          2. “People are nuckin’ futs.”

            Saw a former co-worker at Walmart. Said the car had an error light showing and didn’t have much power, so while at the dealer…yup, bought another car; traded in the old one that likely had a loan balance too.

            No point mentioning ballooning debt levels, the state of the economy, etc., we’re just too far gone. Driving back home, I thought about that George Carlin skit, “That’s why they call it the American Dream, because you have to be asleep to believe it,” and the audience is totally laughing it up, hilarious!

    3. “…with 41.6% of respondents saying they would headquarter a company there, while only 28.4% said the same in 2021….”

      Headquarters? We don’t need no stinkin’ headquarters!

      Can anyone enumerate why any company today *needs* a ‘headquarters’?

      1.
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      3.

      Authors comment: Friday beer busts in the front lobby don’t count.

      1. Can anyone enumerate why any company today *needs* a ‘headquarters’?

        They’ve gotta have an address in order to know who to pay taxes to, right?

  5. From the Bloomberg article:

    ‘For years, as crime dwindled and rent climbed in New York, investors gobbled up apartment buildings’

    For years!

    ‘investors were willing to pay top-dollar for luxury buildings like Colony. “That was the bright spot until the pandemic happened”

    Victor is a lion too. These places were dropping like flies before the CCP virus. “Oh, we weren’t a bunch of dumb asses, it was the virus!”

    ‘Rents are down 11% in Brooklyn and 18% in Northwest Queens, where starry-eyed developers built glassy apartment fortresses’

    Like the bay aryans, a lot of this foolishness can be attributed to cocaine use.

    1. Like the bay aryans, a lot of this foolishness can be attributed to cocaine use.

      That is one way to explain it. LOL

  6. Landlords with a lot of debt on their rental houses are in big trouble , What looked like a sure win, getting rich on Other People’s money, suddenly turns around and eats them,financially ..

  7. Politico — Unemployment Is Much Worse Than You Think — Here’s Why (1/25/2021):

    “it turns out that discouraged workers aren’t the only problem with the unemployment rate. In fact, these days the headline unemployment rate isn’t just an undercount, it actually paints an alternate reality that masks the degree to which low- and moderate-income people are hurting. As a result, policymakers believe these Americans are better off than they actually are.

    There are two additional problems with the way we count people who are unemployed.

    First, there’s no accounting for how many hours a part-time worker is working. By the BLS’ traditional definition, a handyman or private nurse who works for a single afternoon each week is counted in the headline national unemployment figure as “employed,” even if they want more work but can’t find it. Our unemployment figures make it look like the person working a handful of hours because that’s the only work they can get is just as “employed” as a full-time CEO. In practice, this means that the unemployment rate actively obscures how many workers are living in poverty in part not because they don’t have a job, but because they can’t get enough hours.”

    https://www.politico.com/news/agenda/2021/01/25/unemployment-worse-than-you-think-462218

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

    1. Associated Press — Job losses from virus 4 times as bad as ’09 financial crisis (1/25/2021):

      “Four times as many jobs were lost last year due to the coronavirus pandemic as during the worst part of the global financial crisis in 2009, a U.N. report said Monday.

      The International Labor Organization estimated that the restrictions on businesses and public life destroyed 8.8% of all work hours around the world last year. That is equivalent to 255 million full-time jobs – quadruple the impact of the financial crisis over a decade ago.

      “This has been the most severe crisis for the world of work since The Great Depression of the 1930s. Its impact is far greater than that of the global financial crisis of 2009,” said ILO Director-General Guy Ryder. The fallout was almost equally split between reduced work hours and “unprecedented” job losses, he said.

      The United Nations agency noted that most people who lost work stopped looking for a job altogether, likely because of restrictions on businesses that hire in big numbers like restaurants, bars, stores, hotels and other services that depend on face-to-face interactions.

      The drop in work translates to a loss of $3.7 trillion in income globally — what Ryder called an “extraordinary figure” — with women and young people taking the biggest hits.”

      https://apnews.com/article/financial-markets-financial-crisis-coronavirus-pandemic-united-nations-b2aec77662857af746583b071f339486

      Welcome to the recoveryless recovery.

    1. More proof that it’s a new era: Corporate earnings and dividends no longer matter to share prices.

      The Financial Times
      Runaway Markets
      Opinion Markets Insight
      Learning from market bubbles past
      Equity rallies can run and run before a reckoning, killing careers of sceptical investors
      Robert Buckland
      The relationship between equities and bond yields is a new factor in the strong stock market rally of the past six months
      © FT montage
      Robert Buckland yesterday
      This article is part of the FT’s Runaway Markets series.
      The writer is chief global equity strategist at Citigroup

      Back in the late 1990s bull market, one value investor gave us an unbeatable definition of a bubble: “Something I get fired for not owning”. I should probably end this column there. But I will persevere.

      Everywhere I look there’s talk of bubbles, not just the social kind. Bond bubbles, bitcoin bubbles, equity bubbles, tech stock bubbles. There’s definitely a bubble in bubble talk.

      Google search trends for “stock market bubble” are at their highest since 2004. I’m not sure what to make of that, because the markets kept rising afterwards. Few were googling the phrase back in 2007, before a 60 per cent drop in global equities.

      What I do know is that stock markets have defied the direction of fundamentals over the past 12 months. It looks like global listed company earnings fell by about 15 per cent in 2020, a long way below the 10 per cent increase predicted at the start of the year. Despite that big profit miss, the MSCI World benchmark is up 18 per cent. The tech-heavy Nasdaq is up 51 per cent. It’s almost as if the pandemic never happened.

      1. “Few were googling the phrase back in 2007, before a 60 per cent drop in global equities.”

        Three more years of bubble gains ahead, to be followed by another great muppet reaping and subsequent bailouts?

  8. ‘On Sunday, January 24, 2021, Portland Mayor Ted Wheeler used pepper spray on a man that had confronted him and former Mayor Sam Adams without a mask. Reportedly, the man that approached them had a video camera with him and had approached Wheeler and Adams as they were leaving a pub. The Oregonian reported that Wheeler and Adams had finished eating at the McMenamins Hillsdale Brewery & Public House located on Southwest Sunset Boulevard at approximately 8 pm that night.’

    ‘A Portland Police Bureau report released on Monday afternoon said that that a middle-aged man had accused them of eating without a mask on. Wheeler reportedly told the man that Adams and he had eaten in a “tented” area of the pub that didn’t have a requirement of face masks or coverings. Wheeler reportedly told the police that the man who accosted them followed him “closely” as he was walking to his car. The police report revealed that Wheeler said, “He had no face mask on and got within a foot or two of my face while he was videoing me. I became imminently concerned for my personal safety.” He had also added that he was “concerned about contracting Covid.”

    “I clearly informed him that he needed to back off. He did not do so I informed him that I was carrying pepper spray and that I would use it if he did not back off. He remained at close distance, I pulled out my pepper spray and I sprayed him in the eyes,” added the mayor. After the incident, Wheeler also said that he had given the man a water bottle so that he could rinse his face. “He seemed surprised and backed off. He made a comment like ‘I can’t believe you just pepper-sprayed me,'” Wheeler had said to the police.’

    ‘”is this legal? Can you assault someone and then leave the scene? Does Wheeler’s claim of “self defense” allow him to do this? He also states he did not call police but his staff,” asked one user. Another simply added, “”Ted Wheeler” is a f*cking disaster!”

    ‘According to Wheeler, he only pepper-sprayed the man that approached him because he was worried about his safety and contracting the deadly virus, some seem to have wondered if he was in the right by using the pepper spray. Other’s thought it was ironic considering the mayor was already dining out. “He said he was worried about contracting covid but he was eating at a restaurant. Seriously this story is just dripping with irony,” tweeted one user. Another added, “While I’m not a huge fan of Ted, I fully applaud the behavior. People thinking it is okay to physically intimidate and harass others for the hell of it deserve far worse.”

    ‘This wouldn’t be the first time Wheeler has been approached in such a manner. He was also accosted earlier this month as he was eating in Northwest Portland where a member of a left-wing activist group made physical contact with the mayor. Not to mention, many demonstrators part of the 2020 racial justice protests in Portland demanded the mayor’s resignation as they set fires inside his condo building and broke his windows – the mayor had to move after the incident.’

    https://meaww.com/portland-mayor-ted-wheeler-pepper-sprays-unmasked-man-sam-adams-accosted-maskless-attack-twitter

    1. Andy Ngo has fled Portland to London because of death threats.

      Powell’s Books is still banning his book after pro-censorship protests.

      “It’s Clown World, Jake. Forget about it”

      1. Andy Ngo has fled Portland to London because of death threats.

        Now that’s a strange choice. Don’t they have Antifa and BLM over there too? Plus he could easily be painted a troublemaker and deported.

        Was video chatting with the UK relations yesterday. They are fully locked down and are only allowed to go to the grocery store.

        Why do I have the sinking feeling, that even after everyone has been vaccinated that we will be told that the virus is still out of control, because mutations, and that lockdowns are not over?

        1. Hummm….everyone Vaccinated but me. I’ll never take their mRNA poison.

          Let that oxide cat take my dose for me.

          1. The J&J or Astra-zeneca vaccines are not mRNA. They are an adenovirus carrying a bit of COVID DNA. I was disheartened when Biden said he was buying more of the Moderna and Pfizer vaccines for early summer. By the time they get to vaccinated me, those might be the only ones available. Well, maybe by then we’ll have more choice.

    1. My impression of MMT:

      Some extreme leftists raised a pot of money to pay hired gun economists to cook up a kookie theory that houses all of their pet programs under one tent.

      1. a kookie theory

        Let them call it what ever they want to. The weak and defenseless have always been looted throughout history.

  9. I already saw this movie when the Obama economy did all but put the business I started in 1991 with a couple of other guys under. We had work for the first year that was already on the books and then it just stopped. I will not do everything I did last time to keep the guys paid and doors open, the first negative month I see coming I will shut it down.

    Kerry Tells Laid Off Oil Workers: “Make Solar Panels” Instead

    by Jamie White
    January 27th 2021, 2:07 pm

    Energy workers “have been fed the notion that somehow dealing with climate is coming at their expense,” he says.

    “What President Biden wants to do is make sure that those folks have better choices, that they have alternatives,” Kerry responded. “That they can be the people to go to work to make the solar panels, that we’re making them here at home.”

    “That is going to be a particular focus of the ‘Build Back Better’ agenda, and I think that unfortunately workers have been fed a false narrative – no surprise, right? – over the last few years,” the former Secretary of State continued. “They’ve been fed the notion that somehow dealing with climate is coming at their expense. But it’s not. What’s happening to them is from other market forces taking place.”

    https://www.infowars.com/

    1. Translation: they can get a job at the Amazon warehouse or go drive for Uber.

      Welcome to the recoveryless recovery.

      1. Translation: they can get a job at the Amazon warehouse or go drive for Uber.

        Which of course is no replacement for an oil field job. But I don’t know how to feel about that since fracking jobs have seemed like BS from the beginning. Yet once you’ve got all those people in place doing that job it seems like we might as well keep it going as long as possible and let it slowly peter out naturally.

        1. ‘fracking jobs have seemed like BS’

          Why don’t you tell us everything you know about the process and its role in the industry? Shouldn’t take long.

          1. Shouldn’t take long.

            Of course not, it’s not my field. I’ve got relatives who travel around from Texas to North Dakota working on the rigs or whatever they are called when it’s fracking instead of normal drilling. They’re laborer types, I don’t think any have made it into management. The work seems to come and go at the whims of government edict, which seems like a red flag to me.

            Then there are the rumors that the whole thing is unprofitable without cheap money, which also seems like a red flag to me. So yeah, it made us energy independent for a while, but at what cost? Are we really independent or did we just do it with borrowed money?

            So you’re right…I don’t *know* anything about it except money goes in and energy comes out and a bunch of it happens around where I grew up. But that doesn’t stop it from smelling like BS.

      2. has anyone noticed they don’t seem to be stocking shelves in grocery stores during the day, but have job ads posted on the front door for overnight workers…

        1. Our local Walmart used to open 24/7, and they restocked the shelves during the grave shift. Now they’re open days and swing, and they’re stocking shelves while other workers are fulfilling online orders into large multi-level carts during the morning hours.

          However, the supply chains are still fragile as they’ve been out of Listerine Mint flavor for a month now, and my loose leaf tea supplier say they need 10-days to fill my order. There’s no such thing as 10-days in 2021 is there?

          1. My grocery store is still stocking during mid-day. Not sure if Wal-Mart is hiring. The supply chains are trying to come back. We can now get rubbing alcohol and disinfectant wipes. I think it’ll be another 6 months at least before we see a reliable supply of N-95 masks.

            None of the Wal-Marts in my area are 24/7. Probably because the bathrooms and parking lots would turn into shooting galleries.

          2. None of the Wal-Marts in my area are 24/7. Probably because the bathrooms and parking lots would turn into shooting galleries.

            Like the WalMartinez in Greeley. It got so bad there they had to hire a security patrol for the parking lot.

  10. Treasurys
    Renewed Demand for Treasurys Quells Fears of Rising Rates—for Now
    Yields have stabilized after surging on Democratic Senate wins, but sharp increase has alerted investors to threat higher yields pose to riskier assets
    By Sam Goldfarb
    Updated Jan. 27, 2021 4:01 pm ET
    A sharp climb in U.S. government bond yields has stalled, easing investors’ concerns that rising rates could undercut recent gains in riskier assets.

    The yield on the benchmark 10-year U.S. Treasury note has hovered just above 1% for the past nine sessions after jumping from around 0.9% to almost 1.2% in just six days of trading.

    1. The Financial Times
      Hedge funds
      Hedge funds retreat in face of day-trader onslaught
      Investment firms pull back from equity market as wild price swings increase their risks
      The retrenchment by hedge funds comes as retail day traders set their sights on a growing number of stocks
      © Getty Images
      Ortenca Aliaj, Colby Smith, Eric Platt and Michael Mackenzie in New York 4 hours ago

      Hedge funds have scaled back the size of their bets in the stock market in recent days after volatility caused by groups of amateur traders pushed up shares in companies such as GameStop and inflicted heavy losses on some high-profile firms.

      The unwinding of positions has been noted by brokers and may have contributed to the sharp moves in some shares, according to market participants.

      Morgan Stanley said in a note to clients that Monday and Tuesday were among the top five heaviest days for so-called de-grossing over the past decade. Funds have not only been covering their short positions — the bets they placed against individual shares — but also selling shares in companies to cut their leverage and reduce their gross exposure to the market.

      1. Tim Pool was ecstatic over the GameStop story. A few thousand people on Reddit joined together and stuck it to the man. And oh how the hedge funds cried like babies! They got trading shut off and now they want more rules to protect them from being hoisted on their own petard. How dare the little guys not let them make money by cheating? I hope the hedgies got it good and hard.

        1. The little guys are learning that Robinhood works for the suits. If something’s “free,” odds are you’re the product.

  11. At least we got the laws changed that allowed the mail in ballot fraud which was in part needed to steal the election.

    Student Suicides Drive Las Vegas Schools to Reopen

    By ZACHARY EVANS
    January 25, 2021 10:31 AM

    A surge of student suicides in the Clark County school district in Nevada is driving the district to reopen for in-person learning, The New York Times reported on Sunday.

    The coronavirus pandemic forced the mass closure of schools across the country in March 2020, and school districts have struggled to return to in-person learning. The nation’s largest district, New York City public schools, delayed its reopening for weeks in September 2020, while the January 2021 opening of Chicago public schools, the third-largest district, is proceeding in fits and starts. A petition to open Los Angeles County schools, the second-largest district, was rejected on Thursday by the California Supreme Court.

    https://www.nationalreview.com/news/student-suicides-drive-las-vegas-schools-to-reopen/

    1. “while the January 2021 opening of Chicago public schools, the third-largest district, is proceeding in fits and starts.”

      Chicago Teachers Union leader is blasted for pushing to keep schools closed because classrooms are ‘unsafe’ while she vacations in Puerto Rico

      By ANDREW COURT FOR DAILYMAIL.COM
      PUBLISHED: 22:34 EST, 1 January 2021

      A Chicago Teacher’s Union leader is under fire for pushing for remote schooling as she vacations in the Caribbean.

      Sarah Chambers, who is on the CTU’s executive board and serves as an area vice president, has been claiming it is not safe for Chicago public schools to reopen next Monday amid the COVID-19 pandemic.

      But that hasn’t stopped her from jetting off on holiday to Puerto Rico – an island that has clocked more than 110,000 cases of the coronavirus.

      An image purportedly posted by Chambers to Instagram on Wednesday showed the union leader soaking up the sun in Puerto Rico

      https://www.dailymail.co.uk/news/article-9105697/Teachers-union-leader-blasted-pushing-schools-closed-vacations-Puerto-Rico.html

  12. Joe Biden: America Is “Nation of Morally Deprived” Who Are “Less Prosperous” Due to Systemic Racism

    19,148 views•
    Jan 26, 2021

    https://youtu.be/OM6qa7WgFoU

    426 Comments

    truthseekr4life
    1 day ago

    The man who raised Hunter Biden is lecturing us on being “morally deprived”. Yeah right.

    1. Welcome to The Twilight Zone, Episode Pravda.

      Nobody can seem to explain “systemic racism” in a logical way yet braindead @sswipes like PedoJoe admonish everyone with it.

      Creepy preachy f__k.

    2. Joe Biden: America Is “Nation of Morally Deprived” Who Are “Less Prosperous” Due to Systemic Racism

      Where do I send the check for BLM?

      Clown World is in overdrive. I can tune out PedoJoes sanctimonious preaching. It’s his goons I’m concerned about. I’m expecting an encore this year of last year’s riots, while he nods approvingly.

      1. Biden is a loser who had to steal his wealth and the Presidential election. . He’s a vicious deranged nut job . How dare he lecture good hard working Americans.

        1. Remember, when a Republican wins an election, he’s “in office”, when a Democrat wins he’s “in power”

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