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The Best Day For A Lender Is The First Day, After That Stuff Can Go Bad

A report from News.com.au. “Living at 432 Park Avenue in New York – one of the wealthiest addresses in one of the tallest residential buildings in the world – should be the epitome of luxury. But residents who have paid up to $US88 million ($115 million) for an apartment in the building are up in arms complaining about major construction failures and huge out-of-pocket expenses. ‘I was convinced it would be the best building in New York,’ Sarina Abramovich, one of the earliest residents of 432 Park, told The New York Times. ‘They’re still billing it as God’s gift to the world, and it’s not.'”

“In 2016, she and her husband bought a $US17 million ($A22 million) apartment that spans more than 1000sq m so the retired couple could have a second home close to their children. She said they were disappointed with their purchase from day one. ‘Everybody hates each other here,’ Ms Abramovich said. ‘They put me in a freight elevator surrounded by steel plates and plywood, with a hard-hat operator,’ she said. ‘That’s how I went up to my hoity-toity apartment before closing.'”

“On top of the construction problems, residents have been fraught with added expenses to the multimillion-dollar price tag to live there. Strata fees skyrocketed around 40 per cent in 2019 to pay for repairs and hiked insurance, according to management emails. Residents have also been forced to pay $US15,000 ($A19,000) in annual fees for the building’s private restaurant, which is run by a Michelin-starred chef, even though they were told this cost would be only $US1200 ($A1570) a year. The complimentary breakfast they were promised is off the menu now too.”

The Commercial Observer. “‘Buying cheap is not going to be successful this time,’ according to Empire State Realty Trust Chief Investment Officer Aaron Ratner. ‘We have trillions of dollars of fiscal and monetary stimulus; half of high-yield bonds are trading below 4 percent; commercial mortgages are being issued below 3 percent,’ he said. ‘We think investors are going to have to change their strategy this cycle to generate profits, which is how we’re positioning ourselves.'”

“Despite the liquidity injection, commercial real estate is ‘languishing,’ Michael May, the President of Silverstein Capital Partners said. Office buildings, hotels and multifamily in major cities are virtually ’empty.'”

“Loan workout expert Rob Verrone said that the ‘best day for a lender is the first day they make the loan,’ drawing laughs from the other panelists. ‘After that, stuff can go bad. A great day is they get paid off. Lenders are just being cautious,’ Verrone added, anecdotally, that a difference between this cycle and the last cycle is that in the previous cycle, a borrower might own 20 properties with only two or three in default, and they ‘were able to tap into resources to help solve the problems, and now a lot borrowers might have 20 properties and 19 are under stress,’ he said. ‘That’s a different value proposition in terms of how they make their equity work to get through this crisis.'”

From Aspen Times in Colorado. “The redevelopment project of The Aspen Club & Spa will live on after all, but will its name? That’s a question the property’s new ownership will be asking soon. On Wednesday, Meriwether, Revere Capital and Fireside Investments completed their purchase of the 5-acre property after claiming it with the lone bid of $52.59 million at a foreclosure auction held Jan. 6.”

“The previous owners of The Aspen Club, a group led by Michael Fox, could have reclaimed the property for $53,062,621 during what is known as the redemption period, which expired at noon Wednesday. That did not happen. For the courts, banks and creditors, the sale marks the end of saga that included a bankruptcy declaration, three foreclosure filings, multiple lawsuits and dozens of mechanics’ liens.”

“With more than 1,000 members, the club closed in February 2016 to make way for the construction project. It came to halt in the fall of 2017 when a lender withdrew its second round of financing of $15 million. As a result, construction firms weren’t paid and left the project unfinished. Fox and investors bought the property in 1996 and gained city approval in 2010 to redevelop the property with 15 townhomes, six condos, affordable housing and a new club and recreation/wellness facility.”

“Based in Boulder, Meriwether Cos develops resort and private club projects mainly in the West. Its projects include an unfinished $250 million surf resort in La Quinta, California, and a $100 million hotel and condo redevelopment project at the Squaw Valley ski resort.”

From Motley Fool. “Prizm Outlet Mall in Las Vegas recently sold at auction on the Ten-X auction platform for $1.525 million, a 95% reduction in value from its July appraisal for $28.2 million. This deep discount isn’t a huge surprise, considering the state of the mall industry today, with a record number of retailers closing their doors or filing bankruptcy. It was only a matter of time before distressed assets, particularly malls and hotels, started to hit the market.”

From Barron’s. “Dozens of poorly run nursing homes have recently taken out cheap financing backed by a federal loan guarantee program that critics say is propping up some of the industry’s worst operators, even as Covid-19 ravages the residential care sector. As the industry pleads for more federal money, better control is needed over who runs nursing homes ‘and what they do with the money we give them,’ says Toby Edelman, senior policy attorney at the Center for Medicare Advocacy. ‘If you’re providing terrible care, maybe we shouldn’t be giving you mortgage insurance.'”

“Some researchers say it’s time to redesign the Section 232 program. Charlene Harrington, professor emerita at the University of California, San Francisco, suggests limiting it to quality nonprofit and government facilities. There’s an oversupply of nursing-home beds in many areas, she says, and ‘the poor operators need to be forced out of business.'”

“For nursing-home operators, the benefits of the Section 232 loans are clear. The loan terms can stretch out to 40 years and offer fixed rates that are often at least 1 to 2 percentage points below conventional loans, says Joshua Rosen, a senior managing director at Walker & Dunlop, a Section 232 lender. ‘Once you’re done, you’re set for the next several decades,’ Rosen says. Another perk: It’s a non-recourse loan, so for borrowers, ‘there’s nothing at stake, other than the facility, if things don’t go as planned,’ he says, although there are exceptions in cases of fraud or misrepresentation.”

“For nursing-home residents and taxpayers, however, there is plenty at stake. First launched in 1959, the Section 232 program has been criticized in recent years for failing to properly monitor nursing homes’ financial and physical condition. More than a dozen Illinois and Missouri facilities in the Rosewood Care Centers chain defaulted on $146 million worth of HUD-backed loans in 2018. A HUD Inspector General report that same year found that the department didn’t always have sufficient financial data to assess facilities and didn’t routinely evaluate whether the financial information submitted by facility operators and lenders was complete and accurate.”

“HUD allowed defaulted nursing homes to remain in its portfolio for up to 6.5 years, accumulating interest and other carrying costs, according to the report. HUD’s Inspector General shares nursing-home resident advocates’ concerns about facilities with care-quality issues participating in the program, a spokesman said. Edward Golding, who headed the FHA from 2015 to early 2017, says he struggled with the same issue.”

“‘What’s the mission? How do you know you’re doing good?’ he recalls asking his team. While the hope is that low-cost mortgages mean facilities have more money to prevent infection and otherwise improve care, he says, ‘surely if you’re helping bad actors get bigger, that’s a really bad thing.'”

The San Jose Spotlight in California. “They’ve reported gun violence, had cars stolen and watched in outrage for months as trash piles up and homeless encampments grow around them. Business and property owners in downtown San Jose are demanding the city take action to end vandalism, theft and increasing illegal camping they say is destroying their livelihood. And they are not mincing words — one man even calling homeless people parasites.”

‘We will soon see a hero before us to rid the world of these parasites who infect and destroy life and property,’ Arturo Lionetti, plant manager at Airgas, wrote in an email to Councilmember Raul Peralez.”

“Lionetti sent another email about an encampment near his workplace, which is on Montgomery Street. ‘What a glorious day, today I looked out my office window to see a new tent erected with two homeless men occupying it. Claimed the land and settled it like the times of NewfoundLand … ‘I drive a stake in this here ground and claim it for myself,’ he wrote. ‘Back — you heathens! — for the law has no jurisdiction for those who trespass on private property.'”

“A Coleman Avenue building owner said he supports social programs for the homeless and families who need help but said the city needs to fairly enforce the law. The owner, who was not part of the email thread, was granted anonymity for fear of retribution. ‘I have fought with people. I have people camping at my front door. I have been accosted by some of these crazy a– people,’ he said. ‘We need an alternative for people that refuse any assistance. They should not be able to walk around the city and break the law.'”

“His said his truck is in the shop after someone broke into it. Another truck was stolen. He reported the crimes but said nothing came of the reports. He also complained about people who pitched tents and parked campers along Coleman. In one incident, a homeless resident brandished a gun against another homeless resident in front of his office. This was the only incident police responded to, he said.”

“Prior to the pandemic, he said the city met with business owners to talk about how to best protect themselves and their employees but since the pandemic, response has been minimal. ‘It’s a bad situation down there and everyone is very frustrated,’ he said. ‘It is illegal to occupy public places. It is illegal to do half the things that are being done and the city will not do anything about it … It’s a crying shame Silicon Valley has allowed this to happen.'”

This Post Has 85 Comments
  1. Everybody hates each other here…They put me in a freight elevator surrounded by steel plates and plywood, with a hard-hat operator…That’s how I went up to my hoity-toity apartment before closing’

    Well, it was cheaper than renting.

  2. ‘Buying cheap is not going to be successful this time…We think investors are going to have to change their strategy this cycle to generate profits’

    Profits? You mean liquidity doesn’t mean solvency?

    If central banks could print wealth, they would. But they can’t. As we are seeing, they are simply making things worse.

    ‘There’s an oversupply of nursing-home beds in many areas, she says, and ‘the poor operators need to be forced out of business’

    See the REIC/media recoils at basic common sense. Sure, granny might have maggots on her back, but we gotta have guberment loan backing! BTW, the article mentions they might want to do inspections – imagine that? Everything the guberment touches turns to sh$t.

    1. “Profits? You mean liquidity doesn’t mean solvency?”

      You’re not liquid nor cashflowing unless you’re borrowing….. You’re not solvent if you are.

      Sounds like somebody paid too much. A whole bunch of somebodys.

      Now housing prices are cratering. Hope you didn’t pay too much.

      Goldsboro, NC Housing Prices Crater 11% YOY As Rural South Housing Demand Collapses

      https://www.movoto.com/goldsboro-nc/market-trends/

    2. “As we are seeing, they are simply making things worse.”

      And making press releases to deceive the public about their complicity. Some times its wiser to just keep your mouth shut and your head down.

  3. ‘The previous owners of The Aspen Club, a group led by Michael Fox, could have reclaimed the property for $53,062,621 during what is known as the redemption period, which expired at noon Wednesday. That did not happen’

    For those following along, Mike said “take it I’m done” – months ago.

  4. ‘The owner, who was not part of the email thread, was granted anonymity for fear of retribution’

    But, weather?

    ‘I have fought with people. I have people camping at my front door. I have been accosted by some of these crazy a– people’

    You mean there’s a downside to defunding the police? Sacré bleu!

    1. More generally, why are isolated pockets of risk assets cratering, even as the stock market always goes up?

      And for how much longer can prices and fundamentals move in opposite directions?

      1. And the Sherman Antitrust Act is a good example of one of those unenforced laws I mentioned the other day. It would be awesome if regulators stepped up to the plate and broke up the FIRE sector the way telecom, beer, and airlines were a generation ago.

  5. Free everything for everybody, FOREVER:

    “A diverse coalition of national and local groups are calling on the White House and members of Congress to cancel rent and enact housing debt forgiveness to avert “an eviction crisis.”

    More than 200 organizations highlighted their demands with an ad published Wednesday in USA Today.

    “For the 12 million Americans who are behind an average of $5,000 each on rent, even an eviction moratorium is not enough,” the ad, spearheaded by groups including Action Center on Race and the Economy, People’s Action, and Right to the City Alliance, states.

    “To prevent an eviction disaster and the public health crisis that would come with it, we need immediate action that provides full debt relief,” it continues. “Housing is the cure.”

    In addition to putting a pause on rent and mortgage payments for the duration of the public health crisis, the groups are calling for debt forgiveness of housing payments that have accumulated since Covid-19 took hold in March of last year.”

    https://www.commondreams.org/news/2021/02/03/eviction-moratorium-not-enough-200-groups-demand-rent-cancellation-debt-relief

    “Amy Cooper, a leader with Center for Popular Democracy living in Alamance County, N.C., and a mother of five, is one of the millions of Americans currently behind on rent and facing possible eviction—which she’s vowed to resist. She said she has “no idea how we could pay back rent since the pandemic started.”

    Try keeping your legs closed Amy.

    1. Amy cooper…..
      Both my husband and I have been to prison, and when I came back from prison, I wanted to turn my life around and create as much good in the world as I could. But now, it seems like the world is telling us we don’t deserve a home. I don’t think that’s right—how could anyone not deserve a place to live?

      https://www.populardemocracy.org/news-and-publications/opinion-president-elect-biden-families-need-your-immediate-action-protect-40

      1. I have made a housing payment every month for the past 345 months. Nobody advocated for me. I want a refund.

    2. Try keeping your legs closed Amy.
      Deplorable: I am going to suggest the opposite. Maybe she should be spreading them much more often.

  6. “The Best Day For A Lender Is The First Day, After That Stuff Can Go Bad”

    Isn’t that why someone created securitization and federal government guarantees?

  7. “Residents have also been forced to pay $US15,000 ($A19,000) in annual fees for the building’s private restaurant, which is run by a Michelin-starred chef, even though they were told this cost would be only $US1200 ($A1570) a year. The complimentary breakfast they were promised is off the menu now too.”

    It was still cheaper than renting.

    1. I’m more disgusted by this privileged Karen hating on the freight elevator and the poor guy in the hard hat. If she doesn’t like it, she can take the stairs. And carry her own furniture.

  8. This part drew a laugh …

    “Residents have also been forced to pay $US15,000 ($A19,000) in annual fees for the building’s private restaurant, which is run by a Michelin-starred chef, even though they were told this cost would be only $US1200 ($A1570) a year.”

    Not that part, this part …

    “The complimentary breakfast they were promised is off the menu now too.”

    Bahahahahahaha … these super-rich New Yorkers, gotta love ’em.

    “Everybody hates each other here.”

    Bahahahahahahahahahahahaha… hey, it’s New York. What do ya expect?

    1. I am glad there exists a New York City and I’m glad everyone who belongs there can go there.

      I feel the same way for San Francisco. And Portland. And Seattle.

    2. But it gets even better:

      “…They put me in a freight elevator surrounded by steel plates and plywood, with a hard-hat operator…That’s how I went up to my hoity-toity apartment before closing’…”

      Sounds like the setup for an opening scene in a porno film.

        1. Not true, though I doubt I’ll change anyone’s opinion about NYC, especially those who have never been there. Some of the most interesting and entertaining conversations I’ve ever had were with fellow sufferers waiting for a train or a bus. I admit it’s not an easy place to live, but the people are fine. They’re always in a rush, but they will stop to help you.
          Last place we lived was in Westchester (35 miles north in Yorktown Heights, home of AOC). I found it very unfriendly, very status conscious – big time social distancers.

          1. They’re always in a rush, but they will stop to help you.

            So true. I moved from Boston to Manhattan. Bostonians couldn’t give a sh!t about anyone not in their community. I distinctly remember a Manhattanite assisting an elderly woman. NYers are much more friendly than Masshats.

          2. “NYers are much more friendly than Masshats.”

            This is true. It’s more to do with snobbery than anything else.

  9. read between the lines in the article posted. I think it means that the masters of the universe and their greedy minions are going to take much more risks even as they dont know how the post-pandemic recovery will take shape.

    The Commercial Observer. “‘Buying cheap is not going to be successful this time,’ according to Empire State Realty Trust Chief Investment Officer Aaron Ratner. ‘We have trillions of dollars of fiscal and monetary stimulus; half of high-yield bonds are trading below 4 percent; commercial mortgages are being issued below 3 percent,’ he said. ‘We think investors are going to have to change their strategy this cycle to generate profits, which is how we’re positioning ourselves.’”

    1. “…the masters of the universe and their greedy minions are going to take much more risks even as they dont know how the post-pandemic recovery will take shape.”

      Where’s the risk if the Fed has guaranteed your risk asset gains in perpetuity with Unlimited Quantitative Easing?

  10. Looks like the Dems are getting ready to stuff the ballot box again in 2022:

    https://coloradosun.com/2021/02/04/gregg-smith-lauren-boebert-bio/

    Meet Gregg Smith, the Blackwater-connected Democrat new to Colorado and running to unseat Lauren Boebert

    One thing Gregg Smith has never done until now is run for office.

    But the well-connected, 58-year-old Democrat who moved to Colorado less than a year ago thinks he is the guy to dislodge Republican U.S. Rep. Lauren Boebert from her 3rd Congressional District seat next year.

    Just watch, an outsider and recent transplant, with connections to Blackwater, will miraculously win the rural district next year.

    This is no coincidence.

      1. Yup, Erik prince. Per wikipedia he is a self described libertarian. I guess that means he’ll take money from both Dem and GOP administrations.

      2. FYI, in my liberal days, Blackwater was very well known in liberal circles. Blackwater, PAH! They were the evil evil company that supplied nasty contractors during the Iraq war. IIRC, weren’t those four guys who were um, killed nastily in Iraq BW contractors? Let’s see how many of the Dems pick up on the Blackwater connection.

        Heh, at about the same time, Dems were also rabidly and loudly opposed to corporate stooges and lobbyists joining the gov. Yet, Biden’s corporate-board cabinet doesn’t seem to phase them at all. I guess Dems don’t care much about their convictions, as long as you’re gay/trans/POC/not-Trump enough.

  11. “She said they were disappointed with their purchase from day one. ‘Everybody hates each other here,’ Ms Abramovich said. ‘They put me in a freight elevator surrounded by steel plates and plywood, with a hard-hat operator,’ she said. ‘That’s how I went up to my hoity-toity apartment before closing.’””

    Episode #47,329,201 of Meet The Cratertons.

    Hope you didn’t pay too much.🤣

    1. “…Episode #47,329,201 of Meet The Cratertons…”

      Reality TV at its worthless best.

      Must of been quite traumatic for Ms Abramovich to have to come into contact with actual working people.

      Anybody who has ever been inside a freight elevator knows that you are scarred for life.

      Is poor Ms Abramovich receiving counseling? Nothing that a bottle of Dom Perignon, a few weeks at the Hamptons at a bottle of Xanax can’t fix.

    2. Everybody hates each other here

      So, not only do the well to do not like the plebs, they don’t like each other. Makes you wonder why they bought a 10,000 sq ft air box as a vacation home? Silly me, it was for the guaranteed appreciation! No doubt they were planning on selling it to some foreign oligarch for a tide profit.

      Ten thousand square feet? Do you need a GPS to not get lost in there?

      1. “…Do you need a GPS to not get lost in there?…”

        Lost? Not a problem. Just ask anyone who works in the gift shop!

    1. So what happens to those who borrow after the jubilee? Do they have to pay their loans back? Or do they also get a “get out of student loan debt” card too? In that case, might was well borrow enough to buy a car while you’re at it.

      1. “So what happens”

        Then they’ll just find something else to make whitey pay for. This country will turn into Zimbabwe soon enough, and they’ll be scratching in the dirt for bugs to eat wondering why when whitey went extinct he took all the water and electricity away.

        1. he took all the water and electricity away

          FWIW, the ANC in South Africa kept enough useful people around to keep the lights on and farms productive.

          Of course, most of the Boers were not welcomed as immigrants or refugees in other countries, so many had to stay put and find ways to be useful to the ANC overlords. I suspect the same will happen in the US when time comes. Whitey won’t be welcome anywhere else, and will have to make the best of it in the woke uniparty nation. Just don’t get cancelled.

        2. Also took away all the construction, high tech innovation, manufacturing, and farm production…

          1. If they use MMT to cancel rents and debt and hand out UBIs, we might start seeing something similar here in the US Why bother to get educated or even work at all? Work is for suckers. Imagine if all the doctors, lawyers, scientists, businessmen, and high-end manufacturers just said Eff it, I’m going to buy a cheap house and play video games. They can’t import enough skilled labor to maintain this country.

          2. Why bother to get educated or even work at all

            Mostly because the UBI will be a pittance. Only the chronically unemployable (whose ranks will swell) will find it acceptable.

      2. Uness I am missing something, with Unlimited Quantitative Easing, any amount of debt can be instantaneously extinguished through Fed balance sheet expansion.

        1. UBI will turn out to just be welfare wrapped in a dignified acronym. Lots of it will be used to buy drugs and alcohol. And some of it may be allocated to Millennial day trading activities.

    2. My daughter and her Millennial day trader boyfriend look pretty broke on paper. Aside from lacking the advantage of being people of color*, it seems quite likely they may qualify for the student loan debt jubilee.

      * Perhaps the boyfriend’s Mexican ancestry would help him qualify, but he’s not the borrower.

      1. I don’t think giving away free money to pay off loans is good public policy, but I wouldn’t try to discourage my daughter’s participation if this application of MMT happens. It seems no more egregious than the Fed using Unlimited Quantitative Easing to snap up defaulted real estate assets at a premium to market value. The difference is that the student jubilee would hand out free monies to Millennials on Main Street instead of to Megabanks on Wall Street. In either case, the Fed can just execute a bit more Unlimited Quantitative Easing to finance balance sheet expansion so that no taxpayer would owe a dime.

        And why not extend this approach to pay off mortgages, car loans, unpaid mortgage balances, unpaid rents, construction loans, defaulted consumer credit bills, and so on? Pretty soon all the debt owed in the economy could be magically transferred to the Fed’s balance sheet, paving the way for post-COVID-19 economic recovery.

        Sound like a good plan?

        1. Not for GenX it doesn’t. Boomers got the pensions and Millenials get the gimmes. What does X get? White privilege and jokes about cats and box wine. Sometimes I just want to destroy stuff.

        2. Maybe my idea wasn’t so far fetched, repossess your college degree, like you would any asset you cant pay for. Corporations, licensing boards Civil service unions will have a epiphany as to what to do with millions of people with no valid degree and not being qualified for their job description anymore.

          1. I dont think its pointless, so many professions, unions, state licensing boards require a degree to even apply for a job, or get certified . so let people have a second chance to throw in the towel give up your degree and debt and start over, but even fast food places require a college diploma to enter management training..

          2. I dont think its pointless

            Policymakers disagree with you. No one is proposing this. The jubilee, on the other hand, is knocking on the door.

          3. You could just give up your debt and start over

            Well, that’s the problem with student loans, not even a BK makes them go away.

            I get where aNYCdj is coming from. He wants people to be able to start over without their student loan debt.

            That said, repossessing people’s degrees is pointless. They have zero market value, it’s not like they can be auctioned to help defray part of the loan write off.

            If anything, it’s better to let them keep them, as they might be better able to participate in the economy if they keep it, and thus pay more taxes. Which is why there is this push for a jubilee, which I think will happen, though with more caveats than people are expecting, such as a not very high income cut off limit (if you have a half decent job, then you still have to pay it back).

            So, in other words, baristas with worthless Victims Studies degrees will get a jubilee. Someone who busted his hump in STEM and has real job will have to pay it back.

  12. They put all these people through higher education getting useless degrees , while at the same time outsourcing jobs and manufacturing to places like China in the gutting of the USA.
    They artificially raised the price of Higher education by government back loans.

    In fact all markets have been rigged by the Monopolies and Casino markets where it’s designed for money to trickle up to the Monopolies, while Government is
    to pay for the risk or damage the Monopolies
    cause.
    So the truth is the Monopolies loot and than blame the disparity and poverty it causes on false narratives like racism and White privilege, or capitalism, which we don’t have anymore.
    So, keep the working class from rising up and taking back the USA from corrupted Government that sold out to Globalist Monopolies that are aligned with foreign and Domestic enemies like China and Commies insurrection groups. It’s treasonous and it’s a criminal take over of the USA by a election steal, Media monopoly on false narratives, and criminal assertion of their Puppets like Biden/Harris to do their bidding.
    Use the Medical Monopoly to assert control of the populations by a fake Pandemic, while the Medical cartel loots the tax coffers, and ushers in mandatory vaccines with their questionable vaccines.
    The corrupted DC Government is the Pawn of the Globalist Monopolies and Casino markets that are rigged .
    How dare they say that US Citizens in their own home land are extremist insurrectionist , when it is these sinister creeps that are guilty of a criminal insurrection on their part to control the USA by this criminal power grab.
    So, they are at War , like a invading force would be , with who they think would oppose their takeover, which is over half the Country.
    Since the Government is the Pawn of these invaders of the US Constitutional Republic, the people have no representation in Gov.now.
    This is worse than the taxation without representation under King George that in part moviated the Revolution and Government that was formed that Money Monopolies are stealing due to corrupted Government selling out.
    Just expect insanity under these treasonous Politicians that hold the power to do the bidding of the invaders of this Country . Look what creepy China Joe has already done to f–k the USA, after stealing the vote.

    1. “They artificially raised the price of Higher education by government back loans.”

      The fed.gov has spent $trillions in the middle-east that otherwise would have been spent on upper education, infrastructure like bridges and roads, etc., and if we pulled-out tomorrow they’d be no safer than 20-yrs ago. The current scheme is like building a sand castle at low tide and committing to protecting it.

  13. “‘Buying cheap is not going to be successful this time,’ according to Empire State Realty Trust Chief Investment Officer Aaron Ratner. ‘We have trillions of dollars of fiscal and monetary stimulus; half of high-yield bonds are trading below 4 percent; commercial mortgages are being issued below 3 percent,’ he said.

    Is it any wonder sales of gold and silver bullion coins and bars are surging? The smart money knows what’s coming. The Fed and Congress have lost their minds.

    https://www.reuters.com/article/us-usa-precious-coins-demand-idUSKBN2A22Y6

  14. Has there ever been a better time to buy risk assets? (Stocks, junk bonds, housing, crypto, etc…)

  15. What will be the Pedocrat headline today?

    Wheel out Klimate Konman Kerry for some more scolding?

    More sanctimonious sneering from Stephanopuss and Pissaki?

    Maybe some another braindead one sentence screed from biden?

  16. It’s another COVID miracle!

    Next week we will learn how cases of the flu and pneumonia are shockingly on the rise.

    COINCIDENCE? COVID Death Rates Plummet in Weeks Following Biden’s Inauguration, Experts Flabbergasted

    Reported infections are down an astounding 30 to 40 percent now that the political season is over

    by FRANK SALVATO
    February 4, 2021

    Since President Biden’s inauguration, the infection rates in the COVID pandemic have plummeted by between 30 and 40 percent, a statistic that stands opposed to Joe Biden’s prediction of a “dark winter.”
    Reports of COVID infections and hospitalizations are on the decline around the world. Cases of the virus are down 30 percent from last in the United States alone.

    The nation’s weekly average has leveled under 150,000 cases per day for the first time since November. John Hopkins University indicated a seven-day rolling average culminating in a near 40% decline.

    https://nationalfile.com/coincidence-covid-death-rates-plummet-in-weeks-following-bidens-inauguration-experts-flabbergasted/?utm_source=rss&utm_medium=rss&utm_campaign=coincidence-covid-death-rates-plummet-in-weeks-following-bidens-inauguration-experts-flabbergasted

    1. It’s too late to “reopen the economy”, the damage is done and will take many years to undo. Sure, they’ll blame the next four years of malaise on you know who and argue they need four more years to fix it.

  17. Not a miracle, just people done traveling for Thanksgiving and Christmas. Cases are way down but deaths are only starting to decrease. This was pretty expected.

    1. That won’t stop them from spinning a narrative where they take credit for it. They’re already taking credit for the vaccines.

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