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It Crushes Some Dreams At Times, But There’s No Time For Hopes

A report from the Tribeca Tribune in New York. “The Downtown Alliance has put numbers to what we see around us: the pandemic’s heavy commercial toll on Lower Manhattan. The Alliance provides data behind a year of reversals to Downtown vitality, from Murray Street to the Battery. (Much of Tribeca is not included in the study.) The city’s initial shutdown, as well as the relocation of an estimated 40% of residents, a remote office workforce, and a shattered tourist industry have all given rise to what Alliance president Jessica Lappin calls a ‘deep and troubling’ blow to the district.”

“Median rents dropped to about $3,300, a fall of 18% compared to 2019. That’s the lowest average rent since 2011. There was a 21% price drop in the median sales of co-ops and condos. The median apartment price was $1,617,750.”

From WCBS. “A new report from StreetEasy found about 96% of the listed apartment in New York City are unaffordable to the city’s essential workers. According to economist Nancy Wu, rents have fallen 15% from January 2020 – the largest year over year drop since 2010. Wu says the best deals can be found in Manhattan, especially the Upper East Side, where there were just six $1,400 apartments available in 2019, and now there are over 400.”

The New York Times. “Airbnb hosts trace many of their issues with the company to March 14. That was when Airbnb enacted an ‘extenuating circumstances policy.’ The change angered many rental operators, who had previously chosen their own cancellation policies, including a nonrefundable option. The new policy allowed guests to cancel with a full refund, overriding some hosts’ preferences. Many saw their livelihoods disappear overnight.”

“Darik Eaton, who managed 50 properties in Seattle, laid off 10 employees after the change and has reconfigured his company to run ‘leaner,’ including dropping some of the properties he managed, he said. ‘I watched $77,000 disappear from my bank account in one day,’ Mr. Eaton said.”

“In July, Elizabeth Goldreich, an Airbnb host in Aspen, Colo., lost $11,500 after a guest canceled a three-week stay at her vacation home at the last minute. Ms. Goldreich, 55, said the reservation, made after the pandemic began, should not have qualified for a refund. The situation broke her trust in the platform. ‘I was a true loyal fan, until I got thrown under the bus,’ she said.”

The Moorpark Acorn in California. “A housing project bit the dust in Moorpark last week. Approved by the City Council in 2017, the Spring Road Townhomes project was expected to bring 95 townhomes to two lots. Financing issues, though, caused the project to stall before falling through this year. ‘The residential project has not commenced construction and an independent review for the pro forma (financing) for the project has determined that it is infeasible and likely will not be built,’ said Karen Vaughn, community development director.”

From Discover Estevan in Canada. “If your plan was to purchase a home sometime in the near future, you’ve got the market on your side, according to one local real estate agent. If you’re planning on selling a home, however, there may be some tough conversations in your future. Real estate agents are having to work hard on both sides of the aisle as the good news for sellers has been at times devastating news for buyers.”

“‘On the seller’s side, I’m not going to lie, it’s become a fairly heartbreaking job,’ said Josh LeBlanc, a real estate agent. ‘You’re having to have these very difficult, tough conversations that are realistic. It crushes some dreams at times, but when your market is going through something like this, there’s no time for hopes, it’s what the reality is and we have to adjust to that reality’.”

The Shropshire Star in the UK. “A former Shrewsbury couple who tried to raffle their luxury home to enable them to move to Yorkshire failed to sell half the tickets they needed. Martin and Sue Stephenson had hoped to sell 330,000 tickets at £3 each for their converted chapel in Snowdonia, which was valued at £695,000. The deadline has now passed, however, with just 140,965 tickets sold, so the property is still theirs.”

“With promotion and other costs deducted, it means that a cash prize of £200,000 is being offered instead – the draw will be made on March 1 – and a donation of £42,806 will go to the Alzheimer’s Society. Meanwhile Capel Jerusalem, which was being offered fully furnished, is back on the open market again. ‘If the winner of the £200,000 has set their heart on moving to the property they will have the option of putting their winnings towards buying Capel Jerusalem, Jerusalem Vestry, or both,’ said Martin.”

From Philenews. “The coronavirus pandemic has struck a blow to the market of holiday homes all across the world and Cyprus is no exception, according to Panos Danos, CEO of Danos & Partners Real Estate. Rental prices this year are expected to drop even further than in 2020 during which those were low enough compared to the year before, he told Philenews.”

“Rental prices of beach houses in the district of Famagusta will be between €8 – €14 per sq.m. from € 10-€ 12 per sq.m. in 2020 and €18-€ 2 per sq.m. in 2019. This means a 36.36% price drop. In coastal Larnaca, rental prices of beach houses are expected to be €6 to €10 per sq.m. from €8 to €10 per sq.m. in 2020. The difference is big in comparison with 2019 when rental prices were between €15 and € 20 per sq.m.”

“In coastal Limassol, rental prices for holiday homes per square meter are expected to be €16 to €35 per sq.m. from €20 to €40 which was the case in 2020. The price drop is 12.5%. In coastal Paphos, rental prices of seaside houses are expected to be between €8 and €14 per sq. m. from €10 to €12 per sq.m. in 2020. The fall in rentals is estimated at 16.6%.”

The Vietnam Express. “Serviced apartment rents in HCMC fell by 21 percent last year to $22 per square meter per month, property consultancy Savills said in a note. Some 2,000 of the 6,500 serviced apartments in the city remained unoccupied, the lowest occupancy rate since 2016. Savills said the market was severely affected by the Covid-19 pandemic. One grade B and five grade C properties pulled out of the market and became office buildings. Serviced apartments, to attract tenants, have been offering discounts or free utilities.”

“The rental apartment market, a competitor, also experienced a drop in rents. A survey by VnExpress found apartment rents fell by an average of 20-30 percent. HCMC will have around 41,000 new apartments entering the market in 2021, according to real estate Colliers International Vietnam. These units would pose a strong competition to grade B and grade C serviced apartments, it said. Another competitor, vacation rental market place Airbnb, is going through a slump after tenants canceled bookings due to the fear of coronavirus.”

From Skynews in Australia. “REA Group Chief Economist Nerida Conisbee has told Sky News the Melbourne CBD will experience long-lasting effects from the Andrews government’s multiple lockdowns, including on the property market. ‘I think one of the long-lasting effects for that city will definitely be the Melbourne CBD,’ she said.”

“‘On one hand, we can certainly see sales activity coming back – we’ve got very strong buyer activity if you go somewhere like Mornington Peninsula. But the Melbourne CBD, it does continue to dominate in terms of very high-levels of vacant apartments. They’ve got problems in the office sector. People aren’t returning to the CBD to the same level that they did prior to the pandemic.'”

From Live Mint in India. “A 250-billion-rupee ($3.5 billion) fund set up by India’s government to complete stalled housing projects is set to deliver its first finished apartments in 2021, offering a template for a problem that has washed out savings of thousands of home buyers and bankrupted developers. At the time, India had an estimated $63 billion of such stalled projects as an economic slowdown and a credit crisis cascaded through the sector. Builders were unable to service their loans, forcing banks to write off the debts and worsen what was already one of the world’s biggest bad-loan piles. Prime Minister Narendra Modi’s government created the fund as one measure to unclog the financing pipes.”

This Post Has 94 Comments
  1. Financing issues, though, caused the project to stall before falling through this year’

    This is a credit event.

    ‘The residential project has not commenced construction and an independent review for the pro forma (financing) for the project has determined that it is infeasible and likely will not be built’


    1. “That position has business advantages. Professional rental operators with many listings can appear to take away housing and turn neighborhoods into tourist zones, causing politicians and neighborhood associations to impose regulations. A family renting out a spare bedroom often appears less threatening.

      In a financial prospectus in November, Airbnb said 90 percent of its hosts were “individual hosts,” defined as those who created their listings directly on the site instead of using specialized software to sign up. But according to Transparent, a software provider for short-term rental operators, just 37 percent of Airbnb’s listings were managed by people with one property as of September. Roughly half of the listings were managed by hosts with two to 20 properties, and 14 percent by hosts with 21 or more.”

      What happened to OneAgainstMany? Busy cleaning toilets?

      1. What happened to OneAgainstMany? Busy cleaning toilets?

        If you don’t have any clients, do you even need to clean the rentals?

      2. What happened to OneAgainstMany?

        I suspect he got the boot for pushing NPC narratives and criticizing non-narrative sources like Epoch Times.

    1. If you stop this Feb 12, 2021 video of the duly selected President at 3:17 which is just before the real journalist says… “I’m gonna get in trouble, I didn’t have my mask” you can clearly see a smiling maskless MSM camera person with another behind her with a mask covering his chin and yet another maskless camera dude behind them.

      But I would expect no less from a propaganda film.

    2. “Covid is the greatest fraud..”
      I agree with this conclusion you draw. It’s hard for people to perceive that Big Pharma Monopoly would harm people over a contrived Pandemics and that corrupted Government would collude with a for profit business.
      Doctors are keeping their mouths shut because they might be fired. The Doctors that are objecting to this madness are censored.
      It obvious that all the big Monopolies work together with monopoly fake news to defraud the public.
      The Fat Cats have been buying off Government institutions , so you don’t get the grants unless you come up with the narratives they want. This is the problem when money corrupts government and Science and facts.

      1. “This is the problem when money corrupts government and Science and facts.”

        Follow the science!

        Unless it conflicts with what the Teacher’s Union wants.

        1. So, my 11 yo son had a slight temperature last Thursday for half a day. Friday was a holiday. I got an email this morning saying that my son can’t return to school until March 1st or has a negative COVID test and has been fever free for 24 hours. Our health care clinic won’t test him because he hasn’t had symptoms for 72 hours. I’m taking him for a rapid test at a CVS pharmacy this evening. This is absolutely ridiculous. Kids get sick. Not everything is COVID.

          1. “Kids get sick.”

            A lot as I remember. We had three, if they had stay out of school for extended periods every time one of them had a slight temperature my wife wouldn’t have been able to have a job at all and if she didn’t work at all when our kids were in elementary and middle school we would have been in deep sh#t.

    3. I just heard British PM Boris Johnson speaking about the lifting of CCP FLU regulations in Britain, what you will be allowed to do and not allowed to do.

      The UK is a nation of cucks.

      If you live and Clownifornia and want to move somewhere free at least you can move to Florida. If you live in the UK, you are locked in the cuck shed, forever…

      1. “The UK is a nation of cucks.”

        +1 I used to feel sorry for Harry, but now I’m waiting for someone to find his empty pod, à la, the “Invasion of the Body Snatchers.”

  2. Redpilled: you probably know this already but transfer won’t work. Dustruct is denying IEP transfers. Specifically, you can transfer your kid in, but have to renounce SpEd services if your address is outside district boundaries.

    The only way around this is McKinney Vento, which comes with an ethical quandary.

    Just FYI.

    1. I’ve been cash for retirement investments for about 4 month, and missed the bump, but no regrets. I also have my entire downpayment savings in an inverse REIT fund…its still going down, but I don’t mind. My thought on the inverse REIT is that I have no interest in downpayment funds during the craziness, but when houses get affordable again, the fund should at least triple. It’s not leveraged, just 1:1, so it doesn’t bleed during the daily ups and downs.

    2. The Fed is “Player Three”. It depends on when and if they decide to enter the game.

      Seeing Japan’s experience, with the ability of the government to hold Japanese 10 Years at zero or negative, and its ability to monetize government debt and control the government bond market, and also witnessing the Fed’s interest rate control and stimulus ability since 2008, it seems the Fed would be able to do the same.

      The Fed was created by the US government and Wall Street to lend to the US government and today it means to do that cheaply, and it also backstops Wall Street (google “cleaning vs leaning”). See:

      Keeping that in mind:

      • Mortgage rates generally track US 10 year Treasuries (good discussion here: )

      • The government is going to dictate that the Fed keep US borrowing rates low, especially with the huge deficits the government has been and will be running so US Treasuries will not be allowed to rise much, especially with the huge debt load.

      • This means mortgage rates won’t be allowed to rise much. If they did, it would flatten or lower house prices.

      • The government likes high house prices because of 1) it generates more property taxes, 2) it helps politicians and big donors net worths (see Ken Griffin’s personal real estate holdings) and 3) intellectually they claim lowering house prices will lead to Irving Fischer’s “debt deflation into depression”. Also, the majority of people in the US own houses outright or have mortgages so voters like policies that push up house prices.

      • House prices are extremely sensitive to interest rates. Greenspan dropped rates in the early 2000s to make up for the stock market bubble implosion, plus the blowback from 9/11. House prices blew up. They did it again after the GFD (Great Financial Debacle, the most apt name in my opinion), in 2009. House prices surged and didn’t relent until 2019, when flattening started occurring per Case Shiller. 2020 interest rates pushed down dramatically again sparking another bubble frenzy in nearly all areas, with some notable exceptions in some big cities.

      One thing I’ve learned is to separate wishful thinking from observed evidence.

      Inflation? There were the Michael Burry tweets talking about hyperinflation. But one thing against that – In the cases of Weimar Germany, Iran, Venezuela – other countries are actively working to debilitate them. Not so in the US. Also, the world’s central banks are acting in orchestrated fashion. No outside influence working to undermine the US currency or economy.

      On the other hand, the post covid economic-reopening surge, likened to a post-wartime surge, on top of major stimulus is an unknown factor. Is it outside the government/Fed’s control? Will they have to raise interest rates dramatically to slow the economy?

      They want to keep government borrowing rates low. Can they just step in and set government borrowing rates – monetize the debt, which they’re already doing to significant degree it seems to me, with the balance sheet expansions, and thus influence mortgage rates the same way? The GSEs buy virtually all mortgages – do they have a role to play in setting rates at origination, as well?

      Another factor is while the Fed is able to keep headline indicators good – see the “Two Americas” in the response to covid – the central bank ministrations are a huge Trickle Down policy, where the top tier saw its fortunes rise, while the rest were subjected to a Depression mitigated only by the social safety net.

      tl;dr: Will the Fed have to raise interest rates in the response to the covid economic-reopening surge, plus the huge stimulus injection? Money velocity has also been low, and there’s a ton of debt to be paid down, into which some of that money should flow, depending on how much actually gets to the Tier-2 America. How Fed money flows is important – if it again mostly goes to Tier-1 America, that seems that inflation would be muted. The covid reopening surge is the given it seems to me. But so much debt, and deferred income, and taxes to be paid on unemployment – that should swallow up that money. Stimulus will probably flow to Tier-1 America, again keeping inflation muted.

      The unknown is the post covid economic reopening surge (PCERS). But low money velocity and a huge pile of debt means the economy is starting from a low point. The stimulus will again probably heavily benefit Tier-1 America as they’re the best positioned to capture government stimulus.

      So… hard to say, but I’d bet on minimal interest rate increases. The Fed doesn’t want it, and they have the power to control it, it seems to me.

      Of course, my prognostication track record is pretty sketchy – most people’s are, as none of us have working crystal balls – but that’s my take, YMMV.

      1. 3) intellectually they claim lowering house prices will lead to Irving Fischer’s “debt deflation into depression”.

        What’s interesting about this is there was a huge spike after WWII in house prices, but then a long slow decline till the 70s. That decline period coincided with unparalleled prosperity in the US. So that theory might not be quite so accurate. Of course, that probably doesn’t matter to the policy makers, as it seems immediate personal net worth issues are more pressing concerns.

      2. There’s a popular belief that the Fed has full control of interest rates at all durations along the yield curve.

        However, the evidence suggests otherwise.

        1. Mortgage rates creep up on inflation fears
          Amy Scott
          Feb 22, 2021
          Despite rising mortgage rates, the housing market is still booming.
          Saul Loeb/AFP via Getty

          Could the era of sub-3% mortgage rates be nearing an end?

          The average interest on a 30-year fixed-rate mortgage climbed to 3.04% on Monday, according to Bankrate. That’s up from 2.86% a week ago.

          Mortgage rates are loosely tied to the yield, or interest, on the 10-year Treasury note, said Bankrate analyst Greg McBride. That yield has been rising in recent weeks over worries that stronger economic growth, fueled by COVID-19 vaccines and more stimulus from Congress, will lead to inflation.

          1. “Mortgage rates are loosely tied to the yield, or interest, on the 10-year Treasury note, said Bankrate analyst Greg McBride.”

            Not sure how he defines ‘loosely’. It’s been a few years, but the last time I checked, there was about a 99% correlation between Treasury yields and mortgage rates on similar duration loans. It makes sense, as the two markets for loanable funds are near perfect substitutes, suggesting that the rates should exhibit strong cointegration.

          2. “Mortgage rates are loosely tied to the yield, or interest, on the 10-year Treasury note”

            One of the instruments we used to hedge our locked saleable Mortgage Pipelines (future MSRs) were 10 year treasuries.

    3. Governments and Central Banks are going to try and do some fudging and slight-of-hand stuff (some of it intentional and some of it just stuck in the current ways of doing things. We need to understand this

      An example just popping today.

      An email obtained by Bloomberg shows Statistics Canada apologizing at least 20 economists and analysts for the inconvenience the agency caused, saying it will require more time to properly assess the new methodology.

      Statistics Canada revised its measures of core inflation less than a week after receiving negative feedback over its methodological changes.

      Revisions published Monday show price pressures are stronger than initially reported. They pushed the average of the Bank of Canada’s preferred measures of core inflation to a yearly increase of 1.77 per cent in January, from 1.5 per cent in the statistics agency’s initial release.

      The updated numbers come just five days after the Feb. 17 release, which included a methodological change that left economists, analysts and other market participants puzzled.

      “It’s unfortunate how events have unfolded,” Benjamin Reitzes, rates and macro strategist at the Bank of Montreal, said by email. “The magnitude of the revisions, both in size and time horizon, should have prompted further scrutiny from Statscan before the release in order to ensure potential questions could be answered.”

  3. Are you a dream Merlin?

    A dream to some…a nightmare to others!!!

    “‘You’re having to have these very difficult, tough conversations that are realistic. It crushes some dreams at times, but when your market is going through something like this, there’s no time for hopes, it’s what the reality is and we have to adjust to that reality’.”

      1. Ignore the 9.2 percent loss off the recent high so far this morning. Just look how much Bitcoin has already gone up so far this year. The sky is the limit. You can’t lose with Bitcoin!

        “The size of the Bitcoin market recently shot past $1 trillion as it hit a record high of $58,354. The digital token was trading lower around $52,976 on Monday, but it has still gained 92% year-to-date.”

      2. Evidently we’re in a risk-off phase today, which is why we are seeing a rotation away from speculative assets. DOW is down, bitcoin is down, gold is up. Hmmm, I thought Bitcoin was digital gold and a store of value like gold, but its charts don’t seem to mimic gold.

        1. I saw the price comparison chart between gold and Bitcoin on the front page of the B section of today’s dead tree edition of the Wall Street Journal. In summary, the Bitcoin price in recent months has shot up like a rocket. By contrast, the gold price is approximately constant, positive, though relatively near $0.

          So Bitcoin and gold are not really very similar, at least with regard to price dynamics.

          1. Go Dr Doom!

            This FOMO wouldn’t be happening if main street interest rates for savers hadn’t been manipulated to near zero. The fed is responsible for all this nonsense!

  4. The problem with Fat Cat Monopoly crooks corrupting Government and getting their fake narratives is that the people just become victims of lawless crook power mongers who don’t care about humanity.
    They don’t care about equity or people, they would rather have robots and get rid of 75% of the populations.
    The Entities that rigged the election don’t want the people to rule for their own interest or even survival.
    These Entities will cause so much damage to people and Countries and Money Monopolies crook liars got to be the worst type Entities to have this kind of power over populations. They had the abuse power to lock down most the globe , while they amassed more money over it, while the people suffered over their fraud narratives. They are worse than a very Monarch, because st least a king or Queen would want to protect its home country borders.

  5. Oxide, you might want to check out these tweets regarding Israel: (from 2/16/2021 with charts):

    A longer view of the Israeli vaccine campaign. It began Dec. 19. Nearly the entire at-risk population got both doses by ~Jan. 25 (very efficient, impressive). They should be immune by now.

    On Sunday Israel had ~2x severe cases (total and new) and 4x deaths as on Dec. 19.

    Why? (from 2/20/2021 responding to an anonymized email):

    Smart point about the Israeli data here. The flip side is equally true – trying to measure effectiveness simply by counting positive tests over time in a post-vaccinated cohort will produce an overstatement of efficacy if the epidemic is waning generally. (today):

    1/ I have to keep saying this: the Israeli’s government’s claims about how well the vaccine works cannot be squared with actual data on hospitalizations and cases. 65 days into mass vaccinations, Israel still has more new serious cases and deaths than when the campaign began…

    2/ As you can see, serious cases and positive tests have trended notably lower in the last 10 days. That’s great. But all it does is help catch Israel up with places that HAVEN’T vaccinated as aggressively (like, say, California)…

    3/ And the Israeli government claims nearly perfect effectiveness for the vaccine – 99% reduction in serious illness and deaths for the “fully vaccinated” (two weeks after the second dose).


    4/ So where are these new cases and deaths coming from? The over-60 group is the group at risk. Serious cases should be close to ZERO by now if the vaccine offers 99% protection; instead they have fallen MORE SLOWLY than elsewhere…

    5/ And, again, I ask: why did the Israeli government stop disclosing the actual numbers of people who have become ill or died from Covid after vaccinations? What changed? Why is that data no longer available?

    6/ Again, this is not to say the vaccines don’t have some protective effect. But given the side effect profile, people have a right to know what the data REALLY says – especially in countries that are moving aggressively to push vaccinations.

    1. In case you missed this link yesterday. I’ll add the text today. (emphasis added):

      Israel agreed a deal with Pfizer Inc. to expedite deliveries of its Covid-19 vaccine so that all citizens over 16 can be inoculated by the end of March, in return for extensive data on the inoculation program.

      More 1.7 million Israelis, or about 18% of its population, have already received their first dose of the Pfizer-BioNTech vaccine, a larger proportion than in any other country. Officials had warned that pace would slow with new vaccine supplies not expected before February.

      But late Thursday, Prime Minister Benjamin Netanyahu said in a statement the next Pfizer shipment was now expected on Sunday, and that deliveries would be increased. The deal came after 17 conversations with Pfizer chief executive Albert Bourla, he said, adding Israel would serve as a “global model state” and share data with the company and other countries to “develop strategies” to end the outbreak.

      Israel credits its universal health coverage, centralized system and extensive digitized records for enabling the fast distribution and analysis of the vaccine effort.

      The country was also due to get its first shipment of doses from Moderna Inc. on Thursday.

      While the vaccine effort is progressing rapidly, officials are contending with a surge in coronavirus cases that has led to a tightened lockdown starting Friday. Restrictions put in place from late December failed to tame the virus. Schools and non-essential businesses will now be closed.

      Netanyahu, whose corruption trial will soon move into a higher gear, is hoping the vaccine program will enable him to reopen Israel’s economy in time to get a boost ahead of the country’s fourth election in two years on March 23.

      Bank of Israel researchers said this week that a rapid vaccination effort could lead to output expanding 6.3% this year and 5.8% in 2022.

      So far, only Israelis over 60 or with chronic conditions have been eligible for a shot — and about 75% of vaccines have gone to that group so far, Health Minister Yuli Edelstein told Bloomberg TV.

    2. On Sunday Israel had ~2x severe cases (total and new) and 4x deaths as on Dec. 19. Why?

      For one thing, because there were zero deaths on Saturday!

      OK, seriously, if Israel is like most places, the data is by date reported, not date of death. So no deaths reported on the Sabbath and a large number on the first day of the week.

      This is not meant to contradict your other points.

  6. Ben,

    I posted some info for oxide regarding Israel. Did they not make it through moderation or are they lost in cyberspace?

  7. From Sidney Powell via Telegram:

    Cert denied today in all 2020 election law cases.

    Denials with Dissents

    1. Republican Party of Pennsylvania v. Degraffenreid (formerly Boockvar), began with Application for stay filed September 28, 2020.  No. 20-542. (CU/CUF/TPC amicus brief in this case on November 25, 2020.)

    2. Corman (formerly Scarnati) v. Pennsylvania Democratic Party. Petitioners are Pennsylvania state legislators, began with Petition filed October 27, 2020.  No. 20-574.

    In these two cases, Thomas dissented and Alito/Gorsuch also dissented.  

    Roberts and Kavanaugh and Barrett joined the Dems  

    Dissents appear at the end of the Order list.

    As Thomas said:  “These cases provide us with an ideal opportunity to address just what authority nonlegislative officials have to set election rules, and to do so well before the next election cycle. The refusal to do so is inexplicable.”  

    Denials without any dissent.

    3. Congressman Mike Kelly v. Pennsylvania, began with Application for injunctive relief filed December 3, 2020.  No. 20-810.

    4. Trump v. Degraffenreid (PA), No. 20-845, began with Petition for Cert filed December 21, 2020. 

    This was John Eastman’s case. 

      1. For what it’s worth, the problem with the election was not at the Federal level, it was at the state level. Actors in the states violated the state law. State authorities need to fix that. There really isn’t a Federal Constitution issue for the Supreme Court to decide.

        1. As far as I can tell, the Republicans are pretty much done for. But I still believe that infighting will bring down the liberals. At the very least, the liberals will split into the workers and the Free Sh!t Army. Then the two of them can rig elections against each other and someone is going to lose.

      2. The chief justice has a lot of influence and he’s compromised via Epstein and the adoption of his children. I suspected something after the Obamacare case and did some digging. Lin Wood recently confirmed it with more detail.

  8. “In coastal Limassol, rental prices for holiday homes per square meter are expected to be €16 to €35 per sq.m. from €20 to €40 which was the case in 2020. The price drop is 12.5%

    My wife and I had wanted to retire to Cyprus having lived there for 5 years but after the absolute lockdown they endured, I’ll just stay right here in the US. A prison may have nice beaches but it’s still a prison if you can’t leave.

  9. Are you willing to ignore the warning signs of the Buffett Indicator in order to keep enjoying the pleasure of your day trading gains?

    1. When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance.

      — Chuck Prince

  10. With Unlimited Quantitative Easing providing unlimited liquidity, the music will never stop, and the dance can continue forever.



    House COVID bill includes over $100 million for controversial Silicon Valley underground rail project

    Money would go to phase two of the Bay Area Rapid Transt (BART) expansion project underneath San Jose

    By Tyler OlsonFOXBusiness
    2 days ago

    He added: “It doesn’t help one person get the vaccine or boost testing capabilities. This is just further proof that congressional Democrats view the reconciliation process as a means to push through their wish list – which includes forcing taxpayers to pay even more for an over budget and delayed construction project in one of the wealthiest regions in the country.”

    This is not the first time in recent years the BART project has received federal funds.

    The Federal Transit Administration (FTA) allocated $100 million to the BART extension earlier this year, after the project got $125 million in 2019, according to Railway Age. But the inclusion of further funding for the project in the coronavirus bill backed by the Biden administration raises questions about the urgency of what Democrats say is a must-pass priority.

    1. “Money would go to phase two of the Bay Area Rapid Transt (BART) expansion project underneath San Jose”

      Yeah, right under Santa Clara street from the East side just past Almaden Expwy to Google’s new planned campus.

      1. Why does Google need a campus? Why do these tech companies need H1-Bs at all? Just employ them remote, like everyone else for the past year.

    1. The Financial Times
      Markets Briefing Equities
      US tech stocks tumble on nerves over inflation outlook
      Nasdaq closes down 2.5%
      Leke Oso Alabi and Neil Hume in London, and Aziza Kasumov in New York 4 hours ago

      US technology stocks fell sharply on Monday as rising inflation expectations and long-term interest rates undercut arguments for their high valuations.

      The technology-focused Nasdaq Composite closed down 2.5 per cent, losing more ground than other benchmark indices. The blue-chip S&P 500 closed down 0.8 per cent, while the Russell 2000 lost 0.7 per cent.

      Facebook, Amazon, Apple, Netflix and Google parent Alphabet — collectively known as the Faang stocks — all tumbled in what some investors said could be the beginning of an overdue correction.

  12. The logic of the left is to punish the majority for the acts of the criminals ,
    or the nuts, or the few.

    Nuts kill people, so punish the majority and take away second amendment.

    Criminals kill people, so take away law abiding citizens 2nd amendment right to defend themselves.

    Lock down the Majority and destroy business and people’s lives, to prevent ,o2% of the population from getting Covid, mostly older people over 80 with co morbidities.

    Vaccinate 70 % of the globe over ,02% at risk of a flu.

    Gov gives billions in relief to Big Business who made more money during Lockdowns, while the majority goes broke.

    Let China have any kind of energy they want , shut down US energy and force Green New Deal costing the majority, making us not competitive.
    Gouge the majority of 350 million in US for medical care, so 10 million and illegals get medical care.

    Have 30 thousand military protecting the Capital over 200 who breached the Capital, even when they are gone, at a cost of 7 million a day.
    Take away first amendment so a minority controls the narratives at the expense of the majority.

    Over half the Country should be deemed terrorist, that don’t agree with a smaller group of radicals that are deeply out of touch with reality, or corrupted by big money.

    Run the Government to benefit a smaller group of Globalist Monopolies so they can loot the Majority.

    Have a handful of rich power hungry nuts like Gates and Soros tell the World what they should eat, should get and give up.
    Have rigged financial systems so a minority benefit and the Majority suffer.

    I’m just saying that Government by the People is suppose to benefit the Majority. It’s the opposite of the way it should be.

      1. Crypto futures!? Talk about a disaster waiting to happen:

        “It’s a virtual forest fire,” said Glen Goodman, a U.K.-based trade. “The wood was bone-dry and waiting for a spark. Elon Musk was that spark.”

        “Crypto futures traders were borrowing so much money to buy Bitcoin contracts, they caused borrowing rates to skyrocket,” Goodman added. “By Saturday 20th Feb, they were paying 144% per annum. Clearly that situation couldn’t continue. In those conditions, prices have to fall to shake out the over-optimistic borrowers and return borrowing rates to normal levels.”

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