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We’ve Got Way Too Much Supply, It’s Hand-To-Hand Combat

A report from Fortune Magazine. “Floor-to-ceiling, the interior of Tattooed Mom is covered in graffiti. The bar, which has been open for 23 years on South Street in Philadelphia, doesn’t stop its hipster patrons from getting crafty. But Tattooed Mom has problems that can’t be painted over. It’s unprofitable, and sales remain down 70% from pre-pandemic levels. Robert Perry says his bar will survive, but many of its neighbors won’t. ‘Within a one-block radius there are six restaurants that are already gone,”’ he says. ‘Every week you read about new closures, and it breaks my heart.'”

“Some buttoned-down bankers could soon share his pain. As the pandemic wears down bars, gyms, hotels, and other businesses, it runs the risk of causing a commercial real estate (CRE) tenant crisis, which could put billions of dollars’ worth of loans in jeopardy. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, tells Fortune that CRE is the most vulnerable financial sector—with the potential to cause a shock to the system. ‘Thousands of small businesses have already or will go under … That rolls up into the commercial real estate market and rolls up into the banking sector,’ Kashkari says.”

From Bisnow New York. “Much like the rest of its economy, the construction labor force in New York City has been hit harder than the rest of the country over the past year. The city faces a slower recovery and some of the jobs it has lost may never return, presenting challenges for an industry that was already facing labor concerns before the coronavirus pandemic. The decline in new starts not only propelled a wave of recent layoffs starting in December but also pushed down the cost of labor, United Service Workers Union Construction Division Director Kevin Barry told Bisnow.”

“Many construction companies are barely turning a profit on any of their projects, but bid at the low price to buy themselves some time and keep their workers employed, Barry said. ‘Prices are in the toilet,’ he said.”

The Houston Chronicle in Texas. “Camden Property Trust’s annual earnings report reflected a number of setbacks the Houston apartment market has suffered in the past year. Camden’s 2020 net income fell 43 percent to $124 million from $220 million the year before as a result of increased maintenance costs and taxes and a drop of income from deferred compensation plans and property sales. Adjusting the lease of a retail tenant who has not been able to pay rent will likely cost Camden $3.5 million in rent from a retailer.”

“For the the quarter ended Dec. 31, the Houston-based multifamily real estate investment trust reported net income of $29.1 million, down sharply from $95 million in the year-earlier period. The Houston market saw some of Camden’s biggest hardships in 2020, with net operating income falling 8.3 percent from the year before. The apartment developer and operator blamed the energy slump and a high number of newly built units on the market’s performance and said it planned to sell off Houston assets in the second half in the year.”

“‘We had 20,000 apartments delivered last year, and we’re in the process of delivering another 20,000 apartments this year,’ Keith Oden, executive vice chairman of Camden’s board, said in a Friday earnings call. The influx of apartments came as the oil industry was struggling with profitability. Then COVID hit. Oden estimated 40,000 apartments would require a net increase of 200,000 Houston-area jobs to provide the population growth needed to fill them.”

“‘And that just hasn’t happened,’ he said. ‘It’s just as simple as that. We’ve got way too much supply. It’s hand-to-hand combat on the stuff that’s either downtown or close-in assets, which makes up a decent part of Camden’s portfolio.'”

“Only 0.4 percent of Camden residents in Houston have fallen behind on rent, compared to 6.4 percent in California. Campo blamed the high delinquencies in its California properties on politics. ‘Both the state and local governments have just put it into the brains of folks there that they just don’t have to pay,’ he said. ‘And all of the various legislation and moratoriums and what have you, you just have a group of people that look at it like getting a free loan from Camden. Ultimately, they’ll have to pay or their credit will be destroyed, and it will be interesting to see how that all plays out and how the government responds to that moving forward.'”

The Turlock Journal in California. “In Turlock, Reliable Property Management owner Becky Arellano said she’s seen a ‘trickle down effect’ as tenants are unable to afford their monthly rent and landlords subsequently struggle with the mortgage. ‘It’s been tough for both sides — the property owners and the tenants,’ Arellano said. ‘While we are compassionate about people not being able to pay their rent because they don’t have a job or whatever the circumstances are, there are still mortgages on these properties.'”

“When the moratorium is eventually lifted, she expects some homes to go into foreclosure as a result of unpaid back rent despite mortgage companies working with property owners as well. ‘I would encourage people to call their property management or landlord and try to work something out,’ Arellano said. ‘People need to reach out to their landlords and their mortgage companies and see what they have to offer so they’re not facing that foreclosure when this ends.'”

The Bay Area Newsgroup in California. “After years of soaring Bay Area rents, the economic slowdown and remote work mandates could bring deep cuts to higher-end apartment prices for years to come. Rents may fall in the Bay Area for at least one or two more years, according to analysts from the real estate data firm Yardi Matrix. A return to pre-pandemic prices in multi-family buildings — typically newer high rises or sprawling suburban apartment communities — could be five years or more away, analysts say.”

“Bay Area rents have plummeted throughout the coronavirus pandemic, dropping as much as 30 percent in cities with a high concentration of tech companies, according to Zumper. Since January 2020, the median two-bedroom rent in San Jose has fallen 10 percent to $2,660, dropped 17 percent in Oakland to $2,530, and cratered 23 percent in San Francisco to $3,500.”

“Rents for two-bedroom apartments in Peninsula cities have also seen dramatic declines: Santa Clara and Cupertino both dropped 12 percent to $2,730, Mountain View fell 28 percent to $3,050, and Menlo Park sank 26 percent to $3,000.”

“Managers of multi-family buildings are offering weeks or months of free rent to attract tenants as demand drops. Zumper is seeing listings with between two weeks and three months of rent concessions. In San Jose, roughly 4 in 10 high-end apartments offered free rents in December, by far the highest percentage in the country, with an average discount of $3,500, according to Yardi Matrix. About 1 in 5 San Francisco high-rises advertised discounts, with an average savings of $3,600.”

“Yardi Matrix analysts found other big concessions in New York City and throughout cities in Texas, including Austin, San Antonio, Dallas and Houston. Bay Area and Sacramento apartment prices, among the highest in the nation, have dropped nearly 9 percent from last January, according to Yardi Matrix. The state estimates California tenants owe at least $400 million in back rent.”

From Bisnow on Georgia. “Another major Metro Atlanta mall has gone back to its lender. Two CMBS loans attached to Simon Property Group’s Town Center at Cobb mall were foreclosed on and returned to lender Deutsche Bank this week, the Cobb Business Journal reported. There were no bids at an auction Tuesday on the 560K SF retail portion of the 1.2M SF regional mall that was the subject of the distressed loans, the Journal reported.”

“‘It’s unfortunate that a mall that size, with that kind of tax base and everything, would be foreclosed on,’ Cobb County Commissioner JoAnn Birrell told the Journal. ‘There could be developers or companies that may look at purchasing it, but with things the way they are — the pandemic, so many businesses closing because of COVID — it’s not a good time.'”

“The loan for the mall was split across two separate CMBS deals with one valued at $116.8M and another at $62.6M, according to CMBS research firm Trepp. The value of the mall covered under the loans dropped from $322M in 2012 to $130.4M at the time of foreclosure.”

“Simon owns six other malls and shopping centers in Georgia, including Lenox Square and Phipps Plaza, both in Buckhead. This is not the first large mall owned by a publicly traded retail giant to head back to its lender this year. In January, Brookfield Property Partners transferred the deed to the 1.3M SF North Point Mall in Alpharetta back to its lender, New York Life Insurance Co. Known as a deed-in-lieu-of-foreclosure, Brookfield’s loan was valued at a little over $200M at the time of its transfer.”

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This Post Has 84 Comments

  1. ‘The value of the mall covered under the loans dropped from $322M in 2012 to $130.4M at the time of foreclosure. Simon owns six other malls and shopping centers in Georgia’

    Making it up on volume.

    1. I googlemapped the mall. It’s planted on prime real estate between two major highways 20 miles from downtown. It had all the typical mall stores. If that mall couldn’t make it, then no malls are going to make it.

    2. I will say Lenox Square and Phipps Plaza are the nicest and highest end shopping in all of Georgia.

      These places will bounce back.

      A mall in Hicksville slowly being turned blue by illegals and transgendered refugees from California won’t.

  2. ‘Managers of multi-family buildings are offering weeks or months of free rent to attract tenants as demand drops. Zumper is seeing listings with between two weeks and three months of rent concessions. In San Jose, roughly 4 in 10 high-end apartments offered free rents in December, by far the highest percentage in the country, with an average discount of $3,500, according to Yardi Matrix. About 1 in 5 San Francisco high-rises advertised discounts, with an average savings of $3,600’

    If it doesn’t say effective rents, it doesn’t include concessions and vacancies. So these guys are fooked.

  3. ‘blamed the high delinquencies in its California properties on politics. ‘Both the state and local governments have just put it into the brains of folks there that they just don’t have to pay…And all of the various legislation and moratoriums and what have you, you just have a group of people that look at it like getting a free loan’

    I said this was going to be a disaster when the guberment first started this crap.

    1. Free loan?????

      Not even that.

      Free housing with no consequences for non payment of a rental agreement you freely promised and signed for.

  4. ‘Many construction companies are barely turning a profit on any of their projects, but bid at the low price to buy themselves some time and keep their workers employed…‘Prices are in the toilet’

    As an accountant I’ve seen this situation before. They are basically burning furniture to keep warm. Here’s the problem: it’s a downward spiral that isn’t easy to reverse. Just who is the first person to stick their head up and expect a profit? The next bankruptcy.

    It’s easy to destroy an economy, if nothing stands in their way. And nothing has. Not the courts, not public opinion. The people running this debacle are communists. They want to destroy capitalism. And they plan to replace it with some central banking hell that just isn’t going to fly. So we gotta a fight on our hands.

    1. we gotta a fight on our hands.

      Unfortunately, our friends and neighbors who are debt donkeys are against us.

    2. Pedo Joe, overnight, destroyed ten thousands jobs, billions of dollars of investment and about a decade of building infrastructure with his pipeline EO.

      Democrat marxists find things so easy to destroy and will blame anyone but themselves for the consequences.

      1. Biden also p-o’d anyone with a daughter in high school sports.
        E. Warren is already p-o’ing anyone who paid off their child’s college loans. That Time Magazine article is going to raise some eyebrows. I haven’t been able to find the whole article to read it yet.

        This is a good time for someone like Romney or Kasich to run for President again. The MSM and cabal don’t have much more cuddle-time with Trump, and the information campaign against his supporters isn’t working. I don’t think the cabal will be able to pull this off again.

        2. Taibbi has a screed out that the WSB crowd is just exacting revenge for their poor parents’housing and 401k’s being stolen by Wall Street in 2008.

          Might buy it, if I hadn’t been reading this blog back then.

        3. This is a good time for someone like Romney or Kasich to run for President again.

          Romney is a RINO Democrat fraudster.

          1. He is, but that’s why he should run. I still maintain that there is a cohort of Dems, maybe 1/3, who are just there for the Trump hate. Biden is slowly turning them off one voting bloc at a time, and the true socialist policies haven’t even kicked in yet. Someone like Romney or Kasich will look very attractive. And it will be interesting to see what will happen if they find themselves on the short end of another questionable election.

      2. And now that they have perfected the dark art of ballot box stuffing (and the media has their back) it will be next to impossible to vote the bums out.

        1. next to impossible

          It is now up to each state to make and enforce sound election laws. The push back is already starting. See what Arizona is doing regarding the election audit.

  5. ‘Some buttoned-down bankers could soon share his pain. As the pandemic wears down bars, gyms, hotels, and other businesses, it runs the risk of causing a commercial real estate (CRE) tenant crisis, which could put billions of dollars’ worth of loans in jeopardy. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, tells Fortune that CRE is the most vulnerable financial sector—with the potential to cause a shock to the system’

    Yeah, well Neel trillions have already gone poof. So stick that in yer pipe and smoke it.

    ‘Rents may fall in the Bay Area for at least one or two more years…A return to pre-pandemic prices in multi-family buildings — typically newer high rises or sprawling suburban apartment communities — could be five years or more away’

    I’d like to point out the ongoing media dishonesty here. Bay aryan rents have been falling since the 2015 peak. ‘A return to pre-pandemic prices’ is a fantasy.

    1. It’s going to get a lot more interesting once we get past the denial stage of Housing Bubble 2.0 collapse.

  6. Ultimately, they’ll have to pay or their credit will be destroyed, and it will be interesting to see how that all plays out and how the government responds to that moving forward.’”

    Bad credit is rayciss, yo.

  7. Colorado is moving the metro Denver counties to “level yellow” effective 9am today. 50% capacity indoor dining, etc.

    If we don’t go full Florida soon and open up everything there’s not gonna be much of an economy left.

    2. I’m in Nevada this morning. They got the mask hysteria big time. I went to a Denny’s just now. The girl at the counter asked “is a 30 minute wait OK?” The place was more than half empty. I left, luckily I take food with me when I travel. Nevada is no fun right now. I imagine the casinos are sux.

      I read there are movies planned on the gamestop “revolution” that died in the arse! Wow, a spectacular one week a$$pounding of idiots and some numb-nut thinks we’re gonna go watch a movie on that?

      So why did the dried food people and waffling beanie boy stop talking about it? I did suggest in a week no one would remember it. Not that I have a crystal ball, it was simply a ridiculously over hyped nothing burger.

      1. “Not that I have a crystal ball”

        Don’t need one. Common sense, simple arithmetic and a healthy dose of operating skepticism is all one needs to stay solvent. Those important skills and attributes DebtDonkeys and DegenerateGamblers aren’t gifted with.

      2. “waffling beanie boy”

        He still has a Gamestop segment pinned as the main video on one of his 100 different YouTube channels that he spends half of each segment cross-promoting, but it looks like he’s moved on to some AOC scripted outrage narrative since last airing a segment on Dave Portnoy three days ago.

        Oxide has a crush on little Timmy, LOLZ.

      3. The GME story didn’t die in the arse; it was murdered in the arse. What would have happened if Robinhood et al hadn’t cut off trading to GME at the behest of their paymasters at Citadel?

        Oh, GME will go under eventually, but not yet. It’s still priced at $66 while, shorts were aiming to cover under $10. Shorts are still losing money.

        1. There’s a lot of difference in shorting at 10 bucks or 400.

          It’s subject to interpretation, isn’t it? But I can see it’s gone from revolution to dropped like a hot potato. Now the postmortems roll in.

          ‘A clam bar is throwing a free Super Bowl party for New Yorkers who lost their shirts in the GameStop stock frenzy.’

          ‘Small-time traders were just about ready to pick out the trim for their new private jets last month after the value of the beleaguered video game retailer was artificially pumped up by Reddit users. But the share price cratered this week, leaving many market dabblers out tens of thousands of dollars.’

          ‘But we’re told Peter’s Clam Bar of Long Island is giving a free party on Sunday for those who lost cash, even renting a bus to transport them from NYC to the famed 80-year-old clam bar to watch the game.’

          ‘Owner Bruce Yamali told us, “If you lost a lot of clams on GameStop, let me make it up with real clams.”

          https://pagesix.com/2021/02/05/peters-clam-bar-of-long-island-holds-party-for-gamestop-losers/

    3. Colorado is moving the metro Denver counties to “level yellow” effective 9am today.

      Given who the governor is, I’m surprised we haven’t been under a California style lockdown for the past 10 months. My Bay Aryan colleagues seem ready to crack. Same with the European ones locked into their freezing flats.

  8. Anybody else gonna be in PHX next weekend? Got a hockey tournament and I owe Ben and the rest of youse guys about a million beers. Lmk, kiddos. I need some sanity and it apparently only exists outside of California.

    1. I have an obligation I have to take of in Texas and will be out there next weekend. Maybe we could do it some other time. I hope someone else can take you up on it.

    2. But…but…if three people get together during a time of COVID, won’t two of them DIE?!!!!

      Back under my bed I go….

  10. But this chick will continue to vote for democrat marxists.

    You can’t fix this kind of stupid.

    “But Tattooed Mom has problems that can’t be painted over. It’s unprofitable, and sales remain down 70% from pre-pandemic levels. Robert Perry says his bar will survive, but many of its neighbors won’t.”

    1. It’s unprofitable, and sales remain down 70% from pre-pandemic levels

      I’m sure most of its regular patrons are broke and hiding under their beds.

  11. Where do you hide your mattress money when the Modern Monetary Theorists are cranking up the printing press to prepare to create the worst bout of inflation in 50 years?

    1. The Financial Times
      US politics & policy
      Democrats hit back at Summers after criticism of stimulus bill
      Obama’s ex-economic adviser warns $1.9tn package risks worst inflation in generation
      Lawrence Summers’ criticism of the stimulus bill has struck a nerve in the White House
      © Bloomberg
      James Politi in Washington
      10 hours ago

      As US president Joe Biden and Democrats in Congress ploughed ahead with their plan to pass a $1.9tn fiscal stimulus bill this week, they faced a sudden, unwelcome roadblock from within their own political sphere.

      Lawrence Summers, who served as Bill Clinton’s treasury secretary and Barack Obama’s top economic adviser, warned that Biden’s plan was excessive and that it might trigger “inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability”.

      Summers’ scepticism, delivered in a Washington Post op-ed on Thursday, clashed with the nearly universal backing among left-leaning economists for Biden’s argument that the US needed to “go big” with massive government support to tackle the still-raging pandemic.
      …

      1. Like they care what Summers says.

        They love to spend money, and right now there is no one to stop them.

      2. Summers was always bullish on innovation to power the American economy from recession. Obviously, this is not your boomer parent’s OPEC oil embargo style recession as these days worldwide production of everything is down, way down!

        1. But to your point, and to his credit, this is exactly what I am seeing in numerous small instances where it isn’t cancelled by government decree. The businesses that have thrived during pandemic restrictions are the ones that could innovate workarounds that enabled them to continue serving their customers under restrictions, such as restaurants adapting from in house dining to a combination of outdoor dining, carryout and delivery services, such as at the restaurant where my wife and I ate out last night. I also helped my wife transform her sizable music studio from in person to virtual lessons literally overnight last March when Governor Nuisance prohibited meeting in person. Adapt or die…

      3. ‘…left-leaning economists for Biden’s argument that the US needed to “go big”…’

        If you repeat a vacuous platitude a sufficient number of times, it begins to take on an air of economic wisdom.

        1. An army of paid left-leaning political whores are no match for Summers. Not to suggest that I personally endorse every one of Summers’ opinions, but he’s an economist with a long track record of saying what he really thought on controversial topics, without regard to the consequences. I believe he got himself relieved of duties at the World Bank and also as President of Harvard for statements that led the cancel culture people to target him.

          There’s nothing more dangerous than an honest man.

          — Sal Maroni

    1. I’m using it. You have a submit your phone number. I created a fake first and last name though.

  13. Laughable price-cut du jour:

    https://www.zillow.com/homedetails/12008-Mettee-Rd-Marriottsville-MD-21104/37036412_zpid/?

    1/18/2021 Listed for sale $699,900
    1/14/2021 Listing removed $735,000
    11/29/2020 Price change $735,000
    11/12/2020 Listed for sale $749,900
    9/24/2020 Listed for sale $699,999
    12/14/2015 Sold $699,900
    9/6/2015 Listed for sale $699,900
    9/29/1998 Sold $265,000

    In other words, it wasn’t selling at $699K, so they raised the price to $735K, only to lower it back down to $699K and call it a price cut. Oh, and to reset the DOM to 38 days.

    Built in 1977 and probably hasn’t been updated since. Likely not lived in since the 2015 sale. Definite water and plumbing problems. Mold(?) on the fridge. Basement is lacking only a disco ball. Pro tip: dry bars are worthless. A few things can be saved: the hardwood floors and trim, the fireplace, and the pool. Everything else: sayonara.
    Count on $100K+ just to be presentable. Might be a nice party house for a 10-millionaire (in fact maybe that’s what it originally was).

  14. Is there any difference between Universal Basic Income and what used to be called welfare?

    It seems like both come with the risk of providing funds to support drugs and alcohol consumption. And these lifestyle choices are key factors in turning America’s cities into crime ridden hell holes.

    Is this what the Democrats are after?

    1. Is this what the Democrats are after?

      It looks like any free monies to wasters is merely cover for much larger sums for the connected cronies.

    1. The Financial Times
      Runaway Markets
      US equities
      ‘Moment of weakness’: Amateur investors left counting GameStop losses
      Some short-term traders left out of pocket as popular stocks fall after frenzy
      Many r/WallStreetBets users rallied to convince others to hang on to the falling shares — either to make money or to send a message
      © FT montage; Bloomberg
      Madison Darbyshire in London, Robin Wigglesworth in Oslo, Alice Kantor in Paris and Aziza Kasumov in New York yesterday

      Retail investors who piggybacked on a rally in a clutch of stocks including GameStop are nursing heavy losses as shares have come crashing back to earth.

      What began as a planned so-called “short squeeze” on the consoles retailer, orchestrated by traders on the Reddit message board r/WallStreetBets, quickly spiralled into a frenzied rally in a number of shares that stung hedge funds betting on declines. Billionaires such as Chamath Palihapitiya, Mark Cuban and Elon Musk all weighed in on the fervour.

      But by the end of Thursday, more than $36bn has been wiped from the valuations of the five main companies whose shares rocketed higher at the end of January. The fallout from one of the wilder trading episodes of the past decade underscores the risks faced by inexperienced traders armed with no-fee trading and slick brokerage apps.
      …

  16. My wife is teaching and music lesson in the other room. I overheard a conversation about the student’s father, who owns is a California business that is shur down by Governor Nuisance’s pandemic panic measures.

    Wife: “What’s your dad doing for income?”

    Student: “He’s doing stocks.”

    Yegads.

    1. There’s a skinny college age Antifa thug not pictured in the Gateway Pundit article above that I have seen a video of several times who was at the Capitol that day with a MAGA hat, American flag bandana over his face and sunglasses which completely covered his face as he repeatedly slams what looks like a bike rack into a glass door. He looked or acted nothing like any Trump supporter I had ever seen at any Trump rally anywhere ever.

      2. Recently we have been told that the WHO is inspecting the Wuhan wet market for clues about the origin of the mysterious flu. Aside from the fact that over a year has passed, and there couldn’t possibly be any fresh tracks, a month or two ago I saw a video of that street corner (supposedly) and it was all swept clean and freshly painted, without any trace of a street market.

        My bias is not to believe the CCP, or their tools the WHO.

  21. “Hundreds of thousands of California workers will be unable to recertify for unemployment for at least a month, including self-employed and gig-economy workers who were getting federal relief bill money. Federal money for the Pandemic Unemployment Assistance Program, or PUA, ran out Dec. 26, 2020, but was immediately reinstated within days. But the Employment Development Department said that because of a “programming infrastructure” problem, they can’t get people back into the system to certify their claims. “

  22. That 1 comment forced me to post this. 🙂

    Modern English – I Melt With You (Official Video)

    41,298,727 views

    11,725 Comments

    Marco1985 ORVISINI
    3 years ago
    This was the song that was playing back in 1983 when my 16 year old girlfriend told
    her mother that she was pregnant .HER MOTHER HATED ME..we are still together today
    and have been married since 1984 and her mother still hates me……I LOVE IT

    View 288 replies

    https://youtu.be/LuN6gs0AJls

  24. ‘Eat the Rich’ Viral Video Hints GameStop May Not Be the End of Class-Based Rage

    “Unfollow them all. This is how we eat the rich. Then make them feel just as important as we feel.”

    Insecure much?

    1. Burn Loot Murder and pantifa marching again in Washington Dee Cee last night harassing outdoor diners.

      LOL@ imagine living there and paying property taxes.

      1. With Democrats in charge, those guys are gonna get plenty of cover for illegal activities that harm small businesses.

      2. There will be more “mostly peaceful” riots this summer after an armed, violent and deranged black dude is shot by a cop in Dem controlled city, much to the chagrin of Biden voters who thought he would make that stop.

    2. I can’t recall another time when investing in stocks was identified with class warfare (“the revenge of the Millennial day trader” etc). I expect this nonsense to end with the warriors turned novice investors to get their arses handed to them (some more)…

  26. “After years of soaring Bay Area rents, the economic slowdown and remote work mandates could bring deep cuts to higher-end apartment prices for years to come. Rents may fall in the Bay Area for at least one or two more years, according to analysts from the real estate data firm Yardi Matrix. A return to pre-pandemic prices in multi-family buildings — typically newer high rises or sprawling suburban apartment communities — could be five years or more away, analysts say.”

    I’ve told anyone who would listen to me that it would likely take five or so years for the consequences of the first shockwave of pandemic collapse in March 2020 to work through the system. This is the first time I recall seeing a similar time horizon suggested in print.

    None of my friends believe me on this…

        1. You’d have to believe that we’re in just a normal business cycle, not the biggest corrupt pyramid of debt in human history.

          1. Given how quickly we bounced back from the previous bubble pop, and went into an even bigger bubble, I can see why some would expect it to happen again and fast.

            States and cities are lining up for their bailout share of the $1.9T boondoggle, which will dwarf the portion allocated to the $1400 checks.

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